N-14

Sales charges

Shares of the Target Funds are offered without a sales charge and are not subject to a contingent deferred sales charge.

Class R and Class R4 shares of the Destination Fund are offered without a sales charge and are not subject to a contingent deferred sales charge.

Fee waiver and expense reimbursement

Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the Destination Fund’s total operating expenses exceed:

• 0.60% for Class R shares and

• 0.35% for Class R4 shares.

The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the Destination Fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

Gross and net expenses

For a comparison of the gross and net expenses of the Funds, please see the class fee tables in the “The Funds’ Fees and Expenses” section.

N-14 1 d93205dn14.htm N-14 N-14

Securities Act File No. [ ]

As filed with the Securities and Exchange Commission on October 14, 2016

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-14

REGISTRATION STATEMENT

UNDER


*THE SECURITIES ACT OF 1933*		☒
Pre-Effective Amendment No. [ ]		☐
Post-Effective Amendment No.		☐

TRANSAMERICA FUNDS

(Exact Name of Registrant as Specified in Charter)

1801 California Street, Suite 5200, Denver, Colorado 80202

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (720) 493-4256

Tané T. Tyler, Esq., 1801 California Street, Suite 5200, Denver, Colorado 80202

(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective.

It is proposed that this filing will become effective on November 15, 2016 pursuant to Rule 488 under the Securities Act of 1933.

No filing fee is required because an indefinite number of shares has previously been registered pursuant to Rule 24f-2 under the Investment Company Act of 1940, as amended

The information in this Proxy Statement/Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Proxy Statement/ Prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

TRANSAMERICA PARTNERS FUNDS GROUP

TRANSAMERICA PARTNERS FUNDS GROUP II

TRANSAMERICA PARTNERS PORTFOLIOS

1801 California Street, Ste. 5200

Denver, Colorado 80202

(Toll free) 1-888-233-4339

[ ], 2016

Dear Holder:

You are being asked to vote on a proposed reorganization of your Transamerica Partners fund into another mutual fund also managed by Transamerica Asset Management, Inc. (“TAM”). Detailed information about the proposal is contained in the enclosed combined proxy statement/prospectus.

The Board of Trustees of your Transamerica Partners fund has called a Special Meeting of Holders of the fund to be held at [the offices of TAM, 1801 California Street, Suite 5200, Denver, Colorado 80202], on February 10, 2017 at [10:00 a.m.], Mountain Time, to consider and vote on an Agreement and Plan of Reorganization pursuant to which your fund would reorganize into the corresponding destination fund.

The proposed reorganization of your fund is part of an initiative designed to streamline the Transamerica fund family and to promote operating efficiencies. The Transamerica Partners funds were initially established primarily for retirement and benefit plan investors. Separate funds managed by TAM, branded Transamerica Funds, are offered more broadly. In a number of instances, funds in both groups overlap, and TAM believes that investors could benefit from the fund groups being combined and consolidated. The Transamerica Partners fund group has been experiencing net outflows for some time while the Transamerica Funds fund family has been growing. If approved by holders, the Transamerica Partners funds would reorganize into destination funds which are part of Transamerica Funds, which had net assets of approximately $19.9 billion as of June 30, 2016. The Transamerica Partners fund reorganizations would ultimately result in the elimination of the Transamerica Partners funds.

We have enclosed the combined proxy statement/prospectus seeking holder approval of certain of the Transamerica Partners fund reorganizations. Except for certain asset allocation funds, these are “shell” reorganizations into new destination funds specifically organized to take over the operations of the Transamerica Partners funds. The approval of additional Transamerica Partners fund reorganizations into existing destination funds is being sought via a separate combined proxy statement/prospectus.

After careful consideration, the Board of your Transamerica Partners fund unanimously approved your fund’s reorganization, and recommends that you vote “FOR” the proposal to reorganize your fund. Holders of record of the Transamerica Partners funds at the close of business on October 14, 2016 are entitled to vote at the meeting and any adjournments or postponements thereof.

Your vote is very important to us regardless of the number of shares you own. Whether or not you plan to attend the meeting in person, please read the combined proxy statement/prospectus and cast your vote promptly. To cast your vote, follow the instructions on the enclosed proxy card to vote by telephone or on the internet or complete, sign and return the proxy card in the enclosed postage-paid envelope.

If you have any questions, please call [ ] at [ ].

Sincerely,

Marijn P. Smit

Chairman of the Board. President

and Chief Executive Officer

TRANSAMERICA PARTNERS FUNDS GROUP

TRANSAMERICA PARTNERS FUNDS GROUP II

TRANSAMERICA PARTNERS PORTFOLIOS

1801 California Street, Ste. 5200

Denver, Colorado 80202

(Toll free) 1-888-233-4339

NOTICE OF SPECIAL MEETING OF HOLDERS

Scheduled for February 10, 2017

Special meetings of the holders of the funds identified below (for each fund, a “Special Meeting”) will be held at the offices of Transamerica Asset Management, Inc., 1801 California Street, Suite 5200, Denver, Colorado 80202, on February 10, 2017 at [10:00 a.m.], Mountain Time, to consider and vote on the following:

GROUP 1 - HIGH QUALITY BOND FUNDS


PROPOSAL 1A:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica High Quality Bond’s acquisition of all of the assets of Transamerica Partners High Quality Bond, in exchange for Transamerica High Quality Bond’s assumption of all of the liabilities of Transamerica Partners High Quality Bond and Class R shares of Transamerica High Quality Bond, and the distribution of the Class R shares of Transamerica High Quality Bond to the holders of the shares of Transamerica Partners High Quality Bond in complete redemption of their Transamerica Partners High Quality Bond shares, and (ii) the dissolution of Transamerica Partners High Quality Bond;

PROPOSAL 1B:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica High Quality Bond’s acquisition of all of the assets of Transamerica Partners Institutional High Quality Bond, in exchange for Transamerica High Quality Bond’s assumption of all of the liabilities of Transamerica Partners Institutional High Quality Bond and Class R4 shares of Transamerica High Quality Bond, and the distribution of the Class R4 shares of Transamerica High Quality Bond to the holders of the shares of Transamerica Partners Institutional High Quality Bond in complete redemption of their Transamerica Partners Institutional High Quality Bond shares, and (ii) the dissolution of Transamerica Partners Institutional High Quality Bond;

PROPOSAL 1C:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica High Quality Bond’s acquisition of all of the assets of Transamerica Partners High Quality Bond Portfolio, in exchange for Transamerica High Quality Bond’s assumption of all of the liabilities of Transamerica Partners High Quality Bond Portfolio and Class I3 shares of Transamerica High Quality Bond, and the distribution of the Class I3 shares of Transamerica High Quality Bond to the holders of the beneficial interests in Transamerica Partners High Quality Bond Portfolio in complete redemption of their Transamerica Partners High Quality Bond Portfolio beneficial interests, and (ii) the dissolution of Transamerica Partners High Quality Bond Portfolio;

GROUP 2 - INFLATION-PROTECTED SECURITIES FUNDS


PROPOSAL 2A:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Inflation-Protected Securities’ acquisition of all of the assets of Transamerica Partners Inflation-Protected Securities, in exchange for Transamerica Inflation-Protected Securities’ assumption of all of the liabilities of Transamerica Partners Inflation-Protected Securities and Class R shares of Transamerica Inflation-Protected Securities, and the distribution of the Class R shares of Transamerica Inflation-Protected Securities to the holders of the shares of Transamerica Partners Inflation-Protected Securities in complete redemption of their Transamerica Partners Inflation-Protected Securities shares, and (ii) the dissolution of Transamerica Partners Inflation-Protected Securities;

- 2 -



PROPOSAL 2B:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Inflation-Protected Securities’ acquisition of all of the assets of Transamerica Partners Institutional Inflation-Protected Securities, in exchange for Transamerica Inflation-Protected Securities’ assumption of all of the liabilities of Transamerica Partners Institutional Inflation-Protected Securities and Class R4 shares of Transamerica Inflation-Protected Securities, and the distribution of the Class R4 shares of Transamerica Inflation-Protected Securities to the holders of the shares of Transamerica Partners Institutional Inflation-Protected Securities in complete redemption of their Transamerica Partners Institutional Inflation-Protected Securities shares, and (ii) the dissolution of Transamerica Partners Institutional Inflation-Protected Securities;

PROPOSAL 2C:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Inflation-Protected Securities’ acquisition of all of the assets of Transamerica Partners Inflation-Protected Securities Portfolio, in exchange for Transamerica Inflation-Protected Securities’ assumption of all of the liabilities of Transamerica Partners Inflation-Protected Securities Portfolio and Class I3 shares of Transamerica Inflation-Protected Securities, and the distribution of the Class I3 shares of Transamerica Inflation-Protected Securities to the holders of the beneficial interests in Transamerica Partners Inflation-Protected Securities Portfolio in complete redemption of their Transamerica Partners Inflation-Protected Securities Portfolio beneficial interests, and (ii) the dissolution of Transamerica Partners Inflation-Protected Securities Portfolio;

GROUP 3 - LARGE CORE FUNDS


PROPOSAL 3A:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Large Core’s acquisition of all of the assets of Transamerica Partners Large Core, in exchange for Transamerica Large Core’s assumption of all of the liabilities of Transamerica Partners Large Core and Class R shares of Transamerica Large Core, and the distribution of the Class R shares of Transamerica Large Core to the holders of the shares of Transamerica Partners Large Core in complete redemption of their Transamerica Partners Large Core shares, and (ii) the dissolution of Transamerica Partners Large Core;

PROPOSAL 3B:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Large Core’s acquisition of all of the assets of Transamerica Partners Institutional Large Core, in exchange for Transamerica Large Core’s assumption of all of the liabilities of Transamerica Partners Institutional Large Core and Class R4 shares of Transamerica Large Core, and the distribution of the Class R4 shares of Transamerica Large Core to the holders of the shares of Transamerica Partners Institutional Large Core in complete redemption of their Transamerica Partners Institutional Large Core shares, and (ii) the dissolution of Transamerica Partners Institutional Large Core;

PROPOSAL 3C:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Large Core’s acquisition of all of the assets of Transamerica Partners Large Core Portfolio, in exchange for Transamerica Large Core’s assumption of all of the liabilities of Transamerica Partners Large Core Portfolio and Class I3 shares of Transamerica Large Core, and the distribution of the Class I3 shares of Transamerica Large Core to the holders of the beneficial interests in Transamerica Partners Large Core Portfolio in complete redemption of their Transamerica Partners Large Core Portfolio beneficial interests, and (ii) the dissolution of Transamerica Partners Large Core Portfolio;

- 3 -

GROUP 4 - LARGE GROWTH FUNDS


PROPOSAL 4A:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Large Growth’s acquisition of all of the assets of Transamerica Partners Large Growth, in exchange for Transamerica Large Growth’s assumption of all of the liabilities of Transamerica Partners Large Growth and Class R shares of Transamerica Large Growth, and the distribution of the Class R shares of Transamerica Large Growth to the holders of the shares of Transamerica Partners Large Growth in complete redemption of their Transamerica Partners Large Growth shares, and (ii) the dissolution of Transamerica Partners Large Growth;

PROPOSAL 4B:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Large Growth’s acquisition of all of the assets of Transamerica Partners Institutional Large Growth, in exchange for Transamerica Large Growth’s assumption of all of the liabilities of Transamerica Partners Institutional Large Growth and Class R4 shares of Transamerica Large Growth, and the distribution of the Class R4 shares of Transamerica Large Growth to the holders of the shares of Transamerica Partners Institutional Large Growth in complete redemption of their Transamerica Partners Institutional Large Growth shares, and (ii) the dissolution of Transamerica Partners Institutional Large Growth;

PROPOSAL 4C:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Large Growth’s acquisition of all of the assets of Transamerica Partners Large Growth Portfolio, in exchange for Transamerica Large Growth’s assumption of all of the liabilities of Transamerica Partners Large Growth Portfolio and Class I3 shares of Transamerica Large Growth, and the distribution of the Class I3 shares of Transamerica Large Growth to the holders of the beneficial interests in Transamerica Partners Large Growth Portfolio in complete redemption of their Transamerica Partners Large Growth Portfolio beneficial interests, and (ii) the dissolution of Transamerica Partners Large Growth Portfolio;

GROUP 5 - LARGE VALUE FUNDS


PROPOSAL 5A:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Large Value Opportunities’ acquisition of all of the assets of Transamerica Partners Large Value, in exchange for Transamerica Large Value Opportunities’ assumption of all of the liabilities of Transamerica Partners Large Value and Class R shares of Transamerica Large Value Opportunities, and the distribution of the Class R shares of Transamerica Large Value Opportunities to the holders of the shares of Transamerica Partners Large Value in complete redemption of their Transamerica Partners Large Value shares, and (ii) the dissolution of Transamerica Partners Large Value;

PROPOSAL 5B:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Large Value Opportunities’ acquisition of all of the assets of Transamerica Partners Institutional Large Value, in exchange for Transamerica Large Value Opportunities’ assumption of all of the liabilities of Transamerica Partners Institutional Large Value and Class R4 shares of Transamerica Large Value Opportunities, and the distribution of the Class R4 shares of Transamerica Large Value Opportunities to the holders of the shares of Transamerica Partners Institutional Large Value in complete redemption of their Transamerica Partners Institutional Large Value shares, and (ii) the dissolution of Transamerica Partners Institutional Large Value;

PROPOSAL 5C:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Large Value Opportunities’ acquisition of all of the assets of Transamerica Partners Large Value Portfolio, in exchange for Transamerica Large Value Opportunities’ assumption of all of the liabilities of Transamerica Partners Large Value Portfolio and Class I3 shares of Transamerica Large Value Opportunities, and the distribution of the Class I3 shares of Transamerica Large Value Opportunities to the holders of the beneficial interests in Transamerica Partners Large Value Portfolio in complete redemption of their Transamerica Partners Large Value Portfolio beneficial interests, and (ii) the dissolution of Transamerica Partners Large Value Portfolio;

- 4 -

GROUP 6 - BALANCED FUNDS


PROPOSAL 6A:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Balanced II’s acquisition of all of the assets of Transamerica Partners Balanced, in exchange for Transamerica Balanced II’s assumption of all of the liabilities of Transamerica Partners Balanced and Class R shares of Transamerica Balanced II, and the distribution of the Class R shares of Transamerica Balanced II to the holders of the shares of Transamerica Partners Balanced in complete redemption of their Transamerica Partners Balanced shares, and (ii) the dissolution of Transamerica Partners Balanced;

PROPOSAL 6B:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Balanced II’s acquisition of all of the assets of Transamerica Partners Institutional Balanced, in exchange for Transamerica Balanced II’s assumption of all of the liabilities of Transamerica Partners Institutional Balanced and Class R4 shares of Transamerica Balanced II, and the distribution of the Class R4 shares of Transamerica Balanced II to the holders of the shares of Transamerica Partners Institutional Balanced in complete redemption of their Transamerica Partners Institutional Balanced shares, and (ii) the dissolution of Transamerica Partners Institutional Balanced;

PROPOSAL 6C:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Balanced II’s acquisition of all of the assets of Transamerica Partners Balanced Portfolio, in exchange for Transamerica Balanced II’s assumption of all of the liabilities of Transamerica Partners Balanced Portfolio and Class I3 shares of Transamerica Balanced II, and the distribution of the Class I3 shares of Transamerica Balanced II to the holders of the beneficial interests in Transamerica Partners Balanced Portfolio in complete redemption of their Transamerica Partners Balanced Portfolio beneficial interests, and (ii) the dissolution of Transamerica Partners Balanced Portfolio;

GROUP 7 - STOCK INDEX FUNDS


PROPOSAL 7A:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Stock Index’s acquisition of all of the assets of Transamerica Partners Stock Index, in exchange for Transamerica Stock Index’s assumption of all of the liabilities of Transamerica Partners Stock Index and Class R shares of Transamerica Stock Index, and the distribution of the Class R shares of Transamerica Stock Index to the holders of the shares of Transamerica Partners Stock Index in complete redemption of their Transamerica Partners Stock Index shares, and (ii) the dissolution of Transamerica Partners Stock Index;

PROPOSAL 7B:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Stock Index’s acquisition of all of the assets of Transamerica Partners Institutional Stock Index, in exchange for Transamerica Stock Index’s assumption of all of the liabilities of Transamerica Partners Institutional Stock Index and Class R4 shares of Transamerica Stock Index, and the distribution of the Class R4 shares of Transamerica Stock Index to the holders of the shares of Transamerica Partners Institutional Stock Index in complete redemption of their Transamerica Partners Institutional Stock Index shares, and (ii) the dissolution of Transamerica Partners Institutional Stock Index;

GROUP 8 - ASSET ALLOCATION LONG AND INTERMEDIATE/LONG HORIZON FUNDS


PROPOSAL 8A:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Asset Allocation Long Horizon’s acquisition of all of the assets of Transamerica Asset Allocation - Long Horizon, in exchange for Transamerica Asset Allocation Long Horizon’s assumption of all of the liabilities of Transamerica Asset Allocation - Long Horizon and Class R shares of Transamerica Asset Allocation Long Horizon, and the distribution of the Class R shares of Transamerica Asset Allocation Long Horizon to the holders of the shares of Transamerica

- 5 -


		Asset Allocation - Long Horizon in complete redemption of their Transamerica Asset Allocation - Long Horizon shares, and (ii) the dissolution of Transamerica Asset Allocation - Long Horizon;

PROPOSAL 8B:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Asset Allocation Long Horizon’s acquisition of all of the assets of Transamerica Institutional Asset Allocation - Long Horizon, in exchange for Transamerica Asset Allocation Long Horizon’s assumption of all of the liabilities of Transamerica Institutional Asset Allocation - Long Horizon and Class R4 shares of Transamerica Asset Allocation Long Horizon, and the distribution of the Class R4 shares of Transamerica Asset Allocation Long Horizon to the holders of the shares of Transamerica Institutional Asset Allocation - Long Horizon in complete redemption of their Transamerica Institutional Asset Allocation - Long Horizon shares, and (ii) the dissolution of Transamerica Institutional Asset Allocation - Long Horizon;

PROPOSAL 8C:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Asset Allocation Long Horizon’s acquisition of all of the assets of Transamerica Asset Allocation – Intermediate/Long Horizon, in exchange for Transamerica Asset Allocation Long Horizon’s assumption of all of the liabilities of Transamerica Asset Allocation – Intermediate/Long Horizon and Class R shares of Transamerica Asset Allocation Long Horizon, and the distribution of the Class R shares of Transamerica Asset Allocation Long Horizon to the holders of the shares of Transamerica Asset Allocation – Intermediate/Long Horizon in complete redemption of their Transamerica Asset Allocation – Intermediate/Long Horizon shares, and (ii) the dissolution of Transamerica Asset Allocation – Intermediate/Long Horizon;

PROPOSAL 8D:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Asset Allocation Long Horizon’s acquisition of all of the assets of Transamerica Institutional Asset Allocation – Intermediate/Long Horizon, in exchange for Transamerica Asset Allocation Long Horizon’s assumption of all of the liabilities of Transamerica Institutional Asset Allocation – Intermediate/Long Horizon and Class R4 shares of Transamerica Asset Allocation Long Horizon, and the distribution of the Class R4 shares of Transamerica Asset Allocation Long Horizon to the holders of the shares of Transamerica Institutional Asset Allocation – Intermediate/Long Horizon in complete redemption of their Transamerica Institutional Asset Allocation – Intermediate/Long Horizon shares, and (ii) the dissolution of Transamerica Institutional Asset Allocation – Intermediate/Long Horizon;

GROUP 9 - ASSET ALLOCATION INTERMEDIATE AND SHORT/INTERMEDIATE HORIZON FUNDS


PROPOSAL 9A:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Asset Allocation Intermediate Horizon’s acquisition of all of the assets of Transamerica Asset Allocation - Intermediate Horizon, in exchange for Transamerica Asset Allocation Intermediate Horizon’s assumption of all of the liabilities of Transamerica Asset Allocation - Intermediate Horizon and Class R shares of Transamerica Asset Allocation Intermediate Horizon, and the distribution of the Class R shares of Transamerica Asset Allocation Intermediate Horizon to the holders of the shares of Transamerica Asset Allocation - Intermediate Horizon in complete redemption of their Transamerica Asset Allocation - Intermediate Horizon shares, and (ii) the dissolution of Transamerica Asset Allocation - Intermediate Horizon;

PROPOSAL 9B:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Asset Allocation Intermediate Horizon’s acquisition of all of the assets of Transamerica Institutional Asset Allocation - Intermediate Horizon, in exchange for Transamerica Asset Allocation Intermediate Horizon’s assumption of all of the liabilities of Transamerica Institutional Asset Allocation - Intermediate Horizon and Class R4 shares of Transamerica Asset Allocation Intermediate Horizon, and the distribution of the Class R4 shares of Transamerica Asset

- 6 -


		Allocation Intermediate Horizon to the holders of the shares of Transamerica Institutional Asset Allocation - Intermediate Horizon in complete redemption of their Transamerica Institutional Asset Allocation - Intermediate Horizon shares, and (ii) the dissolution of Transamerica Institutional Asset Allocation - Intermediate Horizon;

PROPOSAL 9C:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Asset Allocation Intermediate Horizon’s acquisition of all of the assets of Transamerica Asset Allocation – Short/Intermediate Horizon, in exchange for Transamerica Asset Allocation Intermediate Horizon’s assumption of all of the liabilities of Transamerica Asset Allocation – Short/Intermediate Horizon and Class R shares of Transamerica Asset Allocation Intermediate Horizon, and the distribution of the Class R shares of Transamerica Asset Allocation Intermediate Horizon to the holders of the shares of Transamerica Asset Allocation – Short/Intermediate Horizon in complete redemption of their Transamerica Asset Allocation – Short/Intermediate Horizon shares, and (ii) the dissolution of Transamerica Asset Allocation – Short/Intermediate Horizon;

PROPOSAL 9D:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Asset Allocation Intermediate Horizon’s acquisition of all of the assets of Transamerica Institutional Asset Allocation – Short/Intermediate Horizon, in exchange for Transamerica Asset Allocation Intermediate Horizon’s assumption of all of the liabilities of Transamerica Institutional Asset Allocation – Short/Intermediate Horizon and Class R4 shares of Transamerica Asset Allocation Intermediate Horizon, and the distribution of the Class R4 shares of Transamerica Asset Allocation Intermediate Horizon to the holders of the shares of Transamerica Institutional Asset Allocation – Short/Intermediate Horizon in complete redemption of their Transamerica Institutional Asset Allocation – Short/Intermediate Horizon shares, and (ii) the dissolution of Transamerica Institutional Asset Allocation – Short/Intermediate Horizon;

GROUP 10 - ASSET ALLOCATION SHORT HORIZON FUNDS


PROPOSAL 10A:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Asset Allocation Short Horizon’s acquisition of all of the assets of Transamerica Asset Allocation – Short Horizon, in exchange for Transamerica Asset Allocation Short Horizon’s assumption of all of the liabilities of Transamerica Asset Allocation – Short Horizon and Class R shares of Transamerica Asset Allocation Short Horizon, and the distribution of the Class R shares of Transamerica Asset Allocation Short Horizon to the holders of the shares of Transamerica Asset Allocation – Short Horizon in complete redemption of their Transamerica Asset Allocation – Short Horizon shares, and (ii) the dissolution of Transamerica Asset Allocation – Short Horizon;

PROPOSAL 10B:		To approve an Agreement and Plan of Reorganization, providing for (i) Transamerica Asset Allocation Short Horizon’s acquisition of all of the assets of Transamerica Institutional Asset Allocation - Short Horizon, in exchange for Transamerica Asset Allocation Short Horizon’s assumption of all of the liabilities of Transamerica Institutional Asset Allocation - Short Horizon and Class R4 shares of Transamerica Asset Allocation Short Horizon, and the distribution of the Class R4 shares of Transamerica Asset Allocation Short Horizon to the holders of the shares of Transamerica Institutional Asset Allocation - Short Horizon in complete redemption of their Transamerica Institutional Asset Allocation - Short Horizon shares, and (ii) the dissolution of Transamerica Institutional Asset Allocation - Short Horizon; and

PROPOSAL 11:		To transact such other business as may properly come before the Special Meeting and any adjournments and postponements thereof.

- 7 -

The Board of each fund recommends that holders vote “FOR” in favor of the fund’s reorganization.

Holders of record of the funds at the close of business on October 14, 2016 are entitled to vote at the Special Meeting and any adjournments or postponements thereof.

By Order of the Boards of Trustees,

Tané T. Tyler

Vice President, Associate General Counsel and Secretary

[ ], 2016

Your vote is very important regardless of the number of votes that you hold. Holders who do not expect to attend the Special Meeting are requested to complete, sign, date and return the accompanying proxy card in the enclosed envelope, which needs no postage if mailed in the United States. It is important that your proxy card be returned promptly. For your convenience, you may also authorize your proxy by telephone or via the internet by following the enclosed instructions. If you authorize your proxy by telephone or via the internet, please do not return your proxy card unless you elect to change your vote.

If holders do not return their proxies in sufficient numbers, the funds may be required to make additional solicitations.

Funds Holding Special Meetings on February 10, 2017

Transamerica Partners Funds Group

Transamerica Partners High Quality Bond

Transamerica Partners Inflation-Protected Securities

Transamerica Partners Large Core

Transamerica Partners Large Growth

Transamerica Partners Large Value

Transamerica Partners Balanced

Transamerica Partners Stock Index

Transamerica Institutional Asset Allocation - Long Horizon

Transamerica Institutional Asset Allocation – Intermediate/Long Horizon

Transamerica Institutional Asset Allocation - Intermediate Horizon

Transamerica Institutional Asset Allocation – Short/Intermediate Horizon

Transamerica Institutional Asset Allocation - Short Horizon

Transamerica Partners Funds Group II

Transamerica Partners Institutional High Quality Bond

Transamerica Partners Institutional Inflation-Protected Securities

Transamerica Partners Institutional Large Core

Transamerica Partners Institutional Large Growth

Transamerica Partners Institutional Large Value

Transamerica Partners Institutional Balanced

Transamerica Partners Institutional Stock Index

Transamerica Asset Allocation - Long Horizon

Transamerica Asset Allocation – Intermediate/Long Horizon

Transamerica Asset Allocation - Intermediate Horizon

Transamerica Asset Allocation – Short/Intermediate Horizon

Transamerica Asset Allocation - Short Horizon

- 8 -

Transamerica Partners Portfolios

Transamerica Partners High Quality Bond Portfolio

Transamerica Partners Inflation-Protected Securities Portfolio

Transamerica Partners Large Core Portfolio

Transamerica Partners Large Growth Portfolio

Transamerica Partners Large Value Portfolio

Transamerica Partners Balanced Portfolio

- 9 -

COMBINED PROXY STATEMENT

TRANSAMERICA PARTNERS FUNDS GROUP

on behalf of its Series:

TRANSAMERICA PARTNERS HIGH QUALITY BOND

TRANSAMERICA PARTNERS INFLATION-PROTECTED SECURITIES

TRANSAMERICA PARTNERS LARGE CORE

TRANSAMERICA PARTNERS LARGE GROWTH

TRANSAMERICA PARTNERS LARGE VALUE

TRANSAMERICA PARTNERS BALANCED

TRANSAMERICA PARTNERS STOCK INDEX

(referred to as “Investor Target Feeder Funds”)

TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION - LONG HORIZON

TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION - INTERMEDIATE/ LONG HORIZON

TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION - INTERMEDIATE HORIZON

TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION - SHORT/INTERMEDIATE HORIZON

TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION - SHORT HORIZON

(referred to as “Institutional Target Asset Allocation Funds”)

TRANSAMERICA PARTNERS FUNDS GROUP II

on behalf of its Series

TRANSAMERICA PARTNERS INSTITUTIONAL HIGH QUALITY BOND

TRANSAMERICA PARTNERS INSTITUTIONAL INFLATION-PROTECTED SECURITIES

TRANSAMERICA PARTNERS INSTITUTIONAL LARGE CORE

TRANSAMERICA PARTNERS INSTITUTIONAL LARGE GROWTH

TRANSAMERICA PARTNERS INSTITUTIONAL LARGE VALUE

TRANSAMERICA PARTNERS INSTITUTIONAL BALANCED

TRANSAMERICA PARTNERS INSTITUTIONAL STOCK INDEX

(referred to as “Institutional Target Feeder Funds”)

TRANSAMERICA ASSET ALLOCATION - LONG HORIZON

TRANSAMERICA ASSET ALLOCATION - INTERMEDIATE/ HORIZON

TRANSAMERICA ASSET ALLOCATION - INTERMEDIATE HORIZON

TRANSAMERICA ASSET ALLOCATION – SHORT/INTERMEDIATE HORIZON

TRANSAMERICA ASSET ALLOCATION - SHORT HORIZON

(referred to as “Investor Target Asset Allocation Funds”)

AND

TRANSAMERICA PARTNERS PORTFOLIOS

on behalf of its Series:

TRANSAMERICA PARTNERS HIGH QUALITY BOND PORTFOLIO

TRANSAMERICA PARTNERS INFLATION-PROTECTED SECURITIES PORTFOLIO

TRANSAMERICA PARTNERS LARGE CORE PORTFOLIO

TRANSAMERICA PARTNERS LARGE GROWTH PORTFOLIO

TRANSAMERICA PARTNERS LARGE VALUE PORTFOLIO

TRANSAMERICA PARTNERS BALANCED PORTFOLIO

(referred to as “Target Master Portfolios”)

(each, a “Target Fund” and together, the “Target Funds”)

AND

PROSPECTUS

TRANSAMERICA FUNDS

on behalf of its Series:

TRANSAMERICA HIGH QUALITY BOND

TRANSAMERICA INFLATION-PROTECTED SECURITIES

TRANSAMERICA LARGE CORE

TRANSAMERICA LARGE GROWTH

TRANSAMERICA LARGE VALUE OPPORTUNITIES

TRANSAMERICA BALANCED II

TRANSAMERICA STOCK INDEX

TRANSAMERICA ASSET ALLOCATION LONG HORIZON

TRANSAMERICA ASSET ALLOCATION INTERMEDIATE HORIZON

TRANSAMERICA ASSET ALLOCATION SHORT HORIZON

(each, a “Destination Fund” and together, the “Destination Funds”)

- 10 -

The address and telephone number of each fund is:

1801 California Street, Suite 5200

Denver, Colorado 80202

(Toll free) 1-888-233-4339

Shares of the Destination Funds have not been approved or disapproved by the Securities and Exchange Commission (the “SEC”). The SEC has not passed upon the accuracy or adequacy of this Proxy Statement/Prospectus. Any representation to the contrary is a criminal offense.

An investment in any Target Fund or Destination Fund (each sometimes referred to herein as a “Fund”) is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

This Proxy Statement/Prospectus sets forth information about the Destination Funds that an investor needs to know before investing. Please read this Proxy Statement/Prospectus carefully before investing and keep it for future reference.

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TABLE OF CONTENTS

[TO BE INCLUDED IN SUBSEQUENT AMENDMENT.]

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INTRODUCTION

This combined proxy statement/prospectus, dated [ ], 2016 (this “Proxy Statement/Prospectus”), is being furnished to holders of the Target Funds in connection with the solicitation by the Board of Trustees (each, a “Board”) of each Target Fund of proxies to be used at a Special Meeting of Holders of each Target Fund (for each Target Fund, a “Special Meeting”) to be held at [the offices of Transamerica Asset Management, Inc. (“TAM”), 1801 California Street, Suite 5200, Denver, Colorado 80202], on February 10, 2017 at [10:00 a.m.], Mountain Time. This Proxy Statement/Prospectus is being mailed to holders of the Target Funds on or about [ ], 2016.

Each Target Fund is a series of the trust noted on the cover page. Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) are each organized as a Massachusetts business trust. Transamerica Partners Portfolios is a trust governed by New York law (“TPP”). For purposes of this Proxy Statement/Prospectus, each of TPFG, TPFG II and TPP is sometimes referred to as a “Target Trust.” Each Target Trust is an open-end management investment company. Each Destination Fund is a series of Transamerica Funds, an open-end management investment company organized as a Delaware statutory trust (the “Destination Trust”).

The Target Funds, except for the Target Asset Allocation Funds (as defined below), operate in a master-feeder structure. The Investor Target Feeder Funds, which are series of TPFG, and the Institutional Target Feeder Funds, which are series of TPFG II (collectively, the “Target Feeder Funds”) invest in securities through underlying Target Master Portfolios (with the exception of Transamerica Partners Stock Index and Transamerica Partners Institutional Stock Index (together, the “Target Stock Index Funds”) which invest in a master portfolio which is not part of the Transamerica Partners fund complex). The underlying Target Master Portfolios are series of TPP. Beneficial interests of each Target Master Portfolio are also held by [insurance company separate account feeder funds] and collective investment trust feeder funds (collectively, the “Non-Mutual Fund Feeder Funds”). The reorganizations described herein involve each Target Master Portfolio and its Target Feeder Funds reorganizing into a Destination Fund. The Non-Mutual Fund Feeder Funds would remain in place and hold shares of the applicable Destination Fund following the reorganizations.

The Investor Target Asset Allocation Funds and Institutional Target Asset Allocation Funds (the “Target Asset Allocation Funds”) invest in a combination of Target Feeder Funds and other Transamerica Partners feeder funds which in turn invest in underlying Target Master Portfolios and other Transamerica Partners master portfolios.

This Proxy Statement/Prospectus contains information you should know before voting on the applicable Agreement and Plan of Reorganization (each, a “Plan”) that provide for the reorganization of your Target Fund into a corresponding Destination Fund (each, a “Reorganization”). Copies of the forms of Plan are attached to this Proxy Statement/Prospectus as Exhibit A and Exhibit B.

The proposals contained in this Proxy Statement/Prospectus are grouped such that proposals for a Target Master Portfolio and its Target Feeder Funds are discussed together. Assuming requisite holder approval, a Target Master Portfolio and its Target Feeder Funds would reorganize into the corresponding Destination Fund on the same closing date.

It is possible that your Target Fund may approve its Reorganization but the Reorganization of another Target Fund in its Reorganization grouping does not receive the requisite approval. In such a case, while the consummation of one Reorganization is not contingent on the consummation of any other Reorganization, the Board of your Target Fund would evaluate whether to consummate the Reorganization or take other steps.

You are entitled to vote at the Special Meeting of each Target Fund of which you are a holder as of the close of business on October 14, 2016 (the “Record Date”). You may be receiving these materials if you are a holder of a Non-Mutual Fund Feeder Fund that invests in a Target Master Portfolio and for which you are entitled to provide voting instructions with respect to that Target Master Portfolio. For purposes of convenience in this Proxy Statement/Prospectus, shareholders and interest holders are sometimes referred to as “holders” and the shares and beneficial interests they hold in the Target Funds are sometimes referred to as “shares.”

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When a Target Feeder Fund holder votes with respect to a Reorganization proposal, that vote will also constitute instructions for the Target Feeder Fund to vote in the same manner on the corresponding Reorganization proposal for the Target Master Portfolio in which it invests. Please note that, as the Target Master Portfolios have holders besides the Target Feeder Funds, it is possible that the Reorganization of a Target Master Portfolio may not be approved by the Target Master Portfolio, even if it is approved by the corresponding Target Feeder Fund holders. It is also possible that the Reorganization of a Target Master Portfolio may be approved by the Target Master Portfolio, even if it is not approved by the corresponding Target Feeder Fund holders. For many of the Target Master Portfolios, the Target Feeder Funds represent a significant portion of the Target Master Portfolio’s assets. As a result, in voting on the proposed Reorganization of a Target Master Portfolio, the Non-Mutual Fund Feeder Funds may be outvoted by the Target Feeder Funds.

The Target Asset Allocation Funds hold interests in the Target Feeder Funds. For each proposal, each Target Asset Allocation Fund will vote its interests in any Target Feeder Funds in the same proportion in which votes are cast by other holders of the Target Feeder Fund. It is, therefore, possible that the Target Asset Allocation Funds may vote their interests in the Target Feeder Funds in which they invest differently from the way in which holders of interests in the Target Asset Allocation Funds vote on the proposed Reorganizations of the Target Asset Allocation Funds.

The following table indicates (a) which proposal relates to which Target Fund, (b) the Destination Fund that corresponds to each Target Fund, (c) the class of shares of the corresponding Destination Fund that holders of shares in each Target Fund would receive if the Plan relating to such Target Fund is approved, and (d) the page of this Proxy Statement/Prospectus on which the discussion regarding each group of proposals begins. Each Destination Fund is a newly-organized series of Transamerica Funds which will commence operations upon the consummation of the applicable Reorganizations. The Target Funds do not have share classes. The proposals are grouped, numbered and lettered for convenience.


Group	Proposal	Target Fund	Destination Fund and Shares	Page
Group 1				[ ]
	Proposal 1A	Transamerica Partners High Quality Bond	Transamerica High Quality Bond Class R
	Proposal 1B	Transamerica Partners Institutional High Quality Bond	Transamerica High Quality Bond Class R4
	Proposal 1C	Transamerica Partners High Quality Bond Portfolio	Transamerica High Quality Bond Class I3
Group 2				[ ]
	Proposal 2A	Transamerica Partners Inflation-Protected Securities	Transamerica Inflation-Protected Securities Class R
	Proposal 2B	Transamerica Partners Institutional Inflation-Protected Securities	Transamerica Inflation-Protected Securities Class R4
	Proposal 2C	Transamerica Partners Inflation-Protected Securities Portfolio	Transamerica Inflation-Protected Securities Class I3
Group 3				[ ]
	Proposal 3A	Transamerica Partners Large Core	Transamerica Large Core Class R
	Proposal 3B	Transamerica Partners Institutional Large Core	Transamerica Large Core Class R4
	Proposal 3C	Transamerica Partners Large Core Portfolio	Transamerica Large Core Class I3
Group 4				[ ]
	Proposal 4A	Transamerica Partners Large Growth	Transamerica Large Growth Class R
	Proposal 4B	Transamerica Partners Institutional Large Growth	Transamerica Large Growth Class R4
	Proposal 4C	Transamerica Partners Large Growth Portfolio	Transamerica Large Growth Class I3
Group 5				[ ]
	Proposal 5A	Transamerica Partners Large Value	Transamerica Large Value Opportunities Class R
	Proposal 5B	Transamerica Partners Institutional Large Value	Transamerica Large Value Opportunities Class R4
	Proposal 5C	Transamerica Partners Large Value Portfolio	Transamerica Large Value Opportunities Class I3

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Group 6				[ ]
	Proposal 6A	Transamerica Partners Balanced	Transamerica Balanced II Class R
	Proposal 6B	Transamerica Partners Institutional Balanced	Transamerica Balanced II Class R4
	Proposal 6C	Transamerica Partners Balanced Portfolio	Transamerica Balanced II Class I3
Group 7				[ ]
	Proposal 7A	Transamerica Partners Stock Index	Transamerica Stock Index Class R
	Proposal 7B	Transamerica Partners Institutional Stock Index	Transamerica Stock Index Class R4
Group 8				[ ]
	Proposal 8A	Transamerica Asset Allocation - Long Horizon	Transamerica Asset Allocation Long Horizon Class R
	Proposal 8B	Transamerica Institutional Asset Allocation - Long Horizon	Transamerica Asset Allocation Long Horizon Class R4
	Proposal 8C	Transamerica Asset Allocation – Intermediate/Long Horizon	Transamerica Asset Allocation Long Horizon Class R

	Proposal 8D	Transamerica Institutional Asset Allocation – Intermediate/Long Horizon	Transamerica Asset Allocation Long Horizon Class R4
Group 9				[ ]
	Proposal 9A	Transamerica Asset Allocation - Intermediate Horizon	Transamerica Asset Allocation Intermediate Horizon Class R
	Proposal 9B	Transamerica Institutional Asset Allocation - Intermediate Horizon	Transamerica Asset Allocation Intermediate Horizon Class R4
	Proposal 9C	Transamerica Asset Allocation – Short/Intermediate Horizon	Transamerica Asset Allocation Intermediate Horizon Class R
	Proposal 9D	Transamerica Institutional Asset Allocation – Short/Intermediate Horizon	Transamerica Asset Allocation Intermediate Horizon Class R4
Group 10				[ ]
	Proposal 10A	Transamerica Asset Allocation – Short Horizon	Transamerica Asset Allocation Short Horizon Class R
	Proposal 10B	Transamerica Institutional Asset Allocation - Short Horizon	Transamerica Asset Allocation Short Horizon Class R4

In Reorganization Groups 1 through 7, the Investor Target Feeder Fund would reorganize first in a “shell” Reorganization into the applicable newly-formed Destination Fund. A copy of the form of Plan for these Reorganizations (Proposals 1A, 2A, 3A, 4A, 5A, 6A and 7A) is attached to this Proxy Statement/Prospectus as Exhibit A. The Institutional Target Feeder Fund would then reorganize followed by the Target Master Portfolio, as applicable. A copy of the form of Plan for these Reorganizations (Proposals 1B, 1C, 2B, 2C, 3B, 3C, 4B, 4C, 5B, 5C, 6B, 6C and 7B) is attached to this Proxy Statement/Prospectus as Exhibit B. Each Target Master Portfolio and the Target Feeder Funds that invest in such Target Master Portfolio will reorganize into the corresponding Destination Fund on the same closing date.

In Reorganization Groups 8 through 10, an Institutional Target Asset Allocation Fund would reorganize first in a “shell” Reorganization into the applicable newly-formed Destination Fund. A copy of the form of Plan for these Reorganizations (Proposals 8B, 9B and 10B) is attached to this Proxy Statement/Prospectus as Exhibit A. The Investor Target Asset Allocation Fund(s) and other Institutional Target Asset Allocation Fund, as applicable, would then reorganize. A copy of the form of Plan for these Reorganizations (Proposals 8A, 8C, 8D, 9A, 9C, 9D and 10A) is attached to this Proxy Statement/Prospectus as Exhibit B. The Target Asset Allocations Funds in each Reorganization grouping will reorganize into the corresponding Destination Fund on the same closing date.

Please read this Proxy Statement/Prospectus, including the exhibits, carefully. Although each Reorganization is similar in structure, you should read carefully the specific discussion regarding your Target Fund’s Reorganization.

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The date of this Proxy Statement/Prospectus is [ ], 2016.

For more complete information about each Fund, please read the Fund’s summary prospectus, prospectus and statement of additional information (or Part A and Part B with respect to a Target Master Portfolio), as they may be amended and/or supplemented. Each Fund’s summary prospectus, prospectus and statement of additional information (or Part A and Part B), and other additional information about each Fund, has been filed with the SEC (http://www.sec.gov) and is available upon request and without charge by calling the toll-free numbers shown below:


Where to get More Information

Each Fund’s current summary prospectus, prospectus and statement of additional information (or Part A and Part B), including any applicable supplements thereto.		On file with the SEC (http://www.sec.gov) and available at no charge by calling the Funds’ toll-free number: 1-888-233-4339 or by visiting the Target Funds’ website at http://www.transamericapartners.com/content/prospectus.aspx and the Destination Funds’ website at https://www.transamerica.com/individual/products/mutual-funds/prospectus/.

Each Fund’s most recent annual and semi-annual reports to shareholders.		On file with the SEC (http://www.sec.gov) and available at no charge by calling the Funds’ toll-free number: 1-888-233-4339 or by visiting the Target Funds’ website at http://www.transamericapartners.com/content/prospectus.aspx and the Destination Funds’ website at https://www.transamerica.com/individual/products/mutual-funds/prospectus/. See “Available Information.”

A statement of additional information for this Proxy Statement/Prospectus, dated [ ], 2016 (the “SAI”). The SAI contains additional information about the Target Funds and the Destination Funds.		On file with the SEC (http://www.sec.gov) and available at no charge by calling the Funds’ toll-free number: 1-888-233-4339 or by visiting the Target Funds’ website at http://www.transamericapartners.com/content/prospectus.aspx and the Destination Funds’ website at https://www.transamerica.com/individual/products/mutual-funds/prospectus/. The SAI is incorporated by reference into this Proxy Statement/Prospectus.

To ask questions about this Proxy Statement/Prospectus.		Call the following toll-free telephone number: 1-888-233-4339.

Beneficial interests in the Target Master Portfolios are not registered under the Securities Act of 1933, as amended (the “1933 Act”), and are issued solely in private placement transactions that do not involve any “public offering” within the meaning of Section 4(2) of the 1933 Act. Only investment companies, insurance company separate accounts, common or commingled trust funds or similar organizations or entities that are “accredited investors” within the meaning of Regulation D under the 1933 Act may make investments in the Target Master Portfolios. This Proxy Statement/Prospectus is not an offer to sell, or the solicitation of an offer to buy, any beneficial interests in the Portfolios.

Each Target Fund’s prospectus and statement of additional information (or Part A and Part B), each dated May 1, 2016, as supplemented, are incorporated by reference into this Proxy Statement/Prospectus.

SUMMARY

This Summary section is qualified in its entirety by reference to the additional information contained elsewhere in this Proxy Statement/Prospectus and the Plan relating to each Reorganization. Holders should read the entire Proxy Statement/Prospectus, including the exhibits, carefully.

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Why are the Reorganizations being proposed?

The proposed Reorganizations are part of an initiative designed to streamline the Transamerica fund family and to promote operating efficiencies. The Reorganizations would combine the Transamerica Partners funds into Transamerica Funds, a larger and growing fund complex. The initiative would also eliminate certain redundancies in product offerings as, in a number of instances, funds in both groups overlap. If approved, the Reorganizations would ultimately result in the elimination of the Transamerica Partners funds.

Your Target Fund is part of the Transamerica Partners funds. The Transamerica Partners funds were initially established primarily for retirement and benefit plan investors. A separate group of mutual funds managed by TAM, branded Transamerica Funds, are offered more broadly. The Transamerica Partners funds have been experiencing net outflows for a number of years. These outflows have resulted in certain diseconomies, including fixed costs representing an increasing percentage of a smaller asset base and the funds losing the benefit of previously attained fee breakpoints. The Target Funds appear to have limited distribution opportunities and prospects for future asset growth. In addition, the Target Funds’ current contractual expense limitations expire on May 1, 2017, and TAM does not currently expect to maintain the expense limitations for many of the Target Funds at their current levels beyond May 1, 2017 should the Reorganizations not occur. On the other hand, Transamerica Funds is growing, with net assets of approximately $19.9 billion as of June 30, 2016. TAM believes that investors could benefit from the fund groups being combined.

It is proposed that each Target Fund reorganize into a newly-organized Destination Fund in Transamerica Funds that will commence operations upon consummation of the applicable Reorganizations. Transamerica Funds offers increased distribution capabilities and greater potential for asset growth and efficiencies, including the potential for lower expense ratios.

Each Target Fund would reorganize into a Destination Fund with the same or compatible investment objective and strategies. Each Target Feeder Fund and its related Target Master Portfolio would reorganize into a Destination Fund with the same sub-adviser(s) as the applicable Target Master Portfolio. Each of the Target Asset Allocation Funds would reorganize into a Destination Fund for which, like the Target Asset Allocation Fund, TAM makes day-to-day securities purchase and sale decisions without the use of a sub-adviser. The Target Stock Index Funds would continue to be managed by TAM and to invest in the same third party master portfolio. While the fees of the Target Funds and Destination Funds may differ in structure and amount, it is currently expected that the total expenses for the Target Funds would in most cases be lower or stay the same following the Reorganizations. In a limited number of cases, the total expenses of certain Target Master Portfolios are estimated to increase, but those expenses are expected to remain at the current expense limitations of those Target Master Portfolios. In addition, certain Target Asset Allocation Funds, which would have greater equity exposure following the applicable Reorganizations, are estimated to experience an increase in total expenses.

How will the Reorganizations work?

•

On the applicable closing date, each Target Fund will transfer all of its property and assets to the corresponding Destination Fund. In exchange, the applicable Destination Fund will assume all of the liabilities of the applicable Target Fund and issue shares to that Target Fund, as described below.

•

In each Reorganization, the applicable Destination Fund will issue shares of the applicable class to the applicable Target Fund with an aggregate net asset value equal to the aggregate net asset value of the Target Feeder Fund’s or Target Asset Allocation Fund’s shares (or beneficial interests in the case of the Target Master Portfolios), as applicable. Holders of shares of Investor Target Feeder Funds and Investor Target Asset Allocation Funds will receive Class R shares. Holders of shares of Institutional Target Feeder Funds and Institutional Target Asset Allocation Funds will receive Class R4 shares. Holders of beneficial interests in the Target Master Portfolios will receive Class I3 shares.

•

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redemption of the holders’ shares (or beneficial interests) and in complete liquidation of the Target Fund. Therefore, on the closing date, upon completion of the applicable Reorganization, each holder of shares (or beneficial interests) in the applicable Target Fund will hold shares of the applicable class of the corresponding Destination Fund with an aggregate net asset value equal to the aggregate net asset value of the holder’s shares (or beneficial interests) in the applicable Target Fund immediately prior to the Reorganization. The net asset value attributable to each Target Fund will be determined using the Target Fund’s valuation policies and procedures, and the net asset value attributable to a class of shares of each Destination Fund will be determined using the Destination Fund’s valuation policies and procedures. The portfolio assets of each Target Fund and corresponding Destination Fund are valued using the same valuation policies and procedures.

•

For each of Reorganization Group 1-6, the Target Master Portfolio and the Target Feeder Funds that invest in such Target Master Portfolio will reorganize into the corresponding Destination Fund on the same closing date. In terms of mechanics, prior to the applicable Reorganization, each Target Feeder Fund (other than the Target Stock Index Funds) will redeem its interest in the applicable Target Master Portfolio in kind, subject to its pro rata share of liabilities, and then complete its Reorganization into the applicable Destination Fund. The Reorganizations of the Target Feeder Funds will occur prior to the Reorganization of the relevant Target Master Portfolio. Following completion of the Reorganizations of the Target Feeder Funds, the applicable Target Master Portfolio will complete its Reorganization with the applicable Destination Fund. At the time of each Target Master Portfolio Reorganization, the applicable Non-Mutual Fund Feeder Funds will be the only holders of the Target Master Portfolio.

•

Each of the Target Stock Index Funds, which invest in the S&P 500 Index Master Portfolio (a master portfolio which is not part of the Transamerica Partners fund complex), will contribute its interest in that master portfolio to Transamerica Stock Index, the Destination Fund, in return for shares of Transamerica Stock Index. After the Reorganizations, Transamerica Stock Index would operate as a feeder fund of the S&P 500 Index Master Portfolio.

•

As holders of interests in the Target Feeder Funds before the Reorganizations, following the Reorganizations of the Target Feeder Funds, the Target Asset Allocation Funds will hold Class R and R4 shares of multiple underlying Destination Funds. Following the Reorganizations of the Target Feeder Funds, the Target Asset Allocation Funds will exchange the Class R and R4 shares for Class I3 shares of the applicable underlying Destination Funds. Each Target Asset Allocation Fund would then, as part of the Reorganization of the Target Asset Allocation Fund, contribute those Class I3 shares to the applicable Destination Fund in exchange for Class R or R4 shares of the Destination Fund, as applicable, as described above.

•

Each Target Fund will be terminated after the consummation of its Reorganization.

•

No sales load, contingent deferred sales charge, commission, redemption fee or other transactional fee will be charged as a result of the Reorganizations.

•

Following the Reorganizations, TAM will continue to act as investment manager to each Destination Fund and the relevant sub-advisers will continue to serve as sub-advisers to the Destination Funds.

What are the federal income tax consequences of the Reorganizations?

The Reorganization of each Target Master Portfolio may be a taxable transaction. The exchange of each Target Master Portfolio’s assets for the applicable class of shares of the corresponding Destination Fund and the Destination Fund’s assumption of the Target Master Portfolio’s liabilities is expected, in most cases, to be a taxable

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exchange for federal income tax purposes, in which the Target Master Portfolio will recognize gains and losses. In such a case, holders of beneficial interests in the applicable Target Master Portfolio will be required to take into account their allocable shares of the gains and losses recognized by the Target Master Portfolio. Holders of beneficial interests in a Target Master Portfolio may also recognize gain or loss in connection with the applicable Destination Fund’s assumption of the Target Master Portfolio’s liabilities or the distribution of the applicable Destination Fund’s shares in liquidation of the Target Master Portfolio. As noted above, the only holders of the Target Master Portfolios at the time of the Reorganization of the Target Master Portfolios will be the applicable Non-Mutual Fund Feeder Funds.

For more information, please see “Information about the Proposed Reorganizations — Certain Federal Income Tax Consequences,” below.

Who bears the expenses associated with the Reorganizations?

The costs of the Reorganizations will be shared equally by TAM, on the one hand, and, subject to certain limits, the Target Funds (and ultimately holders of the Target Funds) on the other. Costs will be allocated among the Target Funds and Destination Funds based on, among other factors, the expected benefits of the Reorganization to each Target Fund.

Why did the Boards approve the Reorganizations?

