Prospectus by Investment Company - Form 497

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

Management fees

Distribution and service (12b-1) fees

Other expenses

Total annual fund operating expenses

Fee waiver and/or expense reimbursement²

Total annual fund operating expenses after fee waiver and/or expense reimbursement

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, 2026 to waive fees and/or reimburse fund expenses to the extent that the total annual fund operating expenses exceed 1.25% for Class A shares, 0.84% for Class I 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, 2026 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

Class I

Class R6