Release Date: 12-31-2016 Transamerica Partners High Yield Bond DVHYX... Benchmark BofAML US HY Master II TR USD Overall Morningstar Rating Morningstar Return Morningstar Risk QQQ Average Above Average Out of 602 High Yield Bond funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Investment Objective & Strategy From investment s prospectus The investment seeks to provide a high level of current income. The fund invests in securities through an underlying master fund having the same investment goals and strategies. The fund's sub-adviser, Aegon 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"). Fees and Expenses as of 05-01-16 Prospectus Net Expense Ratio 1.10% Total Annual Operating Expense 1.18% Maximum Sales Charge. 12b-1 Fee 0.25% Redemption Fee/Term. Waiver Data Type Exp. Date % ExpenseRatio Contractual 05-01-17 0.08 Performance 40 30 20 10 0-10 -20-30 Total Return% as of 12-31-16 Investment Benchmark Average annual, if greater than 1 year. YTD 1 Year 3 Year 5 Year 10 Year Since Inception 14.89 14.89 3.99 6.61 6.39 6.56 Fund Return % 14.89 14.89 3.99 6.61 6.39 6.56 Load-Adj. Return % 17.49 17.49 4.72 7.35 7.34 7.13 Benchmark Return %... 13.30 13.30 3.23 6.17 5.90 5.82 Category Average %.. QQQQ QQQ QQQ. Morningstar Rating.. 602 477 319. # of Funds in Category Quarter End Returns as of 12-31-16 YTD 1 Year 3 Year 5 Year 10 Year Since Inception Fund Return % 14.89 14.89 3.99 6.61 6.39 6.56 Standardized Return % 14.89 14.89 3.99 6.61 6.39 6.56 Performance Disclosure: The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor s shares, when redeemed, may be worth more or less than their original cost. Operations and Management Fund Inception Date 01-30-96 Portfolio Manager(s) Benjamin D. Miller, CFA Kevin Bakker, CFA Name of Issuer Transamerica Telephone 888-233-4339 Web Site www.transamericafunds.com Benchmark Description: BofAML US HY Master II TR USD The index measures the performance of short-term US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. It is capitalizationweighted. Category Description: High Yield Bond High-yield bond portfolios concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These portfolios generally offer higher yields than other types of portfolios, but they are also more vulnerable to economic and credit risk. These portfolios primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below. Portfolio Analysis as of 09-30-16 Composition as of 09-30-16 % Assets U.S. Stocks 0.0 Non-U.S. Stocks 0.0 Bonds 93.0 Cash 2.3 Other 4.7 Top 10 Holdings as of 09-30-16 % Assets Centurylink 7.65% 03-15-42 1.32 Sprint Nextel 144A 9% 11-15-18 1.25 Univision Comms 144A 6.75% 09-15-22 1.18 Gmac Cap Tr I Pfd 1.16 Intl Game Tech 144A 6.5% 02-15-25 1.08... Hca Hldgs 6.25% 02-15-21 1.07 Chs / Cmnty Health Sys 6.875% 02-01-22 1.02 Clear Channel Ww Hldgs 7.625% 03-15-20 1.02 Sprint 7.875% 09-15-23 0.95 Hughes Satellite Sys 7.625% 06-15-21 0.94... Total Number of Stock Holdings 0 Total Number of Bond Holdings 350 Annual Turnover Ratio % 44.00 Total Fund Assets ($mil) 122.73 Morningstar Fixed Income Style Box as of 09-30-16 Avg Eff Duration 3.68 Avg Eff Maturity 5.73 Avg Wtd Price 100.33 Ltd Mod Ext High Med Low Morningstar Sectors as of 09-30-16 % Fund % Category Government 0.19 8.84 Corporate 95.64 81.08 Securitized 1.85 2.52 Municipal 0.00 0.48 fi Cash/Cash Equivalents 2.32 5.27 ± Other 0.00 1.81 Credit Analysis as of 09-30-16-100 -50 0 50 100 % Bonds AAA 2 AA 0 A 0 BBB 6 BB 34 B 43 Below B 15 Not Rated 0 Principal Risks as of 09-30-16 Lending, Credit and Counterparty, Extension, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, High Portfolio Turnover, Interest Rate, Market/Market Volatility, Distressed Investments, Equity Securities, High- Yield Securities, Mortgage-Backed and Asset-Backed Securities, Preferred Stocks, Restricted/Illiquid Securities, Pricing, Fixed- Income Securities, Sovereign Debt, Regulation/Government Intervention, Management, Financials Sector 2017 Morningstar, Inc., Morningstar Investment Profiles 312-696-6000. 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