The Board of your Target Fund, including all of the Trustees who are not “interested” persons (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Funds, TAM or Transamerica Capital, Inc. (“TCI”), the Funds’ distributor (the “Independent Trustees”), after careful consideration, has determined that the Reorganization is in the best interest of your Target Fund and will not dilute the interests of the existing holders of your Target Fund. The Board has made this determination based on various factors, which include those that are discussed in this Proxy Statement/Prospectus under the discussion of each Reorganization in the section entitled “Reasons for the Proposed Reorganizations.”

Similarly, the Board of each corresponding Destination Fund, including all of the Independent Trustees, has approved the Reorganization with respect to the Destination Fund. The Board has determined that the Reorganization is in the best interest of each Destination Fund and that the interests of the Destination Fund’s shareholders will not be diluted as a result of the Reorganization.

What happens if a Reorganization is not approved?

If the required holder approval of your Target Fund is not obtained, the Special Meeting may be adjourned as more fully described in this Proxy Statement/Prospectus. If your Target Fund’s Reorganization is not approved, you will remain a holder of your Target Fund, and the Board of your Target Fund will consider what further action may be appropriate.

Please also note that, as the Target Master Portfolios have holders besides the Target Feeder Funds, it is possible that the Reorganization of a Target Master Portfolio may not be approved by the Target Master Portfolio, even if it is approved by Target Feeder Fund holders. It is also possible that the Reorganization of a Target Master Portfolio may be approved by the Target Master Portfolio, even if it is not approved by Target Feeder Fund holders.

Who is eligible to vote?

Holders of record of a Target Fund at the close of business on the Record Date are entitled to be present and to vote at the Special Meeting of the Target Fund or any adjournment or postponement thereof. Shares represented by properly executed proxies, unless revoked before or at the Special Meeting, will be voted according to holders’ instructions. If you sign a proxy but do not fill in a vote, your shares will not be voted to approve the applicable Plan. If any other business comes before the Special Meeting, your shares will be voted at the discretion of the persons named as proxies.

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How do I vote my shares?

You can provide voting instructions by telephone by calling the toll-free number on the enclosed proxy card by going to internet address providing on the proxy card and following the instructions. Alternatively, you can vote your shares by signing and dating the enclosed proxy card, and mailing it in the enclosed postage-paid envelope.

You can also attend the Special Meeting in person. However, even if you intend to do so, we encourage you to provide voting instructions by one of the methods described above.

It is important that you vote promptly.

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GROUP 1 - HIGH QUALITY BOND FUNDS

TRANSAMERICA PARTNERS HIGH QUALITY BOND

TRANSAMERICA PARTNERS INSTITUTIONAL HIGH QUALITY BOND

TRANSAMERICA PARTNERS HIGH QUALITY BOND PORTFOLIO

(each, a “Target Fund” and together, the “Target Funds”)

AND

TRANSAMERICA HIGH QUALITY BOND

(the “Destination Fund”)

PROPOSALS 1A, 1B AND 1C

APPROVAL OF AGREEMENT AND PLAN OF REORGANIZATION

SUMMARY

The following is a summary of more complete information appearing later in this Proxy Statement/Prospectus or incorporated herein. You should read carefully the entire Proxy Statement/Prospectus, including the exhibits, which include additional information that is not included in the summary and is a part of this Proxy Statement/Prospectus. For a discussion of the terms of the applicable Plan, please see the section entitled “Terms of Each Agreement and Plan of Reorganization” in the back of this Proxy Statement/Prospectus, after the discussion of the proposals.

In each Reorganization, the Target Fund would be reorganized into the Destination Fund, a newly organized series of Transamerica Funds that will commence operations upon consummation of the proposed Reorganizations, with that Target Fund receiving shares of the applicable class of the Destination Fund as shown in the following table. The Target Funds, which operate in a master-feeder structure, do not have share classes.


Proposal	Target Fund	Destination Fund and Shares
Proposal 1A	Transamerica Partners High Quality Bond	Transamerica High Quality Bond Class R

Proposal 1B	Transamerica Partners Institutional High Quality Bond	Transamerica High Quality Bond Class R4

Proposal 1C	Transamerica Partners High Quality Bond Portfolio	Transamerica High Quality Bond Class I3

Transamerica Partners High Quality Bond would reorganize first in a “shell” Reorganization into the newly-formed Destination Fund. Exhibit A is the form of Plan for this Reorganization. Transamerica Partners Institutional High Quality Bond would reorganize next and Transamerica Partners High Quality Bond Portfolio would reorganize last. Exhibit B is the form of Plan for these Reorganizations. All Reorganizations would occur on the same closing date.

The Target Funds and the Destination Fund are managed by Transamerica Asset Management, Inc. (“TAM”) and have the same investment objective and principal investment strategies and the same related risks. The tables below provide a comparison of certain features of the Funds. Unless otherwise noted, the information is the same for each Target Fund. In the tables below, if a row extends across the entire table, the information applies to the Destination Fund and the Target Funds.

Comparison of Target Funds and Destination Fund


	Target Funds	Destination Fund

Investment objective	Seeks to provide a high risk-adjusted return while focusing on the preservation of capital.

Principal investment strategies¹	The fund normally invests primarily in high quality debt securities with short and intermediate maturities, such as corporate bonds and notes, mortgage-backed and asset- backed securities, U.S. Treasury and government agency obligations, securities of foreign issuers (such as Yankee bonds) and repurchase agreements. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in high quality bonds and other investments with similar economic characteristics.

¹	Transamerica Partners High Quality Bond and Transamerica Partners Institutional High Quality Bond are feeder funds and invest in securities through Transamerica Partners High Quality Bond Portfolio, an underlying master fund having the same investment goals and strategies.

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	The dollar-weighted average effective maturity of the fund generally does not exceed three years under normal circumstances. Individual securities held by the fund may have longer maturities. Short-term debt securities generally fluctuate less in price, and have lower yields, than longer-term securities of comparable quality. The fund’s duration generally is between one and three years. Duration is a way of measuring the fund’s overall sensitivity to interest rate fluctuations. The net asset value of a fund with a shorter duration will generally fluctuate less in response to interest rate changes than that of a fund with a longer duration. The fund considers securities rated BBB- or better by Standard and Poor’s or Fitch or Baa3 or better by Moody’s (and securities that the fund’s sub-adviser believes are of comparable quality) to be high quality. Investments in higher quality instruments may result in a lower yield than would be available from investments in lower quality instruments. The portfolio managers of the fund use a “bottom-up” analysis, focusing on the relative value of individual securities. They also analyze the yield curve under multiple market conditions in making maturity and duration decisions for portfolio securities. The managers of the fund then attempt to select securities that will enable the fund to maintain a stable share price and at the same time to achieve a high level of income. The managers use the same bottom-up approach when deciding which securities to sell. Securities are sold when the fund needs cash to meet redemptions, or when the managers believe that better opportunities exist or that particular securities no longer fit within the overall strategy for achieving the fund’s goal.

Investment manager	TAM

Sub-adviser	Merganser Capital Management, LLC

Portfolio managers	Peter S. Kaplan, CFA: Portfolio Manager of the Target Funds since 1990; Employee of Merganser Capital Management, LLC since 1986. Jennifer K. Wynn, CFA: Portfolio Manager of the Target Funds since 2016; Employee of Merganser Capital Management, LLC since 2000; Co-Team Leader of Short Term product.	Peter S. Kaplan, CFA: Portfolio Manager of the Destination Fund since inception²; Employee of Merganser Capital Management, LLC since 1986. Jennifer K. Wynn, CFA: Portfolio Manager of the Destination Fund since inception²; Employee of Merganser Capital Management, LLC since 2000; Co-Team Leader of Short Term product.

Business	Transamerica Partners High Quality Bond is a diversified series of TPFG, an open-end management investment company organized as a Massachusetts business trust. Transamerica Partners Institutional High Quality Bond is a diversified series of TPFG II, an open-end management investment company organized as a Massachusetts business trust. Transamerica Partners High Quality Bond Portfolio is a diversified series of TPP, an open-end management investment company and a trust governed by New York law.	The Destination Fund is a diversified series of the Destination Trust, an open-end management investment company organized as a Delaware statutory trust.

Net assets (as of June 30, 2016)	Transamerica Partners High Quality Bond = $104, 103, 523 Transamerica Partners Institutional High Quality Bond = $56,905,011 Transamerica Partners High Quality Bond Portfolio (excluding the Target Feeder Funds) = $171,741,678	None

The Destination Fund has not yet commenced operations, and therefore, does not currently have any portfolio managers. However, the Destination Fund will commence operations upon the consummation of the proposed Reorganizations. At that time, the portfolio managers of the Destination Fund will be as noted in the table.

- 22 -


Management fees	TAM receives compensation for investment advisory services from the Target Funds at an annual rate of 0.35%. TAM also receives compensation for administrative services from Transamerica Partners High Quality Bond and Transamerica Partners Institutional High Quality Bond at annual rates of 0.30% and 0.05%, respectively. Transamerica Partners High Quality Bond Portfolio pays no separate administrative services fees. The applicable fee(s) are based upon average daily net assets and are accrued daily and paid monthly.	TAM receives compensation for investment management services, which include investment advisory and administrative services, from the Destination Fund at an annual rate of 0.38%. The fee is based upon average daily net assets and is accrued daily and paid monthly.

Distribution and service (12b-1) fees	Transamerica Partners High Quality Bond is subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Transamerica Partners Institutional High Quality Bond is subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Transamerica Partners High Quality Bond Portfolio is not subject to a distribution and service (12b-1) fee.	Class R shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.50% of average daily net assets. Class R4 shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Class I3 shares of the Destination Fund are not subject to a distribution and service (12b-1) fee.

Sales charges	Shares of the Target Funds are offered without a sales charge and are not subject to a contingent deferred sales charge.	Class R, Class R4, and Class I3 shares of the Destination Fund are offered without a sales charge and are not subject to a contingent deferred sales charge.

Fee waiver and expense reimbursement	Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the total operating expenses exceed: • 1.00% for Transamerica Partners High Quality Bond and • 0.65% for Transamerica Partners Institutional High Quality Bond. The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2017 without the Board of Trustees’ consent. TAM has agreed to waive fees and reimburse expenses to limit the total operating expenses of Transamerica Partners High Quality Bond Portfolio to 0.40%. This arrangement is voluntary and may be terminated by TAM at any time.	Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the Destination Fund’s total operating expenses exceed: • 1.00% for Class R shares • 0.65% for Class R4 shares and • 0.40% for Class I3 shares. The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the Destination Fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

Gross and net expenses	For a comparison of the gross and net expenses of the Funds, please see the class fee tables in the “The Funds’ Fees and Expenses” section.

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Comparison of Principal Risks of Investing in the Funds

Because the Funds have the same investment objective and principal investment strategies, they are subject to the same principal risks. Risk is inherent in all investing. The value of your investment in a Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in a Fund or your investment may not perform as well as other similar investments.

Each Fund is subject to the following principal risks (in alphabetical order) of investing in the Fund:

Credit – If an issuer or other obligor (such as a party providing insurance or other credit enhancement) of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of any underlying assets declines, the value of your investment will typically decline. Below investment grade, high-yield debt securities (commonly known as “junk” bonds) have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness.

Currency – The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency conversion costs and currency fluctuations could reduce or eliminate investment gains or add to investment losses. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.

Extension – When interest rates rise, repayments of fixed income securities, particularly asset- and mortgage-backed securities, may occur more slowly than anticipated, extending the effective duration of these fixed income securities at below market interest rates and causing their market prices to decline more than they would have declined due to the rise in interest rates alone. This may cause the fund’s share price to be more volatile.

Fixed-Income Securities – The market prices of fixed-income securities may go up or down, sometimes rapidly and unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.

Foreign Investments – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries in which the fund may invest may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable or unsuccessful government actions, reduction of government or central bank support, political or financial instability or other adverse economic or political developments. Lack of information and weaker accounting standards also may affect the value of these securities.

Inflation-Protected Securities – Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation. Also, the inflation index utilized by a particular inflation-protected security may not accurately reflect the true rate of inflation, in which case the market value of the security could be adversely affected.

- 24 -

Interest Rate – Interest rates in the U.S. have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. The value of fixed income securities generally goes down when interest rates rise, and therefore the value of your investment in the fund may also go down. Debt securities have varying levels of sensitivity to changes in interest rates. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions from the fund.

Legal and Regulatory – Legal and regulatory changes could occur that may adversely affect the fund, its investments, and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. Certain changes have already been proposed and additional changes are expected. New or revised laws or regulations may be imposed by the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, the Internal Revenue Service, the U.S. Federal Reserve or other governmental regulatory authorities or self-regulatory organizations that could adversely affect the fund. The fund also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules by governmental regulatory authorities or self-regulatory organizations.

Liquidity – The fund may make investments that are illiquid or that become illiquid after purchase. Investments may become illiquid due to the lack of an active market, a reduced number of traditional market participants, or reduced capacity of traditional market participants to make a market in securities. The liquidity and value of investments can deteriorate rapidly and those investments may be difficult or impossible for the fund to sell, particularly during times of market turmoil. These illiquid investments can be difficult to value. If the fund is forced to sell an illiquid investment to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. The fund may not receive its proceeds from the sale of certain securities for an extended period (for example, several weeks or even longer).

Loans – Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. In the event of bankruptcy of a borrower, the fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a loan. Junior loans, which have a lower place in the borrower’s capital structure than senior loans and may be unsecured, involve a higher degree of overall risk than senior loans of the same borrower. The fund’s investments in loans are also subject to prepayment or call risk. Loans may have settlement periods in excess of seven days. Failure to receive sales proceeds on a timely basis may constrain the fund’s ability to meet its obligations (including obligations to redeeming shareholders).

Management – The fund is subject to the risk that the investment manager’s or sub-adviser’s judgments and decisions may be incorrect or otherwise may not produce the desired results. The value of your investment may decrease if the sub-adviser’s judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates, is incorrect. The fund may also suffer losses if there are imperfections, errors or limitations in the tools, resources, information and data used, or the analyses employed or relied on, by the sub-adviser, or if the sub-adviser’s investment style is out of favor or otherwise fails to produce the desired results. The fund’s investment strategies designed by the investment manager may not work as intended. In addition, the fund’s investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the investment manager and could have an adverse effect on the value or performance of the fund. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

- 25 -

prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security.

In the past several years, financial markets, such as those in the United States, Europe, Asia and elsewhere, have experienced increased volatility, depressed valuations, decreased liquidity and heightened uncertainty. Governmental and non-governmental issuers defaulted on, or were forced to restructure, their debts. These market conditions may continue, worsen or spread.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks have taken steps to support financial markets, including keeping interest rates at historically low levels. This and other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. The Federal Reserve recently has reduced its market support activities. Further reduction or withdrawal of Federal Reserve or other U.S. or non-U.S. governmental or central bank support, including interest rate increases, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the fund invests.

Policy and legislative changes in the United States and in other countries are affecting many aspects of financial regulation, and may in some instances contribute to decreased liquidity and increased volatility in the financial markets. The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time.

Economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to countries experiencing economic and financial difficulties, the value and liquidity of the fund’s investments may be negatively affected.

Mortgage-Related and Asset-Backed Securities – The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae or Freddie Mac or by agencies of the U.S. government, such as Ginnie Mae. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage-backed investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less information available than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss.

Prepayment or Call – Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will not benefit from the rise in market price that normally accompanies a decline in interest rates, and will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund also may lose any premium it paid on the security.

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U.S. Government Agency Obligations – Government agency obligations have different levels of credit support and, therefore, different degrees of credit risk. Securities issued by agencies and instrumentalities of the U.S. government that are supported by the full faith and credit of the U.S. generally present a lesser degree of credit risk than securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the issuer’s right to borrow from the U.S. Treasury and securities issued by agencies and instrumentalities sponsored by the U.S. government that are supported only by the credit of the issuing agencies.

Valuation – The sales price the fund could receive for any particular portfolio investment may differ from the fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets, that are priced based upon valuations provided by third-party pricing services that use matrix or evaluated pricing systems, or that are valued using a fair value methodology. The fund’s ability to value its investments may be impacted by technological issues and/or errors by pricing services or other third party service providers.

The Funds’ Past Performance

The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations, and therefore, has no performance history. Set forth below is performance information for each Target Fund. The bar charts and tables below provide some indication of the risks of investing in each Target Fund by showing you how the performance of the Target Funds has varied from year to year, as applicable, and how the average total returns of each Target Fund for different periods compare to the returns of one or more broad measures of market performance. The performance shown below for Transamerica Partners High Quality Bond Portfolio reflects only master portfolio level expenses, and does not include the expenses of any of the applicable Non-Mutual Fund Feeder Funds. If those expenses were reflected, the performance would be lower. Absent any applicable limitation of or cap on the Target Funds’ expenses, performance would have been lower. Class R, Class R4 and Class I3 shares of the Destination Fund would have different performance because they have different expenses. A Target Fund’s past performance (before and after taxes) is not necessarily an indication of how the Destination Fund will perform in the future. Following the Reorganizations, Transamerica Partners Institutional High Quality Bond will be the surviving fund for performance purposes.

Transamerica Partners High Quality Bond Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		3.50	%
Worst Quarter:	9/30/2008		-1.66	%

Year-to-date return as of September 30, 2016: 1.35%

Transamerica Partners High Quality Bond Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners High Quality Bond		0.04	%		0.77	%		2.46	%		07/05/1994
BofA Merrill Lynch U.S. Corporate & Government 1-3 Years Index (reflects no deduction for fees, expenses or taxes)		0.67	%		1.04	%		2.75	%

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Transamerica Partners Institutional High Quality Bond Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		3.52	%
Worst Quarter:	9/30/2008		-1.67	%

Year-to-date return as of September 30, 2016: 1.63%

Transamerica Partners Institutional High Quality Bond Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Institutional High Quality Bond		0.38	%		1.11	%		2.80	%		09/11/2000
BofA Merrill Lynch U.S. Corporate & Government 1-3 Years Index (reflects no deduction for fees, expenses or taxes)		0.67	%		1.04	%		2.75	%

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Transamerica Partners High Quality Bond Portfolio Annual Returns

(Annual Total Returns (calendar years ended December 31)

LOGO

The highest and lowest quarterly returns for the periods reflected in the table above are:


	Quarter Ended	Return
Best Quarter:	6/30/2009		3.58	%
Worst Quarter:	9/30/2008		-1.54	%

Year-to-date return as of September 30, 2016: 1.82%

Transamerica Partners High Quality Bond Portfolio Average Annual Total Returns

(for periods ended 12/31/2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners High Quality Bond Portfolio		0.69	%		1.40	%		3.09	%		01/31/1994
BofA Merrill Lynch U.S. Corporate & Government 1-3 Years Index (reflects no deduction for fees, expenses or taxes)		0.67	%		1.04	%		2.75	%

The after-tax returns are calculated using the historic highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns may depend on the investor’s individual tax situation and may differ from those shown. After-tax returns may not be relevant if the investment is made through a tax-exempt or tax-deferred account, such as a 401(k) plan.

The Funds’ Fees and Expenses

Shareholders of the Target Funds and the Destination Fund pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy and hold shares of each Fund. The fees and expenses in the tables appearing below for the Target Funds are based on the expenses of the Target Funds for the twelve-month period ended June 30, 2016. The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations. Therefore, the Fees and Expenses for the Destination Fund have been estimated using the Destination Fund’s proposed fees and estimated expenses assuming the Reorganization occurred on June 30, 2016. The tables also show the pro forma expenses of the combined Destination Fund after giving effect to all Group 1 Reorganizations based on pro forma net assets as of June 30, 2016. Pro forma numbers are estimated in good faith and are hypothetical. Actual expenses may vary significantly. The fees and expenses shown in the table and Example below for Transamerica Partners High Quality Bond Portfolio reflect only master portfolio level fees and expenses, and do not include the fees and expenses of any of the applicable Non-Mutual Fund Feeder Funds. For financial statement purposes, Transamerica

- 29 -

Partners Institutional High Quality Bond will be the accounting survivor of the Reorganizations. As the accounting survivor, Transamerica Partners Institutional High Quality Bond’s operating history will be used for financial reporting purposes.

Transamerica Partners High Quality Bond


	Transamerica Partners High Quality Bond¹			Transamerica High Quality Bond			Combined Transamerica High Quality Bond (*Pro Forma)*
				Class R			Class R
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.35	%		0.38	%		0.38	%
Distribution and service (12b-1) fees		0.25	%		0.50	%		0.50	%
Other expenses³		0.39	%		0.04	%⁴		0.04	%⁴

Total annual fund operating expenses		0.99	%		0.92	%		0.92	%

Fee waiver and/or expense reimbursement		0.00	%⁵		0.00	%⁶		0.00	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.99	%		0.92	%		0.92	%

Transamerica Partners Institutional High Quality Bond


	Transamerica Partners Institutional High Quality Bond¹			Transamerica High Quality Bond			Combined Transamerica High Quality Bond (*Pro Forma)*
				Class R4			Class R4
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.35	%		0.38	%		0.38	%
Distribution and service (12b-1) fees		0.25	%		0.25	%		0.25	%
Other expenses³		0.17	%		0.04	%⁴		0.04	%⁴

Total annual fund operating expenses		0.77	%		0.67	%		0.67	%

Fee waiver and/or expense reimbursement		0.12	%⁷		0.02	%⁶		0.02	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.65	%		0.65	%		0.65	%

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Transamerica Partners High Quality Bond Portfolio


	Transamerica Partners High Quality Bond Portfolio			Transamerica High Quality Bond			Combined Transamerica High Quality Bond (*Pro Forma*)
				Class I3			Class I3
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.35	%		0.38	%		0.38	%
Distribution and service (12b-1) fees		None			None			None
Other expenses³		0.03	%		0.04	%⁴		0.04	%⁴

Total annual fund operating expenses		0.38	%		0.42	%		0.42	%

Fee waiver and/or expense reimbursement		N/A			0.02	%⁶		0.02	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.38	%		0.40	%		0.40	%

The Target Feeder Fund invests in securities through an underlying Target Master Portfolio, Transamerica Partners High Quality Bond Portfolio. The information in this table and in the Example below concerning the Target Feeder Fund reflects the direct fees and expenses of the Target Feeder Fund and its allocated share of the fees and expenses of the Target Master Portfolio.

The Destination Fund receives investment advisory and administrative services under one agreement with the Destination Fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), and pays a single management fee to TAM. Transamerica Partners High Quality Bond and Transamerica Partners Institutional High Quality Bond receive investment advisory and administrative services from TAM under separate agreements and pay separate advisory fees and administrative services fees to TAM. The administrative services fees of 0.30% for Transamerica Partners High Quality Bond and 0.05% for Transamerica Partners Institutional High Quality Bond are included in “Other expenses.” Transamerica Partners High Quality Bond Portfolio receives investment advisory services from TAM and pays advisory fees to TAM. Transamerica Partners High Quality Bond Portfolio pays no separate administrative services fees.

Other expenses do not include the costs of the Reorganization to be borne by the Target Funds. These costs are considered extraordinary expenses and are not covered by the applicable expense limitation arrangements. The basis point impact of such costs is 0.00% for Transamerica Partners High Quality Bond, 0.06% for Transamerica Partners Institutional High Quality Bond, and 0.04% for Transamerica Partners High Quality Bond Portfolio.

⁴	Other expenses are based on estimates for the current fiscal year. Actual expenses may differ from estimates.

⁵

Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 1.00%, excluding, as applicable, acquired fund fees and expenses, interest, 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.

⁶

Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 1.00% for Class R shares, 0.65% for Class R4 shares and 0.40% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

⁷

Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.65%, excluding, as applicable, acquired fund fees and expenses, interest, 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.

- 31 -

The hypothetical examples below help you compare the cost of investing in each Fund. Each example assumes that:

•

you invest $10,000 in each Fund;

•

you reinvest all dividends and distributions without a sales charge;

•

your investment has a 5% annual return (this assumption is required by the SEC and is not a prediction of the Fund’s future performance); and

•

each Fund’s operating expenses remain the same.

Each example also assumes no fees for IRA accounts, if applicable. Costs are the same whether you redeem at the end of any period or not. Pro forma expenses are included assuming the consummation of all Group 1 Reorganizations. The examples are for comparison purposes only and do not represent the Funds’ actual expenses or returns, either past or future. Because actual return and expenses will be different, the examples are for comparison only.

Transamerica Partners High Quality Bond


Number of years you own your shares	Transamerica Partners High Quality Bond		Transamerica High Quality Bond		Combined Transamerica High Quality Bond (*Pro Forma*)
			Class R		Class R
Year 1	$	101	$	94	$	94
Year 3	$	315	$	293	$	293
Year 5	$	547	$	509	$	509
Year 10	$	1,213	$	1,131	$	1,131

Transamerica Partners Institutional High Quality Bond


Number of years you own your shares	Transamerica Partners Institutional High Quality Bond		Transamerica High Quality Bond		Combined Transamerica High Quality Bond (*Pro Forma*)
			Class R4		Class R4
Year 1	$	66	$	66	$	66
Year 3	$	234	$	212	$	212
Year 5	$	416	$	371	$	371
Year 10	$	943	$	833	$	833

Transamerica Partners High Quality Bond Portfolio


Number of years you own your shares	Transamerica Partners High Quality Bond Portfolio		Transamerica High Quality Bond		Combined Transamerica High Quality Bond (*Pro Forma*)
			Class I3		Class I3
Year 1	$	39	$	41	$	41
Year 3	$	122	$	133	$	133
Year 5	$	213	$	233	$	233
Year 10	$	480	$	528	$	528

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CAPITALIZATION

The following tables set forth the capitalization of each Target Fund as of September 30, 2016 and the pro forma combined capitalization of the combined Destination Fund as if the Reorganizations had occurred on that date. The Destination Fund is a newly-formed fund that will commence operations upon the consummation of the Reorganizations, and therefore had no assets or shares outstanding as of September 30, 2016. If the Reorganizations are consummated, the actual exchange ratios on the closing date may vary from the exchange ratios used in the computation below. This is due to changes in the market value of the portfolio securities of the Funds between September 30, 2016 and the closing date, changes in the amount of undistributed net investment income and net realized capital gains of the Funds during that period resulting from income and distributions, and changes in the accrued liabilities of the Funds during the same period.

Transamerica Partners High Quality Bond Funds


	Transamerica Partners High Quality Bond		Transamerica Partners Institutional High Quality Bond		Transamerica Partners High Quality Bond Portfolio
Net Assets	$	104,296,484	$	56,035,006	$	172,079,889
Net Asset Value Per Share	$	11.16	$	10.13	$	10.00
Shares Outstanding		9,343,108		5,530,811		17,207,989

Transamerica High Quality Bond


	Transamerica High Quality Bond		Transamerica High Quality Bond *Pro Forma*
Net Assets
Class R		—	$	104,296,484
Class R4		—	$	56,035,006
Class I3		—	$	172,003,658
Net Asset Value Per Share
Class R		—	$	10.00
Class R4		—	$	10.00
Class I3		—	$	10.00
Shares Outstanding
Class R		—		10,429,648
Class R4		—		5,603,501
Class I3		—		17,207,989

It is impossible to predict with any certainty how many shares of the Destination Fund will actually be received and distributed by a Target Fund on the closing date. The foregoing table should not be relied upon to determine the amount of Destination Fund shares that will actually be received and distributed.

ADDITIONAL INFORMATION

For information relating to each Fund and its Reorganization, including tax capital loss carryforwards, the tax status of the Reorganization, a comparison of the fundamental investment policies of the Funds, how to buy, sell or exchange Fund shares, how each Fund values its securities, financial highlights information for each Fund and ownership of shares of the Funds, please see the sections immediately following the discussion of the Group 10 Reorganizations.

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TARGET FUND BOARD’S EVALUATION AND RECOMMENDATION

With respect to each Target Fund, the Board of the Target Fund, including its Independent Trustees, after careful consideration, unanimously determined that the Reorganization is in the best interest of the Target Fund and will not dilute the interests of the existing holders of the Target Fund. Each Board made this determination based on various factors, which include those that are discussed in the section entitled “Reasons for the Proposed Reorganizations” in the back of this Proxy Statement/Prospectus following the discussion of the proposals.

Similarly, the Board of the Destination Fund, including all its Independent Trustees, has approved the Reorganization with respect to the Destination Fund. The Board has determined that the Reorganization is in the best interest of the Destination Fund and that the interests of the Destination Fund’s holders will not be diluted as a result of the Reorganization.

THE BOARD OF YOUR TARGET FUND RECOMMENDS THAT YOU VOTE “FOR” PROPOSAL 1A, 1B OR 1C, AS APPLICABLE, TO APPROVE THE PLAN.

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GROUP 2 - INFLATION-PROTECTED SECURITIES FUNDS

TRANSAMERICA PARTNERS INFLATION-PROTECTED SECURITIES

TRANSAMERICA PARTNERS INSTITUTIONAL INFLATION-PROTECTED SECURITIES

TRANSAMERICA PARTNERS INFLATION-PROTECTED SECURITIES PORTFOLIO

(each, a “Target Fund” and together, the “Target Funds”)

AND

TRANSAMERICA INFLATION-PROTECTED SECURITIES

(the “Destination Fund”)

PROPOSALS 2A, 2B AND 2C

APPROVAL OF AGREEMENT AND PLAN OF REORGANIZATION

SUMMARY

The following is a summary of more complete information appearing later in this Proxy Statement/Prospectus or incorporated herein. You should read carefully the entire Proxy Statement/Prospectus, including the exhibits, which include additional information that is not included in the summary and is a part of this Proxy Statement/Prospectus. For a discussion of the terms of the applicable Plan, please see the section entitled, “Terms of Each Agreement and Plan of Reorganization” in the back of the Proxy Statement/Prospectus, after the discussion of the proposals.


Proposal	Target Fund	Destination Fund and Shares
Proposal 2A	Transamerica Partners Inflation-Protected Securities	Transamerica Inflation-Protected Securities Class R

Proposal 2B	Transamerica Partners Institutional Inflation-Protected Securities	Transamerica Inflation-Protected Securities Class R4

Proposal 2C	Transamerica Partners Inflation-Protected Securities Portfolio	Transamerica Inflation-Protected Securities Class I3

Transamerica Partners Inflation-Protected Securities would reorganize first in a “shell” Reorganization into the newly-formed Destination Fund. Exhibit A is the form of Plan for this Reorganization. Transamerica Partners Institutional Inflation-Protected Securities would reorganize next and Transamerica Partners Inflation-Protected Securities Portfolio would reorganize last. Exhibit B is the form of Plan for these Reorganizations. All Reorganizations would occur on the same closing date.

The Target Funds and the Destination Fund are managed by Transamerica Asset Management, Inc. (“TAM”) and have the same investment objective and principal investment strategies and the same related risks. The tables below provide a comparison of certain features of the Funds. Unless otherwise noted, the information is the same for each Target Fund. In the tables below, if a row extends across the entire table, the information applies to the Destination Fund and the Target Funds.

Comparison of Target Funds and Destination Fund


	Target Funds	Destination Fund
Investment objective	Seeks maximum real return consistent with the preservation of capital.

Principal investment strategies¹	The fund normally invests primarily in inflation-protected securities issued by the U.S. government, its agencies and instrumentalities. The fund also invests in inflation-protected securities of U.S. issuers, foreign governments, and other foreign issuers. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in inflation-protected securities and other investments with similar economic characteristics.

	The fund may also invest in securities that pay nominal rates of interest (i.e., that are not inflation-protected), including U.S. Treasury and agency securities, corporate bonds, asset-backed securities, mortgage-backed securities, floating rate securities, high quality, short-term obligations, and repurchase agreements. The fund may invest in securities that are denominated in U.S. dollars and in foreign currencies.

	The fund invests primarily in investment-grade securities, but may also invest in lower quality securities. The fund may not invest more than 10% of its net assets in below investment- grade securities (commonly referred to as “junk” bonds). Investment grade debt securities carry a rating of at least BBB from Standard & Poor’s or Fitch or Baa from Moody’s or are of comparable quality as determined by the fund’s sub- adviser. The fund seeks to maintain an average portfolio duration that is within ±20% of the duration of the Barclays U.S. Treasury Inflation Protected Securities Index, an index of inflation-protected securities. As of March 31, 2016, the duration of the index was 7.77 years. The fund may invest in securities of any maturity. The portfolio managers of the fund use both “top down” and “bottom up” analysis to determine security and duration positions for the fund. These factors are jointly determined and are interdependent. Security sales decisions are driven by the same criteria as purchase decisions. The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate or foreign currency transactions, total return and credit default swaps. These investment strategies may be employed to attempt to alter investment characteristics of the fund’s portfolio (including to attempt to mitigate risk of loss in some fashion, or “hedge”), but they also may be used to generate income.

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Investment manager	TAM

Sub-adviser	BlackRock Financial Management, Inc.

Portfolio managers	Gargi Chaudhuri: Portfolio Manager of the Target Funds since 2014; Portfolio Manager with BlackRock Financial Management, Inc. since 2010; Director; From 2009-2010, Jefferies & Co. Vice President; From 2001-2008, Bank of America Merrill Lynch, Vice President. Martin Hegarty: Portfolio Manager of the Target Funds since 2010; Portfolio Manager with BlackRock Financial Management, Inc. since 2010; Managing Director; Senior Portfolio Manager; From 2003 – 2010, Bank of America Merrill Lynch, Director, Global Rates and Currency Group.	Gargi Chaudhuri: Portfolio Manager of the Destination Fund since inception²; Portfolio Manager with BlackRock Financial Management, Inc. since 2010; Director; From 2009-2010, Jefferies & Co. Vice President; From 2001-2008, Bank of America Merrill Lynch, Vice President. Martin Hegarty: Portfolio Manager of the Destination Fund since inception¹; Portfolio Manager with BlackRock Financial Management, Inc. since 2010; Managing Director; Senior Portfolio Manager; From 2003 – 2010, Bank of America Merrill Lynch, Director, Global Rates and Currency Group.

Business	Transamerica Partners Inflation-Protected Securities is a diversified series of TPFG, an open-end management investment company organized as a Massachusetts business trust. Transamerica Partners Institutional Inflation-Protected Securities is a diversified series of TPFG II, an open-end management investment company organized as a Massachusetts business trust. Transamerica Partners Inflation-Protected Securities Portfolio is a diversified series of TPP, an open-end management investment company and a trust governed by New York law.	The Destination Fund is a diversified series of the Destination Trust, an open-end management investment company organized as a Delaware statutory trust.

Net assets (as of June 30, 2016)	Transamerica Partners Inflation-Protected Securities = $ 119,168,338 Transamerica Partners Institutional Inflation-Protected Securities = $ 81,291,027 Transamerica Partners Inflation-Protected Securities Portfolio (excluding the Target Feeder Funds) = $65,774,341	None

Management fees	TAM receives compensation for investment advisory services from the Target Funds at an annual rate of 0.35%. TAM also receives compensation for administrative services from Transamerica Partners Inflation-Protected Securities and Transamerica Partners Institutional Inflation-Protected Securities at annual rates of 0.30% and 0.05%, respectively. Transamerica Partners Inflation-Protected Securities Portfolio pays no separate administrative services fees. The applicable fee(s) are based upon average daily net assets and are accrued daily and paid monthly.	TAM receives compensation for investment management services, which include investment advisory and administrative services, from the Destination Fund at an annual rate of 0.38%. The fee is based upon average daily net assets and is accrued daily and paid monthly.

Transamerica Partners Inflation-Protected Securities and Transamerica Partners Institutional Inflation-Protected Securities are feeder funds and invest in securities through Transamerica Partners Inflation-Protected Securities Portfolio, an underlying master fund having the same investment goals and strategies.


Distribution and service (12b-1) fees	Transamerica Partners Inflation-Protected Securities is subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Transamerica Partners Institutional Inflation-Protected Securities is subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Transamerica Partners Inflation-Protected Securities Portfolio is not subject to a distribution and service (12b-1) fee.	Class R shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.50% average daily net assets. Class R4 shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Class I3 shares of the Destination Fund are not subject to a distribution and service (12b-1) fee.

Sales charges	Shares of the Target Funds are offered without a sales charge and are not subject to a contingent deferred sales charge.	Class R, Class R4, and Class I3 shares of the Destination Fund are offered without a sales charge and are not subject to a contingent deferred sales charge.

Fee waiver and expense reimbursement	Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the total operating expenses exceed: • 1.00% for Transamerica Partners Inflation-Protected Securities and • 0.65% for Transamerica Partners Institutional Inflation-Protected Securities. The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2017 without the Board of Trustees’ consent. TAM has agreed to waive fees and reimburse expenses to limit the total operating expenses of Transamerica Partners Inflation-Protected Securities Portfolio to 0.40%. This arrangement is voluntary and may be terminated by TAM at any time.	Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the Destination Fund’s total operating expenses exceed: • 1.00% for Class R shares, • 0.65% for Class R4 shares and • 0.40% for Class I3 shares. The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the Destination Fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

Gross and net expenses	For a comparison of the gross and net expenses of the Funds, please see the class fee tables in the “The Funds’ Fees and Expenses” section.

Comparison of Principal Risks of Investing in the Funds

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Each Fund is subject to the following principal risks (in alphabetical order) of investing in the Fund:

Active Trading – The fund is actively managed and may purchase and sell securities without regard to the length of time held. Active trading may have a negative impact on performance by increasing transaction costs and may generate greater amounts of net short-term capital gains, which, for shareholders holding shares in taxable accounts, would generally be subject to tax at ordinary income tax rates upon distribution.

CFTC Regulation – The Investment Manager has registered as a “commodity pool operator” under the Commodity Exchange Act with respect to its service as investment manager to the fund. The Investment Manager is therefore subject to dual regulation by the SEC and the Commodity Futures Trading Commission (“CFTC”), and is a member of the National Futures Association and is also subject to its rules. Regulation of commodity investing continues to change, and additional compliance and other expenses may be incurred.

Counterparty – The fund will be subject to credit risk (meaning the risk of adverse changes in an issuer’s real or perceived financial strength) with respect to counterparties to derivatives, repurchase agreements and other financial contracts entered into by the fund or held by special purpose or structured vehicles. Adverse changes to counterparties may cause the value of financial contracts to go down. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline.

Derivatives – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates, currencies, or the derivatives themselves, behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. Use of derivatives may have different tax consequences for the fund than an investment in the underlying security, and those differences may affect the amount, timing and character of income distributed to shareholders. The U.S. government and foreign governments are in the process of adopting and implementing regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, otherwise adversely affect their performance or disrupt markets. For additional information regarding derivatives, see “More on Risks of Investing in the Funds—More on Principal Risks: Derivatives” in the prospectus. In addition, the SEC has proposed a new rule that would change the regulation of the use of derivatives by registered investment companies, such as the fund. If the proposed rule takes effect, it could limit the ability of the fund to invest in derivatives.

- 4 -

conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. In addition, the market value of a fixed income security may decline if the issuer or other obligor of the security fails to pay principal and/or interest, otherwise defaults or has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines. When market prices fall, the value of your investment will go down. The value of your investment will generally go down when interest rates rise. Interest rates have been at historically low levels, so the fund faces a heightened risk that interest rates may rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.

High-Yield Debt Securities – High-yield debt securities, commonly referred to as “junk” bonds, are securities that are rated below “investment grade” or, if unrated, determined to be below investment grade by the sub-adviser. Changes in interest rates, the market’s perception of the issuers and the creditworthiness of the issuers may significantly affect the value of these bonds. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and may be more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments.

Inflation-Protected Securities – Inflation-protected debt securities may react differently from other types of debt securities and tend to react to changes in “real” interest rates. Real interest rates represent nominal (stated) interest rates reduced by the expected impact of inflation. In general, the price of an inflation-protected debt security can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on inflation-protected debt securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation. Also, the inflation index utilized by a particular inflation-protected security may not accurately reflect the true rate of inflation, in which case the market value of the security could be adversely affected.

Leveraging – The value of your investment may be more volatile to the extent that the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The use of leverage is considered to be a speculative investment practice and may result in the loss of a substantial amount, and possibly all, of the fund’s assets. The fund also may have to sell assets at inopportune times to satisfy its obligations.

- 5 -

Loans – Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and liquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may be relatively illiquid or lose all or substantially all of its value subsequent to investment. In the event of bankruptcy of a borrower, the fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a loan. Junior loans, which have a lower place in the borrower’s capital structure than senior loans and may be unsecured, involve a higher degree of overall risk than senior loans of the same borrower. The fund’s investments in loans are also subject to prepayment or call risk. Loans may have settlement periods in excess of seven days. Failure to receive sales proceeds on a timely basis may constrain the fund’s ability to meet its obligations (including obligations to redeeming shareholders).

Market – The market prices of the fund’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security.

- 6 -

The Funds’ Past Performance

The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations, and therefore, has no performance history.

- 7 -

Set forth below is performance information for each Target Fund. The bar charts and tables below provide some indication of the risks of investing in each Target Fund by showing you how the performance of the Target Funds has varied from year to year, as applicable, and how the average total returns of each Target Fund for different periods compare to the returns of one or more broad measures of market performance. The performance shown below for Transamerica Partners Inflation-Protected Securities Portfolio reflects only master portfolio level expenses, and does not include the expenses of any of the applicable Non-Mutual Fund Feeder Funds. If those expenses were reflected, the performance would be lower. Absent any applicable limitation of or cap on the Target Funds’ expenses, performance would have been lower. Class R, Class R4 and Class I3 shares of the Destination Fund would have different performance because they have different expenses. A Target Fund’s past performance (before and after taxes) is not necessarily an indication of how the Destination Fund will perform in the future. Following the Reorganizations, Transamerica Partners Institutional Inflation-Protected Securities will be the surviving fund for performance purposes.

Prior to May 1, 2007, each Target Fund had a different sub-adviser, a different investment objective and used different investment strategies. The performance set forth below for the Target Funds prior to that date is attributable to the previous sub-adviser.

Transamerica Partners Inflation-Protected Securities Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	12/31/2007		5.27	%
Worst Quarter:	6/30/2013		-6.66	%

Year-to-date return as of September 30, 2016: 6.26%

Transamerica Partners Inflation-Protected Securities Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Inflation-Protected Securities		-2.51	%		1.58	%		3.19	%	02/22/1996
Barclays U.S. Treasury Inflation Protected Securities Index (reflects no deduction for fees, expenses or taxes)		-1.44	%		2.55	%		3.93	%

- 8 -

Transamerica Partners Institutional Inflation-Protected Securities Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	12/31/2007		5.34	%
Worst Quarter:	6/30/2013		-6.54	%

Year-to-date return as of September 30, 2016: 6.56%

Transamerica Partners Institutional Inflation-Protected Securities Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Institutional Inflation-Protected Securities		-2.18	%		1.94	%		3.55	%	09/11/2000
Barclays U.S. Treasury Inflation Protected Securities Index (reflects no deduction for fees, expenses or taxes)		-1.44	%		2.55	%		3.93	%

Transamerica Partners Inflation-Protected Securities Portfolio Annual Returns

(Annual Total Returns (calendar years ended December 31)

LOGO

The highest and lowest quarterly returns for the periods reflected in the table above are:


	Quarter Ended	Return
Best Quarter:	12/31/2007		5.40	%
Worst Quarter:	6/30/2013		-6.50	%

Year-to-date return as of September 30, 2016: 8.23%

- 9 -

Transamerica Partners Inflation-Protected Securities Portfolio Average Annual Total Returns

(for periods ended 12/31/2015)


	1 Year			5 Years			Since Inception			Inception Date
Transamerica Partners Inflation-Protected Securities Portfolio		-1.94	%		2.19	%		3.81	%		05/01/2007
Barclays U.S. Treasury Inflation Protected Securities Index (reflects no deduction for fees, expenses or taxes)		-1.44	%		2.55	%		4.11	%

The Funds’ Fees and Expenses

Shareholders of the Target Funds and the Destination Fund pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy and hold shares of each Fund. The fees and expenses in the tables appearing below for the Target Funds are based on the expenses of the Target Funds for the twelve-month period ended June 30, 2016. The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations. Therefore, the Fees and Expenses for the Destination Fund have been estimated using the Destination Fund’s proposed fees and estimated expenses assuming the Reorganization occurred on June 30, 2016. The tables also show the pro forma expenses of the combined Destination Fund after giving effect to all Group 2 Reorganizations based on pro forma net assets as of June 30, 2016. Pro forma numbers are estimated in good faith and are hypothetical. Actual expenses may vary significantly. The fees and expenses shown in the table and Example below for Transamerica Partners Inflation-Protected Securities Portfolio reflect only master portfolio level fees and expenses, and do not include the fees and expenses of any of the applicable Non-Mutual Fund Feeder Funds. For financial statement purposes, Transamerica Partners Institutional Inflation-Protected Securities will be the accounting survivor of the Reorganizations. As the accounting survivor, Transamerica Partners Institutional Inflation-Protected Securities’ operating history will be used for financial reporting purposes.

Transamerica Partners Inflation-Protected Securities


	Transamerica Partners Inflation- Protected Securities¹			Transamerica Inflation- Protected Securities			Combined Transamerica Inflation- Protected Securities (*Pro Forma*)
				Class R			Class R
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.35	%		0.38	%		0.38	%
Distribution and service (12b-1) fees		0.25	%		0.50	%		0.50	%
Other expenses³		0.44	%		0.13	%⁴		0.13	%⁴

Total annual fund operating expenses		1.04	%		1.01	%		1.01	%

Fee waiver and/or expense reimbursement		0.04	%³		0.01	%⁶		0.01	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.00	%		1.00	%		1.00	%

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Transamerica Partners Institutional Inflation-Protected Securities


	Transamerica Partners Institutional Inflation- Protected Securities¹			Transamerica Inflation- Protected Securities			Combined Transamerica Inflation- Protected Securities (*Pro Forma*)
				Class R4			Class R4
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.35	%		0.38	%		0.38	%
Distribution and service (12b-1) fees		0.25	%		0.25	%		0.25	%
Other expenses³		0.21	%		0.13	%⁴		0.13	%⁴

Total annual fund operating expenses		0.81	%		0.76	%		0.76	%

Fee waiver and/or expense reimbursement		0.16	%⁷		0.11	%⁶		0.11	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.65	%		0.65	%		0.65	%

Transamerica Partners Inflation-Protected Securities Portfolio


	Transamerica Partners Inflation- Protected Securities Portfolio			Transamerica Inflation- Protected Securities			Combined Transamerica Inflation- Protected Securities (*Pro Forma*)
				Class I3			Class I3
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.35	%		0.38	%		0.38	%
Distribution and service (12b-1) fees		None			None			None
Other expenses³		0.08	%		0.13	%⁴		0.13	%⁴

Total annual fund operating expenses		0.43	%		0.51	%		0.51	%

Fee waiver and/or expense reimbursement		N/A			0.11	%⁶		0.11	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.43	%		0.40	%		0.40	%

The Target Feeder Fund invests in securities through an underlying Target Master Portfolio, Transamerica Partners Inflation-Protected Securities Portfolio. The information in this table and in the Example below concerning the Target Feeder Fund reflects the direct fees and expenses of the Target Feeder Fund and its allocated share of the fees and expenses of the Target Master Portfolio.

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The Destination Fund receives investment advisory and administrative services under one agreement with the Destination Fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), and pays a single management fee to TAM. Transamerica Partners Inflation-Protected Securities and Transamerica Partners Institutional Inflation-Protected Securities receive investment advisory and administrative services from TAM under separate agreements and pay separate advisory fees and administrative services fees to TAM. The administrative services fees of 0.30% for Transamerica Partners Inflation-Protected Securities and 0.05% for Transamerica Partners Institutional Inflation-Protected Securities are included in “Other expenses.” Transamerica Partners Inflation-Protected Securities Portfolio receives investment advisory services from TAM and pays advisory fees to TAM. Transamerica Partners Inflation-Protected Securities Portfolio pays no separate administrative services fees.

Other expenses do not include the costs of the Reorganization to be borne by the Target Funds. These costs are considered extraordinary expenses and are not covered by the applicable expense limitation arrangements. The basis point impact of such costs is 0.00% for Transamerica Partners Inflation-Protected Securities, 0.06% for Transamerica Partners Institutional Inflation-Protected Securities, and 0.03% for Transamerica Partners Inflation-Protected Securities Portfolio.

⁴	Other expenses are based on estimates for the current fiscal year. Actual expenses may differ from estimates.

⁵

⁶

Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 1.00]% for Class R shares, 0.65% for Class R4 shares and 0.40% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

⁷

The hypothetical examples below help you compare the cost of investing in each Fund. Each example assumes that:

•

you invest $10,000 in each Fund;

•

you reinvest all dividends and distributions without a sales charge;

•

your investment has a 5% annual return (this assumption is required by the SEC and is not a prediction of the Fund’s future performance); and

•

each Fund’s operating expenses remain the same.

Each example also assumes no fees for IRA accounts, if applicable. Costs are the same whether you redeem at the end of any period or not. Pro forma expenses are included assuming the consummation of all Group 2 Reorganizations. The examples are for comparison purposes only and do not represent the Funds’ actual expenses or returns, either past or future. Because actual return and expenses will be different, the examples are for comparison only.

- 12 -

Transamerica Partners Inflation-Protected Securities


Number of years you own your shares	Transamerica Partners Inflation- Protected Securities		Transamerica Inflation- Protected Securities		Combined Transamerica Inflation- Protected Securities (*Pro Forma*)
			Class R		Class R
Year 1	$	102	$	102	$	102
Year 3	$	327	$	321	$	321
Year 5	$	570	$	557	$	557
Year 10	$	1,267	$	1,235	$	1,235

Transamerica Partners Institutional Inflation-Protected Securities


Number of years you own your shares	Transamerica Partners Institutional Inflation- Protected Securities		Transamerica Inflation- Protected Securities		Combined Transamerica Inflation- Protected Securities (*Pro Forma*)
			Class R4		Class R4
Year 1	$	66	$	66	$	66
Year 3	$	243	$	232	$	232
Year 5	$	434	$	412	$	412
Year 10	$	987	$	932	$	932

Transamerica Partners Inflation-Protected Securities Portfolio


Number of years you own your shares	Transamerica Partners Inflation- Protected Securities Portfolio		Transamerica Inflation- Protected Securities		Combined Transamerica Inflation- Protected Securities (*Pro Forma*)
			Class I3		Class I3
Year 1	$	44	$	41	$	41
Year 3	$	138	$	152	$	152
Year 5	$	241	$	274	$	274
Year 10	$	542	$	630	$	630

CAPITALIZATION

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Transamerica Partners Inflation-Protected Securities Funds


	Transamerica Partners Inflation- Protected Securities		Transamerica Partners Institutional Inflation- Protected Securities		Transamerica Partners Inflation- Protected Securities Portfolio
Net Assets	$	118,853,139	$	79,949,579	$	61,200,768
Net Asset Value Per Share	$	11.39	$	9.98	$	10.00
Shares Outstanding		10,434,963		8,012,689		6,120,077

Transamerica Inflation-Protected Securities


	Transamerica Inflation-Protected Securities		Combined Transamerica Inflation- Protected Securities Pro Forma
Net Assets
Class R		—	$	118,853,139
Class R4		—	$	79,949,579
Class I3		—	$	61,124,537
Net Asset Value Per Share
Class R		—	$	10.00
Class R4		—	$	10.00
Class I3		—	$	9.99
Shares Outstanding
Class R		—		11,885,314
Class R4		—		7,994,958
Class I3		—		6,120,077

ADDITIONAL INFORMATION

TARGET FUND BOARD’S EVALUATION AND RECOMMENDATION

- 14 -

THE BOARD OF YOUR TARGET FUND RECOMMENDS THAT YOU VOTE “FOR” PROPOSAL 2A, 2B OR 2C, AS APPLICABLE, TO APPROVE THE PLAN.

- 15 -

GROUP 3 - LARGE CORE FUNDS

TRANSAMERICA PARTNERS LARGE CORE

TRANSAMERICA PARTNERS INSTITUTIONAL LARGE CORE

TRANSAMERICA PARTNERS LARGE CORE PORTFOLIO

(each, a “Target Fund” and together, the “Target Funds”)

AND

TRANSAMERICA LARGE CORE

(the “Destination Fund”)

PROPOSALS 3A, 3B AND 3C

APPROVAL OF AGREEMENT AND PLAN OF REORGANIZATION

SUMMARY

The following is a summary of more complete information appearing later in this Proxy Statement/Prospectus or incorporated herein. You should read carefully the entire Proxy Statement/Prospectus, including the exhibits, which include additional information that is not included in the summary and is a part of this Proxy Statement/Prospectus. For a discussion of the terms of the applicable Plan, please see the section entitled, “Terms of Each Agreement and Plan of Reorganization” in the back of the Proxy Statement/Prospectus, after the discussion of the proposals.


