U.S. Equity Small Cap Growth Fund

INVESTMENT OBJECTIVE

The fund seeks long-term capital appreciation.

FUND FACTS

Net Assets	$168.13 Million (All Share Classes)
Sub-Adviser	Ranger Investment Management, L.P.
Primary Benchmark	Russell 2000^® Growth Index
Dividend Frequency	Annually
Morningstar Category	Small Growth

PORTFOLIO CHARACTERISTICS

Inception Dates	Class A - 08/31/2012 Class C - 08/31/2012 Class I - 08/31/2012 Class R6 - 07/25/2016 Advisor Class - 12/16/2016 Class R - 03/10/2017 Class R4 - 03/10/2017 Class T1 - 03/17/2017 Class I3 - 03/10/2017
Number of Holdings	47
Portfolio Turnover	80% (10/31/2017)
30-Day SEC Yield (Subsidized)	Class A - -0.71% Class C - -1.46% Class I - -0.46% Class R6 - -0.36% Advisor Class - -0.51% Class R - -0.88% Class R4 - -0.51% Class T1 - -0.58% Class I3 - -0.28%
30-Day SEC Yield (Unsubsidized)	Class A - -0.69% Class C - -1.44% Class I - -0.46% Class R6 - -0.36% Advisor Class - -0.55% Class R - -0.83% Class R4 - -0.60% Class T1 - -0.58% Class I3 - -0.36%

PORTFOLIO MANAGER(S)

W. Conrad Doenges
Andrew Hill
Joseph LaBate

PRODUCT PROFILE

A small cap strategy designed to help preserve and seek growth of capital.

Invests in growing high quality companies when they can be purchased at attractive valuations
Investment philosophy focused on bottom-up, fundamental research
Unique proprietary risk management process that includes real time portfolio monitoring

SUB-ADVISER

Ranger Investments

Ranger Investment Management, L.P. is a boutique investment advisor dedicated to managing small cap domestic equities portfolios. Ranger employs an investment philosophy which is centered on identifying high quality growth companies and implements a disciplined, bottom-up, fundamental research driven security selection process. Ranger is further dedicated to risk management and employs proprietary risk management tools within the management of its portfolio.

30-DAY SEC YIELD
The 30-Day SEC Yield is computed in accordance with a standardized method prescribed by rules of the SEC. The 30-Day SEC Yield is computed by dividing the fund's investment income per share earned during a particular 30-day base period by the maximum offering price per share on the last day of the base period, and then annualizing the result. The 30-Day SEC Yield is calculated at each month end and updated within the first ten business days of the following month. Be advised that the 30-Day SEC Yield calculation does not account for return of capital. Please refer to the most recent Annual Report for additional information regarding the composition of distributions. The subsidized 30-Day SEC Yield reflects the reimbursements or waivers of certain expenses. Had fees not been waived and/or expenses reimbursed, the yield would be lower. The unsubsidized 30-Day SEC Yield does not reflect reimbursements or waivers of expense fees.

FUND PERFORMANCE
*Expense ratios are as-of the most recent prospectus. Contractual arrangements (if applicable) have been made with the fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), through March 1, 2019.

**Reflects average annual returns. Returns for funds that are less than one year old are not annualized.

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%.

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 2000^® 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.

Small capitalization companies may have less experienced management, unpredictable earnings growth, and limited product lines, which can cause their share prices to fluctuate more than those of larger firms. 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.

Mutual Funds are sold by prospectus. Before investing, consider the funds' investment objectives, risks, charges, and expenses. This and other important information is contained in the prospectus. Please click here, or contact your financial professional to obtain a prospectus or, if available, a summary prospectus containing this information. Please read it carefully before investing.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, Inc.
1801 California St. Suite 5200, Denver, CO 80202

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 Small Cap Growth