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0.0877 0.0468 0.3806 0.0362 N-1A TRANSAMERICA FUNDS 2026-03-01 <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Asset Allocation-Conservative Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks current income and preservation of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0010 0.0010 0.0010 0.0010 0.0010 0.0025 0.0100 0 0.0050 0.0025 0.0015 0.0017 0.0016 0.0012 0.0021 0.0055 0.0055 0.0055 0.0055 0.0055 0.0105 0.0182 0.0081 0.0127 0.0111 0.0000 0.0000 -0.0010 0.0000 -0.0021 0.0105 0.0182 0.0071 0.0127 0.0090 <span style="font-family:Times New Roman;font-size:8pt;">Acquired </span><span style="font-family:Times New Roman;font-size:8pt;">fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus.</span> <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;">1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 651 866 1098 1762 285 572 985 2137 73 249 440 992 129 403 697 1534 92 332 591 1333 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 651 866 1098 1762 185 572 985 2137 73 249 440 992 129 403 697 1534 92 332 591 1333 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">36</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.36 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund is a fund of funds that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds (“underlying funds”). The fund’s sub-adviser, Goldman Sachs Asset Management, L.P. (the “sub-adviser”), follows an investment process that involves longer-term portfolio positioning through strategic asset allocation and dynamic asset allocation to pursue shorter-term opportunities based on the sub-adviser’s views of current market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">conditions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, investments in underlying funds are expected to achieve a mix over time of approximately 35% of net assets in equities, which may include both stocks and commodity-related securities, and approximately 65% of net assets in fixed-income securities, which may include bonds, convertible securities, cash, cash equivalents, and other money market instruments. These percentages may vary. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The underlying funds may invest in a variety of U.S. and foreign (including emerging markets) equity and fixed-income (including high-yield) securities and alternative investments. The underlying funds may also invest in real estate investment trusts (“REITs”) and derivatives. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser develops and implements a strategic asset allocation for the fund. The sub-adviser seeks to budget the fund’s long term investment risk exposure across various risk factors to establish a diversified strategic asset allocation. An important component of the sub-adviser’s process is allocating risk across asset classes and strategies to increase diversification and, potentially,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> reduce volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser may dynamically adjust the fund’s asset allocation as part of its investment process in response to certain changes in the markets, the economic cycle and the macroeconomic environment. This dynamic asset allocation may change the fund’s portfolio positioning based on the sub-adviser’s short- to medium-term market views on dislocations and attractive investment opportunities. These views may impact the relative weights across asset classes, and the allocation to geographies, sectors and industries, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">as well as the fund’s duration and sensitivity to inflation. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Allocation of assets among the underlying funds is based on factors such as diversification, general market views and outlooks, volatility in the equity markets, historical performance, current valuations,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and other global economic factors. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest directly in U.S. government securities and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term commercial paper. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s investment manager, among other things, oversees and monitors the sub-adviser and is solely responsible for selecting the underlying funds among which the sub-adviser may allocate the fund’s assets. After the underlying funds have been selected, the sub-adviser determines which underlying funds it wishes to utilize to allocate the fund’s assets. The sub-adviser is not required to utilize all of the underlying funds selected by the manager in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">seeking to fulfill the fund’s target asset allocation. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser may invest up to 10% of the fund’s net assets in </span><span style="font-family:Times New Roman;font-size:10pt;">underlying Transamerica-sponsored and third-party exchange-traded</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> funds (“underlying ETFs”) that the sub-adviser selects as part of the sub-adviser’s </span><span style="font-family:Times New Roman;font-size:10pt;">asset allocation for the fund. The fund </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">may, but is not required to, invest directly in futures contracts as part of the sub-adviser’s dynamic asset allocation. The use of futures would generally be limited to exchange-traded developed market equity index and U.S. Treasury futures. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the </span><span style="font-family:Times New Roman;font-size:10pt;">underlying funds and underlying ETFs. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">be a significant shareholder in certain underlying funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Each underlying fund and underlying ETF has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund and adviser or sub-adviser for each underlying ETF decides which securities to purchase and sell for that underlying fund or underlying ETF. The fund’s ability to achieve its investment objective depends largely on the performance of the underlying funds and underlying ETFs. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The “Underlying Funds” section of the prospectus lists the underlying Transamerica Funds currently available for investment by the fund, provides a summary of their respective investment objectives and principal investment strategies, and identifies certain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">risks of those funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The manager may change the underlying Transamerica Funds, and the sub-adviser may change the fund’s asset allocation, at any time </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">without notice to shareholders and without shareholder approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, </span><span style="font-family:Times New Roman;font-size:10pt;">government shutdowns, political developments,</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, </span><span style="font-family:Times New Roman;font-size:10pt;">technological developments (such as artificial intelligence </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and machine learning)</span><span style="font-family:Times New Roman;font-size:10pt;"> investor sentiment, the global and domestic </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. </span><span style="font-family:Times New Roman;font-size:10pt;">The market price of a security may also </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Allocation –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investment performance is significantly impacted by the fund’s asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser’s judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The “List and Description of Certain Underlying Funds” section of the fund's prospectus identifies certain risks of each underlying fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Class Variation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The underlying funds and ETFs invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying fund or ETF may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds and ETFs at any given time, and the percentage of the fund's assets invested in various underlying funds and ETFs, the fund's actual exposure to the securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund's performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Commodities and Commodity-Related Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Commodities and commodity-related businesses or industries are subject to changes and volatility in commodity prices generally, regulatory, economic and political developments, weather events and natural disasters, tariffs and trade disruptions, and market disruptions. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments also are subject to the credit risk associated with the issuer, and their value may decline substantially if the issuer’s creditworthiness deteriorates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">render records of fund assets and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">result </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future </span><span style="font-family:Times New Roman;font-size:10pt;">cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Floating Rate Loans</span><span style="font-family:Times New Roman;font-size:10pt;"> – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to “High-Yield Debt Securities” risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan’s issuer, and adversely affect the fund’s investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater “Liquidity” risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Real Estate Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund’s real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the risks associated with that one area or property type. The value of the fund’s real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">REITs</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Structure </span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflicts </span><span style="font-family:Times New Roman;font-size:10pt;">– Transamerica Asset Management, Inc. (“TAM”), the fund’s investment manager, has established an investment program whereby a substantial portion of the fund’s assets are invested in underlying Transamerica mutual funds. TAM has also included TAM-sponsored ETFs as investment options for the fund. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The fund may invest in underlying Transamerica-sponsored </span><span style="font-family:Times New Roman;font-size:10pt;">ETFs. To the extent the fund holds a large portion of the outstanding shares of a Transamerica-sponsored ETF and/or represents a large percentage of the trading volume of a Transamerica-sponsored ETF, this could prevent the fund from selling shares of the Transamerica-sponsored ETF on the exchange at such times or price or in such amounts as it may otherwise desire. These risks are in addition to other risks of investing in ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are </span><span style="font-family:Times New Roman;font-size:10pt;">not funded by congressional </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">appropriations and the securities issued by them are </span><span style="font-family:Times New Roman;font-size:10pt;">neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to August 28, 2020, the fund had a portfolio construction manager and used different investment strategies. The performance set forth prior to that date is attributable to the previous portfolio </span><span style="font-family:Times New Roman;font-size:10pt;">construction manager and the investment strategies then in effect.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">11.61%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-9.04%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.1161 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.0904 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2002-03-01 0.0604 0.0231 0.0468 0.0483 0.0111 0.0326 0.0375 0.0136 0.0321 0.1027 0.0265 0.0446 2002-11-11 0.1255 0.0385 0.0558 2009-11-30 0.1193 0.0325 0.0497 2006-06-15 0.1237 0.0479 2022-03-01 0.0730 -0.0036 0.0201 0.1207 0.0400 0.0586 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Asset Allocation-Growth Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0010 0.0010 0.0010 0.0010 0.0010 0.0025 0.0100 0 0.0050 0.0025 0.0013 0.0020 0.0015 0.0013 0.0020 0.0071 0.0071 0.0071 0.0071 0.0071 0.0119 0.0201 0.0096 0.0144 0.0126 0.0000 0.0000 -0.0010 0.0000 -0.0031 0.0119 0.0201 0.0086 0.0144 0.0095 <span style="font-family:Times New Roman;font-size:8pt;">Acquired </span><span style="font-family:Times New Roman;font-size:8pt;">fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus.</span> <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;">1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 665 907 1168 1914 304 631 1083 2338 88 296 521 1169 147 456 787 1724 97 369 662 1495 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 665 907 1168 1914 204 631 1083 2338 88 296 521 1169 147 456 787 1724 97 369 662 1495 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">14</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.14 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund is a fund of funds that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds (“underlying funds”). The fund’s sub-adviser, Goldman Sachs Asset Management, L.P. (the “sub-adviser”), follows an investment process that involves longer-term portfolio positioning through strategic asset allocation and dynamic asset allocation to pursue shorter-term opportunities based on the sub-adviser’s views of current market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">conditions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, the fund expects to invest primarily in underlying funds that invest in U.S. and foreign (including emerging markets) equities, commodity-related securities, and alternative investments. </span><span style="font-family:Times New Roman;font-size:10pt;">•</span><span style="font-family:Times New Roman;font-size:10pt;">The underlying funds may invest in a variety of U.S. and foreign equity securities and alternative investments. The underlying funds may also invest in fixed-income (including high-yield) securities,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">real estate investment trusts (“REITs”) and derivatives. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser develops and implements a strategic asset allocation for the fund. The sub-adviser seeks to budget the fund’s long term investment risk exposure across various risk factors to establish a diversified strategic asset allocation. An important component of the sub-adviser’s process is allocating risk across asset classes and strategies to increase diversification and, potentially,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> reduce volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser may dynamically adjust the fund’s asset allocation as part of its investment process in response to certain changes in the markets, the economic cycle and the macroeconomic environment. This dynamic asset allocation may change the fund’s portfolio positioning based on the sub-adviser’s short- to medium-term market views on dislocations and attractive investment opportunities. These views may impact the relative weights across asset classes, and the allocation to geographies, sectors and industries, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">as well as the fund’s duration and sensitivity to inflation. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Allocation of assets among the underlying funds is based on factors such as diversification, general market views and outlooks, volatility in the equity markets, historical performance, current valuations,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and other global economic factors. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest directly in U.S. government securities and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term commercial paper. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s investment manager, among other things, oversees and monitors the sub-adviser and is solely responsible for selecting the underlying funds among which the sub-adviser may allocate the fund’s assets. After the underlying funds have been selected, the sub-adviser determines which underlying funds it wishes to utilize to allocate the fund’s assets. The sub-adviser is not required to utilize all of the underlying funds selected by the manager in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">seeking to fulfill the fund’s target asset allocation.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The </span><span style="font-family:Times New Roman;font-size:10pt;">sub-adviser may invest up to 10% of the fund’s net assets in </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">underlying Transamerica-sponsored and third-party exchange-traded funds (“underlying ETFs”) that the sub-adviser selects as part of the sub-adviser’s asset allocation for the fund. The fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">may, but is not required to, invest directly in futures contracts as part of the sub-adviser’s dynamic asset allocation. The use of futures would generally be limited to exchange-traded developed market equity index and U.S. Treasury futures. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying funds and underlying ETFs. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">be a significant shareholder in certain underlying funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Each underlying fund and underlying ETF has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund and adviser or sub-adviser for each underlying ETF decides which securities to purchase and sell for that underlying fund or underlying ETF. The fund’s ability to achieve its investment objective depends largely on the performance of the underlying funds and underlying ETFs. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The “Underlying Funds” section of the prospectus lists the underlying Transamerica Funds currently available for investment by the fund, provides a summary of their respective investment objectives and principal investment strategies, and identifies certain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">risks of those funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The manager may change the underlying Transamerica Funds, and the sub-adviser may change the fund’s asset allocation, at any time </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">without notice to shareholders and without shareholder approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. </span><span style="font-family:Times New Roman;font-size:10pt;">The market price of a security may also </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Allocation –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investment performance is significantly impacted by the fund’s asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser’s judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The “List and Description of Certain Underlying Funds” section of the fund's prospectus identifies certain risks of each underlying fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Class Variation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The underlying funds and ETFs invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying fund or ETF may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds and ETFs at any given time, and the percentage of the fund's assets invested in various underlying funds and ETFs, the fund's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the fund's performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Commodities and Commodity-Related Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Commodities and commodity-related businesses or industries are subject to changes and volatility in commodity prices generally, regulatory, economic and political developments, weather events and natural disasters, tariffs and trade disruptions, and market disruptions. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments also are subject to the credit risk associated with the issuer, and their value may decline substantially if the issuer’s creditworthiness deteriorates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Real Estate Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund’s real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund’s real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">REITs</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">return on an investment to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Structure </span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflicts </span><span style="font-family:Times New Roman;font-size:10pt;">– Transamerica Asset Management, Inc. (“TAM”), the fund’s investment manager, has established an investment program whereby a substantial portion of the fund’s assets are invested in underlying Transamerica mutual funds. TAM has also included TAM-sponsored ETFs as investment options for the fund. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The fund may invest in underlying Transamerica-sponsored </span><span style="font-family:Times New Roman;font-size:10pt;">ETFs. To the extent the fund holds a large portion of the outstanding shares of a Transamerica-sponsored ETF and/or represents a large percentage of the trading volume of a Transamerica-sponsored ETF, this could prevent the fund from selling shares of the Transamerica-sponsored ETF on the exchange at such times or price or in such amounts as it may otherwise desire. These risks are in addition to other risks of investing in ETFs.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to August 28, 2020, the fund had a portfolio construction manager and used different investment strategies. The performance set forth prior to that date is attributable to the previous portfolio construction manager</span><span style="font-family:Times New Roman;font-size:10pt;"> and the investment strategies then in effect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">24.48%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-24.07%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.2448 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2407 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2002-03-01 0.1477 0.0866 0.0971 0.1295 0.0710 0.0774 0.1007 0.0653 0.0733 0.1949 0.0903 0.0948 2002-11-11 0.2176 0.1031 0.1069 2009-11-30 0.2114 0.0965 0.1006 2006-06-15 0.2167 0.1199 2022-03-01 0.2109 0.1215 0.1217 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class C and Class I shares of the fund reflects the impact of certain payments by Transamerica to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the class in 2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Asset Allocation-Moderate Growth Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks capital appreciation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">with current </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">income as a secondary objective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">with current </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">income as a secondary objective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0010 0.0010 0.0010 0.0010 0.0010 0.0025 0.0100 0 0.0050 0.0025 0.0012 0.0018 0.0014 0.0010 0.0019 0.0065 0.0065 0.0065 0.0065 0.0065 0.0112 0.0193 0.0089 0.0135 0.0119 0.0000 0.0000 -0.0010 0.0000 -0.0024 0.0112 0.0193 0.0079 0.0135 0.0095 <span style="font-family:Times New Roman;font-size:8pt;">Acquired </span><span style="font-family:Times New Roman;font-size:8pt;">fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus.</span> <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;">1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 658 886 1133 1838 296 606 1042 2254 81 274 483 1087 137 428 739 1624 97 354 631 1422 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 658 886 1133 1838 196 606 1042 2254 81 274 483 1087 137 428 739 1624 97 354 631 1422 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">13</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.13 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund is a fund of funds that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds (“underlying funds”). The fund’s sub-adviser, Goldman Sachs Asset Management, L.P. (the “sub-adviser”), follows an investment process that involves longer-term portfolio positioning through strategic asset allocation and dynamic asset allocation to pursue shorter-term opportunities based on the sub-adviser’s views of current market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">conditions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, investments in underlying funds are expected to achieve a mix over time of approximately 70% of net assets in equities, which may include both stocks and commodity-related securities, and approximately 30% of net assets in fixed-income securities, which may include bonds, convertible securities, cash, cash equivalents, and other money market instruments. These percentages may vary. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The underlying funds may invest in a variety of U.S. and foreign equity and fixed-income (including high-yield) securities and alternative investments. The underlying funds may also invest in real estate investment trusts (“REITs”) and derivatives. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser develops and implements a strategic asset allocation for the fund. The sub-adviser seeks to budget the fund’s long term investment risk exposure across various risk factors to establish a diversified strategic asset allocation. An important component of the sub-adviser’s process is allocating risk across asset classes and strategies to increase diversification and, potentially,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> reduce volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser may dynamically adjust the fund’s asset allocation as part of its investment process in response to certain changes in the markets, the economic cycle and the macroeconomic environment. This dynamic asset allocation may change the fund’s portfolio positioning based on the sub-adviser’s short- to medium-term market views on dislocations and attractive investment opportunities. These views may impact the relative weights across asset classes, and the allocation to geographies, sectors and industries, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">as well as the fund’s duration and sensitivity to inflation. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Allocation of assets among the underlying funds is based on factors such as diversification, general market views and outlooks, volatility in the equity markets, historical performance, current valuations,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and other global economic factors. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest directly in U.S. government securities and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term commercial paper. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s investment manager, among other things, oversees and monitors the sub-adviser and is solely responsible for selecting the underlying funds among which the sub-adviser may allocate the fund’s assets. After the underlying funds have been selected, the sub-adviser determines which underlying funds it wishes to utilize to allocate the fund’s assets. The sub-adviser is not required to utilize all of the underlying funds selected by the manager in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">seeking to fulfill the fund’s target asset allocation.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The </span><span style="font-family:Times New Roman;font-size:10pt;">sub-adviser may invest up to 10% of the fund’s net assets in </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">underlying Transamerica-sponsored and third-party exchange-traded funds (“underlying ETFs”) that the sub-adviser selects as part of the sub-adviser’s asset allocation for the fund. The fund may, but is not required to, invest directly in futures contracts as part of the sub-adviser’s dynamic asset allocation. The use of futures would generally be limited to exchange-traded developed market equity index and U.S. Treasury futures. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the </span><span style="font-family:Times New Roman;font-size:10pt;">underlying funds and underlying ETFs. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">be a significant shareholder in certain underlying funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Each underlying fund and underlying ETF has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund and adviser or sub-adviser for each underlying ETF decides which securities to purchase and sell for that underlying fund or underlying ETF. The fund’s ability to achieve its investment objective depends largely on the performance of the underlying funds and underlying ETFs. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The “Underlying Funds” section of the prospectus lists the underlying Transamerica Funds currently available for investment by the fund, provides a summary of their respective investment objectives and principal investment strategies, and identifies certain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">risks of those funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The manager may change the underlying Transamerica Funds, and the sub-adviser may change the fund’s asset allocation, at any time </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">without notice to shareholders and without shareholder approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, </span><span style="font-family:Times New Roman;font-size:10pt;">government shutdowns, political developments,</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, </span><span style="font-family:Times New Roman;font-size:10pt;">technological developments (such as artificial intelligence </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and machine learning)</span><span style="font-family:Times New Roman;font-size:10pt;"> investor sentiment, the global and domestic </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. </span><span style="font-family:Times New Roman;font-size:10pt;">The market price of a security may also </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Allocation –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investment performance is significantly impacted by the fund’s asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser’s judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The “List and Description of Certain Underlying Funds” section of the fund's prospectus identifies certain risks of each underlying fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Class Variation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The underlying funds or ETFs invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying fund or ETF may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds or ETFs at any given time, and the percentage of the fund's assets invested in various underlying funds or ETFs, the fund's actual exposure to the securities in a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund's performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Commodities and Commodity-Related Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Commodities and commodity-related businesses or industries are subject to changes and volatility in commodity prices generally, regulatory, economic and political developments, weather events and natural disasters, tariffs and trade disruptions, and market disruptions. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments also are subject to the credit risk associated with the issuer, and their value may decline substantially if the issuer’s creditworthiness deteriorates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">render records of fund assets and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">result </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future </span><span style="font-family:Times New Roman;font-size:10pt;">cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Floating Rate Loans</span><span style="font-family:Times New Roman;font-size:10pt;"> – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to “High-Yield Debt Securities” risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan’s issuer, and adversely affect the fund’s investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater “Liquidity” risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Real Estate Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund’s real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the risks associated with that one area or property type. The value of the fund’s real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">REITs</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Structure </span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflicts </span><span style="font-family:Times New Roman;font-size:10pt;">– Transamerica Asset Management, Inc. (“TAM”), the fund’s investment manager, has established an investment program whereby a substantial portion of the fund’s assets are invested in underlying Transamerica mutual funds. TAM has also included TAM-sponsored ETFs as investment options for the fund. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The fund may invest in underlying Transamerica-sponsored </span><span style="font-family:Times New Roman;font-size:10pt;">ETFs. To the extent the fund holds a large portion of the outstanding shares of a Transamerica-sponsored ETF and/or represents a large percentage of the trading volume of a Transamerica-sponsored ETF, this could prevent the fund from selling shares of the Transamerica-sponsored ETF on the exchange at such times or price or in such amounts as it may otherwise desire. These risks are in addition to other risks of investing in ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are </span><span style="font-family:Times New Roman;font-size:10pt;">not funded by congressional </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">appropriations and the securities issued by them are </span><span style="font-family:Times New Roman;font-size:10pt;">neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to August 28, 2020, the fund had a portfolio construction manager and used different investment strategies. The performance set forth prior to that date is attributable to the previous portfolio </span><span style="font-family:Times New Roman;font-size:10pt;">construction manager and the investment strategies then in effect.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">18.73%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-17.65%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.1873 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1765 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2002-03-01 0.1153 0.0608 0.0769 0.0960 0.0453 0.0584 0.0783 0.0439 0.0565 0.1602 0.0642 0.0747 2002-11-11 0.1832 0.0765 0.0863 2009-11-30 0.1766 0.0703 0.0803 2006-06-15 0.1812 0.0905 2022-03-01 0.2109 0.1215 0.1217 0.1690 0.0839 0.0957 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class C and Class I shares of the fund reflects the impact of certain payments by Transamerica to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the class in 2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Asset Allocation-Moderate Portfolio</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks capital appreciation and current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0010 0.0010 0.0010 0.0010 0.0010 0.0025 0.0100 0 0.0050 0.0025 0.0013 0.0018 0.0015 0.0010 0.0020 0.0059 0.0059 0.0059 0.0059 0.0059 0.0107 0.0187 0.0084 0.0129 0.0114 0.0000 0.0000 -0.0010 0.0000 -0.0020 0.0107 0.0187 0.0074 0.0129 0.0094 <span style="font-family:Times New Roman;font-size:8pt;">Acquired </span><span style="font-family:Times New Roman;font-size:8pt;">fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus.</span> <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;">1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 653 872 1108 1784 290 588 1011 2190 76 258 456 1028 131 409 708 1556 96 342 608 1368 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 653 872 1108 1784 190 588 1011 2190 76 258 456 1028 131 409 708 1556 96 342 608 1368 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">21</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.21 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund is a fund of funds that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">seeks to achieve its investment objective by investing its assets primarily in a broad mix of Transamerica Funds (“underlying funds”). The fund’s sub-adviser, Goldman Sachs Asset Management, L.P. (the “sub-adviser”), follows an investment process that involves longer-term portfolio positioning through strategic asset allocation and dynamic asset allocation to pursue shorter-term opportunities based on the sub-adviser’s views of current market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">conditions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, investments in underlying funds are expected to achieve a mix over time of approximately 50% of net assets in equities, which may include both stocks and commodity-related securities, and approximately 50% of net assets in fixed-income securities, which may include bonds, convertible securities, cash, cash equivalents, and other money market instruments. These percentages may vary. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The underlying funds may invest in a variety of U.S. and foreign (including emerging markets) equity and fixed-income (including high-yield) securities and alternative investments. The underlying funds may also invest in real estate investment trusts (“REITs”) and derivatives. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser develops and implements a strategic asset allocation for the fund. The sub-adviser seeks to budget the fund’s long term investment risk exposure across various risk factors to establish a diversified strategic asset allocation. An important component of the sub-adviser’s process is allocating risk across asset classes and strategies to increase diversification and, potentially,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> reduce volatility. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser may dynamically adjust the fund’s asset allocation as part of its investment process in response to certain changes in the markets, the economic cycle and the macroeconomic environment. This dynamic asset allocation may change the fund’s portfolio positioning based on the sub-adviser’s short- to medium-term market views on dislocations and attractive investment opportunities. These views may impact the relative weights across asset classes, and the allocation to geographies, sectors and industries, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">as well as the fund’s duration and sensitivity to inflation. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Allocation of assets among the underlying funds is based on factors such as diversification, general market views and outlooks, volatility in the equity markets, historical performance, current valuations,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and other global economic factors. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest directly in U.S. government securities and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term commercial paper. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s investment manager, among other things, oversees and monitors the sub-adviser and is solely responsible for selecting the underlying funds among which the sub-adviser may allocate the fund’s assets. After the underlying funds have been selected, the sub-adviser determines which underlying funds it wishes to utilize to allocate the fund’s assets. The sub-adviser is not required to utilize all of the underlying funds selected by the manager in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">seeking to fulfill the fund’s target asset allocation.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The </span><span style="font-family:Times New Roman;font-size:10pt;">sub-adviser may invest up to 10% of the fund’s net assets in </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">underlying Transamerica-sponsored and third-party exchange-traded funds (“underlying ETFs”) that the sub-adviser selects as part of the sub-adviser’s asset allocation for the fund. The fund may, but is not required to, invest directly in futures contracts as part of the sub-adviser’s dynamic asset allocation. The use of futures would generally be limited to exchange-traded developed market equity index and U.S. Treasury futures. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts and swaps through its investments in the </span><span style="font-family:Times New Roman;font-size:10pt;">underlying funds and underlying ETFs. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">be a significant shareholder in certain underlying funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Each underlying fund and underlying ETF has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund and adviser or sub-adviser for each underlying ETF decides which securities to purchase and sell for that underlying fund or underlying ETF. The fund’s ability to achieve its investment objective depends largely on the performance of the underlying funds and underlying ETFs. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The “Underlying Funds” section of the prospectus lists the underlying Transamerica Funds currently available for investment by the fund, provides a summary of their respective investment objectives and principal investment strategies, and identifies certain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">risks of those funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The manager may change the underlying Transamerica Funds, and the sub-adviser may change the fund’s asset allocation, at any time </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">without notice to shareholders and without shareholder approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, </span><span style="font-family:Times New Roman;font-size:10pt;">government shutdowns, political developments,</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, </span><span style="font-family:Times New Roman;font-size:10pt;">technological developments (such as artificial intelligence </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and machine learning)</span><span style="font-family:Times New Roman;font-size:10pt;"> investor sentiment, the global and domestic </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. </span><span style="font-family:Times New Roman;font-size:10pt;">The market price of a security may also </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Allocation –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investment performance is significantly impacted by the fund’s asset allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser’s judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The “List and Description of Certain Underlying Funds” section of the fund's prospectus identifies certain risks of each underlying fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Class Variation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The underlying funds and ETFs invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying fund or ETF may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds and ETFs at any given time, and the percentage of the fund's assets invested in various underlying funds and ETFs, the fund's actual exposure to the securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund's performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Commodities and Commodity-Related Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Commodities and commodity-related businesses or industries are subject to changes and volatility in commodity prices generally, regulatory, economic and political developments, weather events and natural disasters, tariffs and trade disruptions, and market disruptions. Commodities and commodity-linked investments may be less liquid than other investments. Commodity-linked investments also are subject to the credit risk associated with the issuer, and their value may decline substantially if the issuer’s creditworthiness deteriorates.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">render records of fund assets and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">result </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future </span><span style="font-family:Times New Roman;font-size:10pt;">cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Floating Rate Loans</span><span style="font-family:Times New Roman;font-size:10pt;"> – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to “High-Yield Debt Securities” risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan’s issuer, and adversely affect the fund’s investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater “Liquidity” risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Real Estate Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund’s real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the risks associated with that one area or property type. The value of the fund’s real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">REITs</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Structure </span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflicts </span><span style="font-family:Times New Roman;font-size:10pt;">– Transamerica Asset Management, Inc. (“TAM”), the fund’s investment manager, has established an investment program whereby a substantial portion of the fund’s assets are invested in underlying Transamerica mutual funds. TAM has also included TAM-sponsored ETFs as investment options for the fund. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The fund may invest in underlying Transamerica-sponsored </span><span style="font-family:Times New Roman;font-size:10pt;">ETFs. To the extent the fund holds a large portion of the outstanding shares of a Transamerica-sponsored ETF and/or represents a large percentage of the trading volume of a Transamerica-sponsored ETF, this could prevent the fund from selling shares of the Transamerica-sponsored ETF on the exchange at such times or price or in such amounts as it may otherwise desire. These risks are in addition to other risks of investing in ETFs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are </span><span style="font-family:Times New Roman;font-size:10pt;">not funded by congressional </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">appropriations and the securities issued by them are </span><span style="font-family:Times New Roman;font-size:10pt;">neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to August 28, 2020, the fund had a portfolio construction manager and used different investment strategies. The performance set forth prior to that date is attributable to the previous portfolio </span><span style="font-family:Times New Roman;font-size:10pt;">construction manager and the investment strategies then in effect.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">14.40%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-12.75%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.1440 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1275 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2002-03-01 0.0855 0.0401 0.0600 0.0666 0.0258 0.0438 0.0580 0.0273 0.0429 0.1292 0.0436 0.0578 2002-11-11 0.1521 0.0556 0.0692 2009-11-30 0.1457 0.0494 0.0636 2006-06-15 0.1508 0.0670 2022-03-01 0.2109 0.1215 0.1217 0.1413 0.0588 0.0745 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Bond</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to provide high total return through a combination of current income and capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0475 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0039 0.0039 0.0039 0.0039 0.0039 0.0025 0.0100 0 0 0 0.0020 0.0013 0.0014 0.0005 0.0005 0.0084 0.0152 0.0053 0.0044 0.0044 0.0000 0.0000 -0.0003 0.0000 0.0000 0.0084 0.0152 0.0050 0.0044 0.0044 <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;margin-left:0.00%;">1, </span><span style="font-family:Times New Roman;font-size:8pt;">2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 557 730 919 1463 255 480 829 1813 51 167 293 662 45 141 246 555 45 141 246 555 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 557 730 919 1463 155 480 829 1813 51 167 293 662 45 141 246 555 45 141 246 555 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">59</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.59 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Aegon </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">USA Investment Management, LLC (the “sub-adviser”), invests, under normal circumstances, at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities, which may include dollar rolls, U.S. government and foreign government bonds and notes (including </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">emerging markets), mortgage-backed, commercial mortgage-backed, and asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), convertible bonds and other convertible securities, bank loans and loan participations,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> structured notes, and preferred securities. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Under normal circumstances, at least 70% of the fund’s net assets will be invested in (a) debt securities rated investment grade or higher (rated at least BBB by Standard &amp; Poor’s or Fitch or Baa by Moody’s) by at least two rating agencies or, if unrated, are determined to be of comparable quality by the sub-adviser; (b) securities issued or guaranteed by the U.S. government or its agencies or instrumentalities; (c) commercial paper rated Prime, Prime-1 or Prime-2 by NCO/Moody’s Commercial Paper Division, or A-1 or A-2 by Standard &amp; Poor’s; and/or (d) cash or cash equivalents. Up to 30% of the fund’s net assets may be invested in debt securities that do not meet the investment grade criteria referred to above (commonly known as “junk bonds”). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard &amp; Poor’s or Fitch or below Baa by Moody’s or, if unrated, determined to be of comparable quality by the fund’s sub-adviser). The fund may invest </span><span style="font-family:Times New Roman;font-size:10pt;">in securities</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">of any maturity and does not have a target average duration. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser uses a combination of a global “top-down” analysis of the macroeconomic and interest rate environments and global asset classes and proprietary “bottom-up” research of sectors, industries, issuers and individual securities. In the sub-adviser’s “top-down” approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement and relative value of markets and securities prices worldwide. In its proprietary “bottom-up” research of corporate and sovereign debt and other fixed-income securities, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined “top-down” and “bottom-up” approach to determine asset class, sector, security, yield curve and duration positions for the fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser’s</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> research analysts also generally integrate environmental, social and governance (“ESG”) matters within their analytical process for foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, commercial mortgage-backed securities, certain asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), structured notes, certain preferred securities, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser’s research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in dollar rolls, U.S. government bonds and notes, U.S. agency securities, convertible bonds, other convertible securities, certain bank loans and loan participations, asset-backed commercial paper, cash, certain cash equivalent securities, equity securities, common stocks, rights, warrants, derivatives, repurchase </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">agreements and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser’s investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser’s research analysts do not take ESG factors into consideration with respect to every investment</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">other purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may purchase securities on a when-issued, delayed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery, to be announced or forward commitment basis. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser considers emerging market countries </span><span style="font-family:Times New Roman;font-size:10pt;">to be those </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">generally classified by</span><span style="font-family:Times New Roman;font-size:10pt;"> major international financial institutions, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">such as the World Bank, </span><span style="font-family:Times New Roman;font-size:10pt;">as less economically mature than developed nations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">enforcing its rights against an issuer, obligor or counterparty.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Bank Obligations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency Hedging –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">currency hedging instruments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Distressed or Defaulted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers’ continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Dollar Rolls – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund’s ability to purchase or repurchase securities may be restricted.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Floating Rate Loans</span><span style="font-family:Times New Roman;font-size:10pt;"> – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to “High-Yield Debt Securities” risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan’s issuer, and adversely affect the fund’s investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater “Liquidity” risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hedging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund’s hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation-Protected Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Municipal Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or worsen. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Investment in municipal securities of issuers in Guam, Puerto </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sovereign Debt –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">repaid may be collected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Structured Instruments – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. Structured instruments may be leveraged and may behave in ways not anticipated by the fund, or they may not receive tax, accounting or regulatory treatment anticipated by the fund. Structured instruments may also be less liquid and more difficult to value accurately than more traditional securities and instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">To Be Announced (TBA) Transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6.97%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-6.45%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0697 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.0645 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 1987-06-29 0.0169 -0.0107 0.0195 0.0000 -0.0244 0.0052 0.0097 -0.0139 0.0087 0.0509 -0.0075 0.0177 2002-11-11 0.0728 0.0028 0.0283 2009-11-30 0.0735 0.0032 0.0290 2004-11-08 0.0735 0.0032 0.0289 2015-05-29 0.0730 -0.0036 0.0201 <span style="font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Capital Growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to maximize long-term growth.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0068 0.0068 0.0068 0.0068 0.0068 0.0025 0.0100 0 0 0 0.0018 0.0020 0.0015 0.0005 0.0005 0.0002 0.0001 0.0000 0.0000 0.0000 0.0016 0.0019 0.0015 0.0005 0.0005 0.0111 0.0188 0.0083 0.0073 0.0073 0.0000 0.0000 -0.0001 0.0000 0.0000 0.0111 0.0188 0.0082 0.0073 0.0073 <span style="font-family:Times New Roman;font-size:8pt;">Other expenses are based on estimates for the current fiscal year.</span> <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;margin-left:0.00%;">1, </span><span style="font-family:Times New Roman;font-size:8pt;">2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 657 883 1128 1827 291 591 1016 2201 84 264 460 1024 75 233 406 906 75 233 406 906 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 657 883 1128 1827 191 591 1016 2201 84 264 460 1024 75 233 406 906 75 233 406 906 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">74</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.74 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Morgan </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Stanley Investment Management Inc. (the “sub-adviser”), under normal circumstances, seeks long-term capital growth by investing primarily in established and emerging companies with capitalizations at the time of purchase within the range of companies included </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the Russell 1000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Growth Index</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</span><span style="font-family:Times New Roman;font-size:10pt;">, which as of December 31, 2025, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">was between $</span><span style="font-family:Times New Roman;font-size:10pt;">1.57 billion and $4.53 trillion. The fund typically </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">invests in a relatively small number of companies. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market </span><span style="font-family:Times New Roman;font-size:10pt;">favors “value” stocks. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emerging market or developing countries, securities classified as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), American Depositary Shares (“ADSs”) or Global Depositary Shares (“GDSs”), foreign U.S. dollar denominated securities that are traded on a U.S. exchange and local shares of non-U.S. issuers. The sub-adviser considers an issuer to be from a particular country if (i) its principal securities trading market is in that country; (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue from goods produced, sales made or services performed in that country; or (iii) it is organized under the laws of, or has a principal office in, that country. By applying these tests, it is possible that a particular company could be deemed to be from more than one country. The securities in which the fund may invest may be denominated in U.S. dollars or in currencies other than U.S. dollars. The fund may, but is not required to, utilize foreign currency forward exchange contracts, which are derivatives, in connection with investments in foreign securities, and may, but is not required to, purchase and sell certain derivative instruments, such as options, for various portfolio management purposes. The fund’s equity investments may include common and preferred stocks, convertible securities</span><span style="font-family:Times New Roman;font-size:10pt;">, rights and warrants to </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">purchase common stocks, depositary receipts, exchange-traded funds (“ETFs”), and other specialty securities having equity features. The fund may also invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. The fund may invest in companies with significant exposure to digital assets, such as Bitcoin, or the digital asset ecosystem. The fund does not invest directly in digital assets. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser emphasizes a “bottom-up” stock selection process, seeking attractive investments on an individual company basis. The sub-adviser integrates environmental, social and governance (</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“ESG”) factors into its investment process by using ESG factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">as a lens for additional fundamental research, which can contribute to its investment decision-making. This analysis of ESG factors is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG factors when making investment decisions.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;margin-left:0%;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;"> “Russell</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Information Technology Sector – </span><span style="font-family:Times New Roman;font-size:10pt;">Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. These companies may be developing or marketing new products or services for which markets </span><span style="font-family:Times New Roman;font-size:10pt;">are not yet established and may never become established.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency Hedging –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the risk of loss from derivatives.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Digital Assets – </span><span style="font-family:Times New Roman;font-size:10pt;">The fund may gain economic exposure to Bitcoin or other digital assets through investments in operating companies that accumulate Bitcoin or other digital assets and/or provide Bitcoin- or other digital assets-related products and services, and consequently the fund’s performance is subject to the risks of the applicable digital assets and the risks of the digital assets industry more generally. The trading prices of many digital assets have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of Bitcoin or other digital assets to which the fund has economic exposure could have a material adverse effect on the value of the fund’s shares. Digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. Digital assets represent a new and rapidly evolving industry. Changes in the governance of a digital asset network may not receive sufficient support from users and validators, which may negatively affect that digital asset network’s ability to grow and respond to challenges. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Cryptocurrencies, such as Bitcoin, are a subset of digital </span><span style="font-family:Times New Roman;font-size:10pt;">assets designed to act as a medium of exchange. Despite being referred to as “currencies,” crypto assets are not widely accepted as a means of payment, are not backed by any government or central bank, and are not legal tender. The value of digital assets is determined by supply and demand in the global markets, which consist primarily of transactions of the respective digital assets on electronic trading platforms or trading venues. Unlike the exchanges for more traditional assets, the regulation of digital asset trading </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">platforms is highly fragmented. Due to the fragmentation and lack of oversight of these trading venues, there is a heightened potential for fraud and manipulation. Regulation in the U.S. is still developing.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates rise.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small and Medium Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">part of its investment process.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Warrants and Rights – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, performance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">57.81%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-41.29%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.5781 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.4129 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2009-11-13 0.1390 -0.0107 0.1375 0.1390 -0.0187 0.1174 0.0823 -0.0081 0.1080 0.1863 -0.0071 0.1353 2009-11-13 0.2086 0.0037 0.1472 2009-11-30 0.2094 0.0043 0.1482 2011-09-30 0.2094 0.0043 0.1476 2019-10-18 0.1715 0.1315 0.1429 0.1856 0.1532 0.1813 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span><span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span> <span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Core Bond</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to achieve maximum total return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0475 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0038 0.0038 0.0038 0.0038 0.0038 0.0025 0.0100 0 0 0 0.0013 0.0019 0.0015 0.0005 0.0005 0.0076 0.0157 0.0053 0.0043 0.0043 0.0000 -0.0005 -0.0009 0.0000 0.0000 0.0076 0.0152 0.0044 0.0043 0.0043 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 549 706 877 1372 255 491 850 1863 45 161 287 656 44 138 241 542 44 138 241 542 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 549 706 877 1372 155 491 850 1863 45 161 287 656 44 138 241 542 44 138 241 542 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">75</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.75 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Aegon </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">USA Investment Management, LLC (the “sub-adviser”), seeks to achieve the fund’s objective by investing, under normal circumstances, primarily in investment grade debt securities, which may include: investment grade corporate securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. Investment grade debt securities carry a rating of at least BBB from Standard &amp; Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the sub-adviser. The fund's weighted average duration will typically range from 3 to 10 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The fund may also invest in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations (“CLOs”), collateralized bond obligations (“CBOs”) and collateralized debt obligations (“CDOs”)), commercial mortgage-backed securities (“CMBS”), high quality short-term debt obligations, dollar rolls and repurchase agreements. The fund’s investments may include debt securities of foreign issuers, including emerging market debt securities. The fund may invest in securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">that are denominated in U.S. dollars and in foreign currencies. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest up to 10% of its net assets in emerging market debt securities and up to 10% of its net assets in high-yield debt securities (commonly referred to as “junk bonds”), but may invest no more than 15% of its net assets in emerging market debt securities and high-yield debt securities combined. The sub-adviser considers emerging market countries </span><span style="font-family:Times New Roman;font-size:10pt;">to be those generally classified</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> by</span><span style="font-family:Times New Roman;font-size:10pt;"> major international financial institutions, such as the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">World Bank, </span><span style="font-family:Times New Roman;font-size:10pt;">as less economically mature than developed nations. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard &amp; Poor’s or Fitch or below Baa by Moody’s or, if unrated, determined to be </span><span style="font-family:Times New Roman;font-size:10pt;">of comparable quality by the fund’s sub-adviser). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser uses a combination of a global “top-down” analysis of the macroeconomic and interest rate environment and proprietary “bottom-up” research of corporate, government and agency debt, and other debt instruments. In the sub-adviser’s “top-down” approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movements of markets and securities prices worldwide. In its proprietary “bottom-up” research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined “top-down” and “bottom-up” approach to determine sector, security, yield curve, and duration positions for the fund. The sub-adviser’s research analysts also generally integrate environmental, social and governance (“ESG”) matters within their analytical process for investment grade corporate debt securities, foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including corporate commercial paper) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser’s research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, asset-backed commercial paper, dollar rolls, repurchase agreements, derivatives, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser’s investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser’s research analysts do not take ESG factors into consideration with respect to every investment in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">other purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may purchase securities on a when-issued, delayed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery, to be announced or forward commitment basis. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and machine learning)</span><span style="font-family:Times New Roman;font-size:10pt;"> investor sentiment, the global and domestic </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. </span><span style="font-family:Times New Roman;font-size:10pt;">The market price of a security may also </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency Hedging –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">render records of fund assets and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">result </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future </span><span style="font-family:Times New Roman;font-size:10pt;">cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Dollar Rolls – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund’s ability to purchase or repurchase securities may be restricted.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hedging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund’s hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation-Protected Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Municipal Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or worsen. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Investment in municipal securities of issuers in Guam, Puerto </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sovereign Debt –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">To Be Announced (TBA) Transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Total returns in the bar chart and returns after taxes in the table are presented for Class I2 shares because Class I2 shares is the class with the longest period of annual returns. For the most immediately preceding period, such information was presented for Class </span><span style="font-family:Times New Roman;font-size:10pt;">R6 shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar year ended December 31) - Class I2</span> <span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2023</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6.75%</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2022</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-5.56%</span> <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0675 <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-03-31 -0.0556 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2017-03-24 0.0696 -0.0022 0.0201 0.0511 -0.0170 0.0055 0.0409 -0.0077 0.0095 0.0169 0.0348 2022-11-01 0.0493 0.0422 2022-11-01 0.0709 0.0539 2022-11-01 0.0709 0.0021 2021-05-28 0.0730 -0.0036 0.0011 2017-03-24 <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Class I2 shares of the fund commenced operations on March 1, 2014. Performance information is shown for the one- and five-year periods and from the date of the reorganization of certain funds into the fund (March 24, 2017). The applicable predecessor fund, whose accounting and performance history were adopted in the reorganizations,</span><span style="font-family:Times New Roman;font-size:10pt;"> did not offer Class I2 shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Emerging Markets Debt</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to generate a high total return through a combination of capital appreciation and income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0475 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0063 0.0063 0.0063 0.0063 0.0063 0.0025 0.0100 0 0 0 0.0041 0.0030 0.0023 0.0013 0.0014 0.0129 0.0193 0.0086 0.0076 0.0077 -0.0004 0.0000 -0.0001 0.0000 0.0000 0.0125 0.0193 0.0085 0.0076 0.0077 <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;">1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 596 861 1145 1954 296 606 1042 2254 87 273 476 1060 78 243 422 942 79 246 428 954 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 596 861 1145 1954 196 606 1042 2254 87 273 476 1060 78 243 422 942 79 246 428 954 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">199</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 1.99 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund’s sub-adviser, MetLife Investment Management, LLC (the “sub-adviser”), invests at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in debt securities of issuers located in emerging market countries. Emerging market countries are countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations. Emerging market countries can include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. The fund normally invests primarily in fixed-income securities of government and government-related issuers and corporate issuers in emerging market countries, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">including frontier markets. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser seeks to identify companies in emerging market countries that the sub-adviser believes are undervalued and have attractive or improving fundamentals. The sub-adviser analyzes the global economic environment and its impact on emerging markets. The fund normally invests its assets in local currency and hard currency (such as U.S. dollars and Euros) denominated emerging markets sovereign and corporate debt issues. The fund’s U.S. dollar and euro denominated sovereign exposure is expected to range between 30% and 100% and corporate exposure between 30% and 70%, and the fund’s local currency sovereign and corporate exposures is expected to range between 5% and 40%. The fund’s developed markets exposure will normally range between 0% and 10%. Generally, less than 10% of the fund’s assets will be invested </span><span style="font-family:Times New Roman;font-size:10pt;">in repurchase agreements, cash and cash equivalents. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As part of its investment analysis, the sub-adviser also uses sustainability and/or environmental, social and governance (</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“ESG”) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">factors to evaluate risk when determining a credit's price. The ESG process is generally taken into account for fixed income securities within the fund, including sovereign, quasi-sovereign, and corporate issuers. The sub-adviser seeks to identify material sustainability or ESG risks and opportunities by considering factors such as social impact, direct environmental impact currently, and planned impact going forward and both management and sovereign governance that have the potential to influence asset prices going forward, which can contribute to its investment decision-making. This analysis of ESG factors is subjective and not determinative in the sub-adviser's security selection process. The sub-adviser may conclude that other attributes of an investment outweigh ESG </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">factors when making investment decisions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s holdings may range in maturity from overnight to 30 years or more and will not be subject to any minimum credit rating standard. The fund may invest in debt securities that are rated below investment grade (commonly known as “junk bonds”), including defaulted securities. The sub-adviser does not expect defaulted securities to represent more than 5% of the fund’s portfolio at any one time. The sub-adviser may, but is not required to use certain derivative instruments, including the use of deliverable and non-deliverable currency forwards and/or swaps as well as interest rate futures. These instruments may be used to hedge currency risk during times of heightened market volatility, to differentiate interest rate and currency risk, to differentiate interest rate and spread risk, and to express foreign exchange views on undervalued </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">currencies. The sub-adviser generally considers selling a security when the sub-adviser determines that the holding no longer satisfies </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund’s investment criteria. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in capital securities, which are hybrid securities that combine the characteristics of bonds and preferred stocks. The fund may invest in such securities in order to take advantage of the mispricing of subordinated risk within the marketplace. The sub-adviser does not expect that capital securities will represent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">more than 5% of the fund’s assets at any one time. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may also invest up to 25% of its assets in cross currency hedges, which involve the sale of one currency against the positive exposure to a different currency. Cross currency hedges may be used for hedging purposes or to establish an active exposure to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange rate between any two currencies. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest up to 5% of its assets in issues traded in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">China Bond Connect Program. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund is non-diversified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sovereign Debt –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">enforcing its rights against an issuer, obligor or counterparty.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Non-Diversification – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As a “non-diversified” fund, the fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the fund more susceptible to the risks associated with investing in those issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">China</span><span style="font-family:Times New Roman;font-size:10pt;"> – China and other emerging market countries may be subject to considerable degrees of economic, political and social instability. Markets in China and other Asian countries are relatively new and undeveloped. China’s economic health is largely dependent upon exports, and may be dependent upon the economies of other Asian countries. Investments in Chinese and other Asian issuers could be adversely affected by changes in government policies, or trade or political disputes with major trading partners, including the U.S. China’s growing trade surplus with the U.S. has given rise to trade disputes and the imposition of tariffs. The U.S. has also restricted the sale of certain goods to China. In addition, the U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments. These matters could adversely affect China’s economy. China’s central government exercises significant control over China’s economy and may intervene in the financial markets, such as by imposing trading restrictions, and investments in Chinese issuers could be adversely affected by changes in government policies. The Chinese economy could be adversely affected by supply chain disruptions. An economic slowdown in China could adversely affect economies of other emerging market countries that trade with China, as well as companies operating in those countries. Economies of Asian countries and Asian issuers could be adversely affected by regional security threats. In addition, China’s long-running conflict over Taiwan’s sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict that could adversely impact the economies of China and other Asian countries, disrupt supply chains, and severely affect global economies and markets.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency Hedging –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Distressed or Defaulted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers’ continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Frontier Markets –</span><span style="font-family:Times New Roman;font-size:10pt;"> Frontier market countries generally have smaller economies and even less developed capital markets and legal, regulatory and political systems than emerging market countries. As a result, the risks of investing in emerging market countries are magnified in frontier market countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hybrid Instruments –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Investing in hybrid instruments involves a combination of risks, including risks of investing in securities, commodities, options, futures, and currencies. An investment in a hybrid instrument may entail significant risks in addition to those associated with traditional fixed-income or convertible securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Investments in the China Interbank Bond Market</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund is subject to additional risks when investing through China’s Bond Connect program (“Bond Connect”), which allows non-Chinese investors to purchase certain fixed-income investments available from the China Interbank Bond Market (“CIBM”). The Chinese investment and banking systems are materially different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in nature from many developed markets, which exposes investors to risks that are different from those in the U.S. because Bond Connect uses the trading infrastructure of both Hong Kong and China. If either one or both markets involved are closed on a day the fund is open, the fund may not be able to add to or exit a position on such a day, which could adversely affect the fund’s performance. Securities offered through Bond Connect may lose their eligibility for trading through Bond Connect at any time, and if such an event occurs, the fund could sell, but could no longer purchase, such securities through Bond Connect. Investing through Bond Connect also includes the risk that the fund may have a limited ability to enforce rights as a bondholder as well as the risks of settlement delays and counterparty default related to the sub-custodian. Securities purchased through Bond Connect generally may not be sold, purchased, or otherwise transferred other than </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">through Bond Connect in accordance with applicable rules. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Bond Connect is relatively new. Laws, rules, regulations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">policies, notices, circulars or guidelines relating to Bond Connect as published or applied by any applicable authority are relatively untested and are subject to change from time to time. There can be no assurance that Bond Connect will not be restricted, suspended or abolished. If such event occurs, the fund’s ability to invest in the CIBM through Bond Connect may be adversely affected, and if the fund is unable to adequately access the CIBM through other means, the fund’s ability to achieve its investment objective may be adversely affected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as part of its investment process.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with all mutual funds, past performance (before and after taxes) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As with all mutual funds, past performance (before and after taxes) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">14.87%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-16.20%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.1487 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1620 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2011-08-31 0.0874 0.0098 0.0407 0.0632 -0.0093 0.0238 0.0510 -0.0013 0.0238 0.1238 0.0130 0.0387 2011-08-31 0.1458 0.0244 0.0502 2011-08-31 0.1471 0.0241 0.0505 2011-08-31 0.1455 0.0244 0.0507 2015-05-29 0.1345 0.0174 0.0426 0.1350 0.0185 0.0438 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Emerging Markets Equity</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0 0.0100 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0079 0.0079 0.0079 0.0079 0.0079 0.0079 0.0025 0.0100 0 0 0.0025 0 0.0017 0.0017 0.0028 0.0018 0.0033 0.0018 0.0121 0.0196 0.0107 0.0097 0.0137 0.0097 0.0000 0.0000 -0.0009 -0.0002 0.0000 -0.0002 0.0121 0.0196 0.0098 0.0095 0.0137 0.0095 <span style="font-family:Times New Roman;font-size:8pt;">Other expenses are based on estimates for the current fiscal year.</span> <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 667 913 1178 1935 299 615 1057 2285 100 331 581 1298 97 307 534 1188 139 434 750 1646 97 307 534 1188 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 667 913 1178 1935 199 615 1057 2285 100 331 581 1298 97 307 534 1188 139 434 750 1646 97 307 534 1188 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">35</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.35 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund seeks to achieve its investment objective by investing at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities (including American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”) and European Depository Receipts (“EDRs”)) of companies that are located and/or conduct substantial business activities in emerging markets, including frontier markets. The fund’s sub-adviser, Thompson, Siegel &amp; Walmsley LLC (the “sub-adviser”) considers emerging market countries to be those countries included in the MSCI Emerging Markets Index, the fund’s benchmark, or the MSCI Frontier Markets Index. The fund will normally invest primarily in emerging market companies that the sub-adviser believes have above-average potential for capital appreciation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">based on its fundamental research and analysis. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four-factor valuation screen. The sub-adviser strives to identify companies whose shares are underpriced relative to their intrinsic value. The fund is managed with reference to the MSCI Emerging Markets Index as to country allocation, which may change over time, but the fund is not benchmark constrained. The sub-adviser intends, under normal circumstances, to have approximately 40-80 equity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities in the fund’s portfolio. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Pursuant to a value investing philosophy, the sub-adviser seeks to invest in securities that the sub-adviser believes provide a discount or “margin of safety” between a security’s price and what the sub-adviser believes to be the true value of the underlying business (which is sometimes referred to as “intrinsic value”). To first narrow the fund’s investment universe, the sub-adviser uses quantitative screening tools linked to a variety of relative value assessments (including cash flow, earnings and share price). Next, the sub-adviser combines fundamental research and qualitative analysis to make individual security selections. Within the investment universe, the sub-adviser seeks to invest in companies identified as having attractive risk-reward profiles. The sub-adviser considers these to be companies that it identifies as being both undervalued and having attractive fundamentals (such as revenues, earnings, or management). The sub-adviser also analyzes country-specific factors such as geopolitical risk and its potential impact on expected </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">returns. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser may invest in securities that are convertible into securities of foreign issuers. The sub-adviser will generally invest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in small, medium and large capitalization companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser may invest in unaffiliated investment companies, including exchange-traded funds (“ETFs”), and may also invest a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portion of its assets in real estate investment trusts (“REITs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest a significant portion of its assets in investments located in or operating in one country or a small number of countries. The fund’s benchmark index currently includes substantial</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> exposure to China, including China A-shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Medium Capitalization Companies – </span><span style="font-family:Times New Roman;font-size:10pt;">The</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Frontier Markets –</span><span style="font-family:Times New Roman;font-size:10pt;"> Frontier market countries generally have smaller economies and even less developed capital markets and legal, regulatory and political systems than emerging market countries. As a result, the risks of investing in emerging market countries are magnified in frontier market countries.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Information Technology Sector – </span><span style="font-family:Times New Roman;font-size:10pt;">Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Country Focus</span><span style="font-family:Times New Roman;font-size:10pt;"> – To the extent the fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">which the fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically </span><span style="font-family:Times New Roman;font-size:10pt;">diverse investments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">China</span><span style="font-family:Times New Roman;font-size:10pt;"> – China and other emerging market countries may be subject to considerable degrees of economic, political and social instability. Markets in China and other Asian countries are relatively new and undeveloped. China’s economic health is largely dependent upon exports, and may be dependent upon the economies of other Asian countries. Investments in Chinese and other Asian issuers could be adversely affected by changes in government policies, or trade or political disputes with major trading partners, including the U.S. China’s growing trade surplus with the U.S. has given rise to trade disputes and the imposition of tariffs. The U.S. has also restricted the sale of certain goods to China. In addition, the U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments. These matters could adversely affect China’s economy. China’s central government exercises significant control over China’s economy and may intervene in the financial markets, such as by imposing trading restrictions, and investments in Chinese issuers could be adversely affected by changes in government policies. The Chinese economy could be adversely affected by supply chain disruptions. An economic slowdown in China could adversely affect economies of other emerging market countries that trade with China, as well as companies operating in those countries. Economies of Asian countries and Asian issuers could be adversely affected by regional security threats. In addition, China’s long-running conflict over Taiwan’s sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict that could adversely impact the economies of China and other Asian countries, disrupt supply chains, and severely affect global economies and markets.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Taiwan</span><span style="font-family:Times New Roman;font-size:10pt;"> – The economy of Taiwan is heavily dependent on exports and key trading partners, including Japan, China, and the United States. Currency fluctuations, increasing competition from Asia’s other emerging economies, spending reductions by key trading partners, and conditions that weaken demand for Taiwan’s export products worldwide could have a negative impact on the Taiwanese economy as a whole. In addition, Taiwan lacks many natural resources, and, as such, price increases, shortages, or volatility in the commodities market could have an adverse effect on Taiwan’s economy. Concerns over Taiwan’s history of political contention and its current relationship with China also may have a significant impact on the economy of Taiwan.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other </span><span style="font-family:Times New Roman;font-size:10pt;">funds with similar objectives.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">China A–Shares</span><span style="font-family:Times New Roman;font-size:10pt;"> – The fund may invest in equity securities of certain Chinese companies, directly or through exchange-traded funds (“ETFs”), collectively referred to as China A-shares, through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (collectively, the “Programs”). The Programs are subject to daily quota limitations, which may restrict the fund’s ability to invest in China A-shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the Programs are not trading, with the result that prices of China A-shares may fluctuate at times when the fund is unable to add to or exit its position. Only certain China A-shares are eligible to be accessed through the Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Programs. Because the Programs are new, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is currently unknown. Further, regulations or restrictions, such as limitations on redemptions, suspension of trading and limitations on profits, may adversely impact the Programs and/or the fund’s investments through the Programs. There is no guarantee that applicable exchanges in Hong Kong and mainland China will continue to support the Programs in the future. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Investments in China A-shares are subject to risks specific to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the China market. Any significant change in mainland China’s political, social or economic policies may have a negative impact on investments in the China market. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">In addition, uncertainties in mainland China tax legislation </span><span style="font-family:Times New Roman;font-size:10pt;">could result in unexpected tax liabilities for a fund and therefore could affect the amount of income which may be derived, and the amount of capital returned, from the investments in China A-shares by the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Real Estate Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund’s real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund’s real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">REITs</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the underlying ETFs in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class A, Class C and Class R3 shares will be included after the share classes have been in operation for one complete calendar year.</span><span style="font-family:Times New Roman;font-size:10pt;"> The returns for Class A, Class C and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Class R3 shares would differ from those of Class I</span><span style="font-family:Times New Roman;font-size:10pt;">,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">Class I2 and Class R6 shares because they have different expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to August 30, 2024, the fund had a different name, a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to the previous </span><span style="font-family:Times New Roman;font-size:10pt;">sub-adviser and the investment strategies then in effect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class A, Class C and Class R3 shares will be included after the share classes have been in operation for one complete calendar year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class I</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">20.98%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-26.10%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.2098 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2610 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2019-12-19 0.3764 0.0205 0.0443 0.3729 0.0187 0.0427 0.2248 0.0205 0.0388 0.3762 0.0206 0.0446 2019-12-19 0.3762 0.0060 2021-05-28 0.3436 0.0467 0.0698 2019-12-19 <span style="font-family:Times New Roman;font-size:10pt;">The total return information for Class I shares of the fund reflects </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the impact of certain payments by Transamerica to the class in </span><span style="font-family:Times New Roman;font-size:10pt;">2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Energy Infrastructure</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks long-term growth of capital while providing current income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0.0100 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0105 0.0105 0.0105 0.0105 0.0025 0.0100 0 0 0.0023 0.0030 0.0024 0.0014 0.0000 0.0003 0.0000 0.0000 0.0023 0.0027 0.0024 0.0014 0.0153 0.0235 0.0129 0.0119 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. </span><span style="font-family:Times New Roman;font-size:10pt;">The Example </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">reflects applicable waivers and/or reimbursements for the duration of such arrangement(s).</span><span style="font-family:Times New Roman;font-size:10pt;"> Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 697 1007 1338 2273 338 733 1255 2686 131 409 708 1556 121 378 654 1443 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 697 1007 1338 2273 238 733 1255 2686 131 409 708 1556 121 378 654 1443 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">53</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.53 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund’s sub-adviser, Kayne Anderson Capital Advisors, L.P. (the “sub-adviser”), seeks to achieve the fund’s stated objective by investing at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in the equity and debt securities of energy infrastructure companies. The fund considers energy infrastructure companies to include midstream companies, power infrastructure companies and other issuers in the energy </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sector.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Midstream companies are companies that own and operate assets used in energy logistics, including, but not limited to, assets used in transporting, storing, gathering, processing, fractionating, distributing, or marketing of natural gas, natural gas liquids, crude oil or refined products. Such companies may be structured as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">master limited partnerships (“MLPs”) or taxed as corporations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Power infrastructure companies are companies involved in the development, ownership, operation, or management of assets and services essential to the generation, transmission, distribution, storage, or consumption of electrical power. Such companies include utilities, independent power producers, transmission and distribution network operators, energy storage providers, and companies offering supporting technologies or services. Power infrastructure companies may generate or handle electricity generated from a wide range of sources, including conventional (such as coal, natural gas and nuclear) and renewable (such as solar, wind, hydroelectric, geothermal and biomass) resources. In addition, these companies may provide infrastructure or services supporting grid modernization, energy efficiency, and the integration of advanced </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">energy technologies. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund concentrates in industries in the energy sector. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser considers the “energy sector” to consist of companies involved in exploring, developing, producing, generating, transporting, transmitting, storing, gathering, processing, fractionating, refining, distributing, or marketing of natural gas, natural gas liquids, crude oil, refined products, electricity or renewable energy (“energy-related assets”). Investments in other issuers in the energy sector will consist of companies that own, operate or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">provide services to energy-related assets. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Investments by the fund may include securities of any capitalization that are publicly traded on an exchange or in the over-the-counter</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> market. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest no more than 20% of its total assets in the debt securities of issuers in the energy sector, and no more than 10% of its total assets in debt securities that are rated below investment grade (commonly known as “junk bonds”), including defaulted </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may directly invest up to, but not more than, 25% of its total assets in equity or debt securities of MLPs and other entities that are treated as qualified publicly traded partnerships for federal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">income tax purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may also invest in foreign securities, but generally will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">not invest more than 25% of fund assets in foreign securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest a significant portion of its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments to earn income, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">for cash management purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The above investment restrictions apply at the time of purchase, and the fund will not be required to reduce a position due solely to market value fluctuations in order to comply with these restrictions.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund attempts to pay quarterly dividends at a relatively consistent level, but there can be no assurance the fund can continue to do so. This dividend practice can be expected to result in the fund returning capital to its shareholders from time to time. When the fund returns capital, the net asset value of your shares in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">fund goes down to reflect that. When a distribution includes what the fund estimates to be a return of capital, the fund will send shareholders a written notice. The tax status of certain distributions</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> may be recharacterized at year-end. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund is non-diversified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund’s sub-adviser, Kayne Anderson Capital Advisors, L.P. (the “sub-adviser”), seeks to achieve the fund’s stated objective by investing at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in the equity and debt securities of energy infrastructure companies. The fund considers energy infrastructure companies to include midstream companies, power infrastructure companies and other issuers in the energy </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Energy Sector</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Under normal circumstances, the fund concentrates its investments in industries in the energy sector, which means the fund will be more affected by the performance of the energy sector than a fund that is more diversified. Investing in the energy sector involves a number of risks, including: </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Supply and Demand</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. A decrease in the production of natural gas, natural gas liquids, crude oil, coal or other energy commodities, a decrease in the volume of such commodities available for transportation, processing, storage or distribution or a sustained decline in demand for such commodities, may adversely impact the financial performance of energy companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Depletion and Exploration</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. Energy reserves naturally deplete as they are consumed over time. The financial performance of energy companies may be adversely affected if they, or the companies to whom they provide services, are unable to cost-effectively acquire additional energy deposits sufficient to replace the natural decline of existing reserves. Also, the quantities of reserves may be overstated, or deposits may not be produced in the time periods anticipated. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Reserve. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Energy companies engaged in the production of natural gas, natural gas liquids, crude oil, coal or other energy commodities are subject to the risk that the quantities of their reserves are overstated, or will not be produced in the time periods anticipated, for a variety of reasons. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Legal and Regulatory</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. Energy companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, including (i) how facilities are constructed, maintained and operated, (ii) how and where wells are drilled, (iii) how services are provided, (iv) environmental and safety controls, and (v) the prices they may charge for the products and services they provide. Companies in the energy sector may also be at increased risk for litigation. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Commodity Pricing</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. The operations and financial performance of energy companies may be directly affected by energy commodity prices, especially those energy companies which own the underlying energy commodity or receive payments for services that are based on commodity prices. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Acquisition</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. The ability of energy companies to grow operating cash flow and increase such company’s enterprise value can be highly dependent on their ability to make accretive acquisitions. In the event that energy companies are unable to make such acquisitions, whether because they are unable to identify attractive acquisition candidates and negotiate and close acceptable purchase contracts or to raise financing for such acquisitions on economically acceptable terms, or otherwise, their future growth may be limited. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Affiliated Party</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. Certain energy companies are dependent on their parents or sponsors for a majority of their revenues. Any failure by such company’s parents or sponsors to satisfy their payments or obligations would impact such company’s revenues and operating cash flows and ability to make interest payments and/or distributions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Catastrophe</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. The operations of energy companies are subject to many hazards inherent in the exploring, developing, producing, generating, transporting, transmission, storing, gathering, processing, refining, distributing, or marketing of natural </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00%;">gas, natural gas liquids, crude oil, refined products, coal or electricity, including: damage to pipelines, storage tanks, plants or related equipment and surrounding properties caused by hurricanes, tornadoes, floods, fires and other natural disasters or by acts of terrorism; inadvertent damage from construction and farm equipment; well blowouts; leaks of such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">energy commodities; fires and explosions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Market Disruption</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. Global events and economic conditions could have significant adverse effects on the energy sector, the U.S. economy and financial and commodities markets. Events that may have such an effect include acts of terrorism, disputes among energy-producing countries and global health pandemics. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Weather</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">. Extreme weather conditions, such as hurricanes, (i) could result in substantial damage to the facilities of certain energy companies located in the affected areas, (ii) significantly increase the volatility in the supply of energy commodities and (iii) adversely affect the financial performance of energy companies, and could therefore adversely affect the value of their securities. The damage done by extreme weather also may serve to increase many insurance premiums paid by energy companies and could adversely affect such companies’ financial condition. Concerns about global warming trends may result in increased regulation of energy or energy infrastructure companies that produce, transport or rely heavily on fossil fuels such as oil, natural gas and coal and increase their operating costs, and negative investor perception of such companies may limit their access to, and increase their cost of, capital. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Midstream Companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Certain energy infrastructure projects involving midstream companies have experienced significant delays related to difficulties in obtaining the necessary permits to proceed with construction (or some phase of construction). These delays have raised concerns about the ability of midstream companies to place such projects in service and their ability to get the necessary financing to complete such projects. Furthermore, it has become much more common for opponents of energy infrastructure development to utilize the courts, media campaigns and political activism to attempt to stop, or delay as much as possible, these projects. Significant delays could result in a material increase in the cost of developing these projects and could result in midstream companies developing such projects failing to generate the expected return on investment or, if the project does not go forward, realizing a financial loss, either of which would adversely affect the results of operations and financial performance of the affected midstream companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00%;">Natural gas transmission pipeline systems, crude oil transportation pipeline systems, refined products transportation pipeline systems, and certain classes of storage facilities and related assets owned by midstream companies are subject to regulation by the Federal Energy Regulatory Commission (“FERC”). The regulators have authority to regulate natural gas pipeline transmission, crude oil pipeline transportation services, and refined products pipeline transportation services </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00%;">including the rates charged for the services, terms and conditions of service, certification and construction of new facilities, the extension or abandonment of services and facilities, the maintenance of accounts and records, the acquisition and disposition of facilities, the initiation and discontinuation of services, and various other matters. Action by the FERC could adversely affect the ability of midstream companies to establish or charge rates that would cover future increases in their costs, such as additional costs related to environmental matters including any climate change regulation, or even to continue to collect rates that cover current costs, including a reasonable rate of return. It could also become more common for regulatory agencies (such as FERC) to include the impact of carbon emissions from energy infrastructure assets as a consideration in granting permits for the construction or operation of such assets. This could result in costly delays in obtaining permits, requirements to spend additional capital to limit carbon emissions or denial of required permits to operate existing or proposed energy infrastructure assets. Any such change could have an adverse impact on the financial condition, results of operations, or cash flows of midstream companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Power Infrastructure.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The revenues of power infrastructure companies are often dependent upon the availability of electric power and/or the consumption of electric power and could be adversely affected by reductions in the supply of, or demand for, such power. The adverse impact of these events could lead to a material reduction in the earnings of power infrastructure companies and a substantial reduction (or elimination) of dividends paid to equity holders, and could result in a decline in (i) the equity values of the affected power infrastructure companies and/or (ii) our net investment income. The production or availability of electric power could be negatively affected by a variety of factors, including depressed power prices, high prices for commodities used in the generation of power, lower than expected wind, solar or hydro power resources, catastrophic or extreme weather events, labor relations, increased environmental or other governmental regulation (including policies designed to reduce carbon emissions and/or address climate change), equipment malfunctions, transmission grid disruptions and maintenance difficulties. A decline in demand for power could result from factors such as increased power prices, adverse economic conditions, increased taxation, increased governmental regulation, catastrophic events, extreme weather events, equipment malfunctions, transmission grid disruptions and maintenance difficulties. Certain power infrastructure companies may have assets that focus on generating electricity from renewable resources or provide services supporting such generation. The generation of electricity from renewable resources may be highly dependent upon governmental policies that support such generation and enhance its economic viability (including tax credits, accelerated cost recovery systems of depreciation and renewable portfolio standards).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Industry Concentration –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund concentrates its investments in a specific industry or industries. Concentration in a particular industry heightens the risks associated with that industry. As a result, the fund may be subject to greater price volatility and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">risk of loss as a result of adverse economic, business or other developments affecting that industry than funds investing in a broader </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">range of industries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Master Limited Partnerships –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Investments in MLPs involve risks that differ from investments in corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks, certain tax risks, and risks related to the general partner’s right to require unitholders to sell their common units at an undesirable time or price. The MLP entities in which the fund invests are typically focused in the energy sector. A downturn in the energy sector could have an adverse impact on the fund. Energy MLPs may be adversely affected by changes in and volatility of commodity prices. At times, the performance of securities of companies in the energy sector of the economy may lag the performance of other sectors or the broader market as a whole. The yields for equity and debt securities of MLPs and other issuers in the energy sector are susceptible in the short-term to fluctuations in interest rates and the value of the fund’s investments in such securities may decline if interest rates rise. The value of the fund’s investment in MLPs depends to a significant extent on the MLPs being treated as partnerships for U.S. federal income tax purposes. If an MLP does not meet the legal requirements to maintain partnership status, it could be taxed as a corporation and there could be a material decrease in the value of its securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Non-Diversification – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As a “non-diversified” fund, the fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the fund more susceptible to the risks associated with investing in those issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Capital Markets Access – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Energy companies may be unable to obtain new debt or equity financing on acceptable terms. If funding is not available when needed, or is available only on unfavorable terms, energy companies may not be able to meet their obligations as they come due or respond to competitive pressures.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cash Flow</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – A substantial portion of the income received by the fund is expected to be derived from investments in equity securities of energy companies. Cash from operations may vary widely from quarter to quarter and may be significantly affected by factors affecting the energy industry in general.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Distressed or Defaulted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers’ continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Dividend Practice</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – There can be no assurance that the fund will be able to pay quarterly dividends at a relatively consistent level. The fund’s dividend practice can be expected to result in the fund returning capital to its shareholders from time to time. When the fund returns capital, the net asset value of your original investment in the fund goes down to reflect that. The tax status of certain distributions by the fund may be recharacterized at year-end.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">expose the markets to significant volatility, which </span><span style="font-family:Times New Roman;font-size:10pt;">also may affect </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the liquidity of the fund’s investments</span><span style="font-family:Times New Roman;font-size:10pt;"> and detract from fund performance. A variety of factors can impact interest rates, including </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. </span><span style="font-family:Times New Roman;font-size:10pt;">Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase. The yields for equity securities of certain energy infrastructure companies are generally susceptible in the short-term to fluctuations in interest rates and the prices of such equity securities may decline when interest rates rise. This is also true for investments in debt instruments of energy infrastructure companies. Rising interest rates can adversely impact the financial performance of energy infrastructure companies by increasing the cost of capital. This may reduce such companies’ ability to execute acquisitions or expansion projects in a cost-effective</span><span style="font-family:Times New Roman;font-size:10pt;"> manner.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">IPOs –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The market value of initial public offering (“IPO”) shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading and limited information about the issuer. The purchase of IPO shares may involve high transaction costs.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small and Medium Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Tax – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">In order to qualify for treatment as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), the fund must meet certain requirements regarding the composition of its income, the diversification of its assets, and the amounts of its distributions. If the fund were to fail to meet any of these requirements, the fund might not be eligible for treatment as a RIC, in which case it would be subject to federal income tax on its net income at applicable corporate rates (without reduction for distributions to shareholders). When distributed, that income would generally be taxable to shareholders as ordinary dividend income to the extent attributable to the fund’s earnings and profits. If the fund were to fail to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">qualify as a RIC, shareholders of the fund could realize significantly diminished returns from their investment in the fund. In the alternative, the fund may be able to preserve its RIC qualification under those circumstances by meeting certain conditions, in which </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">case it may be subject to certain additional taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The fund may invest no more than 25% of its total assets in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the securities of MLPs and other entities treated as qualified publicly traded partnerships for federal income tax purposes. An MLP is an entity treated as a partnership under the Internal Revenue Code, the partnership interests of which are traded on securities exchanges like shares of corporate stock. To qualify as an MLP, an entity must receive at least 90% of its income from qualifying sources such as interest, dividends, income and gain from mineral or natural resources activities, income and gain from the transportation or storage of certain fuels, and, in certain circumstances, income and gain from commodities or futures, forwards and options with respect to commodities. For this purpose, mineral or natural resources activities include exploration, development, production, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. If it does not so qualify, it will generally be subject to tax as a corporation and there could be a material decrease in the value of its securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Depreciation or other cost recovery deductions passed through </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the fund from investments in MLPs in a given year will generally reduce the fund’s taxable income, but those deductions may be recaptured in the fund’s income in one or more subsequent years. When recognized and distributed, recapture income will generally be taxable to shareholders at the time of the distribution at ordinary income tax rates, even though those shareholders might not have held shares in the fund at the time the deductions were taken by the fund, and even though those shareholders may not have corresponding economic gain on their shares at the time of the recapture. In order to distribute recapture income or to fund redemption requests, the fund may need to liquidate investments, which may lead to additional recapture income. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Changes in tax laws or regulations, or interpretations thereof </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the future, could adversely affect the fund or the issuers in which the fund invests. Any such changes could negatively impact the value of the fund’s investments and the amount and tax characterization of distributions paid by the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">24.48%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-39.27%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.2448 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.3927 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2013-04-30 -0.0206 0.1359 0.0774 -0.0273 0.1268 0.0680 -0.0087 0.1053 0.0584 0.0188 0.1399 0.0752 2013-04-30 0.0387 0.1526 0.0866 2013-04-30 0.0409 0.1538 0.0878 2013-04-30 0.1715 0.1315 0.1429 0.0658 0.2426 0.1270 0.0976 0.2596 0.0885 <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span><span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span> <span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Floating Rate</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to achieve a high level of current income</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">with capital appreciation as a secondary objective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0475 0 0 0 0 0.0100 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0049 0.0049 0.0049 0.0049 0.0025 0.0100 0 0 0.0026 0.0021 0.0024 0.0014 0.0001 0.0001 0.0001 0.0001 0.0101 0.0171 0.0074 0.0064 -0.0003 0.0000 -0.0011 0.0000 0.0098 0.0171 0.0063 0.0064 <span style="font-family:Times New Roman;font-size:8pt;">Acquired </span><span style="font-family:Times New Roman;font-size:8pt;">fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus.</span> <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 570 778 1004 1650 274 539 928 2019 64 225 401 908 65 205 357 798 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 570 778 1004 1650 174 539 928 2019 64 225 401 908 65 205 357 798 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">41</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.41 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund’s sub-adviser, Aegon USA Investment Management, LLC (the “sub-adviser”), seeks to achieve the fund’s objective by investing at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in floating rate loans or floating rate debt securities. Floating rate loans and floating rate debt securities have interest rates which float, adjust or vary periodically based upon a benchmark indicator, a specified adjustment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">schedule, or prevailing interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser uses a combination of a global “top-down” analysis of the macroeconomic and interest rate environment and proprietary “bottom-up” research of sectors, industries and securities. In the sub-adviser’s “top-down” approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that the sub-adviser believes affect the movement of markets and securities prices worldwide. In its proprietary “bottom-up” research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, collateral and covenants specific to individual issuers and loans. The sub-adviser uses this combined “top-down” and “bottom-up” approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser’s research analysts also generally integrate environmental, social and governance (“ESG”) matters within their analytical process for floating rate debt securities, unsecured fixed rate high yield bonds, certain asset-backed securities (including collateralized loan obligations (“CLOs”)), privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser’s research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in certain floating rate loans, certain first lien, senior secured term floating rate loans (“senior loans”) to corporate issuers, partnerships and other entities, certain unsecured floating rate loans and floating rate debt securities, certain second lien floating rate loans, certain subordinated bridge loans, money market instruments, certain other fixed rate debt securities, distressed securities that may be in default and have any or no credit rating, certain foreign borrowers and certain foreign debt securities (including emerging market debt securities), exchange traded funds (“ETFs”), cash, certain cash equivalent securities, asset-backed commercial paper, and repurchase agreements. Consideration of ESG matters is subjective and not determinative in the sub-adviser’s investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser’s research analysts do not take ESG factors into consideration with respect to every investment in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund will normally primarily invest in senior loans to corporate issuers, partnerships and other entities. The fund can invest in senior loans of any maturity and quality. The majority of the fund’s total assets generally will be invested in floating rate loans or floating rate debt securities rated below investment grade (that is, loans or securities rated below BBB by Standard &amp; Poor’s or Fitch </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">or below Baa by Moody’s or, if unrated, determined to be of comparable quality by the fund’s sub-adviser), and the fund may invest without limitation in such loans and securities. The issuers of the loans in which the fund invests may themselves be rated below </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment grade even if the loan itself is not. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest up to 15% of its net assets in unsecured floating rate loans and floating rate debt securities and up to 15% of its net assets in second lien floating rate loans. The fund may also invest up to 20% of its net assets in subordinated bridge loans, unsecured fixed rate high yield bonds, money market instruments and other fixed rate debt securities, including distressed securities that may be in default and have any or no credit rating. The fund may invest no more than 10% of its net assets in asset-backed securities (including CLOs), and no more than 5% of its net assets </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in asset-backed securities that are rated below investment grade. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in loans of foreign borrowers and foreign debt securities, including emerging market debt securities, but expects that the majority of its total assets will be invested in loans and debt securities of U.S. borrowers or issuers. The sub-adviser considers emerging market countries </span><span style="font-family:Times New Roman;font-size:10pt;">to be those generally classified</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> by</span><span style="font-family:Times New Roman;font-size:10pt;"> major international financial institutions, such as the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">World Bank, </span><span style="font-family:Times New Roman;font-size:10pt;">as less economically mature than developed nations. The fund may invest in ETFs to create exposure to asset classes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Floating Rate Loans</span><span style="font-family:Times New Roman;font-size:10pt;"> – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to “High-Yield Debt Securities” risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan’s issuer, and adversely affect the fund’s investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater “Liquidity” risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">cause the fund to sell securities at inopportune times or depressed prices and result in further losses. </span><span style="font-family:Times New Roman;font-size:10pt;">Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the </span><span style="font-family:Times New Roman;font-size:10pt;">value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Distressed or Defaulted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers’ continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Junior Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk and interest rate risk. Due to their lower place in the borrower’s capital structure and possible unsecured status, junior loans involve a higher degree of overall risk than senior loans of the same borrower.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">securities may receive little or no collateral protection from the underlying assets.</span><span style="font-family:Times New Roman;font-size:10pt;"> Privately issued mortgage-backed and asset-backed</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity </span><span style="font-family:Times New Roman;font-size:10pt;">guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">part of its investment process.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">8.50%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-12.31%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0850 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1231 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2013-10-31 -0.0012 0.0393 0.0392 -0.0309 0.0137 0.0171 -0.0011 0.0187 0.0200 0.0321 0.0420 0.0366 2013-10-31 0.0529 0.0528 0.0467 2013-10-31 0.0530 0.0528 0.0474 2013-10-31 0.0758 0.0006 0.0244 0.0594 0.0637 0.0578 <span style="font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span><span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span> <span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Government Money Market</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks as high a level of current income as is consistent with preservation of capital and liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0.0100 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0024 0.0024 0.0024 0.0024 0.0025 0.0100 0 0 0.0030 0.0022 0.0023 0.0013 0.0079 0.0146 0.0047 0.0037 -0.0007 0.0000 -0.0009 0.0000 0.0072 0.0146 0.0038 0.0037 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 74 245 432 971 249 462 797 1746 39 142 254 583 38 119 208 468 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 74 245 432 971 149 462 797 1746 39 142 254 583 38 119 208 468 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund is a government money </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">market fund. The fund seeks to maintain a stable net asset value </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of $1.00 per share by investing in: </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high-quality, U.S. dollar-denominated short-term money market securities issued or guaranteed as to principal or interest by the U.S. government or its agencies or instrumentalities; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">repurchase agreements that are fully collateralized by U.S. government securities or cash; and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">cash. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund's sub-adviser, BlackRock Investment Management, LLC (the “sub-adviser”), invests at least 99.5% of the fund's total assets (plus the amount of borrowings, if any, for investment purposes) in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements fully collateralized by such obligations or cash. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in U.S. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements fully collateralized</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> by such obligations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund will enter into repurchase agreements only with financial institutions that the sub-adviser determines are creditworthy. A financial institution must furnish collateral to the fund at least equal in value to the amount of its repurchase obligation. This collateral must consist of U.S. government securities or cash. The sub-adviser is responsible for ensuring that each repurchase </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreement is eligible for purchase by the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund invests in accordance with the quality, maturity, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940 and other rules of the Securities and Exchange </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Commission. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis. The fund may invest in other government money </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market funds to the extent permitted by law. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">If the fund takes a temporary defensive position, it will be more difficult for the fund to achieve its investment objective. Although the sub-adviser has the ability to take temporary defensive positions, it may choose not to do so for a variety of reasons, including during </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">volatile market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You could lose money by investing in the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">during periods of market stress.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – Factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning), investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, lack of liquidity or other disruptions in the bond markets, or other adverse market events and conditions could cause the value of your investment in the fund, or its yield, to decline. While the fund seeks to maintain a $1.00 share price, when market prices fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund's investments and the fund's ability to preserve the value of your investment at $1.00 per share, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Government Money Market Fund – </span><span style="font-family:Times New Roman;font-size:10pt;">The fund operates as a “government” money market fund under applicable federal regulations and invests in U.S. government securities. Circumstances could arise that would prevent the payment of interest or principal on U.S. government securities, which could adversely affect their value and the fund’s ability to preserve the value of your investment at $1.00 per share. An increased demand for U.S. government securities</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">could affect the availability of such instruments for investment and the fund's ability to pursue its investment strategies. The fund does not currently intend to avail itself of the ability to impose “liquidity fees” on fund redemptions, as permitted under Rule 2a-7. However, the Board reserves the right, with notice to shareholders, to change this policy.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate –</span><span style="font-family:Times New Roman;font-size:10pt;"> The interest rates on short-term obligations held in the fund will vary, rising or falling with short-term interest rates generally. The fund's yield will tend to lag behind general changes in interest rates. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the fund. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase. During periods of extremely low or negative short-term interest rates, the fund may not be able to maintain a positive yield or total return or be able to preserve the value of your investment at $1.00 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">per share.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund may be unable or unwilling to meet its financial obligations or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) to be less creditworthy, or the value of assets underlying a security may decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund is subject to the risk that the investment manager’s or sub-adviser’s judgments and decisions may be incorrect or otherwise may not produce the desired results. The sub-adviser’s judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry or sector, or about the economy or interest rates, may be incorrect. The fund is also subject to the risk of imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by the sub-adviser, if such tools, resources, information or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the sub-adviser’s investment style fails to produce the desired results. Any of these things could cause the fund to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Redemption –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that the fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. The redemption by one or more large shareholders of their holdings in the fund could have an adverse impact on the remaining shareholders in the fund. In addition, the fund may suspend redemptions when permitted by applicable regulations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Government Money Market Funds –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may invest in other government money market funds. Each of the underlying government money market funds in which the fund may invest has its own investment risks. There can be no assurance that the investment objective of any underlying government money market fund will be achieved. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying government money market funds in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shows the fund’s average annual total returns for different periods.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s performance reflects the effect of contractual and voluntary fee waivers and/or expense reimbursements by TAM </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and amounts recaptured by TAM under such arrangements.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to May 1, 2016, the fund operated as a “prime” money market fund and invested in certain types of securities that the fund is no longer permitted to hold. Consequently, the performance information below might have been different if the current investment limitations had been in effect prior to the conversion to a government money market fund. Performance shown for periods prior </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to May 1, 2016 reflects the fund's former investment strategy.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to November 1, 2018, the fund had a different sub-adviser and used different investment strategies. The performance set forth </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prior to that date is attributable to the previous sub-adviser.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">shows the fund’s average annual total returns for different periods.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">7-DAY YIELD (as of December 31, 2025) </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Class A = 3.06%</span> <span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2023</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">1.21%</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2016</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">0.00%</span> <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0121 <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2016-03-31 0.0000 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 0.0379 0.0290 0.0171 2002-03-01 0.0248 0.0254 0.0150 2002-11-11 0.0398 0.0304 0.0185 2009-11-30 0.0399 0.0307 0.0174 2005-11-15 <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for each share class of Transamerica Government Money Market reflects the impact of certain contributions by TAM in 2021. The total return information shown for Class A and Class C of Transamerica Government Money Market reflects the impact of certain dividends paid </span><span style="font-family:Times New Roman;font-size:10pt;">in 2020 and 2025 to </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">return certain Rule 12b-1 fees that had been accrued on the fund’s books but had not been paid to recipients. Investors should not consider the resulting performance information as an indication </span><span style="font-family:Times New Roman;font-size:10pt;">of what the fund’s total returns will be in the future.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Call customer service at </span><span style="font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="font-family:Times New Roman;font-size:10pt;"> for the current 7-day </span><span style="font-family:Times New Roman;font-size:10pt;">yield.</span> <span style="font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica High Yield Bond</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks a high level of current income by investing in high-yield debt securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0475 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0055 0.0055 0.0055 0.0055 0.0055 0.0025 0.0100 0 0 0 0.0024 0.0016 0.0016 0.0006 0.0006 0.0104 0.0171 0.0071 0.0061 0.0061 0.0000 0.0000 -0.0009 0.0000 0.0000 0.0104 0.0171 0.0062 0.0061 0.0061 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 576 790 1022 1686 274 539 928 2019 63 218 386 874 62 195 340 762 62 195 340 762 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 576 790 1022 1686 174 539 928 2019 63 218 386 874 62 195 340 762 62 195 340 762 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">42</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.42 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund's sub-adviser, Aegon </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">USA Investment Management, LLC (the “sub-adviser”), seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in high-yield bonds (commonly known as “junk bonds”). The fund normally invests </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">primarily in U.S. securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard &amp; Poor’s or Fitch or below Baa by Moody’s or, if unrated, determined to be of comparable quality by the sub-adviser). The sub-adviser seeks to achieve high returns for the fund while maintaining a reasonable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">risk profile. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser uses a combination of a global “top-down” analysis of the macroeconomic and interest rate environment and proprietary “bottom-up” research of corporate and sovereign debt, stressed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and distressed securities, and other debt instruments. In the sub-adviser’s “top-down” approach, the sub-adviser analyzes various fundamental, technical, sentiment, and valuation factors that the sub-adviser believes affect the movement of markets and securities prices worldwide. This “top-down” analysis assists the sub-adviser in analyzing fund risk and allocating assets among sectors, industries, and credit quality categories. In its proprietary “bottom-up” research, the sub-adviser considers various fundamental and other factors, such as creditworthiness and capital structure. The sub-adviser uses this combined “top-down” and “bottom-up” approach to determine asset class, sector, security, yield curve and duration positions for the fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser’s research analysts also </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">generally integrate environmental, social and governance (“ESG”) matters within their analytical process for high-yield bonds, foreign securities (including emerging markets), investment grade bonds, certain asset-backed securities, private residential mortgage-backed securities, certain preferred equity, privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser’s research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in certain bank loans, U.S. Treasury and agency mortgage-backed securities, common equity, cash, certain cash equivalent securities, asset-backed commercial paper, repurchase agreements and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser’s investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser’s research analysts do not take ESG factors into consideration with respect to every investment in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund has no maturity or duration requirements or limitations. The fund may invest in foreign securities, including up to 10% of its net assets in emerging market securities. The sub-adviser considers emerging market countries </span><span style="font-family:Times New Roman;font-size:10pt;">to be those generally classified</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> by</span><span style="font-family:Times New Roman;font-size:10pt;"> major international financial institutions, such as the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">World Bank, </span><span style="font-family:Times New Roman;font-size:10pt;">as less economically mature than developed nations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">To a lesser extent, the fund may invest in investment grade bonds, bank loans, asset backed and mortgage backed securities, preferred equity securities, common equity securities (received in connection with exchanges or restructurings) and cash equivalents. The fund may also invest in hybrid instruments having both debt and equity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">characteristics. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">enforcing its rights against an issuer, obligor or counterparty.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Distressed or Defaulted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers’ continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Bank Obligations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Energy Sector</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Industries in the energy segment, such as those engaged in the development, production and distribution of energy resources, can be significantly affected by supply and demand both for their specific product or service and for energy products in general. The price of oil, gas and other consumable fuels, exploration and production spending, government regulation, economic conditions (including sanctions), weather events, world events and disputes among energy-producing countries likewise may affect the productivity or performance of companies in these industries. Companies in the energy sector may also be at increased risk for litigation and negative publicity or public perception. Such events and related conditions may lead to increased volatility in the energy sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Floating Rate Loans</span><span style="font-family:Times New Roman;font-size:10pt;"> – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to “High-Yield Debt Securities” risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan’s issuer, and adversely affect the fund’s investment performance.</span><span style="font-family:Times New Roman;font-size:10pt;"> Floating rate loans may have trade settlement </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater “Liquidity” risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates </span><span style="font-family:Times New Roman;font-size:10pt;">as payment obligations increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hybrid Instruments –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Investing in hybrid instruments involves a combination of risks, including risks of investing in securities, commodities, options, futures, and currencies. An investment in a hybrid instrument may entail significant risks in addition to those associated with traditional fixed-income or convertible securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.</span><span style="font-family:Times New Roman;font-size:10pt;"> Privately issued mortgage-backed and asset-backed</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity </span><span style="font-family:Times New Roman;font-size:10pt;">guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may result in substantial losses to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Repurchase</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Agreements –</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">In a repurchase agreement, the fund purchases securities from a broker-dealer</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">or a bank, called the counterparty,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">upon the agreement of the counterparty to repurchase the</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">securities</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">but the fund may not be able to sell them for the</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers, reimbursements and/or expense </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limitations, performance would be lower. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">8.99%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-15.17%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0899 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1517 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 1985-06-14 0.0299 0.0250 0.0467 0.0027 0.0025 0.0239 0.0170 0.0089 0.0256 0.0652 0.0288 0.0450 2002-11-11 0.0847 0.0394 0.0559 2009-11-30 0.0868 0.0402 0.0567 2004-11-08 0.0868 0.0404 0.0567 2015-05-29 0.0758 0.0006 0.0244 0.0862 0.0450 0.0652 <span style="font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica High Yield Muni</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to maximize total return through </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investment in medium- and lower-grade municipal securities that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">are exempt from federal income tax.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0325 0 0 0 0 0.0100 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0054 0.0054 0.0054 0.0054 0.0025 0.0100 0 0 0.0022 0.0024 0.0027 0.0017 0.0101 0.0178 0.0081 0.0071 -0.0010 -0.0027 -0.0005 0.0000 0.0091 0.0151 0.0076 0.0071 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 415 626 855 1512 254 534 939 2072 78 254 445 997 73 227 395 883 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 415 626 855 1512 154 534 939 2072 78 254 445 997 73 227 395 883 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">61</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.61 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund’s sub-adviser, Belle Haven Investments, L.P. (the “sub-adviser”), invests at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in municipal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">fixed-income securities the interest from which is exempt from federal income tax and the federal alternative minimum tax (“AMT”) applicable to individuals. Interest income from some of the municipal obligations in which the fund may invest may be subject to the AMT. The fund primarily invests in “high yield” municipal bonds under normal market conditions. For this purpose, “high yield” municipal bonds are those rated medium to lower grade. The fund normally invests primarily in general obligation and revenue bonds issued by U.S. municipal issuers, as well as issuers in U.S. territories and possessions. The fund may invest 25% or more of its total net assets in any sector or sub-sector of the municipal bond </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund pursues an actively managed, total return strategy that seeks to identify inefficiencies in the municipal bond market. The sub-adviser’s investment process is engineered to seek to exploit mispricing that the sub-adviser aims to identify at the issuer, credit, industry, security and/or maturity level based on macro-economic and fundamental analysis. Analysis is also used to determine the fund’s yield curve positioning. Investment decisions are made by the sub-adviser in an effort to maximize total return while balancing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio risk. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Medium grade municipal bonds are those rated “A” to “BBB” by Standard &amp; Poor’s Rating Services (“S&amp;P”). Lower-grade municipal bonds (commonly known as “junk bonds”) are those rated below “Baa” by Moody’s Investors Service, Inc. (“Moody’s”) or lower than “BBB” by S&amp;P or Fitch, Inc. (“Fitch”) or comparable ratings by other nationally recognized rating organizations (or, in the case of unrated securities, determined by the sub-adviser to be of comparable quality). The fund has the flexibility to invest the remainder of its assets in a broad array of issuers across the credit spectrum. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may also invest up to 15% of its net assets in municipal bonds that are distressed securities. Distressed securities are securities that are the subject of bankruptcy proceedings or are rated in the lowest rating categories by at least one independent rating agency (“CC” or lower by S&amp;P or Fitch or “Ca” or lower by Moody’s), or if unrated, judged to be of comparable quality by the sub-adviser. The fund may also invest in higher quality debt securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Under normal conditions, the duration of the fund will generally vary between three and 20 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The fund does not limit the maturity of the securities in which it invests. The maturity of a fixed-income security is the measure of time remaining until the final payment on the security is due. However, under normal circumstances, the fund may focus on longer-term maturities in an effort to capture </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the higher yields generally associated with such maturities. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest more than 25% of its net assets in securities relating to one political subdivision, such as any state or U.S. territory. The fund may, but is not required to, invest in derivative instruments such as options </span><span style="font-family:Times New Roman;font-size:10pt;">and futures for speculative, hedging, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">or duration management purposes. The fund may also invest in exchange-traded funds (“ETFs”) as well as municipal bond closed-end</span><span style="font-family:Times New Roman;font-size:10pt;"> funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund is non-diversified.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Municipal Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Investment in municipal securities of issuers in Guam, Puerto </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Non-Diversification – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">As a “non-diversified” fund, the fund may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the fund more susceptible to the risks associated with investing in those issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">render records of fund assets and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">result </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future </span><span style="font-family:Times New Roman;font-size:10pt;">cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Distressed or Defaulted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers’ continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Taxable Investments –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Although distributions of interest income from the fund’s tax-exempt securities are generally exempt from regular federal income tax, distributions from other sources, including capital gain distributions, and any gains on the sale of your shares are not. In addition, the interest on the fund’s municipal securities could become subject to regular federal income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation, or adverse interpretations by regulatory authorities. You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">should consult a tax adviser about whether an alternative minimum tax applies to you and about state and local taxes on your fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributions.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2023</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">8.16%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-9.30%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0816 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.0930 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2013-07-31 -0.0039 0.0045 0.0239 -0.0216 -0.0003 0.0192 -0.0026 0.0071 0.0221 0.0139 0.0051 0.0212 2013-07-31 0.0315 0.0123 0.0285 2013-07-31 0.0314 0.0132 0.0246 2016-09-30 0.0426 0.0106 0.0244 0.0246 0.0218 0.0435 <span style="font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span><span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span> <span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Inflation Opportunities</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks maximum real return, consistent with appreciation of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0475 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0038 0.0038 0.0038 0.0038 0.0038 0.0025 0.0100 0 0 0 0.0026 0.0042 0.0026 0.0016 0.0016 0.0089 0.0180 0.0064 0.0054 0.0054 0.0000 -0.0009 0.0000 -0.0001 -0.0001 0.0089 0.0171 0.0064 0.0053 0.0053 <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;margin-left:0.00%;">1, </span><span style="font-family:Times New Roman;font-size:8pt;">2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 562 745 945 1519 274 558 966 2109 65 205 357 798 54 172 301 676 54 172 301 676 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 562 745 945 1519 174 558 966 2109 65 205 357 798 54 172 301 676 54 172 301 676 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">29</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.29 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, PineBridge </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Investments LLC (the “sub-adviser”), seeks to achieve the fund’s investment objective by normally investing the fund’s assets </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">primarily in inflation-indexed fixed-income securities issued by domestic and foreign governments, their agencies or instrumentalities,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and corporations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Inflation-indexed fixed-income securities are structured to provide protection against the negative effects of inflation. The value of an inflation-indexed fixed-income security’s principal or the interest income paid on the fixed-income security is adjusted to track changes in an official inflation measure, usually the Consumer Price Index for All Urban Consumers (“CPI-U”) with respect to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">domestic issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may also invest in debt securities that are not inflation-indexed, including but not limited to securities issued or guaranteed by national governments, their agencies, instrumentalities, and political sub-divisions, securities of supranational organizations such as bonds, corporate debt securities, adjustable rate bonds, floating rate bonds, principal only bonds, Eurobonds, Eurodollar bonds and Yankee dollar instruments, zero coupon bonds, convertible notes, commercial paper, and commercial mortgage-backed and mortgage-backed and asset-backed securities. The fund also may invest in money market instruments with remaining maturities of one year or less, as well as repurchase agreements, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">cash and cash equivalents. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in securities of any maturity and does not have a target average duration. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The fund normally invests primarily in investment grade securities, but may invest up to 20% of its total assets in high yield securities (often referred to as “junk bonds”) rated BB or below by Moody’s Investors Service, Inc., or equivalently rated by Standard &amp; Poor’s Corporation or Fitch, Inc., or, if unrated, determined by the sub-adviser to be of comparable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">quality. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser uses both “top-down” and “bottom-up” analysis to determine security and duration positions for the fund. Both “top-down” and “bottom-up” approaches rely upon the same fundamental, valuation and technical framework and analysis of factors the sub-adviser believes affect pricing, including interest rates, inflation rates, liquidity and currency exposures. These factors are jointly determined and are interdependent. Security sales decisions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">are driven by the same criteria as purchase decisions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps (including, but not limited to, interest rate or foreign currency transactions, total return and credit default swaps), provided that the fund’s maximum swap underlying notional value exposure does not exceed 40% of the underlying market value of the fund’s portfolio. The sub-adviser regularly uses currency swaps, futures and/or forwards to hedge non-U.S. dollar currency exposure. These investment strategies may be employed in an effort </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to either mitigate risk or generate income. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund's investments in securities issued by foreign governments may include securities issued by governments of emerging market countries. The sub-adviser considers emerging market countries as countries that major international financial institutions and financial organizations, such as the World Bank and Bloomberg, generally consider to be less economically mature than developed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">nations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation-Protected Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sovereign Debt –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency Hedging –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">render records of fund assets and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">result </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future </span><span style="font-family:Times New Roman;font-size:10pt;">cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Money Market Funds –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> An investment in a money market fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.  A money market fund’s sponsor is not required to reimburse the fund for losses or to provide financial support to the fund. Although many money market funds seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in such money market funds. Certain other money market funds float their net asset value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are </span><span style="font-family:Times New Roman;font-size:10pt;">not funded by congressional </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">appropriations and the securities issued by them are </span><span style="font-family:Times New Roman;font-size:10pt;">neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">5.79%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-6.28%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0579 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.0628 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2014-03-01 0.0090 -0.0004 0.0225 -0.0062 -0.0136 0.0131 0.0052 -0.0056 0.0135 0.0405 0.0028 0.0203 2014-03-01 0.0610 0.0127 0.0304 2014-03-01 0.0619 0.0130 0.0309 2014-03-01 0.0629 0.0132 0.0273 2016-07-25 0.0758 0.0006 0.0244 0.0701 0.0113 0.0309 0.0911 -0.0255 0.0148 <span style="font-family:Times New Roman;font-size:10pt;">The total return information for Class C shares of the fund reflects </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the impact of certain payments by Transamerica to the class in </span><span style="font-family:Times New Roman;font-size:10pt;">2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Intermediate Muni</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to maximize total return through a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">combination of current income that is exempt from federal income </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">tax and capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0325 0 0 0 0 0.0100 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0044 0.0044 0.0044 0.0044 0.0025 0.0100 0 0 0.0010 0.0012 0.0015 0.0006 0.0079 0.0156 0.0059 0.0050 -0.0010 -0.0027 -0.0010 0.0000 0.0069 0.0129 0.0049 0.0050 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 393 559 740 1262 231 466 824 1834 50 179 319 728 51 160 280 628 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 393 559 740 1262 131 466 824 1834 50 179 319 728 51 160 280 628 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">118</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 1.18 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund’s sub-adviser, Belle Haven Investments, L.P. (the “sub-adviser”), invests at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in municipal fixed-income securities the interest from which is exempt from </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">federal income tax and the federal alternative minimum tax (“AMT”) applicable to individuals. The fund invests primarily in general obligation and revenue bonds issued by U.S. municipal issuers, as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">well as issuers in U.S. territories and possessions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund is an actively managed, total return strategy that seeks to identify inefficiencies in the municipal bond market. The sub-adviser will invest utilizing a process that seeks to maximize total return, while adhering to longer term strategic risk management through a disciplined commitment to the diversification benefits of investment in a number of security types within the municipal bond market. The sub-adviser does this by taking a flexible approach to where it identifies value opportunities regardless of the par value. The sub-adviser also has the flexibility to invest in a broad array of issuers across the credit spectrum, although the fund is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">expected to have an investment grade bias. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Under normal conditions, the fund’s dollar-weighted duration is more than 3 years and less than 10 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. A fixed-income security’s maturity is the date at which the security’s issuer legally agrees to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">repay the principal. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest no more than 25% of its net assets in securities of issuers in the same state, political subdivision or U.S. territory. The fund may invest up to 20% of its net assets in taxable investments, including U.S. high yield fixed-income securities (commonly known as “junk bonds”) rated B or higher by Standard &amp; Poor’s. Junk bonds are those securities rated below investment grade by at least one nationally recognized statistical rating organization, or, if unrated, determined by the sub-adviser to be of comparable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">quality. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may, but is not required to, invest in derivative instruments such as options </span><span style="font-family:Times New Roman;font-size:10pt;">and futures for speculative, hedging, or </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">duration management purposes. The fund may also invest in </span><span style="font-family:Times New Roman;font-size:10pt;">exchange-traded funds (“ETFs”).</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, </span><span style="font-family:Times New Roman;font-size:10pt;">government shutdowns, political developments,</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, </span><span style="font-family:Times New Roman;font-size:10pt;">technological developments (such as artificial intelligence </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and machine learning)</span><span style="font-family:Times New Roman;font-size:10pt;"> investor sentiment, the global and domestic </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. </span><span style="font-family:Times New Roman;font-size:10pt;">The market price of a security may also </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Municipal Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or worsen. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Investment in municipal securities of issuers in Guam, Puerto </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">render records of fund assets and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">result </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future </span><span style="font-family:Times New Roman;font-size:10pt;">cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Taxable Investments –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Although distributions of interest income from the fund’s tax-exempt securities are generally exempt from regular federal income tax, distributions from other sources, including capital gain distributions, and any gains on the sale of your shares are not. In addition, the interest on the fund’s municipal securities could become subject to regular federal income tax due to noncompliant conduct by issuers, unfavorable legislation or litigation, or adverse interpretations by regulatory authorities. You should consult a tax adviser about whether an alternative minimum tax applies to you and about state and local taxes on your fund distributions.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the underlying ETFs in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;">One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2023</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6.79%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-6.74%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0679 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-03-31 -0.0674 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2012-10-31 0.0029 -0.0040 0.0155 0.0019 -0.0048 0.0140 0.0139 0.0020 0.0160 0.0214 -0.0034 0.0127 2012-10-31 0.0387 0.0044 0.0203 2012-10-31 0.0388 0.0045 0.0175 2016-09-30 0.0425 0.0080 0.0234 0.0516 0.0063 0.0215 <span style="font-family:Times New Roman;font-size:10pt;">The total return information for Class I shares of the fund reflects </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the impact of certain payments by Transamerica to the class in </span><span style="font-family:Times New Roman;font-size:10pt;">2022.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span><span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span> <span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica International Equity</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks maximum long-term total return, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">consistent with reasonable risk to principal, by investing in a diversified</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> portfolio of common stocks of primarily non-U.S. issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0071 0.0071 0.0071 0.0071 0.0071 0.0025 0.0100 0 0 0 0.0040 0.0020 0.0015 0.0005 0.0005 0.0136 0.0191 0.0086 0.0076 0.0076 -0.0011 0.0000 0.0000 0.0000 0.0000 0.0125 0.0191 0.0086 0.0076 0.0076 <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;">1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 670 947 1244 2086 294 600 1032 2233 88 274 477 1061 78 243 422 942 78 243 422 942 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 670 947 1244 2086 194 600 1032 2233 88 274 477 1061 78 243 422 942 78 243 422 942 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">13</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.13 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of foreign companies representing at least three countries other than the United States. The fund’s sub-adviser, Thompson, Siegel &amp; Walmsley LLC (the “sub-adviser”), currently anticipates investing in at least 12 countries other than the United States. The sub-adviser emphasizes established companies in individual foreign markets and seeks to stress companies and markets that it believes are undervalued. The sub-adviser expects capital growth to be the predominant component </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the fund’s total return. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Generally, the fund will invest primarily in common stocks of companies listed on foreign securities exchanges, but it may also invest in depositary receipts including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”). Although the fund will emphasize larger, more seasoned or established companies, it may invest in companies of varying sizes as measured by assets, sales or market capitalization. The fund will invest primarily in securities of companies domiciled in developed markets, but may invest up to 10% of its assets in securities of companies in emerging markets. The sub-adviser seeks to diversify the fund’s investments around the world and within markets in an effort to minimize specific </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">country and currency risks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four-factor valuation screen designed to outperform the MSCI Europe, Australasia and Far East (“EAFE”) Index. The sub-adviser also performs rigorous fundamental analysis. The fund is typically composed of approximately 80-120 stocks as a result of this process. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser generally limits the fund’s investment universe to companies with a minimum of three years of operating history. The sub-adviser employs a consistent sell discipline which includes a significant negative earnings revision, a stock being sold when the catalyst is no longer valid or another stock presents a more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">attractive opportunity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, </span><span style="font-family:Times New Roman;font-size:10pt;">government shutdowns, political developments,</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, </span><span style="font-family:Times New Roman;font-size:10pt;">technological developments (such as artificial intelligence </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and machine learning)</span><span style="font-family:Times New Roman;font-size:10pt;"> investor sentiment, the global and domestic </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. </span><span style="font-family:Times New Roman;font-size:10pt;">The market price of a security may also </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small and Medium Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Financial Sector</span><span style="font-family:Times New Roman;font-size:10pt;"> – Companies in the financial services sector are subject to extensive governmental regulation and their profitability is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">competition. Credit rating downgrades resulting from financial difficulties of borrowers, decreased liquidity in credit markets, and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly </span><span style="font-family:Times New Roman;font-size:10pt;">or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Country Focus</span><span style="font-family:Times New Roman;font-size:10pt;"> – To the extent the fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in which the fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class I</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">19.67%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-27.11%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2022-12-31 0.1967 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2711 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 1992-12-18 0.3253 0.0914 0.0758 0.3016 0.0823 0.0680 0.2076 0.0712 0.0601 0.2478 0.0747 0.0656 2011-03-01 0.3016 0.0797 0.0643 2011-03-01 0.3261 0.0922 0.0767 2011-03-01 0.3263 0.0924 0.0768 2015-05-29 0.3189 0.0947 0.0872 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica International Focus</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0075 0.0075 0.0075 0.0075 0.0025 0.0100 0 0 0 0.0041 0.0006 0.0017 0.0007 0.0007 0.0141 0.0181 0.0092 0.0082 0.0082 -0.0021 0.0000 -0.0010 0.0000 0.0000 0.0120 0.0181 0.0082 0.0082 0.0082 <span style="font-family:Times New Roman;font-size:8pt;">Other expenses are based on estimates for the current fiscal year.</span> <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;margin-left:0.00%;">1, </span><span style="font-family:Times New Roman;font-size:8pt;">2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 666 952 1260 2131 284 569 980 2127 84 283 500 1122 84 262 455 1014 84 262 455 1014 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 666 952 1260 2131 184 569 980 2127 84 283 500 1122 84 262 455 1014 84 262 455 1014 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">48</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.48 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Sands </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Capital Management, LLC (the “sub-adviser”), invests, under normal circumstances, at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in the equity and equity-related securities of issuers economically tied to a number of countries throughout the world, including emerging </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">markets countries. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Equity-related securities include, but are not limited to, investments such as depositary receipts, preferred stock, convertible securities, real estate investment trusts (“REITs”) and warrants. In selecting investments for the fund, the sub-adviser seeks to construct a portfolio of businesses with a broad diversity of growth drivers and an idiosyncratic return stream in an effort to create balanced access to growth businesses, designed to result in a quality growth portfolio with an explicit emphasis on the efficiency of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">return generation. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser will normally invest the fund’s assets in issuers classified in or economically tied to at least three countries, excluding the United States. The sub-adviser may invest a large percentage of the fund’s assets in a single country, a limited number of countries, or a particular geographic region. The sub-adviser generally classifies an issuer’s primary country in one of the following ways as determined by the sub-adviser: (a) the MSCI Country Classification (i.e., the issuer is included in an index which is representative of that country); (b) the security or other investment is issued or guaranteed by the government of that country or any of its agencies, authorities or instrumentalities; (c) the issuer is organized under the laws of, and maintains a principal office in, that country; (d) the issuer’s primary trading market is located in that country; (e) the issuer derives 50% or more of its total revenues or profits from goods sold or services performed in that country; or (f) the issuer has 50% or more of its assets in that country. The sub-adviser considers emerging markets countries to be those countries not included in the MSCI World Index, as determined </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">by the sub-adviser. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser normally allocates the fund’s investments across a diverse set of industries and sectors, but the sub-adviser may invest a significant percentage of the fund’s assets in issuers of a small number of industries or sectors.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund typically invests </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in a relatively small number of companies, and the fund may invest a significant percentage of its assets in securities of a single </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">company. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser utilizes a fundamental, bottom-up, business-focused research approach and seeks to invest the fund’s assets in a concentrated and conviction-weighted portfolio of businesses with the belief most wealth created over the long term is concentrated among a select few businesses. To identify these businesses, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the sub-adviser leverages the following six investment criteria: </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Sustainable above-average earnings growth; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">2.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Leadership position in a promising business space; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">3.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Significant competitive advantages; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">4.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Clear mission and value-added focus; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">5.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Financial strength; and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">6.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rational valuation relative to the market and business prospects. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Companies that the sub-adviser determines may meet all six investment criteria are then screened with in-depth qualitative and quantitative research. The fund’s investments will typically be held for an average term of three to five years, although the fund may hold </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">any investment for any length of time. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest up to 5% of its net assets in China A-shares (equity securities of Chinese companies) listed and traded on Chinese stock exchanges, such as the Shanghai Stock Exchange </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or the Shenzhen Stock Exchange. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As part of the evaluation of a company, the sub-adviser may consider corporate governance, social, and environmental (collectively, “ESG”) factors when it believes they may be material to the long-term shareowner value-creation potential of the company. The sub-adviser conducts proprietary ESG-related research as part of its evaluation of companies where appropriate and as applicable. The relevance and materiality of ESG factors vary and are dependent on the region, country, industry, and company. The sub-adviser’s analysis of the ESG factors is integrated into the investment decision making process to the extent the sub-adviser believes they may affect a company’s long-term value creation potential. This analysis of ESG factors is subjective, and the sub-adviser may conclude that other attributes of an investment outweigh ESG factors when making investment decisions.  The sub-adviser does not evaluate ESG practices with respect to certain fund investments, such as cash and cash equivalents or securities received as part of corporate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">actions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser normally allocates the fund’s investments across a diverse set of industries and sectors, but the sub-adviser may invest a significant percentage of the fund’s assets in issuers of a small number of industries or sectors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">China A–Shares</span><span style="font-family:Times New Roman;font-size:10pt;"> – The fund may invest in equity securities of certain Chinese companies, directly or through exchange-traded funds (“ETFs”), collectively referred to as China A-shares, through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (collectively, the “Programs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Programs are subject to daily quota limitations, which may restrict the fund’s ability to invest in China A-shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the Programs are not trading, with the result that prices of China A-shares may fluctuate at times when the fund is unable to add to or exit its position. Only certain China A-shares are eligible to be accessed through the Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Programs. Because the Programs are new, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is currently unknown. Further, regulations or restrictions, such as limitations on redemptions, suspension of trading and limitations on profits, may adversely impact the Programs and/or the fund’s investments through the Programs. There is no guarantee that applicable exchanges in Hong Kong and mainland China will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continue to support the Programs in the future. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Investments in China A-shares are subject to risks specific to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the China market. Any significant change in mainland China’s political, social or economic policies may have a negative impact on investments in the China market. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">In addition, uncertainties in mainland China tax legislation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">could result in unexpected tax liabilities for a fund and therefore could affect the amount of income which may be derived, and the amount of capital returned, from the investments in China A-shares by the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Country Focus</span><span style="font-family:Times New Roman;font-size:10pt;"> – To the extent the fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in which the fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">render records of fund assets and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">result </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future </span><span style="font-family:Times New Roman;font-size:10pt;">cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Real Estate Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund’s real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund’s real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">REITs</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small and Medium Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may </span><span style="font-family:Times New Roman;font-size:10pt;">have limited liquidity, may be harder </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">to sell at times and at prices the portfolio managers believe appropriate</span><span style="font-family:Times New Roman;font-size:10pt;"> and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Warrants and Rights – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class C shares will be included after the share class has been in operation for one complete calendar year.</span><span style="font-family:Times New Roman;font-size:10pt;"> The returns for Class C shares would differ from those of </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Class A, Class I, </span><span style="font-family:Times New Roman;font-size:10pt;">Class I2 and Class R6 shares because they have different expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers, reimbursements and/or expense </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limitations, performance would be lower. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to March 1, 2018, the fund was named Transamerica International Equity Opportunities, had a different sub-adviser, a different investment objective and used different investment strategies. The performance set forth prior to that date is attributable to that previous sub-adviser and the investment objective and the investment strategies</span><span style="font-family:Times New Roman;font-size:10pt;"> then in effect. </span><span style="font-family:Times New Roman;font-size:10pt;">From March</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">1,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">2018 to October 25, 2024, the fund had a different </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to </span><span style="font-family:Times New Roman;font-size:10pt;">that previous sub-adviser and the investment strategies then in effect.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Total returns in the bar chart and returns after taxes in the table are presented for Class I2 shares because Class I2 shares is the class with the longest period of annual returns. For the most immediately preceding period, such information was presented for Class </span><span style="font-family:Times New Roman;font-size:10pt;">A shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class C shares will be included after the share class has been in operation for one complete calendar year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class I2</span> <span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">22.92%</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-22.22%</span> <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.2292 <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2222 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2008-06-10 0.0702 0.0112 0.0558 0.0686 -0.0041 0.0427 0.0459 0.0092 0.0440 0.0066 -0.0042 0.0295 2018-03-01 0.0679 0.0101 0.0396 2018-03-01 0.0697 0.0111 0.0412 2018-03-01 0.3189 0.0947 0.0872 <span style="font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica International Small Cap Value</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks maximum long-term total return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0086 0.0086 0.0086 0 0 0 0.0016 0.0007 0.0007 0.0102 0.0093 0.0093 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example:</span> <span style="font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on these assumptions your costs would be:</span> 104 325 563 1248 95 296 515 1143 95 296 515 1143 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">6</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.06 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Thompson,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> Siegel &amp; Walmsley LLC (the “sub-adviser”), invests under normal circumstances, at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in small-capitalization companies (“small-cap companies”). The sub-adviser considers small-cap companies to be those with market capitalizations within the range of the MSCI Europe, Australasia and Far East (“EAFE”) Small Cap Index, a benchmark of the fund, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">at the time of investment. As of December 31, </span><span style="font-family:Times New Roman;font-size:10pt;">2025, the market </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">capitalization range of the MSCI EAFE Small Cap Index was between $</span><span style="font-family:Times New Roman;font-size:10pt;">346 million and $40 billion. The fund primarily invests </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in equity securities of small-cap companies located outside the United States. The sub-adviser seeks stocks that it believes are undervalued. The sub-adviser expects capital growth to be the </span><span style="font-family:Times New Roman;font-size:10pt;">predominant component of the fund’s total return. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Generally, the fund will invest primarily in common stocks of companies listed on foreign securities exchanges, but it may also invest in depositary receipts including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”). Although the fund will emphasize small-cap companies, it may invest in companies of varying sizes as measured by assets, sales or market capitalization. The fund will invest primarily in securities of companies domiciled in developed markets, but may invest up to 25% of its net assets in securities of companies in emerging markets. The sub-adviser defines emerging markets countries as those countries included in the MSCI Emerging Markets Index and other countries with similar emerging market characteristics as determined by the sub-adviser. The sub-adviser seeks to diversify the fund’s investments around the world and within markets in an effort to moderate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">specific country and currency risks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four-factor valuation screen designed to outperform the MSCI EAFE Small Cap Index. The sub-adviser also performs rigorous fundamental analysis. The fund’s portfolio is typically composed of approximately 80-140 securities as a result of this process. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market favors “growth” stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser employs a consistent sell discipline, regularly reviewing the investment thesis and valuation for each stock and selling those where the catalyst is no longer valid or where another stock presents a significantly better combination of risk and expected reward. The sub-adviser trims and reviews for elimination any stock that suffers a significant negative earnings revision and eliminates any stock whose market capitalization reaches twice </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the maximum market cap of the MSCI EAFE Small Cap Index.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Medium Capitalization Companies – </span><span style="font-family:Times New Roman;font-size:10pt;">The</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Industrials Sector</span><span style="font-family:Times New Roman;font-size:10pt;"> – The prices of securities in the industrials sector can be volatile and can be impacted significantly by supply and demand for certain products and services, product obsolescence, product liability and environmental damage claims, changes in consumer spending, government regulation, import controls, trading and tariff arrangements, trade disruptions, commodity prices and availability, exchange rates, world events, general </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">economic conditions and other factors. In addition, certain companies in the industrials sector may be cyclical and have occasional sharp price movements resulting from changes in the economy, </span><span style="font-family:Times New Roman;font-size:10pt;">fuel prices, labor agreements and insurance costs.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Country Focus</span><span style="font-family:Times New Roman;font-size:10pt;"> – To the extent the fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in which the fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Japan</span><span style="font-family:Times New Roman;font-size:10pt;"> – The Japanese economy is highly dependent upon international trade, particularly with the U.S. and other Asian countries. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption. In the past, Japan’s economic growth rate has remained relatively low, and it may remain low in the future. The Japanese economic growth rate could be impacted by Bank of Japan monetary policies, rising interest rates, tax increases, budget deficits, consumer confidence and volatility in the Japanese yen. Japan’s economy has been adversely affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions of trading partners. Strained foreign relations with neighboring countries (China, South Korea, North Korea and Russia) may not only negatively impact the Japanese economy but also the geographic region as well as globally. Economic growth in Japan is heavily dependent on continued growth in international trade, government support of the financial services sector, among other troubled sectors, and consistent government policy. In addition, the Japanese economy has been adversely affected by certain structural issues, including an aging population, significant non-performing loan portfolios at major financial institutions, substantial government deficits, low domestic consumption and natural and environmental disasters. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the value of securities of Japanese companies held by the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">redemptions could cause the fund’s total expenses to increase.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class I</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">21.88%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-27.61%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2022-12-31 0.2188 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2761 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2013-01-04 0.3066 0.0848 0.0832 0.2934 0.0749 0.0747 0.1912 0.0656 0.0663 0.3077 0.0857 0.0842 2013-01-04 0.3071 0.1643 2024-05-31 0.3189 0.0947 0.0872 0.3249 0.0611 0.0794 <span style="font-family:Times New Roman;font-size:10pt;">The total return information for Class I shares of the fund reflects </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the impact of certain payments by Transamerica to the class in </span><span style="font-family:Times New Roman;font-size:10pt;">2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica International Stock</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0070 0.0070 0.0070 0.0070 0.0025 0 0 0 0.0019 0.0018 0.0008 0.0008 0.0001 0.0001 0.0001 0.0001 0.0115 0.0089 0.0079 0.0079 0.0000 -0.0004 0.0000 0.0000 0.0115 0.0085 0.0079 0.0079 <span style="font-family:Times New Roman;font-size:8pt;">Acquired </span><span style="font-family:Times New Roman;font-size:8pt;">fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus.</span> <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> 661 895 1148 1871 87 280 489 1092 81 252 439 978 81 252 439 978 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">25</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.25 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund invests, under normal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">market conditions, at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of companies economically tied to countries outside of the U.S. Equity securities include common and preferred stocks, warrants or rights exercisable into common or preferred stock, convertible preferred stock, American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”). Issuers considered to be economically tied to countries outside of the U.S. include, without limitation: (1) an issuer organized under the laws of or maintaining a principal office or principal place(s) of business outside of the U.S.; (2) an issuer of securities that are principally traded in one or more markets outside the U.S.; (3) an issuer that derives or is currently expected to derive 50% or more of its total sales, revenues, profits, earnings, growth, or another measure of economic activity from, the production or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">sale of goods or performance of services or making of investments or other economic activity in, one or more countries outside of the U.S., or that maintains or is currently expected to maintain 50% or more of its employees, assets, investments, operations, or other business activity outside of the U.S.; (4) a governmental or quasi-governmental entity of a country outside of the U.S.; (5) an issuer of securities that has been classified as non-U.S. by MSCI; or (6) if not covered by MSCI, an issuer of securities that the sub-adviser reasonably believes would be classified as non-U.S. by MSCI, based on MSCI's classification methodology. The fund’s sub-adviser, ClariVest Asset Management LLC (the “sub-adviser”), may consider any one of the six factors when making a determination whether an issuer is “economically tied” to a country outside </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the U.S. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">In selecting securities for the fund, the fund’s sub-adviser utilizes quantitative tools (including an internally developed algorithm) and qualitative analysis in a “bottom-up” investment process to help identify securities that it believes can improve the fund from a risk-reward perspective, with an emphasis on companies that the sub-adviser views as exhibiting characteristics of accelerating growth, favorable valuation, or both. The sub-adviser constructs a portfolio that seeks to maximize expected return, subject to constraints designed to meet long-run expected active risk goals. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in exchange-traded funds (“ETFs”) in order to equitize cash positions, seek exposure to certain markets or market sectors and to hedge against certain market movements. The fund may sell securities when they no longer meet the sub-adviser’s investment criteria and/or to take advantage of what are believed by the sub-adviser to be more attractive investment opportunities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s benchmark is the MSCI EAFE Index, which measures large- and mid-cap equity performance across 21 of 23 developed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">countries, excluding the U.S. and Canada.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">sanctions, countermeasures in response to sanctions, cybersecurity events, </span><span style="font-family:Times New Roman;font-size:10pt;">technological developments (such as artificial intelligence </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and machine learning)</span><span style="font-family:Times New Roman;font-size:10pt;"> investor sentiment, the global and domestic </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. </span><span style="font-family:Times New Roman;font-size:10pt;">The market price of a security may also </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Model and Data –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) (“Models”) or information or data supplied by third parties (“Data”) prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model’s development, implementation and maintenance, the Model’s assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Financial Sector</span><span style="font-family:Times New Roman;font-size:10pt;"> – Companies in the financial services sector are subject to extensive governmental regulation and their profitability is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased competition. Credit rating downgrades resulting from financial difficulties of borrowers, decreased liquidity in credit markets, and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Country Focus</span><span style="font-family:Times New Roman;font-size:10pt;"> – To the extent the fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in which the fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Japan</span><span style="font-family:Times New Roman;font-size:10pt;"> – The Japanese economy is highly dependent upon international trade, particularly with the U.S. and other Asian countries. Because of its trade dependence, the Japanese economy is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption. In the past, Japan’s economic growth rate has remained relatively low, and it may remain low in the future. The Japanese economic growth rate could be impacted by Bank of Japan monetary policies, rising interest rates, tax increases, budget deficits, consumer confidence and volatility in the Japanese yen. Japan’s economy has been adversely affected by trade tariffs, other protectionist measures, competition from emerging economies and the economic conditions of trading partners. Strained foreign relations with neighboring countries (China, South Korea, North Korea and Russia) may not only negatively impact the Japanese economy but also the geographic region as well as globally. Economic growth in Japan is heavily dependent on continued growth in international trade, government support of the financial services sector, among other troubled sectors, and consistent government policy. In addition, the Japanese economy has been adversely affected by certain structural issues, including an aging population, significant non-performing loan portfolios at major financial institutions, substantial government deficits, low domestic consumption and natural and environmental disasters. In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect the value of securities of Japanese companies held by the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Medium Capitalization Companies – </span><span style="font-family:Times New Roman;font-size:10pt;">The</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">companies are generally more volatile than and may underperform larger capitalization companies, may </span><span style="font-family:Times New Roman;font-size:10pt;">have limited liquidity, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">may </span><span style="font-family:Times New Roman;font-size:10pt;">be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Warrants and Rights – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">18.23%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-23.29%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2022-12-31 0.1823 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2329 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2018-09-28 0.2713 0.1169 0.0827 0.2633 0.1055 0.0748 0.1653 0.0906 0.0645 0.3497 0.1327 0.0941 2018-09-28 0.3499 0.1335 0.0945 2018-09-28 0.3511 0.1333 0.0945 2018-09-28 0.3189 0.0947 0.0856 2018-09-28 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class A and Class I shares of the fund reflects the impact of certain payments by Transamerica to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the class in 2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Large Cap Value</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0059 0.0059 0.0059 0.0059 0.0059 0.0025 0.0100 0 0 0 0.0013 0.0015 0.0013 0.0004 0.0004 0.0097 0.0174 0.0072 0.0063 0.0063 0.0000 0.0000 -0.0009 0.0000 0.0000 0.0097 0.0174 0.0063 0.0063 0.0063 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 644 842 1057 1674 277 548 944 2052 64 221 392 886 64 202 351 786 64 202 351 786 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 644 842 1057 1674 177 548 944 2052 64 221 392 886 64 202 351 786 64 202 351 786 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">25</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.25 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of large cap companies. The fund considers large cap companies to be companies with capitalizations at the time of investment within the range of companies included in the Russell 1000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Index</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</span><span style="font-family:Times New Roman;font-size:10pt;">. As of December 31, 2025, the market capitalization range </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">of the Russell 1000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Index was between approximately $1.3 billion </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and $</span><span style="font-family:Times New Roman;font-size:10pt;">4.5 trillion. The fund’s sub-adviser, Great Lakes Advisors, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">LLC (the “sub-adviser”), normally focuses primarily on companies with market capitalizations greater than $5 billion. The fund typically holds between 35 and 50 positions. The Russell 3000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Index is </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund’s primary benchmark and the Russell 1000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Value Index is a secondary benchmark of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser will employ a relative value approach, combining a quantitative screening tool to identify attractive candidate securities with a bottom-up, fundamental research process to select </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and weight individual securities. The sub-adviser’s proprietary quantitative screening tool is used to narrow the universe of potential investments by comparing stocks to their peers using a combination of factors, including relative valuation, potential for improving business prospects, earnings quality, and short-term price reversal. Valuation is assessed by the sub-adviser on both a relative and absolute basis. Relative valuation compares a stock to comparable assets in order to gauge its value and attractiveness, whereas absolute valuation evaluates a stock’s worth in absolute terms with no consideration regarding the value of other comparable assets. The sub-adviser generally invests in securities it believes to be attractively valued with the potential to exceed investor expectations and may sell securities that no longer meet the fund’s investment criteria. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">example, while the market favors “growth” stocks. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund will generally invest in companies across a variety of industries and sectors. The fund will normally invest primarily in common stock and depositary receipts. The fund may invest up to 20% of its net assets in non-U.S. securities. The sub-adviser considers non-U.S. securities to include issuers organized or located outside the U.S. and/or that trade primarily in a market located outside the U.S. The fund may invest up to 20% of its net assets </span><span style="font-family:Times New Roman;font-size:10pt;">in medium capitalization companies.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;margin-left:0%;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;"> “Russell</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Medium Capitalization Companies – </span><span style="font-family:Times New Roman;font-size:10pt;">The</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and may offer greater potential for losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to December 1, 2020, the fund had a different sub-adviser and used different investment strategies. The performance set forth for the period prior to that date is attributable to </span><span style="font-family:Times New Roman;font-size:10pt;">the previous sub-adviser and the investment strategies then in effect.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">20.17%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-31.96%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.2017 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.3196 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2010-11-15 0.1671 0.1317 0.1036 0.1567 0.1190 0.0858 0.1059 0.1024 0.0780 0.2159 0.1359 0.1016 2010-11-15 0.2394 0.1487 0.1136 2010-11-15 0.2397 0.1487 0.1140 2010-11-15 0.2388 0.1487 0.1141 2015-05-29 0.1715 0.1315 0.1429 0.1591 0.1133 0.1053 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Large Core ESG</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to provide capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0045 0.0045 0.0025 0 0.0027 0.0010 0.0097 0.0055 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example:</span> <span style="font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="font-family:Times New Roman;font-size:10pt;">funds. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. </span><span style="font-family:Times New Roman;font-size:10pt;">Although your </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">actual costs may be higher or lower, based on these assumptions </span><span style="font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 644 842 1057 1674 56 176 307 689 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">110</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 1.10 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of large-cap companies that have an MSCI ESG rating of A or higher. The fund considers large-cap companies to be the top approximately 1,000 companies by market capitalizations in the U.S. market. As of December 31, </span><span style="font-family:Times New Roman;font-size:10pt;">2025, the top 1,000 companies by market capitalization</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> in the U.S. market had a market capitalization of at least </span><span style="font-family:Times New Roman;font-size:10pt;">$1.3 billion. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s sub-adviser, PineBridge Investments LLC (the “sub-adviser”), believes companies should be analyzed in the context of their life cycle. The sub-adviser employs a process that categorizes companies according to where the sub-adviser believes they reside in their respective company life cycles, and then lets the categorization drive how the companies are analyzed for investment attractiveness. Through a quantitative framework, the sub-adviser ranks companies within what are considered fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). After quantitatively categorizing each company in the investment universe into their six main life-cycle categorizations, the sub-adviser’s alpha model then quantitatively assesses the attractiveness of each company based on numerous factors that are considered relevant to each life-cycle category. The model generates a numerical ranking based on this quantitative categorization and factor-based assessment,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> which indicates the attractiveness of each stock. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser then employs an optimization process to construct the fund’s portfolio. The optimization process incorporates the output from the sub-adviser’s alpha model and includes an MSCI ESG ratings constraint and certain exclusionary constraints. Under the ratings constraint, the sub-adviser will normally invest at least 80% of the fund’s net assets in companies with an MSCI ESG rating of A or higher. The sub-adviser generally expects, as measured on a monthly basis, that at least 85% of the companies the fund holds will have an MSCI ESG rating of A or higher. The sub-adviser obtains third party ESG ratings information from MSCI. MSCI ESG ratings are intended to measure how well a company manages its material ESG risks and opportunities relative to industry peers. MSCI assigns each company an ESG rating on a seven-point scale ranging between “AAA” and “CCC,” with “AAA” being the highest followed by “AA” and “A.” To arrive at a final ESG rating, MSCI uses a quantitative model to weigh a company’s environmental and social key issue scores and a governance pillar score relative to its industry peers. Under the exclusionary constraints, the sub-adviser will exclude investments in: companies that derive 10% or more of total annual revenue from thermal coal; companies that are United Nations Global Compact violators; and companies involved in controversial weapons (landmines, cluster </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">munitions, chemical and biological weapons). These exclusions are based on third party classifications by MSCI obtained by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sub-adviser. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Final stock selection and portfolio positioning are subject to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discretion of the fund’s portfolio management team. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The equity securities in which the fund may invest include, but are not limited to, common stocks, depositary receipts, preferred stocks, and securities convertible into common stocks (such as warrants and rights). The fund may also invest up to 5% of its assets in index </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Additionally, the fund may also invest its assets in cash, cash equivalent securities or other short-term debt securities, money </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market funds and U.S. government securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Model and Data –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) (“Models”) or information or data supplied by third parties (“Data”) prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model’s development, implementation and maintenance, the Model’s assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Environmental, Social and Governance (“ESG”) Investing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Applying the sub-adviser's ESG criteria to its investment analysis for the fund may impact the sub-adviser’s investment decisions as to securities of certain issuers and, therefore, the fund may forgo some investment opportunities available to funds that do not use ESG criteria or that apply different ESG criteria. Applying ESG criteria may impact the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the fund’s investment performance. The relevance and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">weightings of ESG criteria to the sub-adviser’s investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies that are identified by the sub-adviser as having favorable ESG characteristics may shift into and out of favor depending on market and economic conditions, and a company’s ESG practices, or the sub-adviser’s assessment of such practices, may change over time. The fund’s performance may at times be better or worse than the performance of similar funds that do not use ESG criteria or that apply different ESG criteria. ESG is not a uniformly defined characteristic and applying ESG criteria involves a subjective assessment. There may be significant differences in views in what constitutes positive or negative ESG characteristics of a company. The sub-adviser’s ESG assessment of a company may differ from that of other funds or investors. The fund’s investments may include securities of issuers that derive revenue from non-ESG activities. ESG ratings and assessments of issuers can vary across third party data providers, and ESG data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s ESG characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of ESG investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of ESG criteria could have a material adverse effect on the fund’s ability to invest in accordance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">with its ESG strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Information Technology Sector – </span><span style="font-family:Times New Roman;font-size:10pt;">Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">ESG Data</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – ESG information from third-party data providers may be incomplete, inaccurate, delayed or unavailable. There are not currently universally accepted ESG standards or standardized </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">practices for researching, generating, or analyzing ESG data, classifications, screens, and ratings (“ESG Data”). The factors and criteria considered when generating ESG Data and the results of such ESG research may differ widely across third-party ESG Data providers. The evaluation of ESG factors and criteria is often subjective, is often evolving and subject to ongoing refinement, and the third-party ESG Data providers used by the fund may not identify or evaluate every relevant ESG factor and/or criteria with respect to every investment. Due to differences in various countries’ corporate disclosure and financial statement reporting obligations and availability, as well as timeliness of any such available information, a third-party ESG Data provider may not always be successful in identifying material ESG information about a particular company. The fund may invest in companies that do not reflect the beliefs or values of a particular investor and may not be deemed to exhibit the intended ESG characteristics if different metrics or ESG Data providers were used to evaluate them. Because ESG considerations are still an emerging area of investment focus, ESG information and metrics can be difficult to obtain or not able to be obtained. The evaluation of ESG factors and implementation of ESG-related investment restrictions (e.g., screens) rely on the availability of timely, complete, and accurate ESG Data reported by issuers and/or third-party research providers. ESG Data provided by third-party providers may be based on backward-looking analysis and data and may be subject to change in the future. The successful implementation of the fund’s strategy is therefore dependent, in part, on the ESG factors identified and considered and research methodologies employed by applicable third-party ESG Data providers, as well as the timely availability of accurate information. Due to the specialized resources necessary to obtain ESG-related information underlying or related to the ESG Data provided by applicable third-party ESG research firms, the sub-adviser does </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">not independently test or verify the data provided by such firms.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Money Market Funds –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> An investment in a money market fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.  A money market fund’s sponsor is not required to reimburse the fund for losses or to provide financial support to the fund. Although many money market funds seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in such money market funds. Certain other money market funds float their net asset value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Warrants and Rights – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how </span><span style="font-family:Times New Roman;font-size:10pt;">the fund’s performance has varied from year to year. The table </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how </span><span style="font-family:Times New Roman;font-size:10pt;">the fund’s performance has varied from year to year. The table </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2024</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">11.59%</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2025</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-4.49%</span> <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2024-03-31 0.1159 <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2025-03-31 -0.0449 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2023-03-02 0.1070 0.2128 0.0689 0.1680 0.0868 0.1600 0.1765 0.2177 2023-03-02 0.1788 0.2311 2023-03-02 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Large Growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seek to maximize long-term growth.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0065 0 0.0007 0.0072 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on these assumptions your costs would be:</span> 74 230 401 894 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">56</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.56 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund normally invests </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">primarily in common stocks of companies that its sub-advisers, Morgan Stanley Investment Management Inc. (“MSIM”) and Wellington Management Company LLP (“Wellington Management”), believe have the potential for above average growth in earnings. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of large cap companies and other investments with similar economic characteristics. The fund considers large cap companies to be companies with market capitalizations that, at the time of initial purchase, exceed the market </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">capitalization of the smallest company included in the Russell 1000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Growth Index</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</span><span style="font-family:Times New Roman;font-size:10pt;">, a benchmark of the fund. As of December</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> 31, </span><span style="font-family:Times New Roman;font-size:10pt;">2025, the market capitalization of the smallest company </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the Russell 1000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Growth Index was $1.57 billion. The fund </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">generally emphasizes common and preferred stocks listed on the New York Stock Exchange and other U.S. securities exchanges and, to a lesser extent, equity securities that are listed on foreign securities exchanges and those traded over-the-counter. The fund’s investment manager, Transamerica Asset Management, Inc., determines the allocation of the fund’s assets between MSIM and Wellington Management and rebalances the allocation periodically to normally maintain approximately a 50% allocation of the fund’s assets to each sub-adviser. The fund employs a growth style of investing. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for </span><span style="font-family:Times New Roman;font-size:10pt;">example, while the market favors “value” stocks. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emerging market or developing countries and securities classified as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), American Depositary Shares (“ADSs”) or Global Depositary Shares (“GDSs”), foreign U.S. dollar denominated securities that are traded on a U.S. exchange or local shares of non-U.S. issuers. MSIM may, but is not required to, utilize foreign currency forward exchange contracts, which are derivatives, in connection with investments in foreign securities, and may, but is not required to, purchase and sell certain derivative instruments, such as options, for various portfolio management purposes. </span><span style="font-family:Times New Roman;font-size:10pt;">The fund</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">may</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">invest </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in companies with significant</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">exposure to digital assets, such as </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Bitcoin</span><span style="font-family:Times New Roman;font-size:10pt;">, or</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">the digital asset ecosystem. The fund does not invest directly in digital assets. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Consistent with the fund’s objective and other policies, Wellington Management may, but is not required to, invest to a lesser extent in derivatives, including futures, forwards, options and swaps primarily for cash equitization purposes. The fund may also invest </span><span style="font-family:Times New Roman;font-size:10pt;">in warrants and rights. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">MSIM emphasizes a “bottom-up” stock selection process, seeking attractive investments on an individual company basis. MSIM integrates environmental, social and governance (“ESG”) factors into its investment process by using ESG factors as a lens for additional fundamental research, which can contribute to investment decision-making. This analysis of ESG factors is subjective and not determinative in the MSIM's investment process. MSIM may conclude that other attributes of an investment outweigh ESG </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">factors when making investment decisions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Wellington Management employs a “bottom-up” approach, using fundamental analysis to identify specific securities within industries or sectors for purchase or sale. A “bottom-up” approach evaluates individual companies in the context of broader market factors. Wellington Management’s stock selection process is derived from its observation that the quality and persistence of a company’s business is often not reflected in its current stock price. Central to the investment process is fundamental research focused on uncovering companies with improving quality metrics, business </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">momentum, and attractive relative valuations. Wellington Management’s investment process is aided by a proprietary screening process that narrows the sub-adviser’s investment universe to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies that are consistent with its investment philosophy. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund uses multiple sub-advisers in an effort to control the volatility often associated with growth funds, but there can be no </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assurance that this strategy will succeed.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;margin-left:0%;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;"> “Russell</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small and Medium Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Information Technology Sector – </span><span style="font-family:Times New Roman;font-size:10pt;">Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency Hedging –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Digital Assets – </span><span style="font-family:Times New Roman;font-size:10pt;">The fund may gain economic exposure to Bitcoin or other digital assets through investments in operating companies that accumulate Bitcoin or other digital assets and/or provide Bitcoin- or other digital assets-related products and services, and consequently the fund’s performance is subject to the risks of the applicable digital assets and the risks of the digital assets industry more generally. The trading prices of many digital assets have experienced extreme volatility in recent periods and may </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">continue to do so. Extreme volatility in the future, including further declines in the trading prices of Bitcoin or other digital assets to which the fund has economic exposure could have a material adverse effect on the value of the fund’s shares. Digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. Digital assets represent a new and rapidly evolving industry. Changes in the governance of a digital asset network may not receive sufficient support from users and validators, which may negatively affect that digital asset network’s ability to grow </span><span style="font-family:Times New Roman;font-size:10pt;">and respond to challenges. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Cryptocurrencies, such as Bitcoin, are a subset of digital </span><span style="font-family:Times New Roman;font-size:10pt;">assets designed to act as a medium of exchange. Despite being referred to as “currencies,” crypto assets are not widely accepted as a means of payment, are not backed by any government or central bank, and are not legal tender. The value of digital assets is determined by supply and demand in the global markets, which consist primarily of transactions of the respective digital assets on electronic trading platforms or trading venues. Unlike the exchanges for more traditional assets, the regulation of digital asset trading platforms is highly fragmented. Due to the fragmentation and lack of oversight of these trading venues, there is a heightened potential for fraud and manipulation. Regulation in the U.S. is still developing.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Warrants and Rights – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R6</span> <span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2025</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">25.31%</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2022</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-31.30%</span> <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2025-06-30 0.2531 <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.3130 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2021-05-28 0.1924 0.0697 0.1136 0.0321 0.1647 0.0503 0.1715 0.1155 2021-05-28 0.1856 0.1526 2021-05-28 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Long Credit</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to provide total return through a combination of current income and capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0475 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0045 0.0045 0.0045 0.0045 0.0045 0.0025 0.0100 0 0 0 0.0019 0.0014 0.0024 0.0014 0.0014 0.0089 0.0159 0.0069 0.0059 0.0059 0.0000 0.0000 0.0004 0.0003 0.0003 0.0089 0.0159 0.0065 0.0056 0.0056 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Other expenses are based on estimates for the current fiscal year.</span> <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;margin-left:0.00%;">1, </span><span style="font-family:Times New Roman;font-size:8pt;">2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 562 745 944 1518 262 502 865 1887 66 217 380 854 57 186 326 735 57 186 326 735 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 562 745 944 1518 162 502 865 1887 66 217 380 854 57 186 326 735 57 186 326 735 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">42</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.42 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Aegon </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">USA Investment Management, LLC (the “sub-adviser”), seeks to achieve the fund’s objective by investing, under normal circumstances, primarily in investment grade debt securities, which may include: investment grade corporate securities, U.S. government </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. The fund’s portfolio weighted average duration will normally be more than 10 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Under normal circumstances, the fund’s portfolio will have a dollar-weighted average credit rating of investment grade. Investment grade debt securities carry a rating of at least BBB from Standard &amp; Poor’s or Fitch or Baa from Moody’s or are of comparable quality as determined by the sub-adviser. The fund may invest in securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of any maturity. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may also invest in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations (“CLOs”), collateralized bond obligations (“CBOs”) and collateralized debt obligations (“CDOs”)), commercial mortgage-backed securities (“CMBS”), high quality short-term debt obligations and repurchase agreements. The fund’s investments may include debt securities of foreign issuers, including emerging market debt securities. The fund may invest in securities that are denominated in U.S. dollars and in foreign currencies. The fund may invest up to 15% of its net assets in emerging market debt securities. The sub-adviser considers emerging </span><span style="font-family:Times New Roman;font-size:10pt;">market countries </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">to be those generally classified by</span><span style="font-family:Times New Roman;font-size:10pt;"> major international financial </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">institutions, such as the World Bank, </span><span style="font-family:Times New Roman;font-size:10pt;">as less economically mature </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">than developed nations. The fund may invest up to 10% of its net assets in high-yield debt securities (commonly referred to as “junk bonds”). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard &amp; Poor’s or Fitch or below Baa by Moody’s or, if unrated, determined</span><span style="font-family:Times New Roman;font-size:10pt;"> to be of comparable quality by the sub-adviser). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser uses a combination of a global “top-down” analysis of the macroeconomic and interest rate environment and proprietary “bottom-up” research of corporate, government and agency debt, and other debt instruments. In the sub-adviser’s “top-down” approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movements of markets and securities prices worldwide. In its proprietary “bottom-up” research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined “top-down” and “bottom-up” approach to determine asset class, sector, security, yield curve, and duration positions for the fund. The sub-adviser’s research analysts also generally integrate environmental, social and governance (“ESG”) matters within their analytical process for investment grade corporate debt securities (including emerging markets), foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser’s research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, asset-backed commercial paper, repurchase agreements, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser’s investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser’s research analysts do not take ESG factors into consideration with respect </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to every investment in the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may purchase securities on a when-issued, delayed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery, to be announced or forward commitment basis. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Municipal Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Investment in municipal securities of issuers in Guam, Puerto </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Distressed or Defaulted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers’ continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject to restrictions on resale.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation-Protected Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sovereign Debt –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">To Be Announced (TBA) Transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Warrants and Rights – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how </span><span style="font-family:Times New Roman;font-size:10pt;">the fund’s performance has varied from year to year. The first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class C shares and Class R6 shares will be included after the share classes have been in operation for one complete calendar year.</span><span style="font-family:Times New Roman;font-size:10pt;"> The returns for Class C shares and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Class R6 shares would differ from those of Class A, Class I and </span><span style="font-family:Times New Roman;font-size:10pt;">Class I2 shares because they have different expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how </span><span style="font-family:Times New Roman;font-size:10pt;">the fund’s performance has varied from year to year. The first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class C shares and Class R6 shares will be included after the share classes have been in operation for one complete calendar year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar year ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">9/30/2024</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">7.14%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2024</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-6.11%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2024-09-30 0.0714 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2024-12-31 -0.0611 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2023-04-01 0.0177 0.0102 -0.0024 -0.0096 0.0101 -0.0008 0.0698 0.0300 2023-04-01 0.0702 0.0738 2023-09-30 0.0758 0.0462 2023-04-01 0.0777 0.0384 2023-04-01 <span style="font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Mid Cap Growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks long term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0071 0.0071 0.0071 0.0071 0.0071 0.0025 0.0100 0 0 0 0.0028 0.0040 0.0024 0.0014 0.0014 0.0124 0.0211 0.0095 0.0085 0.0085 0.0000 -0.0012 -0.0003 -0.0003 -0.0003 0.0124 0.0199 0.0092 0.0082 0.0082 <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;margin-left:0.00%;">1, </span><span style="font-family:Times New Roman;font-size:8pt;">2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 669 922 1194 1967 302 649 1123 2432 94 300 523 1164 84 268 468 1046 84 268 468 1046 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 669 922 1194 1967 202 649 1123 2432 94 300 523 1164 84 268 468 1046 84 268 468 1046 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">109</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 1.09 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund normally invests </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">primarily in stocks of medium sized companies which the fund’s sub-adviser, Wellington Management Company LLP (the “sub-adviser”), believes will earn high returns on invested capital, benefit from long term secular growth trends, and meet the sub-adviser’s long term valuation criteria. Under normal circumstances, the sub-adviser invests at least 80% of the fund’s net assets (plus the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">amount of borrowings, if any, for investment purposes) in securities of medium sized (or mid-cap) companies and other investments with similar economic characteristics. The sub-adviser considers mid-cap companies to be companies with market capitalizations that, at the time of initial purchase, are within the range of capitalization of the companies that are included in the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Growth Index</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</span><span style="font-family:Times New Roman;font-size:10pt;">, a benchmark of the fund.</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;"> As of December</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> 31, </span><span style="font-family:Times New Roman;font-size:10pt;">2025, the market capitalizations of companies in the Russell </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Growth Index ranged from approximately $1.57 billion </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">to $</span><span style="font-family:Times New Roman;font-size:10pt;">101.87 billion. Over time, the capitalizations of the companies </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Growth Index will change. As they do, the size of the companies in which the fund invests may change. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s equity securities may include common stocks and preferred stocks listed on the New York Stock Exchange and on other national securities exchanges and, generally to a lesser extent, stocks that are traded over-the-counter. The fund normally emphasizes common stocks. The fund may also invest in foreign securities. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">example, while the market favors “value” stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may also invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Generally, 5% or less of the fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets will be invested in cash and cash equivalents.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;margin-left:0%;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;"> “Russell</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Medium Capitalization Companies – </span><span style="font-family:Times New Roman;font-size:10pt;">The</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Information Technology Sector – </span><span style="font-family:Times New Roman;font-size:10pt;">Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds with similar objectives.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to December 1, 2018, the fund had a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to </span><span style="font-family:Times New Roman;font-size:10pt;">the previous sub-adviser and the investment strategies then in effect.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">32.43%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-23.99%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.3243 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.2399 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2017-03-10 0.0121 0.0214 0.0755 -0.0492 -0.0128 0.0412 0.0315 0.0091 0.0502 0.0552 0.0280 0.0760 2017-03-10 0.0753 0.0371 0.0861 2017-03-10 0.0750 0.0375 0.0864 2017-03-10 0.0749 0.0367 2021-05-28 0.1715 0.1315 0.1409 2017-03-10 0.0866 0.0665 0.1266 2017-03-10 <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Class A, Class C</span><span style="font-family:Times New Roman;font-size:10pt;">,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">Class I and Class I2 shares commenced operations</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> on October 31, 2013. Performance information is shown for the periods from the date of the reorganization of certain funds </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">into the fund (March 10, 2017). The applicable predecessor fund, whose accounting and performance history were adopted in the reorganizations, did not offer Class A, Class C</span><span style="font-family:Times New Roman;font-size:10pt;">,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">Class I and Class I2 shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class C and Class I shares of the fund reflects the impact of certain payments by Transamerica to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the class in 2022.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span><span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span> <span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Mid Cap Value Opportunities</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to provide investors with long term capital growth.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0069 0.0069 0.0069 0.0069 0.0069 0.0025 0.0100 0 0 0 0.0024 0.0018 0.0016 0.0006 0.0006 0.0118 0.0187 0.0085 0.0075 0.0075 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example:</span> <span style="font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 664 904 1163 1903 290 588 1011 2190 87 271 471 1049 77 240 417 930 77 240 417 930 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 664 904 1163 1903 190 588 1011 2190 87 271 471 1049 77 240 417 930 77 240 417 930 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">59</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.59 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of mid cap companies. The fund's sub-adviser, Thompson, Siegel &amp; Walmsley LLC (the </span><span style="font-family:Times New Roman;font-size:10pt;">“sub-adviser”), considers mid cap companies </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">to be those companies, at the time of purchase, with market capitalizations within the range of companies included in the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Value Index</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</span><span style="font-family:Times New Roman;font-size:10pt;">, a benchmark of the fund, (between approximately</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> $7 billion and $</span><span style="font-family:Times New Roman;font-size:10pt;">59 billion as of June 30, 2025, the date of </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the last reconstitution). The size of the companies in the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Value Index will change with market conditions. The </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fund invests primarily in common stocks. The fund may invest in other equity and non-equity securities, including preferred stocks, convertible securities and foreign securities which may take the form of depositary receipts. The fund typically invests in a relatively</span><span style="font-family:Times New Roman;font-size:10pt;"> small number of companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser seeks to invest in companies it believes present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. The sub-adviser's mid cap value process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen. Parts one and two of the screen attempt to assess a company's discount to private market value relative to other mid cap stocks. The third factor considers the relative earnings prospects of the company. The fourth factor involves looking at the company's recent price action. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">time, for example, while the market favors “growth” stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser's analysts also explore numerous factors that might affect the outlook for a company. They evaluate publicly available information including, but not limited to, sell-side research, company filings, and trade periodicals. The analysts may speak with company management to hear their perspectives and outlook on pertinent business issues. They apply a consistent and disciplined review in a team environment that encourages critical thinking </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and analysis for each company considered for investment. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser generally considers selling a security when the catalyst for the investment is no longer valid, when the sub-adviser believes that another stock will have a higher expected return, or for portfolio risk management. The fund generally engages in active and frequent trading of portfolio securities as part of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal investment strategy.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;margin-left:0%;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;"> “Russell</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Medium Capitalization Companies – </span><span style="font-family:Times New Roman;font-size:10pt;">The</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">result </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future </span><span style="font-family:Times New Roman;font-size:10pt;">cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, performance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">23.09%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-32.48%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.2309 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.3248 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2014-04-30 0.0351 0.0722 0.0780 -0.0015 0.0405 0.0545 0.0462 0.0512 0.0574 0.0788 0.0775 0.0768 2014-04-30 0.0990 0.0885 0.0879 2014-04-30 0.0992 0.0894 0.0887 2014-04-30 0.0999 0.0896 0.0825 2016-07-25 0.1715 0.1315 0.1429 0.1105 0.0983 0.0978 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">401(k) plan.</span><span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">401(k) plan.</span> <span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Multi-Asset Income</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks current income while providing long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0.0100 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0057 0.0057 0.0057 0.0057 0.0025 0.0100 0 0 0.0015 0.0012 0.0015 0.0006 0.0097 0.0169 0.0072 0.0063 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example:</span> <span style="font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="font-family:Times New Roman;font-size:10pt;">funds. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. </span><span style="font-family:Times New Roman;font-size:10pt;">Although your </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">actual costs may be higher or lower, based on these assumptions </span><span style="font-family:Times New Roman;font-size:10pt;">your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 644 842 1057 1674 272 533 918 1998 74 230 401 894 64 202 351 786 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 644 842 1057 1674 172 533 918 1998 74 230 401 894 64 202 351 786 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">53</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.53 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Thompson,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> Siegel &amp; Walmsley LLC (the “sub-adviser”), deploys an active strategy that normally seeks to invest in a range of securities, including primarily U.S. stocks with market capitalizations at the time of purchase in excess of $3 billion, preferred stocks, and income producing fixed-income securities. Under normal market conditions, the fund invests in a diversified portfolio of credit and equity securities and may shift its investments from one asset class </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to another in seeking to achieve the fund’s income objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser employs a strategic approach to asset allocation and uses a “bottom-up” fundamental investment approach to security selection. The sub-adviser expects to generally invest the fund’s portfolio in a mix of common stock, preferred stock and fixed-income securities. Depending on market factors, allocations may range from approximately 20% to 60% for common stock, 0% to 40% for preferred stock and 20% to 60% for fixed-income securities.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The equity securities in which the fund invests typically consist primarily of common stocks. Debt securities in which the fund invests normally include primarily high yield bonds (also known as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“junk bonds”), although the fund may hold other fixed-income </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">securities including various fixed, floating and variable rate instruments, secured and unsecured bonds, bonds convertible into common stock, senior floating rate and term loans, debentures, shorter term instruments and closed-end funds. The fund may invest all of its fixed-income allocation in securities that are rated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">below investment grade. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in fixed-income securities of any maturity and does not have a target average duration. The fund maintains the flexibility to invest in securities of companies from a variety </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of sectors, but from time to time, based on economic conditions, the fund may have significant investments in one or more particular sectors. The fund may also invest up to 25% of its assets in foreign securities, either directly or through depositary receipts. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund may also invest in exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Class Allocation –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investment performance is significantly impacted by the fund’s asset class allocation and reallocation from time to time. The value of your investment may decrease if the sub-adviser’s judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Financial Sector</span><span style="font-family:Times New Roman;font-size:10pt;"> – Companies in the financial services sector are subject to extensive governmental regulation and their profitability is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased competition. Credit rating downgrades resulting from financial difficulties of borrowers, decreased liquidity in credit markets, and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Medium Capitalization Companies – </span><span style="font-family:Times New Roman;font-size:10pt;">The</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">15.33%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-18.15%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.1533 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1815 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2014-03-01 0.0893 0.0758 0.0865 0.0765 0.0626 0.0730 0.0541 0.0541 0.0640 0.1333 0.0803 0.0848 2014-03-01 0.1544 0.0908 0.0956 2014-03-01 0.1558 0.0919 0.0935 2014-03-01 0.1788 0.1442 0.1482 0.1213 0.0768 0.0832 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Multi-Managed Balanced</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to provide a high total investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">return through investments in a broadly diversified portfolio of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">stocks, bonds and money market instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased before September 1, 2024 in amounts of </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">$1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. Class A shares of the fund purchased on or after September 1, 2024 in amounts of $250,000 or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 18 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0059 0.0059 0.0059 0.0059 0.0059 0.0025 0.0100 0 0 0 0.0011 0.0012 0.0015 0.0006 0.0005 0.0095 0.0171 0.0074 0.0065 0.0064 <span style="font-family:Times New Roman;font-size:8pt;">Other expenses are based on estimates for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 642 836 1047 1652 274 539 928 2019 76 237 411 918 66 208 362 810 65 205 357 798 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 642 836 1047 1652 174 539 928 2019 76 237 411 918 66 208 362 810 65 205 357 798 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">50</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.50 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund invests approximately 60% of its net assets in equity securities and approximately 40% of its net assets in fixed-income securities (investing at least 25% of its net assets in fixed-income senior securities being those securities that rank above another security in the event of the company’s bankruptcy or liquidation). The fund has two sub-advisers. J.P. Morgan Investment Management Inc. (the “equity sub-adviser”) manages the equity component of the fund and Aegon USA Investment Management, LLC (the “fixed-income sub-adviser”) manages the fixed-income component of the fund. The fund's investment manager, Transamerica Asset Management, Inc., monitors the allocation of the fund's assets between the equity sub-adviser and the fixed-income sub-adviser and rebalances the allocation periodically to maintain these approximate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> allocations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Each sub-adviser varies the percentage of assets invested in any one type of security in accordance with its interpretation of economic and market conditions, fiscal and monetary policy, and underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities values. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Equity component</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The equity sub-adviser seeks to achieve the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">fund's objective by investing, under normal circumstances, at least 80% of the equity component’s net assets in equity securities of large- and medium-capitalization U.S. companies. The fund may invest in foreign companies. The equity sub-adviser will normally keep the equity component as fully invested in equity securities as practicable. Industry by industry, the fund's weightings are generally similar to those of the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index. The equity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">sub-adviser normally does not look to overweight or underweight industries. Holdings by industry sector will normally approximate those of the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index. The equity sub-adviser may, but is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not required to, use index futures to equitize cash in order to gain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">general equity market exposure. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As part of its investment process, the equity sub-adviser seeks to assess the impact of environmental, social and governance (“ESG”) factors on many issuers in the universe in which the fund invests. The equity sub-adviser’s assessment is based on an analysis of what it views as key opportunities and risks across industries to seek to identify financially material issues with respect to the fund’s investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers may be purchased and retained by the fund for reasons other than material ESG factors while the fund may divest or not invest in securities of issuers that may be positively</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> impacted by such factors. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fixed-income component </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Under normal circumstances, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">fixed-income component of the fund is invested primarily in investment grade debt securities, which may include: investment grade corporate debt securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Investment grade debt securities carry a rating of at least BBB from Standard &amp; Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the fixed-income sub-adviser. The fixed-income component’s portfolio weighted </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">average duration will typically range from 3 to 10 years. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fixed-income sub-adviser may also invest the fund's assets in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations (“CLOs”), collateralized bond obligations (“CBOs”) and collateralized debt obligations (“CDOs”)), commercial mortgage-backed securities (“CMBS”), high quality short-term debt obligations, dollar rolls and repurchase agreements. The fixed-income sub-adviser’s investments for the fund may include debt securities of foreign issuers, including emerging market debt securities. The fixed-income sub-adviser may invest the fund's assets in securities that are denominated</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in U.S. dollars and in foreign currencies. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest up to 10% of the fixed-income component’s net assets in emerging market debt securities and up to 10% of the fixed-income component’s net assets in high-yield debt securities (commonly referred to as “junk bonds”), but may invest no more than 15% of the fixed-income component’s net assets in emerging market debt securities and high-yield debt securities combined. The fixed-income sub-adviser considers emerging market countries </span><span style="font-family:Times New Roman;font-size:10pt;">to be those generally classified by major international financial </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">institutions, such as the World Bank, </span><span style="font-family:Times New Roman;font-size:10pt;">as less economically mature </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">than developed nations. Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard &amp; Poor’s or Fitch or below Baa by Moody’s or, if unrated, determined to be of comparable quality by the fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sub-adviser). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">In managing the fund’s fixed-income component, the fixed-income sub-adviser uses a combination of a global “top-down” analysis of the macroeconomic and interest rate environment and proprietary “bottom-up” research of corporate and government debt, and other debt instruments. In the fixed-income sub-adviser’s “top-down” approach, the fixed-income sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary “bottom-up” research, the fixed-income sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The fixed-income sub-adviser uses this combined “top-down” and “bottom-up” approach to determine sector, security, yield curve positioning, and duration positions for the fixed-income component of the fund. The fixed-income sub-adviser’s research analysts also generally integrate ESG matters within their analytical process for investment grade debt securities, investment grade corporate debt securities, private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including corporate commercial paper), foreign issuers (including emerging markets debt securities) denominated in U.S. dollars or foreign currency and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The fixed-income sub-adviser’s research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, dollars rolls, repurchase agreements, derivatives, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the fixed-income sub-adviser’s investment process. The fixed-income sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The fixed-income sub-adviser’s research analysts do not take ESG factors into consideration with respect to every </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment in the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">other purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may purchase securities on a when-issued, delayed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery, to be announced or forward commitment basis. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Class Allocation –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investment performance is significantly impacted by the fund’s asset class allocation and reallocation from time to time. The value of your investment may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The fund’s balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency Hedging –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Dollar Rolls – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund’s ability to purchase or repurchase securities may be restricted.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hedging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund’s hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation-Protected Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Medium Capitalization Companies – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in earnings results and investor expectations or poor economic or market conditions</span><span style="font-family:Times New Roman;font-size:10pt;">, including those experienced during a recession, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity</span><span style="font-family:Times New Roman;font-size:10pt;">. Securities of medium capitalization companies may </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate</span><span style="font-family:Times New Roman;font-size:10pt;"> and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Municipal Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Investment in municipal securities of issuers in Guam, Puerto </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may result in substantial losses to the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Focus</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">–</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">the fund invests more heavily in</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sovereign Debt –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">To Be Announced (TBA) Transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class I2 shares will be included after the share class has been in operation for one complete calendar year.</span><span style="font-family:Times New Roman;font-size:10pt;"> The returns for Class I2 shares would differ from those of </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Class A, Class C, Class I and Class R6 shares because they have </span><span style="font-family:Times New Roman;font-size:10pt;">different expenses. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class I2 shares will be included after the share class has been in operation for one complete calendar year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">14.69%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-11.91%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.1469 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.1191 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 1994-12-02 0.0647 0.0704 0.0876 0.0483 0.0553 0.0743 0.0472 0.0520 0.0678 0.1081 0.0745 0.0855 2002-11-11 0.1294 0.0852 0.0963 2009-11-30 0.1304 0.0860 0.0973 2015-05-29 0.1788 0.1442 0.1482 0.0730 -0.0036 0.0201 0.1370 0.0847 0.0978 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Short-Term Bond</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks a high level of income consistent with minimal fluctuation in principal value and liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0250 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $250,000 or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 0.75% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0037 0.0037 0.0037 0.0037 0.0037 0.0025 0.0100 0 0 0 0.0011 0.0011 0.0014 0.0004 0.0004 0.0073 0.0148 0.0051 0.0041 0.0041 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 323 478 646 1134 251 468 808 1768 52 164 285 640 42 132 230 518 42 132 230 518 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 323 478 646 1134 151 468 808 1768 52 164 285 640 42 132 230 518 42 132 230 518 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">58</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.58 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Aegon </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">USA Investment Management, LLC (the “sub-adviser”), seeks to achieve the fund’s objective by investing, under normal circumstances, at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. The fund’s portfolio weighted average duration will typically range from 1 to 2.5 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Securities in which the fund may invest include: </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">corporate debt securities of U.S. issuers; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">debt securities of foreign issuers that are denominated in U.S. dollars, including foreign corporate issuers and foreign governments; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">asset-backed securities and mortgage-backed securities, including commercial mortgage-backed securities; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">dollar rolls; and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">bank loans. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund expects to typically invest no more than 10% of its net assets, but may invest up to 20% of its net assets, in high-yield debt securities (commonly known as “junk bonds”). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard &amp; Poor’s or Fitch or below Baa by Moody’s or, if unrated, determined to be of comparable quality by the fund’s sub-adviser). The fund may invest up to 10% of its net assets in emerging market securities. The sub-adviser </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">considers emerging market countries </span><span style="font-family:Times New Roman;font-size:10pt;">to be those generally classified</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> by</span><span style="font-family:Times New Roman;font-size:10pt;"> major international financial institutions, such as the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">World Bank, </span><span style="font-family:Times New Roman;font-size:10pt;">as less economically mature than developed nations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser uses a combination of a global “top-down” analysis of the macroeconomic and interest rate environment and proprietary “bottom-up” research of corporate and government debt, and other debt instruments. In the sub-adviser’s “top-down” approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary “bottom-up” research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined “top-down” and “bottom-up” approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser’s research analysts also generally integrate environmental, social and governance (“ESG”) matters within their analytical process for corporate debt securities of U.S. issuers, debt securities of foreign issuers that are denominated in U.S. dollars (including foreign corporate issuers and foreign governments), emerging markets debt securities, certain asset-backed securities, private residential mortgage-backed securities, commercial mortgage-backed securities, privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser’s research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, dollar rolls, certain bank loans, bank obligations, savings association obligations, derivatives, repurchase agreements, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser’s investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser’s research analysts do not take ESG factors into consideration</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> with respect to every investment in the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures (including regularly employing interest rate futures), forward currency contracts and swaps, including, but not limited to, interest rate and total return swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund’s portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may purchase securities on a when-issued, delayed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery, to be announced or forward commitment basis. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">enforcing its rights against an issuer, obligor or counterparty.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Financial Sector</span><span style="font-family:Times New Roman;font-size:10pt;"> – Companies in the financial services sector are subject to extensive governmental regulation and their profitability is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased competition. Credit rating downgrades resulting from financial </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">difficulties of borrowers, decreased liquidity in credit markets, and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly </span><span style="font-family:Times New Roman;font-size:10pt;">or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Bank Obligations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Dollar Rolls – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund’s ability to purchase or repurchase securities may be restricted.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Floating Rate Loans</span><span style="font-family:Times New Roman;font-size:10pt;"> – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to “High-Yield Debt Securities” risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan’s issuer, and adversely affect the fund’s investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater “Liquidity” risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">as payment obligations increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hedging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund’s hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation-Protected Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sovereign Debt –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">To Be Announced (TBA) Transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6.02%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-4.90%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0602 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.0490 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2007-11-01 0.0280 0.0180 0.0232 0.0112 0.0060 0.0126 0.0164 0.0085 0.0131 0.0358 0.0153 0.0179 2007-11-01 0.0562 0.0257 0.0281 2009-11-30 0.0573 0.0264 0.0289 2004-11-08 0.0573 0.0264 0.0290 2015-05-29 0.0758 0.0006 0.0244 0.0531 0.0197 0.0210 <span style="font-family:Times New Roman;font-size:10pt;">The total return information for Class I shares of the fund reflects </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the impact of certain payments by Transamerica to the class in </span><span style="font-family:Times New Roman;font-size:10pt;">2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Small Cap Growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0087 0.0087 0.0087 0.0087 0.0087 0.0025 0.0100 0 0 0 0.0042 0.0048 0.0032 0.0022 0.0022 0.0154 0.0235 0.0119 0.0109 0.0109 -0.0014 -0.0022 -0.0009 -0.0009 -0.0009 0.0140 0.0213 0.0110 0.0100 0.0100 <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;margin-left:0.00%;">1, </span><span style="font-family:Times New Roman;font-size:8pt;">2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 685 997 1331 2272 316 712 1235 2669 112 369 646 1435 102 338 592 1321 102 338 592 1321 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 685 997 1331 2272 216 712 1235 2669 112 369 646 1435 102 338 592 1321 102 338 592 1321 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">47</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.47 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund invests at least 80% of its net assets (plus the amount of borrowing, if any, for investment purposes) in stocks of small capitalization companies. The fund’s sub-adviser, Ranger Investment Management, L.P. (the “sub-adviser”), primarily focuses on seeking to identify high quality, high-growth small capitalization companies. The sub-adviser considers small capitalization companies to be companies with market capitalizations which, at the initial time </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">of purchase, are within the capitalization range of issuers represented within the Russell 2000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Growth Index</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</span><span style="font-family:Times New Roman;font-size:10pt;">, a benchmark of </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund, which as of </span><span style="font-family:Times New Roman;font-size:10pt;">June</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">27, 2025, the most recent reconstitution date of the index, was between $119.4 million and $7.4 billion. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser’s approach to security selection seeks quality growth companies by implementing a “bottom-up”, fundamental research driven security selection process. The sub-adviser’s focus is to attempt to identify companies with characteristics such as high recurring revenue, steady and/or accelerating sales growth, strong balance sheets and free cash flows, stable/expanding margins, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and superior return on equity/return on invested capital. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">In addition to the quantitative analysis, careful consideration is given to qualitative analysis. The sub-adviser incorporates a preference towards companies with certain qualitative characteristics such as conservative accounting practices, seasoned management team with high corporate integrity, sustainable competitive advantage and ability to grow market share, sound corporate governance, and unique demand drivers. Once these quantitative and qualitative characteristics are analyzed, the sub-adviser then determines whether it believes a company is undervalued and has sufficient upside to the stock price to warrant an investment. The fund is managed using the growth style of investing. At any given time, growth stocks may be out of favor and underperform the overall equity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser integrates environmental, social and governance (“ESG”) factors into the investment process. The sub-adviser's approach to ESG is non-concessionary, meaning that performance is not actively sacrificed over any ESG criteria, but that ESG criteria are considered as an integral part of the investment and risk mitigation process. The sub-adviser evaluates a company's ESG strengths and weaknesses based on its internal research process, public company documents, websites, SEC filings, third-party research, and conversations with management. The sub-adviser seeks to identify financially material ESG risks and/or opportunities for a company and the potential for financial impacts. The sub-adviser's ESG analysis is subjective and ESG factors are not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of a company outweigh </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">ESG factors when making investment decisions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in foreign securities through American Depositary Receipts (“ADRs”), and generally will not invest more than 10% of the fund’s assets in foreign securities. The fund only invests </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in securities traded on U.S. exchanges.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;margin-left:0%;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;"> “Russell</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may </span><span style="font-family:Times New Roman;font-size:10pt;">have limited liquidity, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">may </span><span style="font-family:Times New Roman;font-size:10pt;">be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">ESG Integration Data</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – ESG information from third-party data providers may be incomplete, inaccurate, delayed or unavailable. There are not currently universally accepted ESG standards or standardized practices for researching, generating, or analyzing ESG data, classifications, screens, and ratings (“ESG Data”). The factors and criteria considered when generating ESG Data and the results of such ESG research may differ widely across third-party ESG Data providers. The evaluation of ESG factors and criteria is often subjective, are often evolving and subject to ongoing refinement, and the third-party ESG Data providers used by the fund may not identify or evaluate every relevant ESG factor and/or criteria with respect to every investment. Due to differences in various countries’ corporate disclosure and financial statement reporting obligations and availability, as well as timeliness of any such available information, a third-party ESG Data provider may not always be successful in identifying material ESG information about a particular company. ESG Data provided by third-party providers may be based on backward-looking analysis and data and may be subject to change in the future. Due to the specialized resources necessary to obtain ESG-related information underlying or related to the ESG Data provided by applicable third-party ESG research firms, the sub-adviser does not independently test or verify the data provided by such firms.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as part of its investment process.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;">One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">28.16%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-22.10%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.2816 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2210 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2012-08-31 -0.0858 -0.0133 0.0728 -0.1171 -0.0360 0.0362 -0.0275 -0.0100 0.0516 -0.0474 -0.0086 0.0712 2012-08-31 -0.0316 0.0008 0.0817 2012-08-31 -0.0288 0.0023 0.0831 2012-08-31 -0.0272 0.0023 0.0782 2016-07-25 0.1715 0.1315 0.1429 0.1301 0.0318 0.0957 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class C shares of the fund reflects the impact of certain payments by Transamerica to the class in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">2022.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span><span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span> <span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Small Cap Value</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0080 0.0080 0.0080 0.0080 0.0025 0.0100 0 0 0 0.0047 0.0044 0.0037 0.0028 0.0028 0.0152 0.0224 0.0117 0.0108 0.0108 -0.0023 -0.0019 -0.0018 -0.0019 -0.0019 0.0129 0.0205 0.0099 0.0089 0.0089 <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;margin-left:0.00%;">1, </span><span style="font-family:Times New Roman;font-size:8pt;">2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 674 983 1313 2244 308 682 1183 2560 101 354 626 1404 91 325 577 1300 91 325 577 1300 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 674 983 1313 2244 208 682 1183 2560 101 354 626 1404 91 325 577 1300 91 325 577 1300 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">27</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.27 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Systematic</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> Financial Management, L.P. (the “sub-adviser”) invests, under normal circumstances, at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of small-capitalization companies. The fund generally considers a small-capitalization company to be a company with a market capitalization within the range of the Russell</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> 2000 </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Index</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</span><span style="font-family:Times New Roman;font-size:10pt;"> at the time of initial purchase. As of December 31, 2025, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the market capitalization range of the Russell 2000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Index was </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">between $6 million and $</span><span style="font-family:Times New Roman;font-size:10pt;">31.29 billion. The equity securities in </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">which the fund invests are primarily common stocks of U.S. </span><span style="font-family:Times New Roman;font-size:10pt;">companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser generally will invest in common stocks of companies with small capitalizations that it views as attractively valued and possess relatively low price/cash flow ratios, low price/earnings ratios, low price/sales ratios, and/or low price/book ratios. The sub-adviser’s security selection process generally favors companies with strong operating cash flow, strong free cash flow, limited financial leverage and strong debt coverage. Trends in balance sheet items including inventories, accounts receivable, and payables are scrutinized as well. The sub-adviser also reviews the company’s products/services, market position, industry condition, financial and accounting policies, and quality of management.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Under normal market conditions, cash and cash equivalents are generally less than 5% of the portfolio value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. The fund may invest up to 10% of its total assets in the securities of foreign issuers, including American Depositary Receipts (“ADRs”) and foreign securities trading on U.S. markets. The fund may also invest in real estate investment trusts (“REITs”) and may invest up to 5% of its total net assets in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange traded funds (“ETFs”).</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;margin-left:0%;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;"> “Russell</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Real Estate Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund’s real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund’s real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">REITs</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to November 1, 2018, the fund had a different sub-adviser and used different investment strategies. The performance set forth </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prior to that date is attributable to that previous sub-adviser. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">From November 1, 2018 through August 29, 2024, the fund had a different sub-adviser and used different investment strategies. The performance set forth for this period is attributable to that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">previous sub-adviser.