Proposal	Target Fund	Destination Fund and Shares
Proposal 3A	Transamerica Partners Large Core	Transamerica Large Core Class R

Proposal 3B	Transamerica Partners Institutional Large Core	Transamerica Large Core Class R4

Proposal 3C	Transamerica Partners Large Core Portfolio	Transamerica Large Core Class I3

Transamerica Partners Large Core would reorganize first in a “shell” Reorganization into the newly-formed Destination Fund. Exhibit A is the form of Plan for this Reorganization. Transamerica Partners Institutional Large Core would reorganize next and Transamerica Partners Large Core Portfolio would reorganize last. Exhibit B is the form of Plan for these Reorganizations. All Reorganizations would occur on the same closing date.

The Target Funds and the Destination Fund are managed by Transamerica Asset Management, Inc. (“TAM”) and have the same investment objective and principal investment strategies and the same related risks. The tables below provide a comparison of certain features of the Funds. Unless otherwise noted, the information is the same for each Target Fund. In the tables below, if a row extends across the entire table, the information applies to the Destination Fund and the Target Funds.

Comparison of Target Funds and Destination Fund


	Target Funds	Destination Fund
Investment objective	Seeks to provide capital appreciation and current income.

Principal investment strategies¹	The fund normally invests primarily in issuers listed on U.S. exchanges that the fund’s sub-adviser, AJO, LP, believes are seasoned, liquid and low priced, with effective management, positive momentum, and favorable sentiment. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in

¹	Transamerica Partners Large Core and Transamerica Partners Institutional Large Core are feeder funds and invest in securities through Transamerica Partners Large Core Portfolio, an underlying master fund having the same investment goals and strategies.

- 16 -


	securities of large-cap companies and other investments with similar economic characteristics. The fund considers large cap companies to be companies with market capitalizations that, at the time of initial purchase, exceed the market capitalization of the smallest company included in the Russell 1000® Index¹. As of December 31, 2015, the market capitalization of the smallest company in the Russell 1000® Index was $383 million. The fund will use an investment approach that blends growth and value. The fund’s equity securities may include common stocks and preferred stocks listed on the New York Stock Exchange and on other national securities exchanges and, to a lesser extent, stocks that are traded over-the-counter. The fund emphasizes common stocks. The fund may also invest in foreign securities and real estate investment trusts (REITs). ¹Russell 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.

Investment manager	TAM

Sub-adviser	AJO, LP

Portfolio managers	Theodore R. Aronson: Portfolio Manager of the Target Funds since 2004; Employee of AJO, LP since 1984. Stefani Cranston: Portfolio Manager of the Target Funds since 2007; Employee of AJO, LP since 1991. Gina Marie N. Moore: Portfolio Manager of the Target Funds since 2004; Employee of AJO, LP since 1998. Gregory J. Rogers: Portfolio Manager of the Target Funds since 2012; Employee of AJO, LP since 1993. Christopher J. W. Whitehead: Portfolio Manager of the Target Funds since 2009; Research Analyst from 2004 – 2009; Employee of AJO, LP since 2000.	Theodore R. Aronson: Portfolio Manager of the Destination Fund since inception¹; Employee of AJO, LP since 1984. Stefani Cranston: Portfolio Manager of the Destination Fund since inception¹; Employee of AJO, LP since 1991. Gina Marie N. Moore: Portfolio Manager of the Destination Fund since inception¹; Employee of AJO, LP since 1998. Gregory J. Rogers: Portfolio Manager of the Destination Fund since inception¹; Employee of AJO, LP since 1993. Christopher J. W. Whitehead: Portfolio Manager of the Destination Fund since inception¹; Research Analyst from 2004 – 2009; Employee of AJO, LP since 2000.

Business	Transamerica Partners Large Core is a diversified series of TPFG, an open-end management investment company organized as a Massachusetts business trust. Transamerica Partners Institutional Large Core is a diversified series of TPFG II, an open-end management investment company organized as a Massachusetts business trust. Transamerica Partners Large Core Portfolio is a diversified series of TPP, an open-end management investment company and a trust governed by New York law.	The Destination Fund is a diversified series of the Destination Trust, an open-end management investment company organized as a Delaware statutory trust.

Net assets (as of June 30, 2016)	Transamerica Partners Large Core = $ 77,426,829 Transamerica Partners Institutional Large Core = $ 10,127,160 Transamerica Partners Large Core Portfolio (excluding the Target Feeder Funds) = $190,315,205	None

- 17 -



Management fees	TAM receives compensation for investment advisory services from the Target Funds at an annual rate of 0.60%. TAM also receives compensation for administrative services from Transamerica Partners Large Core and Transamerica Partners Institutional Large Core at annual rates of 0.30% and 0.05%, respectively. Transamerica Partners Large Core Portfolio pays no separate administrative services fees. The applicable fee(s) are based upon average daily net assets and are accrued daily and paid monthly.	TAM receives compensation for investment management services, which include investment advisory and administrative services, from the Destination Fund at an annual rate of 0.63%. The fee is based upon average daily net assets and is accrued daily and paid monthly.

Distribution and service (12b-1) fees	Transamerica Partners Large Core is subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Transamerica Partners Institutional Large Core is subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Transamerica Partners Large Core Portfolio is not subject to a distribution and service (12b-1) fee.	Class R shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.50% of average daily net assets. Class R4 shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Class I3 shares of the Destination Fund are not subject to a distribution and service (12b-1) fee.

Sales charges	Shares of the Target Funds are offered without a sales charge and are not subject to a contingent deferred sales charge.	Class R, Class R4, and Class I3 shares of the Destination Fund are offered without a sales charge and are not subject to a contingent deferred sales charge.

Fee waiver and expense reimbursement	Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the total operating expenses exceed: • 1.15% for Transamerica Partners Large Core and • 0.90% for Transamerica Partners Institutional Large Core. The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2017 without the Board of Trustees’ consent. TAM has agreed to waive fees and reimburse expenses to limit the total operating expenses of Transamerica Partners Large Core Portfolio to [0.65%]. This arrangement is voluntary and may be terminated by TAM at any time.	Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the Destination Fund’s total operating expenses exceed: • 1.15% for Class R shares • 0.90% for Class R4 shares and • 0.65% for Class I3 shares. The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the Destination Fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

Gross and net expenses	For a comparison of the gross and net expenses of the Funds, please see the class fee tables in the “The Funds’ Fees and Expenses” section.

- 18 -

Comparison of Principal Risks of Investing in the Funds

Each Fund is subject to the following principal risks (in alphabetical order) of investing in the Fund:

Equity Securities – Equity securities represent an ownership interest in an issuer, rank junior in a company’s capital structure and consequently may entail greater risk of loss than debt securities. Equity securities include common and preferred stocks. Stock markets are volatile. The price of equity securities fluctuates based on changes in a company’s financial condition and overall market and economic conditions. If the market prices of the equity securities owned by the fund fall, the value of your investment in the fund will decline.

Growth Stocks – Returns on growth stocks may not move in tandem with returns 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 underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

- 19 -

other government intervention may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. The Federal Reserve recently has reduced its market support activities. Further reduction or withdrawal of Federal Reserve or other U.S. or non-U.S. governmental or central bank support, including interest rate increases, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the fund invests.

Preferred Stock – Preferred stock’s right to dividends and liquidation proceeds is junior to the rights of a company’s debt securities. The value of preferred stock may be subject to factors that affect fixed income and equity securities, including changes in interest rates and in a company’s creditworthiness. The value of preferred stock tends to vary more with fluctuations in the underlying common stock and less with fluctuations in interest rates and tends to exhibit greater volatility. Shareholders of preferred stock may suffer a loss of value if dividends are not paid and have limited voting rights.

REITs – Investing in real estate investment trusts (“REITs”) involves unique risks. When the fund invests in REITs, it is subject to risks generally associated with investing in real estate. A REIT’s performance depends on the types and locations of the properties it owns, how well it manages those properties and cash flow. REITs may have lower trading volumes and may be subject to more abrupt or erratic price movements than the overall securities markets. In addition to its own expenses, the fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests. U.S. REITs are subject to a number of highly technical tax-related rules and requirements; and a U.S. REIT’s failure to qualify for the favorable U.S. federal income tax treatment generally available to U.S. REITs could result in corporate-level taxation, significantly reducing the return on an investment to the fund.

Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

Value Investing – The prices of securities the sub-adviser believes are undervalued may not appreciate as anticipated or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.

The Funds’ Past Performance

The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations, and therefore, has no performance history.

- 20 -

different periods compare to the returns of one or more broad measures of market performance. The performance shown below for Transamerica Partners Large Core Portfolio reflects only master portfolio level expenses, and does not include the expenses of any of the applicable Non-Mutual Fund Feeder Funds. If those expenses were reflected, the performance would be lower. Absent any applicable limitation of or cap on the Target Funds’ expenses, performance would have been lower. Class R, Class R4 and Class I3 shares of the Destination Fund would have different performance because they have different expenses. A Target Fund’s past performance (before and after taxes) is not necessarily an indication of how the Destination Fund will perform in the future. Following the Reorganizations, Transamerica Partners Institutional Large Core will be the surviving fund for performance purposes.

Prior to September 16, 2009, each Target Fund had a different sub-adviser. The performance set forth below for the Target Funds for the period prior to that date is partly attributable to the previous sub-adviser.

Transamerica Partners Large Core Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		14.49	%
Worst Quarter:	12/31/2008		-21.41	%

Year-to-date return as of September 30, 2016: 2.58%

Transamerica Partners Large Core Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Large Core		-1.31	%		13.16	%		6.07	%		07/05/1994
Russell 1000^® Index (reflects no deduction for fees, expenses or taxes)		0.92	%		12.44	%		7.40	%
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%

- 21 -

Transamerica Partners Institutional Large Core Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		14.28	%
Worst Quarter:	12/31/2008		-21.38	%

Year-to-date return as of September 30, 2016: 2.68%

Transamerica Partners Institutional Large Core Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Institutional Large Core		-1.02	%		13.50	%		6.35	%		09/11/2000
Russell 1000^® Index (reflects no deduction for fees, expenses or taxes)		0.92	%		12.44	%		7.40	%
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%

Transamerica Partners Large Core Portfolio Annual Returns

(Annual Total Returns (calendar years ended December 31)

LOGO

- 22 -

The highest and lowest quarterly returns for the periods reflected in the table above are:


	Quarter Ended	Return
Best Quarter:	6/30/2009		14.58	%
Worst Quarter:	12/31/2008		-21.28	%

Year-to-date return as of September 30, 2016: 7.21%

Transamerica Partners Large Core Portfolio Average Annual Total Returns

(for periods ended 12/31/2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Large Core Portfolio		-0.78	%		13.75	%		6.61	%		06/27/1993
Russell 1000^® Index (reflects no deduction for fees, expenses or taxes)		0.92	%		12.44	%		7.40	%
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%

The Funds’ Fees and Expenses

Shareholders of the Target Funds and the Destination Fund pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy and hold shares of each Fund. The fees and expenses in the tables appearing below for the Target Funds are based on the expenses of the Target Funds for the twelve-month period ended June 30, 2016. The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations. Therefore, the Fees and Expenses for the Destination Fund have been estimated using the Destination Fund’s proposed fees and estimated expenses assuming the Reorganization occurred on June 30, 2016. The tables also show the pro forma expenses of the combined Destination Fund after giving effect to all Group 3 Reorganizations based on pro forma net assets as of June 30, 2016. Pro forma numbers are estimated in good faith and are hypothetical. Actual expenses may vary significantly. The fees and expenses shown in the table and Example below for Transamerica Partners Large Core Portfolio reflect only master portfolio level fees and expenses, and do not include the fees and expenses of any of the applicable Non-Mutual Fund Feeder Funds. For financial statement purposes, Transamerica Partners Institutional Large Core will be the accounting survivor of the Reorganizations. As the accounting survivor, Transamerica Partners Institutional Large Core’s operating history will be used for financial reporting purposes.

Transamerica Partners Large Core


	Transamerica Partners Large Core¹			Transamerica Large Core			Combined Transamerica Large Core (*Pro Forma)*
				Class R			Class R
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.60	%		0.63	%		0.63	%
Distribution and service (12b-1) fees		0.25	%		0.50	%		0.50	%
Other expenses³		0.41	%		0.04	%⁴		0.04	%⁴

Total annual fund operating expenses		1.26	%		1.17	%		1.17	%

Fee waiver and/or expense reimbursement		0.11	%⁵		0.02	%⁶		0.02	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.15	%		1.15	%		1.15	%

- 23 -

Transamerica Partners Institutional Large Core


	Transamerica Partners Institutional Large Core¹			Transamerica Large Core			Combined Transamerica Large Core (*Pro Forma)*
				Class R4			Class R4
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.60	%		0.63	%		0.63	%
Distribution and service (12b-1) fees		0.25	%		0.25	%		0.25	%
Other expenses³		0.48	%		0.04	%⁴		0.04	%⁴

Total annual fund operating expenses		1.33	%		0.92	%		0.92	%

Fee waiver and/or expense reimbursement		0.43	%⁷		0.02	%⁶		0.02	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.90	%		0.90	%		0.90	%

Transamerica Partners Large Core Portfolio


	Transamerica Partners Large Core Portfolio			Transamerica Large Core			Combined Transamerica Large Core (*Pro Forma)*
				Class I3			Class I3
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.60	%		0.63	%		0.63	%
Distribution and service (12b-1) fees		None			None			None
Other expenses³		0.03	%		0.04	%⁴		0.04	%⁴

Total annual fund operating expenses		0.63	%		0.67	%		0.67	%

Fee waiver and/or expense reimbursement		N/A			0.02	%⁶		0.02	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.63	%		0.65	%		0.65	%

- 24 -

The Target Feeder Fund invests in securities through an underlying Target Master Portfolio, Transamerica Partners Large Core Portfolio. The information in this table and in the Example below concerning the Target Feeder Fund reflects the direct fees and expenses of the Target Feeder Fund and its allocated share of the fees and expenses of the Target Master Portfolio.

The Destination Fund receives investment advisory and administrative services under one agreement with the Destination Fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), and pays a single management fee to TAM. Transamerica Partners Large Core and Transamerica Partners Institutional Large Core receive investment advisory and administrative services from TAM under separate agreements and pay separate advisory fees and administrative services fees to TAM. The administrative services fees of 0.30% for Transamerica Partners Large Core and 0.05% for Transamerica Partners Institutional Large Core are included in “Other expenses.” Transamerica Partners Large Core Portfolio receives investment advisory services from TAM and pays advisory fees to TAM. Transamerica Partners Large Core Portfolio pays no separate administrative services fees.

Other expenses do not include the costs of the Reorganization to be borne by the Target Funds. These costs are considered extraordinary expenses and are not covered by the applicable expense limitation arrangements. The basis point impact of such costs is 0.00% for Transamerica Partners Large Core, 0.01% for Transamerica Partners Institutional Large Core, and 0.00% for Transamerica Partners Large Core Portfolio.

⁴	Other expenses are based on estimates for the current fiscal year. Actual expenses may differ from estimates.

⁵

Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 1.15%, excluding, as applicable, acquired fund fees and expenses, interest, 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.

⁶

Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 1.15% for Class R shares, 0.90% for Class R4 shares and 0.65% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

⁷

Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.90%, excluding, as applicable, acquired fund fees and expenses, interest, 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.

The hypothetical examples below help you compare the cost of investing in each Fund. Each example assumes that:

•

you invest $10,000 in each Fund;

•

you reinvest all dividends and distributions without a sales charge;

•

your investment has a 5% annual return (this assumption is required by the SEC and is not a prediction of the Fund’s future performance); and

•

each Fund’s operating expenses remain the same.

Each example also assumes no fees for IRA accounts, if applicable. Costs are the same whether you redeem at the end of any period or not. Pro forma expenses are included assuming the consummation of all Group 3 Reorganizations. The examples are for comparison purposes only and do not represent the Funds’ actual expenses or returns, either past or future. Because actual return and expenses will be different, the examples are for comparison only.

- 25 -

Transamerica Partners Large Core


Number of years you own your shares	Transamerica Partners Large Core		Transamerica Large Core		Combined Transamerica Large Core (*Pro Forma*)
			Class R		Class R
Year 1	$	117	$	117	$	117
Year 3	$	389	$	370	$	370
Year 5	$	681	$	642	$	642
Year 10	$	1,513	$	1,419	$	1,419

Transamerica Partners Institutional Large Core


Number of years you own your shares	Transamerica Partners Institutional Large Core		Transamerica Large Core		Combined Transamerica Large Core (*Pro Forma*)
			Class R4		Class R4
Year 1	$	92	$	92	$	92
Year 3	$	379	$	291	$	291
Year 5	$	688	$	507	$	507
Year 10	$	1,564	$	1,129	$	1,129

Transamerica Partners Large Core Portfolio


Number of years you own your shares	Transamerica Partners Large Core Portfolio		Transamerica Large Core		Combined Transamerica Large Core (*Pro Forma*)
			Class I3		Class I3
Year 1	$	64	$	66	$	66
Year 3	$	202	$	212	$	212
Year 5	$	351	$	371	$	371
Year 10	$	786	$	833	$	833

CAPITALIZATION

Transamerica Partners Large Core Funds


	Transamerica Partners Large Core		Transamerica Partners Institutional Large Core		Transamerica Partners Large Core Portfolio
Net Assets	$	78,981,454	$	10,486,782	$	193,609,560
Net Asset Value Per Share	$	32.23	$	7.39	$	10.00
Shares Outstanding		2,450,762		1,418,936		19,360,956

- 26 -

Transamerica Large Core


	Transamerica Large Core		Transamerica Large Core *Pro Forma*
Net Assets
Class R		—	$	78,981,454
Class R4		—	$	10,486,782
Class I3		—	$	193,569,787
Net Asset Value Per Share
Class R		—	$	10.00
Class R4		—	$	10.00
Class I3		—	$	10.00
Shares Outstanding
Class R		—		7,898,145
Class R4		—		1,048,678
Class I3		—		19,360,956

ADDITIONAL INFORMATION

TARGET FUND BOARD’S EVALUATION AND RECOMMENDATION

THE BOARD OF YOUR TARGET FUND RECOMMENDS THAT YOU VOTE “FOR” PROPOSAL 3A, 3B OR 3C, AS APPLICABLE, TO APPROVE THE PLAN.

- 27 -

GROUP 4 - LARGE GROWTH FUNDS

TRANSAMERICA PARTNERS LARGE GROWTH

TRANSAMERICA PARTNERS INSTITUTIONAL LARGE GROWTH

TRANSAMERICA PARTNERS LARGE GROWTH PORTFOLIO

(each, a “Target Fund” and together, the “Target Funds”)

AND

TRANSAMERICA LARGE GROWTH

(the “Destination Fund”)

PROPOSALS 4A, 4B AND 4C

APPROVAL OF AGREEMENT AND PLAN OF REORGANIZATION

SUMMARY

The following is a summary of more complete information appearing later in this Proxy Statement/Prospectus or incorporated herein. You should read carefully the entire Proxy Statement/Prospectus, including the exhibits, which include additional information that is not included in the summary and is a part of this Proxy Statement/Prospectus. For a discussion of the terms of the applicable Plan, please see the section entitled, “Terms of Each Agreement and Plan of Reorganization” in the back of the Proxy Statement/Prospectus, after the discussion of the proposals.


Proposal	Target Fund	Destination Fund and Shares
Proposal 4A	Transamerica Partners Large Growth	Transamerica Large Growth Class R

Proposal 4B	Transamerica Partners Institutional Large Growth	Transamerica Large Growth Class R4

Proposal 4C	Transamerica Partners Large Growth Portfolio	Transamerica Large Growth Class I3

Transamerica Partners Large Growth would reorganize first in a “shell” Reorganization into the newly-formed Destination Fund. Exhibit A is the form of Plan for this Reorganization. Transamerica Partners Institutional Large Growth would reorganize next and Transamerica Partners Large Growth Portfolio would reorganize last. Exhibit B is the form of Plan for these Reorganizations. All Reorganizations would occur on the same closing date.

The Target Funds and the Destination Fund are managed by Transamerica Asset Management, Inc. (“TAM”) and have substantially similar investment objective and the same principal investment strategies and the same related risks. The tables below provide a comparison of certain features of the Funds. Unless otherwise noted, the information is the same for each Target Fund. In the tables below, if a row extends across the entire table, the information applies to the Destination Fund and the Target Funds.

Comparison of Target Funds and Destination Fund


	Target Funds	Destination Fund
Investment objective	Seeks to provide a high level of capital appreciation through investments in a diversified portfolio of common stocks with a potential for above-average growth in earnings. Current income is a secondary goal.	Seek to provide a high level of capital appreciation. Current income is a secondary goal.

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Principal investment strategies¹	The fund normally invests primarily in common stocks of companies that its sub-advisers, Jennison Associates LLC and Wellington Management Company LLP, believe have the potential for above average growth in earnings and dividends. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in equity securities of large cap companies and other investments with similar economic characteristics. The fund considers large cap companies to be companies with market capitalizations that, at the time of initial purchase, exceed the market capitalization of the smallest company included in the Russell 1000^® Index. As of March 31, 2016, the market capitalization of the smallest company in the Russell 1000^® Index was $171 million. The fund emphasizes common and preferred stocks listed on the New York Stock Exchange and other U.S. securities exchanges and, to a lesser extent, equity securities that are listed on foreign securities exchanges and those traded over-the-counter. The fund uses multiple sub-advisers to try to control the volatility often associated with growth funds, but there can be no assurance that this strategy will succeed. ¹ 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.

Investment manager	TAM

Sub-adviser	Jennison Associates LLC

Portfolio managers	Michael A. Del Balso: Lead Portfolio Manager of the Target Funds since 2009; Managing Director and Director of Research for Growth Equity of Jennison Associates LLC. Blair A. Boyer: Portfolio Manager of the Target Funds since 2009; Managing Director of Jennison Associates LLC. Spiros “Sig” Segalas: Portfolio Manager of the Target Funds since 2009; Director, President and Chief Investment Officer of Jennison Associates LLC.	Michael A. Del Balso: Lead Portfolio Manager of the Destination Fund since inception²; Managing Director and Director of Research for Growth Equity of Jennison Associates LLC. Blair A. Boyer: Portfolio Manager of the Destination Fund since inception²; Managing Director of Jennison Associates LLC. Spiros “Sig” Segalas: Portfolio Manager of the Destination Fund since inception²; Director, President and Chief Investment Officer of Jennison Associates LLC.

Sub-adviser	Wellington Management Company LLP

Portfolio managers	Mammen Chally, CFA: Portfolio Manager of the Target Funds since 2014; Senior Managing Director and Equity Portfolio Manager of Wellington Management Company LLP; joined the firm as an investment professional in 1994.	Mammen Chally, CFA: Portfolio Manager of the Destination Fund since inception²; Senior Managing Director and Equity Portfolio Manager of Wellington Management Company LLP; joined the firm as an investment professional in 1994.

Business	Transamerica Partners Large Growth is a diversified series of TPFG, an open-end management investment company organized as a Massachusetts business trust. Transamerica Partners Institutional Large Growth is a diversified series of TPFG II, an open-end management investment company organized as a Massachusetts business trust. Transamerica Partners Large Growth Portfolio is a diversified series of TPP, an open-end management investment company and a trust governed by New York law.	The Destination Fund is a diversified series of the Destination Trust, an open-end management investment company organized as a Delaware statutory trust.

¹	Transamerica Partners Large Growth and Transamerica Partners Institutional Large Growth are feeder funds and invest in securities through Transamerica Partners Large Growth Portfolio, an underlying master fund having the same investment goals and strategies.

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Net assets (as of June 30, 2016)	Transamerica Partners Large Growth = $239,208,090 Transamerica Partners Institutional Large Growth = $102,132,206 Transamerica Partners Large Growth Portfolio (excluding the Target Feeder Funds) = $851,945,868	None

Management fees	TAM receives compensation for investment advisory services from the Target Funds at an annual rate of 0.62%. TAM also receives compensation for administrative services from Transamerica Partners Large Growth and Transamerica Partners Institutional Large Growth at annual rates of 0.30% and 0.05%, respectively. Transamerica Partners Large Growth Portfolio pays no separate administrative services fees. The applicable fee(s) are based upon average daily net assets and are accrued daily and paid monthly.	TAM receives compensation for investment management services, which include investment advisory and administrative services, from the Destination Fund at an annual rate of 0.65% of the first $2 billion, 0.64% over $2 billion up to $3 billion, 0.63% over $3 billion up to $4 billion and 0.61% in excess of $4 billion. The fee is based upon average daily net assets and is accrued daily and paid monthly.

Distribution and service (12b-1) fees	Transamerica Partners Large Growth s is subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Transamerica Partners Institutional Large Growth is subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Transamerica Partners Large Growth Portfolio is not subject to a distribution and service (12b-1) fee.	Class R shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.50% of average daily net assets. Class R4 shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Class I3 shares of the Destination Fund are not subject to a distribution and service (12b-1) fee.

Sales charges	Shares of the Target Funds are offered without a sales charge and are not subject to a contingent deferred sales charge.	Class R, Class R4, and Class I3 shares of the Destination Fund are offered without a sales charge and are not subject to a contingent deferred sales charge.

Fee waiver and expense reimbursement	Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the total operating expenses exceed: • 1.25% for Transamerica Partners Large Growth and • 0.90% for Transamerica Partners Institutional Large Growth. The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2017 without the Board of Trustees’ consent. TAM has agreed to waive fees and reimburse expenses to limit the total operating expenses of	Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the Destination Fund’s total operating expenses exceed: • 1.25% for Class R shares • 0.90% for Class R4 shares and • 0.65% for Class I3 shares. The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the

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	Transamerica Partners Large Growth Portfolio to [0.65%]. This arrangement is voluntary and may be terminated by TAM at any time.	Destination Fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

Gross and net expenses	For a comparison of the gross and net expenses of the Funds, please see the class fee tables in the “The Funds’ Fees and Expenses” section.

Comparison of Principal Risks of Investing in the Funds

Because the Funds have substantially similar investment objective and the same principal investment strategies, they are subject to the same principal risks. Risk is inherent in all investing. The value of your investment in a Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in a Fund or your investment may not perform as well as other similar investments.

Each Fund is subject to the following principal risks (in alphabetical order) of investing in the Fund:

Depositary Receipts – Depositary receipts may be less liquid than the underlying shares in their primary trading market. Any distributions paid to the holders of depositary receipts are usually subject to a fee charged by the depositary. Holders of depositary receipts may have limited voting rights, and investment restrictions in certain countries may adversely impact the value of depositary receipts because such restrictions may limit the ability to convert equity shares into depositary receipts and vice versa. Such restrictions may cause equity shares of the underlying issuer to trade at a discount or premium to the market price of the depositary receipts.

Growth Stocks – Returns on growth stocks may not move in tandem with returns 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 underperform the overall equity market for a long period of time, for example, while the market favors “value” stocks.

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decrease if the sub-adviser’s judgment about the quality, relative yield or value of, or market trends affecting, a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates, is incorrect. The fund may also suffer losses if there are imperfections, errors or limitations in the tools, resources, information and data used, or the analyses employed or relied on, by the sub-adviser, or if the sub-adviser’s investment style is out of favor or otherwise fails to produce the desired results. The fund’s investment strategies designed by the investment manager may not work as intended. In addition, the fund’s investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the investment manager and could have an adverse effect on the value or performance of the fund. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

Market – The market prices of the fund’s securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates or currency rates, lack of liquidity in the markets or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. Market prices of securities also may go down due to events or conditions that affect particular sectors, industries or issuers. When market prices fall, the value of your investment will go down. The fund may experience a substantial or complete loss on any individual security.

Small and Medium Capitalization Companies – The fund will be exposed to additional risks as a result of its investments in the securities of small or medium capitalization companies. Small or medium capitalization companies may be more at risk than large capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

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Warrants and Rights –Warrants and rights may be considered more speculative than certain other types of investments because they do not entitle a holder to the dividends or voting rights for the securities that may be purchased. They do not represent any rights in the assets of the issuing company, and cease to have value if not exercised prior to the expiration date.

The Funds’ Past Performance

The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations, and therefore, has no performance history.

Set forth below is performance information for each Target Fund. The bar charts and tables below provide some indication of the risks of investing in each Target Fund by showing you how the performance of the Target Funds has varied from year to year, as applicable, and how the average total returns of each Target Fund for different periods compare to the returns of one or more broad measures of market performance. The performance shown below for Transamerica Partners Large Growth Portfolio reflects only master portfolio level expenses, and does not include the expenses of any of the applicable Non-Mutual Fund Feeder Funds. If those expenses were reflected, the performance would be lower. Absent any applicable limitation of or cap on the Target Funds’ expenses, performance would have been lower. Class R, Class R4 and Class I3 shares of the Destination Fund would have different performance because they have different expenses. A Target Fund’s past performance (before and after taxes) is not necessarily an indication of how the Destination Fund will perform in the future. Following the Reorganizations, Transamerica Partners Institutional Large Growth will be the surviving fund for performance purposes.

Prior to November 17, 2010, each Target Fund had a different sub-adviser. The performance set forth below for the Target Funds for the period between September 16, 2009 and November 16, 2010 is partly attributable to the previous sub-adviser.

Transamerica Partners Large Growth Annual Returns

(Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	3/31/2012		18.33	%
Worst Quarter:	12/31/2008		-22.87	%

Year-to-date return as of September 30, 2016: 2.16%

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Transamerica Partners Large Growth Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Large Growth		8.54	%		12.39	%		6.82	%		07/05/1994
Russell 1000^® Growth Index (reflects no deduction for fees, expenses or taxes)		5.67	%		13.53	%		8.53	%
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%

Transamerica Partners Institutional Large Growth Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	3/31/2012		18.59	%
Worst Quarter:	12/31/2008		-22.89	%

Year-to-date return as of September 30, 2016: 2.40%

Transamerica Partners Institutional Large Growth Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Institutional Large Growth		8.89	%		12.77	%		7.18	%		09/11/2000
Russell 1000^® Growth Index (reflects no deduction for fees, expenses or taxes)		5.67	%		13.53	%		8.53	%
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%

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Transamerica Partners Large Growth Portfolio Annual Returns

(Annual Total Returns (calendar years ended December 31)

LOGO

The highest and lowest quarterly returns for the periods reflected in the table above are:


	Quarter Ended	Return
Best Quarter:	3/31/2012		18.49	%
Worst Quarter:	12/31/2008		-22.79	%

Year-to-date return as of September 30, 2016: 3.43%

Transamerica Partners Large Growth Portfolio Average Annual Total Returns

(for periods ended 12/31/2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Large Growth Portfolio		9.17	%		13.05	%		7.45	%		08/01/1993
Russell 1000^® Growth Index (reflects no deduction for fees, expenses or taxes)		5.67	%		13.53	%		8.53	%
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%

The Funds’ Fees and Expenses

Shareholders of the Target Funds and the Destination Fund pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy and hold shares of each Fund. The fees and expenses in the tables appearing below for the Target Funds are based on the expenses of the Target Funds for the twelve-month period ended June 30, 2016. The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations. Therefore, the Fees and Expenses for the Destination Fund have been estimated using the Destination Fund’s proposed fees and estimated expenses assuming the Reorganization occurred on June 30, 2016. The tables also show the pro forma expenses of the combined Destination Fund after giving effect to all Group 4 Reorganizations based on pro forma net assets as of June 30, 2016. Pro forma numbers are estimated in good faith and are hypothetical. Actual expenses may vary significantly. The fees and expenses shown in the table and Example below for Transamerica Partners Large Growth Portfolio reflect only master portfolio level fees and expenses, and do not include the fees and expenses of

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any of the applicable Non-Mutual Fund Feeder Funds. For financial statement purposes, Transamerica Partners Institutional Large Growth will be the accounting survivor of the Reorganizations. As the accounting survivor, Transamerica Partners Institutional Large Growth’s operating history will be used for financial reporting purposes.

Transamerica Partners Large Growth


	Transamerica Partners Large Growth¹			Transamerica Large Growth			Combined Transamerica Large Growth (*Pro Forma)*
				Class R			Class R
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.62	%		0.65	%		0.65	%
Distribution and service (12b-1) fees		0.25	%		0.50	%		0.50	%
Other expenses³		0.37	%		0.04	%⁴		0.04	%⁴

Total annual fund operating expenses		1.24	%		1.19	%		1.19	%

Fee waiver and/or expense reimbursement		0.00	%⁵		0.00	%⁶		0.00	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.24	%		1.19	%		1.19	%

Transamerica Partners Institutional Large Growth


	Transamerica Partners Institutional Large Growth¹			Transamerica Large Growth			Combined Transamerica Large Growth (*Pro Forma)*
				Class R4			Class R4
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.62	%		0.65	%		0.65	%
Distribution and service (12b-1) fees		0.25	%		0.25	%		0.25	%
Other expenses³		0.14	%		0.04	%⁴		0.04	%⁴

Total annual fund operating expenses		1.01	%		0.94	%		0.94	%

Fee waiver and/or expense reimbursement		0.11	%⁷		0.04	%⁶		0.04	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.90	%		0.90	%		0.90	%

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Transamerica Partners Large Growth Portfolio


	Transamerica Partners Large Growth Portfolio			Transamerica Large Growth			Combined Transamerica Large Growth (*Pro Forma)*
				Class I3			Class I3
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.62	%		0.65	%		0.65	%
Distribution and service (12b-1) fees		None			None			None
Other expenses³		0.02	%		0.04	%⁴		0.04	%⁴

Total annual fund operating expenses		0.64	%		0.69	%		0.69	%

Fee waiver and/or expense reimbursement		N/A			0.04	%⁶		0.04	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.64	%		0.65	%		0.65	%

The Target Feeder Fund invests in securities through an underlying Target Master Portfolio, Transamerica Partners Large Growth Portfolio. The information in this table and in the Example below concerning the Target Feeder Fund reflects the direct fees and expenses of the Target Feeder Fund and its allocated share of the fees and expenses of the Target Master Portfolio.

The Destination Fund receives investment advisory and administrative services under one agreement with the Destination Fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), and pays a single management fee to TAM. Transamerica Partners Large Growth and Transamerica Partners Institutional Large Growth receive investment advisory and administrative services from TAM under separate agreements and pay separate advisory fees and administrative services fees to TAM. The administrative services fees of 0.30% for Transamerica Partners Large Growth and 0.05% for Transamerica Partners Institutional Large Growth are included in “Other expenses.” Transamerica Partners Large Growth Portfolio receives investment advisory services from TAM and pays advisory fees to TAM. Transamerica Partners Large Growth Portfolio pays no separate administrative services fees.

Other expenses do not include the costs of the Reorganization to be borne by the Target Funds. These costs are considered extraordinary expenses and are not covered by the applicable expense limitation arrangements. The basis point impact of such costs is 0.00% for Transamerica Partners Large Growth, 0.01% for Transamerica Partners Institutional Large Growth, and 0.02% for Transamerica Partners Large Growth Portfolio.

⁴	Other expenses are based on estimates for the current fiscal year. Actual expenses may differ from estimates.

⁵

Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 1.25%, excluding, as applicable, acquired fund fees and expenses, interest, 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.

⁶

Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 1.25% for Class R shares, 0.90% for Class R4 shares and 0.65% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

⁷

Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.90%, excluding, as applicable, acquired fund fees and expenses, interest, 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.

The hypothetical examples below help you compare the cost of investing in each Fund. Each example assumes that:

•

you invest $10,000 in each Fund;

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•

you reinvest all dividends and distributions without a sales charge;

•

your investment has a 5% annual return (this assumption is required by the SEC and is not a prediction of the Fund’s future performance); and

•

each Fund’s operating expenses remain the same.

Each example also assumes no fees for IRA accounts, if applicable. Costs are the same whether you redeem at the end of any period or not. Pro forma expenses are included assuming the consummation of all Group 4 Reorganizations. The examples are for comparison purposes only and do not represent the Funds’ actual expenses or returns, either past or future. Because actual return and expenses will be different, the examples are for comparison only.

Transamerica Partners Large Growth


Number of years you own your shares	Transamerica Partners Large Growth		Transamerica Large Growth		Combined Transamerica Large Growth (*Pro Forma*)
			Class R		Class R
Year 1	$	126	$	117	$	117
Year 3	$	393	$	374	$	374
Year 5	$	681	$	650	$	650
Year 10	$	1,500	$	1,440	$	1,440

Transamerica Partners Institutional Large Growth


Number of years you own your shares	Transamerica Partners Institutional Large Growth		Transamerica Large Growth		Combined Transamerica Large Growth (*Pro Forma*)
			Class R4		Class R4
Year 1	$	92	$	92	$	92
Year 3	$	311	$	296	$	296
Year 5	$	547	$	516	$	516
Year 10	$	1,226	$	1,151	$	1,151

Transamerica Partners Large Growth Portfolio


Number of years you own your shares	Transamerica Partners Large Growth Portfolio		Transamerica Large Growth		Combined Transamerica Large Growth (*Pro Forma*)
			Class I3		Class I3
Year 1	$	65	$	66	$	66
Year 3	$	205	$	217	$	217
Year 5	$	357	$	380	$	380
Year 10	$	798	$	855	$	855

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CAPITALIZATION

Transamerica Partners Large Growth Funds


	Transamerica Partners Large Growth		Transamerica Partners Institutional Large Growth		Transamerica Partners Large Growth Portfolio
Net Assets	$	245,103,769	$	105,794,275	$	511,857,202
Net Asset Value Per Share	$	28.88	$	12.52	$	10.00
Shares Outstanding		8,487,689		8,451,156		51,185,720

Transamerica Large Growth


	Transamerica Large Growth		Transamerica Large Growth *Pro Forma*
Net Assets
Class R		—	$	245,103,769
Class R4		—	$	105,794,275
Class I3		—	$	511,780,971
Net Asset Value Per Share
Class R		—	$	10.00
Class R4		—	$	10.00
Class I3		—	$	10.00
Shares Outstanding
Class R		—		24,510,377
Class R4		—		10,579,428
Class I3		—		51,185,720

ADDITIONAL INFORMATION

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TARGET FUND BOARD’S EVALUATION AND RECOMMENDATION

THE BOARD OF YOUR TARGET FUND RECOMMENDS THAT YOU VOTE “FOR” PROPOSAL 4A, 4B OR 4C, AS APPLICABLE, TO APPROVE THE PLAN.

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GROUP 5 - LARGE VALUE FUNDS

TRANSAMERICA PARTNERS LARGE VALUE

TRANSAMERICA PARTNERS INSTITUTIONAL LARGE VALUE

TRANSAMERICA PARTNERS LARGE VALUE PORTFOLIO

(each, a “Target Fund” and together, the “Target Funds”)

AND

TRANSAMERICA LARGE VALUE OPPORTUNITIES

(the “Destination Fund”)

PROPOSALS 5A, 5B AND 5C

APPROVAL OF AGREEMENT AND PLAN OF REORGANIZATION

SUMMARY

The following is a summary of more complete information appearing later in this Proxy Statement/Prospectus or incorporated herein. You should read carefully the entire Proxy Statement/Prospectus, including the exhibits, which include additional information that is not included in the summary and is a part of this Proxy Statement/Prospectus. For a discussion of the terms of the applicable Plan, please see the section entitled, “Terms of Each Agreement and Plan of Reorganization” in the back of the Proxy Statement/Prospectus, after the discussion of the proposals.


Proposal	Target Fund	Destination Fund and Shares
Proposal 5A	Transamerica Partners Large Value	Transamerica Large Value Opportunities Class R

Proposal 5B	Transamerica Partners Institutional Large Value	Transamerica Large Value Opportunities Class R4

Proposal 5C	Transamerica Partners Large Value Portfolio	Transamerica Large Value Opportunities Class I3

Transamerica Partners Large Value would reorganize first in a “shell” Reorganization into the newly-formed Destination Fund. Exhibit A is the form of Plan for this Reorganization. Transamerica Partners Institutional Large Value would reorganize next and Transamerica Partners Large Value Portfolio would reorganize last. Exhibit B is the form of Plan for these Reorganizations. All Reorganizations would occur on the same closing date.

Comparison of Target Funds and Destination Fund


	Target Funds	Destination Fund
Investment objective	Seeks to provide long-term capital appreciation through investments in a diversified portfolio of common stocks of large-capitalization companies. Current income is a secondary goal.	Seeks to provide long-term capital appreciation. Current income is a secondary goal.

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Principal investment strategies¹	The fund normally invests primarily in issuers listed on U.S. exchanges that the fund’s sub- adviser, AJO, LP, believes are seasoned, liquid and low priced, with effective management, positive momentum, and favorable sentiment. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities of large-cap companies and other investments with similar economic characteristics. The fund considers large cap companies to be companies with market capitalizations that, at the time of initial purchase, exceed the market capitalization of the smallest company included in the Russell 1000^® Index. As of December 31, 2015, the market capitalization of the smallest company in the Russell 1000^® Index was $383 million. The fund emphasizes value-oriented investments. The fund’s equity securities may include common stocks and preferred stocks listed on the New York Stock Exchange and on other national securities exchanges and, to a lesser extent, stocks that are traded over-the-counter. The fund emphasizes common stocks. The fund may also invest in foreign securities and real estate investment trusts (REITs). ¹ 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.

Investment manager	TAM

Sub-adviser	AJO, LP

Portfolio managers	Theodore R. Aronson: Portfolio Manager of the Target Funds since 2009; Employee of AJO, LP since 1984. Stefani Cranston: Portfolio Manager of the Target Funds since 2009; Employee of AJO, LP since 1991. Gina Marie N. Moore: Portfolio Manager of the Target Funds since 2009; Employee of AJO, LP since 1998. Gregory J. Rogers: Portfolio Manager of the Target Funds since 2012; Employee of AJO, LP since 1998. Christopher J. W. Whitehead: Portfolio Manager of the Target Funds since 2009; Research Analyst from 2004 – 2009; Employee of AJO, LP since 2000.	Theodore R. Aronson: Portfolio Manager of the Destination Fund since inception²; Employee of AJO, LP since 1984. Stefani Cranston: Portfolio Manager of the Destination Fund since inception¹; Employee of AJO, LP since 1991. Gina Marie N. Moore: Portfolio Manager of the Destination Fund since inception¹; Employee of AJO, LP since 1998. Gregory J. Rogers: Portfolio Manager of the Destination Fund since inception¹; Employee of AJO, LP since 1998. Christopher J. W. Whitehead: Portfolio Manager of the Destination Fund since inception¹; Research Analyst from 2004 – 2009; Employee of AJO, LP since 2000.

Business	Transamerica Partners Large Value is a diversified series of TPFG, an open-end management investment company organized as a Massachusetts business trust. Transamerica Partners Institutional Large Value is a diversified series of TPFG II, an open-end management investment company organized as a Massachusetts business trust. Transamerica Partners Large Value Portfolio is a diversified series of TPP, an open-end management investment company and a trust governed by New York law.	The Destination Fund is a diversified series of the Destination Trust, an open-end management investment company organized as a Delaware statutory trust.

¹	Transamerica Partners Large Value and Transamerica Partners Institutional Large Value are feeder funds and invest in securities through Transamerica Partners Large Value Portfolio, an underlying master fund having the same investment goals and strategies.

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Net assets (as of June 30, 2016)	Transamerica Partners Large Value = $ 218,132,979 Transamerica Partners Institutional Large Value = $ 93,717,382 Transamerica Partners Large Value Portfolio (excluding the Target Feeder Funds) = $439,360,687	None

Management fees	TAM receives compensation for investment advisory services from the Target Funds at an annual rate of 0.45%. TAM also receives compensation for administrative services from Transamerica Partners Large Value and Transamerica Partners Institutional Large Value at annual rates of 0.30% and 0.05%, respectively. Transamerica Partners Large Value Portfolio pays no separate administrative services fees. The applicable fee(s) are based upon average daily net assets and are accrued daily and paid monthly.	TAM receives compensation for investment management services, which include investment advisory and administrative services, from the Destination Fund at an annual rate of 0.48%. The fee is based upon average daily net assets and is accrued daily and paid monthly.

Distribution and service (12b-1) fees	Transamerica Partners Large Value is subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Transamerica Partners Institutional Large Value is subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Transamerica Partners Large Value Portfolio is not subject to a distribution and service (12b-1) fee.	Class R shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.50% of average daily net assets. Class R4 shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Class I3 shares of the Destination Fund are not subject to a distribution and service (12b-1) fee.

Sales charges	Shares of the Target Funds are offered without a sales charge and are not subject to a contingent deferred sales charge.	Class R, Class R4, and Class I3 shares of the Destination Fund are offered without a sales charge and are not subject to a contingent deferred sales charge.

Fee waiver and expense reimbursement	Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the total operating expenses exceed: • 1.00% for Transamerica Partners Large Value and • 0.75% for Transamerica Partners Institutional Large Value. The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2017 without the Board of Trustees’ consent. TAM has agreed to waive fees and reimburse expenses to limit the total operating expenses of Transamerica Partners Large Value Portfolio to [0.50%]. This arrangement is voluntary and may be terminated by TAM at any time.	Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the Destination Fund’s total operating expenses exceed: • 1.00% for Class R shares • 0.75% for Class R4 shares and • 0.50% for Class I3 shares. The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the Destination Fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

Gross and net expenses	For a comparison of the gross and net expenses of the Funds, please see the class fee tables in the “The Funds’ Fees and Expenses” section.

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Comparison of Principal Risks of Investing in the Funds

Each Fund is subject to the following principal risks (in alphabetical order) of investing in the Fund:

- 44 -

The Funds’ Past Performance

The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations, and therefore, has no performance history.

- 45 -

would have different performance because they have different expenses. A Target Fund’s past performance (before and after taxes) is not necessarily an indication of how the Destination Fund will perform in the future. Following the Reorganizations, Transamerica Partners Institutional Large Value will be the surviving fund for performance purposes.

Prior to December 31, 2008, each Target Fund had different sub-advisers. The performance set forth below for the Target Funds for the period prior to that date is attributable to the previous sub-advisers.

Transamerica Partners Large Value Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	9/30/2009		14.93	%
Worst Quarter:	12/31/2008		-24.59	%

Year-to-date return as of September 30, 2016: -0.01%

Transamerica Partners Large Value Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Large Value		-0.87	%		12.07	%		4.50	%		07/05/1994
Russell 1000^® Value Index (reflects no deduction for fees, expenses or taxes)		-3.83	%		11.27	%		6.16	%
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%

Transamerica Partners Institutional Large Value Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	9/30/2009		15.00	%
Worst Quarter:	12/31/2008		-24.50	%

Year-to-date return as of September 30, 2016: 0.21%

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Transamerica Partners Institutional Large Value Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Institutional Large Value		-0.69	%		12.35	%		4.77	%		09/11/2000
Russell 1000^® Value Index (reflects no deduction for fees, expenses or taxes)		-3.83	%		11.27	%		6.16	%
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%

Transamerica Partners Large Value Portfolio Annual Returns

(Annual Total Returns (calendar years ended December 31)

LOGO

The highest and lowest quarterly returns for the periods reflected in the table above are:


	Quarter Ended	Return
Best Quarter:	9/30/2009		15.09	%
Worst Quarter:	12/31/2008		-24.36	%

Year-to-date return as of September 30, 2016: 0.39%

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Transamerica Partners Large Value Portfolio Average Annual Total Returns

(for periods ended 12/31/2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Large Value Portfolio		-0.36	%		12.66	%		5.07	%		07/30/1993
Russell 1000^® Value Index (reflects no deduction for fees, expenses or taxes)		-3.83	%		11.27	%		6.16	%
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%

The Funds’ Fees and Expenses

Shareholders of the Target Funds and the Destination Fund pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy and hold shares of each Fund. The fees and expenses in the tables appearing below for the Target Funds are based on the expenses of the Target Funds for the twelve-month period ended June 30, 2016. The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations. Therefore, the Fees and Expenses for the Destination Fund have been estimated using the Destination Fund’s proposed fees and estimated expenses assuming the Reorganization occurred on June 30, 2016. The tables also show the pro forma expenses of the combined Destination Fund after giving effect to all Group 5 Reorganizations based on pro forma net assets as of June 30, 2016. Pro forma numbers are estimated in good faith and are hypothetical. Actual expenses may vary significantly. The fees and expenses shown in the table and Example below for Transamerica Partners Large Value Portfolio reflect only master portfolio level fees and expenses, and do not include the fees and expenses of any of the applicable Non-Mutual Fund Feeder Funds. For financial statement purposes, Transamerica Partners Institutional Large Value will be the accounting survivor of the Reorganizations. As the accounting survivor, Transamerica Partners Institutional Large Value’s operating history will be used for financial reporting purposes.

Transamerica Partners Large Value


	Transamerica Partners Large Value¹			Transamerica Large Value Opportunities			Combined Transamerica Large Value Opportunities (*Pro Forma*)
				Class R			Class R
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.45	%		0.48	%		0.48	%
Distribution and service (12b-1) fees		0.25	%		0.50	%		0.50	%
Other expenses³		0.37	%		0.04	%⁴		0.04	%⁴

Total annual fund operating expenses		1.07	%		1.02	%		1.02	%

Fee waiver and/or expense reimbursement		0.07	%⁵		0.02	%⁶		0.02	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.00	%		1.00	%		1.00	%

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Transamerica Partners Institutional Large Value


	Transamerica Partners Institutional Large Value¹			Transamerica Large Value Opportunities			Combined Transamerica Large Value Opportunities (*Pro Forma*)
				Class R4			Class R4
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.45	%		0.48	%		0.48	%
Distribution and service (12b-1) fees		0.25	%		0.25	%		0.25	%
Other expenses³		0.14	%		0.04	%⁴		0.04	%⁴

Total annual fund operating expenses		0.84	%		0.77	%		0.77	%

Fee waiver and/or expense reimbursement		0.09	%⁷		0.02	%⁶		0.02	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.75	%		0.75	%		0.75	%

Transamerica Partners Large Value Portfolio


	Transamerica Partners Large Value Portfolio			Transamerica Large Value Opportunities			Combined Transamerica Large Value Opportunities (*Pro Forma*)
				Class I3			Class I3
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.45	%		0.48	%		0.48	%
Distribution and service (12b-1) fees		None			None			None
Other expenses³		0.02	%		0.04	%⁴		0.04	%⁴

Total annual fund operating expenses		0.47	%		0.52	%		0.52	%

Fee waiver and/or expense reimbursement		N/A			0.02	%⁶		0.02	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.47	%		0.50	%		0.50	%

The Target Feeder Fund invests in securities through an underlying Target Master Portfolio, Transamerica Partners Large Value Portfolio. The information in this table and in the Example below concerning the Target Feeder Fund reflects the direct fees and expenses of the Target Feeder Fund and its allocated share of the fees and expenses of the Target Master Portfolio.

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The Destination Fund receives investment advisory and administrative services under one agreement with the Destination Fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), and pays a single management fee to TAM. Transamerica Partners Large Value and Transamerica Partners Institutional Large Value receive investment advisory and administrative services from TAM under separate agreements and pay separate advisory fees and administrative services fees to TAM. The administrative services fees of 0.30% for Transamerica Partners Large Value and 0.05% for Transamerica Partners Institutional Large Value are included in “Other expenses.” Transamerica Partners Large Value Portfolio receives investment advisory services from TAM and pays advisory fees to TAM. Transamerica Partners Large Value Portfolio pays no separate administrative services fees.

Other expenses do not include the costs of the Reorganization to be borne by the Target Funds. These costs are considered extraordinary expenses and are not covered by the applicable expense limitation arrangements. The basis point impact of such costs is 0.00% for Transamerica Partners Large Value, 0.01% for Transamerica Partners Institutional Large Value, and 0.00% for Transamerica Partners Large Value Portfolio.

⁴	Other expenses are based on estimates for the current fiscal year. Actual expenses may differ from estimates.

⁵

⁶

Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 1.00% for Class R shares, 0.75% for Class R4 shares and 0.50% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

⁷

Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.75%, excluding, as applicable, acquired fund fees and expenses, interest, 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.

The hypothetical examples below help you compare the cost of investing in each Fund. Each example assumes that:

•

you invest $10,000 in each Fund;

•

you reinvest all dividends and distributions without a sales charge;

•

your investment has a 5% annual return (this assumption is required by the SEC and is not a prediction of the Fund’s future performance); and

•

each Fund’s operating expenses remain the same.

Each example also assumes no fees for IRA accounts, if applicable. Costs are the same whether you redeem at the end of any period or not. Pro forma expenses are included assuming the consummation of all Group 5 Reorganizations. The examples are for comparison purposes only and do not represent the Funds’ actual expenses or returns, either past or future. Because actual return and expenses will be different, the examples are for comparison only.

