U.S. Equity Multi-Cap Growth Fund

INVESTMENT OBJECTIVE

The fund seeks long-term capital appreciation.

FUND FACTS

Net Assets	$259.70 Million (All Share Classes)
Sub-Adviser	Alta Capital Management, LLC
Primary Benchmark	Russell 3000® Growth Index
Dividend Frequency	Annually
Morningstar Category	Large Growth
Lipper Category	Multi-Cap Growth

PORTFOLIO CHARACTERISTICS

Inception Dates	Class A - 03/01/2000 Class C - 11/11/2002 Class I - 11/30/2009 Advisor Class - 12/16/2016 Class T1 - 03/17/2017
Number of Holdings	31
Portfolio Turnover	101% (10/31/2016)

PORTFOLIO MANAGERS

Michael O. Tempest
Melanie H. Peche, CFA

PRODUCT PROFILE

A portfolio designed to generate excess return relative to the benchmark over the long term and primarily through stock selection.

Strategy is based on bottom-up and original fundamental research
Alta is expected to run a concentrated portfolio (30-35) with low annualized turnover (10-35%). The equity style is best described as GARP (growth at reasonable price) or quality growth
Alta will consider selling a position due to valuation, change in investment thesis and loss protection

SUB-ADVISER

Alta Capital Management

Established in 1981 (under the name Wagstaff Lodefink & Associates, LP, renamed Alta Capital Management, LLC (“Alta”) in 1997), Alta is a boutique investment management firm, with an experienced investment team. Alta manages assets for institutional and high-net-worth clients. Alta is known for its bottom-up and original fundamental research. Alta is a privately-owned firm managed by its principals who are actively involved in the firm’s day-to-day operations.

FUND PERFORMANCE

*Expense ratios are as-of the most recent prospectus. Contractual arrangements have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2018.
**Reflects average annual returns. Returns for funds that are less than one year old are not annualized.
***Formerly known as Transamerica Growth Opportunities.

Prior to March 22, 2011, the fund had a different sub-advisor, a different investment objective, and used different investment strategies to a previous sub-advisor.
Prior to March 1, 2016, the fund had a different sub-advisor, a different investment objective, used different investment strategies and had a different benchmark index.

The performance data presented here represents past performance; Past performance is not indicative of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Performance may not be available for all periods indicated. Net Asset Value (NAV) returns include reinvestment of dividends and capital gains, but do not reflect any sales charges. If a sales charge had been deducted, the results would have been lower. Public Offering Price (POP) returns include reinvestment of dividends and capital gains, and reflect the maximum sales charge.

Maximum sales charge for Class A shares is 5.50%.

Maximum applicable contingent deferred sales charges for Class B is 5.00% in the first year, decreasing to 0% after five years.

Purchases of Class C Shares are subject to a 1.00% contingent deferred sales charge if redeemed during the first 12 months of purchase.

There are no sales charges on Class I shares. Class I shares are currently primarily offered for investment to institutional investors including, but not limited to, fee-based programs, pension plans, and certain endowment plans and foundations.

There are no sales charges on Class I2 shares. Class I2 shares are currently primarily offered for investment by certain funds of funds.

Advisor Class shares are intended for purchase through self-directed accounts on transaction-based platforms that may or may not charge a transaction fee, broker-dealer sponsored fee-based wrap programs, fee-based advisory platforms and bank/trust products where fees are being charged.

Performance figures reflect any fee waivers and/or expense reimbursements by the Investment Manager. Without such waivers and/or reimbursements, the performance would be lower. Future waivers and/or reimbursements are at the discretion of the Investment Manager.

1 Year returns reflect total return.

RISK MEASURES

Standard Deviation is a statistical measurement that helps to gauge the fund's historical volatility. Historical Beta illustrates a fund's sensitivity to price movements in relation to a benchmark index. Alpha is a coefficient measuring the portion of a fund's return arising from specific (non-market) risk. Tracking Error is the difference between the price behavior of a fund and the price behavior of a benchmark. R-Squared is a statistical measure that represents the percentage of a fund's movements that can be explained by movements in a benchmark index. Sharpe Ratio is a risk-adjusted measure calculated by using standard deviation and excess return to determine reward per unit of risk. Information Ratio is a ratio of portfolio returns above those of a benchmark compared to the volatility of those returns.

U.S. allocations may include U.S. territories and possessions.

The Net Other Assets (Liabilities) category may include, but is not limited to, repurchase agreements, reverse repurchase agreements, security lending collateral, forward foreign currency contracts, and cash collateral.

The Russell 3000^® Growth Index is an unmanaged index used as a general measure of market performance. It is not possible to invest directly into an index. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. Russell Investment Group is the source and owner of the trademarks, service marks, and copyrights related to the Russell indexes. Russell® is a trademark of Russell Investment Group.

Returns on growth stocks may not move in tandem with return on other categories of stocks or the market as a whole. Growth stocks may be particularly susceptible to larger price swings or to adverse developments. Growth stocks as a group may be out of favor and under-perform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

Shares may be sold (or “redeemed”) on any day the New York Stock Exchange is open for business. Proceeds from the redemption of shares will usually be sent to the redeeming shareholder within three business days after receipt in good order of a request for redemption. However, Transamerica Funds has the right to take up to seven days to pay redemption proceeds, and may postpone payment under certain circumstances, as authorized by law.

Due to rounding, not all of the percentages will equal 100%.

Mutual funds are subject to market risk, including the loss of principal. Past performance is not indicative of future results.

Shares of the funds may only be sold by offering the funds’ prospectus. You should consider the investment objectives, risks, charges, and expenses of the funds carefully before investing. The prospectus contains this and additional important information regarding the fund. To obtain the prospectus and/or summary prospectus, please contact your financial professional or click here. The prospectus should be read carefully before investing.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, Inc.

Not insured by FDIC or any federal government agency. May lose value. Not a deposit of or guaranteed by any bank, bank affiliate, or credit union.

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Transamerica Multi-Cap Growth***