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">35.42%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-38.38%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.3542 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.3838 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2017-04-21 0.0309 0.0676 0.0528 0.0187 0.0081 0.0137 0.0269 0.0364 0.0308 0.0736 0.0729 0.0524 2017-04-21 0.0938 0.0830 0.0628 2017-04-21 0.0963 0.0842 0.0637 2017-04-21 0.0946 0.0839 0.0635 2017-04-21 0.1715 0.1315 0.1428 2017-04-21 0.1259 0.0888 0.0734 2017-04-21 <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Class A, Class C</span><span style="font-family:Times New Roman;font-size:10pt;">,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">Class I and Class I2 shares commenced operations</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> on April 30, 2012. Class R6 shares commenced operations on July 25, 2016. Performance information is shown for the periods from the date of the reorganization of certain funds into the fund (April 21, 2017). The applicable predecessor fund, whose accounting and performance history were adopted in the reorganizations, did not offer Class A, Class C, Class I</span><span style="font-family:Times New Roman;font-size:10pt;">,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">Class I2 and Class R6 shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class C shares of the fund reflects the impact of certain payments by Transamerica to the class in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Small/Mid Cap Value</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to maximize total return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0075 0.0075 0.0075 0.0075 0.0025 0.0100 0 0 0 0.0020 0.0020 0.0016 0.0006 0.0006 0.0120 0.0195 0.0091 0.0081 0.0081 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example:</span> <span style="font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="font-family:Times New Roman;font-size:10pt;">funds. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. </span><span style="font-family:Times New Roman;font-size:10pt;">Although your </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">actual costs may be higher or lower, based on these assumptions </span><span style="font-family:Times New Roman;font-size:10pt;">your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 666 910 1173 1925 298 612 1052 2275 93 290 504 1120 83 259 450 1002 83 259 450 1002 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 666 910 1173 1925 198 612 1052 2275 93 290 504 1120 83 259 450 1002 83 259 450 1002 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">48</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.48 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-advisers, Systematic</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> Financial Management, L.P. and Thompson, Siegel &amp; Walmsley LLC (the “sub-advisers”), seek to achieve the fund’s objective by investing, under normal circumstances, at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in small- and mid-cap equity securities (U.S. equity securities, American Depositary Receipts (“ADRs”) and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign securities trading on U.S. markets). </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund defines small- and mid-cap equities as companies whose market capitalization falls within the range of securities comprising the Russell 2000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Index</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</span><span style="font-family:Times New Roman;font-size:10pt;"> and the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Index respectively,</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> or within the range of the Russell 2500</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Index, whichever </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">is broader at the time of purchase. Over time, the capitalizations of the companies in the index will change. As they do, the size of the companies in which the fund invests may change. As of December 31, </span><span style="font-family:Times New Roman;font-size:10pt;">2025, the market capitalization range of securities </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">comprising the Russell 2000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Index was between $6 million and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">$</span><span style="font-family:Times New Roman;font-size:10pt;">31.29 billion, the market capitalization range of securities comprising</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Index was between $1.03 billion and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">$</span><span style="font-family:Times New Roman;font-size:10pt;">101.64 billion, and the market capitalization range of securities </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">comprising the Russell 2500</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Index was between $6 million and $37 billion. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s investment manager, Transamerica Asset Management, Inc., determines the allocation of the fund’s assets between the fund’s sub-advisers and rebalances the allocation periodically to normally maintain an approximate allocation of 60% of the fund’s assets to Thompson, Siegel &amp; Walmsley LLC and 40% of the fund’s assets to Systematic Financial Management, L.P. The fund </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">emphasizes investments in common stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Thompson, Siegel &amp; Walmsley LLC is the sub-adviser for the mid cap sleeve. In the mid-cap sleeve, the sub-adviser seeks to invest in companies it believes present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. The sub-adviser’s mid-cap value process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen. Factors one and two of the screen attempt to assess a company’s discount to private market value relative to other mid-cap stocks. The third factor considers the relative earnings prospects of the company. The fourth factor involves looking at the company’s recent price action. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Systematic Financial Management, L.P. is the sub-adviser for the small-cap sleeve. In the small-cap sleeve, the sub-adviser generally will invest in common stocks of companies with small capitalizations that are attractively valued and possess low price cash flow ratios or, in the case of certain financial stocks, low price/earnings ratios and/or low price/book ratios. The sub-adviser’s security selection process generally favors companies with strong operating cash flow, strong free cash flow, limited financial leverage and strong debt coverage. Trends in balance sheet items including inventories, accounts receivable, and payables are scrutinized as well. The sub-adviser also reviews the company’s products/services, market position, industry condition, financial and accounting </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">policies and quality of management. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s investment methodology unifies what both sub-advisers deem to be the best attributes of quantitative screening and fundamental research in an integrated and repeatable process designed to outperform the Russell 2500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Value Index over the long term. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Under normal market conditions, cash and cash equivalents are generally less than 5% of the portfolio value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">favors “growth” stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest up to 10% of its total assets in the securities of foreign issuers, including ADRs and foreign securities trading on U.S. markets. The fund may also invest in real estate investment trusts (“REITs”), and may invest up to 5% of its total net assets </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in exchange traded funds (“ETFs”).</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;margin-left:0%;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;"> “Russell</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Medium Capitalization Companies – </span><span style="font-family:Times New Roman;font-size:10pt;">The</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Real Estate Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund’s real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund’s real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">REITs</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">return on an investment to the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to December 4, 2016, Systematic Financial Management, L.P. served as the fund's sole sub-adviser and the fund used different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies. </span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">25.46%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-33.36%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.2546 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.3336 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2001-04-02 0.0349 0.0791 0.0874 0.0115 0.0559 0.0660 0.0376 0.0596 0.0656 0.0774 0.0834 0.0858 2002-11-11 0.0983 0.0948 0.0972 2009-11-30 0.0994 0.0957 0.0982 2005-11-15 0.0995 0.0957 0.0982 2015-05-29 0.1715 0.1315 0.1429 0.1273 0.1002 0.0972 0.1259 0.0888 0.0927 0.1105 0.0983 0.0978 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">2022.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span><span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">distributions and sale of fund shares </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">are higher than returns before taxes for the</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">period shown because they reflect certain tax benefits.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span> <span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">distributions and sale of fund shares </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">are higher than returns before taxes for the</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">period shown because they reflect certain tax benefits.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Strategic Income</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="font-family:Times New Roman;font-size:10pt;">Seeks to provide a high level of current income </span><span style="font-family:Times New Roman;font-size:10pt;">with long-term capital appreciation as a secondary objective.</span> <span style="font-family:Times New Roman;font-size:10pt;">with long-term capital appreciation as a secondary objective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="font-family:Times New Roman;font-size:10pt;">50,000</span><span style="font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="font-family:Times New Roman;font-size:10pt;">50,000</span><span style="font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0475 0 0 0 0 0 0 0 <span style="font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span> <span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0054 0.0054 0.0054 0.0054 0.0025 0 0 0 0.0026 0.0029 0.0019 0.0019 0.0105 0.0083 0.0073 0.0073 -0.0008 -0.0020 -0.0010 -0.0010 0.0097 0.0063 0.0063 0.0063 <span style="font-family:Times New Roman;font-size:8pt;">Management fees have been restated to reflect a reduction in management fees effective March 1, 2025.</span> <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="font-family:Times New Roman;font-size:10pt;">funds. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> 569 786 1019 1690 64 245 441 1007 64 223 396 897 64 223 396 897 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">65</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.65 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund’s sub-adviser, PineBridge Investments LLC (the “sub-adviser”), invests at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in bonds. For purposes of the 80% investment policy, the fund defines bonds to include fixed-income securities such as U.S. government bonds, inflation-protected securities, international government bonds, municipal bonds, corporate bonds, bank loans (including loan participations and loan assignments), high yield bonds, emerging markets sovereign bonds, emerging market corporate bonds, emerging market local currency debt, asset-backed securities (including collateralized loan obligations (“CLOs”)), mortgage-backed securities, commercial mortgage-backed securities and other securitized assets. The fund may invest in investment grade and below investment grade (commonly known as “junk bonds”) fixed-income securities issued by domestic and foreign issuers, including those in emerging market countries. The bonds in which </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund may invest may be issued by governments, their agencies or instrumentalities, and corporate issuers. The fund generally invests in fixed-income securities diversified across multiple sectors. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest opportunistically across a broad array of fixed-income sectors including but not limited to asset-backed securities, including CLOs, bank loans (including loan participations and loan assignments), cash/cash equivalents, commercial mortgage-backed securities, corporate bonds, emerging market corporate bonds, emerging market local currency debt, emerging markets sovereign bonds, high yield bonds, inflation-protected securities, international government bonds, municipal bonds, mortgage-backed securities, other securitized assets and U.S. government bonds. Emerging Markets securities are defined as securities issued by companies determined to have an emerging markets country of risk, as determined by the benchmark provider, Bloomberg. The fund has a broad investment universe that covers multiple sectors, quality grades, and security types. Yield curve exposure </span><span style="font-family:Times New Roman;font-size:10pt;">can be from U.S. and/or non-U.S. sectors. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund will typically hold 35% to 65% of its bond investments in securities that are rated below investment grade (that is, rated by a major agency, such as Standard &amp; Poor’s or Moody’s, at the level of BB or below or, if unrated, determined to be of comparable </span><span style="font-family:Times New Roman;font-size:10pt;">quality by the sub-adviser). </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">On a portfolio level, the fund actively manages duration and yield curve positioning. The average portfolio duration of the fund will normally vary from +/-3 years from the Bloomberg US Aggregate Bond Index, the fund’s primary benchmark. During periods of market volatility, duration may deviate outside this range. Duration is a measure of the sensitivity of a security to changes in interest rates. The longer a security’s duration, the more sensitive it will </span><span style="font-family:Times New Roman;font-size:10pt;">be to changes in interest rates. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Based on fundamental macroeconomic research and the resulting asset allocation output, the fund may rotate between the different fixed-income sectors and may exclude certain sectors based on relative attractiveness. At any given time, the fund may have a substantial amount of its assets in one or more sectors. No fixed-income sector is expected to constitute more than 35% of the fund’s net assets. Each sector will be actively managed, with the sub-adviser seeking to establish a well-diversified and risk-managed sub-portfolio in each sector of directly invested securities with no </span><span style="font-family:Times New Roman;font-size:10pt;">more than 5% invested in any non-government issuer. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Investments in preferred and convertible securities generally will not exceed 15% of the fund’s net assets. The fund may invest up to 10% of its net assets in CLOs. The fund may invest significantly in non-U.S. dollar denominated developed and emerging </span><span style="font-family:Times New Roman;font-size:10pt;">market bonds on a hedged or unhedged basis. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s bank loan investments may include senior secured floating rate and fixed rate loans or debt, second lien or other subordinated or unsecured floating rate and fixed rate loans or debt, and other types of secured or unsecured loans with fixed, floating, or variable interest rates. The fund may also invest in To </span><span style="font-family:Times New Roman;font-size:10pt;">Be Announced (“TBA”) mortgages and dollar rolls. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may, but is not required to, use derivatives such as swaps, futures, forwards and structured investments, for investment purposes or in an effort to hedge and mitigate uncertainties from exposure to such factors as credit, interest rates, inflation, and exchange rates. Swaps, such as interest rate, inflation, total return, or credit default (on indices or individual issues) are allowed as long as the maximum underlying notional value does not exceed 65% of the underlying market value of the fund. When segments are believed to be overvalued, the fund may short indices or individual issues. The fund regularly uses derivatives to hedge interest rate duration and non-U.S. dollar currency exposures in the fund, typically using U.S. Treasury futures and non-U.S. dollar currency forwards and/or swaps, respectively. The fund may use derivatives to attempt to increase the fund’s return as a non-hedging strategy that may be considered speculative. The fund may choose not to make use of derivatives for a variety of reasons, and any use may </span><span style="font-family:Times New Roman;font-size:10pt;">be limited by applicable law and regulations. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended.</span> <span style="font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited </span><span style="font-family:Times New Roman;font-size:10pt;">legal remedies.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment </span><span style="font-family:Times New Roman;font-size:10pt;">in the fixed-income securities of an issuer.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity </span><span style="font-family:Times New Roman;font-size:10pt;">guarantee.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves </span><span style="font-family:Times New Roman;font-size:10pt;">subjective judgment, which may prove to be incorrect.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Bank Obligations – </span><span style="font-family:Times New Roman;font-size:10pt;">Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency </span><span style="font-family:Times New Roman;font-size:10pt;">exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency Hedging –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Dollar Rolls – </span><span style="font-family:Times New Roman;font-size:10pt;">The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund’s ability to purchase or repurchase securities may be restricted.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Floating Rate Loans</span><span style="font-family:Times New Roman;font-size:10pt;"> – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to “High-Yield Debt Securities” risk. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan’s issuer, and adversely affect the fund’s investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater “Liquidity” risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates </span><span style="font-family:Times New Roman;font-size:10pt;">as payment obligations increase.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hedging</span><span style="font-family:Times New Roman;font-size:10pt;"> – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund’s hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation-Protected Securities – </span><span style="font-family:Times New Roman;font-size:10pt;">Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune </span><span style="font-family:Times New Roman;font-size:10pt;">times to satisfy its obligations.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Money Market Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> An investment in a money market fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.  A money market fund’s sponsor is not required to reimburse the fund for losses or to provide financial support to the fund. Although many money market funds seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in such money market funds. Certain other money market funds float their net asset value.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Municipal Securities –</span><span style="font-family:Times New Roman;font-size:10pt;"> The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Investment in municipal securities of issuers in Guam, Puerto </span><span style="font-family:Times New Roman;font-size:10pt;">Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest </span><span style="font-family:Times New Roman;font-size:10pt;">rates rise.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Short Sales –</span><span style="font-family:Times New Roman;font-size:10pt;"> A short sale may be effected by selling a security that the fund does not own. If the price of the security sold short increases, the fund would incur a loss; conversely, if the price declines, the fund will realize a gain. Although the gain is limited by the price at which the security was sold short, the loss is potentially unlimited. The fund may also pay transaction costs and borrowing fees in connection with short sales.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sovereign Debt –</span><span style="font-family:Times New Roman;font-size:10pt;"> Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Structured Instruments – </span><span style="font-family:Times New Roman;font-size:10pt;">The fund may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. Structured instruments may be leveraged and may behave in ways not anticipated by the fund, or they may not receive tax, accounting or regulatory treatment anticipated by the fund. Structured instruments may also be less liquid and more difficult to value accurately than more traditional securities and instruments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">To Be Announced (TBA) Transactions </span><span style="font-family:Times New Roman;font-size:10pt;">– Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued </span><span style="font-family:Times New Roman;font-size:10pt;">nor guaranteed by the U.S. government.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The first index in the table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class R6 shares will be included after the share class has been in operation for one complete calendar year.</span><span style="font-family:Times New Roman;font-size:10pt;"> The returns for Class R6 shares would differ from those of </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Class A, Class I and Class I2 shares because they have different </span><span style="font-family:Times New Roman;font-size:10pt;">expenses. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="font-family:Times New Roman;font-size:10pt;">performance would be lower. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to March 1, 2025, the fund had a different name, different </span><span style="font-family:Times New Roman;font-size:10pt;">investment objective and used different investment strategies.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The first index in the table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class R6 shares will be included after the share class has been in operation for one complete calendar year.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class I</span> <span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">8.76%</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-9.53%</span> <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0876 <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.0953 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2014-12-08 0.0796 0.0303 0.0409 0.0528 0.0086 0.0228 0.0466 0.0140 0.0237 0.0277 0.0180 0.0280 2020-10-01 0.0806 0.0306 0.0418 2014-12-08 0.0730 -0.0036 0.0201 0.0758 0.0006 0.0244 <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Sustainable Equity Income</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks total return gained from the combination</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> of dividend yield, growth of dividends and capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0 0.0100 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0066 0.0066 0.0066 0.0066 0.0066 0.0025 0.0100 0 0 0 0.0016 0.0028 0.0021 0.0011 0.0011 0.0107 0.0194 0.0087 0.0077 0.0077 0.0000 -0.0004 -0.0009 0.0000 0.0000 0.0107 0.0190 0.0078 0.0077 0.0077 <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;margin-left:0.00%;">1, </span><span style="font-family:Times New Roman;font-size:8pt;">2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 653 872 1108 1784 293 605 1043 2261 80 269 473 1064 79 246 428 954 79 246 428 954 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 653 872 1108 1784 193 605 1043 2261 80 269 473 1064 79 246 428 954 79 246 428 954 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">22</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.22 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Aegon </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Asset Management UK plc (the “sub-adviser”), deploys an active strategy that generally invests in large and middle capitalization </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">U.S. companies, focusing on those that pay dividends and that the sub-adviser views as having a favorable sustainability profile. Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities. The sub-adviser generally looks to buy stocks and hold them over multi-year periods in an effort to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">benefit from the compounding effects of increasing dividends. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">When selecting dividend-paying stocks, the sub-adviser normally seeks to invest in companies that fall within one of three groupings established by the sub-adviser. One group is “compounders” or those companies that the sub-adviser sees as consistent annual dividend growers with long-term records of growing dividend-per-share. A second group is “hoarders” or those companies that are viewed by the sub-adviser as having the operating success and balance sheet strength to potentially increase dividend payout ratios and positively surprise the market. The third group is “de-equitizers” with capital structures that the sub-adviser believes offer the potential </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">for mergers and acquisitions or share buy-backs. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">In addition, the sub-adviser applies its sustainability assessment framework in evaluating each company considered for the fund. The sub-adviser’s Responsible Investment team defines companies as being sustainability “Leaders”, “Improvers”, “Neutrals” or “Laggards” (as further defined below). The sub-adviser will invest at least 85% of the fund’s net assets in stocks of companies with what the sub-adviser views as having positive sustainability credentials, which are companies the sub-adviser’s Responsible Investment team has identified as “Leaders” or “Improvers.” The sub-adviser may invest up to 15% of the fund’s net assets in stocks of companies that the Responsible Investment team views as “Neutral.” The sub-adviser will not invest in companies identified by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Responsible Investment team as “Laggards.” </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser maintains an exclusion list containing companies involved in a range of activities that the sub-adviser believes have a negative impact on the environment and/or social factors. These are therefore excluded by the sub-adviser from the investible universe at the start of the investment process, based on the following criteria: adult entertainment (own an adult entertainment company or produce adult entertainment), animal testing (engage in the production or sale of animal tested cosmetics), gambling (derive more than 10% of revenue from gambling), genetic modification (conduct genetic modification for agricultural policies), tobacco (derive more than 10% revenue from tobacco), weapons (produce or sell civilian firearms and firms which manufacture or sell armaments, nuclear weapons or associated products), nuclear power (own a nuclear power facility), fossil fuels (engagement in the extraction of coal and oil) and human rights (companies failing to address serious allegations of violations of international standards on human rights including the use of child forced or bonded labor). In assessing whether an individual company is an eligible investment or excluded based on the exclusionary list, the sub-adviser utilizes Morgan Stanley Capital International (“MSCI”) and Institutional Shareholder Services Inc. (“ISS”) to check revenue exposure to excluded activities. As the fund’s portfolio securities are reviewed during the course of a year, or as material corporate events occur, the sub-adviser utilizes MSCI and ISS to reassess revenue exposures. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Sustainability research by the sub-adviser’s Responsible Investment team, composed of employees of the sub-adviser and certain of its affiliates, forms a key part of the sub-adviser’s investment process. For companies not excluded based on the sub-adviser’s exclusion list, the Responsible Investment team independently conducts sustainability research on each company proposed for investment by the sub-adviser’s investment team. The sustainability research uses a three-dimensional framework to analyze each company, focusing on what the sub-adviser views as material sustainability factors with clear links to risks and opportunities. For each company, this process analyzes (i) its products (what it does), (ii) its practices (how it does it) and (iii) its sustainable improvement (is it improving from a sustainability perspective or does it have credible plans to do so?). The outcome of this analysis is that each company proposed for investment by the sub-adviser’s investment team is classified by its Responsible Investment team as either a sustainability “Leader”, “Improver”, “Neutral” or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“Laggard” company. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Sustainability “leaders” are companies that the Responsible Investment team believes exhibit top-quartile performance relative to global and regional peers from a combination of positive operational practices and being strategically well positioned with regard to the impact of their products or services. Activities that generate clear positive impact are viewed positively by the team. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“Improvers” are companies in which the Responsible Investment team has identified sustainability issues that need to be addressed but where the team believes the company is taking action to address these and is showing clear signs of improvement, or has credible plans to do so. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“Neutral” companies are those with products and practices that do not have clear positive sustainability characteristics, but which do not also have a meaningful negative impact on the environment or society, as determined by the sub-adviser’s Responsible Investment team. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“Laggards” have, in the Responsible Investment team’s view, a poor product impact and/or have unacceptably low operational standards. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">A minimum of 85% of the fund’s net assets will be invested in any combination of companies classified by the sub-adviser’s Responsible Investment team as “Leaders” and “Improvers”. If a company is classified as a “Laggard,” it cannot be held in the fund. The remaining proportion of the fund (constituting a maximum of 15% of the fund’s net assets) may be invested in stocks of companies that are categorized as “Neutral”. The sub-adviser’s Responsible Investment team may reclassify a company should its sustainability analysis of the company change. A change in classification can cause a security to be sold or render a security eligible for investment.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser constructs a portfolio of individual stocks, selected on a “bottom-up” basis, meaning that it selects individual securities based on their specific merits, using fundamental analysis. The fund will typically consist of approximately 35 to 50 stocks with individual position sizes generally ranging from 1% to 10% of the fund’s net assets (10% maximum position weighting). Non-U.S. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">stocks, including American Depository Receipts (ADRs), are limited to 10% of the fund’s net assets. Annual portfolio turnover is anticipated</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> to normally be less than 40%. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser generally employs a fully invested strategy. Therefore, under normal market conditions, cash and cash equivalents</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> will generally be less than 5% of the fund’s net assets. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may, but is not required to, invest in index-traded futures to equitize cash in order to gain general equity market exposure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">until investments are made into stocks of individual companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">All investments by the fund, with the exception of cash, cash equivalents, short-term debt securities, repurchase agreements, money market instruments and index-traded futures, are subject </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the sub-adviser’s sustainability assessment framework.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Dividend Paying Stock</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – There can be no assurance that the issuers of the stocks held by the fund will pay dividends in the future or that, if dividends are paid, they will not decrease. The fund's emphasis on dividend paying stocks could cause the fund's share price and total return to fluctuate more than, or cause the fund to underperform, similar funds that invest without consideration of an issuer’s track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks tend to go through cycles of over- or under-performing the stock market in general.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Applying sustainability criteria to the sub-adviser’s investment analysis for the fund may impact the sub-adviser’s investment decisions as to securities of certain issuers and, therefore, the fund may forgo some investment opportunities available to funds that do not apply sustainability investing principals or that apply different sustainability criteria. Applying sustainability criteria may impact the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the fund’s investment performance. The relevance and weightings of sustainability criteria to the sub-adviser’s investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies meeting the sub-adviser’s sustainability criteria at the time of investment may shift into and out of favor depending on market and economic conditions, and a company’s sustainability practices, or the sub-adviser’s assessment of such practices, may change over time. The fund’s performance may at times be better or worse than the performance of similar funds that do not utilize sustainability investing principals or that apply different sustainability criteria. “Sustainability” is not a uniformly defined characteristic and applying sustainability criteria involves subjective assessments. There may be significant differences in views in what constitutes positive or negative sustainability characteristics of a company. The sub-adviser’s sustainability assessment of a company may differ from that of other funds or investors. The fund’s investments may include securities of issuers that derive revenue from non-sustainable activities. Sustainability ratings and assessments of issuers can vary across third party data providers, and sustainability data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of sustainability investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of sustainability criteria could have a material adverse effect on the fund’s ability to invest in accordance with its sustainability strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Medium Capitalization Companies – </span><span style="font-family:Times New Roman;font-size:10pt;">The</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability Data</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Sustainability information from third-party data providers may be incomplete, inaccurate, delayed or unavailable. There are not currently universally accepted sustainability standards or standardized practices for researching, generating, or analyzing sustainability data, classifications, screens, and ratings (“Sustainability Data”). The factors and criteria considered when </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">generating Sustainability Data and the results of such sustainability research may differ widely across third-party Sustainability Data providers. The evaluation of sustainability factors and criteria is often subjective, is often evolving and subject to ongoing refinement, and the third-party Sustainability Data providers used by the fund may not identify or evaluate every relevant sustainability factor and/or criteria with respect to every investment. Due to differences in various countries’ corporate disclosure and financial statement reporting obligations and availability, as well as timeliness of any such available information, a third-party Sustainability Data provider may not always be successful in identifying material sustainability information about a particular company. The fund may invest in companies that do not reflect the beliefs or values of a particular investor and may not be deemed to exhibit the intended sustainability characteristics if different metrics or Sustainability Data providers were used to evaluate them. Because sustainability considerations are still an emerging area of investment focus, sustainability information and metrics can be difficult to obtain or not able to be obtained. The evaluation of sustainability factors and implementation of sustainability-related investment restrictions (e.g., screens) rely on the availability of timely, complete, and accurate Sustainability Data reported by issuers and/or third-party research providers. Sustainability Data provided by third-party providers may be based on backward-looking analysis and data and may be subject to change in the future. The successful implementation of the fund’s strategy is therefore dependent, in part, on the sustainability factors identified and considered and research methodologies employed by applicable third-party Sustainability Data providers, as well as the timely availability of accurate information. Due to the specialized resources necessary to obtain sustainability-related information underlying or related to the Sustainability Data provided by applicable third-party sustainability research firms, the sub-adviser does not independently</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> test or verify the data provided by such firms.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers, reimbursements and/or expense </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limitations, performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to December 1, 2020, the fund was named Transamerica Dividend Focused, had a different sub-adviser and used different investment strategies. The performance set forth prior to that date </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">is attributable to that previous sub-adviser.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">15.44%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-29.89%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.1544 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2989 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2013-01-04 0.0486 0.0682 0.0627 0.0455 0.0510 0.0401 0.0308 0.0487 0.0441 0.0901 0.0710 0.0598 2013-01-04 0.1126 0.0842 0.0717 2013-01-04 0.1115 0.0832 0.0717 2013-01-04 0.1129 0.0835 0.0717 2015-05-29 0.1715 0.1315 0.1429 0.1591 0.1133 0.1053 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class I shares of the fund reflects the impact of certain payments by Transamerica to the class in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica UltraShort Bond</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Seeks a high level of income consistent with minimal fluctuation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in principal value and liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0.0100 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">shares of the fund purchased through an exchange from another Transamerica Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0017 0.0017 0.0017 0.0017 0.0025 0.0100 0 0 0.0046 0.0036 0.0047 0.0037 0.0088 0.0153 0.0064 0.0054 -0.0019 -0.0017 -0.0029 -0.0024 0.0069 0.0136 0.0035 0.0030 <span style="font-family:Times New Roman;font-size:8pt;">Other expenses are based on estimates for the current fiscal year.</span> <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower, based on these assumptions your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 70 262 469 1067 238 467 818 1809 36 176 328 771 31 149 278 654 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 70 262 469 1067 138 467 818 1809 36 176 328 771 31 149 278 654 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">50</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.50 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Aegon </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">USA Investment Management, LLC (the “sub-adviser”), seeks to achieve the fund’s objective by investing, under normal circumstances, at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. The fund’s portfolio weighted average duration will typically range from 0.25 to 1.25 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">be to changes in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Securities in which the fund may invest include: </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">corporate debt securities of issuers in the U.S. and in developed foreign markets; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">commercial paper; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">asset-backed securities and mortgage-backed securities, including commercial mortgage-backed securities; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">repurchase agreements; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">certificates of deposit and other bank obligations; and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. dollar-denominated debt securities of emerging market issuers, including corporate and sovereign issuers. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest up to 5% of its net assets in high-yield debt securities (commonly known as “junk bonds”). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard &amp; Poor’s or Fitch or below Baa by Moody’s or, if unrated, determined to be of comparable quality by the fund’s sub-adviser). The fund may invest up to 5% of its net assets in emerging markets. The sub-adviser considers emerging </span><span style="font-family:Times New Roman;font-size:10pt;">market countries to be those generally classified by </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">major international financial institutions, such as the World Bank, </span><span style="font-family:Times New Roman;font-size:10pt;">as less economically mature than developed nations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser uses a combination of a global “top-down” analysis of the macroeconomic and interest rate environment and proprietary “bottom-up” research of corporate, government and agency debt, and other debt instruments. In the sub-adviser’s “top-down” approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movements of markets and securities prices worldwide. In its proprietary “bottom-up” research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined “top-down” and “bottom-up” approach to determine asset class, sector, security, yield curve, and duration positions for the fund. The sub-adviser's research analysts also generally integrate environmental, social and governance (“ESG”) matters, within their analytical process for corporate debt securities of issuers in the U.S. and in developed foreign markets, U.S. dollar-denominated debt securities of emerging market issuers (including corporates and sovereigns), private residential mortgage-backed securities, certain asset-backed securities, CMBS, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of certain investments. The sub-adviser's research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, derivatives, repurchase agreements, asset-backed commercial paper, certificates of deposit and other bank obligations, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investment decisions. The sub-adviser's research analysts do not take ESG factors into consideration with respect to every investment</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund’s portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may purchase securities on a when-issued, delayed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery, to be announced or forward commitment basis. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Financial Sector</span><span style="font-family:Times New Roman;font-size:10pt;"> – Companies in the financial services sector are subject to extensive governmental regulation and their profitability is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased competition. Credit rating downgrades resulting from financial difficulties of borrowers, decreased liquidity in credit markets, and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Bank Obligations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Distressed or Defaulted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers’ continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hedging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund’s hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation-Protected Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may result in substantial losses to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sovereign Debt –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">To Be Announced (TBA) Transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how </span><span style="font-family:Times New Roman;font-size:10pt;">the fund’s performance has varied from year to year. The first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class C shares and Class R6 shares will be included after the share classes have been in operation for one complete calendar year.</span><span style="font-family:Times New Roman;font-size:10pt;"> The returns for Class C shares and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Class R6 shares would differ from those of Class A and Class I </span><span style="font-family:Times New Roman;font-size:10pt;">shares because they have different expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how </span><span style="font-family:Times New Roman;font-size:10pt;">the fund’s performance has varied from year to year. The first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class C shares and Class R6 shares will be included after the share classes have been in operation for one complete calendar year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar year ended December 31) - Class A</span> <span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">9/30/2024</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">1.65%</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2025</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">0.88%</span> <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2024-09-30 0.0165 <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2025-12-31 0.0088 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2023-04-01 0.0405 0.0479 0.0236 0.0287 0.0241 0.0284 0.0451 0.0515 2023-04-01 0.0758 0.0462 2023-04-01 0.0446 0.0499 2023-04-01 <span style="font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica US Growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to maximize long-term growth.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> More information about these and other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discounts is available from your financial professional, in the “Waivers and Reductions of Sales Charges” section on page 330 of the fund’s prospectus, in the Appendix – “Waivers and Discounts Available from Intermediaries,” and in the fund’s statement of additional information (SAI) under the heading “Purchase of Shares” on page 75.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">You may qualify for sales charge discounts if you and your </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in Transamerica Funds.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0.0550 0 0 0 0 0.0850 0 0.0100 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class A shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Purchases of Class C shares of the fund may be subject to a 1.00% contingent </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Class T shares of the fund purchased in amounts of $1 million or more that are </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;margin-left:0%;">not subject to an initial sales charge may be subject to a 1.00% contingent deferred </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">sales charge if those shares are redeemed within 24 months of their purchase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0063 0.0063 0.0063 0.0063 0.0063 0.0063 0.0025 0.0100 0 0 0 0 0.0012 0.0017 0.0014 0.0004 0.0004 0.0007 0.0100 0.0180 0.0077 0.0067 0.0067 0.0070 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods (unless otherwise indicated). The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are redeemed at the end of each period:</span> 646 851 1072 1707 283 566 975 2116 79 246 428 954 68 214 373 835 68 214 373 835 915 1055 1207 1647 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">If the shares are not redeemed:</span> 646 851 1072 1707 183 566 975 2116 79 246 428 954 68 214 373 835 68 214 373 835 915 1055 1207 1647 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">39</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.39 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund invests, under normal </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">circumstances, at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in domestic common stocks. The fund invests primarily in common stocks of growth-oriented companies. Portfolio construction emphasizes stock specific risk while minimizing other sources of broad market risk. The goal is a portfolio whose relative performance is not dependent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on the market environment. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s sub-adviser, Wellington Management Company LLP (the “sub-adviser”), employs a “bottom-up” approach, using fundamental analysis to identify specific securities within industries or sectors for purchase or sale. A “bottom-up” approach evaluates </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">individual companies in the context of broader market factors. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser’s stock selection process is derived from its observation that the quality and persistence of a company’s business is often not reflected in its current stock price. Central to the investment process is fundamental research focused on uncovering companies with improving quality metrics, business momentum, and attractive relative valuations. The investment process is aided </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">by a proprietary screening process that narrows the investment universe to companies that are consistent with the investment philosophy. The fund employs a growth style of investing. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market favors “value” stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The initial investment universe is comprised of: </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Securities held in the Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Growth and S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Growth Indexes</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1 </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Equity securities within the market-cap range of the indexes with historical or projected growth rates greater than the Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index median </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Stocks that meet other growth criteria as determined by the sub-adviser </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Consistent with the fund’s objective and other policies, the fund may, but is not required to, invest to a lesser extent in derivatives, including futures, forwards, options and swaps primarily for cash equitization purposes. The fund may invest up to 20% of its total assets in foreign securities (not including American Depositary Receipts, American Depositary Shares or U.S. dollar denominated </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities of foreign issuers).</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;margin-left:0%;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;"> “Russell</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small and Medium Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader </span><span style="font-family:Times New Roman;font-size:10pt;">market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Information Technology Sector – </span><span style="font-family:Times New Roman;font-size:10pt;">Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The bar chart does not reflect the impact of sales charges, which, if reflected, would lower the returns.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The table includes deduction of applicable sales charges.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class A</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">27.66%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-21.94%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.2766 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.2194 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2009-11-13 0.1075 0.1060 0.1520 0.0959 0.0853 0.1303 0.0719 0.0800 0.1208 0.1522 0.1098 0.1494 2009-11-13 0.1747 0.1217 0.1618 2009-11-30 0.1756 0.1224 0.1629 2009-11-13 0.1753 0.1203 2021-05-28 0.0753 0.1022 0.1520 2012-02-10 0.1715 0.1315 0.1429 0.1856 0.1532 0.1813 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Class C and Class I shares of the fund reflects the impact of certain payments by Transamerica to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the class in 2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Asset Allocation Intermediate Horizon</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to achieve long-term returns from </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">a combination of investment income and capital appreciation with slightly less than average volatility as compared to other balanced </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0025 0.0050 0.0001 0.0000 0.0059 0.0059 0.0097 0.0121 -0.0003 -0.0002 0.0094 0.0119 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Acquired </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus.</span> <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;">1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 96 306 533 1187 121 382 663 1464 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">300</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 3 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Transamerica Asset Allocation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Intermediate Horizon is a fund of funds that invests in a combination of Transamerica Funds (“underlying funds”). Transamerica Asset Management, Inc. (the “Investment Manager”) selects the combination and amount of underlying funds to invest in based on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund’s investment objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following chart shows approximately how much of the assets of the fund are normally invested in underlying bond, stock and money market funds. These allocations reflect the Investment Manager’s present strategy for asset allocation during what it considers normal market conditions, and may be changed at any time without notice to shareholders and without shareholder approval. Actual asset allocations may vary, including due to short-term changes in cash flows caused by purchases and redemptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Normal Approximate Allocations</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Bond Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Stock Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Money Market </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Intermediate </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Horizon</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">49.8%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">50%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.2%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The underlying bond funds normally invest principally in fixed-income securities, the underlying stock funds normally invest principally in equity securities, and the underlying money market fund, Transamerica Government Money Market, normally invests principally in U.S. government securities and/or repurchase agreements collateralized by U.S. government securities. In attempting to respond to adverse market or other conditions or to process a large purchase or redemption within the fund, the Investment Manager may allocate assets of the fund without limit to the underlying money market fund. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and swaps through its investments in the underlying funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Each underlying fund has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund decides which securities to purchase and sell </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">for that underlying fund. The fund’s ability to achieve its investment objective depends largely on the performance of the underlying</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> funds in which it invests. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds. The Investment Manager may change the underlying funds in which the fund invests from time to time at its discretion without notice or shareholder</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Allocation –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investment performance is significantly impacted by the fund’s asset allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Allocation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflicts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Investment Manager is subject to conflicts of interest in the selection and allocation of the fund’s assets among underlying funds. For example, the Investment Manager has an incentive to select an underlying Transamerica fund over an unaffiliated fund because it receives more revenue, even if the unaffiliated fund has better investment performance or lower total expenses. The Investment Manager also has an incentive to allocate the fund’s assets to those underlying funds paying the highest net management fees to the Investment Manager, to those which are sub-advised by an affiliate of the Investment Manager, and/or to subscale underlying funds to reduce amounts waived and/or reimbursed by the Investment Manager to maintain applicable expense caps.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The “List and Description of Certain Underlying Funds” section of the fund’s prospectus identifies certain risks of each underlying fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Class Variation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The underlying funds invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying fund may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds at any given time, and the percentage of the fund's assets invested in various underlying funds, the fund's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the fund's performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hedging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund’s hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. </span><span style="font-family:Times New Roman;font-size:10pt;">Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the </span><span style="font-family:Times New Roman;font-size:10pt;">value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">securities may receive little or no collateral protection from the underlying assets.</span><span style="font-family:Times New Roman;font-size:10pt;"> Privately issued mortgage-backed and asset-backed</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity </span><span style="font-family:Times New Roman;font-size:10pt;">guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small and Medium Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Structure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflicts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Transamerica Asset Management, Inc. (“TAM”), the fund’s investment manager, has established an investment program whereby a substantial portion of the fund’s assets are invested in underlying Transamerica funds. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser to an underlying fund believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund acquired the assets and assumed the liabilities of four Transamerica Partners asset allocation funds, including Transamerica Institutional Asset Allocation - Intermediate Horizon (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“predecessor</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">”), on May 19, 2017, and the predecessor fund was the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganizations, and has not been </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">restated to reflect the annual operating expenses of Class R4 shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R4</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">15.34%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-12.83%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.1534 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1283 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2000-09-11 0.1152 0.0492 0.0689 0.0635 0.0219 0.0483 0.0959 0.0316 0.0497 0.1131 0.0466 0.0647 2017-05-19 0.1788 0.1442 0.1482 0.0730 -0.0036 0.0201 0.1378 0.0678 0.0805 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Asset Allocation Long Horizon</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to provide long-term returns from growth of capital and growth of income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0025 0.0050 0.0001 0.0000 0.0069 0.0069 0.0107 0.0131 -0.0003 -0.0002 0.0104 0.0129 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Acquired </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus.</span> <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;">1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 106 337 587 1303 131 413 716 1577 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">166</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 1.66 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Transamerica Asset Allocation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Long Horizon is a fund of funds that invests in a combination of Transamerica Funds (“underlying funds”). Transamerica Asset Management, Inc. (the “Investment Manager”) selects the combination and amount of underlying funds to invest in based on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s investment objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following chart shows approximately how much of the assets of the fund are normally invested in underlying bond, stock and money market funds. These allocations reflect the Investment Manager’s present strategy for asset allocation during what it considers normal market conditions, and may be changed at any time without notice to shareholders and without shareholder approval. Actual asset allocations may vary, including due to short-term changes in cash flows caused by purchases and redemptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Normal Approximate Allocations</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Bond Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Stock Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Money Market </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Long Horizon</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">9.8%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">90%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.2%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The underlying bond funds normally invest principally in fixed-income securities, the underlying stock funds normally invest principally in equity securities, and the underlying money market fund, Transamerica Government Money Market, normally invests principally in U.S. government securities and/or repurchase agreements collateralized by U.S. government securities. In attempting to respond to adverse market or other conditions or to process a large purchase or redemption within the fund, the Investment Manager may allocate assets of the fund without limit to the underlying money market fund. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and swaps through its investments in the underlying funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Each underlying fund has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund decides which securities to purchase and sell </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">for that underlying fund. The fund’s ability to achieve its investment objective depends largely on the performance of the underlying</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> funds in which it invests. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds. The Investment Manager may change the underlying funds in which the fund invests from time to time at its discretion without notice or shareholder</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Allocation –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investment performance is significantly impacted by the fund’s asset allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Allocation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflicts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Investment Manager is subject to conflicts of interest in the selection and allocation of the fund’s assets among underlying funds. For example, the Investment Manager has an incentive to select an underlying Transamerica fund over an unaffiliated fund because it receives more revenue, even if the unaffiliated fund has better investment performance or lower total expenses. The Investment Manager also has an incentive to allocate the fund’s assets to those underlying funds paying the highest net management fees to the Investment Manager, to those which are sub-advised by an affiliate of the Investment Manager, and/or to subscale underlying funds to reduce amounts waived and/or reimbursed by the Investment Manager to maintain applicable expense caps.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The “List and Description of Certain Underlying Funds” section of the fund’s prospectus identifies certain risks of each underlying fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Class Variation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The underlying funds invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying fund may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds at any given time, and the percentage of the fund's assets invested in various underlying funds, the fund's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the fund's performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">render records of fund assets and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">result </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future </span><span style="font-family:Times New Roman;font-size:10pt;">cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hedging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund’s hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity </span><span style="font-family:Times New Roman;font-size:10pt;">guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small and Medium Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Structure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflicts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Transamerica Asset Management, Inc. (“TAM”), the fund’s investment manager, has established an investment program whereby a substantial portion of the fund’s assets are invested in underlying Transamerica funds. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser to an underlying fund believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund acquired the assets and assumed the liabilities of four Transamerica Partners asset allocation funds, including Transamerica Institutional Asset Allocation - Long Horizon (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“predecessor </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">”), on May 19, 2017, and the predecessor fund was the accounting</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganizations, and has not been </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">restated to reflect the annual operating expenses of Class R4 shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R4</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">23.95%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-21.27%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.2395 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2127 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2000-09-11 0.1548 0.0772 0.0977 0.0644 0.0403 0.0699 0.1507 0.0545 0.0738 0.1530 0.0745 0.0938 2017-05-19 0.1788 0.1442 0.1482 0.1973 0.1134 0.1202 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Asset Allocation Short Horizon</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to provide a high level of income and preservation of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0012 0.0012 0.0025 0.0050 0.0001 0.0000 0.0048 0.0048 0.0086 0.0110 -0.0003 -0.0002 0.0083 0.0108 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Acquired </span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus.</span> <span style="font-family:Times New Roman;font-size:8pt;">March </span><span style="font-family:Times New Roman;font-size:8pt;">1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 85 271 474 1058 110 348 604 1338 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">407</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 4.07 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Transamerica Asset Allocation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Short Horizon is a fund of funds that invests in a combination of Transamerica Funds (“underlying funds”). Transamerica Asset Management, Inc. (the “Investment Manager”) selects the combination and amount of underlying funds to invest in based on the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s investment objective. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The following chart shows approximately how much of the assets of the fund are normally invested in underlying bond, stock and money market funds. These allocations reflect the Investment Manager’s present strategy for asset allocation during what it considers normal market conditions, and may be changed at any time without notice to shareholders and without shareholder approval. Actual asset allocations may vary, including due to short-term changes in cash flows caused by purchases and redemptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Normal Approximate Allocations</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Bond Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Stock Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Money Market </span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Short Horizon</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">89.8%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">10%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.2%</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The underlying bond funds normally invest principally in fixed-income securities, the underlying stock funds normally invest principally in equity securities, and the underlying money market fund, Transamerica Government Money Market, normally invests principally in U.S. government securities and/or repurchase agreements collateralized by U.S. government securities. In attempting to respond to adverse market or other conditions or to process a large purchase or redemption within the fund, the Investment Manager may allocate assets of the fund without limit to the underlying money market fund. The fund may also have exposure to derivatives instruments, such as options, futures or forward contracts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and swaps through its investments in the underlying funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Each underlying fund has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund decides which securities to purchase and sell </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">for that underlying fund. The fund’s ability to achieve its investment objective depends largely on the performance of the underlying</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> funds in which it invests. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">It is not possible to predict the extent to which the fund will be invested in a particular underlying fund at any time. The fund may be a significant shareholder in certain underlying funds. The Investment Manager may change the underlying funds in which the fund invests from time to time at its discretion without notice or shareholder</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> approval.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Allocation –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investment performance is significantly impacted by the fund’s asset allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class, investment style, technique or strategy, underlying fund or other issuer is incorrect. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. </span><span style="font-family:Times New Roman;font-size:10pt;">Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the </span><span style="font-family:Times New Roman;font-size:10pt;">value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Allocation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">  </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflicts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– The Investment Manager is subject to conflicts of interest in the selection and allocation of the fund’s assets among underlying funds. For example, the Investment Manager has an incentive to select an underlying Transamerica fund over an unaffiliated fund because it receives more revenue, even if the unaffiliated fund has better investment performance or lower total expenses. The Investment Manager also has an incentive to allocate the fund’s assets to those underlying funds paying the highest net management fees to the Investment Manager, to those which are sub-advised by an affiliate of the Investment Manager, and/or to subscale underlying funds to reduce amounts waived and/or reimbursed by the Investment Manager to maintain applicable expense caps.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Funds</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Investing in underlying funds subjects the fund to the risks of investing in the underlying securities or assets held by those underlying funds. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds' shares and therefore the value of the fund's investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The “List and Description of Certain Underlying Funds” section of the fund’s prospectus identifies certain risks of each underlying fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Class Variation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The underlying funds invest principally in the securities constituting their asset class (i.e., equity or fixed-income) or underlying index components. However, an underlying fund may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds at any given time, and the percentage of the fund's assets invested in various underlying funds, the fund's actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class, and this in turn may adversely affect the fund's performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hedging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund’s hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">securities may receive little or no collateral protection from the underlying assets.</span><span style="font-family:Times New Roman;font-size:10pt;"> Privately issued mortgage-backed and asset-backed</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity </span><span style="font-family:Times New Roman;font-size:10pt;">guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small and Medium Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Structure </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflicts </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Transamerica Asset Management, Inc. (“TAM”), the fund’s investment manager, has established an investment program whereby a substantial portion of the fund’s assets are invested in underlying Transamerica funds. TAM does not consider unaffiliated funds as underlying investment options for these assets, even if unaffiliated funds have better investment performance or lower total expenses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser to an underlying fund believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund acquired the assets and assumed the liabilities of two Transamerica Partners asset allocation funds, including Transamerica Institutional Asset Allocation - Short Horizon (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“predecessor </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">fund</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">”), on May 19, 2017, and the predecessor fund was the accounting</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganizations, and has not been </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">restated to reflect the annual operating expenses of Class R4 shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R4</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6.90%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-6.56%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0690 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.0656 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2000-09-11 0.0746 0.0162 0.0338 0.0567 -0.0069 0.0175 0.0443 0.0031 0.0197 0.0716 0.0136 0.0284 2017-05-19 0.0730 -0.0036 0.0201 0.0821 0.0211 0.0378 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Balanced II</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to provide a high total investment return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0048 0.0048 0.0048 0.0050 0.0025 0 0.0025 0.0025 0.0025 0.0123 0.0098 0.0073 -0.0013 -0.0023 -0.0010 0.0110 0.0075 0.0063 <span style="color:#000000;font-family:Times New Roman;font-size:8pt;">Other expenses are based on estimates for the current fiscal year.</span> <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 112 377 663 1477 77 289 519 1180 64 223 396 897 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">52</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.52 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Under normal circumstances, the fund invests approximately 60% of its net assets in equity securities and approximately 40% of its net assets in fixed-income securities (investing at least 25% of its net assets in fixed-income senior securities).The fund has two sub-advisers. J.P. Morgan Investment Management Inc. (the “equity sub-adviser”) manages the equity component of the fund and Aegon USA Investment Management, LLC (the “fixed-income sub-adviser”) manages the fixed-income component of the fund. Each sub-adviser varies the percentage of assets invested in any one type of security in accordance with its interpretation of economic and market conditions, fiscal and monetary policy, and underlying securities values. The fund’s investment manager, Transamerica Asset Management, Inc., monitors the allocation of the fund's assets between the equity sub-adviser and the fixed-income sub-adviser and rebalances the allocation periodically to maintain these </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">approximate allocations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00%;">●Equity component – The equity sub-adviser seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the equity component’s net assets in equity securities of large- and medium- capitalization U.S. companies. The fund may invest in foreign companies. The equity sub-adviser will normally keep the equity component as fully invested in equity securities as practicable. Industry by industry, the fund's weightings are generally similar to those of the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index. The equity sub-adviser normally does not look </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00%;">to overweight or underweight industries. Holdings by industry sector will normally approximate those of the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00%;">Index. The equity sub-adviser may, but is not required to, use index futures to equitize cash in order to gain general equity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market exposure. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00%;">As part of its investment process, the equity sub-adviser seeks to assess the impact of environmental, social and governance (“ESG”) factors on many issuers in the universe in which the fund invests. The equity sub-adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the fund’s investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers may be purchased and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00%;">retained by the fund for reasons other than material ESG factors while the fund may divest or not invest in securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of issuers that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00%;">●Fixed-income component – Under normal circumstances, the fixed-income component of the fund is invested primarily in investment grade debt securities, which may include: investment grade corporate debt securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Investment grade debt securities carry a rating of at least BBB from Standard &amp; Poor’s or Fitch or Baa from Moody’s or are of comparable quality as determined by the fixed-income sub-adviser. The fixed-income component’s portfolio weighted average duration will typically </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">range from 3 to 10 years. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00%;">The fixed-income sub-adviser may also invest the fund's assets in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations (“CLO”s), collateralized bond obligations (“CBO”s) and collateralized debt obligations (“CDO”s)), commercial mortgage-backed securities (“CMBS”), high quality short-term debt obligations and repurchase agreements. The fixed-income sub-adviser’s investments for the fund may include debt securities of foreign issuers, including emerging market debt securities. The fixed-income sub-adviser may invest the fund's assets in securities that are denominated in U.S. dollars </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and in foreign currencies. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest up to 10% of the fixed-income component’s net assets in emerging market debt securities and up to 10% of the fixed-income component’s net assets in high-yield debt securities (commonly referred to as “junk bonds”), but may invest no more than 15% of the fixed-income component’s net assets in emerging market debt securities and high-yield debt securities combined. The fixed-income sub-adviser considers emerging market countries </span><span style="font-family:Times New Roman;font-size:10pt;">to be those generally classified by major international financial </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">institutions, such as the World Bank, </span><span style="font-family:Times New Roman;font-size:10pt;">as less economically mature </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">than developed nations. Junk bonds are high-risk debt securities </span><span style="font-family:Times New Roman;font-size:10pt;">rated below investment grade. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">In managing the fund’s fixed-income component, the fixed-income sub-adviser uses a combination of a global “top-down” analysis of the macroeconomic and interest rate environment and proprietary “bottom-up” research of corporate and government debt, and other debt instruments. In the fixed-income sub-adviser’s “top-down” approach, the fixed-income sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary “bottom-up” research, the fixed-income sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The fixed-income sub-adviser uses this combined “top-down” and “bottom-up” approach to determine sector, security, yield curve positioning, and duration positions for the fixed-income component of the fund. The fixed-income sub-adviser’s research analysts also generally integrate ESG matters within their analytical process for investment grade corporate debt securities, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), certain cash equivalents (including corporate commercial paper), foreign issuers (including emerging markets debt securities) denominated in U.S. dollars and in foreign currencies and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The fixed-income sub-adviser’s research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, U.S. Treasury and agency securities, municipal bonds, repurchase agreements, derivatives, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the fixed-income sub-adviser’s investment process. The fixed-income sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The fixed-income sub-adviser’s research analysts do not take ESG factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">into consideration with respect to every investment in the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund's portfolio (such as shortening or lengthening duration), in an attempt to enhance </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">returns or for other purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may purchase securities on a when-issued, delayed delivery </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or forward commitment basis. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, </span><span style="font-family:Times New Roman;font-size:10pt;">government shutdowns, political developments,</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, </span><span style="font-family:Times New Roman;font-size:10pt;">technological developments (such as artificial intelligence </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and machine learning)</span><span style="font-family:Times New Roman;font-size:10pt;"> investor sentiment, the global and domestic </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. </span><span style="font-family:Times New Roman;font-size:10pt;">The market price of a security may also </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Class Allocation –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investment performance is significantly impacted by the fund’s asset class allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The fund’s balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.</span><span style="font-family:Times New Roman;font-size:10pt;"> Privately issued mortgage-backed and asset-backed</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity </span><span style="font-family:Times New Roman;font-size:10pt;">guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency Hedging –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Dollar Rolls – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund’s ability to purchase or repurchase securities may be restricted.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hedging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund’s hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation-Protected Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates, which represent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">is adjusted for inflation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Municipal Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Investment in municipal securities of issuers in Guam, Puerto </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small and Medium Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may </span><span style="font-family:Times New Roman;font-size:10pt;">have limited liquidity, may be harder </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">to sell at times and at prices the portfolio managers believe appropriate</span><span style="font-family:Times New Roman;font-size:10pt;"> and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sovereign Debt –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">To Be Announced (TBA) Transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund acquired the assets and assumed the liabilities of two Transamerica Partners funds, including Transamerica Partners Balanced (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“predecessor fund”), on September 15, 2017, and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R shares of the fund. The performance of Class R shares includes the performance of the predecessor fund prior to the reorganizations, and has not been restated to reflect the annual operating </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">expenses of Class R shares.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class R4 shares will be included after the share class has been in operation for one complete calendar year.</span><span style="font-family:Times New Roman;font-size:10pt;"> The returns for Class R4 shares would differ from those of Class R and Class I3 shares because they have different expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class R4 shares will be included after the share class has been in operation for one complete calendar year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">14.67%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-11.92%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.1467 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.1192 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 1994-07-05 0.1262 0.0816 0.0928 0.0605 0.0519 0.0741 0.1183 0.0602 0.0727 0.1325 0.0870 0.0972 2017-09-15 0.1788 0.1442 0.1482 0.0730 -0.0036 0.0201 0.1370 0.0847 0.0978 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Bond</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to provide high total return through a combination of current income and capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0039 0.0050 0.0031 0.0120 -0.0019 0.0101 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 103 362 641 1438 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">59</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.59 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Aegon </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">USA Investment Management, LLC (the “sub-adviser”), invests, under normal circumstances, at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities, which may include dollar rolls, U.S. government and foreign government bonds and notes (including emerging markets), mortgage-backed, commercial mortgage-backed, and asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), convertible bonds and other convertible securities, bank loans and loan participations,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> structured notes, and preferred securities. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Under normal circumstances, at least 70% of the fund’s net assets will be invested in (a) debt securities rated investment grade or higher (rated at least BBB by Standard &amp; Poor’s or Fitch or Baa by Moody’s) by at least two rating agencies or, if unrated, are determined to be of comparable quality by the sub-adviser; (b) securities issued or guaranteed by the U.S. government or its agencies or instrumentalities; (c) commercial paper rated Prime, Prime-1 or Prime-2 by NCO/Moody’s Commercial Paper Division, or A-1 or A-2 by Standard &amp; Poor’s; and/or (d) cash or cash equivalents. Up to 30% of the fund’s net assets may be invested in debt securities that do not meet the investment grade criteria referred to above (commonly known as “junk bonds”). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard &amp; Poor’s or Fitch or below Baa by Moody’s or, if unrated, determined to be of comparable quality by the fund’s sub-adviser). The fund may invest </span><span style="font-family:Times New Roman;font-size:10pt;">in securities</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">of any maturity and does not have a target average duration. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser uses a combination of a global “top-down” analysis of the macroeconomic and interest rate environments and global asset classes and proprietary “bottom-up” research of sectors, industries, issuers and individual securities. In the sub-adviser’s “top-down” approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement and relative value of markets and securities prices worldwide. In its proprietary “bottom-up” research of corporate and sovereign debt and other fixed-income securities, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined “top-down” and “bottom-up” approach to determine asset class, sector, security, yield curve and duration positions for the fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser’s</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> research analysts also generally integrate environmental, social and governance (“ESG”) matters within their analytical </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">process for foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, commercial mortgage-backed securities, certain asset-backed securities (including collateralized mortgage obligations), corporate bonds of issuers in the U.S. and foreign countries (including emerging markets), structured notes, certain preferred securities, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser’s research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in dollar rolls, U.S. government bonds and notes, U.S. agency securities, convertible bonds, other convertible securities, certain bank loans and loan participations, asset-backed commercial paper, cash, certain cash equivalent securities, equity securities, common stocks, rights, warrants, derivatives, repurchase agreements and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser’s investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser’s research analysts do not take ESG factors into consideration with respect to every investment</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">other purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may purchase securities on a when-issued, delayed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery, to be announced or forward commitment basis. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser considers emerging market countries </span><span style="font-family:Times New Roman;font-size:10pt;">to be those </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">generally classified by</span><span style="font-family:Times New Roman;font-size:10pt;"> major international financial institutions, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">such as the World Bank, </span><span style="font-family:Times New Roman;font-size:10pt;">as less economically mature than developed nations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity </span><span style="font-family:Times New Roman;font-size:10pt;">guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Bank Obligations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency Hedging –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Distressed or Defaulted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers’ continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Dollar Rolls – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund’s ability to purchase or repurchase securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be restricted.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Floating Rate Loans</span><span style="font-family:Times New Roman;font-size:10pt;"> – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to “High-Yield Debt Securities” risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan’s issuer, and adversely affect the fund’s investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater “Liquidity” risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hedging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund’s hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation-Protected Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments in loans are also subject to prepayment or call risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Municipal Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Investment in municipal securities of issuers in Guam, Puerto </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may result in substantial losses to the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sovereign Debt –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Structured Instruments – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund may invest in, or have exposure to, various types of structured instruments, including securities that have demand, tender or put features, or interest rate reset features. Structured instruments are a type of derivative instrument and the payment and credit qualities of these instruments derive from the assets embedded in the structure from which they are issued. Structured instruments may be leveraged and may behave in ways not anticipated by the fund, or they may not receive tax, accounting or regulatory treatment anticipated by the fund. Structured instruments may also be less liquid and more difficult to value accurately than more traditional securities and instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">To Be Announced (TBA) Transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2023</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6.76%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">9/30/2023</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-3.23%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0676 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2023-09-30 -0.0323 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2022-03-01 0.0675 0.0061 0.0506 -0.0087 0.0397 -0.0018 0.0730 0.0079 2022-03-01 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Capital Growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to maximize long-term growth.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0068 0.0050 0.0026 0.0144 -0.0003 0.0141 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 144 453 784 1722 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">74</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.74 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Morgan </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Stanley Investment Management Inc. (the “sub-adviser”), under normal circumstances, seeks long-term capital growth by investing primarily in established and emerging companies with capitalizations at the time of purchase within the range of companies included in the Russell 1000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Growth Index</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</span><span style="font-family:Times New Roman;font-size:10pt;">, which as of December 31, 2025, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">was between $</span><span style="font-family:Times New Roman;font-size:10pt;">1.57 billion and $4.53 trillion. The fund typically </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">invests in a relatively small number of companies. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market </span><span style="font-family:Times New Roman;font-size:10pt;">favors “value” stocks. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emerging market or developing countries, securities classified as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), American Depositary Shares (“ADSs”) or Global Depositary Shares (“GDSs”), foreign U.S. dollar denominated securities that are traded on a U.S. exchange and local shares of non-U.S. issuers. The sub-adviser considers an issuer to be from a particular country if (i) its principal securities trading market is in that country; (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue from goods produced, sales made or services performed in that country; or (iii) it is organized under the laws of, or has a principal office in, that country. By applying these tests, it is possible that a particular company could be deemed to be from more than one country. The securities in which the fund may invest may be denominated in U.S. dollars or in currencies other than U.S. dollars. The fund may, but is not required to, utilize foreign currency forward exchange contracts, which are derivatives, in connection with investments in foreign securities, and may, but is not required to, purchase and sell certain derivative instruments, such as options, for various portfolio management purposes. The fund’s equity investments may include common and preferred stocks, convertible securities</span><span style="font-family:Times New Roman;font-size:10pt;">, rights and warrants to </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">purchase common stocks, depositary receipts, exchange-traded funds (“ETFs”), and other specialty securities having equity features. The fund may also invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. The fund may invest in companies with significant exposure to digital assets, such as Bitcoin, or the digital asset ecosystem. The fund does not invest directly in digital assets. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser emphasizes a “bottom-up” stock selection process, seeking attractive investments on an individual company basis. The sub-adviser integrates environmental, social and governance (</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“ESG”) factors into its investment process by using ESG factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">as a lens for additional fundamental research, which can contribute to its investment decision-making. This analysis of ESG factors is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG factors when making investment decisions.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;margin-left:0%;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;"> “Russell</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely impact securities markets as a whole.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Information Technology Sector – </span><span style="font-family:Times New Roman;font-size:10pt;">Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency Hedging –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively limit the risk of loss from derivatives.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Digital Assets – </span><span style="font-family:Times New Roman;font-size:10pt;">The fund may gain economic exposure to Bitcoin or other digital assets through investments in operating companies that accumulate Bitcoin or other digital assets and/or provide Bitcoin- or other digital assets-related products and services, and consequently the fund’s performance is subject to the risks of the applicable digital assets and the risks of the digital assets industry more generally. The trading prices of many digital assets have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of Bitcoin or other digital assets to which the fund has economic exposure could have a material adverse effect on the value of the fund’s shares. Digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">asset, and the capabilities and development of blockchain technologies. Digital assets represent a new and rapidly evolving industry. Changes in the governance of a digital asset network may not receive sufficient support from users and validators, which may negatively affect that digital asset network’s ability to grow </span><span style="font-family:Times New Roman;font-size:10pt;">and respond to challenges. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Cryptocurrencies, such as Bitcoin, are a subset of digital </span><span style="font-family:Times New Roman;font-size:10pt;">assets designed to act as a medium of exchange. Despite being referred to as “currencies,” crypto assets are not widely accepted as a means of payment, are not backed by any government or central bank, and are not legal tender. The value of digital assets is determined by supply and demand in the global markets, which consist primarily of transactions of the respective digital assets on electronic trading platforms or trading venues. Unlike the exchanges for more traditional assets, the regulation of digital asset trading platforms is highly fragmented. Due to the fragmentation and lack of oversight of these trading venues, there is a heightened potential for fraud and manipulation. Regulation in the U.S. is still developing.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small and Medium Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">part of its investment process.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Warrants and Rights – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or right.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, performance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R</span> <span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2025</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">32.18%</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2025</span><span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-10.37%</span> <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2025-06-30 0.3218 <span style="font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2025-03-31 -0.1037 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2022-03-01 0.2015 0.0786 0.2015 0.0786 0.1193 0.0614 0.1715 0.1319 2022-03-01 0.1856 0.1699 2022-03-01 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Core Bond</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to achieve maximum total return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0038 0.0038 0.0038 0.0025 0.0050 0 0.0005 0.0004 0.0005 0.0068 0.0092 0.0043 -0.0003 0.0000 0.0000 0.0065 0.0092 0.0043 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 66 215 376 844 94 293 509 1131 44 138 241 542 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">75</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.75 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Aegon </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">USA Investment Management, LLC (the “sub-adviser”), seeks to achieve the fund’s objective by investing, under normal circumstances, primarily in investment grade debt securities, which may include: investment grade corporate securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. Investment grade debt securities carry a rating of at least BBB from Standard &amp; Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the sub-adviser. The fund's weighted average duration will typically range from 3 to 10 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The fund may also invest in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations (“CLOs”), collateralized bond obligations (“CBOs”) and collateralized debt obligations (“CDOs”)), commercial mortgage-backed securities (“CMBS”), high quality short-term debt obligations, dollar rolls and repurchase agreements. The fund’s investments may include debt securities of foreign issuers, including emerging market debt securities. The fund may invest in securities </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">that are denominated in U.S. dollars and in foreign currencies. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest up to 10% of its net assets in emerging market debt securities and up to 10% of its net assets in high-yield debt securities (commonly referred to as “junk bonds”), but may invest no more than 15% of its net assets in emerging market debt securities and high-yield debt securities combined. The sub-adviser considers emerging market countries </span><span style="font-family:Times New Roman;font-size:10pt;">to be those generally classified</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> by</span><span style="font-family:Times New Roman;font-size:10pt;"> major international financial institutions, such as the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">World Bank, </span><span style="font-family:Times New Roman;font-size:10pt;">as less economically mature than developed nations. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard &amp; Poor’s or Fitch or below Baa by Moody’s or, if unrated, determined to be </span><span style="font-family:Times New Roman;font-size:10pt;">of comparable quality by the fund’s sub-adviser). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser uses a combination of a global “top-down” analysis of the macroeconomic and interest rate environment and proprietary “bottom-up” research of corporate, government and agency debt, and other debt instruments. In the sub-adviser’s “top-down” approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movements of markets and securities prices worldwide. In its proprietary “bottom-up” research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined “top-down” and “bottom-up” approach to determine sector, security, yield curve, and duration positions for the fund. The sub-adviser’s research analysts also generally integrate environmental, social and governance (“ESG”) matters within their analytical process for investment grade corporate debt securities, foreign government bonds and notes (including emerging markets), private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser’s research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, asset-backed commercial paper, dollar rolls, repurchase agreements, derivatives, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser’s investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser’s research analysts do not take ESG factors into consideration with respect to every investment in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">other purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may purchase securities on a when-issued, delayed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery, to be announced or forward commitment basis. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the fixed-income securities of an issuer.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity </span><span style="font-family:Times New Roman;font-size:10pt;">guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency Hedging –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Dollar Rolls – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund’s ability to purchase or repurchase securities may be restricted.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hedging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund’s hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation-Protected Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments in loans are also subject to prepayment or call risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Municipal Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Investment in municipal securities of issuers in Guam, Puerto </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sovereign Debt –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">To Be Announced (TBA) Transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are </span><span style="font-family:Times New Roman;font-size:10pt;">not funded by congressional </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">appropriations and the securities issued by them are </span><span style="font-family:Times New Roman;font-size:10pt;">neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund acquired the assets and assumed the liabilities of three Transamerica Partners funds, including Transamerica Partners Institutional Core Bond (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“predecessor fund”), on March 24, 2017, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganizations, and has not been restated to reflect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">annual operating expenses of Class R4 shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R4</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2023</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6.68%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-5.61%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0668 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-03-31 -0.0561 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2000-09-11 0.0671 -0.0047 0.0197 0.0496 -0.0185 0.0078 0.0395 -0.0092 0.0104 0.0655 -0.0069 0.0150 2017-03-24 0.0708 -0.0021 0.0200 2017-03-24 0.0730 -0.0036 0.0201 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Emerging Markets Equity</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0079 0.0079 0.0025 0.0050 0.0018 0.0017 0.0122 0.0146 <span style="font-family:Times New Roman;font-size:8pt;">Other expenses are based on estimates for the current fiscal year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on these assumptions your costs would be:</span> 124 387 670 1477 149 462 797 1746 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">35</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.35 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund seeks to achieve its investment objective by investing at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities (including American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”) and European Depository Receipts (“EDRs”)) of companies that are located and/or conduct substantial business activities in emerging markets, including frontier markets. The </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">fund’s sub-adviser, Thompson, Siegel &amp; Walmsley LLC (the “sub-adviser”) considers emerging market countries to be those countries included in the MSCI Emerging Markets Index, the fund’s benchmark, or the MSCI Frontier Markets Index. The fund will normally invest primarily in emerging market companies that the sub-adviser believes have above-average potential for capital appreciation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">based on its fundamental research and analysis. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four-factor valuation screen. The sub-adviser strives to identify companies whose shares are underpriced relative to their intrinsic value. The fund is managed with reference to the MSCI Emerging Markets Index as to country allocation, which may change over time, but the fund is not benchmark constrained. The sub-adviser intends, under normal circumstances, to have approximately 40-80 equity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities in the fund’s portfolio. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Pursuant to a value investing philosophy, the sub-adviser seeks to invest in securities that the sub-adviser believes provide a discount or “margin of safety” between a security’s price and what the sub-adviser believes to be the true value of the underlying business (which is sometimes referred to as “intrinsic value”). To first narrow the fund’s investment universe, the sub-adviser uses quantitative screening tools linked to a variety of relative value assessments (including cash flow, earnings and share price). Next, the sub-adviser combines fundamental research and qualitative analysis to make individual security selections. Within the investment universe, the sub-adviser seeks to invest in companies identified as having attractive risk-reward profiles. The sub-adviser considers these to be companies that it identifies as being both undervalued and having attractive fundamentals (such as revenues, earnings, or management). The sub-adviser also analyzes country-specific factors such as geopolitical risk and its potential impact on expected </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">returns. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser may invest in securities that are convertible into securities of foreign issuers. The sub-adviser will generally invest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in small, medium and large capitalization companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser may invest in unaffiliated investment companies, including exchange-traded funds (“ETFs”), and may also invest a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">portion of its assets in real estate investment trusts (“REITs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest a significant portion of its assets in investments located in or operating in one country or a small number of countries. The fund’s benchmark index currently includes substantial</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> exposure to China, including China A-shares.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Medium Capitalization Companies – </span><span style="font-family:Times New Roman;font-size:10pt;">The</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely impact securities markets as a whole.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Frontier Markets –</span><span style="font-family:Times New Roman;font-size:10pt;"> Frontier market countries generally have smaller economies and even less developed capital markets and legal, regulatory and political systems than emerging market countries. As a result, the risks of investing in emerging market countries are magnified in frontier market countries.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Information Technology Sector – </span><span style="font-family:Times New Roman;font-size:10pt;">Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Country Focus</span><span style="font-family:Times New Roman;font-size:10pt;"> – To the extent the fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in which the fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">China</span><span style="font-family:Times New Roman;font-size:10pt;"> – China and other emerging market countries may be subject to considerable degrees of economic, political and social instability. Markets in China and other Asian countries are relatively new and undeveloped. China’s economic health is largely </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">dependent upon exports, and may be dependent upon the economies of other Asian countries. Investments in Chinese and other Asian issuers could be adversely affected by changes in government policies, or trade or political disputes with major trading partners, including the U.S. China’s growing trade surplus with the U.S. has given rise to trade disputes and the imposition of tariffs. The U.S. has also restricted the sale of certain goods to China. In addition, the U.S. government has imposed restrictions on U.S. investor participation in certain Chinese investments. These matters could adversely affect China’s economy. China’s central government exercises significant control over China’s economy and may intervene in the financial markets, such as by imposing trading restrictions, and investments in Chinese issuers could be adversely affected by changes in government policies. The Chinese economy could be adversely affected by supply chain disruptions. An economic slowdown in China could adversely affect economies of other emerging market countries that trade with China, as well as companies operating in those countries. Economies of Asian countries and Asian issuers could be adversely affected by regional security threats. In addition, China’s long-running conflict over Taiwan’s sovereignty, border disputes with many neighbors and historically strained relations with other Asian countries could result in military conflict that could adversely impact the economies of China and other Asian countries, disrupt supply chains, and </span><span style="font-family:Times New Roman;font-size:10pt;">severely affect global economies and markets.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Taiwan</span><span style="font-family:Times New Roman;font-size:10pt;"> – The economy of Taiwan is heavily dependent on exports and key trading partners, including Japan, China, and the United States. Currency fluctuations, increasing competition from Asia’s other emerging economies, spending reductions by key trading partners, and conditions that weaken demand for Taiwan’s export products worldwide could have a negative impact on the Taiwanese economy as a whole. In addition, Taiwan lacks many natural resources, and, as such, price increases, shortages, or volatility in the commodities market could have an adverse effect on Taiwan’s economy. Concerns over Taiwan’s history of political contention and its current relationship with China also may have a significant impact on the economy of Taiwan.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">China A–Shares</span><span style="font-family:Times New Roman;font-size:10pt;"> – The fund may invest in equity securities of certain Chinese companies, directly or through exchange-traded funds (“ETFs”), collectively referred to as China A-shares, through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (collectively, the “Programs”). The Programs are subject to daily quota limitations, which may restrict the fund’s ability to invest in China A-shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the Programs are not trading, with the result that prices of China A-shares may fluctuate at times when the fund is unable to add to or exit its position. Only certain China A-shares are eligible to be accessed through the Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Programs. Because the Programs are new, the actual effect on the market for trading China A-shares with the introduction of large numbers of foreign investors is currently unknown. Further, regulations or restrictions, such as limitations on redemptions, suspension of trading and limitations on profits, may adversely impact the Programs and/or the fund’s investments through the Programs. There is no guarantee that applicable exchanges in Hong Kong and mainland China will continue to support the Programs in the future. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Investments in China A-shares are subject to risks specific to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the China market. Any significant change in mainland China’s political, social or economic policies may have a negative impact on investments in the China market. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">In addition, uncertainties in mainland China tax legislation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">could result in unexpected tax liabilities for a fund and therefore could affect the amount of income which may be derived, and the amount of capital returned, from the investments in China A-shares by the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">render records of fund assets and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">result </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future </span><span style="font-family:Times New Roman;font-size:10pt;">cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Real Estate Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund’s real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund’s real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">REITs</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The past performance information shown below is for Class I shares, which are offered in a separate prospectus. Although Class R and Class R4 shares would have similar returns as Class I shares because the classes are invested in the same portfolio of securities, the returns for Class R and Class R4 shares will differ from Class I shares to the extent that the classes have different expenses. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class R and Class R4 shares will be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">included after the share classes have been in operation for one </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">complete calendar year.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to August 30, 2024, the fund had a different name, a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to the previous </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sub-adviser.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The past performance information shown below is for Class I shares, which are offered in a separate prospectus. Although Class R and Class R4 shares would have similar returns as Class I shares because the classes are invested in the same portfolio of securities, the returns for Class R and Class R4 shares will differ from Class I shares to the extent that the classes have different expenses. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class R and Class R4 shares will be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">included after the share classes have been in operation for one </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">complete calendar year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Performance information for Class R and Class R4 shares will be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">included after the share classes have been in operation for one </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">complete calendar year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class I</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">20.98%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-26.10%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.2098 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2610 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2019-12-19 0.3764 0.0205 0.0443 0.3729 0.0187 0.0427 0.2248 0.0205 0.0388 0.3436 0.0467 0.0698 2019-12-19 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The total return information for Class I shares of the fund reflects </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the impact of certain payments by Transamerica to the class in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">2022.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Government Money Market</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks as high a level of current income as is consistent with preservation of capital and liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0024 0.0024 0.0024 0.0025 0.0025 0 0.0022 0.0013 0.0013 0.0071 0.0062 0.0037 -0.0002 -0.0012 0.0000 0.0069 0.0050 0.0037 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 70 225 393 881 51 186 334 763 38 119 208 468 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund is a government money </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">market fund. The fund seeks to maintain a stable net asset value </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of $1.00 per share by investing in: </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">high-quality, U.S. dollar-denominated short-term money market securities issued or guaranteed as to principal or interest by the U.S. government or its agencies or instrumentalities; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">repurchase agreements that are fully collateralized by U.S. government securities or cash; and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">cash. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund's sub-adviser, BlackRock Investment Management, LLC (the “sub-adviser”), invests at least 99.5% of the fund's total assets (plus the amount of borrowings, if any, for investment purposes) in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements fully collateralized by such obligations or cash. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, and repurchase agreements fully collateralized</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> by such obligations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund will enter into repurchase agreements only with financial institutions that the sub-adviser determines are creditworthy. A financial institution must furnish collateral to the fund at least equal in value to the amount of its repurchase obligation. This collateral must consist of U.S. government securities or cash. The sub-adviser is responsible for ensuring that each repurchase </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreement is eligible for purchase by the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund invests in accordance with the quality, maturity, liquidity and diversification requirements of Rule 2a-7 under the Investment Company Act of 1940 and other rules of the Securities and Exchange </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Commission. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis. The fund may invest in other government money </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market funds to the extent permitted by law. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">If the fund takes a temporary defensive position, it will be more difficult for the fund to achieve its investment objective. Although the sub-adviser has the ability to take temporary defensive positions, it may choose not to do so for a variety of reasons, including during </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">volatile market conditions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You could lose money by investing in the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund for losses, and you should not expect that the sponsor will provide financial support to the fund at any time, including </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">during periods of market stress.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – Factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning), investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, lack of liquidity or other disruptions in the bond markets, or other adverse market events and conditions could cause the value of your investment in the fund, or its yield, to decline. While the fund seeks to maintain a $1.00 share price, when market prices fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on U.S. government obligations, with unpredictable consequences for the fund's investments and the fund's ability to preserve the value of your investment at $1.00 per share, and generally for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">economies and markets in the U.S. and elsewhere.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Government Money Market Fund – </span><span style="font-family:Times New Roman;font-size:10pt;">The fund operates as a “government” money market fund under applicable federal regulations and invests in U.S. government securities. Circumstances could arise that would prevent the payment of interest or principal on U.S. government securities, which could adversely affect their value and the fund’s ability to preserve the value of your investment at $1.00 per share. An increased demand for U.S. government securities</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">could affect the availability of such instruments for investment and the fund's ability to pursue its investment strategies. The fund does not currently intend to avail itself of the ability to impose “liquidity fees” on fund redemptions, as permitted under Rule 2a-7. However, the Board reserves the right, with notice to shareholders, to change this policy.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate –</span><span style="font-family:Times New Roman;font-size:10pt;"> The interest rates on short-term obligations held in the fund will vary, rising or falling with short-term interest rates generally. The fund's yield will tend to lag behind general changes in interest rates. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities and could also result in increased redemptions from the fund. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase. During periods of extremely low or negative short-term interest rates, the fund may not be able to maintain a positive yield or total return or be able to preserve the value of your investment at $1.00 per share.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund may be unable or unwilling to meet its financial obligations or may be perceived (whether by market participants, ratings agencies, pricing services or otherwise) to be less creditworthy, or the value of assets underlying a security may decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund is subject to the risk that the investment manager’s or sub-adviser’s judgments and decisions may be incorrect or otherwise may not produce the desired results. The sub-adviser’s judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry or sector, or about the economy or interest rates, may be incorrect. The fund is also subject to the risk of imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, or the analyses employed or relied on, by the sub-adviser, if such tools, resources, information or data are used incorrectly, fail to produce the desired results or otherwise do not work as intended, or if the sub-adviser’s investment style fails to produce the desired results. Any of these things could cause the fund to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Redemption –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value. Redemption risk is greater to the extent that the fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. The redemption by one or more large shareholders of their holdings in the fund could have an adverse impact on the remaining shareholders in the fund. In addition, the fund may suspend redemptions when permitted by applicable regulations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Government Money Market Funds –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may invest in other government money market funds. Each of the underlying government money market funds in which the fund may invest has its own investment risks. There can be no assurance that the investment objective of any underlying government money market fund will be achieved. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying government money market funds in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The table </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">shows the fund’s average annual total returns for different periods. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s performance reflects the effect of contractual and voluntary fee waivers and/or expense reimbursements by TAM </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and amounts recaptured by TAM under such arrangements.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to November 1, 2018, the fund had a different sub-adviser and used different investment strategies. The performance set forth </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">prior to that date is attributable to the previous sub-adviser.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R2</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">7-DAY YIELD (as of December 31, 2025) </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Class R2 = 3.08%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2023</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">1.17%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">9/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">0.00%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0117 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-09-30 0.0000 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 0.0364 0.0275 0.0201 2017-10-13 0.0386 0.0300 0.0228 2017-10-13 0.0398 0.0307 0.0230 2017-05-19 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The total return information for Transamerica Government Money Market reflects the impact of certain contributions by TAM in 2021. Investors should not consider the resulting performance information as an indication of what the fund’s total returns will </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">be in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Call customer service at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> for the current 7-day </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">yield.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica High Yield Bond</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks a high level of current income by investing in high-yield debt securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0055 0.0055 0.0055 0.0025 0.0050 0 0.0006 0.0005 0.0006 0.0086 0.0110 0.0061 -0.0001 0.0000 0.0000 0.0085 0.0110 0.0061 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 87 273 476 1060 112 350 606 1340 62 195 340 762 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">42</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.42 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund's sub-adviser, Aegon </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">USA Investment Management, LLC (the “sub-adviser”), seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of the fund's net assets (plus the amount of borrowings, if any, for investment purposes) in high-yield bonds (commonly known as “junk bonds”). The fund normally invests </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">primarily in U.S. securities. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard &amp; Poor’s or Fitch or below Baa by Moody’s or, if unrated, determined to be of comparable quality by the sub-adviser). The sub-adviser seeks to achieve high returns for the fund while maintaining a reasonable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">risk profile. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser uses a combination of a global “top-down” analysis of the macroeconomic and interest rate environment and proprietary “bottom-up” research of corporate and sovereign debt, stressed and distressed securities, and other debt instruments. In the sub-adviser’s “top-down” approach, the sub-adviser analyzes various fundamental, technical, sentiment, and valuation factors that the sub-adviser believes affect the movement of markets and securities prices worldwide. This “top-down” analysis assists the sub-adviser in analyzing fund risk and allocating assets among sectors, industries, and credit quality categories. In its proprietary “bottom-up” research, the sub-adviser considers various fundamental and other factors, such as creditworthiness and capital structure. The sub-adviser uses this combined “top-down” and “bottom-up” approach to determine asset class, sector, security, yield curve and duration positions for the fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser’s research analysts also </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">generally integrate environmental, social and governance (“ESG”) matters within their analytical process for high-yield bonds, foreign securities (including emerging markets), investment grade bonds, certain asset-backed securities, private residential mortgage-backed securities, certain preferred equity, privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser’s research analysts typically do not consider ESG factors when </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">analyzing other investments, including, but not limited to, investments in certain bank loans, U.S. Treasury and agency mortgage-backed securities, common equity, cash, certain cash equivalent securities, asset-backed commercial paper, repurchase agreements and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser’s investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser’s research analysts do not take ESG factors into consideration with respect to every investment in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund has no maturity or duration requirements or limitations. The fund may invest in foreign securities, including up to 10% of its net assets in emerging market securities. The sub-adviser considers emerging market countries </span><span style="font-family:Times New Roman;font-size:10pt;">to be those generally classified</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> by</span><span style="font-family:Times New Roman;font-size:10pt;"> major international financial institutions, such as the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">World Bank, </span><span style="font-family:Times New Roman;font-size:10pt;">as less economically mature than developed nations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">To a lesser extent, the fund may invest in investment grade bonds, bank loans, asset backed and mortgage backed securities, preferred equity securities, common equity securities (received in connection with exchanges or restructurings) and cash equivalents. The fund may also invest in hybrid instruments having both debt and equity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">characteristics. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Distressed or Defaulted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks in addition to the risks of investing in high-yield debt securities. These securities are considered speculative with respect to the issuers’ continuing ability to make principal and interest payments. The fund may incur costs to protect its investment, and the fund could lose its entire investment. Distressed securities and any securities received in an exchange for such securities may be subject to restrictions on resale.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Bank Obligations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Energy Sector</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Industries in the energy segment, such as those engaged in the development, production and distribution of energy resources, can be significantly affected by supply and demand both for their specific product or service and for energy products in general. The price of oil, gas and other consumable fuels, exploration and production spending, government regulation, economic conditions (including sanctions), weather events, world events and disputes among energy-producing countries likewise may affect the productivity or performance of companies in these industries. Companies in the energy sector may also be at increased risk for litigation and negative publicity or public perception. Such events and related conditions may lead to increased volatility in the energy sector.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely impact securities markets as a whole.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Floating Rate Loans</span><span style="font-family:Times New Roman;font-size:10pt;"> – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to “High-Yield Debt Securities” risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan’s issuer, and adversely affect the fund’s investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater “Liquidity” risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hybrid Instruments –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Investing in hybrid instruments involves a combination of risks, including risks of investing in securities, commodities, options, futures, and currencies. An investment in a hybrid instrument may entail significant risks in addition to those associated with traditional fixed-income or convertible securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity </span><span style="font-family:Times New Roman;font-size:10pt;">guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Repurchase</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Agreements –</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">In a repurchase agreement, the fund purchases securities from a broker-dealer</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">or a bank, called the counterparty,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">upon the agreement of the counterparty to repurchase the</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">securities</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities,</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">but the fund may not be able to sell them for the</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R4</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">9.24%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-15.18%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.0924 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.1518 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2017-03-24 0.0830 0.0373 0.0434 0.0536 0.0140 0.0202 0.0484 0.0181 0.0228 0.0816 0.0353 0.0411 2017-03-24 0.0869 0.0404 0.0463 2017-03-24 0.0758 0.0006 0.0223 2017-03-24 0.0862 0.0450 0.0535 2017-03-24 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Inflation Opportunities</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks maximum real return, consistent with appreciation of capital.