Transamerica Partners Large Value


Number of years you own your shares	Transamerica Partners Large Value		Transamerica Large Value Opportunities		Combined Transamerica Large Value Opportunities (*Pro Forma*)
			Class R		Class R
Year 1	$	102	$	102	$	102
Year 3	$	333	$	323	$	323
Year 5	$	583	$	561	$	561
Year 10	$	1,299	$	1,246	$	1,246

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Transamerica Partners Institutional Large Value


Number of years you own your shares	Transamerica Partners Institutional Large Value		Transamerica Large Value Opportunities		Combined Transamerica Large Value Opportunities (*Pro Forma*)
			Class R4		Class R4
Year 1	$	77	$	77	$	77
Year 3	$	259	$	244	$	244
Year 5	$	457	$	426	$	426
Year 10	$	1,029	$	952	$	952

Transamerica Partners Large Value Portfolio


Number of years you own your shares	Transamerica Partners Large Value Portfolio		Transamerica Large Value Opportunities		Combined Transamerica Large Value Opportunities (*Pro Forma*)
			Class I3		Class I3
Year 1	$	48	$	51	$	51
Year 3	$	151	$	165	$	165
Year 5	$	263	$	289	$	289
Year 10	$	591	$	651	$	651

CAPITALIZATION

Transamerica Partners Large Value Funds


	Transamerica Partners Large Value		Transamerica Partners Institutional Large Value		Transamerica Partners Large Value Portfolio
Net Assets	$	220,879,685	$	95,756,480	$	433,215,871
Net Asset Value Per Share	$	26.48	$	14.15	$	10.00
Shares Outstanding		8,342,153		6,767,302		43,321,587

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Transamerica Large Value


	Transamerica Large Value Opportunities		Transamerica Large Value Opportunities *Pro Forma*
Net Assets
Class R		—	$	220,879,685
Class R4		—	$	95,756,480
Class I3		—	$	433,176,098
Net Asset Value Per Share
Class R		—	$	10.00
Class R4		—	$	10.00
Class I3		—	$	10.00
Shares Outstanding
Class R		—		22,087,969
Class R4		—		9,575,648
Class I3		—		43,321,587

ADDITIONAL INFORMATION

TARGET FUND BOARD’S EVALUATION AND RECOMMENDATION

THE BOARD OF YOUR TARGET FUND RECOMMENDS THAT YOU VOTE “FOR” PROPOSAL 5A, 5B OR 5C, AS APPLICABLE, TO APPROVE THE PLAN.

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GROUP 6 - BALANCED FUNDS

TRANSAMERICA PARTNERS BALANCED

TRANSAMERICA PARTNERS INSTITUTIONAL BALANCED

TRANSAMERICA PARTNERS BALANCED PORTFOLIO

(each, a “Target Fund” and together, the “Target Funds”)

AND

TRANSAMERICA BALANCED II

(the “Destination Fund”)

PROPOSALS 6A, 6B AND 6C

APPROVAL OF AGREEMENT AND PLAN OF REORGANIZATION

SUMMARY

The following is a summary of more complete information appearing later in this Proxy Statement/Prospectus or incorporated herein. You should read carefully the entire Proxy Statement/Prospectus, including the exhibits, which include additional information that is not included in the summary and is a part of this Proxy Statement/Prospectus. For a discussion of the terms of the applicable Plan, please see the section entitled, “Terms of Each Agreement and Plan of Reorganization” in the back of the Proxy Statement/Prospectus, after the discussion of the proposals.


Proposal	Target Fund	Destination Fund and Shares
Proposal 6A	Transamerica Partners Balanced	Transamerica Balanced II Class R

Proposal 6B	Transamerica Partners Institutional Balanced	Transamerica Balanced II Class R4

Proposal 6C	Transamerica Partners Balanced Portfolio	Transamerica Balanced II Class I3

Transamerica Partners Balanced would reorganize first in a “shell” Reorganization into the newly-formed Destination Fund. Exhibit A is the form of Plan for this Reorganization. Transamerica Partners Institutional Balanced would reorganize next and Transamerica Partners Balanced Portfolio would reorganize last. Exhibit B is the form of Plan for these Reorganizations. All Reorganizations would occur on the same closing date.

The Destination Fund will be made available only in the Reorganizations and to the shareholders of the Target Funds at the time of the Reorganizations.

Comparison of Target Funds and Destination Fund


	Target Funds	Destination Fund
Investment objective	Seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments.	Seeks to provide a high total investment return.

Principal investment strategies¹	The fund has two sub-advisers. J.P. Morgan Investment Management Inc. (the “equity sub-adviser”) manages the equity component of the fund and Aegon USA Investment Management, LLC (the “fixed- income sub-adviser”) manages the fixed-income component of the fund.

¹	Transamerica Partners Balanced and Transamerica Partners Institutional Balanced are feeder funds and invest in securities through Transamerica Partners Balanced Portfolio, an underlying master fund having the same investment goals and strategies.

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		The fund varies the percentage of assets invested in any one type of security in accordance with its sub-advisers’ interpretation of economic and market conditions, fiscal and monetary policy, and underlying securities values. Under normal circumstances, the fund invests approximately 60% of its net assets in equity securities and approximately 40% of its net assets in fixed-income securities (investing at least 25% of its net assets in fixed-income senior securities). The fund’s investment manager, Transamerica Asset Management, Inc., monitors the allocation of the fund’s assets between the equity sub-adviser and the fixed-income sub- adviser and rebalances the allocation periodically to maintain these approximate allocations. • Equity component – The equity sub-adviser seeks to achieve the fund’s objective by investing, under normal circumstances, at least 80% of the equity component’s net assets in equity securities of large- and medium- capitalization U.S. companies. The fund may invest in foreign companies. The equity sub- adviser will normally keep the equity component as fully invested in equity securities as practicable. Industry by industry, the fund’s weightings are generally similar to those of the S&P 500^®. The equity sub-adviser normally does not look to overweight or underweight industries. Holdings by industry sector will normally approximate those of the S&P 500^®. • Fixed-income component – Under normal circumstances, the fixed-income component of the fund is invested primarily in investment grade debt securities, which may include: investment grade corporate debt securities, U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, and private residential mortgage-backed securities. The fixed-income component’s portfolio weighted average duration will typically range from 3 to 10 years. The fixed-income sub-adviser may also invest the fund’s assets in U.S. Treasury and agency securities, municipal bonds, asset-backed securities (including collateralized loan obligations (“CLO”s), collateralized bond obligations (“CBO”s) and collateralized debt obligations (“CDO”s)), commercial mortgage-backed securities (“CMBS”), high quality short-term debt obligations and repurchase agreements. The fixed-income sub-adviser’s investments for the fund may include debt securities of foreign issuers, including emerging market debt securities. The fixed-income sub-adviser may invest the fund’s assets in securities that are denominated in U.S. dollars and in foreign currencies.

		The fund may invest up to 10% of the fixed-income component’s net assets in emerging market debt securities and up to 10% of the fixed-income component’s net assets in high-yield debt securities (commonly referred to as “junk bonds”), but may invest no more than 15% of the fixed- income component’s net assets in emerging market debt securities and high-yield debt securities combined. Investment grade debt securities carry a rating of at least BBB from Standard & Poor’s or Fitch or Baa from Moody’s or are of comparable quality as determined by the fund’s sub-adviser.

		In managing the fund’s fixed-income component, the fixed-income sub-adviser uses a combination of a global “top down” analysis of the macroeconomic and interest rate environment and proprietary “bottom up” research of corporate and government debt, and other debt instruments. In the fixed-income sub-adviser’s qualitative “top down” approach, the fixed-income sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary “bottom up” research, the fixed-income sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The fixed-income sub-adviser uses this combined approach to determine sector, security, yield curve positioning, and duration positions for the fund.		In managing the fund’s fixed- income component, the fixed-income sub-adviser uses a combination of a global “top down” analysis and a “bottom up” fundamental analysis. In the fixed-income sub-adviser’s qualitative “top down” approach, the sub-adviser analyzes various factors that affect the movement of markets and securities prices worldwide. In its “bottom up” analysis, the fixed-income sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The fixed-income sub-adviser uses this combined approach to determine sector, security, yield curve positioning, and duration positions for the fund.

- 54 -


	The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures, forward currency contracts and swaps, including, but not limited to, interest rate, total return and credit default swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the fund’s portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes. The fund may purchase securities on a when-issued, delayed delivery or forward commitment basis.

Investment manager	TAM

Sub-adviser	Aegon USA Investment Management, LLC

Portfolio managers	Brian W. Westhoff, CFA: Portfolio Manager of the Target Funds since 2014; Portfolio Manager with Aegon USA Investment Management, LLC since 2011; Portfolio Manager with Transamerica Investment Management, LLC from 2005 – 2011. Doug Weih, CFA: Portfolio Manager of the Target Funds since 2014; Portfolio Manager with Aegon USA Investment Management, LLC since 2003; Director of Public Securitized Bonds since 2009. Matthew Q. Buchanan, CFA: Portfolio Manager of the Target Funds since 2015; Portfolio Manager with Aegon USA Investment Management, LLC since 2012; Co-Head of Investment Grade Credit; Bond Trader, Logan Circle Partners 2007-2012. Bradley D. Doyle, CFA: Portfolio Manager of the Target Funds since 2015; Portfolio Manager with Aegon USA Investment Management, LLC since 2004; Co-Head of Investment Grade Credit. Tyler A. Knight, CFA: Portfolio Manager of the Target Funds since 2015; Portfolio Manager with Aegon USA Investment Management, LLC since 2008.	Brian W. Westhoff, CFA: Portfolio Manager of the Destination Fund since inception¹; Portfolio Manager with Aegon USA Investment Management, LLC since 2011; Portfolio Manager with Transamerica Investment Management, LLC from 2005 – 2011. Doug Weih, CFA: Portfolio Manager of the Destination Fund since inception¹; Portfolio Manager with Aegon USA Investment Management, LLC since 2003; Director of Public Securitized Bonds since 2009. Matthew Q. Buchanan, CFA: Portfolio Manager of the Destination Fund since inception¹; Portfolio Manager with Aegon USA Investment Management, LLC since 2012; Co-Head of Investment Grade Credit; Bond Trader, Logan Circle Partners 2007-2012. Bradley D. Doyle, CFA: Portfolio Manager of the Destination Fund since inception¹; Portfolio Manager with Aegon USA Investment Management, LLC since 2004; Co-Head of Investment Grade Credit. Tyler A. Knight, CFA: Portfolio Manager of the Destination Fund since inception¹; Portfolio Manager with Aegon USA Investment Management, LLC since 2008.

Sub-adviser	J.P. Morgan Investment Management Inc.

Portfolio managers	Aryeh Glatter: Portfolio Manager of the Target Funds since 2014; Employee of J.P. Morgan Investment Management Inc. since 2011; Executive Director; Portfolio Manager on the U.S. Disciplined Equity Team; Portfolio Manager at AllianceBernstein from 2000 to 2009. Steven G. Lee: Portfolio Manager of the Target Funds since 2014; Employee of J.P. Morgan Investment Management Inc. since 2004; Managing Director; Portfolio Manager on the U.S. Disciplined Equity Team.	Aryeh Glatter: Portfolio Manager of the Destination Fund since inception¹; Employee of J.P. Morgan Investment Management Inc. since 2011; Executive Director; Portfolio Manager on the U.S. Disciplined Equity Team; Portfolio Manager at AllianceBernstein from 2000 to 2009. Steven G. Lee: Portfolio Manager of the Destination Fund since inception¹; Employee of J.P. Morgan Investment Management Inc. since 2004; Managing Director; Portfolio Manager on the U.S. Disciplined Equity Team.

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	Tim Snyder, CFA: Portfolio Manager of the Target Funds since 2013; Employee of J.P. Morgan Investment Management Inc. since 2003; Executive Director; Portfolio Manager on the U.S. Disciplined Equity Team; Specialties include Research Enhanced Index (REI) strategies. Raffaele Zingone, CFA: Portfolio Manager of the Target Funds since 2010; Employee of J.P. Morgan Investment Management Inc. since 1991; Managing Director; Portfolio Manager on the U.S. Disciplined Equity Team; Specialties include Research Enhanced Index (REI) strategies.	Tim Snyder, CFA: Portfolio Manager of the Destination Fund since inception¹; Employee of J.P. Morgan Investment Management Inc. since 2003; Executive Director; Portfolio Manager on the U.S. Disciplined Equity Team; Specialties include Research Enhanced Index (REI) strategies. Raffaele Zingone, CFA: Portfolio Manager of the Destination Fund since inception¹; Employee of J.P. Morgan Investment Management Inc. since 1991; Managing Director; Portfolio Manager on the U.S. Disciplined Equity Team; Specialties include Research Enhanced Index (REI) strategies.

Business	Transamerica Partners Balanced is a diversified series of TPFG, an open-end management investment company organized as a Massachusetts business trust. Transamerica Partners Institutional Balanced is a diversified series of TPFG II, an open-end management investment company organized as a Massachusetts business trust. Transamerica Partners Balanced Portfolio is a diversified series of TPP, an open-end management investment company and a trust governed by New York law.	The Destination Fund is a diversified series of the Destination Trust, an open-end management investment company organized as a Delaware statutory trust.

Net assets (as of June 30, 2016)	Transamerica Partners Balanced = $ 88,822,413 Transamerica Partners Institutional Balanced = $ 5,390,780 Transamerica Partners Balanced Portfolio (excluding the Target Feeder Funds) = $55,174,807	None

Management fees	TAM receives compensation for investment advisory services from the Target Funds at an annual rate of 0.45%. TAM also receives compensation for administrative services from Transamerica Partners Balanced and Transamerica Partners Institutional Balanced at annual rates of 0.30% and 0.05%, respectively. Transamerica Partners Balanced Portfolio pays no separate administrative services fees. The applicable fee(s) are based upon average daily net assets and are accrued daily and paid monthly.	TAM receives compensation for investment management services, which include investment advisory and administrative services, from the Destination Fund at an annual rate of 0.48%. The fee is based upon average daily net assets and is accrued daily and paid monthly.

Distribution and service (12b-1) fees	Transamerica Partners Balanced s is subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Transamerica Partners Institutional Balanced is subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Transamerica Partners Balanced Portfolio is not subject to a distribution and service (12b-1) fee.	Class R shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.50% of average daily net assets. Class R4 shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Class I3 shares of the Destination Fund are not subject to a distribution and service (12b-1) fee.

Sales charges	Shares of the Target Funds are offered without a sales charge and are not subject to a contingent deferred sales charge.	Class R, Class R4, and Class I3 shares of the Destination Fund are offered without a sales charge and are not subject to a contingent deferred sales charge.

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Fee waiver and expense reimbursement	Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the total operating expenses exceed: • 1.10% for Transamerica Partners Balanced and • 0.75% for Transamerica Partners Institutional Balanced. The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2017 without the Board of Trustees’ consent. TAM has agreed to waive fees and reimburse expenses to limit the total operating expenses of Transamerica Partners Balanced Portfolio to [0.50%]. This arrangement is voluntary and may be terminated by TAM at any time.	Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the Destination Fund’s total operating expenses exceed: • 1.10% for Class R shares • 0.75% for Class R4 shares and • 0.50% for Class I3 shares. The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the Destination Fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

Gross and net expenses	For a comparison of the gross and net expenses of the Funds, please see the class fee tables in the “The Funds’ Fees and Expenses” section.

Comparison of Principal Risks of Investing in the Funds

Each Fund is subject to the following principal risks (in alphabetical order) of investing in the Fund:

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Currency Hedging – The fund may hedge its currency risk using currency futures, forwards or options. However, these instruments may not always work as intended, and a fund may be worse off than if it had not used a hedging instrument.

Dollar Rolls – The use of dollar rolls is a speculative technique involving leverage, and can have an economic effect similar to borrowing money for investment purposes. Dollar roll transactions involve the risk that the market value of the securities the fund is required to purchase may decline below the agreed upon repurchase price of those securities. If the broker/dealer to whom the fund sells securities becomes insolvent, the fund’s right to purchase or repurchase securities may be restricted.

Emerging Markets – Investments in the securities of issuers located in or principally doing business in emerging markets are subject to foreign investments risks. These risks are greater for investments in issuers in emerging market countries. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more developed countries. Emerging market securities are often particularly sensitive to market movements because their market prices tend to reflect speculative expectations. Low trading volumes may result in a lack of liquidity and in extreme price volatility.

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Hedging – The fund may buy and sell futures contracts, put and call options, and forward contracts as a hedge. Some hedging strategies could hedge the fund’s portfolio against price fluctuations. Other hedging strategies would tend to increase the fund’s exposure to the securities market. Forward contracts could be used to try to manage foreign currency risks on the fund’s foreign investments. The fund’s hedging strategies may not work as intended, and the fund may be in a less favorable position than if it had not used a hedging instrument.

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Mortgage-Related and Asset-Backed Securities – The value of mortgage-related and asset-backed securities will be influenced by factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Mortgage-backed securities may be issued by private issuers, by government-sponsored entities such as Fannie Mae or Freddie Mac or by agencies of the U.S. government, such as Ginnie Mae. Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Unlike mortgage-related securities issued or guaranteed by agencies of the U.S. government or government-sponsored entities, mortgage-related securities issued by private issuers do not have a government or government-sponsored entity guarantee (but may have other credit enhancement), and may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. The value of mortgage-backed and asset-backed securities may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities. Mortgage-backed and asset-backed securities are subject to prepayment or call and extension risks. Some of these securities may receive little or no collateral protection from the underlying assets. The risk of default is generally higher in the case of mortgage-backed investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less information available than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss.

Municipal Securities – Municipal issuers may be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. Unfavorable conditions and developments relating to projects financed with municipal securities can result in lower revenues to issuers of municipal securities, potentially resulting in defaults. The value of municipal securities can also be adversely affected by changes in the financial condition of one or more individual municipal issuers or insurers of municipal issuers, regulatory and political developments, tax law changes or other legislative actions, and by uncertainties and public perceptions concerning these and other factors. To the extent the fund invests significantly in a single state or in securities the payments on which are dependent upon a single project or source of revenues, or that relate to a sector or industry, the fund will be more susceptible to associated risks and developments. In recent periods an increasing number of municipal issuers have defaulted on obligations, commenced insolvency proceedings, or suffered credit downgrading. Financial difficulties of municipal issuers may continue or worsen.

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Repurchase Agreements – If the other party to a repurchase agreement defaults on its obligation, the fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value declines, the fund could lose money. If the seller becomes insolvent and subject to liquidation or reorganization under applicable bankruptcy or other laws, the fund’s ability to dispose of the underlying securities may be restricted.

Sovereign Debt – Sovereign debt instruments are subject to the risk that the governmental entity may delay or fail to pay interest or repay principal on its sovereign debt. If a governmental entity defaults, it may ask for more time in which to pay or for further loans. There may be no established legal process for collecting sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected.

Yield – The amount of income received by the fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the fund’s expenses could absorb all or a significant portion of the fund’s income.

The Funds’ Past Performance

The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations, and therefore, has no performance history.

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not include the expenses of any of the applicable Non-Mutual Fund Feeder Funds. If those expenses were reflected, the performance would be lower. Absent any applicable limitation of or cap on the Target Funds’ expenses, performance would have been lower. Class R, Class R4 and Class I3 shares of the Destination Fund would have different performance because they have different expenses. A Target Fund’s past performance (before and after taxes) is not necessarily an indication of how the Destination Fund will perform in the future. Following the Reorganizations, Transamerica Partners Institutional Balanced will be the surviving fund for performance purposes.

Prior to July 9, 2010, different sub-advisers managed the Target Funds and used different investment strategies. The performance set forth below for the Target Funds prior to that date is attributable to the previous sub-advisers.

Prior to May 1, 2014, each Target Fund had a different fixed-income sub-adviser and used different investment strategies for such Target Fund’s fixed-income component. The performance set forth below for the Target Funds for the period between July 9, 2010 and April 30, 2014 is partly attributable to the previous fixed-income sub-adviser.

Transamerica Partners Balanced Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		13.49	%
Worst Quarter:	12/31/2008		-14.11	%

Year-to-date return as of September 30, 2016: 6.16%

Transamerica Partners Balanced Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Balanced		-0.08	%		8.56	%		5.53	%		07/05/1994
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)		0.55	%		3.25	%		4.51	%

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Transamerica Partners Institutional Balanced Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		13.56	%
Worst Quarter:	12/31/2008		-14.06	%

Year-to-date return as of September 30, 2016: 6.45%

Transamerica Partners Institutional Balanced Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Institutional Balanced		0.28	%		8.94	%		5.90	%		09/11/2000
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)		0.55	%		3.25	%		4.51	%

Transamerica Partners Balanced Portfolio Annual Returns

(Annual Total Returns (calendar years ended December 31)

LOGO

The highest and lowest quarterly returns for the periods reflected in the table above are:


	Quarter Ended	Return
Best Quarter:	6/30/2009		13.60	%
Worst Quarter:	12/31/2008		-14.03	%

Year-to-date return as of September 30, 2016: 4.48%

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Transamerica Partners Balanced Portfolio Average Annual Total Returns

(for periods ended 12/31/2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Balanced Portfolio		0.57	%		9.20	%		6.16	%		08/27/1993
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)		0.55	%		3.25	%		4.51	%

The Funds’ Fees and Expenses

Shareholders of the Target Funds and the Destination Fund pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy and hold shares of each Fund. The fees and expenses in the tables appearing below for the Target Funds are based on the expenses of the Target Funds for the twelve-month period ended June 30, 2016. The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations. Therefore, the Fees and Expenses for the Destination Fund have been estimated using the Destination Fund’s proposed fees and estimated expenses assuming the Reorganization occurred on June 30, 2016. The tables also show the pro forma expenses of the combined Destination Fund after giving effect to all Group 6 Reorganizations based on pro forma net assets as of June 30, 2016. Pro forma numbers are estimated in good faith and are hypothetical. Actual expenses may vary significantly. The fees and expenses shown in the table and Example below for Transamerica Partners Balanced Portfolio reflect only master portfolio level fees and expenses, and do not include the fees and expenses of any of the applicable Non-Mutual Fund Feeder Funds. For financial statement purposes, Transamerica Partners Institutional Balanced will be the accounting survivor of the Reorganizations. As the accounting survivor, Transamerica Partners Institutional Balanced’s operating history will be used for financial reporting purposes.

Transamerica Partners Balanced


	Transamerica Partners Balanced¹			Transamerica Balanced II			Combined Transamerica Balanced II (*Pro Forma*)
				Class R			Class R
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.45	%		0.48	%		0.48	%
Distribution and service (12b-1) fees		0.25	%		0.50	%		0.50	%
Other expenses³		0.44	%		0.13	%⁴		0.13	%⁴
Total annual fund operating expenses		1.14	%		1.11	%		1.11	%
Fee waiver and/or expense reimbursement		0.04	%⁵		0.01	%⁶		0.01	%⁶
Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.10	%		1.10	%		1.10	%

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Transamerica Partners Institutional Balanced


	Transamerica Partners Institutional Balanced¹			Transamerica Balanced II			Combined Transamerica Balanced II (*Pro Forma)*
				Class R4			Class R4
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.45	%		0.48	%		0.48	%
Distribution and service (12b-1) fees		0.25	%		0.25	%		0.25	%
Other expenses³		0.95	%		0.13	%⁴		0.13	%⁴
Total annual fund operating expenses		1.65	%		0.86	%		0.86	%
Fee waiver and/or expense reimbursement		0.90	%⁷		0.11	%⁶		0.11	%⁶
Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.75	%		0.75	%		0.75	%

Transamerica Partners Balanced Portfolio


	Transamerica Partners Balanced Portfolio			Transamerica Balanced II			Combined Transamerica Balanced II (*Pro Forma)*
				Class I3			Class I3
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.45	%		0.48	%		0.48	%
Distribution and service (12b-1) fees		None			None			None
Other expenses³		0.07	%		0.13	%⁴		0.13	%⁴
Total annual fund operating expenses		0.52	%		0.61	%		0.61	%
Fee waiver and/or expense reimbursement		N/A			0.11	%⁶		0.11	%⁶
Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.52	%		0.50	%		0.50	%

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The Target Feeder Fund invests in securities through an underlying Target Master Portfolio, Transamerica Partners Balanced Portfolio. The information in this table and in the Example below concerning the Target Feeder Fund reflects the direct fees and expenses of the Target Feeder Fund and its allocated share of the fees and expenses of the Target Master Portfolio.

The Destination Fund receives investment advisory and administrative services under one agreement with the Destination Fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), and pays a single management fee to TAM. Transamerica Partners Balanced and Transamerica Partners Institutional Balanced receive investment advisory and administrative services from TAM under separate agreements and pay separate advisory fees and administrative services fees to TAM. The administrative services fees of 0.30% for Transamerica Partners Balanced and 0.05% for Transamerica Partners Institutional Balanced are included in “Other expenses.” Transamerica Partners Balanced Portfolio receives investment advisory services from TAM and pays advisory fees to TAM. Transamerica Partners Balanced Portfolio pays no separate administrative services fees.

Other expenses do not include the costs of the Reorganization to be borne by the Target Funds. These costs are considered extraordinary expenses and are not covered by the applicable expense limitation arrangements. The basis point impact of such costs is 0.00% for Transamerica Partners Balanced, 0.01% for Transamerica Partners Institutional Balanced, and 0.04% for Transamerica Partners Balanced Portfolio.

⁴	Other expenses are based on estimates for the current fiscal year. Actual expenses may differ from estimates.

⁵

Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 1.10%, excluding, as applicable, acquired fund fees and expenses, interest, 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.

⁶

Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 1.10% for Class R shares, 0.75% for Class R4 shares and 0.50% for Class I3 shares, excluding, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

⁷

Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.75%, excluding, as applicable, acquired fund fees and expenses, interest, 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.

The hypothetical examples below help you compare the cost of investing in each Fund. Each example assumes that:

•

you invest $10,000 in each Fund;

•

you reinvest all dividends and distributions without a sales charge;

•

your investment has a 5% annual return (this assumption is required by the SEC and is not a prediction of the Fund’s future performance); and

•

each Fund’s operating expenses remain the same.

Each example also assumes no fees for IRA accounts, if applicable. Costs are the same whether you redeem at the end of any period or not. Pro forma expenses are included assuming the consummation of all Group 6 Reorganizations. The examples are for comparison purposes only and do not represent the Funds’ actual expenses or returns, either past or future. Because actual return and expenses will be different, the examples are for comparison only.

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Transamerica Partners Balanced


Number of years you own your shares	Transamerica Partners Balanced		Transamerica Balanced II		Combined Transamerica Balanced II (*Pro Forma*)
			Class R		Class R
Year 1	$	112	$	112	$	112
Year 3	$	358	$	352	$	352
Year 5	$	624	$	611	$	611
Year 10	$	1,383	$	1,351	$	1,351

Transamerica Partners Institutional Balanced


Number of years you own your shares	Transamerica Partners Institutional Balanced		Transamerica Balanced II		Combined Transamerica Balanced II (*Pro Forma*)
			Class R4		Class R4
Year 1	$	77	$	77	$	77
Year 3	$	432	$	263	$	263
Year 5	$	812	$	466	$	466
Year 10	$	1,879	$	1,051	$	1,051

Transamerica Partners Balanced Portfolio


Number of years you own your shares	Transamerica Partners Balanced Portfolio		Transamerica Balanced II		Combined Transamerica Balanced II (*Pro Forma*)
			Class I3		Class I3
Year 1	$	53	$	51	$	51
Year 3	$	167	$	184	$	184
Year 5	$	291	$	329	$	329
Year 10	$	653	$	752	$	752

CAPITALIZATION

Transamerica Partners Balanced Funds


	Transamerica Partners Balanced		Transamerica Partners Institutional Balanced		Transamerica Partners Balanced Portfolio
Net Assets	$	89,988,638	$	5,400,558	$	55,307,964
Net Asset Value Per Share	$	20.36	$	13.18	$	10.00
Shares Outstanding		4,419,916		409,757		5,530,796

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Transamerica Balanced II


	Transamerica Balanced		Transamerica Balanced *Pro Forma*
Net Assets
Class R		—	$	89,988,638
Class R4		—	$	5,400,558
Class I3		—	$	55,231,733
Net Asset Value Per Share
Class R		—	$	10.00
Class R4		—	$	10.00
Class I3		—	$	9.99
Shares Outstanding
Class R		—		8,998,864
Class R4		—		540,056
Class I3		—		5,530,796

ADDITIONAL INFORMATION

TARGET FUND BOARD’S EVALUATION AND RECOMMENDATION

THE BOARD OF YOUR TARGET FUND RECOMMENDS THAT YOU VOTE “FOR” PROPOSAL 6A, 6B OR 6C, AS APPLICABLE, TO APPROVE THE PLAN.

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GROUP 7 - STOCK INDEX FUNDS

TRANSAMERICA PARTNERS STOCK INDEX

TRANSAMERICA PARTNERS INSTITUTIONAL STOCK INDEX

(each, a “Target Fund” and together, the “Target Funds”)

AND

TRANSAMERICA STOCK INDEX

(the “Destination Fund”)

PROPOSALS 7A AND 7B

APPROVAL OF AGREEMENT AND PLAN OF REORGANIZATION

SUMMARY

The following is a summary of more complete information appearing later in this Proxy Statement/Prospectus or incorporated herein. You should read carefully the entire Proxy Statement/Prospectus, including the exhibits, which include additional information that is not included in the summary and is a part of this Proxy Statement/Prospectus. For a discussion of the terms of the applicable Plan, please see the section entitled, “Terms of Each Agreement and Plan of Reorganization” in the back of the Proxy Statement/Prospectus, after the discussion of the proposals.


Proposal	Target Fund	Destination Fund and Shares
Proposal 7A	Transamerica Partners Stock Index	Transamerica Stock Index Class R

Proposal 7B	Transamerica Partners Institutional Stock Index	Transamerica Stock Index Class R4

Transamerica Partners Stock Index would reorganize first in a “shell” Reorganization into the newly-formed Destination Fund. Exhibit A is the form of Plan for this Reorganization. Transamerica Partners Institutional Stock Index would reorganize next. Exhibit B is the form of Plan for these Reorganizations. Both Reorganizations would occur on the same closing date.

The Target Funds and the Destination Fund are managed by Transamerica Asset Management, Inc. (“TAM”) and have the same investment objective and principal investment strategies and related risks. Each of the Target Funds currently operates as a feeder fund and invests in the S&P 500 Index Master Portfolio (a master portfolio which is not part of the Transamerica Partners fund complex). After the Reorganizations, the Destination Fund would operate as a feeder fund of the S&P 500 Index Master Portfolio. The tables below provide a comparison of certain features of the Funds. Unless otherwise noted, the information is the same for each Target Fund. In the tables below, if a row extends across the entire table, the information applies to the Destination Fund and the Target Funds.

Comparison of Target Funds and Destination Fund


	Target Funds	Destination Fund
Investment objective	Seeks to match the performance of the S&P 500^®.

Principal investment strategies	The fund invests in securities through an underlying master fund having the same investment goals and strategies. BlackRock Fund Advisors (“BFA”) is the investment adviser of the S&P 500 Index Master Portfolio formerly known as S&P 500 Stock Master Portfolio, the underlying master fund in which the fund invests. The fund seeks its objective by investing in the stocks comprising the S&P 500^®¹.The weightings of stocks in the S&P 500^® are based on each stock’s relative total market capitalization; that is, its market price per share times the number of shares outstanding. The fund invests approximately the

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	same percentage of its assets in each stock as the stock represents in the S&P 500^®. Under normal circumstances, the fund invests at least 90% of its net assets (plus the amount of borrowings, if any, for investment purposes) in securities comprising the S&P 500^® and other investments with similar economic characteristics. The fund attempts to achieve, in both rising and falling markets, a correlation of at least 95% between the total return of its net assets before expenses and the total return of the S&P 500^®. The fund’s ability to match the investment performance of the S&P 500^® may be affected by, among other things, fund expenses, the amount of cash and cash equivalents held by the fund, the manner in which the total return of the S&P 500^® is calculated, the size of the fund’s investment portfolio and the timing, frequency and size of cash flows into and out of the fund. In the unlikely event that the fund cannot achieve a correlation of at least 95%, the fund’s Trustees will consider alternative arrangements. In the future, the fund may select another index if it is deemed to be more representative of the performance of publicly traded common stocks in the aggregate. In seeking to replicate or match the performance of the S&P 500^®, the fund may use various investment techniques, such as buying and selling futures contracts and options, entering into swap agreements and purchasing indexed securities. The fund may also lend its portfolio securities. These techniques may increase the fund’s volatility and may involve a small investment of cash relative to the magnitude of the risk being taken. The fund may invest not more than 10% of its total assets, under normal market conditions, in cash and high-quality money market instruments. These investments are made to provide liquidity and when there is an unexpected or abnormal level of investments in or redemptions from the fund.

Investment manager	TAM

Sub-adviser	None

Investment manager of S&P 500 Index Master Portfolio	BlackRock Fund Advisors

Portfolio managers of S&P 500 Index Master Portfolio	Alan Mason: Portfolio Manager of the Portfolio since 2014; Managing Director of BlackRock, Inc. since 2009; Managing Director of BGI from 2008 to 2009; Principal of BGI from 1996 to 2008. Greg Savage, CFA: Portfolio Manager of the Portfolio since 2008; Managing Director of BlackRock, Inc. since 2010; Director of BlackRock, Inc. in 2009; Principal of BGI from 2007 to 2009; Associate of BGI from 1999 to 2007. Rachel Aguirre: Portfolio Manager of the Portfolio since 2016; Director of BlackRock, Inc. since 2009; Portfolio Manager of BGI from 2005 to 2009. Creighton Jue, CFA: Portfolio Manager of the Portfolio since 2016; Managing Director of BlackRock, Inc. since 2009; Principal of BGI from 2000 to 2009. Jennifer Hsui, CFA: Portfolio Manager of the Portfolio since 2016; Managing Director of BlackRock, Inc. since 2011; Director of BlackRock, Inc. from 2009 to 2011; Principal of BGI from 2006 to 2009.

Business	Transamerica Partners Stock Index is a diversified series of TPFG, an open-end management investment company organized as a Massachusetts business trust. Transamerica Partners Institutional Stock Index is a diversified series of TPFG II, an open-end management investment company organized as a Massachusetts business trust.	The Destination Fund is a diversified series of the Destination Trust, an open-end management investment company organized as a Delaware statutory trust.

Net assets (as of June 30, 2016)	Transamerica Partners Stock Index = $ 293,116,634 Transamerica Partners Institutional Stock Index = $ 627,100,626	None

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Management fees	TAM receives compensation for investment advisory services from each Target Fund at an annual rate of 0.40%. TAM receives no additional compensation for providing administrative services to the Target Funds. The applicable fee(s) are based upon average daily net assets and are accrued daily and paid monthly.	TAM receives compensation for investment management services, which include investment advisory and administrative services, from the Destination Fund at an annual rate of 0.08%. The fee is based upon average daily net assets and is accrued daily and paid monthly.

Distribution and service (12b-1) fees	Transamerica Partners Stock Index s is subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. Transamerica Partners Institutional Stock Index is subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets.	Class R shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.50% of average daily net assets. Class R4 shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets.

Sales charges	Shares of the Target Funds are offered without a sales charge and are not subject to a contingent deferred sales charge.	Class R and Class R4 shares of the Destination Fund are offered without a sales charge and are not subject to a contingent deferred sales charge.

Fee waiver and expense reimbursement	Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the total operating expenses exceed: • 0.65% for Transamerica Partners Stock Index and • 0.30% for Transamerica Partners Institutional Stock Index. The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2017 without the Board of Trustees’ consent.	Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the Destination Fund’s total operating expenses exceed: • 0.65% for Class R shares and • 0.30% for Class R4 shares. The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the Destination Fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

Gross and net expenses	For a comparison of the gross and net expenses of the Funds, please see the class fee tables in the “The Funds’ Fees and Expenses” section.

Comparison of Principal Risks of Investing in the Funds

Each Fund is subject to the following principal risks (in alphabetical order) of investing in the Fund:

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counterparties may cause the value of financial contracts to go down. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the fund may decline.

Index Fund – An index fund has operating and other expenses while an index does not. As a result, while the fund will attempt to track the S&P 500^® as closely as possible, it will tend to underperform the index to some degree over time. If an index fund is properly correlated to its stated index, the fund will perform poorly when the index performs poorly.

Industry Concentration – The fund will typically concentrate its investments in issuers of one or more particular industries to the same extent that its underlying index is so concentrated and to the extent permitted by applicable regulatory guidance. Concentration in a particular industry subjects the fund to the risks associated with that industry. As a result, the fund may be subject to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting that industry than funds investing in a broader range of industries.

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Passive Investment – Because the investment adviser of the underlying master fund does not select individual companies in the index that the fund tracks, the fund may hold securities of companies that present risks that an investment adviser researching individual securities might seek to avoid.

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limited product lines, operating history, market or financial resources, or because they may depend on a limited management group. The prices of securities of small and medium capitalization companies generally are more volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

Tracking Error – Imperfect correlation between the fund’s portfolio securities and those in the index that the fund tracks, fund fees and expenses, maintenance of cash balances to meet redemption requests, rounding of prices and changes to an index and regulatory policies may cause tracking error, which is the divergence of a fund’s performance from that of the fund’s benchmark index.

The Funds’ Past Performance

The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations, and therefore, has no performance history.

Set forth below is performance information for each Target Fund. The bar charts and tables below provide some indication of the risks of investing in each Target Fund by showing you how the performance of the Target Funds has varied from year to year, as applicable, and how the average total returns of each Target Fund for different periods compare to the returns of one or more broad measures of market performance. Absent any applicable limitation of or cap on the Target Funds’ expenses, performance would have been lower. Class R and Class R4 shares of the Destination Fund would have different performance because they have different expenses. A Target Fund’s past performance (before and after taxes) is not necessarily an indication of how the Destination Fund will perform in the future. Following the Reorganizations, Transamerica Partners Institutional Stock Index will be the surviving fund for performance purposes.

Transamerica Partners Stock Index Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		15.87	%
Worst Quarter:	12/31/2008		-21.99	%

Year-to-date return as of September 30, 2016: 7.30%

Transamerica Partners Stock Index Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Stock Index		0.71	%		11.86	%		6.67	%		03/10/1999
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%

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Transamerica Partners Institutional Stock Index Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		16.03	%
Worst Quarter:	12/31/2008		-21.99	%

Year-to-date return as of September 30, 2016: 7.58%

Transamerica Partners Institutional Stock Index Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Partners Institutional Stock Index		1.08	%		12.25	%		7.04	%		09/11/2000
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%

The Funds’ Fees and Expenses

Shareholders of the Target Funds and the Destination Fund pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy and hold shares of each Fund. The fees and expenses in the tables appearing below for the Target Funds are based on the expenses of the Target Funds for the twelve-month period ended June 30, 2016. The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations. Therefore, the Fees and Expenses for the Destination Fund have been estimated using the Destination Fund’s proposed fees and estimated expenses assuming the Reorganization occurred on June 30, 2016. The tables also show the pro forma expenses of the combined Destination Fund after giving effect to both Group 7 Reorganizations based on pro forma net assets as of June 30, 2016. Pro forma numbers are estimated in good faith and are hypothetical. Actual expenses may vary significantly. For financial statement purposes, Transamerica Partners Institutional Stock Index will be the accounting survivor of the Reorganizations. As the accounting survivor, Transamerica Partners Institutional Stock Index’s operating history will be used for financial reporting purposes.

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Transamerica Partners Stock Index


	Transamerica Partners Stock Index¹			Transamerica Stock Index			Combined Transamerica Stock Index (*Pro Forma*)
				Class R			Class R
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.44	%		0.08	%		0.08	%
Distribution and service (12b-1) fees		0.25	%		0.50	%		0.50	%
Other expenses³		0.09	%		0.03	%⁴		0.03	%⁴

Total annual fund operating expenses		0.79	%		0.61	%		0.61	%

Fee waiver and/or expense reimbursement		0.14	%⁵		0.00	%⁶		0.00	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.65	%		0.61	%		0.61	%

Transamerica Partners Institutional Stock Index


	Transamerica Partners Institutional Stock Index¹			Transamerica Stock Index			Combined Transamerica Stock Index (*Pro Forma*)
				Class R4			Class R4
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees²		0.14	%		0.08	%		0.08	%
Distribution and service (12b-1) fees		0.25	%		0.25	%		0.25	%
Other expenses³		0.12	%		0.03	%⁴		0.03	%⁴

Total annual fund operating expenses		0.51	%		0.36	%		0.36	%

Fee waiver and/or expense reimbursement		0.21	%⁷		0.06	%⁶		0.06	%⁶

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.30	%		0.30	%		0.30	%

The Target Feeder Fund invests in securities through S&P 500 Index Master Portfolio (a master portfolio which is not part of the Transamerica Partners fund complex). The information in this table and in the Example below concerning the Target Feeder Fund reflects the direct fees and expenses of the Target Feeder Fund and its allocated share of the fees and expenses of the master portfolio.

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⁴	Other expenses are based on estimates for the current fiscal year. Actual expenses may differ from estimates.

⁵

⁶

Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.65% for Class R shares and 0.30% for Class R4 shares, excluding, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

⁷

Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.30%, excluding, as applicable, acquired fund fees and expenses, interest, 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.

The hypothetical examples below help you compare the cost of investing in each Fund. Each example assumes that:

•

you invest $10,000 in each Fund;

•

you reinvest all dividends and distributions without a sales charge;

•

your investment has a 5% annual return (this assumption is required by the SEC and is not a prediction of the Fund’s future performance); and

•

each Fund’s operating expenses remain the same.

Each example also assumes no fees for IRA accounts, if applicable. Costs are the same whether you redeem at the end of any period or not. Pro forma expenses are included assuming the consummation of all Group 7 Reorganizations. The examples are for comparison purposes only and do not represent the Funds’ actual expenses or returns, either past or future. Because actual return and expenses will be different, the examples are for comparison only.

Transamerica Partners Stock Index


Number of years you own your shares	Transamerica Partners Stock Index		Transamerica Stock Index		Combined Transamerica Stock Index (*Pro Forma*)
			Class R		Class R
Year 1	$	66	$	62	$	62
Year 3	$	238	$	195	$	195
Year 5	$	425	$	340	$	340
Year 10	$	965	$	762	$	762

Transamerica Partners Institutional Stock Index


Number of years you own your shares	Transamerica Partners Intuitional Stock Index		Transamerica Stock Index		Combined Transamerica Stock Index (*Pro Forma*)
			Class R4		Class R4
Year 1	$	31	$	31	$	31
Year 3	$	142	$	110	$	110
Year 5	$	264	$	196	$	196
Year 10	$	620	$	450	$	450

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CAPITALIZATION

Transamerica Partners Stock Index Funds


	Transamerica Partners Stock Index		Transamerica Partners Institutional Stock Index
Net Assets	$	282,254,407	$	610,052,099
Net Asset Value Per Share	$	16.84	$	14.48
Shares Outstanding		16,756,185		42,119,755

Transamerica Stock Index


	Transamerica Stock Index		Transamerica Stock Index Pro Forma
Net Assets
Class R		—	$	282,241,150
Class R4		—	$	610,038,841
Net Asset Value Per Share
Class R		—	$	10.00
Class R4		—	$	10.00
Shares Outstanding
Class R		—		28,225,441
Class R4		—		61,005,210

ADDITIONAL INFORMATION

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TARGET FUND BOARD’S EVALUATION AND RECOMMENDATION

THE BOARD OF YOUR TARGET FUND RECOMMENDS THAT YOU VOTE “FOR” PROPOSAL 7A OR 7B, AS APPLICABLE, TO APPROVE THE PLAN.

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GROUP 8 - ASSET ALLOCATION LONG AND INTERMEDIATE/LONG HORIZON FUNDS

TRANSAMERICA ASSET ALLOCATION - LONG HORIZON

TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION - LONG HORIZON

TRANSAMERICA ASSET ALLOCATION – INTERMEDIATE/LONG HORIZON

TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION - INTERMEDIATE/LONG HORIZON

(each, a “Target Fund” and together, the “Target Funds”)

AND

TRANSAMERICA ASSET ALLOCATION LONG HORIZON

(the “Destination Fund”)

PROPOSALS 8A, 8B, 8C AND 8D

APPROVAL OF AGREEMENT AND PLAN OF REORGANIZATION

SUMMARY

The following is a summary of more complete information appearing later in this Proxy Statement/Prospectus or incorporated herein. You should read carefully the entire Proxy Statement/Prospectus, including the exhibits, which include additional information that is not included in the summary and is a part of this Proxy Statement/Prospectus. For a discussion of the terms of the applicable Plan, please see the section entitled, “Terms of Each Agreement and Plan of Reorganization” in the back of the Proxy Statement/Prospectus, after the discussion of the proposals.


Proposal	Target Fund	Destination Fund and Shares
Proposal 8A	Transamerica Asset Allocation - Long Horizon	Transamerica Asset Allocation Long Horizon Class R

Proposal 8B	Transamerica Institutional Asset Allocation - Long Horizon	Transamerica Asset Allocation Long Horizon Class R4

Proposal 8C	Transamerica Asset Allocation – Intermediate/Long Horizon	Transamerica Asset Allocation Long Horizon Class R

Proposal 8D	Transamerica Institutional Asset Allocation – Intermediate/Long Horizon	Transamerica Asset Allocation Long Horizon Class R4

Transamerica Institutional Asset Allocation - Long Horizon would reorganize first in a “shell” Reorganization into the newly-formed Destination Fund. Exhibit A is the form of Plan for this Reorganization. Transamerica Asset Allocation – Long Horizon, Transamerica Asset Allocation – Intermediate/Long Horizon and Transamerica Institutional Asset Allocation – Intermediate/Long Horizon would then reorganize. Exhibit B is the form of Plan for these Reorganizations. All Reorganizations would occur on the same closing date.

The Target Funds and the Destination Fund are managed by Transamerica Asset Management, Inc. (“TAM”) and have the same or compatible investment objective and substantially similar or compatible principal investment strategies and substantially similar related risks. The tables below provide a comparison of certain features of the Funds. Unless otherwise noted, the information is the same for each Target Fund. In the tables below, if a row extends across the entire table, the information applies to the Destination Fund and the Target Funds.

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Comparison of Target Funds and Destination Fund

Transamerica Asset

Allocation - Long Horizon

and

Transamerica Institutional

Asset Allocation - Long

Horizon

Transamerica Asset

Allocation – Intermediate/Long Horizon
and Transamerica

Institutional Asset Allocation –

Intermediate/Long

Horizon

Destination Fund

Investment objective

Seeks to provide long-term returns from growth of capital and growth of income.

Seeks to achieve long-term returns from a combination of investment income and capital appreciation with slightly more than average volatility as compared to other balanced funds.

Seeks to provide long-term returns from growth of capital and growth of income.

Principal investment strategies

The fund invests in a combination of Transamerica Partners funds (“underlying funds”). Transamerica Asset Management, Inc. (the “Investment Manager”) selects the combination and amount of underlying funds to invest in based on the fund’s investment objective.

The following chart shows approximately how much of the assets of the fund are invested in the Bond, Stock and Money Market Funds. These allocations reflect the Investment Manager’s present strategy for asset allocation during normal market conditions, and may be changed at any time without notice to shareholders and without shareholder approval. In the short-term, actual asset allocations may vary due to short-term changes in cash flows caused by purchases and redemptions in the fund. The Investment Manager may allocate the assets of the fund without limit to the Money Market Fund in attempting to respond to adverse market or other conditions or to process a large purchase or redemption within the fund.

Transamerica Asset Allocation Long Horizon invests in a combination of Transamerica Funds (“underlying funds”). Transamerica Asset Management, Inc. (the “Investment Manager”) selects the combination and amount of underlying funds to invest in based on the fund’s investment objective.

Normal Approximate Allocations – Long
Horizon

Bond

Funds

Stock

Funds

Money

Market

Fund

9.8%

90%

0.2%

The Bond Funds normally invest principally in fixed income

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Normal Approximate

Allocations – Long Horizon

in attempting to respond to adverse market or other conditions or to process a large purchase or redemption within the fund.

securities, the Stock Funds normally invest principally in equity securities, and the Money Market Fund normally invests principally in U.S. government securities and/or repurchase agreements fully collateralized by U.S. government securities.

Each underlying fund has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund decides which securities to purchase and sell for that underlying fund.

Bond

Funds

Stock

Funds

Money

Market

Fund

9.8%

90%

0.2%

Normal Approximate Allocations - Intermediate/Long Horizon

The fund is a non-diversified fund, meaning that it is not limited by the Investment Company Act of 1940 as to the amount of its assets that may be invested in a single issuer. The fund invests in the underlying funds, which are diversified.

Bond

Funds

Stock

Funds

Money

Market

Fund

29.8%

70%

0.2%

Investment manager

TAM

Sub-adviser

None

Portfolio managers

Christopher A. Staples, CFA: Lead Portfolio Manager of the Target Funds since 2007; Employed by Transamerica Asset Management, Inc. since 2004; Senior Vice President and Chief Investment Officer – Advisory Services.

Kane Cotton, CFA: Associate Portfolio Manager of the Target Funds since 2014; Employed by Transamerica Asset Management, Inc. since 2014.

Christopher A. Staples, CFA: Lead Portfolio Manager of the Destination Fund since inception¹; Employed by Transamerica Asset Management, Inc. since 2004; Senior Vice President and Chief Investment Officer – Advisory Services.

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			Kane Cotton, CFA: Associate Portfolio Manager of the Destination Fund since inception¹; Employed by Transamerica Asset Management, Inc. since 2014.

Business	Transamerica Asset Allocation - Long Horizon is a diversified series of TPFG II, an open-end management investment company organized as a Massachusetts business trust. Transamerica Institutional Asset Allocation - Long Horizon is a diversified series of TPFG, an open-end management investment company organized as a Massachusetts business trust.	Transamerica Asset Allocation - Intermediate/Long Horizon is a diversified series of TPFG II, an open-end management investment company organized as a Massachusetts business trust. Transamerica Institutional Asset Allocation - Intermediate/Long Horizon is a diversified series of TPFG, an open-end management investment company organized as a Massachusetts business trust.	The Destination Fund is a diversified series of the Destination Trust, an open-end management investment company organized as a Delaware statutory trust.

Net assets (as of June 30, 2016)	Transamerica Asset Allocation - Long Horizon = $ 79,464,665 Transamerica Institutional Asset Allocation - Long Horizon = $ 27,487,552	Transamerica Asset Allocation - Intermediate/Long Horizon = $ 169,789,079 Transamerica Institutional Asset Allocation - Intermediate/Long Horizon = $ 46,230,763	None

Management fees	TAM receives compensation for investment advisory services from each Target Fund at an annual rate of 0.10%. TAM receives no additional compensation for providing administrative services to the Target Funds. The applicable fee(s) are based upon average daily net assets and are accrued daily and paid monthly. Each Target Fund invests in underlying funds which pay administration fees.		TAM receives compensation for investment management services, which include investment advisory and administrative services, from the Destination Fund at an annual rate of 0.12%. The fee is based upon average daily net assets and is accrued daily and paid monthly.

Distribution and service (12b-1) fees	The Target Funds are not subject to any distribution and service (12b-1) fee. Each Target Fund invests in underlying funds which pay distribution and service (12b-1) fees.		Class R shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.50% of average daily net assets. Class R4 shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. The Destination Fund will invest in underlying funds which do not pay distribution and service (12b-1) fees.

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Comparison of Principal Risks of Investing in the Funds

Because the Funds have the same or compatible investment objective and substantially similar or compatible principal investment strategies, they are subject to substantially similar principal risks. Risk is inherent in all investing. The value of your investment in a Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in a Fund or your investment may not perform as well as other similar investments.

Each Fund is subject to the following principal risks (in alphabetical order) of investing in the Fund:

Asset Allocation – The Investment Manager allocates the fund’s assets among various asset classes and underlying funds. These allocations may be unsuccessful in maximizing the fund’s return and/or avoiding investment losses, and may cause the fund to underperform.

Asset Class Variation – The underlying funds invest principally in the securities constituting their asset class (i.e., equity or fixed income). However, an underlying fund may vary the percentage of its assets in these securities (subject to any applicable regulatory requirements). Depending upon the percentage of securities in a particular asset class held by the underlying funds at any given time, and the percentage of the fund’s assets invested in various underlying funds, the fund’s actual exposure to the securities in a particular asset class may vary substantially from its target allocation for that asset class.

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Management – The fund is subject to the risk that the investment manager’s judgments and decisions may be incorrect or otherwise may not produce the desired results. The fund may also suffer losses if there are imperfections, errors or limitations in the tools, resources, information and data used, or the analyses employed or relied on, by the investment manager, or if the investment manager’s investment style otherwise fails to produce the desired results. The fund’s investment strategies designed by the investment manager may not work as intended. In addition, the fund’s investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the investment manager and could have an adverse effect on the value or performance of the fund. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

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- 88 -

volatile than those of large capitalization companies and are more likely to be adversely affected than large capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small and medium capitalization companies may underperform large capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.

Underlying Funds – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The “Underlying Funds” section of the fund’s prospectus identifies certain risks of each underlying fund.

Value Investing – The prices of securities the sub-adviser to an underlying fund believes are undervalued may not appreciate as anticipated or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.

Each Target Fund is subject to the following additional principal risk:

Non-Diversification – The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the fund invests its assets in a smaller number of issuers, the fund will be more susceptible to negative events affecting those issuers than a diversified fund.

The Funds’ Past Performance

The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations, and therefore, has no performance history.

