funds, other than the Transamerica Stable Value investment choice(s), is subject to market risk. Principal value and investment return will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than the original investment. Current performance may be lower or higher than the performance quoted herein. Fund portfolio statistics change over time. The fund is not FDIC insured, may lose value and is not guaranteed by a bank or other financial institution. Performance Performance shown reflects average annual total investment choice returns (except last quarter and year-to-date) for the period indicated. Other than for the Stable Value investment choice(s) (which are not mutual funds), total return shown reflects performance adjusted to reflect all actual ongoing investment choice expenses and assumes reinvestment of dividends and capital gains, but is not adjusted for sales charges or the effects of taxation. The expense ratios quoted show the maximum total operating expenses (gross expense ratio) of the investment choices corresponding mutual fund as well as the net expense ratio. The Total Net Expense Ratio is the Gross Expense Ratio less any interest expense and waivers. If applicable, interest expense results from a funds use of certain investments such as reverse repurchase agreements. Such expense is required to be treated as a fund expense for accounting purposes and is not payable to the fund. Any interest expense amount will vary based on the funds use of those investments as an investment strategy best suited to seek the objective of the fund. Waivers represent the elimination of all or part of a funds expenses and fees by voluntary or contractual agreement of the advisor. Expense waivers are classified based on the type of fee being waived. The type of waiver, if any, waiver amount and expiration date are provided in the investment choices summary section or investment fact sheets. The performance shown takes into account expense waivers in effect, if any, without which, performance would have been lower. Please see the fee table in the funds prospectus for more information. Performance does not take into account any plan fees, asset based charges, service charges or, if applicable, surrender or discontinuance charges. If adjusted for these charges, performance would be lower. Load-Adjusted Total Return is total return adjusted for sales charges. The sales charge adjusted for may not necessarily be consistent with the prospectus. Performance shown since inception is from the performance inception date shown next to the fund on the Investment Choices Performance Overview. Performance and investment related information shown herein is provided by Morningstar and/or its content providers. Transamerica Retirement Solutions (Transamerica) cannot and does not warrant that this information is accurate, complete, or timely. Asset Classes The investment choices have been assigned to various asset classes by Transamerica Retirement Solutions. They may not be representative of that particular asset class in the future. Explanation of Investment Styles and Risks Cash Equivalent/Money Market: An investment that is generally very short term and highly liquid, and has high credit quality. An investment in a cash equivalent or money market investment choice is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the investment seeks to preserve the value of your principal, it is possible to lose money by investing in this investment. Depending on the investment, not all money market investment choices will seek to maintain a $1.00 net asset value per share. Intermediate-Term Bonds: Debt securities issued by governments, corporations, and others, typically with durations of 3.5 to 6 years. The value of bonds changes in response to changes in economic conditions, interest rates, and the creditworthiness of individual issuers. Bonds can lose value as interest rates rise, and an investor can lose principal. Government Bonds: Debt securities issued by governments or their agencies (e.g., U.S. Treasury Bills). The value of bonds changes in response to changes in economic conditions, interest rates, and the creditworthiness of individual issuers. Bonds can lose value as interest rates rise, and an investor can lose principal. Any U.S. government guarantees of the securities pertain only to those securities and not to portfolios that invest in them. Large-Cap Value Stocks: An investment category that mostly comprises stocks of large companies that are believed to be priced below what they are really worth. Stocks have historically offered the potential for greater long-term returns, but also entail greater short-term risks than other investments. Value stocks may be subject to special risks that have caused the stocks to be out of favor and under valued in the opinion of the portfolio managers who invest in them. Large-Cap Blend Stocks: An investment category that mostly comprises both value and growth stocks of large companies. Stocks have historically offered the potential for greater long-term returns, but also entail greater short-term risks than other investments. Blend strategies are subject to both growth and value risks. Deposits made by plan participants are not subject to any front-end loads/sales fees of the mutual fund.
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