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0038 0.0038 0.0038 0.0025 0.0050 0 0.0016 0.0016 0.0016 0.0079 0.0104 0.0054 -0.0014 -0.0004 -0.0001 0.0065 0.0100 0.0053 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 66 238 425 965 102 327 570 1267 54 172 301 676 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">29</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.29 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, PineBridge </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Investments LLC (the “sub-adviser”), seeks to achieve the fund’s investment objective by normally investing the fund’s assets primarily in inflation-indexed fixed-income securities issued by domestic and foreign governments, their agencies or instrumentalities,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> and corporations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Inflation-indexed fixed-income securities are structured to provide protection against the negative effects of inflation. The value of an inflation-indexed fixed-income security’s principal or the interest income paid on the fixed-income security is adjusted to track changes in an official inflation measure, usually the Consumer Price Index for All Urban Consumers (“CPI-U”) with respect to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">domestic issuers. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may also invest in debt securities that are not inflation-indexed, including but not limited to securities issued or guaranteed by national governments, their agencies, instrumentalities, and political sub-divisions, securities of supranational organizations such as bonds, corporate debt securities, adjustable rate bonds, floating rate bonds, principal only bonds, Eurobonds, Eurodollar bonds and Yankee dollar instruments, zero coupon bonds, convertible notes, commercial paper, and commercial mortgage-backed and mortgage-backed and asset-backed securities. The fund also may invest in money market instruments with remaining maturities of one year or less, as well as repurchase agreements, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">cash and cash equivalents. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in securities of any maturity and does not have a target average duration. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates. The fund normally invests primarily in investment grade securities, but may invest up to 20% of its total assets in high yield securities (often referred to as “junk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">bonds”) rated BB or below by Moody’s Investors Service, Inc., or equivalently rated by Standard &amp; Poor’s Corporation or Fitch, Inc., or, if unrated, determined by the sub-adviser to be of comparable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">quality. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser uses both “top-down” and “bottom-up” analysis to determine security and duration positions for the fund. Both “top-down” and “bottom-up” approaches rely upon the same fundamental, valuation and technical framework and analysis of factors the sub-adviser believes affect pricing, including interest rates, inflation rates, liquidity and currency exposures. These factors are jointly determined and are interdependent. Security sales decisions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">are driven by the same criteria as purchase decisions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps (including, but not limited to, interest rate or foreign currency transactions, total return and credit default swaps), provided that the fund’s maximum swap underlying notional value exposure does not exceed 40% of the underlying market value of the fund’s portfolio. The sub-adviser regularly uses currency swaps, futures and/or forwards to hedge non-U.S. dollar currency exposure. These investment strategies may be employed in an effort </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">to either mitigate risk or generate income. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund's investments in securities issued by foreign governments may include securities issued by governments of emerging market countries. The sub-adviser considers emerging market countries as countries that major international financial institutions and financial organizations, such as the World Bank and Bloomberg, generally consider to be less economically mature than developed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">nations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">events, </span><span style="font-family:Times New Roman;font-size:10pt;">technological developments (such as artificial intelligence </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and machine learning)</span><span style="font-family:Times New Roman;font-size:10pt;"> investor sentiment, the global and domestic </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. </span><span style="font-family:Times New Roman;font-size:10pt;">The market price of a security may also </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation-Protected Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sovereign Debt –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">repaid may be collected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.</span><span style="font-family:Times New Roman;font-size:10pt;"> Privately issued mortgage-backed and asset-backed</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity </span><span style="font-family:Times New Roman;font-size:10pt;">guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency Hedging –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Money Market Funds –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> An investment in a money market fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.  A money market fund’s sponsor is not required to reimburse the fund for losses or to provide financial support to the fund. Although many money market funds seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in such money market funds. Certain other money market funds float their net asset value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">may result in substantial losses to the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how </span><span style="font-family:Times New Roman;font-size:10pt;">the fund’s performance has varied from year to year. The first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, performance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how </span><span style="font-family:Times New Roman;font-size:10pt;">the fund’s performance has varied from year to year. The first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R4</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">9/30/2024</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">4.02%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2024</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-2.49%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2024-09-30 0.0402 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2024-12-31 -0.0249 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2023-10-27 0.0609 0.0658 0.0440 0.0517 0.0359 0.0444 0.0567 0.0619 2023-10-27 0.0619 0.0673 2023-10-27 0.0758 0.0822 2023-10-27 0.0701 0.0646 2023-10-27 0.0911 0.0682 2023-10-27 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica International Equity</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks maximum long-term total return, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">consistent with reasonable risk to principal, by investing in a diversified</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> portfolio of common stocks of primarily non-U.S. issuers.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0071 0.0071 0.0071 0.0025 0.0050 0 0.0005 0.0007 0.0005 0.0101 0.0128 0.0076 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">on these assumptions your costs would be:</span> 103 322 558 1236 130 406 702 1545 78 243 422 942 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">13</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.13 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund seeks to achieve its investment objective by investing at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of foreign companies representing at least three countries other than the United States. The fund’s sub-adviser, Thompson, Siegel &amp; Walmsley LLC (the “sub-adviser”), currently anticipates investing in at least 12 countries other than the United States. The sub-adviser emphasizes established companies in individual foreign markets and seeks to stress companies and markets that it believes are undervalued. The sub-adviser expects capital growth to be the predominant component </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the fund’s total return. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Generally, the fund will invest primarily in common stocks of companies listed on foreign securities exchanges, but it may also invest in depositary receipts including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and European Depositary Receipts (“EDRs”). Although the fund will emphasize larger, more seasoned or established companies, it may invest in companies of varying sizes as measured by assets, sales or market capitalization. The fund will invest primarily in securities of companies domiciled in developed markets, but may invest up to 10% of its assets in securities of companies in emerging markets. The sub-adviser seeks to diversify the fund’s investments around the world and within markets in an effort to minimize specific </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">country and currency risks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser employs a relative value process utilizing a combination of quantitative and qualitative methods based on a four-factor valuation screen designed to outperform the MSCI Europe, Australasia and Far East (“EAFE”) Index. The sub-adviser also performs rigorous fundamental analysis. The fund is typically composed of approximately 80-120 stocks as a result of this process. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser generally limits the fund’s investment universe to companies with a minimum of three years of operating history. The sub-adviser employs a consistent sell discipline which includes a significant negative earnings revision, a stock being sold when the catalyst is no longer valid or another stock presents a more </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">attractive opportunity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small and Medium Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Financial Sector</span><span style="font-family:Times New Roman;font-size:10pt;"> – Companies in the financial services sector are subject to extensive governmental regulation and their profitability is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased competition. Credit rating downgrades resulting from financial difficulties of borrowers, decreased liquidity in credit markets, and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Country Focus</span><span style="font-family:Times New Roman;font-size:10pt;"> – To the extent the fund focuses its investments in a particular geographic region or country, or in securities quoted or denominated in the currency of a particular country, the fund may be subject to increased currency, political, regulatory, economic and other risks associated with that region or country. A natural or other disaster could occur in a geographic region in which the fund invests, which could affect the economy or particular business operations of companies in the specific geographic region. As a result, the fund may be subject to greater price volatility and risk of loss than a fund holding more geographically diverse investments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">could exacerbate these risks. Cybersecurity incidents may </span><span style="font-family:Times New Roman;font-size:10pt;">result </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future </span><span style="font-family:Times New Roman;font-size:10pt;">cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund acquired the assets and assumed the liabilities of three Transamerica Partners funds on March 10, 2017, and the fund was the accounting and performance survivor of the reorganizations. Transamerica Partners fund shareholders received Class R, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Class R4 or Class I3 shares of the fund in the reorganizations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R4</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">19.71%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-27.16%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2022-12-31 0.1971 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2716 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2017-03-10 0.3233 0.0895 0.0781 0.3003 0.0812 0.0706 0.2060 0.0699 0.0619 0.3196 0.0868 0.0754 2017-03-10 0.3265 0.0923 0.0808 2017-03-10 0.3189 0.0947 0.0925 2017-03-10 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Large Core ESG</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to provide capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0045 0.0045 0.0045 0.0025 0.0050 0 0.0011 0.0010 0.0010 0.0001 0.0000 0.0000 0.0010 0.0010 0.0010 0.0081 0.0105 0.0055 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 83 259 450 1002 107 334 579 1283 56 176 307 689 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">110</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 1.10 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of large-cap companies that have an MSCI ESG rating of A or higher. The fund considers large-cap companies to be the top approximately 1,000 companies by market capitalizations in the U.S. market. As of December 31, </span><span style="font-family:Times New Roman;font-size:10pt;">2025, the top 1,000 companies by market capitalization</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> in the U.S. market had a market capitalization of at least </span><span style="font-family:Times New Roman;font-size:10pt;">$1.3 billion. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s sub-adviser, PineBridge Investments LLC (the “sub-adviser”), believes companies should be analyzed in the context of their life cycle. The sub-adviser employs a process that categorizes companies according to where the sub-adviser believes they reside in their respective company life cycles, and then lets the categorization drive how the companies are analyzed for investment attractiveness. Through a quantitative framework, the sub-adviser ranks companies within what are considered fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). After quantitatively categorizing each company in the investment universe into their six main life-cycle categorizations, the sub-adviser’s alpha model then quantitatively assesses the attractiveness of each company based on numerous factors that are considered relevant to each life-cycle category. The model generates a numerical ranking based on this quantitative categorization and factor-based assessment,</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> which indicates the attractiveness of each stock. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser then employs an optimization process to construct the fund’s portfolio. The optimization process incorporates the output from the sub-adviser’s alpha model and includes an MSCI ESG ratings constraint and certain exclusionary constraints. Under the ratings constraint, the sub-adviser will normally invest at least 80% of the fund’s net assets in companies with an MSCI ESG rating of A or higher. The sub-adviser generally expects, as measured on a monthly basis, that at least 85% of the companies the fund holds will have an MSCI ESG rating of A or higher. The sub-adviser obtains third party ESG ratings information from MSCI. MSCI ESG ratings are intended to measure how well a company manages its material ESG risks and opportunities relative to industry peers. MSCI assigns each company an ESG rating on a seven-point scale ranging between “AAA” and “CCC,” with “AAA” </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">being the highest followed by “AA” and “A.” To arrive at a final ESG rating, MSCI uses a quantitative model to weigh a company’s environmental and social key issue scores and a governance pillar score relative to its industry peers. Under the exclusionary constraints, the sub-adviser will exclude investments in: companies that derive 10% or more of total annual revenue from thermal coal; companies that are United Nations Global Compact violators; and companies involved in controversial weapons (landmines, cluster munitions, chemical and biological weapons). These exclusions are based on third party classifications by MSCI obtained by the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">sub-adviser. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Final stock selection and portfolio positioning are subject to the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">discretion of the fund’s portfolio management team. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The equity securities in which the fund may invest include, but are not limited to, common stocks, depositary receipts, preferred stocks, and securities convertible into common stocks (such as warrants and rights). The fund may also invest up to 5% of its assets in index </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Additionally, the fund may also invest its assets in cash, cash equivalent securities or other short-term debt securities, money </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market funds and U.S. government securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Model and Data –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) (“Models”) or information or data supplied by third parties (“Data”) prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model’s development, implementation and maintenance, the Model’s assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Environmental, Social and Governance (“ESG”) Investing </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Applying the sub-adviser's ESG criteria to its investment analysis for the fund may impact the sub-adviser’s investment decisions as to securities of certain issuers and, therefore, the fund may forgo some investment opportunities available to funds that do not use ESG criteria or that apply different ESG criteria. Applying ESG criteria may impact the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors, which may impact the fund’s investment performance. The relevance and weightings of ESG criteria to the sub-adviser’s investment process may vary significantly across issuers, asset classes, industries and sectors. Securities of companies that are identified by the sub-adviser as having favorable ESG characteristics may shift into and out of favor depending on market and economic conditions, and a company’s ESG practices, or the sub-adviser’s assessment of such practices, may change over time. The fund’s performance may at times be better or worse than the performance of similar funds that do not use ESG criteria or that apply different ESG criteria. ESG is not a uniformly defined characteristic and applying ESG criteria involves a subjective assessment. There may be significant differences in views in what constitutes positive or negative ESG characteristics of a company. The sub-adviser’s ESG assessment of a company may differ from that of other funds or investors. The fund’s investments may include securities of issuers that derive revenue from non-ESG activities. ESG ratings and assessments of issuers can vary across third party data providers, and ESG data may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s ESG characteristics. Data inputs may include information self-reported by companies or from third party data providers. Regulation of ESG investing in the U.S. and abroad is evolving. Regulatory change regarding the definition and/or use of ESG criteria could have a material adverse effect on the fund’s ability to invest in accordance with its ESG strategy.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Information Technology Sector – </span><span style="font-family:Times New Roman;font-size:10pt;">Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">government or regulatory action. These companies may be developing or marketing new products or services for which markets </span><span style="font-family:Times New Roman;font-size:10pt;">are not yet established and may never become established.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">ESG Data</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – ESG information from third-party data providers may be incomplete, inaccurate, delayed or unavailable. There are not currently universally accepted ESG standards or standardized practices for researching, generating, or analyzing ESG data, classifications, screens, and ratings (“ESG Data”). The factors and criteria considered when generating ESG Data and the results of such ESG research may differ widely across third-party ESG Data providers. The evaluation of ESG factors and criteria is often subjective, is often evolving and subject to ongoing refinement, and the third-party ESG Data providers used by the fund may not identify or evaluate every relevant ESG factor and/or criteria with respect to every investment. Due to differences in various countries’ corporate disclosure and financial statement reporting obligations and availability, as well as timeliness of any such available information, a third-party ESG Data provider may not always be successful in identifying material ESG information about a particular company. The fund may invest in companies that do not reflect the beliefs or values of a particular investor and may not be deemed to exhibit the intended ESG characteristics if different metrics or ESG Data providers were used to evaluate them. Because ESG considerations are still an emerging area of investment focus, ESG information and metrics can be difficult to obtain or not able to be obtained. The evaluation of ESG factors and implementation of ESG-related investment restrictions (e.g., screens) rely on the availability of timely, complete, and accurate ESG Data reported by issuers and/or third-party research providers. ESG Data provided by third-party providers may be based on backward-looking analysis and data and may be subject to change in the future. The successful implementation of the fund’s strategy is therefore dependent, in part, on the ESG factors identified and considered and research methodologies employed by applicable third-party ESG Data providers, as well as the timely availability of accurate information. Due to the specialized resources necessary to obtain ESG-related information underlying or related to the ESG Data provided by applicable third-party ESG research firms, the sub-adviser does not independently test or verify the data provided by such firms.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Money Market Funds –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> An investment in a money market fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.  A money market fund’s sponsor is not required to reimburse the fund for losses or to provide financial support to the fund. Although many money market funds seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in such money market funds. Certain other money market funds float their net asset value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and credit of the U.S. government are </span><span style="font-family:Times New Roman;font-size:10pt;">not funded by congressional </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">appropriations and the securities issued by them are </span><span style="font-family:Times New Roman;font-size:10pt;">neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Warrants and Rights – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund acquired the assets and assumed the liabilities of three Transamerica Partners funds, including Transamerica Partners Institutional Large Core (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“predecessor fund”), on March 10, 2017, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganization, and has not been restated to reflect the annual operating </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">expenses of Class R4 shares. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to September 1, 2018, the fund had a different sub-adviser, a different investment objective and used different investment strategies. The performance set forth prior to that date is attributable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> to the previous sub-adviser. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to March 1, 2023, the fund was named Transamerica Large Core and the fund’s investment strategies did not include an ESG overlay. The performance set forth prior to that date reflects the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s former investment strategies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R4</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">20.70%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-20.43%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.2070 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2043 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2000-09-11 0.1737 0.1423 0.1337 0.1327 0.1054 0.1055 0.1278 0.1050 0.1023 0.1718 0.1394 0.1340 2017-03-10 0.1771 0.1450 0.1395 2017-03-10 0.1788 0.1442 0.1482 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Large Growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seek to maximize long-term growth.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0065 0.0065 0.0065 0.0025 0.0050 0 0.0007 0.0006 0.0007 0.0097 0.0121 0.0072 -0.0007 0.0000 0.0000 0.0090 0.0121 0.0072 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 92 302 529 1183 123 384 665 1466 74 230 401 894 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">56</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.56 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="font-family:Times New Roman;font-size:10pt;">The fund normally invests </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">primarily in common stocks of companies that its sub-advisers, Morgan Stanley Investment Management Inc. (“MSIM”) and Wellington Management Company LLP (“Wellington Management”), believe have the potential for above average growth in earnings. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of large cap companies and other investments with similar economic characteristics. The fund considers large cap companies to be companies with market capitalizations that, at the time of initial purchase, exceed the market capitalization of the smallest company included in the Russell 1000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Growth Index</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</span><span style="font-family:Times New Roman;font-size:10pt;">, a benchmark of the fund. As of December</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> 31, </span><span style="font-family:Times New Roman;font-size:10pt;">2025, the market capitalization of the smallest company </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the Russell 1000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Growth Index was $1.57 billion. The fund </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">generally emphasizes common and preferred stocks listed on the New York Stock Exchange and other U.S. securities exchanges and, to a lesser extent, equity securities that are listed on foreign securities exchanges and those traded over-the-counter. The fund’s investment manager, Transamerica Asset Management, Inc., determines the allocation of the fund’s assets between MSIM and Wellington Management and rebalances the allocation periodically to normally maintain approximately a 50% allocation of the fund’s assets to each sub-adviser. The fund employs a growth style of investing. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for </span><span style="font-family:Times New Roman;font-size:10pt;">example, while the market favors “value” stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest up to 25% of its net assets in securities of foreign issuers, including issuers located in emerging market or developing countries and securities classified as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”), American Depositary Shares (“ADSs”) or Global Depositary Shares (“GDSs”), foreign U.S. dollar denominated securities that are traded on a U.S. exchange or local shares of non-U.S. issuers. MSIM may, but is not required to, utilize foreign currency forward exchange contracts, which are derivatives, in connection with </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">investments in foreign securities, and may, but is not required to, purchase and sell certain derivative instruments, such as options, for various portfolio management purposes. </span><span style="font-family:Times New Roman;font-size:10pt;">The fund</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">may</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">invest in companies with significant exposure to digital assets, such as </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Bitcoin</span><span style="font-family:Times New Roman;font-size:10pt;">, or</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">the digital asset ecosystem. The fund does not invest directly in digital assets. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Consistent with the fund’s objective and other policies, Wellington Management may, but is not required to, invest to a lesser extent in derivatives, including futures, forwards, options and swaps primarily for cash equitization purposes. The fund may also invest </span><span style="font-family:Times New Roman;font-size:10pt;">in warrants and rights. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">MSIM emphasizes a “bottom-up” stock selection process, seeking attractive investments on an individual company basis. MSIM integrates environmental, social and governance (“ESG”) factors into its investment process by using ESG factors as a lens for additional fundamental research, which can contribute to investment decision-making. This analysis of ESG factors is subjective and not determinative in the MSIM's investment process. MSIM may conclude that other attributes of an investment outweigh ESG </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">factors when making investment decisions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Wellington Management employs a “bottom-up” approach, using fundamental analysis to identify specific securities within industries or sectors for purchase or sale. A “bottom-up” approach evaluates individual companies in the context of broader market factors. Wellington Management’s stock selection process is derived from its observation that the quality and persistence of a company’s business is often not reflected in its current stock price. Central to the investment process is fundamental research focused on uncovering companies with improving quality metrics, business momentum, and attractive relative valuations. Wellington Management’s investment process is aided by a proprietary screening process that narrows the sub-adviser’s investment universe to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies that are consistent with its investment philosophy. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund uses multiple sub-advisers in an effort to control the volatility often associated with growth funds, but there can be no </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assurance that this strategy will succeed.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;margin-left:0%;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;"> “Russell</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, </span><span style="font-family:Times New Roman;font-size:10pt;">government shutdowns, political developments,</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, </span><span style="font-family:Times New Roman;font-size:10pt;">technological developments (such as artificial intelligence </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and machine learning)</span><span style="font-family:Times New Roman;font-size:10pt;"> investor sentiment, the global and domestic </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. </span><span style="font-family:Times New Roman;font-size:10pt;">The market price of a security may also </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely impact securities markets as a whole.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small and Medium Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. Securities of small and medium capitalization companies may be more volatile than and may underperform large capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Information Technology Sector – </span><span style="font-family:Times New Roman;font-size:10pt;">Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">government or regulatory action. These companies may be developing or marketing new products or services for which markets </span><span style="font-family:Times New Roman;font-size:10pt;">are not yet established and may never become established.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency Hedging –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the risk of loss from derivatives.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Digital Assets – </span><span style="font-family:Times New Roman;font-size:10pt;">The fund may gain economic exposure to Bitcoin or other digital assets through investments in operating companies that accumulate Bitcoin or other digital assets and/or provide Bitcoin- or other digital assets-related products and services, and consequently the fund’s performance is subject to the risks of the applicable digital assets and the risks of the digital assets industry more generally. The trading prices of many digital assets have experienced extreme volatility in recent periods and may continue to do so. Extreme volatility in the future, including further declines in the trading prices of Bitcoin or other digital assets to which the fund has economic exposure could have a material adverse effect on the value of the fund’s shares. Digital assets are bearer instruments and loss, theft, destruction, or compromise of the associated private keys could result in permanent loss of the asset, and the capabilities and development of blockchain technologies. Digital assets represent a new and rapidly evolving industry. Changes in the governance of a digital asset network may not receive sufficient support from users and validators, which may negatively affect that digital asset network’s ability to grow and respond to challenges. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Cryptocurrencies, such as Bitcoin, are a subset of digital </span><span style="font-family:Times New Roman;font-size:10pt;">assets designed to act as a medium of exchange. Despite being referred to as “currencies,” crypto assets are not widely accepted as a means of payment, are not backed by any government or central bank, and are not legal tender. The value of digital assets is determined by supply and demand in the global markets, which consist primarily of transactions of the respective digital assets on electronic trading platforms or trading venues. Unlike the exchanges for more traditional assets, the regulation of digital asset trading platforms is highly fragmented. Due to the fragmentation and lack of oversight of these trading venues, there is a heightened potential for fraud and manipulation. Regulation in the U.S. is still developing.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Warrants and Rights – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund acquired the assets and assumed the liabilities of three Transamerica Partners funds, including Transamerica Partners Institutional Large Growth (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“predecessor fund”), on </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">March 10, 2017, and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganization, and has not been restated to reflect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">annual operating expenses of Class R4 shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to October 18, 2019, the fund had a different co-sub-adviser, a different investment objective and used different investment strategies. Certain performance set forth prior to that date is attributable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> to that previous co-sub-adviser.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R4</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">43.50%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-31.31%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.4350 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.3131 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2000-09-11 0.1898 0.0673 0.1563 0.1096 0.0323 0.1238 0.1642 0.0489 0.1239 0.1857 0.0641 0.1628 2017-03-10 0.1912 0.0694 0.1686 2017-03-10 0.1715 0.1315 0.1429 0.1856 0.1532 0.1813 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Large Value Opportunities</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to provide long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0045 0.0045 0.0045 0.0025 0.0050 0 0.0007 0.0006 0.0007 0.0077 0.0101 0.0052 -0.0002 -0.0001 0.0000 0.0075 0.0100 0.0052 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. </span><span style="font-family:Times New Roman;font-size:10pt;">The Example</span><span style="font-family:Times New Roman;font-size:10pt;line-height:11.5pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">reflects applicable waivers and/or reimbursements</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> for the duration</span><span style="font-family:Times New Roman;font-size:10pt;line-height:11.5pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">of such arrangement(s). Although your </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">actual costs may be higher or lower, based on these assumptions </span><span style="font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 77 244 426 952 102 321 557 1235 53 167 291 653 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">123</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 1.23 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="font-family:Times New Roman;font-size:10pt;">The fund normally invests </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">primarily in issuers listed on U.S. exchanges with a focus on value stocks. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of large-cap value companies and other investments with similar economic characteristics. The fund considers large-cap value companies to be companies with market capitalizations that, at the time of initial purchase, exceed the market capitalization of the smallest company included in the MSCI USA Value Index. As of December 31, </span><span style="font-family:Times New Roman;font-size:10pt;">2025, the market </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">capitalization of the smallest company in the MSCI USA Value </span><span style="font-family:Times New Roman;font-size:10pt;">Index was approximately $8.34 billion. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s sub-adviser, PineBridge Investments LLC (the “sub-adviser”), employs a process that categorizes companies according to where the sub-adviser believes they reside in their respective company life cycles, and then lets the categorization drive how the companies are analyzed for investment attractiveness. Through a quantitative framework, the sub-adviser ranks companies within what are considered fundamentally similar groups of stocks based on six life-cycle stages (three types for growth companies and three for mature companies). After quantitatively categorizing each company in the investment universe into their six main life-cycle categorizations, the sub-adviser’s alpha model then quantitatively assesses the attractiveness of each company based on numerous factors that are relevant to each life-cycle category. The model generates a numerical ranking based on this quantitative categorization and factor-based assessment, which indicates the attractiveness of each stock. An optimization process is then used by the sub-adviser to build the fund’s portfolio using constraints relative to the fund’s primary benchmark. Final stock selection and portfolio positioning are subject to the discretion of the fund’s portfolio </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">management team. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The equity securities in which the fund may invest include, but are not limited to, common stocks, depository receipts, preferred stocks and securities convertible into common stocks (such as warrants and rights). The fund may also invest up to 5% of its assets in index exchange-traded funds (“ETFs”). Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">favors “growth” stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Additionally, the fund may also invest its assets in cash, cash equivalent securities or other short-term debt securities, money </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market funds and U.S. government securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">while the market favors “growth” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Model and Data –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> If quantitative models, algorithms or calculations (whether proprietary and developed by the sub-adviser or supplied by third parties) (“Models”) or information or data supplied by third parties (“Data”) prove to be incorrect or incomplete, any decisions made, in whole or part, in reliance thereon expose the fund to additional risks. Models can be predictive in nature. The use of predictive Models has inherent risks. The success of relying on or otherwise using Models depends on a number of factors, including the validity, accuracy and completeness of the Model’s development, implementation and maintenance, the Model’s assumptions, factors, algorithms and methodologies, and the accuracy and reliability of the supplied historical or other Data. Models rely on, among other things, correct and complete Data inputs. If incorrect Data is entered into even a well-founded Model, the resulting information will be incorrect. However, even if Data is input correctly, Model prices may differ substantially from market prices, especially for securities with complex characteristics. Investments selected with the use of Models may perform differently than expected as a result of the design of the Model, inputs into the Model or other factors. There also can be no assurance that the use of Models will result in effective investment decisions for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Money Market Funds –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> An investment in a money market fund is not a bank account, and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency.  A money market fund’s sponsor is not required to reimburse the fund for losses or to provide financial support to the fund. Although many money market funds seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money by investing in such money market funds. Certain other money market funds float their net asset value.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are </span><span style="font-family:Times New Roman;font-size:10pt;">not funded by congressional </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">appropriations and the securities issued by them are </span><span style="font-family:Times New Roman;font-size:10pt;">neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Warrants and Rights – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased, and they do not represent any rights in the assets of the issuing company. If the price of the stock to which the warrant or right relates does not rise above the exercise price or the warrant or right otherwise is not exercised before the expiration date, it generally expires without any value and the fund will lose any amount it paid for the warrant or right.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund acquired the assets and assumed the liabilities of three Transamerica Partners funds, including Transamerica Partners Institutional Large Value (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“predecessor fund”), on May 5, 2017, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganizations, and has not been restated to reflect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">annual operating expenses of Class R4 shares. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to September 1, 2018, the fund had a different sub-adviser, a different investment objective and used different investment strategies. The performance set forth prior to that date is attributable</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> to the previous sub-adviser.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R4</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">14.82%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-26.81%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.1482 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2681 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2000-09-11 0.0962 0.1162 0.0925 0.0539 0.0787 0.0664 0.0738 0.0821 0.0671 0.0922 0.1133 0.0910 2017-05-05 0.0978 0.1188 0.0964 2017-05-05 0.1715 0.1315 0.1429 0.1371 0.1111 0.1040 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Mid Cap Growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks long term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0071 0.0071 0.0071 0.0025 0.0050 0 0.0014 0.0014 0.0014 0.0110 0.0135 0.0085 -0.0015 0.0000 -0.0003 0.0095 0.0135 0.0082 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 97 335 592 1327 137 428 739 1624 84 268 468 1046 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">109</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 1.09 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="font-family:Times New Roman;font-size:10pt;">The fund normally invests </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">primarily in stocks of medium sized companies which the fund’s sub-adviser, Wellington Management Company LLP (the “sub-adviser”), believes will earn high returns on invested capital, benefit from long term secular growth trends, and meet the sub-adviser’s long term valuation criteria. Under normal circumstances, the sub-adviser invests at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in securities of medium sized (or mid-cap) companies and other investments with similar economic characteristics. The sub-adviser considers mid-cap companies to be companies with market capitalizations that, at the time of initial purchase, are within the range of capitalization of the companies that are included in the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Growth Index</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</span><span style="font-family:Times New Roman;font-size:10pt;">, a benchmark of the fund.</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;"> As of December</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> 31, </span><span style="font-family:Times New Roman;font-size:10pt;">2025, the market capitalizations of companies in the Russell </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Growth Index ranged from approximately $1.57 billion </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">to $</span><span style="font-family:Times New Roman;font-size:10pt;">101.87 billion. Over time, the capitalizations of the companies </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Growth Index will change. As they do, the size of the companies in which the fund invests may change. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund’s equity securities may include common stocks and preferred stocks listed on the New York Stock Exchange and on other national securities exchanges and, generally to a lesser extent, stocks that are traded over-the-counter. The fund normally emphasizes common stocks. The fund may also invest in foreign securities. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">example, while the market favors “value” stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may also invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase agreements and money market instruments. Generally, 5% or less of the fund’s </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets will be invested in cash and cash equivalents.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;margin-left:0%;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;"> “Russell</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Medium Capitalization Companies – </span><span style="font-family:Times New Roman;font-size:10pt;">The</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Information Technology Sector – </span><span style="font-family:Times New Roman;font-size:10pt;">Information technology companies face intense competition and potentially rapid product obsolescence, including due to rapid development of technological innovations and frequent new product introduction. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Such companies are also heavily dependent on intellectual property rights and may be adversely impacted by the loss, impairment of, or inability to enforce those rights. They are also facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action. These companies may be developing or marketing new products or services for which markets are not yet established and may never become established.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund acquired the assets and assumed the liabilities of three Transamerica Partners funds, including Transamerica Partners Institutional Mid Growth (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“predecessor fund”), on March 10, 2017, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganizations, and has not been restated to reflect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">annual operating expenses of Class R4 shares.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to December 1, 2018, the fund had a different sub-adviser and used different investment strategies. The performance set forth </span><span style="font-family:Times New Roman;font-size:10pt;">prior to that date is attributable to the previous sub-adviser and the investment strategies then in effect.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R4</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">32.60%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2022</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-24.00%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.3260 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2022-06-30 -0.2400 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2001-11-07 0.0738 0.0356 0.0931 0.0119 0.0022 0.0632 0.0683 0.0201 0.0669 0.0702 0.0322 0.0804 2017-03-10 0.0750 0.0371 0.0858 2017-03-10 0.1715 0.1315 0.1429 0.0866 0.0665 0.1249 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Mid Cap Value Opportunities</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to provide investors with long term capital growth.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0069 0.0069 0.0069 0.0025 0.0050 0 0.0006 0.0005 0.0006 0.0100 0.0124 0.0075 -0.0010 0.0000 0.0000 0.0090 0.0124 0.0075 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 92 308 543 1216 126 393 681 1500 77 240 417 930 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">59</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.59 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of mid cap companies. The fund's sub-adviser, Thompson, Siegel &amp; Walmsley LLC (the </span><span style="font-family:Times New Roman;font-size:10pt;">“sub-adviser”), considers mid cap companies </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">to be those companies, at the time of purchase, with market capitalizations within the range of companies included in the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Value Index</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</span><span style="font-family:Times New Roman;font-size:10pt;">, a benchmark of the fund, (between approximately</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> $7 billion and $</span><span style="font-family:Times New Roman;font-size:10pt;">59 billion as of June 30, 2025, the date of </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the last reconstitution). The size of the companies in the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Value Index will change with market conditions. The </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fund invests primarily in common stocks. The fund may invest in other equity and non-equity securities, including preferred stocks, convertible securities and foreign securities which may take the form of depositary receipts. The fund typically invests in a relatively</span><span style="font-family:Times New Roman;font-size:10pt;"> small number of companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser seeks to invest in companies it believes present a value or potential worth that is not recognized by prevailing market prices or that have experienced some fundamental changes and are intrinsically undervalued by the investment community. The sub-adviser's mid cap value process uses a combination of quantitative and qualitative methods and is based on a four-factor valuation screen. Parts one and two of the screen attempt to assess a company's discount to private market value relative to other mid cap stocks. The third factor considers the relative earnings prospects of the company. The fourth factor involves looking at the company's recent price action. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">time, for example, while the market favors “growth” stocks. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser's analysts also explore numerous factors that might affect the outlook for a company. They evaluate publicly available information including, but not limited to, sell-side research, company filings, and trade periodicals. The analysts may speak with company management to hear their perspectives and outlook on pertinent business issues. They apply a consistent and disciplined review in a team environment that encourages critical thinking </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and analysis for each company considered for investment. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser generally considers selling a security when the catalyst for the investment is no longer valid, when the sub-adviser believes that another stock will have a higher expected return, or for portfolio risk management. The fund generally engages in active and frequent trading of portfolio securities as part of its </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal investment strategy.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;margin-left:0%;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;"> “Russell</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Medium Capitalization Companies – </span><span style="font-family:Times New Roman;font-size:10pt;">The</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Convertible Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Convertible securities are subject to risks associated with both fixed-income and equity securities. For example, if market interest rates rise, the value of a convertible security typically falls. In addition, a convertible security is subject to the risk that the issuer will not be able to pay interest or dividends when due, and the market value of the security may change based on the issuer’s actual or perceived creditworthiness. Since the convertible security derives a portion of its value from the underlying common stock, the security is also subject to the same types of market and issuer-specific risks that apply to the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates rise.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R4</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">23.15%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-32.46%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.2315 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.3246 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2017-03-24 0.0986 0.0878 0.0767 0.0599 0.0554 0.0527 0.0851 0.0635 0.0565 0.0942 0.0839 0.0730 2017-03-24 0.0994 0.0894 0.0785 2017-03-24 0.1715 0.1315 0.1425 2017-03-24 0.1105 0.0983 0.0866 2017-03-24 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Multi-Managed Balanced</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks to provide a high total investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">return through investments in a broadly diversified portfolio of </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">stocks, bonds and money market instruments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0059 0.0050 0.0023 0.0132 -0.0011 0.0121 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 123 407 713 1581 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">50</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.50 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund invests approximately 60% of its net assets in equity securities and approximately 40% of its net assets in fixed-income securities (investing at least 25% of its net assets in fixed-income senior securities being those securities that rank above another security in the event of the company’s bankruptcy or liquidation). The fund has two sub-advisers. J.P. Morgan Investment Management Inc. (the “equity sub-adviser”) manages the equity component of the fund and Aegon USA Investment Management, LLC (the “fixed-income sub-adviser”) manages the fixed-income component of the fund. The fund's investment manager, Transamerica Asset Management, Inc., monitors the allocation of the fund's assets between the equity sub-adviser and the fixed-income sub-adviser and rebalances the allocation periodically to maintain these approximate</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> allocations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Each sub-adviser varies the percentage of assets invested in any one type of security in accordance with its interpretation of economic and market conditions, fiscal and monetary policy, and underlying </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities values. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Equity component</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The equity sub-adviser seeks to achieve the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">fund's objective by investing, under normal circumstances, at least 80% of the equity component’s net assets in equity securities of large- and medium-capitalization U.S. companies. The fund may invest in foreign companies. The equity sub-adviser will normally keep the equity component as fully invested in equity securities as practicable. Industry by industry, the fund's weightings are generally similar to those of the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index. The equity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">sub-adviser normally does not look to overweight or underweight industries. Holdings by industry sector will normally approximate those of the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Index. The equity sub-adviser may, but is </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">not required to, use index futures to equitize cash in order to gain </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">general equity market exposure. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As part of its investment process, the equity sub-adviser seeks to assess the impact of environmental, social and governance (“ESG”) factors on many issuers in the universe in which the fund invests. The equity sub-adviser’s assessment is based on an analysis of what it views as key opportunities and risks across industries to seek to identify financially material issues with respect to the fund’s investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers may be purchased and retained by the fund for reasons other than material ESG factors while the fund may divest or not invest in securities of issuers that may be positively</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> impacted by such factors. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fixed-income component </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Under normal circumstances, the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">fixed-income component of the fund is invested primarily in investment grade debt securities, which may include: investment grade corporate debt securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. Investment grade debt securities carry a rating of at least BBB from Standard &amp; Poor's or Fitch or Baa from Moody's or are of comparable quality as determined by the fixed-income sub-adviser. The fixed-income component’s portfolio weighted </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">average duration will typically range from 3 to 10 years. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fixed-income sub-adviser may also invest the fund's assets in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations (“CLOs”), collateralized bond obligations (“CBOs”) and collateralized debt obligations (“CDOs”)), commercial mortgage-backed securities (“CMBS”), high quality short-term debt obligations, dollar rolls and repurchase agreements. The fixed-income sub-adviser’s investments for the fund may include debt securities of foreign issuers, including emerging market debt securities. The fixed-income sub-adviser may invest the fund's assets in securities that are denominated</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> in U.S. dollars and in foreign currencies. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest up to 10% of the fixed-income component’s net assets in emerging market debt securities and up to 10% of the fixed-income component’s net assets in high-yield debt securities (commonly referred to as “junk bonds”), but may invest no more than 15% of the fixed-income component’s net assets in emerging market debt securities and high-yield debt securities combined. The fixed-income sub-adviser considers emerging market countries </span><span style="font-family:Times New Roman;font-size:10pt;">to be those generally classified by major international financial </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">institutions, such as the World Bank, </span><span style="font-family:Times New Roman;font-size:10pt;">as less economically mature </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">than developed nations. Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard &amp; Poor’s or Fitch or below Baa by Moody’s or, if unrated, determined to be of comparable quality by the fund’s </span><span style="font-family:Times New Roman;font-size:10pt;">sub-adviser). </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">In managing the fund’s fixed-income component, the fixed-income sub-adviser uses a combination of a global “top-down” analysis of the macroeconomic and interest rate environment and proprietary “bottom-up” research of corporate and government debt, and other debt instruments. In the fixed-income sub-adviser’s “top-down” approach, the fixed-income sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary “bottom-up” research, the fixed-income sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The fixed-income sub-adviser uses this combined “top-down” and “bottom-up” approach to determine sector, security, yield curve positioning, and duration positions for the fixed-income component of the fund. The fixed-income sub-adviser’s research analysts also generally integrate ESG matters within their analytical process for investment grade debt securities, investment grade corporate debt securities, private residential mortgage-backed securities, certain asset-backed securities (including CLOs, CBOs and CDOs), CMBS, certain cash equivalents (including </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">corporate commercial paper), foreign issuers (including emerging markets debt securities) denominated in U.S. dollars or foreign currency and privately issued debt securities issued pursuant to Rule 144A or Regulation S alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The fixed-income sub-adviser’s research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, investments in U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, U.S. Treasury and agency securities, municipal bonds, dollars rolls, repurchase agreements, derivatives, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the fixed-income sub-adviser’s investment process. The fixed-income sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The fixed-income sub-adviser’s research analysts do not take ESG factors into consideration with respect to every </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment in the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund (such as shortening or lengthening duration), in an attempt to enhance returns or for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">other purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may purchase securities on a when-issued, delayed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery, to be announced or forward commitment basis. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, </span><span style="font-family:Times New Roman;font-size:10pt;">government shutdowns, political developments,</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, </span><span style="font-family:Times New Roman;font-size:10pt;">technological developments (such as artificial intelligence </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and machine learning)</span><span style="font-family:Times New Roman;font-size:10pt;"> investor sentiment, the global and domestic </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. </span><span style="font-family:Times New Roman;font-size:10pt;">The market price of a security may also </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities.</span><span style="font-family:Times New Roman;font-size:10pt;"> If the market prices of the fund’s securities and </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Asset Class Allocation –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investment performance is significantly impacted by the fund’s asset class allocation and reallocation from time to time. The value of your investment may decrease if the Investment Manager's judgment about the attractiveness, value or market trends affecting a particular asset class is incorrect. The fund’s balance between equity and debt securities limits its potential for capital appreciation relative to an all-stock fund and contributes to greater volatility relative to an all-bond fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Capitalization Companies –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund’s investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect the liquidity of the fund’s investments and detract from fund performance. A variety of factors can impact interest rates, including central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the value of fixed-income securities to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets.</span><span style="font-family:Times New Roman;font-size:10pt;"> Privately issued mortgage-backed and asset-backed</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity </span><span style="font-family:Times New Roman;font-size:10pt;">guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency Hedging –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The fund may hedge its currency risk using currency futures, forwards or options. However, hedging strategies and/or these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging strategy or instrument. Certain countries may also impose restrictions on the exchange or export of currency or adverse currency exchange rates and may be characterized by a lack of available currency hedging instruments.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Dollar Rolls – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund’s ability to purchase or repurchase securities may be restricted.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal remedies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hedging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund’s hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation-Protected Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Medium Capitalization Companies – </span><span style="font-family:Times New Roman;font-size:10pt;">The</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions, including those experienced during a recession, have more limited product lines, operating histories, markets or capital resources, may be dependent upon a limited management group, experience sharper swings in market values, or have limited liquidity. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Municipal Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The municipal bond market can be susceptible to unusual volatility, particularly for lower-rated and unrated securities. Liquidity can be reduced unpredictably in response to overall economic conditions or credit tightening. Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenue, or that relate to a sector or industry, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund will be more susceptible to associated risks and developments. Municipal issuers may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. A number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or worsen. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Investment in municipal securities of issuers in Guam, Puerto </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rico, the U.S. Virgin Islands, or other U.S. territories, may have more risks than tax-exempt securities issued by other issuers due to the political, social and/or economic conditions in the particular territory.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Preferred Stock –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Preferred stocks may pay fixed or adjustable rates of return. Preferred stocks are subject to issuer-specific and market risks applicable generally to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company’s preferred stocks generally pay dividends only after the company makes required payments to creditors, including holders of its bonds and other debt. As a result, the market prices of preferred stocks are typically more sensitive to changes in the issuer's creditworthiness than are the prices of debt securities. The market value of preferred stocks generally decreases when interest rates rise.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Repurchase Agreements –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In a repurchase agreement, the fund purchases securities from a broker-dealer or a bank, called the counterparty, upon the agreement of the counterparty to repurchase the securities from the fund at a later date, and at a specified price. The securities purchased serve as the fund's collateral for the obligation of the counterparty to repurchase the securities. If the counterparty does not repurchase the securities, the fund is entitled to sell the securities, but the fund may not be able to sell them for the price at which they were purchased, thus causing a loss. If the counterparty becomes insolvent, there is some risk that the fund will not have a right to the securities, or the immediate right to sell the securities.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sector</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">Focus</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;">–</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">the fund invests more heavily in</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">sector </span><span style="font-family:Times New Roman;font-size:10pt;">and there is increased risk that the fund will lose significant </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">value if conditions adversely affect that sector</span><span style="font-family:Times New Roman;font-size:10pt;">. Individual sectors </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">may be more volatile</span><span style="font-family:Times New Roman;font-size:10pt;">, and may perform differently, from the broader market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sovereign Debt –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">To Be Announced (TBA) Transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to further losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are </span><span style="font-family:Times New Roman;font-size:10pt;">not funded by congressional </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">appropriations and the securities issued by them are </span><span style="font-family:Times New Roman;font-size:10pt;">neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2023</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">9.50%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">9/30/2023</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-3.02%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0950 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2023-09-30 -0.0302 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2022-03-01 0.1237 0.0823 0.1073 0.0678 0.0825 0.0615 0.1788 0.1406 2022-03-01 0.0730 0.0079 2022-03-01 0.1370 0.0877 2022-03-01 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Short-Term Bond</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks a high level of income consistent with minimal fluctuation in principal value and liquidity.