Set forth below is performance information for each Target Fund. The bar charts and tables below provide some indication of the risks of investing in each Target Fund by showing you how the performance of the Target Funds has varied from year to year, as applicable, and how the average total returns of each Target Fund for different periods compare to the returns of one or more broad measures of market performance. Absent any applicable limitation of or cap on the Target Funds’ expenses, performance would have been lower. Class R and Class R4 shares of the Destination Fund would have different performance because they have different expenses. A Target Fund’s past performance (before and after taxes) is not necessarily an indication of how the Destination Fund will perform in the future. Following the Reorganizations, Transamerica Institutional Asset Allocation - Long Horizon will be the surviving fund for performance purposes.

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Transamerica Asset Allocation - Long Horizon Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		16.19	%
Worst Quarter:	12/31/2008		-22.01	%

Year-to-date return as of September 30, 2016: 3.87%

Transamerica Asset Allocation - Long Horizon Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Asset Allocation – Long Horizon		0.30	%		7.58	%		4.15	%		05/05/1998
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%
Transamerica Asset Allocation – Long Horizon Benchmark Blend (reflects no deduction for fees, expenses or taxes)		-0.31	%		9.14	%		6.11	%

Transamerica Institutional Asset Allocation - Long Horizon Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		16.03	%
Worst Quarter:	12/31/2008		-21.99	%

Year-to-date return as of September 30, 2016: 4.06%

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Transamerica Institutional Asset Allocation - Long Horizon Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Institutional Asset Allocation – Long Horizon		0.63	%		7.93	%		4.50	%		09/11/2000
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%
Transamerica Institutional Asset Allocation – Long Horizon Benchmark Blend (reflects no deduction for fees, expenses or taxes)		-0.31	%		9.14	%		6.11	%

Transamerica Asset Allocation - Intermediate/Long Horizon Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		13.81	%
Worst Quarter:	12/31/2008		-17.72	%

Year-to-date return as of September 30, 2016: 4.38%

Transamerica Asset Allocation - Intermediate/Long Horizon Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Asset Allocation – Intermediate/Long Horizon		0.12	%		6.76	%		4.37	%		06/13/1996
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%
Transamerica Asset Allocation – Intermediate/Long Horizon Benchmark Blend (reflects no deduction for fees, expenses or taxes)		-0.22	%		7.92	%		5.93	%

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Transamerica Institutional Asset Allocation - Intermediate/Long Horizon Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		13.97	%
Worst Quarter:	12/31/2008		-17.64	%

Year-to-date return as of September 30, 2016: 4.48%

Transamerica Institutional Asset Allocation - Intermediate/Long Horizon Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Institutional Asset Allocation – Intermediate/Long Horizon		0.49	%		7.08	%		4.69	%		09/11/2000
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%
Transamerica Institutional Asset Allocation – Intermediate/Long Horizon Benchmark Blend (reflects no deduction for fees, expenses or taxes)		-0.22	%		7.92	%		5.93	%

The Funds’ Fees and Expenses

Shareholders of the Target Funds and the Destination Fund pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy and hold shares of each Fund. The fees and expenses in the tables appearing below for the Target Funds are based on the expenses of the Target Funds for the twelve-month period ended June 30, 2016. The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations. Therefore, the Fees and Expenses for the Destination Fund have been estimated using the Destination Fund’s proposed fees and estimated expenses assuming the Reorganization occurred on June 30, 2016. The tables also show the pro forma expenses of the combined Destination Fund after giving effect to all Group 8 Reorganizations based on pro forma net assets as of June 30, 2016. Pro forma numbers are estimated in good faith and are hypothetical. Actual expenses may vary significantly. For financial statement purposes, Transamerica Institutional Asset Allocation - Long Horizon will be the accounting survivor of the Reorganizations. As the accounting survivor, Transamerica Institutional Asset Allocation - Long Horizon’s operating history will be used for financial reporting purposes.

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Transamerica Asset Allocation - Long Horizon


	Transamerica Asset Allocation - Long Horizon			Transamerica Asset Allocation Long Horizon			Combined Transamerica Asset Allocation Long Horizon *(Pro Forma)*
				Class R			Class R
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees¹		0.10	%		0.12	%		0.12	%
Distribution and service (12b-1) fees		None			0.50	%		0.50	%
Other expenses²		None			0.01	%³		0.01	%³
Acquired fund fees and expenses		1.24	%		0.67	%		0.67	%

Total annual fund operating expenses		1.34	%		1.30	%		1.30	%

Fee waiver and/or expense reimbursement		0.00	%⁴		0.03	%⁵		0.03	%⁵

Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.34	%		1.27	%		1.27	%

Transamerica Institutional Asset Allocation - Long Horizon


	Transamerica Institutional Asset Allocation - Long Horizon			Transamerica Asset Allocation Long Horizon			Combined Transamerica Asset Allocation Long Horizon *(Pro Forma)*
				Class R4			Class R4
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees¹		0.10	%		0.12	%		0.12	%
Distribution and service (12b-1) fees		None			0.25	%		0.25	%
Other expenses²		None			0.01	%³		0.01	%³
Acquired fund fees and expenses		0.93	%		0.67	%		0.67	%

Total annual fund operating expenses		1.03	%		1.05	%		1.05	%

Fee waiver and/or expense reimbursement		0.00	%⁶		0.03	%⁵		0.03	%⁵

Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.03	%		1.02	%		1.02	%

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Transamerica Asset Allocation - Intermediate/Long Horizon


	Transamerica Asset Allocation - Intermediate/Long Horizon			Transamerica Asset Allocation Long Horizon			Combined Transamerica Asset Allocation Long Horizon *(Pro Forma)*
				Class R			Class R
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees¹		0.10	%		0.12	%		0.12	%
Distribution and service (12b-1) fees		None			0.50	%		0.50	%
Other expenses²		None			0.01	%³		0.01	%³
Acquired fund fees and expenses		1.18	%		0.67	%		0.67	%

Total annual fund operating expenses		1.28	%		1.30	%		1.30	%

Fee waiver and/or expense reimbursement		0.00	%⁴		0.03	%⁵		0.03	%⁵

Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.28	%		1.27	%		1.27	%

Transamerica Institutional Asset Allocation - Intermediate/Long Horizon


	Transamerica Institutional Asset Allocation - Intermediate/Long Horizon			Transamerica Asset Allocation Long Horizon			Combined Transamerica Asset Allocation Long Horizon *(Pro Forma)*
				Class R4			Class R4
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees¹		0.10	%		0.12	%		0.12	%
Distribution and service (12b-1) fees		None			0.25	%		0.25	%
Other expenses²		None			0.01	%³		0.01	%³
Acquired fund fees and expenses		0.87	%		0.67	%		0.67	%

Total annual fund operating expenses		0.97	%		1.05	%		1.05	%

Fee waiver and/or expense reimbursement		0.00	%⁶		0.03	%⁵		0.03	%⁵

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.97	%		1.02	%		1.02	%

The Destination Fund receives investment advisory and administrative services under one agreement with the Destination Fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), and pays a single management fee to TAM. Transamerica Asset Allocation - Long Horizon, Transamerica Institutional Asset Allocation - Long Horizon, Transamerica Asset Allocation – Intermediate/Long Horizon and Transamerica Institutional Asset Allocation - Intermediate/Long Horizon receive investment advisory and administrative services from TAM under separate agreements and pay separate advisory fees and administrative services fees to TAM. The administrative services fees of 0.30% for Transamerica Asset Allocation - Long Horizon and Transamerica Asset Allocation – Intermediate/Long Horizon and 0.05% for Transamerica Institutional Asset Allocation - Long Horizon and Transamerica Institutional Asset Allocation - Intermediate/Long Horizon are included in “Other expenses.”

²	Other expenses do not include the costs of the Reorganization to be borne by the Target Funds. These costs are considered extraordinary expenses and are

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not covered by the applicable expense limitation arrangements. The basis point impact of such costs is 0.18% for Transamerica Asset Allocation - Long Horizon, 0.03% for Transamerica Institutional Asset Allocation - Long Horizon, 0.03 for Transamerica Asset Allocation - Intermediate/Long Horizon, and 0.06% for Transamerica Institutional Asset Allocation - Intermediate/Long Horizon.

³	Other expenses are based on estimates for the current fiscal year. Actual expenses may differ from estimates.

⁴

Contractual arrangements have been made with TAM through May 1, 2017 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed [0.10]%, excluding, as applicable, acquired fund fees and expenses, interest, 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.

⁵

Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.60% for Class R shares and 0.35% for Class R4 shares, excluding, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

⁶

The hypothetical examples below help you compare the cost of investing in each Fund. Each example assumes that:

•

you invest $10,000 in each Fund;

•

you reinvest all dividends and distributions without a sales charge;

•

your investment has a 5% annual return (this assumption is required by the SEC and is not a prediction of the Fund’s future performance); and

•

each Fund’s operating expenses remain the same.

Each example also assumes no fees for IRA accounts, if applicable. Costs are the same whether you redeem at the end of any period or not. Pro forma expenses are included assuming the consummation of all Group 8 Reorganizations. The examples are for comparison purposes only and do not represent the Funds’ actual expenses or returns, either past or future. Because actual return and expenses will be different, the examples are for comparison only.

Transamerica Asset Allocation - Long Horizon


Number of years you own your shares	Transamerica Asset Allocation - Long Horizon		Transamerica Asset Allocation Long Horizon		Combined Transamerica Asset Allocation Long Horizon (*Pro Forma*)
			Class R		Class R
Year 1	$	136	$	129	$	129
Year 3	$	425	$	409	$	409
Year 5	$	734	$	710	$	710
Year 10	$	1,613	$	1,565	$	1,565

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Transamerica Institutional Asset Allocation - Long Horizon


Number of years you own your shares	Transamerica Institutional Asset Allocation – Long Horizon		Transamerica Asset Allocation Long Horizon		Combined Transamerica Asset Allocation Long Horizon (*Pro Forma*)
			Class R4		Class R4
Year 1	$	105	$	104	$	104
Year 3	$	328	$	331	$	331
Year 5	$	569	$	576	$	576
Year 10	$	1,259	$	1,280	$	1,280

Transamerica Asset Allocation - Intermediate/Long Horizon


Number of years you own your shares	Transamerica Asset Allocation - Intermediate/Long Horizon		Transamerica Asset Allocation Long Horizon		Combined Transamerica Asset Allocation Long Horizon (*Pro Forma*)
			Class R		Class R
Year 1	$	130	$	118	$	118
Year 3	$	406	$	373	$	373
Year 5	$	702	$	647	$	647
Year 10	$	1,545	$	1,430	$	1,430

Transamerica Institutional Asset Allocation – Intermediate/Long Horizon


Number of years you own your shares	Transamerica Institutional Asset Allocation – Intermediate/Long Horizon		Transamerica Asset Allocation Long Horizon		Combined Transamerica Asset Allocation Long Horizon (*Pro Forma*)
			Class R4		Class R4
Year 1	$	99	$	93	$	93
Year 3	$	309	$	294	$	294
Year 5	$	536	$	513	$	513
Year 10	$	1,190	$	1,141	$	1,141

CAPITALIZATION

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computation below. This is due to changes in the market value of the portfolio securities of the Funds between September 30, 2016 and the closing date, changes in the amount of undistributed net investment income and net realized capital gains of the Funds during that period resulting from income and distributions, and changes in the accrued liabilities of the Funds during the same period.

Transamerica Asset Allocation - Long and Intermediate/Long Horizon Funds


	Transamerica Asset Allocation - Long Horizon		Transamerica Institutional Asset Allocation - Long Horizon		Transamerica Asset Allocation - Intermediate/Long Horizon		Transamerica Institutional Asset Allocation - Intermediate/Long Horizon
Net Assets	$	80,880,432	$	28,693,517	$	170,214,306	$	45,844,143
Net Asset Value Per Share	$	12.65	$	11.19	$	14.03	$	11.88

Shares Outstanding		6,395,254		2,564,838		12,133,366		3,859,220

Transamerica Asset Allocation Long Horizon


	Transamerica Asset Allocation Long Horizon		Transamerica Asset Allocation Long Horizon Pro Forma
Net Assets
Class R		—	$	251,031,764
Class R4		—	$	74,474,687
Net Asset Value Per Share
Class R		—	$	9.99
Class R4		—	$	9.98
Shares Outstanding
Class R		—		25,109,474
Class R4		—		7,453,766

ADDITIONAL INFORMATION

TARGET FUND BOARD’S EVALUATION AND RECOMMENDATION

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THE BOARD OF YOUR TARGET FUND RECOMMENDS THAT YOU VOTE “FOR” PROPOSAL 8A, 8B, 8C OR 8D AS APPLICABLE, TO APPROVE THE PLAN.

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GROUP 9 - ASSET ALLOCATION INTERMEDIATE AND SHORT/INTERMEDIATE HORIZON FUNDS

TRANSAMERICA ASSET ALLOCATION - INTERMEDIATE HORIZON

TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION - INTERMEDIATE HORIZON

TRANSAMERICA ASSET ALLOCATION – SHORT/INTERMEDIATE HORIZON

TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION - SHORT/INTERMEDIATE HORIZON

(each, a “Target Fund” and together, the “Target Funds”)

AND

TRANSAMERICA ASSET ALLOCATION INTERMEDIATE HORIZON

(the “Destination Fund”)

PROPOSALS 9A, 9B, 9C AND 9D

APPROVAL OF AGREEMENT AND PLAN OF REORGANIZATION

SUMMARY

The following is a summary of more complete information appearing later in this Proxy Statement/Prospectus or incorporated herein. You should read carefully the entire Proxy Statement/Prospectus, including the exhibits, which include additional information that is not included in the summary and is a part of this Proxy Statement/Prospectus. For a discussion of the terms of the applicable Plan, please see the section entitled, “Terms of Each Agreement and Plan of Reorganization” in the back of the Proxy Statement/Prospectus, after the discussion of the proposals.


Proposal	Target Fund	Destination Fund and Shares
Proposal 9A	Transamerica Asset Allocation - Intermediate Horizon	Transamerica Asset Allocation Intermediate Horizon Class R
Proposal 9B	Transamerica Institutional Asset Allocation - Intermediate Horizon	Transamerica Asset Allocation Intermediate Horizon Class R4
Proposal 9C	Transamerica Asset Allocation – Short/Intermediate Horizon	Transamerica Asset Allocation Intermediate Horizon Class R
Proposal 9D	Transamerica Institutional Asset Allocation – Short/Intermediate Horizon	Transamerica Asset Allocation Intermediate Horizon Class R4

Transamerica Institutional Asset Allocation - Intermediate Horizon would reorganize first in a “shell” Reorganization into the newly-formed Destination Fund. Exhibit A is the form of Plan for this Reorganization. Transamerica Asset Allocation – Intermediate Horizon, Transamerica Asset Allocation – Short/Intermediate Horizon and Transamerica Institutional Asset Allocation – Short/Intermediate Horizon would then reorganize. Exhibit B is the form of Plan for these Reorganizations. All Reorganizations would occur on the same closing date.

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Comparison of Target Funds and Destination Fund

Transamerica Asset

Allocation - Intermediate

Horizon and

Transamerica Institutional

Asset Allocation -

Intermediate Horizon

Transamerica Asset

Allocation –

Short/Intermediate Horizon and
Transamerica Institutional Asset Allocation
–

Short/Intermediate

Horizon

Destination Fund

Investment objective

Seeks to achieve long-term returns from a combination of investment income and capital appreciation with slightly less than average volatility as compared to other balanced funds.

Seeks to achieve reasonable returns with considerably less than average volatility as compared to other balanced funds.

Seeks to achieve long-term returns from a combination of investment income and capital appreciation with slightly less than average volatility as compared to other balanced funds.

Principal investment strategies

Transamerica Asset Allocation Intermediate Horizon invests in a combination of Transamerica Funds (“underlying funds”). Transamerica Asset Management, Inc. (the “Investment Manager”) selects the combination and amount of underlying funds to invest in based on the fund’s investment objective.

Normal Approximate Allocations – Intermediate Horizon

Bond Funds

Stock Funds

Money Market Fund

Normal Approximate Allocations

– Intermediate Horizon

49.8%

50%

0.2%

Bond Funds

Stock Funds

Money Market Fund

49.8%

50%

0.2%

The Bond Funds normally invest principally in fixed income securities, the Stock Funds normally

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Normal Approximate

Allocations -

Short/Intermediate

Horizon

invest principally in equity securities, and the Money Market Fund normally invests principally in U.S. government securities and/or repurchase agreements fully collateralized by U.S. government securities.

Bond

Funds

Stock

Funds

Money Market

Fund

69.8%

30%

0.2%

Investment manager

TAM

Sub-adviser

None

Portfolio managers

Kane Cotton, CFA: Associate Portfolio Manager of the Target Funds since 2014; Employed by Transamerica Asset Management, Inc. since 2014.

Kane Cotton, CFA: Associate Portfolio Manager of the Destination Fund since inception¹; Employed by Transamerica Asset Management, Inc. since 2014.

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Business	Transamerica Asset Allocation - Intermediate Horizon is a diversified series of TPFG II, an open-end management investment company organized as a Massachusetts business trust. Transamerica Institutional Asset Allocation - Intermediate Horizon is a diversified series of TPFG, an open-end management investment company organized as a Massachusetts business trust.	Transamerica Asset Allocation - Short/Intermediate Horizon is a diversified series of TPFG II, an open-end management investment company organized as a Massachusetts business trust. Transamerica Institutional Asset Allocation - Short/Intermediate Horizon is a diversified series of TPFG, an open-end management investment company organized as a Massachusetts business trust.	The Destination Fund is a diversified series of the Destination Trust, an open-end management investment company organized as a Delaware statutory trust.

Net assets (as of June 30, 2016)	Transamerica Asset Allocation - Intermediate Horizon = $ 283,191,402 Transamerica Institutional Asset Allocation - Intermediate Horizon = $ 78,151,774	Transamerica Asset Allocation - Short/Intermediate Horizon = $ 190,438,394 Transamerica Institutional Asset Allocation - Short/Intermediate Horizon = $10,673,709	None

Management fees	TAM receives compensation for investment advisory services from each Target Fund at an annual rate of 0.10%. TAM receives no additional compensation for providing administrative services to the Target Funds. The applicable fee(s) are based upon average daily net assets and are accrued daily and paid monthly. Each Target Fund invests in underlying funds which pay administration fees.		TAM receives compensation for investment management services, which include investment advisory and administrative services, from the Destination Fund at an annual rate of 0.12%. The fee is based upon average daily net assets and is accrued daily and paid monthly.

Distribution and service (12b-1) fees	The Target Funds are not subject to any distribution and service (12b-1) fee. Each Target Fund invests in underlying funds which pay distribution and service (12b-1) fees.		Class R shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.50% of average daily net assets. Class R4 shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. The Destination Fund will invest in underlying funds which do not pay distribution and service (12b-1) fees.

Sales charges	Shares of the Target Funds are offered without a sales charge and are not subject to a contingent deferred sales charge.		Class R and Class R4 shares of the Destination Fund are offered without a sales charge and are not subject to a contingent deferred sales charge.

Fee waiver and expense reimbursement	None		Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse

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Comparison of Principal Risks of Investing in the Funds

Each Fund is subject to the following principal risks (in alphabetical order) of investing in the Fund:

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- 104 -

- 105 -

Further reduction or withdrawal of Federal Reserve or other U.S. or non-U.S. governmental or central bank support, including interest rate increases, could negatively affect financial markets generally, increase market volatility and reduce the value and liquidity of securities in which the fund invests.

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the underlying funds’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The “Underlying Funds” section of the fund’s prospectus identifies certain risks of each underlying fund.

Each Target Fund is subject to the following additional principal risk:

The Funds’ Past Performance

The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations, and therefore, has no performance history.

Set forth below is performance information for each Target Fund. The bar charts and tables below provide some indication of the risks of investing in each Target Fund by showing you how the performance of the Target Funds has varied from year to year, as applicable, and how the average total returns of each Target Fund for different periods compare to the returns of one or more broad measures of market performance. Absent any applicable limitation of or cap on the Target Funds’ expenses, performance would have been lower. Class R and Class R4 shares of the Destination Fund would have different performance because they have different expenses. A Target Fund’s past performance (before and after taxes) is not necessarily an indication of how the Destination Fund will perform in the future. Following the Reorganizations, Transamerica Institutional Asset Allocation - Intermediate Horizon will be the surviving fund for performance purposes.

Transamerica Asset Allocation - Intermediate Horizon Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		11.31	%
Worst Quarter:	12/31/2008		-13.15	%

Year-to-date return as of September 30, 2016: 4.57%

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Transamerica Asset Allocation - Intermediate Horizon Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Asset Allocation – Intermediate Horizon		-0.15	%		5.73	%		4.39	%		06/13/1996
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)		0.55	%		3.25	%		4.51	%
Transamerica Asset Allocation – Intermediate Horizon Benchmark Blend (reflects no deduction for fees, expenses or taxes)		-0.15	%		6.55	%		5.59	%

Transamerica Institutional Asset Allocation - Intermediate Horizon Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		11.57	%
Worst Quarter:	12/31/2008		-12.87	%

Year-to-date return as of September 30, 2016: 4.78%

Transamerica Institutional Asset Allocation - Intermediate Horizon Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Institutional Asset Allocation – Intermediate Horizon		0.26	%		6.04	%		4.71	%		09/11/2000
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)		0.55	%		3.25	%		4.51	%
Transamerica Institutional Asset Allocation – Intermediate Horizon Benchmark Blend (reflects no deduction for fees, expenses or taxes)		-0.15	%		6.55	%		5.59	%

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Transamerica Asset Allocation - Short/Intermediate Horizon Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		8.92	%
Worst Quarter:	12/31/2008		-8.81	%

Year-to-date return as of September 30, 2016: 4.82%

Transamerica Asset Allocation - Short/Intermediate Horizon Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Asset Allocation – Short/Intermediate Horizon		-0.64	%		4.52	%		4.22	%		05/05/1998
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)		0.55	%		3.25	%		4.51	%
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%
Transamerica Asset Allocation – Short/Intermediate Horizon Benchmark Blend (reflects no deduction for fees, expenses or taxes)		-0.16	%		5.05	%		5.10	%

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Transamerica Institutional Asset Allocation - Short/Intermediate Horizon Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		8.72	%
Worst Quarter:	12/31/2008		-8.68	%

Year-to-date return as of September 30, 2016: 5.04%

Transamerica Institutional Asset Allocation - Short/Intermediate Horizon Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Institutional Asset Allocation – Short/Intermediate Horizon		-0.25	%		4.88	%		4.54	%		09/11/2000
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)		0.55	%		3.25	%		4.51	%
S&P 500^® (reflects no deduction for fees, expenses or taxes)		1.38	%		12.57	%		7.31	%
Transamerica Institutional Asset Allocation – Short/Intermediate Horizon Benchmark Blend (reflects no deduction for fees, expenses or taxes)		-0.16	%		5.05	%		5.10	%

The Funds’ Fees and Expenses

Shareholders of the Target Funds and the Destination Fund pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy and hold shares of each Fund. The fees and expenses in the tables appearing below for the Target Funds are based on the expenses of the Target Funds for the twelve-month period ended June 30, 2016. The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations. Therefore, the Fees and Expenses for the Destination Fund have been estimated using the Destination Fund’s proposed fees and estimated expenses assuming the Reorganization occurred on June 30, 2016. The tables also show the pro forma expenses of the combined Destination Fund after giving effect to all Group 9 Reorganizations based on pro forma net assets as of June 30, 2016. Pro forma numbers are estimated in good faith and are hypothetical. Actual expenses may vary significantly. For financial statement purposes, Transamerica Institutional Asset Allocation - Intermediate Horizon will be the accounting survivor of the Reorganizations. As the accounting survivor, Transamerica Institutional Asset Allocation - Intermediate Horizon’s operating history will be used for financial reporting purposes.

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Transamerica Asset Allocation - Intermediate Horizon


	Transamerica Asset Allocation - Intermediate Horizon			Transamerica Asset Allocation Intermediate Horizon			Combined Transamerica Asset Allocation Intermediate Horizon (*Pro Forma*)
				Class R			Class R
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees¹		0.10	%		0.12	%		0.12	%
Distribution and service (12b-1) fees		None			0.50	%		0.50	%
Other expenses²		None			0.00	%³		0.00	%³
Acquired fund fees and expenses		1.12	%		0.56	%		0.56	%

Total annual fund operating expenses		1.22	%		1.18	%		1.18	%

Fee waiver and/or expense reimbursement		0.00	%³		0.02	%⁵		0.02	%⁵

Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.22	%		1.16	%		1.16	%

Transamerica Institutional Asset Allocation - Intermediate Horizon


	Transamerica Institutional Asset Allocation - Intermediate Horizon			Transamerica Asset Allocation Intermediate Horizon			Combined Transamerica Asset Allocation Intermediate Horizon (*Pro Forma*)
				Class R4			Class R4
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees¹		0.10	%		0.12	%		0.12	%
Distribution and service (12b-1) fees		None			0.25	%		0.25	%
Other expenses²		None			0.00	%³		0.00	%³
Acquired fund fees and expenses		0.81	%		0.56	%		0.56	%

Total annual fund operating expenses		0.91	%		0.93	%		0.93	%

Fee waiver and/or expense reimbursement		0.00	%⁶		0.02	%⁵		0.02	%⁵

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.91	%		0.91	%		0.91	%

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Transamerica Asset Allocation - Short/Intermediate Horizon


	Transamerica Asset Allocation - Short/Intermediate Horizon			Transamerica Asset Allocation Intermediate Horizon			Combined Transamerica Asset Allocation Intermediate Horizon (*Pro Forma*)
				Class R			Class R
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees¹		0.10	%		0.12	%		0.12	%
Distribution and service (12b-1) fees		None			0.50	%		0.50	%
Other expenses²		None			0.00	%³		0.00	%³
Acquired fund fees and expenses		1.06	%		0.56	%		0.56	%

Total annual fund operating expenses		1.16	%		1.18	%		1.18	%

Fee waiver and/or expense reimbursement		0.00	%⁴		0.02	%⁵		0.02	%⁵

Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.16	%		1.16	%		1.16	%

Transamerica Institutional Asset Allocation - Short/Intermediate Horizon


	Transamerica Institutional Asset Allocation - Short/Intermediate Horizon			Transamerica Asset Allocation Intermediate Horizon			Combined Transamerica Asset Allocation Intermediate Horizon (*Pro Forma*)
				Class R4			Class R4
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees¹		0.10	%		0.12	%		0.12	%
Distribution and service (12b-1) fees		None			0.25	%		0.25	%
Other expenses²		None			0.00	%³		0.00	%³
Acquired fund fees and expenses		0.75	%		0.56	%		0.56	%

Total annual fund operating expenses		0.85	%		0.93	%		0.93	%

Fee waiver and/or expense reimbursement		0.00	%⁵		0.02	%⁵		0.02	%⁵

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.85	%		0.91	%		0.91	%

¹	The Destination Fund receives investment advisory and administrative services under one agreement with the Destination Fund’s investment manager,

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Transamerica Asset Management, Inc. (“TAM”), and pays a single management fee to TAM. Transamerica Asset Allocation - Intermediate Horizon, Transamerica Institutional Asset Allocation - Intermediate Horizon, Transamerica Asset Allocation – Short/Intermediate Horizon and Transamerica Institutional Asset Allocation - Short/Intermediate Horizon receive investment advisory and administrative services from TAM under separate agreements and pay separate advisory fees and administrative services fees to TAM. The administrative services fees of 0.30% for Transamerica Asset Allocation - Intermediate Horizon and Transamerica Asset Allocation – Short/Intermediate Horizon and 0.05% for Transamerica Institutional Asset Allocation - Intermediate Horizon and Transamerica Institutional Asset Allocation - Short/Intermediate Horizon are included in “Other expenses.”

Other expenses do not include the costs of the Reorganization to be borne by the Target Funds. These costs are considered extraordinary expenses and are not covered by the applicable expense limitation arrangements. The basis point impact of such costs is 0.01% for Transamerica Asset Allocation - Intermediate Horizon, 0.12% for Transamerica Institutional Asset Allocation - Intermediate Horizon, 0.06% for Transamerica Asset Allocation – Short/Intermediate Horizon, and 0.11% for Transamerica Institutional Asset Allocation – Short/Intermediate Horizon.

³	Other expenses are based on estimates for the current fiscal year. Actual expenses may differ from estimates.

⁴

⁵

Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.60% for Class R shares and 0.35% for Class R4 shares, excluding, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

⁶

The hypothetical examples below help you compare the cost of investing in each Fund. Each example assumes that:

•

you invest $10,000 in each Fund;

•

you reinvest all dividends and distributions without a sales charge;

•

your investment has a 5% annual return (this assumption is required by the SEC and is not a prediction of the Fund’s future performance); and

•

each Fund’s operating expenses remain the same.

Each example also assumes no fees for IRA accounts, if applicable. Costs are the same whether you redeem at the end of any period or not. Pro forma expenses are included assuming the consummation of all Group 9 Reorganizations. The examples are for comparison purposes only and do not represent the Funds’ actual expenses or returns, either past or future. Because actual return and expenses will be different, the examples are for comparison only.

Transamerica Asset Allocation - Intermediate Horizon


Number of years you own your shares	Transamerica Asset Allocation - Intermediate Horizon		Transamerica Asset Allocation Intermediate Horizon		Combined Transamerica Asset Allocation Intermediate Horizon (*Pro Forma*)
			Class R		Class R
Year 1	$	124	$	61	$	61
Year 3	$	387	$	197	$	197
Year 5	$	670	$	344	$	344
Year 10	$	1,477	$	772	$	772

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Transamerica Institutional Asset Allocation - Intermediate Horizon


Number of years you own your shares	Transamerica Institutional Asset Allocation – Intermediate Horizon		Transamerica Asset Allocation Intermediate Horizon		Combined Transamerica Asset Allocation Intermediate Horizon (*Pro Forma*)
			Class R4		Class R4
Year 1	$	93	$	36	$	36
Year 3	$	290	$	117	$	117
Year 5	$	504	$	206	$	206
Year 10	$	1,120	$	466	$	466

Transamerica Asset Allocation - Short/Intermediate Horizon


Number of years you own your shares	Transamerica Asset Allocation - Short/Intermediate Horizon		Transamerica Asset Allocation Intermediate Horizon		Combined Transamerica Asset Allocation Intermediate Horizon (*Pro Forma*)
			Class R		Class R
Year 1	$	118	$	61	$	61
Year 3	$	368	$	197	$	197
Year 5	$	638	$	344	$	344
Year 10	$	1,409	$	772	$	772

Transamerica Institutional Asset Allocation – Short/Intermediate Horizon


Number of years you own your shares	Transamerica Institutional Asset Allocation – Short/Intermediate Horizon		Transamerica Asset Allocation Intermediate Horizon		Combined Transamerica Asset Allocation Intermediate Horizon (*Pro Forma*)
			Class R4		Class R4
Year 1	$	87	$	36	$	36
Year 3	$	271	$	117	$	117
Year 5	$	471	$	206	$	206
Year 10	$	1,049	$	466	$	466

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CAPITALIZATION

Transamerica Asset Allocation - Long and Short/Intermediate Horizon Funds


	Transamerica Asset Allocation - Intermediate Horizon		Transamerica Institutional Asset Allocation - Intermediate Horizon		Transamerica Asset Allocation - Short/Intermediate Horizon		Transamerica Institutional Asset Allocation - Short/Intermediate Horizon
Net Assets	$	280,175,126	$	78,995,740	$	186,784,858	$	11,079,857
Net Asset Value Per Share	$	13.32	$	11.80	$	11.14	$	11.08
Shares Outstanding		21,035,938		6,694,188		16,774,476		999,999

Transamerica Asset Allocation Intermediate Horizon


	Transamerica Asset Allocation Intermediate Horizon		Transamerica Asset Allocation Intermediate Horizon Pro Forma
Net Assets
Class R		—	$	466,860,552
Class R4		—	$	90,012,623
Net Asset Value Per Share
Class R		—	$	10.00
Class R4		—	$	9.98
Shares Outstanding
Class R		—		46,695,998
Class R4		—		9,007,560

ADDITIONAL INFORMATION

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TARGET FUND BOARD’S EVALUATION AND RECOMMENDATION

THE BOARD OF YOUR TARGET FUND RECOMMENDS THAT YOU VOTE “FOR” PROPOSAL 9A, 9B, 9C OR 9D AS APPLICABLE, TO APPROVE THE PLAN.

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GROUP 10 - ASSET ALLOCATION SHORT HORIZON FUNDS

TRANSAMERICA ASSET ALLOCATION – SHORT HORIZON

TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION - SHORT HORIZON

(each, a “Target Fund” and together, the “Target Funds”)

AND

TRANSAMERICA ASSET ALLOCATION SHORT HORIZON

(the “Destination Fund”)

PROPOSALS 10A AND 10B

APPROVAL OF AGREEMENT AND PLAN OF REORGANIZATION

SUMMARY

The following is a summary of more complete information appearing later in this Proxy Statement/Prospectus or incorporated herein. You should read carefully the entire Proxy Statement/Prospectus, including the exhibits, which include additional information that is not included in the summary and is a part of this Proxy Statement/Prospectus. For a discussion of the terms of the applicable Plan, please see the section entitled, “Terms of Each Agreement and Plan of Reorganization” in the back of the Proxy Statement/Prospectus, after the discussion of the proposals.


Proposal	Target Fund	Destination Fund and Shares
Proposal 10A	Transamerica Asset Allocation – Short Horizon	Transamerica Asset Allocation Short Horizon Class R

Proposal 10B	Transamerica Institutional Asset Allocation - Short Horizon	Transamerica Asset Allocation Short Horizon Class R4

Transamerica Institutional Asset Allocation – Short Horizon would reorganize first in a “shell” Reorganization into the newly-formed Destination Fund. Exhibit A is the form of Plan for this Reorganization. Transamerica Asset Allocation – Short Horizon would then reorganize. Exhibit B is the form of Plan for these Reorganizations. All Reorganizations would occur on the same closing date.

The Target Funds and the Destination Fund are managed by Transamerica Asset Management, Inc. (“TAM”) and have the same investment objective and substantially similar principal investment strategies and related risks. The tables below provide a comparison of certain features of the Funds. Unless otherwise noted, the information is the same for each Target Fund. In the tables below, if a row extends across the entire table, the information applies to the Destination Fund and the Target Funds.

Comparison of Target Funds and Destination Fund

Target Funds

Destination Fund

Investment objective

Seeks to provide a high level of income and preservation of capital.

Principal investment strategies

Transamerica Asset Allocation – Short Horizon invests in a combination of Transamerica Partners funds (“underlying funds”).

Transamerica Asset Management, Inc. (the “Investment Manager”) selects the combination and amount of underlying funds to invest in based on the fund’s investment objective.

Transamerica Asset Allocation Short Horizon invests in a combination of Transamerica Funds (“underlying funds”).

Transamerica Asset Management, Inc. (the “Investment Manager”) selects the combination and amount of underlying funds to invest in based on the fund’s investment objective.

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Normal Approximate Allocations

Bond Funds

Stock
Funds

Money Market
Fund

Bond Funds

Stock
Funds

Money Market
Fund

Short Horizon

89.8%

10%

0.2%

Short Horizon

89.8%

10%

0.2%

The Bond Funds normally invest principally in fixed income securities, the Stock Funds normally invest principally in equity securities, and the Money Market Fund normally invests principally in U.S. government securities and/or repurchase agreements fully collateralized by U.S. government securities.

Investment manager

TAM

Sub-adviser

None

Portfolio managers

Kane Cotton, CFA: Associate Portfolio Manager of the Target Funds since 2014; Employed by Transamerica Asset Management, Inc. since 2014.

Kane Cotton, CFA: Associate Portfolio Manager of the Destination Fund since inception¹; Employed by Transamerica Asset Management, Inc. since 2014.

Business

Transamerica Asset Allocation – Short Horizon is a diversified series of TPFG II, an open-end management investment company organized as a Massachusetts business trust.

Transamerica Institutional Asset Allocation - Short Horizon is a diversified series of TPFG, an open-end management investment company organized as a Massachusetts business trust.

The Destination Fund is a diversified series of the Destination Trust, an open-end management investment company organized as a Delaware statutory trust.

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Net assets (as of June 30, 2016)	Transamerica Asset Allocation – Short Horizon = $ 162,111,934 Transamerica Institutional Asset Allocation - Short Horizon = $ 12,073,219	None

Management fees	TAM receives compensation for investment advisory services from the Target Funds at an annual rate of 0.10%. TAM receives no additional compensation for providing administrative services to the Target Funds. The applicable fee(s) are based upon average daily net assets and are accrued daily and paid monthly. Each Target Fund invests in underlying funds which pay administration fees.	TAM receives compensation for investment management services, which include investment advisory and administrative services, from the Destination Fund at an annual rate of 0.12%. The fee is based upon average daily net assets and is accrued daily and paid monthly.

Distribution and service (12b-1) fees	The Target Funds are not subject to any distribution and service (12b-1) fee. Each Target Fund invests in underlying funds which pay distribution and service (12b-1) fees.	Class R shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.50% of average daily net assets. Class R4 shares of the Destination Fund are subject to a distribution and service (12b-1) fee of up to 0.25% of average daily net assets. The Destination Fund will invest in underlying funds which do not pay distribution and service (12b-1) fees.

Sales charges	Shares of the Target Funds are offered without a sales charge and are not subject to a contingent deferred sales charge.	Class R and Class R4 shares of the Destination Fund are offered without a sales charge and are not subject to a contingent deferred sales charge.

Fee waiver and expense reimbursement	None	Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the Destination Fund’s total operating expenses exceed: • 0.60% for Class R shares and • 0.35% for Class R4 shares. The expense limitation excludes, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the Destination Fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

Gross and net expenses	For a comparison of the gross and net expenses of the Funds, please see the class fee tables in the “The Funds’ Fees and Expenses” section.

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Comparison of Principal Risks of Investing in the Funds

Because the Funds have the same investment objective and substantially similar principal investment strategies, they are subject to the same principal risks. Risk is inherent in all investing. The value of your investment in a Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in a Fund or your investment may not perform as well as other similar investments.

Each Fund is subject to the following principal risks (in alphabetical order) of investing in the Fund:

Asset Allocation – The Investment Manager allocates the fund’s assets among various asset classes and underlying funds. These allocations may be unsuccessful in maximizing the fund’s return and/or avoiding investment losses, and may cause the fund to underperform.

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imperfections, errors or limitations in the tools, resources, information and data used, or the analyses employed or relied on, by the investment manager, or if the investment manager’s investment style otherwise fails to produce the desired results. The fund’s investment strategies designed by the investment manager may not work as intended. In addition, the fund’s investment strategies or policies may change from time to time. Those changes may not lead to the results intended by the investment manager and could have an adverse effect on the value or performance of the fund. Any of these things could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

- 122 -

investments that include so-called “sub-prime” mortgages. The structure of some of these securities may be complex and there may be less information available than for other types of debt securities. Upon the occurrence of certain triggering events or defaults, the fund may become the holder of underlying assets at a time when those assets may be difficult to sell or may be sold only at a loss.

Underlying Funds – Because the fund invests its assets in various underlying funds, its ability to achieve its investment objective depends largely on the performance of the underlying funds in which it invests. Each of the underlying funds in which the fund may invest has its own investment risks, and those risks can affect the value of the underlying funds’ shares and therefore the value of the fund’s investments. There can be no assurance that the investment objective of any underlying fund will be achieved. To the extent that the fund invests more of its assets in one underlying fund than in another, the fund will have greater exposure to the risks of that underlying fund. In addition, the fund will bear a pro rata portion of the operating expenses of the underlying funds in which it invests. The “Underlying Funds” section of the fund’s prospectus identifies certain risks of each underlying fund.

Value Investing – The prices of securities the sub-adviser to an underlying fund believes are undervalued may not appreciate as anticipated or may go down. Value stocks as a group may be out of favor and underperform the overall equity market for a long period of time, for example, while the market favors “growth” stocks.

Each Target Fund is subject to the following additional principal risk:

Non-Diversification – The fund is classified as “non-diversified,” which means it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund. To the extent the fund invests its assets in a smaller number of issuers, the fund will be more susceptible to negative events affecting those issuers than a diversified fund.

The Funds’ Past Performance

The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations, and therefore, has no performance history.

- 123 -

different periods compare to the returns of one or more broad measures of market performance. Absent any applicable limitation of or cap on the Target Funds’ expenses, performance would have been lower. Class R and Class R4 shares of the Destination Fund would have different performance because they have different expenses. A Target Fund’s past performance (before and after taxes) is not necessarily an indication of how the Destination Fund will perform in the future. Following the Reorganizations, Transamerica Institutional Asset Allocation - Short Horizon will be the surviving fund for performance purposes.

Transamerica Asset Allocation – Short Horizon Annual Returns

(Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		6.79	%
Worst Quarter:	9/30/2008		-4.76	%

Year-to-date return as of September 30, 2016: 5.39%

Transamerica Asset Allocation – Short Horizon Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Asset Allocation – Short Horizon		-0.98	%		3.27	%		4.02	%		06/13/1996
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)		0.55	%		3.25	%		4.51	%
Transamerica Asset Allocation – Short Horizon Benchmark Blend (reflects no deduction for fees, expenses or taxes)		-0.26	%		3.59	%		4.56	%

Transamerica Institutional Asset Allocation - Short Horizon Annual Returns

Annual Total Returns (calendar years ended December 31)

LOGO


	Quarter Ended	Return
Best Quarter:	6/30/2009		6.88	%
Worst Quarter:	9/30/2008		-4.81	%

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Year-to-date return as of September 30, 2016: 5.70%

Transamerica Institutional Asset Allocation - Short Horizon Average Annual Total Returns

Average Annual Total Returns (periods ended December 31, 2015)


	1 Year			5 Years			10 Years			Inception Date
Transamerica Institutional Asset Allocation – Short Horizon		-0.72	%		3.62	%		4.34	%		09/11/2000
Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes)		0.55	%		3.25	%		4.51	%
Transamerica Institutional Asset Allocation – Short Horizon Benchmark Blend (reflects no deduction for fees, expenses or taxes)		-0.26	%		3.59	%		4.56	%

The Funds’ Fees and Expenses

Shareholders of the Target Funds and the Destination Fund pay various fees and expenses, either directly or indirectly. The tables below show the fees and expenses that you would pay if you were to buy and hold shares of each Fund. The fees and expenses in the tables appearing below for the Target Funds are based on the expenses of the Target Funds for the twelve-month period ended June 30, 2016. The Destination Fund is a newly-organized fund that will commence operations upon consummation of the proposed Reorganizations. Therefore, the Fees and Expenses for the Destination Fund have been estimated using the Destination Fund’s proposed fees and estimated expenses assuming the Reorganization occurred on June 30, 2016. The tables also show the pro forma expenses of the combined Destination Fund after giving effect to all Group 10 Reorganizations based on pro forma net assets as of June 30, 2016. Pro forma numbers are estimated in good faith and are hypothetical. Actual expenses may vary significantly. For financial statement purposes, Transamerica Institutional Asset Allocation - Short Horizon will be the accounting survivor of the Reorganizations. As the accounting survivor, Transamerica Institutional Asset Allocation - Short Horizon’s operating history will be used for financial reporting purposes.

Transamerica Asset Allocation – Short Horizon


	Transamerica Asset Allocation – Short Horizon			Transamerica Asset Allocation Short Horizon			Combined Transamerica Asset Allocation Short Horizon (*Pro Forma)*
				Class R			Class R
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees¹		0.10	%		0.12	%		0.12	%
Distribution and service (12b-1) fees		None			0.50	%		0.50	%
Other expenses²		None			0.01	%³		0.01	%³
Acquired fund fees and expenses		1.02	%		0.45	%		0.45	%

Total annual fund operating expenses		1.12	%		1.08	%		1.08	%

Fee waiver and/or expense reimbursement		0.00	%⁴		0.03	%⁵		0.03	%⁵

Total annual fund operating expenses after fee waiver and/or expense reimbursement		1.12	%		1.05	%		1.05	%

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Transamerica Institutional Asset Allocation - Short Horizon


	Transamerica Institutional Asset Allocation - Short Horizon			Transamerica Asset Allocation Short Horizon			Combined Transamerica Asset Allocation Short Horizon (*Pro Forma)*
				Class R4			Class R4
Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a % of offering price)		None			None			None
Maximum deferred sales charge (load) (as a % of offering price)		None			None			None
Redemption fee (as a % of amount redeemed)		None			None			None

Annual Fund Operating Expenses (expenses that you pay each year as a % of the value of your investment)
Management fees¹		0.10	%		0.12	%		0.12	%
Distribution and service (12b-1) fees		None			0.25	%		0.25	%
Other expenses²		None			0.01	%³		0.01	%³
Acquired fund fees and expenses		0.70	%		0.45	%		0.45	%

Total annual fund operating expenses		0.80	%		0.83	%		0.83	%

Fee waiver and/or expense reimbursement		0.00	%⁶		0.03	%⁵		0.03	%⁵

Total annual fund operating expenses after fee waiver and/or expense reimbursement		0.80	%		0.80	%		0.80	%

The Destination Fund receives investment advisory and administrative services under one agreement with the Destination Fund’s investment manager, Transamerica Asset Management, Inc. (“TAM”), and pays a single management fee to TAM. Transamerica Asset Allocation – Short Horizon and Transamerica Institutional Asset Allocation - Short Horizon receive investment advisory and administrative services from TAM under separate agreements and pay separate advisory fees and administrative services fees to TAM. The administrative services fees of 0.30% for Transamerica Asset Allocation – Short Horizon and 0.05% for Transamerica Institutional Asset Allocation - Short Horizon are included in “Other expenses.”

³	Other expenses are based on estimates for the current fiscal year. Actual expenses may differ from estimates.

⁴

⁵

Contractual arrangements have been made with TAM through May 1, 2018 to waive fees and/or reimburse fund expenses to the extent that the fund’s total operating expenses exceed 0.60% for Class R shares and 0.35% for Class R4 shares, excluding, as applicable, acquired fund fees and expenses, interest, 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 May 1, 2018 without the Board of Trustees’ consent. TAM is entitled to reimbursement by the fund of fees waived or expenses reduced during any of the previous 36 months if on any day or month the estimated annualized fund operating expenses are less than the cap.

⁶

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The hypothetical examples below help you compare the cost of investing in each Fund. Each example assumes that:

•

you invest $10,000 in each Fund;

•

you reinvest all dividends and distributions without a sales charge;

•

your investment has a 5% annual return (this assumption is required by the SEC and is not a prediction of the Fund’s future performance); and

•

each Fund’s operating expenses remain the same.

Each example also assumes no fees for IRA accounts, if applicable. Costs are the same whether you redeem at the end of any period or not. Pro forma expenses are included assuming the consummation of all Group 10 Reorganizations. The examples are for comparison purposes only and do not represent the Funds’ actual expenses or returns, either past or future. Because actual return and expenses will be different, the examples are for comparison only.

Transamerica Asset Allocation – Short Horizon


Number of years you own your shares	Transamerica Asset Allocation – Short Horizon		Transamerica Asset Allocation Short Horizon		Combined Transamerica Asset Allocation Short Horizon (*Pro Forma*)
			Class R		Class R
Year 1	$	114	$	107	$	107
Year 3	$	356	$	340	$	340
Year 5	$	617	$	593	$	593
Year 10	$	1,363	$	1,314	$	1,314

Transamerica Institutional Asset Allocation - Short Horizon


Number of years you own your shares	Transamerica Institutional Asset Allocation – Short Horizon		Transamerica Asset Allocation Short Horizon		Combined Transamerica Asset Allocation Short Horizon (*Pro Forma*)
			Class R4		Class R4
Year 1	$	82	$	82	$	82
Year 3	$	255	$	262	$	262
Year 5	$	444	$	458	$	458
Year 10	$	990	$	1,023	$	1,023

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CAPITALIZATION

Transamerica Asset Allocation - Short Horizon Funds


	Transamerica Asset Allocation - Short Horizon		Transamerica Institutional Asset Allocation - Short Horizon
Net Assets	$	173,634,466	$	12,258,164
Net Asset Value Per Share	$	11.64	$	11.16
Shares Outstanding		14,917,693		1,098,296

Transamerica Asset Allocation Short Horizon


	Transamerica Asset Allocation Short Horizon		Transamerica Asset Allocation Short Horizon Pro Forma
Net Assets
Class R		—	$	173,584,751
Class R4		—	$	12,244,906
Net Asset Value Per Share
Class R		—	$	10.00
Class R4		—	$	9.99
Shares Outstanding
Class R		—		17,363,447
Class R4		—		1,225,816

ADDITIONAL INFORMATION

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TARGET FUND BOARD’S EVALUATION AND RECOMMENDATION

THE BOARD OF YOUR TARGET FUND RECOMMENDS THAT YOU VOTE “FOR” PROPOSAL 10A OR 10B, AS APPLICABLE, TO APPROVE THE PLAN.

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REASONS FOR THE PROPOSED REORGANIZATIONS

At a meeting held on July 13-14, 2016, the Board of each Target Fund, including the Independent Trustees, unanimously voted to approve the proposed Reorganization of the Target Fund. In approving the Reorganization, the Board and the Independent Trustees determined that the Reorganization is in the best interests of the Target Fund and the interests of the existing holders of the Target Fund will not be diluted as result of the Reorganization. The Board, including the Independent Trustees, also considered and approved the terms and conditions of the Plan for the Reorganization.

The initiative to reorganize the Transamerica Partners funds into Transamerica Funds was discussed by the Board and the Independent Trustees on a number of occasions prior to the July 13-14, 2016 meeting. TAM provided an overview of the initiative to the Board at a meeting held on March 9-10, 2016, and the Board of each Destination Fund approved at that joint meeting the establishment and registration of the newly-formed Destination Funds. The initiative was further discussed by TAM and the Board at June 8-9, 2016 meeting, and the management, sub-advisory (as applicable) and service provider agreements for each Destination Fund were approved by the Board of the Destination Fund at that joint meeting. The Independent Trustees met telephonically on July 7, 2016 and in-person on July 12, 2016 to discuss the proposed Reorganizations. The Independent Trustees were assisted in their consideration of the proposed Reorganizations by their independent legal counsel.

The Trustees considered the following matters, among others things, in approving the Reorganizations:

•

The proposed Reorganizations are part of an initiative designed to streamline the Transamerica fund family and to promote operating efficiencies.

•

The Target Funds are part of the Transamerica Partners funds. The Transamerica Partners funds, which were initially established primarily for retirement and benefit plan investors, have been experiencing net outflows for a number of years, and that these outflows have resulted in certain diseconomies, including fixed costs representing an increasing percentage of a smaller asset base and the funds losing the benefit of previously attained fee breakpoints.

•

The Transamerica Partners funds appear to have limited distribution opportunities and prospects for future asset growth.

•

The current contractual expense limitations on the Target Feeder Funds expire on May 1, 2017, and TAM does not expect to maintain the expense limitations for many of the Institutional Target Feeder Funds at their current levels beyond that time should the Reorganizations not occur.

•

The Destination Funds are part of a separate group of mutual funds managed by TAM, branded Transamerica Funds. Transamerica Funds is a larger fund complex which is growing in size.

•

Transamerica Funds offers increased distribution capabilities and greater potential for asset growth and efficiencies, including the potential for lower expense ratios. The Reorganizations would eliminate certain redundancies in product offerings and are expected to strengthen TAM’s ability to pursue investment and marketing opportunities.

•

Each Target Fund would reorganize into a newly-organized Destination Fund in Transamerica Funds that will commence operations upon consummation of the applicable Reorganization.

•

Each Target Fund would receive new Class R, Class R4 or Class I3 shares of the corresponding Destination Fund, as applicable, in the Reorganization.

•

Each Target Fund would in most instances reorganize into a Destination Fund with the same or substantially similar investment objective and strategies. The exception would be certain of the Target Asset Allocation Funds. The Transamerica Partners Short/Intermediate Horizon funds, along with the

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Transamerica Partners Intermediate Horizon funds, are proposed to reorganize into Transamerica Asset Allocation Intermediate Horizon. The Transamerica Partners Intermediate/Long Horizon funds and the Transamerica Partners Long Horizon funds are proposed to reorganize into Transamerica Asset Allocation Long Horizon. Following these Reorganizations, holders of the Transamerica Partners Short/Intermediate Horizon funds and the Transamerica Partners Intermediate/Long Horizon funds would have greater equity exposure than they do today.

•

Each Target Feeder Fund and its related Target Master Portfolio would reorganize into a Destination Fund with the same sub-adviser(s) as the applicable Target Master Portfolio. Each Target Asset Allocation Fund would reorganize into a Destination Fund for which, like the Target Asset Allocation Fund, TAM would make day-to-day securities purchase and sale decisions without the use of a sub-adviser.

•

The performance track records of the Target and Destination funds and the expected accounting and performance survivor of each Reorganization grouping.

•

While the fees of the Target Funds and Destination Funds differ in structure and amount, based on information as of March 31, 2016, it is expected that the total expenses for the Target Funds would in most cases be lower or stay the same following the Reorganizations. Certain Target Master Portfolios (Transamerica Partners High Quality Bond Portfolio, Transamerica Partners Large Core Portfolio and Transamerica Partners Large Growth Portfolio) are expected to experience an increase in their expense ratios following the applicable Reorganization, but that increase is not expected to exceed 2.5 basis points, which would bring the relevant Target Master Portfolio up to its current voluntary expense cap. Transamerica Partners Institutional Intermediate/Long Horizon and Transamerica Partners Institutional Short/Intermediate Horizon funds, which would have greater equity exposure following the respective Reorganizations, are estimated to experience an increase in total expenses of less than 5 basis points.

•

The management fee of each Destination Fund as compared to the advisory fee of the applicable Target Fund. TAM serves as each Fund’s investment manager. TAM performs administration as well as investment advisory services for the Destination Funds under a single management agreement for a single management fee. For the Target Feeder Funds, TAM provides investment advisory services under an investment advisory agreement and administration services under an administrative services agreement, and each Target Feeder Fund pays separate advisory and administration fees. The Target Asset Allocation Funds, Target Stock Index Funds and Target Master Portfolios do not pay separate administration fees.

•

The Investor Target Feeder Funds (other than Transamerica Partners Stock Index) currently pay a 0.25% Rule 12b-1 fee and a 0.30% administration fee which covers, among other things, retirement plan recordkeeping and transfer agency activity. Holders of these Investor Target Feeder Funds would receive Class R shares of the applicable Destination Funds in the Reorganization which would pay a 0.50% Rule 12b-1 fee and a transfer agency fee of $21.00 per open account, and retirement plan recordkeeping services would be paid for under the Rule 12b-1 plan.

•

The components of the total expense ratios of Transamerica Asset Allocation Long Horizon, Transamerica Asset Allocation Intermediate Horizon and Transamerica Asset Allocation Short Horizon (collectively, the “Destination Asset Allocation Funds”) would differ from those of the Target Asset Allocation Funds. The Target Asset Allocation Funds do not charge administration fees or Rule 12b-1 fees and invest in underlying Transamerica Partners feeder funds which pay both administration fees and Rule 12b-1 fees. The Destination Asset Allocation funds would invest in Class I2 and Class I3 shares of underlying Transamerica Funds which pay no Rule 12b-1 fee, and Rule 12b-1 fees would instead be charged at the Destination Asset Allocation Fund level. This change in pricing structure would result in holders paying Rule 12b-1 fees at the asset allocation fund level and lower acquired fund fees and expenses following the Reorganizations.

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•

The expected tax-free nature of each Reorganization involving a Target Feeder Fund or Target Asset Allocation Fund for U.S. federal income tax purposes, and particularly the expectation that shareholders of the merging Target Feeder Funds would not realize any income, gain or loss in connection with the Reorganizations. The Reorganization of each Target Master Portfolio is expected to be a taxable transaction for U.S. federal income tax purposes. The only holders of each Target Master Portfolio at the time of the Reorganization will be the applicable Non-Mutual Fund Feeder Funds, and TAM understands that there are few (if any) tax sensitive investors in the Non-Mutual Fund Feeder Funds.

•

Each Target Fund and corresponding Destination Fund use the same pricing and valuation procedures and same pricing vendors.

•

The terms and conditions of the Plan for each Reorganization.

•

Certain benefits that TAM and its affiliates would receive from the Reorganizations, including a more unified fund family and the administrative conveniences of fewer funds and trusts to oversee and maintain.

•

The costs of the Reorganizations would be shared equally by TAM, on the one hand, and by the funds participating in the various reorganizations as part of the initiative, on the other hand, in accordance with a cost sharing methodology that takes into account, among other factors, the expected benefits of the Reorganization to each Target Fund.

In their deliberations, the Trustees did not identify any particular information that was all-important or controlling, and the Trustees attributed different weights to the various factors. The Trustees evaluated all information available to them on a Target Fund-by-Target Fund basis, and their determinations were made separately in respect of each Target Fund.

QUORUM, VOTE REQUIRED AND MANNER OF VOTING PROXIES

Quorum

A quorum of holders of a Target Fund is required to take action at that Target Fund’s Special Meeting. For the purposes of taking action on a proposal, holders entitled to vote and present in person or by proxy representing at least thirty percent (30%) of the voting power of the Target Fund shall constitute a quorum at the Special Meeting.

Only proxies that are voted, abstentions and “broker non-votes” will be counted toward establishing a quorum. “Broker non-votes” are shares held by a broker or nominee as to which proxies have been returned but (a) instructions have not been received from the beneficial owners or persons entitled to vote and (b) the broker or nominee does not have discretionary voting power on a particular matter.

In the absence of a quorum, or if a quorum is present but sufficient votes to approve a proposal are not received, a Special Meeting may be adjourned by the affirmative vote of a majority of the voting power of the shares present in person or represented by proxy at the Special Meeting. The persons named as proxies may, at their discretion, vote those proxies in favor of an adjournment of a Special Meeting.

Vote Required

With respect to each Target Fund, approval of the applicable Reorganization proposal requires, if a quorum is present at the Special Meeting, the vote of “a majority of the outstanding voting securities” of that Target Fund within the meaning of the 1940 Act, which is defined as the affirmative vote of the lesser of (a) 67% or more of the voting power of the voting securities present at the Special Meeting, if the holders of more than 50% of the outstanding voting securities of the Target Fund are present at the meeting or represented by proxy, or (b) more than 50% of the voting power of the outstanding voting securities of the Target Fund.

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Manner of Voting

Interests in each Target Master Portfolio are held by the applicable Target Feeder Funds and the Non-Mutual Feeder Funds. In each proposed Reorganization of a Target Master Portfolio, each Target Feeder Fund will vote its interests in the Target Master Portfolio in which it invests in accordance with the voting instructions received from its holders as discussed above and will vote interests in the Target Master Portfolio with respect to which it has not received voting instructions in the same proportion as the interests for which it has received instructions from other holders (this is called “proportional voting” or “echo voting”). Because each Target Feeder Fund will use proportional voting to vote its interests in its corresponding Target Master Portfolio, a small number of holders could determine how the Target Feeder Fund votes if other holders fail to vote. Please note that, as the Target Master Portfolios have holders besides the Target Feeder Funds, it is possible that the Reorganization of a Target Master Portfolio may not be approved by the Target Master Portfolio, even if it is approved by the requisite Target Feeder Fund holders. It is also possible that the Reorganization of a Target Master Portfolio may be approved by the Target Master Portfolio, even if it is not approved by Target Feeder Fund holders.

For many of the Target Master Portfolios, the Target Feeder Funds represent a significant portion of the Target Master Portfolio’s assets. As a result, in voting on the proposed Reorganization of a Target Master Portfolio, the Non-Mutual Fund Feeder Funds may be outvoted by the Target Feeder Funds. As of June 30, 2016, the applicable Target Feeder Funds represented the portion of the related Target Master Portfolios as indicated in the table below:


Target Feeder Fund	Percentage of the Relevant Target Master Portfolio’s Net Assets
Transamerica Partners High Quality Bond		31.32	%
Transamerica Partners Institutional High Quality Bond		16.86	%

Transamerica Partners Inflation-Protected Securities		44.8	%
Transamerica Partners Institutional Inflation-Protected Securities		30.57	%

Transamerica Partners Large Core		27.90	%
Transamerica Partners Institutional Large Core		3.65	%

Transamerica Partners Large Growth		28.10	%
Transamerica Partners Institutional Large Growth		11.99	%

Transamerica Partners Large Value		3.61	%
Transamerica Partners Institutional Large Value		12.52	%

Transamerica Partners Balanced		59.57	%
Transamerica Partners Institutional Balanced		3.61	%

In the case of interests in the Target Master Portfolio held by Non-Mutual Feeder Funds which are separate accounts established by Transamerica insurance companies to fund variable annuity contracts or variable life insurance policies, ownership of the interests is legally vested in the separate accounts. It is the Funds’ understanding that the Transamerica insurance companies will seek voting instructions from the account holders for Target Master Portfolio interests held by separate accounts registered under the 1940 Act and will vote in accordance with such instructions. A signed proxy card or other authorization by a holder that does not specify how the holder’s interests should be voted may be deemed an instruction to vote in favor of the applicable proposal. For separate accounts that are registered under the 1940 Act, the Transamerica insurance companies will use proportional voting to vote interests for which no timely instructions are received from holders. The Transamerica insurance companies do not require that a specified number of holders submit voting instructions before they will vote the interests in the Target Master Portfolio held by their separate accounts at the Special Meeting. As a result, a small number of holders could determine how a Transamerica insurance company votes, if other holders fail to vote. Other Non-Mutual Fund Feeders may follow similar voting procedures.

The Target Asset Allocation Funds invest in securities through the Target Feeder Funds which in turn invest through the Target Master Portfolios. In the proposed Reorganizations of the Target Feeder Funds, each Target Asset Allocation Fund will vote its shares in each applicable underlying Target Feeder Fund in the same proportion

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in which votes are cast by other holders of the underlying Target Feeder Fund. It is, therefore, possible that the Asset Allocation Funds may vote their shares in the underlying Target Feeder Funds in which they invest differently from the way in which holders of interests in the Target Asset Allocation Funds vote on the proposed Reorganizations of the Target Asset Allocation Funds.

A signed proxy card or other authorization by a holder that does not specify how the holder’s interests should be voted on a proposal may be deemed an instruction to vote such interests in favor of the applicable proposal.

Target Fund holders may continue to vote, and votes will be included in the tabulation, up until the date and time of the Special Meeting, [10:00 a.m.], Mountain Time, on February 10, 2017.

TAX STATUS OF EACH REORGANIZATION

Each Target Feeder Fund and Target Asset Allocation Fund Reorganization described in Proposals 1A, 2A, 3A, 4A, 5A, 6A, 7A, 8B, 9B and 10B (each, a “Primary Reorganization”) is conditioned upon the receipt by the applicable Target Trust and the Destination Trust of an opinion from Morgan, Lewis & Bockius, LLP, counsel to the Funds, substantially to the effect that, for federal income tax purposes:

•

The transfer of all of the applicable Target Fund’s assets to the corresponding Destination Fund in the Reorganization in exchange solely for the issuance of the applicable Destination Fund shares to the Target Fund and the assumption of all the Target Fund’s liabilities by the Destination Fund, followed by the distribution of those Destination Fund shares to the Target Fund’s shareholders in complete liquidation of the Target Fund, will constitute a “reorganization” within the meaning of Section 368(a) of the Code, and each of the Target Fund and the Destination Fund will be a “party to a reorganization” within the meaning of Section 368(b) of the Code;

•

No gain or loss will be recognized by the Destination Fund upon receipt of the assets of the Target Fund solely in exchange for the applicable shares of the Destination Fund and the assumption by the Destination Fund of all of the liabilities of the Target Fund as part of the Reorganization;

•

The tax basis in the hands of the Destination Fund of the assets of the Target Fund received in the Reorganization will be the same as the tax basis of such assets in the hands of the Target Fund immediately before the transfer of the assets, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by the Target Fund upon the transfer;

•

The holding period in the hands of the Destination Fund of each asset of the Target Fund received in the Reorganization, other than assets with respect to which gain or loss is required to be recognized in the Reorganization, will include the period during which the asset was held by the Target Fund (except where investment activities of the Destination Fund have the effect of reducing or eliminating the holding period with respect to an asset);

•

No gain or loss will be recognized by the Target Fund upon the transfer of its assets to the Destination Fund in the Reorganization solely in exchange for the applicable shares of the Destination Fund and the assumption by the Destination Fund of all of the liabilities of the Target Fund, or upon the distribution of the applicable shares of the Destination Fund by the Target Fund to its shareholders in complete liquidation, except for (1) any gain or loss that may be recognized with respect to contracts subject to Section 1256 of the Code, (2) any gain that may be recognized on the transfer of stock in a “passive foreign investment company” as defined in Section 1297(a) of the Code, and (3) any other gain or loss that may be required to be recognized upon transfer of an asset regardless of whether the transfer would otherwise be a non-recognition transaction under the Code;

•

No gain or loss will be recognized by the Target Fund shareholders upon the exchange of their Target Fund shares solely for the shares of the Destination Fund as part of the Reorganization;

•

The aggregate tax basis of the Destination Fund shares received by each shareholder of the Target Fund in the Reorganization will be the same as the aggregate tax basis of his or her shares of the Target Fund surrendered in exchange therefor;

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•

The holding period of each shareholder of the Target Fund for his or her Destination Fund shares received in the Reorganization will include the holding period of the shares of the Target Fund that were surrendered in exchange therefor, provided that the shareholder held the Target Fund shares as capital assets on the date of the exchange; and

•

The taxable year of the Target Fund will not end as a result of the Reorganization.

In rendering such opinion, counsel shall rely upon, among other things, certain facts, assumptions and representations of the applicable Target Trust, on behalf of the applicable Target Fund, and of the Destination Trust, on behalf of the applicable Destination Fund.

Each Target Feeder Fund and Target Asset Allocation Fund Reorganization described in Proposals 1B, 2B, 3B, 4B, 5B, 6B, 7B, 8A, 8C, 8D, 9A, 9C, 9D, 10A, 10C, 10D (each, a “Secondary Reorganization”) is conditioned upon the receipt by the applicable Target Trust and the Destination Trust of an opinion from Morgan, Lewis & Bockius, LLP, counsel to the Funds, substantially to the effect that, for federal income tax purposes:

•

No gain or loss will be recognized by the Target Fund upon the transfer of its assets to the Destination Fund in the Reorganization solely in exchange for the applicable shares of the Destination Fund and the assumption by the Destination Fund of all of the liabilities of the Target Fund, or upon the distribution of the applicable shares of the Destination Fund by the Target Fund to its shareholders in complete liquidation, except for (1) any gain or loss that may be recognized with respect to contracts subject to Section 1256 of the Code, (2) any gain that may be recognized on the transfer of stock in a “passive foreign investment company” as defined in Section 1297(a) of the Code, and (3) any other gain or loss that may be required to be recognized as a result of the closing of the Target Fund’s taxable year or upon transfer of an asset regardless of whether the transfer would otherwise be a non-recognition transaction under the Code;

•

No gain or loss will be recognized by the Target Fund shareholders upon the exchange of their Target Fund shares solely for the shares of the Destination Fund as part of the Reorganization;

•

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No tax ruling has been or will be received from the IRS in connection with any of the Reorganizations. An opinion of counsel is not binding on the IRS or a court, and no assurance can be given that the IRS would not assert, or a court would not sustain, a contrary position.

Prior to each Primary Reorganization, the applicable Target Fund may declare and pay a dividend. Any such dividend by a Target Fund generally will be taxable to the Target Fund’s shareholders.

Immediately prior to each Secondary Reorganization, the applicable Target Fund will declare and pay a dividend, which, together with all previous dividends, is intended to have the effect of distributing to its shareholders all of its investment company taxable income for taxable years ending on or prior to the Closing Date (computed without regard to any deduction for dividends paid), all of its net tax-exempt income and all of its net capital gain, if any, realized in taxable years ending on or prior to the Closing Date (after reduction for any available capital loss carryover). The amount of such distributions to the shareholders of each Target Feeder Fund and each Target Asset Allocation Fund, as applicable is estimated as of March 31, 2017 to be as set forth in the table below. The amounts set forth in the table below are estimates of the applicable Target Fund’s investment company taxable income (computed without regard to any deduction for dividends paid), net tax-exempt income and net capital gain as if its taxable year ended on the Closing Date. Any amount actually distributed to a Target Fund’s shareholders immediately prior to the applicable Reorganization may be higher or lower than the amount set forth in the table below. Any such distribution by a Target Fund generally will be taxable to the Target Fund’s shareholders.

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Fund	Distribution amount (per share)

Transamerica Partners Institutional High Quality Bond	$	0.0450

Transamerica Partners Institutional Inflation-Protected Securities	$	0.0001

Transamerica Partners Institutional Large Core	$	0.0429

Transamerica Partners Institutional Large Growth	$	0.0051

Transamerica Partners Institutional Large Value	$	0.0972

Transamerica Partners Institutional Balanced	$	0.0450

Transamerica Partners Institutional Stock Index	$	0.0925
Transamerica Asset Allocation - Long Horizon	$	0.0339

Transamerica Asset Allocation – Intermediate/Long Horizon	$	0.0396
Transamerica Institutional Asset Allocation – Intermediate/Long Horizon	$	0.0407
Transamerica Asset Allocation - Intermediate Horizon	$	0.0451

Transamerica Asset Allocation – Short/Intermediate Horizon	$	0.0487
Transamerica Institutional Asset Allocation – Short/Intermediate Horizon	$	0.0430
Transamerica Asset Allocation – Short Horizon	$	0.0538

Each Reorganization of a Target Master Portfolio may be a taxable transaction. The exchange of each Target Master Portfolio’s assets for (a) the applicable shares of the corresponding Destination Fund and (b) the Destination Fund’s assumption of the Target Master Portfolio’s liabilities is expected, in most cases, to be a taxable exchange for federal income tax purposes, in which the Target Master Portfolio will recognize gains and losses. In such a case, holders of beneficial interests in the applicable Target Master Portfolio will be required to take into account their allocable shares of the gains and losses recognized by the Target Master Portfolio. Holders of beneficial interests in a Target Master Portfolio may also recognize gain or loss in connection with the applicable Destination Fund’s assumption of the Target Master Portfolio’s liabilities or the distribution of the applicable Destination Fund’s shares in liquidation of the Target Master Portfolio. As noted above, the only holders of the Target Master Portfolios at the time of the Reorganization will be the applicable Non-Mutual Fund Feeder Funds.

A Reorganization of a Target Master Portfolio might be treated, in general, as a non-recognition transaction if the Target Master Portfolio and certain other shareholders contributing assets to the applicable Destination Fund, taken together, were to own at least 80% of the Destination Fund. Under those circumstances, (i) the Target Master Portfolio and the Destination Fund would generally recognize no gain or loss in the Reorganization, and (ii), Shareholders of the Target Master Portfolio would generally not recognize gain or loss on the receipt of Destination Fund shares in the Reorganization, but (iii) the Destination Fund’s assumption of the Target Master Portfolio’s liabilities would generally be treated for U.S. federal income tax purposes as a deemed cash distribution to each shareholder of the Target Master Portfolio, which could result in the recognition of gain by the Target Master Portfolio’s shareholders. If that 80% ownership requirement is not met in the case of a Reorganization of a Target Master Portfolio, the Reorganization will generally be treated as a taxable transaction for U.S. federal income tax purposes.

Even if a Reorganization of a Target Master Portfolio is otherwise generally treated as a non-recognition transaction, the Target Master Portfolio may make a deemed-sale election that would generally result in the

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recognition of gain by the Target Master Portfolio to the extent the Target Master Portfolio is owned directly or indirectly, by “C corporations”. The Target Master Portfolio would generally allocate such gain to holders of beneficial interests in the Target Master Portfolio that are “C corporations” within the meaning of applicable Treasury Regulations, to partnerships in which such “C corporations” are direct or indirect partners, or to grantor trusts or other disregarded entities owned, directly or indirectly, by such “C corporations.”

The foregoing discussion is very general. The foregoing consequences may not apply to certain classes of taxpayers who are subject to special circumstances, such as shareholders who are not citizens or residents of the United States, insurance companies, tax-exempt organizations, financial institutions, dealers in securities or foreign currencies, or persons who hold their shares as part of a straddle or conversion transaction. Except as expressly set forth above, this discussion does not address any state, local or foreign tax consequences of the Reorganizations. You should consult your tax adviser for the particular tax consequences to you of the transaction, including the applicability of any state, local or foreign tax laws.

OTHER IMPORTANT INFORMATION

CONCERNING THE REORGANIZATIONS

Tax Capital Loss Carryforwards

Except as otherwise provided, the following discussion relates solely to the Secondary Reorganizations. The Target Master Portfolios are treated as partnerships for U.S. federal income tax purposes and are not entitled to carry forward capital losses. The Destination Funds in the Primary Reorganizations will generally be able to carry forward capital losses of the Target Funds in the Primary Reorganizations by reason of the Primary Reorganizations, themselves. However, the Destination Funds in the Primary Reorganizations will also be treated as Destination Funds in the Secondary Reorganizations, and therefore the limitations described below as applicable to the Destination Funds will generally apply to the gains and losses of the Target Funds in the Primary Reorganizations.

Federal income tax law permits a regulated investment company to carry forward its net capital losses from any taxable year that began on or before December 22, 2010 (“Pre-2011 Carryforwards”) for a period of up to eight taxable years. Federal income tax law permits a regulated investment company to carry forward its net capital losses from any taxable year that began after December 22, 2010 (“Post-2010 Carryforwards”) for an unlimited number of taxable years, but such carryforwards must be fully utilized before the regulated investment company is permitted to utilize any carryforwards of losses from taxable years that began on or before December 22, 2010.

In the tax year of the applicable Destination Fund during which the applicable Secondary Reorganization occurs, the Destination Fund will be able to use carryforwards of the applicable Target Fund (including from the Target Fund’s short tax year ending on the applicable Closing Date), subject to the limitations described below, to offset only a prorated portion of the Destination Fund’s capital gains for the Destination Fund’s tax year, based on the number of days remaining in its tax year after the Closing Date.

Each Secondary Reorganization may result in limitations on the applicable Destination Fund’s ability to use carryforwards of the corresponding Target Fund. Those limitations, imposed by Section 382 of the Code, will generally apply if the shareholders of the Target Fund own less than 50% of the corresponding Destination Fund immediately after the applicable Reorganization, and will be imposed on an annual basis. Each Secondary Reorganization may result in limitations on the applicable Destination Fund’s ability to use unrealized losses inherent in the applicable Target Fund’s assets at the time of the Reorganization. Losses in excess of the limitation may be carried forward, subject to the overall eight-year limit with respect to Pre-2011 Carryforwards. The annual Section 382 limitation for periods following a Secondary Reorganization that is subject to such a limitation generally will equal the product of the net asset value of the applicable Target Fund immediately prior to the Secondary Reorganization and the “long-term tax-exempt rate,” published by the Internal Revenue Service (“IRS”), in effect at the time of the Secondary Reorganization. This limitation may be prorated in the taxable year of the applicable Destination Fund in which the applicable Secondary Reorganization occurs based on the number of days remaining after the Closing Date in such taxable year.

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As of December 31, 2015, the Target Funds had the following unused capital loss carryforwards:

Pre-2011 Carryforwards

Post-2010 Carryforwards

Fund

Expiring
in 2016

Expiring in
2017

Expiring in
2018

Expiring
in 2019

Total

Short-term

Long-term

Total

Transamerica Partners High Quality Bond

—

410,813

—

410,813

287,854

1,298,876

1,586,730

Transamerica Partners Inflation-Protected Securities

—

546,952

1,132,573

1,679,525

Transamerica Partners Large Core

—

Transamerica Partners Large Growth

766,345

—

766,345

—

Transamerica Partners Large Value

1,209,473

83,481,987

—

84,691,460

—

Transamerica Partners Balanced

—

Transamerica Partners Stock Index

8,728,223

11,086,765

10,684,178

—

30,499,166

—

Transamerica Asset Allocation - Long Horizon

—

8,953,440

28,727,895

—

37,681,335

—

Transamerica Asset Allocation – Intermediate/Long Horizon

—

14,558,693

41,533,038

—

56,091,731

—

Transamerica Asset Allocation - Intermediate Horizon

—

24,772,185

23,984,080

—

48,756,265

—

Transamerica Asset Allocation – Short/Intermediate Horizon

—

1,589,544

—

1,589,544

—

Transamerica Asset Allocation - Short Horizon

—

1,308,120

979,882

—

2,288,002

—

Transamerica Partners Institutional High Quality Bond

—

276,858

—

276,858

175,422

722,754

898,176

Transamerica Partners Institutional Inflation-Protected Securities

—

518,603

1,125,459

1,644,062

Transamerica Partners Institutional Large Core

6,531,545

5,373,902

—

11,905,447

—

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Transamerica Partners Institutional Large Growth

799,538

36,977,810

—

37,777,348

—

Transamerica Partners Institutional Large Value

3,039,251

243,519,819

—

246,559,070

—

Transamerica Partners Institutional Balanced

3,794,509

5,407,590

492,280

—

9,694,379

—

Transamerica Partners Institutional Stock Index

—

918,616

19,458,227

—

20,376,843

—

Transamerica Institutional Asset Allocation - Long Horizon

—

38,072,123

31,559,291

—

69,631,414

—

Transamerica Institutional Asset Allocation – Intermediate/Long Horizon

—

24,125,471

55,910,318

—

80,035,789

—

Transamerica Institutional Asset Allocation - Intermediate Horizon

—

30,821,478

28,228,916

—

59,050,394

—

Transamerica Institutional Asset Allocation – Short/Intermediate Horizon

—

1,561,331

3,581,949

—

5,143,280

—

Transamerica Institutional Asset Allocation - Short Horizon

—

767,591

801,235

—

1,568,826

—

Each Reorganization may result in limitations on the applicable Destination Fund’s ability, in the post-Reorganization period, to use a portion of its carryforwards (including any carryforward generated in its tax year that includes the Reorganization) and potentially on such Destination Fund’s ability to use unrealized capital losses inherent in the tax basis of its assets. Those limitations are imposed on an annual basis. Losses in excess of the limitation may be carried forward, subject to generally applicable limitations. If applicable, the annual limitation on the use of those carryforwards for periods following the Reorganization generally will equal the product of the net asset value of the Destination Fund and the “long-term tax-exempt rate,” as published by the IRS.

If a Destination Fund or a corresponding Target Fund has a net unrealized gain inherent in its assets at the time of the applicable Reorganization, then, under certain circumstances, the combined Fund may not offset that gain, to the extent realized within five years of the applicable Reorganization, by a carryforward of pre-Reorganization losses (other than a carryforward or net operating loss of that Destination Fund or that Target Fund, as applicable) or, in certain cases, by a net unrealized loss inherent at the time of the applicable Reorganization in the assets of the other Fund involved in the Reorganization.

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As a result of each Reorganization, losses and loss carryforwards will benefit the shareholders of the combined Destination Fund, rather than only the shareholders of the Destination Fund or Target Fund that incurred them. If a Target Fund’s Reorganization closes on a date other than its regular tax year-end, the Reorganization will cause the Target Fund’s Pre-2011 Carryforwards to expire earlier than the time they otherwise would have expired. Even if a particular limitation described above would not be triggered solely by a particular Reorganization, the limitation may be triggered by the Reorganization and one or more other transactions entered into by the applicable Target Fund or Destination Fund (including, potentially, another Reorganization). By reason of the foregoing rules, taxable shareholders of a Target Fund may pay more taxes, or pay taxes sooner, than they otherwise would have if the Target Fund’s Reorganization did not occur.

Since the Reorganizations are not expected to close until [ ], 2017, the capital loss carryforwards and limitations described above may change between now and the completion of the Reorganizations. Further, the ability of each Destination Fund to use losses (even in the absence of a Reorganization) also depends on factors other than loss limitations, such as the future realization of capital gains or losses.

PORTFOLIO SECURITIES

As each Target Fund (except certain Target Asset Allocation Funds) and corresponding Destination Fund have the same or substantially similar investment strategies, management expects that there will be no portfolio restructuring before or after the Reorganizations. Certain Target Asset Allocation Funds would have greater equity exposure following the applicable Reorganizations, and the corresponding Destination Funds expect to sell fixed income securities and purchase equity securities to meet their respective asset allocation targets and weightings.

TERMS OF EACH AGREEMENT AND PLAN OF REORGANIZATION

The Reorganizations

Subject to holder approval and the satisfaction of certain closing conditions, each Reorganization is scheduled to close during the first or second quarter of 2017 (each, a “Closing Date”), but may occur on such later date as the parties may agree to in writing.

On the applicable Closing Date, each Target Fund will transfer all of its property and assets to the corresponding Destination Fund. In exchange, the applicable Destination Fund will assume all of the liabilities of the applicable Target Fund and issue shares to that Target Fund, as described below.

Shares of the applicable class of the applicable Destination Fund will then be distributed by the applicable Target Fund to holders of shares (or beneficial interests) in the Target Fund on a pro rata basis in complete redemption of the holders’ shares (or beneficial interests) and in complete liquidation of the Target Fund. Therefore, on the Closing Date, upon completion of the applicable Reorganization, each holder of shares (or beneficial interests) in the applicable Target Fund will hold shares of the applicable class of the corresponding Destination Fund with an aggregate net asset value equal to the aggregate net asset value of the holder’s shares (or beneficial interests) in the applicable Target Fund immediately prior to the Reorganization. The net asset value attributable to each Target Fund will be determined using the Target Fund’s valuation policies and procedures, and the net asset value attributable to a class of shares of each Destination Fund will be determined using the Destination Fund’s valuation policies and procedures. The portfolio assets of each Target Fund and corresponding Destination Fund are valued using the same valuation policies and procedures.

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Index Funds) will redeem its interest in the applicable Target Master Portfolio in kind, subject to its pro rata share of liabilities, and then complete its Reorganization into the applicable Destination Fund. The Reorganizations of the Target Feeder Funds will occur prior to the Reorganization of the relevant Target Master Portfolio. Following completion of those Reorganizations, the applicable Target Master Portfolio will complete its Reorganization with the applicable Destination Fund. At the time of each Target Master Portfolio Reorganization, the applicable Non-Mutual Fund Feeder Funds will be the only holders of the Target Master Portfolio.

Each Target Fund will be terminated after consummation of its Reorganization.

No sales load, contingent deferred sales charge, commission, redemption fee or other transactional fee will be charged as a result of the Reorganizations.

Following the Reorganizations, TAM will continue to act as investment manager to each Destination Fund and the relevant sub-advisers will continue to serve as sub-advisers to the Destination Funds.

For each Reorganization involving a Target Feeder Fund, for federal income tax purposes, no gain or loss is expected to be recognized by holders or, generally, the Target Feeder Fund as a result of the Reorganization. The exchange of each Target Master Portfolio’s assets for the applicable class of shares of the corresponding Destination Fund and the Destination Fund’s assumption of the Target Master Portfolio’s liabilities is expected, in most cases, to be a taxable exchange for federal income tax purposes, in which the Target Master Portfolio will recognize gains and losses.

Agreement and Plan of Reorganization

The holders of each Target Fund are being asked to approve a Plan substantially in the form attached as Exhibit A or Exhibit B to this Proxy Statement/Prospectus, which is incorporated herein by this reference. The description of the Plans contained herein, which includes the material provisions of the Plan, is qualified in its entirety by the attached copy.

Determination of Net Asset Value. If a Reorganization is approved, the applicable Destination Fund will deliver to the corresponding Target Fund a number of full and fractional shares of the applicable class of the Destination Fund with an aggregate net asset value equal to the aggregate net asset value of the corresponding Target Feeder Fund’s shares (or beneficial interests in the case of the Target Master Portfolios). The net asset value per share of the applicable class of shares of such Destination Fund shall be computed using the Destination Fund’s valuation procedures and the net asset value per share (or beneficial interest) of such Target Fund shall be computed using the Target Fund’s valuation policies and procedures. The number of full and fractional shares of the applicable class of the Destination Fund shall be determined by dividing the value of the Target Fund’s net assets by the net asset value of one share of the applicable class of the corresponding Destination Fund.

Conditions to Closing the Reorganization. The obligation of each Fund to consummate a given Reorganization is subject to the satisfaction of certain conditions, including the Fund’s performance of all its obligations under the Plan, the receipt of certain documents and financial statements from the subject Target Fund and the receipt of all consents, orders and permits necessary to consummate the Reorganization. The consummation of one Reorganization is not contingent on the consummation of any other Reorganization.

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The obligations of a Destination Fund and a corresponding Target Fund are subject to approval of the applicable Plan by the necessary vote of the outstanding shares of the Target Fund with respect to the Reorganization of that Target Fund, in accordance with the provisions of the applicable Target Trust’s charter and by-laws and applicable law. For each Reorganization involving a Target Feeder Fund and a Target Asset Allocation Fund, the obligations are also subject to the receipt of a favorable opinion of Morgan, Lewis & Bockius LLP as to the United States federal income tax consequences of the Reorganization.

Termination of a Plan. The Target Fund’s Board or the Destination Fund’s Board of Trustees may terminate a Plan (even if the holders of the relevant Target Fund have already approved it) at any time before the Closing Date, if such Board believes that proceeding with the Reorganization would no longer be in the best interests of the Fund’s holders. Any such termination will be effective when communicated to the other party.

Expenses of the Reorganizations. The expenses incurred in connection with the Reorganizations will be shared equally by TAM, on the one hand, and the Target Funds and Destination Funds, on the other, in accordance with an allocation approved by the Target Funds’ Board of Trustees and the Destination Funds’ Board of Trustees. Notwithstanding the foregoing, in each Reorganization involving a Target Feeder Fund or a Target Asset Allocation Fund, expenses relating to a reorganization of a Target Feeder Fund or Target Asset Allocation Fund will be paid by the party directly incurring such expenses (without reimbursement by another person) if and to the extent that the payment by another person of such expenses would prevent such party from being treated as a “regulated investment company” under the Code or would prevent the Reorganization from qualifying as a tax-free reorganization.

CHARTER DOCUMENTS

The Investor Target Feeder Funds and the Institutional Target Asset Allocation Funds are series of TPFG, and the Institutional Target Feeder Funds and the Investor Target Asset Allocation Funds are series of TPFG II. TPFG and TPFG II are each a Massachusetts business trust. The Target Master Portfolios are series of TPP, a trust governed by New York law. The Destination Funds are series of Transamerica Funds, a Delaware statutory trust. TPFG, TPFG II, TPP and Transamerica Funds are governed by their respective declaration of trust, by-laws and applicable state law. A summary of certain of the more significant provisions and differences between the declarations of trust of TPFG, TPFG II, TPP and Transamerica Funds is provided below.

Holder Voting. The declarations of trust of each of TPFG, TPFG II, TPP and Transamerica Funds provide for shareholder voting as required by the 1940 Act or other applicable laws but otherwise permits, consistent with state law, actions by the Trustees without seeking the consent of shareholders. Each trust is not required to hold an annual meeting of shareholders, but each trust will call special meetings of holders whenever required by the 1940 Act or by the terms of the declaration of trust. All holders of record of all series and, as applicable, classes of a trust vote together, except where required by the 1940 Act to vote separately by series or by class, or when the Trustees have determined that a matter affects only the interests of one or more series or classes of shares. There is no cumulative voting on any matter submitted to a vote of the shareholders.

The declaration of trust of each of TPFG, TPFG II and Transamerica Funds provides for “dollar-weighted voting” which means that a holder’s voting power is determined, not by the number of shares he or she owns, but by the net asset value, in U.S. dollars, of those shares determined at the close of business on the record date.

The declaration of trust of TPP provides that each holder’s voting power is proportionate to such holder’s book capital account as recorded on the books of TPP (which, in the case of a holder that holds interest in more than one Target Master Portfolio shall be the sum of the holder’s book capital accounts with respect to each Target Master Portfolio) at the close of business on the record date.

Election and Removal of Trustees. The declaration of trust of each of TPFG, TPFG II, TPP and Transamerica Funds provides that the Trustees may establish the number of Trustees and that vacancies on the Board may be filled by a vote or consent of the remaining Trustees, except when election of Trustees by the holders is required under the 1940 Act. Trustees are then elected by a plurality of votes cast by holders at a meeting at which a quorum is present. Each declaration of trust also provides that a mandatory retirement age may be set by

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action of two-thirds of the Trustees and that any Trustee may be removed by a vote of holders holding two-thirds of the voting power of the trust, or by a vote of two-thirds of the remaining Trustees. The provisions of each declaration of trust relating to the election and removal of Trustees may not be amended without the approval of two-thirds of the Trustees.

Amendments to the Declaration. The Trustees of each of TPFG, TPFG II, TPP and Transamerica Funds are authorized to amend the applicable declaration of trust without the vote of holders, but no amendment may be made that impairs the exemption from personal liability granted in the declaration of trust to persons who are or have been holders, Trustees, officers or employees of the trust, that limits the rights to indemnification, advancement of expenses or insurance provided in the declaration of trust with respect to actions or omissions of persons entitled to indemnification, advancement of expenses or insurance under the declaration of trust prior to the amendment.

Issuance and Redemption of Shares. With respect to each of TPFG, TPFG II and Transamerica Funds, a fund may issue an unlimited number of shares for such consideration and on such terms as the Trustees may determine. All shares offered pursuant to the prospectus of a fund, when issued, will be fully paid and non- assessable. Holders are not entitled to any appraisal, preemptive, conversion, exchange or similar rights, except as the Trustees may determine. A fund may involuntarily redeem a holder’s shares upon certain conditions as may be determined by the Trustees, including, for example, if the holder fails to provide a fund with identification required by law, or if the fund is unable to verify the information received from the shareholder or the shareholder fails to provide the required information. In addition, as discussed below, shares may be redeemed in connection with the closing of small accounts.

For TPP, the amount of authorized interests in each fund is unlimited. Interests may only be sold by the trust to certain institutional investors. Holders have no appraisal rights with respect to their interests and, except as may be determined by the Trustees from time to time, have no exchange or conversion rights with respect to their interests.

Disclosure of Holder Holdings. The declaration of trust of each of TPFG, TPFG II, TPP and Transamerica Funds specifically requires holders, upon demand, to disclose in writing to a fund information with respect to the direct and indirect ownership of shares or interests in order to comply with various laws or regulations, and a fund may disclose such ownership if required by law or regulation, or as the Trustees otherwise decide.

Small Accounts. The declaration of trust of each of TPFG, TPFG II and Transamerica Funds provides that a fund may close out a holder’s account by redeeming all of the shares in the account if the account falls below a minimum account size (which may vary by class) that may be set by the Trustees from time to time. Alternately, the declaration of trust permits a fund to assess a fee for small accounts (which may vary by class) and redeem shares in the account to cover such fees, or convert the shares into another share class that is geared to smaller accounts. The declaration of trust of TPP contains no comparable provisions.

Holder, Trustee and Officer Liability. The declaration of trust of each of TPFG, TPFG II, TPP and Transamerica Funds provides that holders are not personally liable for the obligations of a fund and require the fund to indemnify a holder against any loss or expense arising from any such liability. A fund will assume the defense of any claim against a holder for personal liability at the request of the holder.

Each declaration of trust provides that a Trustee acting in his or her capacity as a Trustee is not personally liable to any person, other than the trust or any series, in connection with the affairs of the trust. Each declaration of trust also provides that no Trustee, officer or employee of the trust owes any duty to any person (including without limitation any holder), other than the trust or any series. Each Trustee is required to perform his or her duties in good faith and in a manner he or she believes to be in the best interests of the applicable trust. All actions and omissions of Trustees are presumed to be in accordance with the foregoing standard of performance, and any person alleging the contrary has the burden of proving that allegation.

Each declaration of trust requires the trust to indemnify any persons who are or who have been Trustees, officers or employees of the trust to the fullest extent permitted by law against liability and expenses in connection with any claim or proceeding in which he or she is involved by virtue of having been a Trustee, officer or

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employee. In making any determination as to whether any person is entitled to the advancement of expenses in connection with a claim for which indemnification is sought, such person is entitled to a rebuttable presumption that he or she did not engage in conduct for which indemnification is not available.

Each declaration of trust also provides that any Trustee who serves as chair of the Board, a member or chair of a committee of the Board, lead independent Trustee, audit committee financial expert, or in any other similar capacity will not be subject to any greater standard of care or liability because of such position.

Derivative and Direct Actions. The declaration of trust of each of TPFG, TPFG II, TPP and Transamerica Funds provides a detailed process for the bringing of derivative or direct actions by holders in order to permit legitimate inquiries and claims while avoiding the time, expense, distraction, and other harm that can be caused to a fund or its holders as a result of spurious shareholder claims, demands and derivative actions.

Prior to bringing a derivative action, the declaration of trust of TPP requires that a demand by a holder must be made on the Trustees and the declarations of trust of TPFG, TPFG II, TPP and Transamerica Funds require that a demand by no fewer than three unrelated holders must be made on the Trustees. The declarations of trust detail information, certifications, undertakings and acknowledgements that must be included in the demand. The Trustees are not required to consider a demand that is not submitted in accordance with the requirements contained in the applicable declaration of trust. Each declaration of trust also requires that, in order to bring a derivative action, the complaining holder(s) must be joined in the action by holders owning, at the time of the alleged wrongdoing, at the time of demand, and at the time the action is commenced, shares representing at least 5% of the voting power of the affected funds. The Trustees have a period of 90 days, which may be extended by up to an additional 60 days, to consider the demand. If a majority of the Trustees who are considered independent for the purposes of considering the demand (or a committee comprised of some or all of such Trustees), with the assistance of counsel who may be retained by such Trustees on behalf and at the expense of the trust, determine that a suit should be maintained, then the trust will commence the suit and the suit will proceed directly and not derivatively. If a majority of the independent Trustees determines that maintaining the suit would not be in the best interests of the applicable trust, the Trustees are required to reject the demand and the complaining holders may not proceed with the derivative action unless the holders are able to sustain the burden of proof to a court that the decision of the Trustees not to pursue the requested action was not consistent with the standard of performance required of the Trustees in performing their duties. If a demand is rejected, each complaining holder will be responsible, jointly and severally with any and all other complaining holders, for the costs and expenses (including attorneys’ fees) incurred by the trust in connection with the consideration of the demand, if, in the judgment of the independent Trustees, the demand was made without reasonable cause or for an improper purpose.

Each declarations of trust provides that no holder may bring a direct action claiming injury as a holder of the trust, or any series or class thereof, where the matters alleged (if true) would give rise to a claim by the trust or by the trust on behalf of a series or class, unless the holder has suffered an injury distinct from that suffered by the holders of the trust, or the series or class, generally. Under each declaration of trust, a holder bringing a direct claim must be a holder of the series or class with respect to which the direct action is brought at the time of the injury complained of, or have acquired the shares afterwards by operation of law from a person who was a holder at that time.

Under each declaration of trust , if a derivative or direct action is brought in violation of the declaration of trust, each holder who commences or maintains such action will be required. jointly and severally, to reimburse the trust for the costs and expenses (including attorneys’ fees) incurred by the trust in connection with the action if the action is dismissed on the basis of the failure to comply with the declaration. In addition, if a court determines that any derivative action has been brought without reasonable cause or for an improper purpose, the costs and expenses (including attorneys’ fees) incurred by the trust in connection with the action will be borne, jointly and severally, by each holder who commenced the action.

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The declarations of trust further provide that a fund shall be responsible for payment of attorneys’ fees and legal expenses incurred by a complaining holder bringing a derivative or direct claim only if required by law, and any attorneys’ fees that the fund is obligated to pay shall be calculated using reasonable hourly rates.

The declarations of trust of TPFG and TPFG II require that actions by holders against the trust or a fund be brought only in the U.S. District Court for the Southern District of New York or if not permitted to be brought in federal court, then in the Business Litigation Session of Suffolk Superior Court in Massachusetts, and that the right to jury trial be waived to the full extent permitted by law.

The declarations of trust of TPP and Transamerica Funds require that actions by holders against the trust or a fund be brought only in the U.S. District Court for the Southern District of New York, or if not permitted to be brought in federal court, then in the New York Supreme Court sitting in New York County with assignment to the Commercial Division to the extent such assignment is permitted under the applicable court rules, and that the right to jury trial be waived to the fullest extent permitted by law.

Series and Classes. The declaration of trust of each of TPFG, TPFG II, TPP and Transamerica Funds provides that the Trustees may establish series and classes in addition to those currently established and that the Trustees may determine the rights and preferences, limitations and restrictions, including qualifications for ownership, conversion and exchange features, minimum purchase and account size, expenses and charges, and other features of the series and classes. Each share of a fund, as a series of the trust, represents an interest in the fund only and not in the assets of any other series of the trust.

The foregoing is a very general summary of certain provisions of the Funds’ declarations of trust. It is qualified in its entirety by reference to the respective declaration of trust.

FUNDAMENTAL INVESTMENT POLICIES OF THE FUNDS

Each Fund has adopted certain fundamental investment policies which may not be changed without the affirmative vote of the holders of a “majority of the outstanding voting securities” (as defined in the 1940 Act) of the Fund. Under the 1940 Act, the vote of a majority of the outstanding voting securities of a Fund means the affirmative vote of the lesser of (a) 67% or more of the voting power of the voting securities present at the meeting, if the holders of more than 50% of the outstanding voting securities of the Fund are present at the meeting or represented by proxy, or (b) more than 50% of the voting power of the outstanding voting securities of the Fund. The following table lists the fundamental investment restrictions for each Target Fund and each Destination Fund.


	Target Funds	Destination Funds

Borrowing	Each Target Fund may not borrow money, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.	Each Destination Fund may not borrow money, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction.

Underwriting	Each Target Fund may not engage in the business of underwriting the securities of other issuers except as permitted by the 1940 Act.	Each Destination Fund may not engage in the business of underwriting the securities of other issuers except as permitted by the 1940 Act.

Making Loans	Each Target Fund may not make loans, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.	Each Destination Fund may not make loans, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.

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	Target Funds	Destination Funds

Senior Securities	Each Target Fund may not issue any senior security, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.	Each Destination Fund may not issue any senior security, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted from time to time by regulatory authority having jurisdiction.

Real Estate	Each Target Fund may not purchase or sell real estate except as permitted by the 1940 Act.	Each Destination Fund may not purchase or sell real estate except as permitted by the 1940 Act.

Commodities	Each Target Fund may not purchase physical commodities or contracts relating to physical commodities, except as permitted under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.	Each Destination Fund may not purchase physical commodities or contracts relating to physical commodities, except as permitted from time to time under the 1940 Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction.

Concentration of Investments	Each Target Fund may not make any investment if, as a result, the Target Fund’s investments will be concentrated in any one industry, as the relevant terms are used in the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.	Each Destination Fund may not make any investment if, as a result, the Destination Fund’s investments will be concentrated in any one industry, as the relevant terms are used in the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, from time to time.

Diversification	No stated policy. However, each Target Fund is currently classified as a diversified fund under the 1940 Act. This means that each Target Fund may not purchase securities of any one issuer (other than cash, cash items, securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or any certificate of deposit thereof, and securities of other investment companies) if, as a result, with respect to 75% of the value of its total assets, (a) more than 5% of the value of each Target Fund’s total assets would be invested in securities of that issuer, or (b) each Target Fund would hold more than 10% of the outstanding voting securities of that issuer. The 1940 Act requires any change from diversified to non-diversified status of a fund to be approved in advance by fund shareholders.	No stated policy. However, each Destination Fund is currently classified as a diversified fund under the 1940 Act. This means that each Destination Fund may not purchase securities of any one issuer (other than cash, cash items, securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or any certificate of deposit thereof, and securities of other investment companies) if, as a result, with respect to 75% of the value of its total assets, (a) more than 5% of the value of each Destination Fund’s total assets would be invested in securities of that issuer, or (b) each Destination Fund would hold more than 10% of the outstanding voting securities of that issuer. The 1940 Act requires any change from diversified to non-diversified status of a fund to be approved in advance by fund shareholders.

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BUYING, SELLING AND EXCHANGING OF FUND SHARES

The following sets forth how shareholders may buy, sell and exchange shares of the Funds and how each of the Funds determines its net asset value.

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Target Feeder Funds and Target

Asset Allocation Funds

Target Master Portfolios

Destination Funds

bank and made payable to Transamerica Funds Services and mailed to:

Transamerica Fund Services, Inc.

P.O. Box 219945

Kansas City, MO 64121-9945

In the case of an initial purchase, the check must be accompanied by a completed Account Application. If shares are purchased with a check that does not clear, the purchase will be canceled and any losses or fees incurred in the transaction will be the responsibility of the investor. If shares are purchased with a check and a redemption request relating to such shares is received within fifteen days of such purchase, the redemption proceeds will be paid only when the check clears.

If you would like to purchase shares in a fund by a wire transfer, please call 1-888-233-4339 for wire transfer instructions and direct your bank to transmit immediately available funds in accordance with such instructions. Investors who make initial purchases by wire transfer must complete an Account Application and mail it to the address above.

See your plan administrator, recordkeeper, or authorized financial intermediary, to obtain purchase instructions if you are a participant in a retirement plan. Plans which include fixed investment options may restrict or prohibit the purchase of shares of certain of the funds with monies withdrawn from those fixed investment options.

share of the aggregate beneficial interests in the portfolio. Any additions or withdrawals, which are to be effected on that day, are then effected. Thereafter, the investor’s percentage of the aggregate beneficial interests in the portfolio is then re-computed as the percentage equal to the fraction (i) the numerator of which is the value of such investor’s investment in the portfolio as of the close of regular trading on such day plus or minus, as the case may be, the amount of any additions to or withdrawals from the investor’s investment in the portfolio effected on such day, and (ii) the denominator of which is the aggregate net asset value of the portfolio as of the same time on such day plus or minus, as the case may be, the amount of the net additions to or withdrawals from the aggregate investments in the portfolio by all investors in the portfolio. The percentage so determined is then applied to determine the value of the investor’s interest in the portfolio as of the close of regular trading on the following Business Day of the portfolio.

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	Target Feeder Funds and Target Asset Allocation Funds	Target Master Portfolios	Destination Funds

Minimum Initial Investment	The minimum initial investment is $5,000. The funds are currently waiving this minimum. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary.	There is no minimum initial investment in a portfolio for those who qualify to purchase interests in private placement transactions.	There is no minimum investment for Class R shares. The minimum initial investment for Class R4 shares is $5,000. The funds are currently waiving this minimum. A retirement plan may, however, impose minimum investment requirements. Plan participants or IRA holders should consult their plan administrator, recordkeeper or authorized financial intermediary. There is no minimum investment for Class I3 shares for those that qualify for the share class.

Minimum Subsequent Investment	There is no minimum for subsequent investments.	There is no minimum subsequent investments.	There is no minimum for subsequent investments.

Selling Shares	On any day the New York Stock Exchange is open for business, you may sell (redeem) all or a portion of your shares. Shares are redeemed at NAV, without a sales charge. Redemption requests may be made by mail and, in certain circumstances, telephone. The proceeds of the redemption will be sent by mail or, if authorized on the Account Application, wire transfer. Redemption requests by mail must specify the dollar amount or number of shares to be redeemed, the account number and the name of the fund. The redemption request must be signed in exactly the same way that the account is registered. If there is more than one owner of the shares, each owner must sign the redemption request. Requests to redeem shares should be mailed to: Transamerica Fund Services, Inc. P.O. Box 219945 Kansas City, MO 64121-9945	An investor in a portfolio may withdraw all or any portion of its investment at any time after a withdrawal request in proper form is received by the portfolio from the investor. The proceeds of a withdrawal will be paid by the portfolio in federal funds normally on the Business Day the withdrawal is effected, but in any event within seven days. The portfolios may pay the redemption price in kind with readily marketable securities (instead of cash). If securities are distributed, an investor could incur brokerage, tax or other charges in converting the securities to cash. Investments in a portfolio may not be transferred. The right of any investor to receive payment with respect to any withdrawal may be suspended or the payment of the withdrawal proceeds postponed during any period in which the New York Stock Exchange is closed (other than weekends or holidays) or trading on the Exchange is restricted, or, to the extent otherwise permitted by the 1940 Act, if an emergency exists.	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. If you have recently purchased your shares by check or electronic funds transfer, your redemption payment may be delayed until the fund is reasonably satisfied that the check or electronic funds transfer has cleared (which may take up to 10 calendar days). This delay may be avoided if you purchase shares by Federal Funds wire or certified check. Please note that redemption requests greater than $50,000 per day must be submitted in writing. In addition, amounts greater than $50,000 cannot be sent via ACH

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Target Feeder Funds and Target

Asset Allocation Funds

Target Master Portfolios

Destination Funds

You may redeem shares by telephone if you authorized telephone redemptions on your Account Application. The funds reserve the right to modify the telephone redemption privilege at any time.

Your transaction will be processed at the applicable fund’s NAV the next time it is calculated after your redemption request in good order is received by the transfer agent. Redemption proceeds normally will be paid or mailed within seven days. A redemption is treated as a sale for tax purposes, and will generally result in taxable gain or loss for a shareholder not holding shares through a tax-deferred account.

Each fund reserves the right to delay delivery of your redemption proceeds up to 7 days.

Participants in a retirement plan or IRA program should obtain redemption instructions from their plan administrator, recordkeeper, or authorized financial intermediary.

A signature guarantee is required for the following:

• any redemption by mail if the proceeds are to be paid to someone else or are to be mailed to an address other than your address of record;

• any redemption by mail if the proceeds are to be wired to a bank;

• any redemption request for more than $50,000; and

• requests to transfer registration of shares to another owner.

At the funds’ discretion signature guarantees may also be required for other redemptions. A signature guarantee assures that a signature is genuine and protects shareholders from unauthorized

(check or federal funds wire only). Additionally, requests totaling more than $100,000 must be in writing with an original signature guarantee for all shareholders.