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0037 0.0037 0.0037 0.0025 0.0050 0 0.0004 0.0004 0.0004 0.0066 0.0091 0.0041 -0.0001 0.0000 0.0000 0.0065 0.0091 0.0041 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 66 210 367 822 93 290 504 1120 42 132 230 518 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">58</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.58 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Aegon </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">USA Investment Management, LLC (the “sub-adviser”), seeks to achieve the fund’s objective by investing, under normal circumstances, at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. The fund’s portfolio weighted average duration will typically range from 1 to 2.5 years. Duration is a measure used to determine the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in interest rates. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Securities in which the fund may invest include: </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">corporate debt securities of U.S. issuers; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">debt securities of foreign issuers that are denominated in U.S. dollars, including foreign corporate issuers and foreign governments; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">asset-backed securities and mortgage-backed securities, including commercial mortgage-backed securities; </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">dollar rolls; and </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">bank loans. </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund expects to typically invest no more than 10% of its net assets, but may invest up to 20% of its net assets, in high-yield debt securities (commonly known as “junk bonds”). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard &amp; Poor’s or Fitch or below Baa by Moody’s or, if unrated, determined to be of comparable quality by the fund’s sub-adviser). The fund may invest up to 10% of its net assets in emerging market securities. The sub-adviser considers emerging market countries </span><span style="font-family:Times New Roman;font-size:10pt;">to be those generally classified</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> by</span><span style="font-family:Times New Roman;font-size:10pt;"> major international financial institutions, such as the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">World Bank, </span><span style="font-family:Times New Roman;font-size:10pt;">as less economically mature than developed nations. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser uses a combination of a global “top-down” analysis of the macroeconomic and interest rate environment and proprietary “bottom-up” research of corporate and government debt, and other debt instruments. In the sub-adviser’s “top-down” approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary “bottom-up” </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined “top-down” and “bottom-up” approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-adviser’s research analysts also generally integrate environmental, social and governance (“ESG”) matters within their analytical process for corporate debt securities of U.S. issuers, debt securities of foreign issuers that are denominated in U.S. dollars (including foreign corporate issuers and foreign governments), emerging markets debt securities, certain asset-backed securities, private residential mortgage-backed securities, commercial mortgage-backed securities, privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-adviser’s research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, dollar rolls, certain bank loans, bank obligations, savings association obligations, derivatives, repurchase agreements, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser’s investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser’s research analysts do not take ESG factors into consideration</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> with respect to every investment in the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures (including regularly employing interest rate futures), forward currency contracts and swaps, including, but not limited to, interest rate and total return swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund’s portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may purchase securities on a when-issued, delayed </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery, to be announced or forward commitment basis. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">S promulgated under the Securities Act of 1933, as amended.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Credit</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund is unable or unwilling to meet its financial obligations, or is downgraded or perceived to be less creditworthy (whether by market participants, ratings agencies, pricing services or otherwise), or if the value of any underlying assets declines, the value of your investment will typically decline. A decline may be rapid and/or significant, particularly in certain market environments. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against an issuer, obligor or counterparty.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Interest Rate</span><span style="font-family:Times New Roman;font-size:10pt;"> –The value of fixed-income securities generally goes down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. Changes in interest rates can be sudden and unpredictable and may expose the markets to significant volatility, which also may affect </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the liquidity of the fund’s investments</span><span style="font-family:Times New Roman;font-size:10pt;"> and detract from fund performance. A variety of factors can impact interest rates, including </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">central bank monetary policies and inflation rates. A general rise in interest rates may cause investors to sell fixed-income securities on a large scale, which could adversely affect the price and liquidity of fixed-income securities generally and could also result in increased redemptions from the fund. Increased redemptions could cause the fund to sell securities at inopportune times or depressed prices and result in further losses. </span><span style="font-family:Times New Roman;font-size:10pt;">Inflation</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">and interest rates have </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">been volatile and may increase in the future. Interest rate increases in the future may cause the value of fixed-income securities to decrease and, conversely, interest rate reductions may cause the </span><span style="font-family:Times New Roman;font-size:10pt;">value of fixed-income securities to increase.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Mortgage-Related and Asset-Backed Securities – </span><span style="font-family:Times New Roman;font-size:10pt;">The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid, which could negatively impact the fund. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. Privately issued mortgage-backed and asset-backed securities are not traded on an exchange and may have a limited market. Without an active trading market, these securities may be particularly difficult to value given the complexities in valuing the underlying collateral. Unlike mortgage-related securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other characteristics. Privately issued mortgage-related securities are also not subject to the same underwriting requirements for the underlying mortgages that are applicable to those mortgage-related securities that have a government or government-sponsored entity guarantee.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Fixed-Income Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Risks of fixed-income securities include credit risk, interest rate risk, counterparty risk, prepayment risk, extension risk, valuation risk, and liquidity risk. The value of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, tariffs and trade disruptions, wars, social unrest, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the value of a fixed-income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. If the value of fixed-income securities owned by the fund falls, the value of your investment will go down. The fund may lose its entire investment </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the fixed-income securities of an issuer.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Privately Placed and Other Restricted Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restricted securities, which include private placements of private and public companies, are subject to legal or contractual restrictions on their resale. Restricted securities may be difficult to sell at the time and price a fund prefers. Restricted securities may be difficult to value properly and may involve greater risks than securities that are not subject to restrictions on resale, both of which may result in substantial losses. An insufficient number of eligible buyers interested in purchasing restricted securities held by a fund could adversely affect the marketability of such securities and a fund might be unable to dispose of such securities promptly or at reasonable prices, adversely affecting a fund’s overall liquidity and performance. Restricted securities may not be listed on an exchange and may have no active trading market. A fund may incur additional expense when disposing of restricted securities. Restricted securities may involve a high degree of business and financial risk and may result in substantial losses to the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of assets or income from investment may be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the fund’s assets can decline as can the value of the fund’s distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Derivatives</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Risks of derivatives include leverage risk, liquidity risk, interest rate risk, valuation risk, market risk, counterparty risk and credit risk. Use of derivatives can increase fund losses, increase costs, reduce opportunities for gains, increase fund volatility, and not produce the result intended. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Even a small investment in derivatives can have a disproportionate impact on the fund. Derivatives may be difficult or impossible to sell, unwind or value, and the counterparty (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may default on its obligations to the fund. In certain cases, the fund may incur costs and may be hindered or delayed in enforcing its rights against or closing out derivatives instruments with a counterparty, which may result in additional losses. Derivatives are also generally subject to the risks applicable to the assets, rates, indices or other indicators underlying the derivative, including </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">market risk, credit risk, liquidity risk, management risk and valuation risk. Also, suitable derivative transactions may not be available in all circumstances or at reasonable prices. The value of a derivative may fluctuate more or less than, or otherwise not correlate well with, the underlying assets, rates, indices or other indicators to which it relates. Using derivatives also subjects the fund to certain operational and legal risks. The fund may segregate cash or other liquid assets to cover the funding of its obligations under derivatives contracts or make margin payments when it takes positions in derivatives involving obligations to third parties. Rule 18f-4 under the 1940 Act provides a comprehensive regulatory framework for the use of derivatives by funds and imposes requirements and restrictions on funds using derivatives. Rule 18f-4 could have an adverse impact on the fund’s performance and its ability to implement its investment strategies and may increase costs related to the fund’s use of derivatives. The rule may affect the availability, liquidity or performance of derivatives, and may not effectively </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the risk of loss from derivatives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Counterparty</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund could lose money if the counterparties to derivatives, repurchase agreements and/or other financial contracts entered into for the fund do not fulfill their contractual obligations. In addition, the fund may incur costs and may be hindered or delayed in enforcing its rights against a counterparty. These risks may be greater to the extent the fund has more contractual exposure to a counterparty.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Extension</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – When interest rates rise, payments of fixed-income securities, including asset- and mortgage-backed securities, may occur more slowly than anticipated, causing their market prices to decline.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Prepayment or Call</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Many issuers have a right to prepay their fixed-income securities. If this happens, the fund will not benefit from the rise in the market price of the securities that normally accompanies a decline in interest rates and may be forced to reinvest the prepayment proceeds in securities with lower yields.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Financial Sector</span><span style="font-family:Times New Roman;font-size:10pt;"> – Companies in the financial services sector are subject to extensive governmental regulation and their profitability is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change, changes in the rate of consumer or corporate debt defaults or due to increased competition. Credit rating downgrades resulting from financial difficulties of borrowers, decreased liquidity in credit markets, and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Bank Obligations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in bank obligations may expose the fund to adverse developments in or related to the banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make, affect the interest rates and fees they charge and reduce bank profitability.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Dollar Rolls – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund’s ability to purchase or repurchase securities may be restricted.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Emerging Markets</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investments in securities of issuers located or doing business in emerging markets are subject to heightened foreign investments risks and may experience rapid and extreme changes in value. Emerging market countries tend to have less developed and less stable economic, political and legal systems and regulatory and accounting standards, may have policies that restrict investment by foreigners or that prevent foreign investors such as the fund from withdrawing their money at will, and are more likely to experience nationalization, expropriation and confiscatory taxation. Emerging market securities may have low trading volumes and may be or become illiquid. In addition, there may be significant obstacles to obtaining information necessary for investigations into or litigation against issuers located in or operating in emerging market countries, and shareholders may have limited legal remedies.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Floating Rate Loans</span><span style="font-family:Times New Roman;font-size:10pt;"> – Floating rate loans are often made to borrowers whose financial condition is distressed or highly leveraged. These loans frequently are rated below investment grade and are therefore subject to “High-Yield Debt Securities” risk. There is no public market for floating rate loans and the loans may trade infrequently and be subject to wide bid/ask spreads. Many floating rate loans are subject to restrictions on resale. Floating rate loans held by the fund may be “covenant lite” loans that contain fewer or less restrictive constraints on the borrower or other borrower-friendly characteristics and offer fewer protections for lenders. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. In the event of a default, the fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. An economic downturn generally leads to a higher non-payment rate, and a loan may lose significant value before a default occurs. There is less readily available, reliable information about most senior loans than is the case for many other types of securities. Normally, the sub-adviser will seek to avoid receiving material, non-public information about the issuer of a loan either held by, or considered for investment by, the fund, and this decision could place it at a disadvantage, relative to other loan investors, in assessing a loan or the loan’s issuer, and adversely affect the fund’s investment performance. Floating rate loans may have trade settlement periods in excess of seven days, which may result in the fund not receiving proceeds from the sale of a loan for an extended period. As a result, the fund may be subject to greater “Liquidity” risk than a fund that does not invest in floating rate loans and the fund may be constrained in its ability to meet its obligations (including obligations to redeeming shareholders). The lack of an active trading market may also make it more difficult to value floating rate loans. Rising interest rates can lead to increased default rates as payment obligations increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Hedging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may buy and sell futures contracts, put and call options, forward contracts and other instruments as a hedge. The fund’s hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">High-Yield Debt Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or are of comparable quality. Changes in interest rates, the market’s perception of the issuers, the creditworthiness of the issuers and negative perceptions of the junk bond market generally may significantly affect the value of these bonds. Junk bonds are considered speculative, tend to be volatile, typically have a higher risk of default, tend to be less liquid and more difficult to value than higher grade securities, and may result in losses for the fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Inflation-Protected Securities – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates, which represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Leveraging</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – To the extent that the fund borrows or uses derivatives or other investments, such as ETFs, that have embedded leverage, your investment may be subject to heightened volatility, risk of loss and costs. Other risks also will be compounded because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have. Use of leverage may </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">times to satisfy its obligations.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Loans –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. The fund's investments in loans are also subject to prepayment or call risk.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sovereign Debt –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans, or the debt may be restructured. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as part of its investment process.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">To Be Announced (TBA) Transactions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">into the transaction. TBA transactions also involve the risk that a counterparty will fail to deliver the security, exposing the fund to </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">further losses.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">U.S. Government Securities</span><span style="font-family:Times New Roman;font-size:10pt;"> – U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities backed by the Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the financial condition or credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent the payment of interest or principal. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are not funded by congressional appropriations and the securities issued by them are neither issued nor guaranteed by the U.S. government.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Yield –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and the fund’s expenses could absorb all or a significant portion of the fund’s income. If interest rates increase, the fund’s yield may not increase proportionately.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would be lower. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R4</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2023</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">2.93%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2024</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">0.04%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2023-12-31 0.0293 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2024-12-31 0.0004 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2022-12-12 0.0546 0.0522 0.0370 0.0358 0.0321 0.0329 0.0529 0.0495 2022-12-12 0.0573 0.0549 2022-12-12 0.0758 0.0472 2022-12-12 0.0531 0.0474 2022-12-12 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The after-tax returns are calculated using the historic highest individual</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Small Cap Growth</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0087 0.0087 0.0087 0.0025 0.0050 0 0.0022 0.0022 0.0022 0.0134 0.0159 0.0109 -0.0019 -0.0005 -0.0009 0.0115 0.0154 0.0100 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 117 406 716 1596 157 497 861 1885 102 338 592 1321 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">47</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.47 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="font-family:Times New Roman;font-size:10pt;">Under normal circumstances, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund invests at least 80% of its net assets (plus the amount of borrowing, if any, for investment purposes) in stocks of small capitalization companies. The fund’s sub-adviser, Ranger Investment Management, L.P. (the “sub-adviser”), primarily focuses on seeking to identify high quality, high-growth small capitalization companies. The sub-adviser considers small capitalization companies to be companies with market capitalizations which, at the initial time of purchase, are within the capitalization range of issuers represented within the Russell 2000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Growth Index</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</span><span style="font-family:Times New Roman;font-size:10pt;">, a benchmark of </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the fund, which as of </span><span style="font-family:Times New Roman;font-size:10pt;">June</span><span style="font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Times New Roman;font-size:10pt;">27, 2025, the most recent reconstitution date of the index, was between $119.4 million and $7.4 billion. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser’s approach to security selection seeks quality growth companies by implementing a “bottom-up”, fundamental research driven security selection process. The sub-adviser’s focus is to attempt to identify companies with characteristics such as high recurring revenue, steady and/or accelerating sales growth, strong balance sheets and free cash flows, stable/expanding margins, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">and superior return on equity/return on invested capital. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">In addition to the quantitative analysis, careful consideration is given to qualitative analysis. The sub-adviser incorporates a preference towards companies with certain qualitative characteristics such as conservative accounting practices, seasoned management team with high corporate integrity, sustainable competitive advantage and ability to grow market share, sound corporate governance, and unique demand drivers. Once these quantitative and qualitative characteristics are analyzed, the sub-adviser then determines whether it believes a company is undervalued and has sufficient upside to the stock price to warrant an investment. The fund is managed using the growth style of investing. At any given time, growth stocks may be out of favor and underperform the overall equity </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">market. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser integrates environmental, social and governance (“ESG”) factors into the investment process. The sub-adviser's approach to ESG is non-concessionary, meaning that performance is not actively sacrificed over any ESG criteria, but that ESG criteria are considered as an integral part of the investment and risk mitigation process. The sub-adviser evaluates a company's ESG strengths and weaknesses based on its internal research process, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">public company documents, websites, SEC filings, third-party research, and conversations with management. The sub-adviser seeks to identify financially material ESG risks and/or opportunities for a company and the potential for financial impacts. The sub-adviser's ESG analysis is subjective and ESG factors are not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of a company outweigh </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">ESG factors when making investment decisions. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund may invest in foreign securities through American Depositary Receipts (“ADRs”), and generally will not invest more than 10% of the fund’s assets in foreign securities. The fund only invests </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">in securities traded on U.S. exchanges.</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;margin-left:0%;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;"> “Russell</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Growth Stocks </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">– Returns on growth stocks may not move in tandem with returns on other categories of stocks or the market as a whole. Growth stocks typically are particularly sensitive to market movements and may involve larger price swings because their market prices tend to reflect future expectations. When it appears those expectations may not be met, the prices of growth stocks typically fall. Growth stocks may also be more volatile because they often do not pay dividends. The values of growth stocks tend to go down when interest rates rise because the rise in interest rates reduces the current value of future cash flows. Growth stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Focused Investing –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests a significant portion of its assets in a limited number of countries, regions, sectors, industries or market segments, in a limited number of issuers, or in issuers in related businesses or that are subject to related operating risks, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries, segments or issuers, and the value of its shares may be more volatile than if it invested more widely.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">ESG Integration Data</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – ESG information from third-party data providers may be incomplete, inaccurate, delayed or unavailable. There are not currently universally accepted ESG standards or standardized practices for researching, generating, or analyzing ESG data, classifications, screens, and ratings (“ESG Data”). The factors and criteria considered when generating ESG Data and the results of such ESG research may differ widely across third-party ESG Data providers. The evaluation of ESG factors and criteria is often subjective, are often evolving and subject to ongoing refinement, and the third-party ESG Data providers used by the fund may not identify or evaluate every relevant ESG factor and/or criteria with respect to every investment. Due to differences in various countries’ corporate disclosure and financial statement reporting obligations and availability, as well as timeliness of any such available information, a third-party ESG Data provider may not always be successful in identifying material ESG information about a particular company. ESG Data provided by third-party providers may be based on backward-looking analysis and data and may be subject to change in the future. Due to the specialized resources necessary to obtain ESG-related information underlying or related to the ESG Data provided by applicable third-party ESG research firms, the sub-adviser does not independently test or verify the data provided by such firms.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sustainability and/or Environmental, Social and Governance</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> (“ESG”) Considerations – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The sub-adviser considers sustainability and/or ESG factors that it deems relevant, along with other factors and analysis, when sub-advising the fund. This usage of sustainability and/or ESG factors or criteria is sometimes referred to as “ESG integration.” The sub-adviser may consider sustainability and/or ESG factors on a meaningful portion of the fund’s investments. The sub-adviser may give little or no weight to sustainability and/or ESG factors for certain investments, and not every sustainability and/or ESG factor may be identified or evaluated for every investment. Consideration of sustainability and/or ESG factors is not determinative in the sub-adviser’s investment process, and the sub-adviser may conclude that other attributes of an investment outweigh sustainability and/or ESG considerations when making investment decisions. Applying sustainability and/or ESG factors as part of the fund’s security selection process may impact the sub-adviser’s investment decisions and may affect the fund’s exposure to risks associated with certain issuers, asset classes, industries and sectors. Sustainability and ESG factors are not uniformly defined and applying such factors involves subjective assessments. Sustainability and ESG ratings and assessments of issuers can vary across investment advisers (including sub-advisers) and third party data providers and may change over time. Sustainability and ESG factors can be difficult to apply consistently across issuers, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">regions, countries, industries and sectors. The application of these factors could negatively impact the fund’s performance. Sustainability and ESG information from issuers and from third party data providers may be incomplete, delayed, inaccurate or unavailable, which could lead to an incorrect assessment of a company’s sustainability or ESG characteristics. Regulation of sustainability and ESG investing in the U.S. and abroad is evolving. Regulatory changes with respect to ESG integration could impact the sub-adviser’s ability to consider sustainability and/or ESG criteria as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">part of its investment process.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R4</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">6/30/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">28.41%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-22.01%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-06-30 0.2841 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.2201 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2017-03-10 -0.0294 0.0006 0.0697 -0.0591 -0.0204 0.0472 0.0047 0.0005 0.0538 -0.0341 -0.0030 0.0658 2017-03-10 -0.0273 0.0020 0.0711 2017-03-10 0.1715 0.1315 0.1409 2017-03-10 0.1301 0.0318 0.0922 2017-03-10 <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span><span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.</span> <span style="font-family:Times New Roman;font-size:10pt;">In certain cases, returns after taxes on distributions </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or returns after taxes on distributions and sale of fund shares are higher than returns before taxes for the period shown because </span><span style="font-family:Times New Roman;font-size:10pt;">they reflect certain tax benefits.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-right:6pt;">Transamerica Small Cap Value</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Objective:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Fees and Expenses:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This table describes the fees and expenses </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">that you may pay if you buy, hold and sell shares of the fund. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">tables and examples below.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0080 0.0080 0.0080 0.0025 0.0050 0 0.0028 0.0027 0.0028 0.0133 0.0157 0.0108 -0.0023 -0.0017 -0.0019 0.0110 0.0140 0.0089 <span style="font-family:Times New Roman;font-size:8pt;">March 1, 2027</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Example:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">This Example is intended to help you compare the cost </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of investing in the fund with the cost of investing in other mutual </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. The Example reflects applicable waivers and/or reimbursements for the duration of such arrangement(s). Although your actual costs may be higher or lower, based on these assumptions </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">your costs would be:</span> 112 399 707 1581 143 479 839 1853 91 325 577 1300 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The fund pays transaction costs, such as </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund’s performance.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">During the most recent fiscal year, the portfolio turnover rate for </span><span style="font-family:Times New Roman;font-size:10pt;">the fund was </span><span style="font-family:Times New Roman;font-size:10pt;">27</span><span style="font-family:Times New Roman;font-size:10pt;">% of the average value of its portfolio.</span> 0.27 <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Principal Investment Strategies:</span> <span style="font-family:Times New Roman;font-size:10pt;">The fund’s sub-adviser, Systematic</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;"> Financial Management, L.P. (the “sub-adviser”) invests, under normal circumstances, at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of small-capitalization companies. The fund generally considers a small-capitalization company to be a company with a market capitalization within the range of the Russell</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> 2000 </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Index</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</span><span style="font-family:Times New Roman;font-size:10pt;"> at the time of initial purchase. As of December 31, 2025, </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">the market capitalization range of the Russell 2000</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:10pt;"> Index was </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">between $6 million and $</span><span style="font-family:Times New Roman;font-size:10pt;">31.29 billion. The equity securities in </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">which the fund invests are primarily common stocks of U.S. </span><span style="font-family:Times New Roman;font-size:10pt;">companies. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The sub-adviser generally will invest in common stocks of companies with small capitalizations that it views as attractively valued and possess relatively low price/cash flow ratios, low price/earnings ratios, low price/sales ratios, and/or low price/book ratios. The sub-adviser’s security selection process generally favors companies with strong operating cash flow, strong free cash flow, limited financial leverage and strong debt coverage. Trends in balance sheet items including inventories, accounts receivable, and payables are scrutinized as well. The sub-adviser also reviews the company’s products/services, market position, industry condition, financial and accounting policies, and quality of management.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Under normal market conditions, cash and cash equivalents are generally less than 5% of the portfolio value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks. The fund may invest up to 10% of its total assets in the securities of foreign issuers, including American Depositary Receipts (“ADRs”) and foreign securities trading on U.S. markets. The fund may also invest in real estate investment trusts (“REITs”) and may invest up to 5% of its total net assets in </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange traded funds (“ETFs”).</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;margin-left:0%;position:relative;top:-3.25pt;">1</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;"> “Russell</span><span style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:8pt;">” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the fund is not a bank deposit </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">You may lose money if you invest in this fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Market</span><span style="font-family:Times New Roman;font-size:10pt;"> – The market prices of the fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, government shutdowns, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, technological developments (such as artificial intelligence and machine learning) investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. The market price of a security may also fall due to specific conditions that affect a particular sector of the securities market, a particular industry or a particular issuer or group of issuers. To the extent that securities of certain issuers behave or are perceived to behave similarly to each other, the market prices of those securities (or the market as a whole) may fall in response to a decline in the price of a particular security or group of securities. If the market prices of the fund’s securities and assets fall, the value of your investment in the fund could go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">Economies and financial markets throughout the world are </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the fund’s investments may go down. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:7.00%;">The long-term consequences to the U.S. economy of the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the fund’s investments, and generally for economies and markets in the U.S. and elsewhere.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Value Investing – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. The value approach to investing involves the risk that stocks may remain undervalued, undervaluation may become more severe, or perceived undervaluation may actually represent intrinsic value. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Small Capitalization Companies –</span><span style="font-family:Times New Roman;font-size:10pt;"> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. Securities of small capitalization companies are generally more volatile than and may underperform larger capitalization companies, may have limited liquidity, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Equity Securities</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline. The fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Liquidity</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may make investments that are illiquid or that become illiquid after purchase. Illiquid investments can be difficult to value, may trade at a discount from comparable, more liquid investments, and may be subject to wide fluctuations in value. Liquidity risk may be magnified in rising interest rate or volatile environments. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a substantial loss or may not be able to sell at all. Liquidity of particular investments, or even entire asset classes, including U.S. Treasury securities, can deteriorate rapidly, particularly during times of market turmoil, and those investments may be difficult or impossible for the fund to sell. This may prevent the fund from limiting losses.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Valuation</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Certain investments may be more difficult to value than other types of investments. The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third party pricing services, or that are valued using a fair value methodology. These differences may increase significantly and affect fund investments more broadly during periods of market volatility. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued securities or had used a different valuation methodology. The fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third party service providers. Fair value pricing involves subjective judgment, which may prove to be incorrect.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Management</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of your investment may go down if the investment manager’s or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager’s or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Active Trading</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The fund may engage in active trading of its portfolio. Active trading will increase transaction costs and could detract from performance. Active trading may be more pronounced during periods of market volatility and may generate greater amounts of short-term capital gains.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Currency</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – The value of a fund’s investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk. Currency exchange rates can be volatile and may fluctuate significantly over short periods of time. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. A fund may be unable or may choose not to hedge its foreign currency exposure or any hedge may not be effective.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Cybersecurity</span><span style="font-family:Times New Roman;font-size:10pt;"> – Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to fund assets, fund or shareholder data (including private shareholder information), or proprietary information, cause the fund or its service providers (including, but not limited to, the fund’s investment manager, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the fund or their investment in the fund. Cybersecurity incidents may render records of fund assets and transactions, shareholder ownership of fund shares, and other data integral to the functioning of the fund inaccessible, inaccurate or incomplete. The use of artificial intelligence and machine learning could exacerbate these risks. Cybersecurity incidents may result in financial losses to the fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Depositary Receipts</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Depositary receipts are generally subject to the same risks as are the foreign securities that they evidence or into which they may be converted, and they may be less liquid than the underlying shares in their primary trading market. In addition, depositary receipts expose the fund to risk associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depositary bank and to the sponsors and other parties with whom the depositary bank establishes the programs. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">depositary receipts and vice versa.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Foreign Investments</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risks. Foreign markets can be less liquid, less regulated, less transparent and more volatile than U.S. markets. The value of the fund’s foreign investments may decline, sometimes rapidly or unpredictably, because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, including nationalization, expropriation or confiscatory taxation, reduction of government or central bank support, tariffs and trade disruptions, sanctions, political or financial instability, social unrest or other adverse economic or political developments. Foreign investments may also be subject to different accounting practices and different regulatory, legal, auditing, financial reporting and recordkeeping standards and practices, and may be more difficult to value than investments in U.S. issuers. Certain foreign clearance and settlement procedures may result in an inability to execute transactions or delays in settlement.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Large Shareholder – </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">A significant portion of the fund’s shares may be owned by one or more investment vehicles or institutional investors. Transactions by these large shareholders may be disruptive to the management of the fund. For example, the fund may experience large redemptions and could be required to sell securities at a time when it may not otherwise desire to do so. Such transactions may increase the fund’s brokerage and/or other transaction costs. These transactions may also accelerate the realization of taxable capital gains to shareholders. In addition, sizeable redemptions could cause the fund’s total expenses to increase.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Real Estate Securities –</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Investments in the real estate industry are subject to risks associated with direct investment in real estate. These risks include declines in the value of real estate, adverse general and local economic conditions, increased competition, overbuilding and changes in laws and regulations affecting real estate, operating expenses, property taxes and interest rates. If the fund’s real estate-related investments are concentrated in one geographic area or one property type, the fund will also be subject to the risks associated with that one area or property type. The value of the fund’s real estate-related securities will not necessarily track the value of the underlying investments of the issuers of such securities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">REITs</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have limited financial resources, may trade less frequently and in limited volume, may engage in dilutive offerings, and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Sector Focus – </span><span style="font-family:Times New Roman;font-size:10pt;">To the extent the fund invests more heavily in a particular market sector, the value of the fund’s shares will be especially sensitive to developments that significantly affect that sector and there is increased risk that the fund will lose significant value if conditions adversely affect that sector. Individual sectors may be more volatile, and may perform differently, from the broader market.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:7.00%;">Underlying Exchange-Traded Funds –</span><span style="font-family:Times New Roman;font-size:10pt;"> To the extent the fund invests its assets in underlying ETFs, its ability to achieve its investment objective will depend in part on the performance of the underlying ETFs in which it invests. Investing in underlying ETFs subjects the fund to the risks of investing in the underlying securities or assets held by those ETFs. Each of the underlying ETFs in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying ETFs’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying ETF will be achieved. To the extent that the fund invests more of its assets in one underlying ETF than in another, the fund will have greater exposure to the risks of that underlying ETF. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying ETFs in which it invests.</span> <span style="font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance:</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The fund acquired the assets and assumed the liabilities of three Transamerica Partners funds, including Transamerica Partners Institutional Small Value (the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">“predecessor fund”), on April 21, 2017, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and the predecessor fund was the accounting and performance survivor of the reorganizations. This means that the predecessor fund's financial and performance history became the financial and performance history of the fund. In the reorganization of the predecessor fund, former shareholders of the predecessor fund received Class R4 shares of the fund. The performance of Class R4 shares includes the performance of the predecessor fund prior to the reorganizations, and has not been restated to reflect the </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">annual operating expenses of Class R4 shares. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Absent any applicable fee waivers and/or expense limitations, </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Updated performance information</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;"> is available on our website at </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">Prior to November 1, 2018, the fund had a different sub-adviser and used different investment strategies. The performance set forth </span><span style="font-family:Times New Roman;font-size:10pt;">prior to that date is attributable to that previous sub-adviser. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">From November 1, 2018 through August 29, 2024, the fund had a different sub-adviser and used different investment strategies. The performance set forth for this period is attributable to that </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">previous sub-adviser.</span> <span style="font-family:Times New Roman;font-size:10pt;">The bar chart and the table below provide some </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The </span><span style="font-family:Times New Roman;font-size:10pt;">first </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">index in the </span><span style="font-family:Times New Roman;font-size:10pt;">table shows how the fund’s average annual total returns </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">for different periods compare to the returns of a broad measure of market performance</span><span style="font-family:Times New Roman;font-size:10pt;">.</span> <span style="font-family:Times New Roman;font-size:10pt;"> One or more secondary indices that the </span><span style="font-family:Times New Roman;font-size:10pt;margin-left:0%;">manager believes more closely reflect the market sectors and/or types of investments in which the fund invests also are used to </span><span style="font-family:Times New Roman;font-size:10pt;">measure the fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">As with all mutual funds, past performance (before and after taxes) is not a prediction of future results.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">www.transamerica.com/investments-fund-center</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">1-888-233-4339</span> <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Annual Total Returns (calendar years ended December 31) - Class R4</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Quarter Ended</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Return</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">12/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">35.47%</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">3/31/2020</span><span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">-38.29%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Best Quarter:</span> 2020-12-31 0.3547 <span style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Worst Quarter:</span> 2020-03-31 -0.3829 <span style="font-family:Times New Roman;font-size:8.5pt;font-weight:bold;">Average Annual Total Returns (periods ended December 31, 2025)</span> 2003-01-23 0.0938 0.0817 0.0708 0.0809 0.0222 0.0366 0.0647 0.0474 0.0473 0.0901 0.0789 0.0587 2017-04-21 0.0957 0.0840 0.0637 2017-04-21 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual after-tax returns may depend </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plan.</span> <span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">After-tax returns are presented for only one class, and returns </span><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">for other classes are presented before taxes only and will vary.</span> Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.40% for Class A shares, 2.13% for Class C shares, 1.10% for Class I shares, 1.00% for Class I2 shares and 1.00% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.15% for Class R4 shares, 1.54% for Class R shares and 1.00% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Other expenses are based on estimates for the current fiscal year. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.11% for Class A shares, 1.88% for Class C shares, 0.82% for Class I shares, 0.74% for Class I2 shares and 0.74% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.41% for Class R shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Class A shares of the fund purchased in amounts of $250,000 or more that are not subject to an initial sales charge may be subject to a 0.75% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.65% for Class R4 shares, 1.00% for Class R shares and 0.46% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Transamerica Capital, LLC has contractually agreed to waive 0.10% of the 0.25% distribution and service (12b-1) fees for Class A shares and 0.25% of the 1.00% distribution and service (12b-1) fees for Class C shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.01% for Class A shares, 1.76% for Class C shares, 0.76% for Class I shares and 0.73% for Class I2 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Management fees have been restated to reflect a reduction in management fees effective March 1, 2025. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.97% for Class A shares, 0.73% for Class I shares, 0.63% for Class I2 shares and 0.63% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. TAM has contractually agreed to reimburse 0.10% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Class T shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.07% for Class A shares, 1.90% for Class C shares, 0.88% for Class I shares, 0.78% for Class I2 shares and 0.78% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. TAM has contractually agreed to reimburse 0.09% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.75% for Class R4 shares, 1.00% for Class R shares and 0.65% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.29% for Class A shares, 2.05% for Class C shares, 0.99% for Class I shares, 0.89% for Class I2 shares and 0.89% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.10% for Class R4 shares, 1.40% for Class R shares and 0.89% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Acquired fund fees and expenses reflect the fund’s pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.52% for Class A shares, 1.31% for Class C shares, 0.30% for Class I shares, 0.77% for Class R shares and 0.35% for Class R3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture. The Transamerica Asset Allocation - Conservative Portfolio Blended Benchmark consists of 65% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 35% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign withholding taxes). Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.79% for Class A shares, 1.52% for Class C shares, 0.56% for Class I shares, 0.46% for Class I2 and 0.46% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. TAM has contractually agreed to reimburse 0.09% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.65% for Class R4 shares, 1.00% for Class R shares and 0.46% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. Other expenses are based on estimates for the current fiscal year. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.10% for Class R shares, 0.75% for Class R4 shares and 0.63% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. The Transamerica Balanced II Blended Benchmark consists of 60% S&P 500® Index and 40% Bloomberg US Aggregate Bond Index. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the Financial Highlights table, which include overdraft charges that are considered extraordinary expenses. Had these extraordinary expenses been included, Other Expenses would have been 0.41% for Class A shares, 0.21% for Class C shares, 0.16% for Class I shares, 0.06% for Class I2 shares and 0.06% for Class R6 shares. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.25% for Class A shares, 1.96% for Class C shares, 0.89% for Class I shares, 0.80% for Class I2 shares and 0.80% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the Financial Highlights table, which include overdraft charges that are considered extraordinary expenses. Had these extraordinary expenses been included, Other Expenses would have been 0.06% for Class R4 shares, 0.08% for Class R shares and 0.06% for Class I3 shares. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.90% for Class R4 shares, 1.25% for Class R shares and 0.79% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Other expenses are based on estimates for the current fiscal year. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.55% for Class A shares, 2.30% for Class C shares, 0.98% for Class I shares, 0.95% for Class I2 shares, 1.70% for Class R3 shares and 0.95% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. Other expenses are based on estimates for the current fiscal year. Acquired fund fees and expenses reflect the fund’s pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.35% for Class R4 shares and 0.60% for Class R shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. The Transamerica Asset Allocation Long Horizon Blended Benchmark consists of the following: 66% Russell 3000® Index2, 24% MSCI World Index ex-U.S., 4% Bloomberg US Aggregate Bond Index, 2% Bloomberg US Treasury Inflation Protected Securities Index, 2% ICE BofAML High Yield Master II Index, and 2% ICE BofAML U.S. 3 Month Treasury Bill Index. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Other expenses are based on estimates for the current fiscal year. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.20% for Class A shares, 1.95% for Class C shares, 0.97% for Class I shares, 0.87% for Class I2 shares and 0.87% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. In addition, TAM has contractually agreed to forego its ability to recapture amounts previously waived and/or reimbursed to the class under the expense limitation agreement through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees. TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.28% for Class A shares, 1.99% for Class C shares, 0.92% for Class I shares, 0.82% for Class I2 shares and 0.82% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.95% for Class R4 shares, 1.35% for Class R shares and 0.82% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Acquired fund fees and expenses reflect the fund’s pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.97% for Class A shares, 1.72% for Class C shares, 0.72% for Class I shares and 0.65% for Class I2 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. In addition, TAM has contractually agreed to forego its ability to recapture amounts previously waived and/or reimbursed to the class under the expense limitation agreement through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees. TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the Financial Highlights table, which include overdraft charges that are considered extraordinary expenses. Had these extraordinary expenses been included, Other Expenses would have been 0.42% for Class A shares, 0.31% for Class C shares, 0.24% for Class I shares, 0.14% for Class I2 shares and 0.15% for Class R6 shares. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.25% for Class A shares, 1.96% for Class C shares, 0.85% for Class I shares, 0.80% for Class I2 shares and 0.80% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. The Transamerica Emerging Markets Debt Blended Benchmark consists of J.P. Morgan Emerging Markets Bond Index Global Index, 35%; J.P. Morgan CEMBI Broad Diversified Index, 35%; and J.P. Morgan GBI-EM Diversified Global Index, 30%. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.95% for Class A shares, 1.71% for Class C shares, 0.65% for Class I shares, 0.53% for Class I2 shares and 0.53% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. In addition, TAM has contractually agreed to forego its ability to recapture amounts previously waived and/or reimbursed to the class under the expense limitation agreement through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.65% for Class R4 shares, 1.00% for Class R shares and 0.53% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. In addition, TAM has contractually agreed to forego its ability to recapture amounts previously waived and/or reimbursed to the class under the expense limitation agreement through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. The Transamerica Multi-Asset Income Blended Benchmark consists of the following: Russell 1000® Value Index2: 50%; ICE BofAML U.S. High Yield BB-B Rated Constrained Index: 45%; and ICE BofAML Fixed Rate Preferreds Securities Index: 5%. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Other expenses are based on estimates for the current fiscal year. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.69% for Class A shares, 1.36% for Class C shares, 0.35% for Class I shares and 0.30% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Acquired fund fees and expenses reflect the fund’s pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.55% for Class A shares, 1.35% for Class C shares, 0.30% for Class I shares, 0.78% for Class R shares and 0.24% for Class R3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture. Acquired fund fees and expenses reflect the fund’s pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.35% for Class R4 shares and 0.60% for Class R shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. The Transamerica Asset Allocation Intermediate Horizon Blended Benchmark consists of the following: 38% Russell 3000® Index2, 24% Bloomberg US Aggregate Bond Index, 12% MSCI World Index ex-U.S., 10% Bloomberg US Treasury Inflation Protected Securities Index, 8% ICE BofAML 1-3 Year U.S. Treasury Index, 6% ICE BofAML High Yield Master II Index and 2% ICE BofAML U.S. 3 Month Treasury Bill Index. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Acquired fund fees and expenses reflect the fund’s pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.52% for Class A shares, 1.32% for Class C shares, 0.29% for Class I shares, 0.76% for Class R shares and 0.30% for Class R3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture. The Transamerica Asset Allocation – Moderate Growth Portfolio Blended Benchmark consists of 30% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 70% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign withholding taxes). Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Acquired fund fees and expenses reflect the fund’s pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.52% for Class A shares, 1.31% for Class C shares, 0.29% for Class I shares, 0.75% for Class R shares and 0.35% for Class R3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. TAM has contractually agreed to reimburse 0.095% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture. The Transamerica Asset Allocation – Moderate Portfolio Blended Benchmark consists of 50% Bloomberg US Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) and 50% MSCI World Index (reflects no deduction for fees, expenses or taxes, except foreign withholding taxes). Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. The fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), has contractually agreed to reimburse 0.09% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.72% for Class A shares, 1.48% for Class C shares, 0.38% for Class I shares and 0.38% for Class I2 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount contractually waived and/or reimbursed that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. In addition to the contractual expense limitation arrangements, TAM or its affiliates may voluntarily waive fees and/or reimburse expenses of one or more classes of the fund in an effort to prevent the class’s yield from falling below zero. Any such waiver and/or expense reimbursement may be discontinued or modified at any time. Such waivers or reimbursements, if any, are not reflected in the fee table. Any amounts so waived or reimbursed are subject to recapture by TAM in certain circumstances. Please see the “Expense Limitation” section of the SAI for more details. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.69% for Class R2 shares, 0.50% for Class R4 shares and 0.38% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount contractually waived and/or reimbursed that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. In addition to the contractual expense limitation arrangements, TAM or its affiliates may voluntarily waive fees and/or reimburse expenses of one or more classes of the fund in an effort to prevent the class’s yield from falling below zero. Any such waiver and/or expense reimbursement may be discontinued or modified at any time. Such waivers or reimbursements, if any, are not reflected in the fee table. Any amounts so waived or reimbursed are subject to recapture by TAM in certain circumstances. Please see the “Expense Limitation” section of the SAI for more details. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Other expenses are based on estimates for the current fiscal year. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.94% for Class A shares, 1.78% for Class C shares, 0.65% for Class I shares, 0.56% for Class I2 shares and 0.56% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Acquired fund fees and expenses reflect the fund’s pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.23% for Class A shares, 0.84% for Class I shares, 0.81% for Class I2 shares and 0.81% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. In addition, TAM has contractually agreed to forego its ability to recapture amounts previously waived and/or reimbursed to the class under the expense limitation agreement through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees. Acquired fund fees and expenses reflect the fund’s pro rata share of the fees and expenses incurred by investing in other investment companies. Acquired fund fees and expenses are not included in the calculation of the ratios of expenses to average net assets shown in the Financial Highlights section of the fund’s prospectus. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.35% for Class R4 shares and 0.60% for Class R shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. The Transamerica Asset Allocation Short Horizon Blended Benchmark consists of the following: 46% Bloomberg US Aggregate Bond Index, 17% ICE BofAML 1-3 Year U.S. Treasury Index, 15% Bloomberg US Treasury Inflation Protected Securities Index, 10% ICE BofAML High Yield Master II Index, 8% Russell 3000® Index2, 2% MSCI World Index ex-U.S. and 2% ICE BofAML U.S. 3 Month Treasury Bill Index. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the Financial Highlights table, which include overdraft charges that are considered extraordinary expenses. Had these extraordinary expenses been included, Other Expenses would have been 0.08% for Class R4 shares, 0.07% for Class R shares and 0.08% for Class I3 shares. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.90% for Class R4 shares, 1.25% for Class R shares and 0.74% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.81% for Class R4 shares, 1.15% for Class R shares and 0.57% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Transamerica Capital, LLC has contractually agreed to waive 0.10% of the 0.25% distribution and service (12b-1) fees for Class A shares and 0.25% of the 1.00% distribution and service (12b-1) fees for Class C shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.81% for Class A shares, 1.54% for Class C shares, 0.49% for Class I shares and 0.51% for Class I2 shares, excluding, as applicable, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.90% for Class A shares, 1.57% for Class C shares, 0.50% for Class I shares, 0.48% for Class I2 shares and 0.48% for Class R6 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.01% for Class R shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. Class A shares of the fund purchased before September 1, 2024 in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. Class A shares of the fund purchased on or after September 1, 2024 in amounts of $250,000 or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 18 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Other expenses are based on estimates for the current fiscal year. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.21% for Class R shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. The fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), has contractually agreed to reimburse 0.085% of the transfer agency fees on Class I shares through March 1, 2027. This arrangement cannot be terminated before that date without the consent of the Board of Trustees and is not subject to recapture. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 0.85% for Class R4 shares, 1.10% for Class R shares and 0.65% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. Class A shares of the fund purchased in amounts of $1 million or more that are not subject to an initial sales charge may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 24 months of their purchase. A deferred sales charge may apply to certain redemptions of Class A shares of the fund purchased through an exchange from another Transamerica Fund. Purchases of Class C shares of the fund may be subject to a 1.00% contingent deferred sales charge if those shares are redeemed within 12 months of their purchase. A deferred sales charge may apply to certain redemptions of Class C shares of the fund purchased through an exchange from another Transamerica Fund. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2027 to waive fees and/or reimburse fund expenses to the extent that total annual fund operating expenses exceed 1.60% for Class A shares, 2.35% for Class C shares, 1.31% for Class I shares and 1.21% for Class I2 shares, excluding, as applicable, acquired fund fees and expenses, interest (including borrowing costs and overdraft charges), taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the fund’s business. These arrangements cannot be terminated prior to March 1, 2027without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class if the class’ total annual fund operating expenses have fallen to a level below the limits described above. In no case will TAM recapture any amount that would result, on any particular business day of the fund, in the class’ total annual operating expenses exceeding the applicable limits described above or any other lower limit then in effect. “Russell®” and other service marks and trademarks related to the Russell indexes are trademarks of the London Stock Exchange Group companies.