The electronic bank link option must be established in advance for payments made electronically to your bank such as ACH or expedited wire redemptions. Call Customer Service to verify this feature is in place on your account or to obtain information on how to establish the electronic bank link.

If you own Class R or R4 shares, please refer to the retirement plan documents for information on how to redeem Class R and R4 shares of the funds.

Shares are redeemed at NAV.

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Target Feeder Funds and Target

Asset Allocation Funds

Target Master Portfolios

Destination Funds

Purchase orders received in good order and accepted, and redemption orders received in good order, before the close of business of the NYSE, usually 4:00 p.m. Eastern Time, receive the NAV determined as of the close of the NYSE that day (plus any applicable sales charges). Purchase and redemption requests received after the NYSE is closed receive the NAV determined as of the close of the NYSE the next day the NYSE is open.

How NAV Is Calculated

The NAV of each fund (or class thereof) is calculated by taking the value of its net assets and dividing by the number of shares of the fund (or class) that are then outstanding.

The Board has approved procedures to be used to value the funds’ securities for purposes of determining the funds’ NAV. The valuation of the securities of the funds is determined in good faith by or under the direction of the Board. While the Board has primary responsibility to shareholders for valuation of portfolio securities, the Board has delegated certain valuation functions for the funds to TAM.

principally traded. With respect to securities traded on the NASDAQ/NMS, such closing price may be the last reported sale price or the NASDAQ Official Closing Price (“NOCP”). If there have been no sales for that day on the exchange or system where the security is principally traded, then the value should be determined with reference to the last sale price, or the NOCP, if applicable, on any other exchange or system. If there have been no sales for that day on any exchange or system, a security is valued at the closing bid quotes on the exchange or system where the security is principally traded, or at the NOCP, if applicable. Foreign securities traded on U.S. exchanges are generally priced using last sale price regardless of trading activity. Securities traded over-the-counter are valued at the mean of the last bid and asked prices. The market price for debt obligations is generally the price supplied by an independent third party pricing service, which may use market prices or quotations or a variety of fair value techniques and methodologies. Short-term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. The prices that the portfolio uses may differ from the amounts that would be realized if the investments were sold and the differences could be significant, particularly for securities that trade in relatively thin markets and/or markets that experience extreme volatility. Foreign securities generally are valued based on quotations from the primary market in which they are traded, and are converted from the local currency into U.S. dollars using current exchange rates. Market quotations for securities prices may be obtained from automated pricing services.

funds). These securities will be valued pursuant to the funds’ Pricing and Valuation procedures for such securities.

Purchase orders for shares of the Destination Asset Allocation Funds that are received in good order and accepted before the close of business on the NYSE receive the NAV determined as of the close of the NYSE that day. For direct purchases, corresponding orders for shares of the underlying constituent funds are priced on the same day that orders for shares of the Destination Asset Allocation Funds are received and accepted. For purchases of shares of the Destination Asset Allocation Funds through the National Securities Clearing Corporation (“NSCC”), orders for shares of the underlying constituent funds will be placed after the receipt and acceptance of the settled purchase order for shares of the Destination Asset Allocation Funds.

How NAV Is Calculated

The NAV of each fund (or class thereof) is calculated by taking the value of its net assets and dividing by the number of shares of the fund (or class) that are then outstanding.

The Board has approved procedures to be used to value the funds’ securities for purposes of

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Asset Allocation Funds

Target Master Portfolios

Destination Funds

reported sale price or the NASDAQ Official Closing Price (“NOCP”). If there have been no sales for that day on the exchange or system where the security is principally traded, then the value should be determined with reference to the last sale price, or the NOCP, if applicable, on any other exchange or system. If there have been no sales for that day on any exchange or system, a security is valued at the closing bid quotes on the exchange or system where the security is principally traded, or at the NOCP, if applicable. Foreign securities traded on U.S. exchanges are generally priced using last sale price regardless of trading activity. Securities traded over-the-counter are valued at the last bid price. The market price for debt obligations is generally the price supplied by an independent third party pricing service, which may use market prices or quotations or a variety of fair value techniques and methodologies. Short-term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. The prices that the fund uses may differ from the amounts that would be realized if the investments were sold and the differences could be significant, particularly for securities that trade in relatively thin markets and/or markets that experience extreme volatility. Foreign securities generally are valued based on quotations from the primary market in which they are traded, and are converted from the local currency into U.S. dollars using current exchange rates. Market quotations for securities prices may be obtained from automated pricing services. Shares of open-end funds (other than ETF shares) are generally valued at the NAV reported by that investment company. ETF shares are valued at the most recent sale price or

Shares of open-end funds (other than ETF shares) are generally valued at the net asset value per share reported by that investment company. ETF shares are valued at the most recent sale price or official closing price on the exchange on which they are traded.

When a market quotation for a security is not readily available (which may include closing prices deemed to be unreliable because of the occurrence of a subsequent event), a valuation committee appointed by the Board of Trustees may, in good faith, establish a value for the security in accordance with fair valuation procedures adopted by the Board. The types of securities for which such fair value pricing may be required include, but are not limited to: foreign securities, where a significant event occurs after the close of the foreign market on which such security principally trades that is likely to have changed the value of such security, or the closing value is otherwise deemed unreliable; securities of an issuer that has entered into a restructuring; securities whose trading has been halted or suspended; fixed-income securities that have gone into default and for which there is no current market value quotation; and securities that are restricted as to transfer or resale. The portfolios use a fair value model developed by an independent third party pricing service to price foreign equity securities on days when there is a certain percentage change in the value of a domestic equity security index, as such percentage may be determined by TAM from time to time.

Valuing securities in accordance with fair value procedures involves greater reliance on judgment than valuing securities

determining the funds’ NAV. The valuation of the securities of the funds is determined in good faith by or under the direction of the Board. While the Board has primary responsibility to shareholders for valuation of portfolio securities, the Board has delegated certain valuation functions for the funds to TAM.

In general, securities and other investments (including shares of ETFs) are valued based on market prices at the close of regular trading on the NYSE. Fund securities (including shares of ETFs) listed or traded on domestic securities exchanges or the NASDAQ/NMS, including dollar-denominated foreign securities or ADRs, are valued at the closing price on the exchange or system where the security is principally traded. With respect to securities traded on the NASDAQ/NMS, such closing price may be the last reported sale price or the NASDAQ Official Closing Price (“NOCP”). If there have been no sales for that day on the exchange or system where the security is principally traded, then the value should be determined with reference to the last sale price, or the NOCP, if applicable, on any other exchange or system. If there have been no sales for that day on any exchange or system, a security is valued at the closing bid quotes on the exchange or system where the security is principally traded, or at the NOCP, if applicable. Foreign securities traded on U.S. exchanges are generally priced using last sale price regardless of trading activity. Securities traded over-the-counter are valued at the last bid price. The market price for debt obligations is generally the price supplied by an independent third party pricing service, which may use market prices or quotations or a variety of fair value techniques and methodologies. Short-term debt obligations that will mature in 60

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Target Feeder Funds and Target

Asset Allocation Funds

Target Master Portfolios

Destination Funds

official closing price on the exchange on which they are traded.

When a market quotation for a security is not readily available (which may include closing prices deemed to be unreliable because of the occurrence of a subsequent event), a valuation committee appointed by the Board may, in good faith, establish a value for the security in accordance with fair valuation procedures adopted by the Board. The Board reviews all fair value determinations typically at its regularly scheduled meetings. The types of securities for which such fair value pricing may be required include, but are not limited to: foreign securities, where a significant event occurs after the close of the foreign market on which such security principally trades that is likely to have changed the value of such security, or the closing value is otherwise deemed unreliable; securities of an issuer that has entered into a restructuring; securities whose trading has been halted or suspended; fixed-income securities that have gone into default and for which there is no current market value quotation; and securities that are restricted as to transfer or resale. The funds use a fair value model developed by an independent third party pricing service to price foreign equity securities on days when there is a certain percentage change in the value of a domestic equity security index, as such percentage may be determined by TAM from time to time.

based on readily available market quotations. The valuation committee makes fair value determinations in good faith in accordance with the portfolios’ valuation procedures. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service. There can be no assurance that a portfolio could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the portfolio determines its NAV per share.

days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. The prices that the fund uses may differ from the amounts that would be realized if the investments were sold and the differences could be significant, particularly for securities that trade in relatively thin markets and/or markets that experience extreme volatility. Foreign securities generally are valued based on quotations from the primary market in which they are traded, and are converted from the local currency into U.S. dollars using current exchange rates. Market quotations for securities prices may be obtained from automated pricing services. Shares of open-end funds (other than ETF shares) are generally valued at the NAV reported by that investment company. ETF shares are valued at the most recent sale price or official closing price on the exchange on which they are traded.

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Target Master Portfolios

Destination Funds

pay income tax on amounts it distributes to shareholders. Shareholders will generally be taxed on distributions (other than any distributions treated as a return of capital), whether such distributions are paid in cash or reinvested in additional shares.

ADDITIONAL INFORMATION ABOUT THE DESTINATION FUNDS

Investment Manager

Transamerica Asset Management, Inc. (“TAM” ), located at 1801 California Street, Suite 5200, Denver, CO 80202, serves as investment manager for Transamerica Funds. TAM provides continuous and regular investment management services. TAM is responsible for the day-to-day management of the Destination Asset Allocation Funds.

For each of the other Destination Funds, TAM currently acts as a “manager of managers” and hires investment sub-advisers to furnish investment advice and recommendations and has entered into a sub-advisory agreement with each fund’s sub-adviser. In acting as a manager of managers, TAM provides investment management services that include, without limitation, selection, proactive oversight and monitoring of sub-advisers, daily monitoring of the sub-advisers’ buying and selling of securities for the funds and regular review and evaluation of sub-adviser performance and adherence to investment style and process. TAM’s management services include, among other things, the provision of supervisory, compliance and administrative services to each fund. More information on the investment management services rendered by TAM is included in the SAI. TAM is paid investment management fees for its service as investment manager to each fund. These fees are calculated on the average daily net assets of each fund.

TAM has been a registered investment adviser since 1996. As of December 31, 2015, TAM has approximately $74 billion in total assets under management. Although TAM is also registered as a commodity pool operator under the Commodity Exchange Act, the Destination Funds are operated by TAM pursuant to an exclusion from registration as a commodity pool operator under the Commodity Exchange Act.

TAM is directly owned by Transamerica Premier Life Insurance Company (77%) (“TPLIC”) and AUSA Holding, LLC (23%) (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon N.V. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”). Commonwealth and AUSA are wholly owned by Transamerica Corporation, a financial services holding company whose primary emphasis is on life and health insurance, and annuity and investment products. Transamerica Corporation is owned by The Aegon Trust, which is owned by Aegon International B.V., which is owned by Aegon N.V., a Netherlands corporation, and a publicly traded international insurance group.

TAM acts as a manager of managers for the Destination Funds (other than the Destination Asset Allocation Funds) pursuant to an exemptive order from the U.S. Securities and Exchange Commission (“SEC”) (Release IC- 23379 dated August 5, 1998). TAM has responsibility, subject to oversight by the Board of Trustees, to, among other matters, oversee and monitor sub-advisers, recommend selection of sub-advisers and recommend changes to sub-advisers where it believes appropriate or advisable. The exemptive order permits TAM, subject to certain conditions including the approval of the Board of Trustees, but without the approval of the applicable fund’s shareholders, to:

(1)

employ a new unaffiliated sub-adviser for a fund pursuant to the terms of a new investment sub-advisory agreement, either as a replacement for an existing sub-adviser or as an additional sub-adviser;

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(2)

materially change the terms of any sub-advisory agreement; and

(3)

continue the employment of an existing sub-adviser on sub-advisory contract terms where a contract has been assigned because of a change of control of the sub-adviser.

Pursuant to the exemptive order, each applicable Destination Fund has agreed to provide certain information about new sub-advisers and new sub-advisory agreements to its shareholders.

TAM is the investment manager of Transamerica Stock Index. Transamerica Stock Index invests in securities through the S&P 500 Index Master Portfolio, of which the investment adviser is BlackRock Fund Advisors, located at 400 Howard Street, San Francisco, CA 94105.

A discussion regarding the basis of the Destination Board’s most-recent approval of the investment management agreement with TAM will be available in the Destination Funds’ annual report to shareholders for the fiscal year ended October 31, 2016.

Sub-Advisers

Pursuant to an Investment Sub-advisory Agreement between TAM and each sub-adviser on behalf of the respective Destination Fund, each sub-adviser shall make investment decisions, buy and sell securities for the fund, conduct research that leads to these purchase and sale decisions, and pay broker-dealers a commission for these trades (which can include payments for research and brokerage services).

Each sub-adviser receives compensation from TAM.

Merganser Capital Management, LLC, located at 99 High Street, Boston, MA 02110, serves as sub-adviser for Transamerica High Quality Bond.

AJO, LP, located at 230 South Broad Street, 20th Floor, Philadelphia, PA 19102, serves as sub-adviser for Transamerica Large Core and Transamerica Large Value Opportunities.

BlackRock Financial Management, Inc., located at 55 East 52nd Street, New York, NY 10055, serves as sub-adviser for Transamerica Inflation-Protected Securities.

Jennison Associates LLC, located at 466 Lexington Avenue, New York, NY 10017, serves as sub-adviser for Transamerica Large Growth.

J.P. Morgan Investment Management Inc., located at 270 Park Avenue, New York, NY 10017, serves as sub-adviser for Transamerica Balanced II.

A discussion regarding the basis of the Destination Board’s most-recent approval of the investment sub-advisory agreements with each of the sub-advisers will be available in the Destination Funds’ annual report to shareholders for the fiscal year ended October 31, 2016.

Distributor and Transfer Agent

Transamerica Capital, Inc. (“TCI”), located at 1801 California Street, Suite 5200, Denver, Colorado 80202, is appointed as principal underwriter and distributor in connection with the offering and sale of shares of each Destination Fund. TCI is an affiliate of TAM. TCI offers the shares of an agency or “best efforts” basis under which a Destination Fund issues only the number of shares actually sold. Shares of each Destination Fund are continuously offered by TCI.

Transamerica Fund Services, Inc. (“TFS”), located at 1801 California Street, Suite 5200, Denver, Colorado 80202, serves as transfer agent, withholding agent and dividend disbursing agent for each Destination Fund. TFS is an affiliate of TAM. As transfer agent, TFS maintains an account for each shareholder of a Destination Fund and performs other transfer agency functions. TFS has outsourced the provision of certain transfer agency services to Boston Financial Data Services, Inc., located at 2000 Crown Colony Drive, Quincy, Massachusetts 02169.

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Each Destination Fund compensates TCI and TFS for their services.

Certain officers and Trustees of the Destination Funds are also officers and/or directors of TAM, TCI and TFS.

Disclosure of Portfolio Holdings

A detailed description of each Destination Fund’s policies and procedures with respect to the disclosure of each Destination Fund’s portfolio securities is available in the Destination Funds’ statement of additional information. Each Destination Fund publishes all holdings on its website at www.transamerica.com approximately 15 days after the end of each calendar quarter. Such information generally remains online for 6 months, or as otherwise consistent with applicable regulations.

Buying, Selling and Exchanging Shares of Destination Fund Shares

Buying Shares. Investors may purchase shares of the Destination Funds at the “offering price” of the shares, which is the net asset value per share (“NAV”). Please note that purchase requests initiated through an automated service that exceed $50,000 per day may be rejected and must be submitted by check or via bank wire.

Please refer to the retirement plan documents for information on how to purchase Class R and R4 shares of the Destination Funds and any fees that may apply.

Class I3 shares are only available to certain funds of funds, registered and unregistered insurance company separate accounts and collective investment trusts.

Transamerica Funds must receive your payment within three business days after your order is accepted.

Transamerica Funds or its agents may reject a request for purchase of shares at any time, in whole or in part, including any purchase under the exchange privilege.

Each Destination Fund reserves the right to make additional exceptions or otherwise to modify the foregoing policies at any time.

By Check

•

Make your check payable and send to Transamerica Fund Services, Inc.

•

If you are purchasing shares in an existing account(s), please reference your account number(s) and the Transamerica fund(s) in which you wish to invest. If you do not specify the fund(s) in which you wish to invest, and your referenced account is invested in one fund, your check will be deposited into such fund.

•

Redemption proceeds will be withheld for 15 calendar days from the date of purchase for funds to clear.

•

Transamerica Funds does not accept cash, money orders, traveler’s checks, credit card convenience checks, or starter checks without pre-printed information. Cashier’s checks and third-party checks may be accepted, subject to approval by Transamerica Funds. We reserve the right to reject or accept any form of payment. Any unacceptable forms of payment will be returned.

•

If you are opening a new account, send your completed application along with your check.

By Automatic Investment Plan

•

With an Automatic Investment Plan (“AIP”), a level dollar amount is invested monthly and payment is deducted electronically from your bank account. Due to your bank’s requirements, please allow up to 30 days for your AIP to begin. Investments may be made between the 3rd and 28th of each month only, and will occur on the 15th if no selection is made. Call Customer Service for information on how to establish an AIP or visit our website to obtain an AIP request form.

By Telephone

•

You may request an electronic transfer of funds from your bank account to your Transamerica Funds account. The electronic bank link option must be established in advance before Automated Clearing House (“ACH”) purchases will be accepted. Call Customer Service or visit our website at www.transamerica.com for information on how to establish an electronic bank link. Due to your bank’s requirements, please allow up to 30 days to establish this option.

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Through an Authorized Dealer

•

If your dealer has already established your account for you, no additional documentation is needed. Call your dealer to place your order. Transamerica Funds must receive your payment within three business days after your order is accepted.

By Internet

•

You may request an electronic transfer of funds from your bank account to your Transamerica Funds account. The electronic bank link option must be established in advance before ACH purchases will be accepted. Call Customer Service or visit our website at www.transamerica.com for information on how to establish an electronic bank link.

By Payroll Deduction

•

You may have money transferred regularly from your payroll to your Transamerica Funds account. Call Customer Service to establish this option.

By Wire Transfer

•

You may request that your bank wire funds to your Transamerica Funds account (note that your bank may charge a fee for such service). You must have an existing account to make a payment by wire transfer. Ask your bank to send your payment to:

State Street Bank and Trust Company, Boston, MA, ABA#011000028

Credit: Transamerica Funds Acct #00418533

Ref: Shareholder name, Transamerica fund and account numbers.

•

Shares will be purchased at the next determined public offering price after receipt of your wire if you have supplied all other required information.

Other Information

If your check, draft or electronic transfer is returned unpaid by your bank, you will be charged a fee of $20 for each item that has been returned.

Transamerica Funds reserves the right to terminate your electronic draft privileges if the drafts are returned unpaid by your bank.

Transamerica Funds or its agents may reject a request for purchase of shares at any time, in whole or in part, in its discretion for any reason at any time, and is not obligated to provide notice before rejecting or canceling an order, including, but not limited to, any purchase under the exchange privilege and any purchase request that does not include an investment representative or an approved broker-dealer.

Selling Shares. 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.

If you have recently purchased your shares by check or electronic funds transfer, your redemption payment may be delayed until the Fund is reasonably satisfied that the check or electronic funds transfer has cleared (which may take up to 15 calendar days). This delay may be avoided if you purchase shares by Federal Funds wire or certified check.

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Please note that redemption requests greater than $50,000 per day must be submitted in writing. In addition, amounts greater than $50,000 cannot be sent via ACH (check or federal funds wire only). Additionally, requests totaling more than $100,000 must be in writing with an original signature guarantee for all shareholders.

Shares are redeemed at NAV.

To request your redemption and receive payment by:

Direct Deposit – ACH

•

You may request an “ACH redemption” in writing, by phone or by internet access to your account. Payment should usually be received by your bank account 2-4 banking days after your request is received in good order. Transamerica Funds does not charge for this payment option. Certain IRAs and qualified retirement plans may not be eligible via the internet.

Direct Deposit – Wire

•

You may request an expedited wire redemption in writing or by phone. The electronic bank link must be established in advance. Otherwise, an original signature guarantee will be required. Wire redemptions have a minimum of $1,000 per wire. Payment should be received by your bank account the next banking day after your request is received in good order. Transamerica Funds charges $10 for this service. Your bank may charge a fee as well.

Check to Address of Record

•

Written Request – Send a letter requesting a withdrawal to Transamerica Funds. Specify the fund, account number, and dollar amount or number of shares you wish to redeem. Be sure to include all shareholders’ signatures and any additional documents, as well as an original signature guarantee(s) if required. If you are requesting a distribution from an IRA, federal tax withholding of 10% will apply unless you elect otherwise. If you elect to withhold, the minimum tax withholding rate is 10%.

•

Telephone or Internet Request – You may request your redemption by phone or internet. Certain IRAs and qualified retirement plans may not be eligible.

Check to Another Party/Address

•

This request must be in writing, regardless of amount, signed by all account owners with an original signature guarantee.

Systematic Withdrawal Plan (by Direct Deposit – ACH or Check)

•

You can establish a Systematic Withdrawal Plan (“SWP”) either at the time you open your account or at a later date. Call Customer Service for information on how to establish a SWP, or visit our website to obtain the appropriate form to complete.

Through an Authorized Dealer

•

You may redeem your shares through an authorized dealer (they may impose a service charge). Contact your Registered Representative or call Customer Service for assistance.

Your Request to Sell Your Shares and Receive Payment May Be Subject to:

•

The type of account you have and if there is more than one shareholder.

•

The dollar amount you are requesting; redemptions over $50,000 must be in writing and those redemptions totaling more than $100,000 require a written request with an original signature guarantee for all shareholders on the account.

•

A written request and original signature guarantee may be required if there have been recent changes made to your account (such as an address change) or other such circumstances. For your protection, if an address change was made in the last 10 days, Transamerica Funds requires a redemption request in writing, signed by all account owners with an original signature guarantee.

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•

When redeeming all shares from an account with an active AIP, your AIP will automatically be stopped. Please contact Customer Service if you wish to re-activate your AIP.

•

Each Fund reserves the right to refuse a telephone redemption request if it is believed it is advisable to do so. The telephone redemption option may be suspended or terminated at any time without advance notice.

•

Redemption proceeds will be withheld for 15 calendar days from the date of purchase for funds to clear.

•

Shares will normally be redeemed for cash, although each Fund retains the right to redeem its shares in kind. Please see the Destination Funds’ statement of additional information for more details.

•

If you request that a withdrawal check be delivered overnight, a $20 overnight fee will be charged; for Saturday delivery, a $30 overnight fee will be charged.

Please see additional information relating to original signature guarantee later in this Proxy Statement/Prospectus.

Involuntary Redemptions

Each Destination Fund reserves the right, to the fullest extent permitted by law, to close your account if the account value falls below the fund’s minimum account balance, including solely due to declines in NAV, or you are deemed to engage in activities that are illegal (such as late trading) activity that is believed to be detrimental to the Fund (such as market timing), or other potential criminal or fraudulent activity.

Exchanging Shares. You may request an exchange in writing, by phone, or by accessing your account through the internet.

•

You can exchange shares in one fund for shares in the same class of another fund.

•

An exchange is treated as a redemption of a fund’s shares, followed by a purchase of the shares of the fund into which you exchanged. Prior to making exchanges into a fund that you do not own, please read the prospectus for that fund carefully.

•

If you exchange all your shares to a new fund, any active systematic plan that you maintain with Transamerica Funds will also carry over to this new fund unless otherwise instructed.

•

Transamerica Funds reserves the right to modify or terminate the exchange privilege at any time upon 60 days’ written notice.

•

Transamerica Funds reserves the right to deny any exchange request involving transactions between classes of shares. Please review your individual circumstances with your financial professional.

•

The minimum exchange amount may be waived with respect to transactions in omnibus accounts maintained on behalf of certain 401(k) and other retirement plans.

•

For Class R and R4 shares, if authorized by your plan, you can request an exchange of your shares in one fund for corresponding shares of another fund. Please refer to your plan’s documents for additional information. An exchange is treated as a redemption of a fund’s shares followed by a purchase of the shares of the fund into which you exchanged. Prior to making exchanges into a fund you do not own, please read the prospectus of that fund.

Converting Shares

Please contact your financial adviser or Customer Service for conversion instructions.

A conversion between share classes of the same fund is a nontaxable event.

If you convert from one class of shares to another, the transaction will be based on the respective NAVs of the two classes on the trade date for the conversion. Consequently, a conversion may provide you with fewer shares or more shares than you originally owned, depending on that day’s NAV. At the time of conversion, the total dollar value of your “old” shares will equal the total dollar value of your “new” shares. However, subsequent share price fluctuations may decrease or increase the total dollar value of your “new” shares compared with that of your “old” shares.

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Features and Policies

Customer Service

Occasionally, Transamerica Funds experiences high call volume due to unusual market activity or other events that may make it difficult for you to reach a Customer Service Representative by telephone. If you are unable to reach Transamerica Funds by telephone, please consider visiting our website at www.transamerica.com.

You may also send instructions by mail, by fax, or by using our automated phone system at 1-888-233-4339.

Uncashed Checks Issued on Your Account

If any check Transamerica Funds issues is returned by the Post Office as undeliverable, or remains outstanding (uncashed) for six months, we reserve the right to reinvest check proceeds back into your account at the NAV next calculated after reinvestment. If applicable, we will also change your account distribution option from cash to reinvest. Interest does not accrue on amounts represented by uncashed checks. In case we are unable to reinvest check proceeds in the original funds that you held, for example, if a fund has been liquidated or is closed to new investments, we reserve the right to reinvest the proceeds in Transamerica Money Market.

Minimum Dividend Check Amounts

To control costs associated with issuing and administering dividend checks, we reserve the right not to issue checks under a specified amount. For accounts with the cash by check dividend distribution option, if the dividend payment total is less than $10, the distribution will be reinvested into the account and no check will be issued.

Minimum Account Balance

Due to the proportionately higher cost of maintaining customer fund accounts with balances below the stated minimums for each class of shares, Transamerica Funds reserves the right to close such accounts or assess an annual fee on such fund accounts to help offset the costs associated with maintaining the account. Transamerica Funds generally provides a 60-day notification to the address of record prior to assessing a minimum fund account fee, or closing any fund account. The following describes the fees assessed against fund accounts with balances below the stated minimum:


Account Balance (per fund account)		Fee Assessment (per fund account)

If your balance is below $1,000 per fund account, including solely due to declines in NAV		$25 annual fee assessed, until balance reaches $1,000

No fees will be charged on:

•

accounts opened within the preceding 12 months

•

accounts with an active monthly Automatic Investment Plan or payroll deduction ($50 minimum per fund account)

•

accounts owned by an individual that, when combined by Social Security Number, have a balance of $5,000 or more

•

accounts owned by individuals in the same household (by address) that have a combined balance of $5,000 or more

•

accounts for which Transamerica Funds in its discretion has waived the minimum account balance requirements

•

UTMA/UGMA accounts (held at Transamerica Funds)

•

State Street Custodial Accounts (held at Transamerica Funds)

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Coverdell ESA accounts (held at Transamerica Funds)

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Omnibus and Network Level 3 accounts

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While there is currently no minimum account size for maintaining a Class I share account, the funds reserve the right, without prior notice, to establish a minimum amount required to maintain an account.

Telephone Transactions

Transamerica Funds and its transfer agent, Transamerica Fund Services, Inc. (“TFS”), are not liable for complying with telephone instructions that are deemed by them to be genuine. Transamerica Funds and TFS will employ reasonable procedures to help ensure telephone instructions are genuine. These procedures may include requiring personal identification, providing written confirmation of transactions, and tape recording conversations. In situations where Transamerica Funds or TFS reasonably believe they were acting on genuine telephone instructions, you bear the risk of loss. Transamerica Funds reserves the right to modify the telephone redemption privilege at any time.

Retirement and ESA State Street Account Maintenance Fees

Retirement plan and Coverdell ESA State Street accounts are subject to an annual custodial fee of $15 per fund account, with a maximum fee of $30 per Social Security Number. For example, an IRA in two fund accounts would normally be subject to a $30 annual custodial fee. The fee is waived if the total of the retirement plan and ESA account(s)’ value per Social Security Number is more than $50,000.

Professional Fees

Your financial professional may charge a fee for his or her services. This fee will be in addition to any fees charged by Transamerica Funds. Your financial professional will answer any questions that you may have regarding such fees.

Signature Guarantee

An original signature guarantee assures that a signature is genuine so that you are protected from unauthorized account transactions. Notarization is not an acceptable substitute. Acceptable guarantors only include participants in the Securities Transfer Agents Medallion Program (“STAMP2000”). Participants in STAMP2000 may include financial institutions such as banks, savings and loan associations, trust companies, credit unions, broker-dealers, and member firms of a national securities exchange.

An original signature guarantee is typically required if any of the following is applicable:

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You request a redemption or distribution transaction totaling more than $100,000 or, in the case of an IRA with a market value in excess of $100,000, you request a custodian to custodian transfer.

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You would like a check made payable to anyone other than the shareholder(s) of record.

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You would like a check mailed to an address which has been changed within 10 days of the redemption request.

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You would like a check mailed to an address other than the address of record.

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You would like your redemption proceeds wired to a bank account other than a bank account of record.

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You are adding or removing a shareholder from an account.

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You are changing ownership of an account.

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When establishing an electronic bank link, if the Transamerica Funds’ account holder’s name does not appear on the check.

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Transactions requiring supporting legal documentation.

The Funds reserve the right to require an original signature guarantee under other circumstances or to reject or delay a redemption on certain legal grounds.

An original signature guarantee may be refused if any of the following is applicable:

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It does not appear valid or in good form.

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The transaction amount exceeds the surety bond limit of the signature guarantee.

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The guarantee stamp has been reported as stolen, missing or counterfeit.

Note: For certain maintenance and non-financial requests, Transamerica Funds requires a Signature Validation Program Stamp for your protection. When an institution provides a Signature Validation Program Stamp, it assures Transamerica Funds that the signature and instructions are yours and that you have the authority to provide the instruction(s) contained within the request. A notary’s seal cannot serve as an alternative to a Signature Validation Program Stamp.

Electronic Signatures

Transamerica may accept electronic signatures in certain circumstances. Please contact Customer Service (1-888-233-4339) to see if you are eligible for this feature.

Paperless Legal Program

Transamerica may accept requests to transfer or redeem accounts having an original signature guarantee without the necessity to include additional legal documentation. The shareholder should contact their signature guarantor regarding all documentation that may be required to obtain an original signature guarantee.

Employer Sponsored Accounts

If you participate in an employer sponsored retirement plan and wish to make an allocation change to your current fund selection, you or your financial professional must notify Transamerica Funds by phone or in writing. Please also remember to inform your employer of the change(s) to your fund allocation. Documentation for allocations submitted online or in writing from your employer will be used to allocate your contributions. This documentation will supersede all other prior instructions received from you or your financial professional. (Note: If you perform a partial or complete exchange to a new fund selection, your current fund allocation will remain unchanged for future contributions unless specified otherwise.)

E-Mail Communication

As e-mail communications may not be secure, and because we are unable to take reasonable precautions to verify your shareholder and transaction information, we cannot respond to account-specific requests received via e-mail. For your protection, we ask that all account specific requests be submitted only via telephone, mail or through the secure link on our website.

Reinvestment Privilege

Within a 90-day period after you sell your shares, you have the right to “reinvest” your money in any fund of the same class. You will not incur a new sales charge if you use this privilege within the allotted time frame. Any CDSC you paid on your shares will be credited to your account. To take advantage of the 90-day reinvestment privilege, a written request must accompany your investment check.

Statements and Reports

Transamerica Funds will send you a confirmation statement after every transaction that affects your account balance or registration, with the exception of systematic transactions or transactions necessary to assess account fees. Systematic transactions and fees will be shown on your next regularly scheduled quarterly statement. Information regarding these fee is disclosed in this Proxy Statement/Prospectus. Please review the confirmation statement carefully and promptly notify Transamerica Funds of any error. Information about the tax status of the prior year’s income dividends and capital gains distributions will be mailed to shareholders early each year.

Please retain your statements. If you require historical statements, Transamerica Funds may charge $10 per statement year up to a maximum of $50 per Social Security Number. Financial reports for the Funds, which include a list of the holdings, will be mailed twice a year to all shareholders.

eDelivery

By enrolling in eDelivery, you are notified via e-mail when shareholder documents are available for viewing on our website such as account statements, financial transaction confirmations, prospectuses, tax forms, and annual and semi-annual reports. With eDelivery, you can save time by receiving e-mail notifications days

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before documents might be received through the postal service; reduce clutter by reducing the amount of paper for filing, shredding, or recycling; lower environmental impact by cutting paper waste and transportation requirements; and enjoy added security by accessing your information electronically through our secure website link.

Once your account is established, visit our website at www.transamerica.com. Click on Resources, and select Individual Investor. When you have logged into your account, select the “Electronic Delivery” option and follow the simple enrollment steps provided.

Right to Terminate or Suspend Account Privileges

The Destination Fund may, in their discretion, limit or terminate trading activity by any person, group or account that each Destination Fund believes would be disruptive, even if the activity has not exceeded the policy described in this Proxy Statement/Prospectus. As part of the fund’s policy to detect and deter frequent purchases, redemptions and exchanges, the fund may review and consider the history of frequent trading activity in all accounts in the Transamerica Funds known to be under common ownership or control. The fund may send a written warning to a shareholder that it believes may be engaging in disruptive or excessive trading activity; however, the fund reserves the right to suspend or terminate the ability to purchase or exchange shares, with or without warning, for any account that the fund determines, in the exercise of its discretion, has engaged in such trading activity.

Market Timing/Excessive Trading

Some investors try to profit from various short-term or frequent trading strategies known as market timing. Examples of market timing include switching money into funds when their share prices are expected to rise and taking money out when their share prices are expected to fall, and switching from one fund to another and then back again after a short period of time. As money is shifted in and out, a fund may incur expenses for buying and selling securities. Excessive purchases, redemptions or exchanges of fund shares may disrupt portfolio management, hurt fund performance and drive fund expenses higher. For example, a fund may be forced to liquidate investments as a result of short-term trading and incur increased brokerage costs or realize capital gains without attaining any investment advantage. These costs are generally borne by all shareholders, including long-term investors who do not generate these costs.

The Board of Trustees has approved policies and procedures that are designed to discourage market timing or excessive trading, which include limitations on the number of transactions in fund shares. If you intend to engage in such practices, we request that you do not purchase shares of any of the funds. Each fund reserves the right to reject any request to purchase shares, including purchases in connection with an exchange transaction, which the fund reasonably believes to be in connection with market timing or excessive trading.

While the funds discourage market timing and excessive short-term trading, the funds cannot always recognize or detect such trading, particularly if it is facilitated by financial intermediaries or done through Omnibus Account arrangements.

The funds’ distributor has entered into agreements with intermediaries requiring the intermediaries to provide certain information to help identify harmful trading activity and to prohibit further purchases or exchanges by a shareholder identified as having engaged in excessive trading. There is no guarantee that the procedures used by financial intermediaries will be able to curtail frequent, short-term trading activity. For example, shareholders who seek to engage in frequent, short-term trading activity may use a variety of strategies to avoid detection, and the financial intermediaries’ ability to deter such activity may be limited by the capabilities of operational and information systems. Due to the risk that the funds and financial intermediaries may not detect all harmful trading activity, it is possible that shareholders may bear the risks associated with such activity.348

Orders to purchase, redeem or exchange shares forwarded by certain omnibus accounts with Transamerica Funds will not be considered to be market timing or excessive trading for purposes of Transamerica Funds’ policies. However, the market timing and excessive trading policies of these omnibus firms or plans may apply to transactions by the underlying shareholders.

Reallocations in underlying series of Transamerica Funds by an Asset Allocation Fund that invests in other series of Transamerica Funds in furtherance of a fund’s objective are not considered to be market timing or excessive trading.

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Additional Information

This Proxy Statement/Prospectus and the SAI provide information concerning the funds that you should consider in determining whether to purchase shares of a fund. A fund may make changes to this information from time to time. Each fund’s investment objective may be changed by the Board without holder approval. Each fund’s investment strategies and policies may be changed from time to time without holder approval, unless specifically stated otherwise in this Proxy Statement/Prospectus or in the SAI.

A fund that has a policy of investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the particular type of securities implied by its name will provide its shareholders with at least 60 days’ prior written notice before making changes to such policy. Such notice will comply with the conditions set forth in any applicable SEC rules then in effect.

Neither this Proxy Statement/Prospectus nor the SAI is intended to give rise to any contract rights or other rights of any holder, other than any rights conferred explicitly by federal or state securities laws that may not be waived.

The funds enter into contractual arrangements with various parties, including the funds’ investment manager, who provide services to the funds. Holders are not parties to, or intended (or “third-party”) beneficiaries of those contractual arrangements. To the extent authorized by law, the funds reserve the right to discontinue offering shares at any time, to merge or liquidate a class of shares or to cease operations entirely.

Abandoned or Unclaimed Property

Every state has unclaimed property laws that generally provide for escheatment to the state of unclaimed property under various circumstances. In addition to the state unclaimed property laws, we may be required to escheat property pursuant to regulatory demand, finding, agreement or settlement. To help prevent such escheatment, it is important that you keep your contact and other information on file with us up to date, including the names, contact information and identifying information for customers, beneficiaries and other payees. Such updates should be communicated in a form and manner satisfactory to us.

Sending Forms and Transaction Requests in Good Order

We cannot process your requests for transactions relating to the funds until they are received in good order. “Good order” means the actual receipt of the instructions relating to the requested transaction in writing (or, when appropriate, by telephone or electronically), along with all forms, information and supporting legal documentation necessary to effect the transaction. This information and documentation generally includes, to the extent applicable to the transaction: your completed application; the transaction amount (in dollars, shares or percentage terms); the names, fund and account number(s) and allocations to and/or from the fund accounts affected by the requested transaction; the signatures of all owners (exactly as registered on the account) if necessary; Social Security Number or Taxpayer I.D.; and any other information or supporting documentation that we may require, including any spousal or joint owner’s consents and signature guarantees. With respect to purchase requests, “good order” also generally includes receipt of sufficient funds to effect any purchase. We may, in our sole discretion, determine whether any particular transaction request is in good order, and we reserve the right to change or waive any good order requirements at any time. “Received” or receipt in good order generally means that everything necessary must be received by the funds, at our mailing address specified in this Proxy Statement/Prospectus. We reserve the right to reject electronic transactions that do not meet our requirements.

Net Asset Value. The NAV of each fund (or class thereof) is calculated by taking the value of its net assets and dividing by the number of shares of the fund (or class) that are then outstanding.

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Closing Price (“NOCP”). If there have been no sales for that day on the exchange or system where the security is principally traded, then the value should be determined with reference to the last sale price, or the NOCP, if applicable, on any other exchange or system. If there have been no sales for that day on any exchange or system, a security is valued at the closing bid quotes on the exchange or system where the security is principally traded, or at the NOCP, if applicable. Foreign securities traded on U.S. exchanges are generally priced using last sale price regardless of trading activity. Securities traded over-the-counter are valued at the last bid price. The market price for debt obligations is generally the price supplied by an independent third party pricing service, which may use market prices or quotations or a variety of fair value techniques and methodologies. Short-term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined that using this method would not reflect an investment’s fair value. The prices that the fund uses may differ from the amounts that would be realized if the investments were sold and the differences could be significant, particularly for securities that trade in relatively thin markets and/or markets that experience extreme volatility. Foreign securities generally are valued based on quotations from the primary market in which they are traded, and are converted from the local currency into U.S. dollars using current exchange rates. Market quotations for securities prices may be obtained from automated pricing services. Shares of open-end funds (other than ETF shares) are generally valued at the NAV reported by that investment company. ETF shares are valued at the most recent sale price or official closing price on the exchange on which they are traded.

When a market quotation for a security is not readily available (which may include closing prices deemed to be unreliable because of the occurrence of a subsequent event), a valuation committee appointed by the Board may, in good faith, establish a value for the security in accordance with fair valuation procedures adopted by the Board. The Board reviews all fair value determinations typically at its regularly scheduled meetings. The types of securities for which such fair value pricing may be required include, but are not limited to: foreign securities, where a significant event occurs after the close of the foreign market on which such security principally trades that is likely to have changed the value of such security, or the closing value is otherwise deemed unreliable; securities of an issuer that has entered into a restructuring; securities whose trading has been halted or suspended; fixed-income securities that have gone into default and for which there is no current market value quotation; and securities that are restricted as to transfer or resale. The funds use a fair value model developed by an independent third party pricing service to price foreign equity securities on days when there is a certain percentage change in the value of a domestic equity security index, as such percentage may be determined by TAM from time to time.

Valuing securities in accordance with fair value procedures involves greater reliance on judgment than valuing securities based on readily available market quotations. The valuation committee makes fair value determinations in good faith in accordance with the funds’ valuation procedures. Fair value determinations can also involve reliance on quantitative models employed by a fair value pricing service. There can be no assurance that a fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the fund determines its NAV.

Distribution Arrangements

Each Destination Fund has adopted a Rule 12b-1 Plan under the Investment Company Act of 1940 (the “Plan”) for each class of shares.

The Plan permits the use of fund assets to pay distribution and service fees for the sale and distribution of its shares. These fees are used to pay TCI, broker-dealers, financial intermediaries and other professionals who sell fund shares and provide ongoing services to shareholders and to pay other marketing and advertising expenses.

Under the Plan, each fund pays the following distribution and service fees (as a percentage of the fund’s average daily net assets):

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Class R Shares – Up to 0.50%

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Class R4 Shares – Up to 0.25%

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Class I3 Shares – N/A

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Because these fees are paid out of each fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

Other Distribution and Service Arrangements. TCI, TAM and their affiliates may enter into arrangements with affiliated entities that provide administrative, recordkeeping and other services with respect to one or more of the funds. Payment for these services is made by TCI, TAM and their affiliates out of past profits and other available sources and may take the form of internal credit, recognition or cash payments. TCI, TAM and their affiliates may also enter into similar arrangements with unaffiliated entities.

TCI engages in wholesaling activities designed to support, maintain, and increase the number of financial intermediaries who sell shares of the funds. Wholesaling activities include, but are not limited to, recommending and promoting, directly or through intermediaries, the funds to financial intermediaries and providing sales training, retail broker support and other services. Payment for these activities is made by TCI, TAM and their affiliates out of past profits and other available sources, including revenue sharing payments from others.

TCI (in connection with, or in addition to, wholesaling services), TAM and fund sub-advisers, directly or through TCI, out of their past profits and other available sources, typically provide cash payments or non-cash compensation to unaffiliated brokers and other financial intermediaries who have sold shares of the funds, promote the distribution of the funds or render investor services to fund shareholders. Such payments and compensation are in addition to the sales charges, Rule 12b-1 Plan fees, service fees and other fees that may be paid, directly or indirectly, to such brokers and other financial intermediaries. These arrangements are sometimes referred to as “revenue sharing” arrangements. The amount of revenue sharing payments is substantial, may be substantial to any given recipient and may exceed the costs and expenses incurred by the recipient for any fund-related distribution or shareholder servicing activities. The presence of these payments and the basis on which an intermediary compensates its registered representatives or salespersons may create an incentive for a particular intermediary, registered representative or salesperson to highlight, feature or recommend the funds, at least in part, based on the level of compensation paid. Revenue sharing arrangements are separately negotiated. Revenue sharing payments are not an additional charge to the funds.

Such additional cash payments may be made to brokers and other financial intermediaries that provide services to the funds and/or fund shareholders, including (without limitation) shareholder servicing, marketing support and/or access to meetings and/or events, sales representatives and management representatives of the broker or other financial intermediaries. Cash compensation may also be paid to brokers and other financial intermediaries for inclusion of a fund on a sales list or mutual fund trading platform, including a preferred or select sales list or trading platform, in other sales programs, or as an expense reimbursement or compensation in cases where the broker or other financial intermediary provides services to fund shareholders. To the extent permitted by applicable law, TCI and other parties may pay or allow other incentives and compensation to brokers and other financial intermediaries. TCI, TAM and the other parties making these payments generally assess the advisability of continuing making these payments periodically.

These cash payments may take a variety of forms, including (without limitation) reimbursement of ticket charges, additional compensation based on sales, on-going fees for shareholder servicing and maintenance of investor accounts, and finder’s fees that vary depending on the fund or share class and the dollar amount of shares sold. Revenue sharing payments can be calculated: (i) as a percentage of gross or net sales for a particular period; (ii) as a percentage of gross or net assets under management; (iii) as a fixed or negotiated flat fee dollar amount; or (iv) based on a combination of any of these methods. These payments are made on a periodic basis, such as monthly or quarterly. During 2015, in general, payments calculated as a percentage of sales ranged from 5 basis points (0.05%) to 45 basis points (0.45%), payments calculated as a percentage of assets under management ranged from 2.5 basis points (0.025%) to 20 basis points (0.20%), and flat annual fees ranged from $25,000 to $75,000, which included at times payments for a series of meetings and/or events of other broker-dealers and banks.

As of December 31, 2015, TCI had revenue sharing agreements with more than 32 brokers and other financial intermediaries including, without limitation: Ameriprise Financial Services, Inc.; AXA Advisors, LLC; Bank of America – Merrill Lynch; Centaurus Financial, Inc.; Cetera Financial Group; Charles Schwab & Co Inc.;

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Morgan Stanley Wealth Management; Fifth Third Securities, Inc.; Hantz Financial Services, Inc.; J.P. Morgan Securities LLC; LPL Financial; National Financial Services LLC; PNC Investments LLC; Pershing LLC; Raymond James and Associates; Raymond James Financial Services; Suntrust Investments Services, Inc.; Transamerica Financial Advisors; UBS Financial Services, Inc.; US Bancorp Investments, Inc.; and Wells Fargo Advisors, LLC. For the calendar year ended December 31, 2015, TCI paid approximately $11 million to various brokers and other financial intermediaries in connection with revenue sharing arrangements. TCI expects to have revenue sharing arrangements with a number of brokers and other financial intermediaries in 2016, including some or all of the foregoing brokers and financial intermediaries, among others, on terms similar to those discussed above.

For the same period, TCI received revenue sharing payments totaling approximately $1.12 million from various financial services firms for their participation in functions, events and meetings sponsored by TCI, including, without limitation, the following firms: American Century; American Funds Insurance Series; AQR Capital Management LLC; Aegon USA Investment Management, LLC; Barrow, Hanley, Mewhinney & Strauss, LLC; Belle Haven Investments L.P.; BlackRock Investment Management, LLC; Fidelity; Franklin Templeton; Janus Capital Management LLC; Jennison Associates LLC; JP Morgan Asset Management; Kayne Anderson Capital Advisors L.P.; Legg Mason Global Asset Allocation, LLC; Logan Circle Partners LP; MainStay Investments; MFS Investment Management; Milliman Financial Risk Management LLC; Morgan Stanley Investment Management; Morningstar Associates, LLC; OppenheimerFunds, Inc.; Pacific Investment Management Company LLC; PineBridge Investments LLC; Pioneer Investments; RidgeWorth; Rockefeller & CO, Inc.; RS Investments; Schroder Investment Management; Systematic Financial Management L.P.; Torray LLC; Thompson, Siegel &Walmsley LLC; Vanguard; Waddell and Reed Companies; and Wellington Management Company LLP.

As of December 31, 2015, TAM made revenue sharing payments to approximately three financial intermediaries, the most sizeable of which were to Universal Life Insurance Company. For the same period, TAM did not receive any revenue sharing payments from financial services firms.

TAM also serves as investment manager to certain funds of funds that are underlying investment options for Transamerica insurance products. TCI and its affiliates make revenue sharing payments to, or receive revenue sharing payments from, affiliates of certain underlying unaffiliated funds within Transamerica insurance products for the provision of services to investors and distribution activities. These amounts are in addition to any revenue sharing programs described above with respect to mutual fund distributors. A financial intermediary may receive both mutual fund-related and insurance-related revenue sharing payments.

From time to time, TCI, its affiliates and/or TAM and/or fund sub-advisers may also, to the extent permitted by applicable law, pay non-cash compensation or revenue sharing to brokers and other financial intermediaries and their sales representatives in the form of, for example: (i) occasional gifts or prizes; (ii) occasional meals, tickets or other entertainment; and/or (iii) ad hoc sponsorship support of broker marketing events, programs, sales contests, promotions or other activities. Such non-cash compensation may also include, in part, assistance with the costs and expenses associated with travel, lodging, and educational sales and promotional meetings, seminars, programs and conferences, entertainment and meals to the extent permitted by law. TCI and TAM may also make payments in connection with the sponsorship by Transamerica or its affiliates of special events which may be attended by brokers and other financial intermediaries. Such non-cash compensation is in addition to the overall revenue sharing arrangements described above.

The non-cash compensation to sales representatives and compensation or reimbursement received by brokers and other financial intermediaries through sales charges, other fees payable from the funds, and/or revenue sharing arrangements for selling shares of the funds may be more or less than the overall compensation or reimbursement on similar or other products and may influence your broker or other financial intermediary to present and recommend the funds over other investment options available in the marketplace. In addition, depending on the arrangements in place at any particular time, your broker or other financial intermediary may have a financial incentive for recommending a particular class of fund shares over other share classes.

Shareholders may obtain more information about these arrangements, including the conflicts of interests that such arrangements may create, from their brokers and other financial intermediaries, and should so inquire if

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they would like additional information. Intermediaries may categorize and disclose these arrangements to their clients and to members of the public in a manner different from the disclosures in this prospectus and the SAI. A shareholder should ask his/her broker or financial intermediary how he/she will be compensated for investments made in the funds. Revenue sharing payments, as well as payments under the shareholder services and distribution plan (where applicable), also benefit TAM, TCI and their affiliates and fund sub-advisers to the extent the payments result in more assets being invested in the funds on which fees are being charged.

Although a fund may use financial firms that sell fund shares to effect transactions for the fund’s portfolio, the fund and its investment manager or sub-adviser will not consider the sale of fund shares as a factor when choosing financial firms to effect those transactions.

Dividends and Distributions

Taxes on Distributions in General. Each Destination Fund intends to distribute all or substantially all of its net investment income and net capital gains, if any, to its shareholders each year. Dividends will be reinvested in additional shares unless you elect to take your dividends in cash. Each Destination Fund generally pays any distributions of net capital gains annually.

Each Destination Fund generally pays any dividends from net investment income annually.

If necessary, each Destination Fund may make distributions at other times as well.

A fund will not generally have to pay income tax on amounts it distributes to shareholders. Shareholders will generally be taxed on distributions (other than any distributions treated as a return of capital), whether such distributions are paid in cash or reinvested in additional shares.

The following are guidelines for how certain distributions by a fund are generally taxed to non-corporate shareholders under current federal income tax law:

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Distributions of net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) will be taxed as long-term capital gains, generally at rates of up to 20%, regardless of how long the shareholders have held their shares.

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Distributions reported as paid from a fund’s “qualified dividend income” may be taxable to shareholders as qualified dividend income at rates of up to 20%. Qualified dividend income generally is income derived from certain dividends from U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that a fund receives in respect of stock of certain foreign corporations will be qualified dividend income if that stock is readily tradable on an established U.S. securities market. A shareholder (and the fund in which the shareholder invests) will have to satisfy certain holding period requirements in order for the shareholder to obtain the benefit of the tax rates applicable to qualified dividend income.

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Distributions in excess of a fund’s earnings and profits will, as to each shareholder, be treated as a return of capital to the extent of the shareholder’s basis in his or her fund shares, and as a capital gain thereafter (assuming the shareholder holds the shares as capital assets). A distribution treated as a return of capital will not be taxable currently but will reduce the shareholder’s tax basis in his or her shares, which will generally increase the gain (or decrease the loss) that will be recognized on a subsequent sale or exchange of the shares.

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Other distributions generally will be taxed at ordinary income tax rates.

A 3.8% Medicare contribution tax generally applies to all or a portion of the net investment income of a shareholder who is an individual and not a nonresident alien for federal income tax purposes and who has adjusted gross income (subject to certain adjustments) that exceeds a threshold amount. This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates or trusts. For these purposes, dividends, interest, and certain capital gains are generally taken into account in computing a shareholder’s net investment income, but exempt-interest dividends are not taken into account.

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If a fund declares a dividend in October, November, or December, payable to shareholders of record in such a month, and pays it in the following January, shareholders will be taxed on the dividend as if they received it in the year in which it was declared.

Each fund in which you invest will send you a tax report annually summarizing the amount and tax aspects of your distributions. If you buy shares of a fund shortly before it makes a taxable distribution, the distribution will be generally taxable to you even though it may effectively represent a return of a portion of your investment. This is known as “buying a dividend.”

Investors who invest through tax-deferred accounts, such as IRAs, 403(b) accounts, and qualified retirement plans, will ordinarily not be subject to tax until a distribution is made from the account, at which time such distribution is generally taxed as ordinary income, even if the distribution is wholly or partly attributable to exempt-interest dividends received by the tax-deferred account. These accounts are subject to complex tax rules, and tax-deferred account investors should therefore consult their tax advisers regarding their investments in a tax-deferred account.

Funds that invest in other funds (“asset allocation funds”) may recognize income on distributions from underlying funds in which they invest and may also recognize gains and losses if they redeem or sell shares in underlying funds. Distributions of net capital gains or qualified dividend income of either the asset allocation funds or underlying funds will generally be taxed at long-term capital gain rates of up to 20% when distributed to noncorporate shareholders of the asset allocation funds. Other distributions, including short-term capital gains, generally will be taxed as ordinary income. The structure of such asset allocation funds and the reallocation of investments among underlying funds could affect the amount, timing and character of distributions.

Taxes on the Sale or Exchange of Shares. If you sell shares of a fund or exchange them for shares of another fund, you generally will have a capital gain or loss, which will generally be a long-term capital gain or loss if you held the shares for more than one year; otherwise it will generally be a short-term capital gain or loss.

Any loss recognized on shares held for six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions of long-term capital gain that were received with respect to the shares. In certain cases, a loss realized upon a disposition of shares in a fund held for six months or less will be disallowed to the extent of any exempt-interest dividends received with respect to those shares.

Any gain or loss on the sale or exchange of shares is computed by subtracting your tax basis in the shares from the redemption proceeds in the case of a sale or the value of the shares received in the case of an exchange. Because your tax basis depends on the original purchase price, on the price at which any dividends may have been reinvested, and on the amount of any distributions treated as returns of capital for federal income tax purposes, you should be sure to keep account statements so that you or your tax return preparer will be able to determine whether a sale will result in a taxable gain or loss.

Withholding Taxes. A fund in which you invest may be required to apply backup withholding of U.S. federal income tax on all distributions payable to you (including exempt-interest dividends) if you fail to provide the funds with your correct taxpayer identification number or to make required certifications, or if you have been notified by the IRS that you are subject to backup withholding.

The backup withholding rate is 28%. Backup withholding is not an additional tax, but is a method by which the IRS ensures that it will collect taxes otherwise due. Any amounts withheld may be credited against your U.S. federal income tax liability. Backup withholding will not be applied to payments that have been subject to the 30% withholding tax applicable to shareholders that are not U.S. persons.

Non-Resident Alien Withholding. Dividends and certain other payments (but not distributions of net capital gains, “short-term capital gain dividends” and “interest-related dividends” (described below)) to persons who are not citizens or residents of the United States or U.S. entities (“Non-U.S. Persons”) are generally subject to U.S. tax withholding at the rate of 30%. Each fund intends to withhold U.S. federal income tax at the rate of 30% on taxable distributions and other payments to Non-U.S. Persons that are subject to withholding, regardless of whether a lower rate may be permitted under an applicable treaty.

Dividends reported by a fund as (i) interest-related dividends, to the extent such dividends are derived from the fund’s “qualified net interest income,” or (ii) short-term capital gain dividends, to the extent such dividends are

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derived from the fund’s “qualified short-term gain,” are generally exempt from this 30% withholding tax. “Qualified net interest income” is a fund’s net income derived from U.S.-source interest and original issue discount, subject to certain exceptions and limitations. “Qualified short-term gain” generally means the excess of a fund’s net short-term capital gain for the taxable year over its net long-term capital loss, if any.

If you are a non-U.S. person, you must provide a U.S. mailing address to establish an account unless your broker-dealer firm submits your account through the National Securities Clearing Corporation. Your broker-dealer will be required to submit a foreign certification form. Investors changing a mailing address to a non-U.S. address will be required to have a foreign certification form completed by their broker-dealer and returned to us before future purchases can be accepted. Additionally, those shareholders will need to provide an appropriate tax form (e.g., Form W-8BEN) and documentary evidence and letter of explanation.

Unless certain non-U.S. entities that hold fund shares comply with IRS requirements that will generally require them to report information regarding U.S. persons investing in, or holding accounts with, such entities, a 30% withholding tax may apply to fund distributions payable to such entities after June 30, 2014 (or, in certain cases, after later dates) and redemptions and certain capital gain dividends payable to such entities after December 31, 2018. A non-U.S. shareholder may be exempt from the withholding described in this paragraph under an applicable intergovernmental agreement between the U.S. and a foreign government, provided that the shareholder and the applicable foreign government comply with the terms of such agreement.

Other Tax Information. This tax discussion is for general information only. In addition to federal income taxes, you may be subject to state, local or foreign taxes on payments received from, and investments made in shares of, a Destination Fund. More information is provided in the Destination Funds’ prospectus and statement of additional information. You should also consult your own tax adviser for information regarding all tax consequences applicable to your investments in the funds.

Temporary Defensive Strategies

For temporary defensive purposes, a Destination Fund may, at times, choose to hold some or all of its assets in cash, or to invest that cash in a variety of debt securities. This may be done as a defensive measure at times when desirable risk/reward characteristics are not available in stocks or to earn income from otherwise uninvested cash. When a Destination Fund increases its cash or debt investment position, its income may increase while its ability to participate in stock market advances or declines decrease. Furthermore, when a Destination Fund assumes a temporary defensive position it may not be able to achieve its investment goal(s).

FINANCIAL HIGHLIGHTS

The following tables show the financial performance of the applicable class of shares of each Fund for the past five fiscal years and, if applicable, for any recent semi-annual period (or periods during which a Fund has been in operation, if less than five years). Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that you would have earned or lost on an investment in a Fund (assuming reinvestment of all dividends and distributions).

No financial highlights are provided for the Destination Funds because each such Destination Fund is newly-organized and has not yet offered shares. For financial statement purposes, (i) with respect to Transamerica High Quality Bond, Transamerica Partners Institutional High Quality Bond will be the accounting survivor of the Reorganizations, (ii) with respect to Transamerica Inflation-Protected Securities, Transamerica Partners Institutional Inflation-Protected Securities will be the accounting survivor of the Reorganizations, (iii) with respect to Transamerica Large Core, Transamerica Partners Institutional Large Core will be the accounting survivor of the Reorganizations, (iv) with respect to Transamerica Large Growth, Transamerica Partners Institutional Large Growth will be the accounting survivor of the Reorganizations; (v) with respect to Transamerica Large Value, Transamerica Partners Institutional Large Value will be the accounting survivor of the Reorganizations; (vi) with respect to Transamerica Balanced II , Transamerica Partners Institutional Balanced will be the accounting survivor of the Reorganizations; (vii) with respect to Transamerica Stock Index, Transamerica Partners Institutional Stock Index will be the accounting survivor of the Reorganizations; (viii) with respect to Transamerica Asset Allocation Long Horizon, Transamerica Institutional Asset Allocation - Long Horizon will be the accounting survivor of the Reorganizations; (ix) with respect to Transamerica Asset Allocation Intermediate Horizon, Transamerica

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Institutional Asset Allocation - Intermediate Horizon will be the accounting survivor of the Reorganizations; and (x) with respect to Transamerica Asset Allocation Short Horizon, Transamerica Institutional Asset Allocation - Short Horizon will be the accounting survivor of the Reorganizations. As the accounting survivor, each such predecessor fund’s operating history will be used for financial reporting purposes after the consummation of each applicable Reorganization.

The information presented with respect to each Target Fund through the period ended December 31, 2015 has been derived from financial statements audited by Ernst & Young LLP, independent registered public accounting firm, whose report, along with the Target Fund’s financial statements, is included in the Target Funds’ annual report to shareholders for the fiscal year ended December 31, 2015.

Financial highlights for the Destination Funds are based on the historical financial highlights of their respective predecessor funds. The information has been derived from financial statements, audited by Ernst & Young LLP, independent registered public accounting firm, whose report, along with each predecessor fund’s financial statements, is included in each predecessor fund’s Annual Report for the fiscal year ended October 31, 2015.

The financial highlights for each Target Fund and for each Destination Fund’s predecessor fund for six months ended June 30, 2016 is unaudited.

Each of the Destination Funds’ predecessor funds’ and the Target Trust’s annual report is incorporated into this Proxy Statement/Prospectus by reference. Copies of each Trust’s annual report may be obtained without charge by calling 1-888-233-4339.

High Quality Bond Funds


For a share outstanding during the period and years indicated:	Transamerica Partners High Quality Bond
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	11.14		$	11.31		$	11.44		$	11.66		$	11.59		$	11.65

Investment operations:^(A)
Net investment income (loss)^(B)		0.06			0.08			0.10			0.14			0.17			0.21
Net realized and unrealized gain (loss)		0.07			(0.08	)		(0.08	)		(0.16	)		0.10			(0.04	)

Total investment operations		0.13			0.00	^(C)		0.02			(0.02	)		0.27			0.17

Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.16	)		(0.15	)		(0.20	)		(0.20	)		(0.23	)
Return of capital		—			(0.01	)		—			—			—			—

Total dividends and/or distributions to shareholders		(0.08	)		(0.17	)		(0.15	)		(0.20	)		(0.20	)		(0.23	)

Net asset value, end of period/year	$	11.19		$	11.14		$	11.31		$	11.44		$	11.66		$	11.59

Total return^(D)		1.18	%^(E)		0.04	%		0.18	%		(0.16	)%		2.32	%		1.50	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	104,104		$	108,841		$	103,212		$	83,399		$	69,978		$	74,049
Expenses to average net assets^(A)
Excluding waiver and/or reimbursement		0.99	%^(F)		0.99	%		1.00	%		1.00	%		1.03	%		1.01	%
Including waiver and/or reimbursement		0.99	%^(F)		0.99	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (loss) to average net assets^(A)		1.00	%^(F)		0.67	%		0.86	%		1.20	%		1.48	%		1.81	%
Portfolio turnover rate of Series Portfolio		51	%^(E)		70	%		92	%		77	%		68	%		84	%

^(A)	The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Series Portfolio.

^(B)	Calculated based on average number of shares outstanding.

^(C)	Rounds to less than $0.01 or $(0.01).

^(D)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(E)	Not annualized.

^(F)	Annualized.


For a share outstanding during the period and years indicated:	Transamerica Partners Institutional High Quality Bond
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	10.11		$	10.25		$	10.37		$	10.57		$	10.51		$	10.56

Investment operations:^(A)
Net investment income (loss)^(B)		0.07			0.10			0.13			0.16			0.19			0.23
Net realized and unrealized gain (loss)		0.07			(0.06	)		(0.07	)		(0.14	)		0.08			(0.04	)

Total investment operations		0.14			0.04			0.06			0.02			0.27			0.19

Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.18	)		(0.18	)		(0.22	)		(0.21	)		(0.24	)
Net asset value, end of period/year	$	10.16		$	10.11		$	10.25		$	10.37		$	10.57		$	10.51

Total return^(C)		1.40	%^(D)		0.38	%		0.55	%		0.19	%		2.63	%		1.84	%

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For a share outstanding during the period and years indicated:	Transamerica Partners Institutional High Quality Bond
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Ratio and supplemental data:
Net assets end of period/year (000’s)	$	56,905		$	57,227		$	58,080		$	64,958		$	85,258		$	88,458
Expenses to average net assets^(A)
Excluding waiver and/or reimbursement		0.77	%^(E)		0.76	%		0.77	%		0.75	%		0.76	%		0.74	%
Including waiver and/or reimbursement		0.65	%^(E)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income (loss) to average net assets^(A)		1.34	%^(E)		1.01	%		1.21	%		1.56	%		1.83	%		2.16	%
Portfolio turnover rate of Series Portfolio		51	%^(D)		70	%		92	%		77	%		68	%		84	%

^(A)	The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Series Portfolio.

^(B)	Calculated based on average number of shares outstanding.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Annualized.


	Transamerica Partners High Quality Bond Portfolio
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return^(A)		1.47	%^(B)		0.69	%		0.81	%		0.41	%		2.95	%		2.16	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	332,750		$	350,510		$	371,154		$	399,858		$	386,046		$	458,228
Expenses to average net assets		0.38	%^(C)		0.38	%		0.38	%		0.39	%		0.38	%		0.38	%
Net investment income (loss) to average net assets		1.61	%^(C)		1.29	%		1.47	%		1.81	%		2.10	%		2.43	%
Portfolio turnover rate		51	%^(B)		70	%		92	%		77	%		68	%		84	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.

Inflation-Protected Securities Funds


For a share outstanding during the period and years indicated:	Transamerica Partners Inflation-Protected Securities
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	10.75		$	11.04		$	10.96		$	12.25		$	12.46		$	11.46

Investment operations:^(A)
Net investment income (loss)^(B)		0.02			(0.03	)		0.06			(0.02	)		0.11			0.33
Net realized and unrealized gain (loss)		0.54			(0.25	)		0.20			(1.06	)		0.69			0.99

Total investment operations		0.56			(0.28	)		0.26			(1.08	)		0.80			1.32

Dividends and/or distributions to shareholders:
Net investment income		—			—			(0.10	)		—			(0.15	)		(0.32	)
Net realized gains		—			—			(0.02	)		(0.21	)		(0.86	)		—
Return of capital		—			(0.01	)		(0.06	)		—			—			—

Total dividends and/or distributions to shareholders		—			(0.01	)		(0.18	)		(0.21	)		(1.01	)		(0.32	)

Net asset value, end of period/year	$	11.31		$	10.75		$	11.04		$	10.96		$	12.25		$	12.46

Total return^(C)		5.21	%^(D)		(2.51	)%		2.32	%		(8.79	)%		6.43	%		11.67	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	119,168		$	120,170		$	116,336		$	96,888		$	96,283		$	112,546
Expenses to average net assets^(A)
Excluding waiver and/or reimbursement		1.04	%^(E)		1.04	%		1.03	%		1.02	%		1.03	%		1.01	%
Including waiver and/or reimbursement		1.00	%^(E)(F)		1.00	%^(F)		1.00	%^(F)		1.00	%^(F)		1.00	%^(F)		1.00	%
Net investment income (loss) to average net assets^(A)		0.33	%^(E)		(0.31	)%		0.55	%		(0.14	)%		0.87	%		2.71	%
Portfolio turnover rate of Series Portfolio		38	%^(D)		54	%		81	%		99	%		103	%		134	%

^(A)	The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Series Portfolio.

^(B)	Calculated based on average number of shares outstanding.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Annualized.

^(F)	Includes waiver and/or reimbursement of fees at the underlying Series Portfolio level.

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For a share outstanding during the period and years indicated:	Transamerica Partners Institutional Inflation-Protected Securities
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	9.42		$	9.65		$	9.58		$	10.78		$	11.10		$	10.28

Investment operations:^(A)
Net investment income (loss)^(B)		0.04			(0.01	)		0.09			0.02			0.13			0.33
Net realized and unrealized gain (loss)		0.47			(0.20	)		0.18			(0.94	)		0.63			0.89

Total investment operations		0.51			(0.21	)		0.27			(0.92	)		0.76			1.22

Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		—			(0.14	)		(0.03	)		(0.17	)		(0.33	)
Net realized gains		—			—			(0.03	)		(0.25	)		(0.91	)		(0.07	)
Return of capital		—			(0.02	)		(0.03	)		—			—			—

Total dividends and/or distributions to shareholders		(0.01	)		(0.02	)		(0.20	)		(0.28	)		(1.08	)		(0.40	)

Net asset value, end of period/year	$	9.92		$	9.42		$	9.65		$	9.58		$	10.78		$	11.10

Total return^(C)		5.43	%^(D)		(2.18	)%		2.74	%		(8.55	)%		6.88	%		12.05	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	81,291		$	76,421		$	85,490		$	86,788		$	122,166		$	108,721
Expenses to average net assets^(A)
Excluding waiver and/or reimbursement		0.81	%^(E)		0.80	%		0.78	%		0.76	%		0.77	%		0.75	%
Including waiver and/or reimbursement		0.65	%^(E)(F)		0.65	%^(F)		0.65	%^(F)		0.65	%^(F)		0.65	%^(F)		0.65	%
Net investment income (loss) to average net assets^(A)		0.74	%^(E)		(0.13	)%		0.93	%		0.23	%		1.15	%		3.06	%
Portfolio turnover rate of Series Portfolio		38	%^(D)		54	%		81	%		99	%		103	%		134	%

^(A)	The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Series Portfolio.

^(B)	Calculated based on average number of shares outstanding.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Annualized.

^(F)	Includes waiver and/or reimbursement of fees at the underlying Series Portfolio level.


	Transamerica Partners Inflation-Protected Securities Portfolio
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return^(A)		6.74	%^(B)		(1.94	)%		3.00	%		(8.26	)%		7.06	%		12.33	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	266,234		$	268,105		$	282,926		$	274,788		$	341,136		$	358,544
Expenses to average net assets
Excluding waiver and/or reimbursement		0.43	%^(C)		0.43	%		0.42	%		0.41	%		0.40	%		0.40	%
Including waiver and/or reimbursement		0.40	%^(C)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Net investment income (loss) to average net assets		0.92	%^(C)		0.21	%		1.17	%		0.48	%		1.43	%		3.30	%
Portfolio turnover rate		38	%^(B)		54	%		81	%		99	%		103	%		134	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.

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Large Core Funds


For a share outstanding during the period and years indicated:	Transamerica Partners Large Core
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	31.98		$	32.90		$	28.86		$	21.32		$	18.49		$	18.11

Investment operations:^(A)
Net investment income (loss)^(B)		0.25			0.25			0.15			0.23			0.23			0.16
Net realized and unrealized gain (loss)		(1.11	)		(0.68	)		4.04			7.54			2.85			0.38

Total investment operations		(0.86	)		(0.43	)		4.19			7.77			3.08			0.54

Dividends and/or distributions to shareholders:
Net investment income		(0.27	)		(0.26	)		(0.15	)		(0.23	)		(0.25	)		(0.16	)
Net realized gains		—			(0.23	)		—			—			—			—

Total dividends and/or distributions to shareholders		(0.27	)		(0.49	)		(0.15	)		(0.23	)		(0.25	)		(0.16	)

Net asset value, end of period/year	$	30.85		$	31.98		$	32.90		$	28.86		$	21.32		$	18.49

Total return^(C)		(2.71	)%^(D)		(1.31	)%		14.56	%		36.59	%		16.68	%		2.98	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	77,427		$	84,309		$	95,476		$	81,058		$	62,843		$	72,507
Expenses to average net assets^(A)
Excluding waiver and/or reimbursement		1.26	%^(E)		1.25	%		1.25	%		1.26	%		1.28	%		1.26	%
Including waiver and/or reimbursement		1.15	%^(E)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Net investment income (loss) to average net assets^(A)		1.68	%^(E)		0.75	%		0.50	%		0.90	%		1.15	%		0.85	%
Portfolio turnover rate of Series Portfolio		24	%^(D)		64	%		70	%		116	%		54	%		63	%

^(A)	The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Series Portfolio.

^(B)	Calculated based on average number of shares outstanding.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Annualized.


For a share outstanding during the period and years indicated:	Transamerica Partners Institutional Large Core
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	7.29		$	7.44		$	6.53		$	4.82		$	4.18		$	4.09

Investment operations:^(A)
Net investment income (loss)^(B)		0.07			0.08			0.05			0.07			0.07			0.05
Net realized and unrealized gain (loss)		(0.26	)		(0.16	)		0.91			1.71			0.64			0.09

Total investment operations		(0.19	)		(0.08	)		0.96			1.78			0.71			0.14

Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.07	)		(0.05	)		(0.07	)		(0.07	)		(0.05	)

Net asset value, end of period/year	$	7.03		$	7.29		$	7.44		$	6.53		$	4.82		$	4.18

Total return^(C)		(2.65	)%^(D)		(1.02	)%		14.80	%		37.13	%		16.95	%		3.34	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10,127		$	11,995		$	7,872		$	7,478		$	6,159		$	5,328
Expenses to average net assets^(A)
Excluding waiver and/or reimbursement		1.33	%^(E)		1.28	%		1.43	%		1.46	%		1.74	%		1.47	%
Including waiver and/or reimbursement		0.90	%^(E)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Net investment income (loss) to average net assets^(A)		1.93	%^(E)		1.04	%		0.75	%		1.16	%		1.43	%		1.08	%
Portfolio turnover rate of Series Portfolio		24	%^(D)		64	%		70	%		116	%		54	%		63	%

^(A)	The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Series Portfolio.

^(B)	Calculated based on average number of shares outstanding.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Annualized.


	Transamerica Partners Large Core Portfolio
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return^(A)		(4.56	)%^(B)		(0.78	)%		15.16	%		37.28	%		17.30	%		3.51	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	277,869		$	323,369		$	347,382		$	309,735		$	244,984		$	235,204
Expenses to average net assets		0.63	%^(C)		0.63	%		0.63	%		0.64	%		0.64	%		0.63	%
Net investment income (loss) to average net assets		2.21	%^(C)		1.27	%		1.02	%		1.41	%		1.68	%		1.37	%
Portfolio turnover rate		24	%^(B)		64	%		70	%		116	%		54	%		63	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.

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Large Growth Funds


For a share outstanding during the period and years indicated:	Transamerica Partners Large Growth
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	28.52		$	27.95		$	28.71		$	21.35		$	18.71		$	19.16

Investment operations:^(A)
Net investment income (loss)^(B)		(0.03	)		(0.08	)		(0.05	)		(0.01	)		0.03			(0.05	)
Net realized and unrealized gain (loss)		(0.85	)		2.42			2.87			7.38			2.63			(0.40	)

Total investment operations		(0.88	)		2.34			2.82			7.37			2.66			(0.45	)

Dividends and/or distributions to shareholders:
Net investment income		—			—			—			(0.01	)		(0.02	)		—
Net realized gains		—			(1.77	)		(3.58	)		—			—			—

Total dividends and/or distributions to shareholders		—			(1.77	)		(3.58	)		(0.01	)		(0.02	)		—

Net asset value, end of period/year	$	27.64		$	28.52		$	27.95		$	28.71		$	21.35		$	18.71

Total return^(C)		(3.09	)%^(D)		8.54	%		10.06	%		34.54	%		14.24	%		(2.35	)%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	239,208		$	266,688		$	266,722		$	248,821		$	207,916		$	240,512
Expenses to average net assets^(A)
Excluding waiver and/or reimbursement		1.24	%^(E)		1.23	%		1.24	%		1.25	%		1.25	%		1.24	%
Including waiver and/or reimbursement		1.24	%^(E)		1.23	%		1.24	%		1.24	%^(F)		1.25	%^(F)		1.24	%
Net investment income (loss) to average net assets^(A)		(0.19	)%^(E)		(0.26	)%		(0.18	)%		(0.03	)%		0.15	%		(0.24	)%
Portfolio turnover rate of Series Portfolio		14	%^(D)		33	%		73	%		49	%		53	%		53	%

^(A)	The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Series Portfolio.

^(B)	Calculated based on average number of shares outstanding.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Annualized.

^(F)	Includes waiver and/or reimbursement of fees at the underlying Series Portfolio level.


For a share outstanding during the period and years indicated:	Transamerica Partners Institutional Large Growth
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	12.24		$	11.25		$	10.20		$	7.58		$	6.64		$	6.79

Investment operations:^(A)
Net investment income (loss)^(B)		0.01			0.01			0.02			0.03			0.04			0.01
Net realized and unrealized gain (loss)		(0.37	)		0.99			1.05			2.62			0.94			(0.15	)

Total investment operations		(0.36	)		1.00			1.07			2.65			0.98			(0.14	)

Dividends and/or distributions to shareholders:
Net investment income		(0.01	)		(0.01	)		(0.02	)		(0.03	)		(0.04	)		(0.01	)

Net asset value, end of period/year	$	11.87		$	12.24		$	11.25		$	10.20		$	7.58		$	6.64

Total return^(C)		(2.95	)%^(D)		8.89	%		10.46	%		35.00	%		14.76	%		(2.12	)%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	102,132		$	107,369		$	110,430		$	130,443		$	137,751		$	227,530
Expenses to average net assets^(A)
Excluding waiver and/or reimbursement		1.01	%^(E)		0.99	%		1.01	%		1.00	%		1.01	%		0.98	%
Including waiver and/or reimbursement		0.90	%^(E)		0.90	%		0.90	%		0.90	%^(F)		0.90	%^(F)		0.90	%
Net investment income (loss) to average net assets^(A)		0.15	%^(E)		0.07	%		0.17	%		0.32	%		0.49	%		0.09	%
Portfolio turnover rate of Series Portfolio		14	%^(D)		33	%		73	%		49	%		53	%		53	%

^(A)	The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Series Portfolio.

^(B)	Calculated based on average number of shares outstanding.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Annualized.

^(F)	Includes waiver and/or reimbursement of fees at the underlying Series Portfolio level.


	Transamerica Partners Large Growth Portfolio
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return^(A)		(3.55	)%^(B)		9.17	%		10.75	%		35.32	%		14.91	%		(1.78	)%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	851,946		$	925,458		$	926,582		$	942,018		$	825,014		$	1,016,307
Expenses to average net assets^(C)
Excluding waiver and/or reimbursement		0.64	%^(D)		0.64	%		0.65	%		0.66	%		0.66	%		0.65	%
Including waiver and/or reimbursement		0.64	%^(D)		0.64	%		0.65	%		0.65	%		0.65	%		0.65	%
Net investment income (loss) to average net assets^(E)		0.40	%^(D)		0.33	%		0.42	%		0.57	%		0.75	%		0.34	%
Portfolio turnover rate		14	%^(B)		33	%		73	%		49	%		53	%		53	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Does not include expenses of the investment companies and/or ETFs in which the Portfolio invests.

^(D)	Annualized.

^(E)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Portfolio invests.

- 179 -

Large Value Funds


For a share outstanding during the period and years indicated:	Transamerica Partners Large Value
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	26.81		$	27.32		$	25.19		$	18.55		$	16.14		$	16.05

Investment operations:^(A)
Net investment income (loss)^(B)		0.23			0.26			0.19			0.26			0.27			0.19
Net realized and unrealized gain (loss)		(1.43	)		(0.50	)		2.13			6.64			2.42			0.09

Total investment operations		(1.20	)		(0.24	)		2.32			6.90			2.69			0.28

Dividends and/or distributions to shareholders:
Net investment income		(0.25	)		(0.27	)		(0.19	)		(0.26	)		(0.28	)		(0.19	)

Net asset value, end of period/year	$	25.36		$	26.81		$	27.32		$	25.19		$	18.55		$	16.14

Total return^(C)		(4.50	)%^(D)		(0.87	)%		9.25	%		37.38	%		16.75	%		1.78	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	218,133		$	245,999		$	286,071		$	254,779		$	207,103		$	224,932
Expenses to average net assets^(A)
Excluding waiver and/or reimbursement		1.07	%^(E)		1.06	%		1.06	%		1.07	%		1.08	%		1.06	%
Including waiver and/or reimbursement		1.00	%^(E)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Net investment income (loss) to average net assets^(A)		1.87	%^(E)		0.95	%		0.71	%		1.17	%		1.56	%		1.17	%
Portfolio turnover rate of Series Portfolio		24	%^(D)		65	%		69	%		99	%		48	%		55	%

^(A)	The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Series Portfolio.

^(B)	Calculated based on average number of shares outstanding.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Annualized.


For a share outstanding during the period and years indicated:	Transamerica Partners Institutional Large Value
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	14.32		$	14.60		$	13.46		$	9.92		$	8.63		$	8.58

Investment operations:^(A)
Net investment income (loss)^(B)		0.14			0.18			0.13			0.17			0.17			0.12
Net realized and unrealized gain (loss)		(0.75	)		(0.28	)		1.15			3.55			1.30			0.05

Total investment operations		(0.61	)		(0.10	)		1.28			3.72			1.47			0.17

Dividends and/or distributions to shareholders:
Net investment income		(0.15	)		(0.18	)		(0.14	)		(0.18	)		(0.18	)		(0.12	)

Net asset value, end of period/year	$	13.56		$	14.32		$	14.60		$	13.46		$	9.92		$	8.63

Total return^(C)		(4.29	)%^(D)		(0.69	)%		9.54	%		37.73	%		17.08	%		2.02	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	93,717		$	99,418		$	102,791		$	120,005		$	107,969		$	115,207
Expenses to average net assets^(A)
Excluding waiver and/or reimbursement		0.84	%^(E)		0.83	%		0.83	%		0.83	%		0.84	%		0.81	%
Including waiver and/or reimbursement		0.75	%^(E)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income (loss) to average net assets^(A)		2.12	%^(E)		1.21	%		0.96	%		1.43	%		1.81	%		1.41	%
Portfolio turnover rate of Series Portfolio		24	%^(D)		65	%		69	%		99	%		48	%		55	%

^(A)	The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Series Portfolio.

^(B)	Calculated based on average number of shares outstanding.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Annualized.


	Transamerica Partners Large Value Portfolio
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return^(A)		(4.22	)%^(B)		(0.36	)%		9.82	%		38.08	%		17.39	%		2.32	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	751,211		$	826,422		$	920,253		$	924,277		$	785,039		$	877,766
Expenses to average net assets		0.47	%^(C)		0.47	%^(D)		0.47	%^(D)		0.48	%^(D)		0.48	%^(D)		0.47	%^(D)
Net investment income (loss) to average net assets		2.40	%^(C)		1.48	%^(E)		1.24	%^(E)		1.69	%^(E)		2.08	%^(E)(F)		1.70	%^(E)
Portfolio turnover rate		24	%^(B)		65	%^(G)		69	%^(G)		99	%^(G)		48	%^(G)		55	%^(G)

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.

^(D)	Does not include expenses of the investment companies and/or ETFs in which the Portfolio invests.

^(E)	Recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the investment companies and/or ETFs in which the Portfolio invests.

^(F)	Includes litigation proceeds received during the year that represented 0.15%.

^(G)	Does not include portfolio activity of the investment companies and/or ETFs in which the Portfolio invests.

- 180 -

Balanced Funds


For a share outstanding during the period and years indicated:	Transamerica Partners Balanced
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	19.39		$	19.75		$	18.12		$	15.65		$	14.06		$	13.89

Investment operations:^(A)
Net investment income (loss)^(B)		0.11			0.20			0.21			0.14			0.18			0.23
Net realized and unrealized gain (loss)		0.53			(0.22	)		1.65			2.60			1.61			0.16

Total investment operations		0.64			(0.02	)		1.86			2.74			1.79			0.39

Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.21	)		(0.23	)		(0.27	)		(0.20	)		(0.22	)
Net realized gains		—			(0.13	)		—			—			—			—

Total dividends and/or distributions to shareholders		(0.13	)		(0.34	)		(0.23	)		(0.27	)		(0.20	)		(0.22	)

Net asset value, end of period/year	$	19.90		$	19.39		$	19.75		$	18.12		$	15.65		$	14.06

Total return^(C)		3.23	%^(D)		(0.08	)%		10.35	%		17.65	%		12.80	%		3.02	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	88,822		$	90,541		$	77,447		$	52,672		$	41,680		$	37,806
Expenses to average net assets^(A)
Excluding waiver and/or reimbursement		1.14	%^(E)		1.16	%		1.21	%		1.28	%		1.30	%		1.29	%
Including waiver and/or reimbursement^(F)		1.10	%^(E)		1.10	%		1.10	%		1.10	%		1.10	%		1.10	%
Net investment income (loss) to average net assets^(A)		1.19	%^(E)		1.00	%		1.09	%		0.85	%		1.22	%		1.66	%
Portfolio turnover rate of Series Portfolio		15	%^(D)		50	%		92	%		123	%		150	%		245	%

^(A)	The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Series Portfolio.

^(B)	Calculated based on average number of shares outstanding.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Annualized.

^(F)	Includes waiver and/or reimbursement of fees at the underlying Series Portfolio level.


For a share outstanding during the period and years indicated:	Transamerica Partners Institutional Balanced
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	12.53		$	12.68		$	11.64		$	10.08		$	9.04		$	8.92

Investment operations:^(A)
Net investment income (loss)^(B)		0.10			0.17			0.18			0.13			0.15			0.18
Net realized and unrealized gain (loss)		0.33			(0.14	)		1.06			1.67			1.04			0.11

Total investment operations		0.43			0.03			1.24			1.80			1.19			0.29

Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.18	)		(0.20	)		(0.24	)		(0.15	)		(0.17	)

Net asset value, end of period/year	$	12.86		$	12.53		$	12.68		$	11.64		$	10.08		$	9.04

Total return^(C)		3.43	%^(D)		0.28	%		10.72	%		18.04	%		13.26	%		3.24	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	5,391		$	5,273		$	5,672		$	5,741		$	5,764		$	5,360
Expenses to average net assets^(A)
Excluding waiver and/or reimbursement		1.65	%^(E)		1.44	%		1.56	%		1.55	%		1.71	%		1.66	%
Including waiver and/or reimbursement^(F)		0.75	%^(E)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Net investment income (loss) to average net assets^(A)		1.54	%^(E)		1.34	%		1.45	%		1.19	%		1.58	%		2.01	%
Portfolio turnover rate of Series Portfolio		15	%^(D)		50	%		92	%		123	%		150	%		245	%

^(A)	The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Series Portfolio.

^(B)	Calculated based on average number of shares outstanding.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Annualized.

^(F)	Includes waiver and/or reimbursement of fees at the underlying Series Portfolio level.


	Transamerica Partners Balanced Portfolio
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Total return^(A)		3.72	%^(B)		0.57	%		10.99	%		18.33	%		13.47	%		3.60	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	149,388		$	151,593		$	147,564		$	123,270		$	109,602		$	104,111
Expenses to average net assets
Excluding waiver and/or reimbursement		0.52	%^(C)		0.54	%		0.58	%		0.63	%		0.61	%		0.62	%
Including waiver and/or reimbursement		0.50	%^(C)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income (loss) to average net assets		1.79	%^(C)		1.60	%		1.69	%		1.44	%		1.82	%		2.26	%
Portfolio turnover rate		15	%^(B)		50	%		92	%		123	%		150	%		245	%

^(A)	Total return reflects all Portfolio expenses.

^(B)	Not annualized.

^(C)	Annualized.

- 181 -

Stock Index Funds


For a share outstanding during the period and years indicated:	Transamerica Partners Stock Index
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	15.87		$	16.01		$	14.37		$	11.08		$	9.80		$	9.77

Investment operations:^(A)
Net investment income (loss)^(B)		0.12			0.22			0.21			0.19			0.18			0.15
Net realized and unrealized gain (loss)		0.44			(0.11	)		1.64			3.29			1.32			(0.01	)

Total investment operations		0.56			0.11			1.85			3.48			1.50			0.14

Dividends and/or distributions to shareholders:
Net investment income		(0.13	)		(0.25	)		(0.21	)		(0.19	)		(0.22	)		(0.11	)

Net asset value, end of period/year	$	16.30		$	15.87		$	16.01		$	14.37		$	11.08		$	9.80

Total return^(C)		3.53	%^(D)		0.71	%		12.93	%		31.57	%		15.36	%		1.46	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	293,117		$	329,033		$	398,124		$	375,076		$	325,263		$	334,502
Expenses to average net assets^(A)
Excluding waiver and/or reimbursement		0.74	%^(E)		0.74	%		0.70	%		0.69	%		0.72	%		0.69	%
Including waiver and/or reimbursement		0.65	%^(E)(F)		0.65	%		0.65	%^(F)		0.65	%^(F)		0.65	%^(F)		0.65	%^(F)
Net investment income (loss) to average net assets^(A)		1.54	%^(E)		1.38	%		1.38	%		1.45	%		1.67	%		1.48	%
Portfolio turnover rate of MP		2	%^(D)		2	%		3	%		2	%		10	%		5	%

^(A)	The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Master Portfolio (“MP”).

^(B)	Calculated based on average number of shares outstanding.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Annualized.

^(F)	Includes reimbursement or waiver of fees at the underlying MP level.


For a share outstanding during the period and years indicated:	Transamerica Partners Institutional Stock Index
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	13.67		$	13.77		$	12.36		$	9.53		$	8.44		$	8.41

Investment operations:^(A)
Net investment income (loss)^(B)		0.13			0.24			0.22			0.20			0.19			0.16
Net realized and unrealized gain (loss)		0.37			(0.10	)		1.42			2.83			1.13			(0.01	)

Total investment operations		0.50			0.14			1.64			3.03			1.32			0.15

Dividends and/or distributions to shareholders:
Net investment income		(0.16	)		(0.24	)		(0.23	)		(0.20	)		(0.23	)		(0.12	)

Net asset value, end of period/year	$	14.01		$	13.67		$	13.77		$	12.36		$	9.53		$	8.44

Total return^(C)		3.66	%^(D)		1.08	%		13.33	%		32.06	%		15.71	%		1.80	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	627,101		$	707,281		$	888,044		$	1,011,521		$	914,519		$	852,749
Expenses to average net assets^(A)
Excluding waiver and/or reimbursement		0.42	%^(E)		0.42	%		0.38	%		0.38	%		0.40	%		0.38	%
Including waiver and/or reimbursement^(F)		0.30	%^(E)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Net investment income (loss) to average net assets^(A)		1.89	%^(E)		1.73	%		1.72	%		1.80	%		2.03	%		1.83	%
Portfolio turnover rate of MP		2	%^(D)		2	%		3	%		2	%		10	%		5	%

^(A)	The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Master Portfolio (“MP”).

^(B)	Calculated based on average number of shares outstanding.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Annualized.

^(F)	Includes reimbursement or waiver of fees at the underlying MP level.

Asset Allocation Long and Intermediate/Long Horizon Funds


For a share outstanding during the period and years indicated:	Transamerica Asset Allocation - Long Horizon
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	12.27		$	12.33		$	11.98		$	9.67		$	8.58		$	9.00

Investment operations:
Net investment income (loss)^(A)(B)		0.07			0.10			0.15			0.17			0.11			0.06
Net realized and unrealized gain (loss)		(0.23	)		(0.06	)		0.36			2.32			1.09			(0.41	)

Total investment operations		(0.16	)		0.04			0.51			2.49			1.20			(0.35	)

Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.10	)		(0.16	)		(0.18	)		(0.11	)		(0.07	)

Net asset value, end of period/year	$	12.04		$	12.27		$	12.33		$	11.98		$	9.67		$	8.58

Total return^(C)		(1.30	)%^(D)		0.30	%		4.23	%		25.84	%		14.01	%		(3.94	)%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	79,465		$	91,324		$	100,056		$	104,063		$	94,088		$	123,876
Expenses to average net assets^(E)		0.10	%^(F)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets^(B)		1.18	%^(F)		0.77	%		1.23	%		1.58	%		1.16	%		0.64	%
Portfolio turnover rate^(G)		16	%^(D)		47	%		66	%		52	%		55	%		36	%

^(A)	Calculated based on average number of shares outstanding.

^(B)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

- 182 -

^(E)	Does not include expenses of the underlying funds in which the Fund invests.

^(F)	Annualized.

^(G)	Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period and years indicated:	Transamerica Institutional Asset Allocation - Long Horizon
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	10.85		$	10.92		$	10.66		$	8.58		$	7.62		$	7.99

Investment operations:
Net investment income (loss)^(A)(B)		0.07			0.13			0.21			0.15			0.13			0.06
Net realized and unrealized gain (loss)		(0.20	)		(0.06	)		0.27			2.10			0.96			(0.35	)

Total investment operations		(0.13	)		0.07			0.48			2.25			1.09			(0.29	)

Dividends and/or distributions to shareholders:
Net investment income		(0.07	)		(0.14	)		(0.22	)		(0.17	)		(0.13	)		(0.08	)

Net asset value, end of period/year	$	10.65		$	10.85		$	10.92		$	10.66		$	8.58		$	7.62

Total return^(C)		(1.17	)%^(D)		0.63	%		4.55	%		26.33	%		14.36	%		(3.65	)%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	27,488		$	28,659		$	35,325		$	32,711		$	36,047		$	48,882
Expenses to average net assets^(E)		0.10	%^(F)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets^(B)		1.42	%^(F)		1.19	%		1.98	%		1.61	%		1.54	%		0.78	%
Portfolio turnover rate^(G)		14	%^(D)		43	%		69	%		58	%		119	%		90	%

^(A)	Calculated based on average number of shares outstanding.

^(B)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Does not include expenses of the underlying funds in which the Fund invests.

^(F)	Annualized.

^(G)	Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Intermediate/Long Horizon
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	13.56		$	13.68		$	13.32		$	11.35		$	10.25		$	10.54

Investment operations:
Net investment income (loss)^(A)(B)		0.08			0.14			0.20			0.24			0.18			0.13
Net realized and unrealized gain (loss)		(0.07	)		(0.12	)		0.37			1.97			1.11			(0.27	)

Total investment operations		0.01			0.02			0.57			2.21			1.29			(0.14	)

Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.14	)		(0.21	)		(0.24	)		(0.19	)		(0.15	)

Net asset value, end of period/year	$	13.48		$	13.56		$	13.68		$	13.32		$	11.35		$	10.25

Total return^(C)		0.05	%^(D)		0.12	%		4.27	%		19.61	%		12.65	%		(1.39	)%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	169,789		$	187,094		$	189,311		$	161,270		$	133,582		$	167,802
Expenses to average net assets^(E)		0.10	%^(F)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets^(B)		1.29	%^(F)		0.97	%		1.50	%		1.97	%		1.69	%		1.22	%
Portfolio turnover rate^(G)		14	%^(D)		45	%		61	%		66	%		57	%		43	%

^(A)	Calculated based on average number of shares outstanding.

^(B)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Does not include expenses of the underlying funds in which the Fund invests.

^(F)	Annualized.

^(G)	Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period and years indicated:	Transamerica Institutional Asset Allocation – Intermediate/Long Horizon
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	11.49		$	11.60		$	11.34		$	9.64		$	8.74		$	8.99

Investment operations:
Net investment income (loss)^(A)(B)		0.08			0.16			0.24			0.20			0.22			0.12
Net realized and unrealized gain (loss)		(0.07	)		(0.10	)		0.27			1.71			0.92			(0.22	)

Total investment operations		0.01			0.06			0.51			1.91			1.14			(0.10	)

Dividends and/or distributions to shareholders:
Net investment income		(0.08	)		(0.17	)		(0.25	)		(0.21	)		(0.24	)		(0.15	)

Net asset value, end of period/year	$	11.42		$	11.49		$	11.60		$	11.34		$	9.64		$	8.74

Total return^(C)		0.13	%^(D)		0.49	%		4.57	%		19.90	%		13.05	%		(1.16	)%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	46,231		$	48,302		$	55,039		$	82,639		$	85,876		$	109,496
Expenses to average net assets^(E)		0.10	%^(F)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets^(B)		1.52	%^(F)		1.36	%		2.04	%		1.90	%		2.35	%		1.29	%
Portfolio turnover rate^(G)		11	%^(D)		30	%		109	%		43	%		76	%		82	%

^(A)	Calculated based on average number of shares outstanding.

^(B)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Does not include expenses of the underlying funds in which the Fund invests.

- 183 -

^(F)	Annualized.

^(G)	Does not include portfolio activity of the underlying funds in which the Fund invests.

Asset Allocation Intermediate and Short/Intermediate Horizon Funds


For a share outstanding during the period and years indicated:	Transamerica Asset Allocation - Intermediate Horizon
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	12.87		$	13.05		$	12.75		$	11.47		$	10.56		$	10.70

Investment operations:
Net investment income (loss)^(A)(B)		0.09			0.16			0.22			0.27			0.24			0.19
Net realized and unrealized gain (loss)		0.05			(0.18	)		0.31			1.28			0.92			(0.12	)

Total investment operations		0.14			(0.02	)		0.53			1.55			1.16			0.07

Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.16	)		(0.23	)		(0.27	)		(0.25	)		(0.21	)

Net asset value, end of period/year	$	12.92		$	12.87		$	13.05		$	12.75		$	11.47		$	10.56

Total return^(C)		1.11	%^(D)		(0.15	)%		4.15	%		13.65	%		11.05	%		0.69	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	283,191		$	316,811		$	326,571		$	255,851		$	195,066		$	228,603
Expenses to average net assets^(E)		0.10	%^(F)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets^(B)		1.42	%^(F)		1.20	%		1.73	%		2.25	%		2.16	%		1.76	%
Portfolio turnover rate^(G)		19	%^(D)		48	%		61	%		83	%		64	%		39	%

^(A)	Calculated based on average number of shares outstanding.

^(B)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Does not include expenses of the underlying funds in which the Fund invests.

^(F)	Annualized.

^(G)	Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period and years indicated:	Transamerica Institutional Asset Allocation - Intermediate Horizon
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	11.40		$	11.56		$	11.32		$	10.14		$	9.39		$	9.54

Investment operations:
Net investment income (loss)^(A)(B)		0.09			0.18			0.25			0.22			0.31			0.17
Net realized and unrealized gain (loss)		0.05			(0.15	)		0.26			1.19			0.75			(0.10	)

Total investment operations		0.14			0.03			0.51			1.41			1.06			0.07

Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.19	)		(0.27	)		(0.23	)		(0.31	)		(0.22	)

Total distributions		(0.09	)		—			—			—			—			—

Net asset value, end of period/year	$	11.45		$	11.40		$	11.56		$	11.32		$	10.14		$	9.39

Total return^(C)		1.27	%^(D)		0.26	%		4.50	%		14.04	%		11.40	%		0.73	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	78,152		$	79,613		$	92,989		$	121,450		$	158,181		$	157,544
Expenses to average net assets^(E)		0.10	%^(F)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets^(B)		1.69	%^(F)		1.57	%		2.19	%		2.07	%		3.08	%		1.81	%
Portfolio turnover rate^(G)		15	%^(D)		42	%		76	%		69	%		62	%		72	%

^(A)	Calculated based on average number of shares outstanding.

^(B)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Does not include expenses of the underlying funds in which the Fund invests.

^(F)	Annualized.

^(G)	Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Short/Intermediate Horizon
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	10.76		$	11.00		$	10.80		$	10.30		$	9.66		$	9.68
Investment operations:
Net investment income (loss)^(A)(B)		0.09			0.17			0.23			0.29			0.29			0.23
Net realized and unrealized gain (loss)		0.15			(0.24	)		0.20			0.48			0.63			0.00	^(C)

Total investment operations		0.24			(0.07	)		0.43			0.77			0.92			0.23

Dividends and/or distributions to shareholders:
Net investment income		(0.09	)		(0.17	)		(0.23	)		(0.27	)		(0.28	)		(0.25	)

Net asset value, end of period/year	$	10.91		$	10.76		$	11.00		$	10.80		$	10.30		$	9.66

Total return^(D)		2.22	%^(E)		(0.64	)%		3.99	%		7.56	%		9.59	%		2.39	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	190,438		$	206,234		$	190,633		$	121,739		$	66,520		$	49,983
Expenses to average net assets^(F)		0.10	%^(G)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets^(B)		1.62	%^(G)		1.53	%		2.13	%		2.74	%		2.88	%		2.31	%
Portfolio turnover rate^(H)		12	%^(E)		44	%		66	%		85	%		99	%		54	%

^(A)	Calculated based on average number of shares outstanding.

- 184 -

^(B)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(C)	Rounds to less than $0.01 or $(0.01).

^(D)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(E)	Not annualized.

^(F)	Does not include expenses of the underlying funds in which the Fund invests.

^(G)	Annualized.

^(H)	Does not include portfolio activity of the underlying funds in which the Fund invests.


For a share outstanding during the period and years indicated:	Transamerica Institutional Asset Allocation – Short/Intermediate Horizon
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	10.70		$	10.94		$	10.77		$	10.23		$	9.67		$	9.65

Investment operations:
Net investment income (loss)^(A)(B)		0.10			0.20			0.27			0.26			0.37			0.23
Net realized and unrealized gain (loss)		0.16			(0.22	)		0.18			0.54			0.58			0.05

Total investment operations		0.26			(0.02	)		0.45			0.80			0.95			0.28

Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.22	)		(0.28	)		(0.26	)		(0.39	)		(0.26	)

Net asset value, end of period/year	$	10.86		$	10.70		$	10.94		$	10.77		$	10.23		$	9.67

Total return^(C)		2.43	%^(D)		(0.25	)%		4.21	%		7.94	%		9.93	%		2.91	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	10,674		$	12,171		$	22,796		$	22,787		$	24,309		$	28,964
Expenses to average net assets^(E)		0.10	%^(F)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets^(B)		1.88	%^(F)		1.82	%		2.47	%		2.45	%		3.69	%		2.36	%
Portfolio turnover rate^(G)		32	%^(D)		108	%		106	%		86	%		95	%		116	%

^(A)	Calculated based on average number of shares outstanding.

^(B)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Does not include expenses of the underlying funds in which the Fund invests.

^(F)	Annualized.

^(G)	Does not include portfolio activity of the underlying funds in which the Fund invests.

Asset Allocation Short Horizon Funds


For a share outstanding during the period and years indicated:	Transamerica Asset Allocation – Short Horizon
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	11.20		$	11.52		$	11.38		$	11.55		$	11.07		$	10.90

Investment operations:
Net investment income (loss)^(A)(B)		0.10			0.21			0.27			0.33			0.38			0.32
Net realized and unrealized gain (loss)		0.31			(0.32	)		0.15			(0.17	)		0.48			0.18

Total investment operations		0.41			(0.11	)		0.42			0.16			0.86			0.50

Dividends and/or distributions to shareholders:
Net investment income		(0.10	)		(0.21	)		(0.28	)		(0.33	)		(0.38	)		(0.33	)

Net asset value, end of period/year	$	11.51		$	11.20		$	11.52		$	11.38		$	11.55		$	11.07

Total return^(C)		3.69	%^(D)		(0.98	)%		3.68	%		1.40	%		7.85	%		4.65	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	162,112		$	144,322		$	115,053		$	94,873		$	70,876		$	62,371
Expenses to average net assets^(E)		0.10	%^(F)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets^(B)		1.82	%^(F)		1.83	%		2.35	%		2.91	%		3.38	%		2.89	%
Portfolio turnover rate^(G)		20	%^(D)		41	%		55	%		65	%		79	%		38	%

^(A)	Calculated based on average number of shares outstanding.

^(B)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Does not include expenses of the underlying funds in which the Fund invests.

^(F)	Annualized.

^(G)	Does not include portfolio activity of the underlying funds in which the Fund invests.

- 185 -


For a share outstanding during the period and years indicated:	Transamerica Institutional Asset Allocation - Short Horizon
	June 30, 2016 (unaudited)			December 31, 2015			December 31, 2014			December 31, 2013			December 31, 2012			December 31, 2011
Net asset value, beginning of period/year	$	10.73		$	11.05		$	10.91		$	11.03		$	10.68		$	10.48

Investment operations:
Net investment income (loss)^(A)(B)		0.11			0.23			0.28			0.30			0.49			0.30
Net realized and unrealized gain (loss)		0.31			(0.31	)		0.16			(0.12	)		0.38			0.22

Total investment operations		0.42			(0.08	)		0.44			0.18			0.87			0.52

Dividends and/or distributions to shareholders:
Net investment income		(0.11	)		(0.24	)		(0.30	)		(0.30	)		(0.52	)		(0.32	)

Net asset value, end of period/year	$	11.04		$	10.73		$	11.05		$	10.91		$	11.03		$	10.68

Total return^(C)		3.93	%^(D)		(0.72	)%		4.07	%		1.67	%		8.27	%		5.02	%

Ratio and supplemental data:
Net assets end of period/year (000’s)	$	12,073		$	12,349		$	17,622		$	24,002		$	28,713		$	31,997
Expenses to average net assets^(E)		0.10	%^(F)		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
Net investment income (loss) to average net assets^(B)		2.08	%^(F)		2.07	%		2.55	%		2.70	%		4.49	%		2.80	%
Portfolio turnover rate^(G)		28	%^(D)		60	%		133	%		75	%		110	%		94	%

^(A)	Calculated based on average number of shares outstanding.

^(B)	Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying funds in which the Fund invests.

^(C)	Total return reflects Fund expenses and includes reinvestment of dividends and capital gains.

^(D)	Not annualized.

^(E)	Does not include expenses of the underlying funds in which the Fund invests.

^(F)	Annualized.

^(G)	Does not include portfolio activity of the underlying funds in which the Fund invests.

INFORMATION CONCERNING THE MEETING

Solicitation of Proxies

The principal solicitation of proxies will be by mailing of this Proxy Statement/Prospectus, but proxies may be solicited by telephone or in person by the representatives of the Target Board, regular employees of TFS, their affiliates, or [Computershare Fund Services], a private proxy services firm. If the Target Fund has not received your vote as the date of the Special Meeting approaches, you may receive a call from these parties to ask for your vote. Arrangements will be made with brokerage houses and other custodians, nominees and fiduciaries to forward proxies and proxy materials to their principals.

The cost of the meeting, including the preparation and mailing of the notice, Proxy Statement/Prospectus and the solicitation of proxies, including reimbursement to broker-dealers and others who forwarded proxy materials to their clients, with respect to the Reorganizations will be shared equally by TAM, on the one hand, and, subject to certain limits, the Target Funds and Destination Funds, on the other.

Revoking Proxies

Each Target Fund shareholder signing and returning a proxy has the power to revoke it at any time before it is exercised:

•

By filing a written notice of revocation with the Secretary of the Target Trust;

•

By returning a duly executed proxy bearing a later date;

•

By voting by telephone or over the Internet at a later date; or

•

By attending the meeting and voting in person at the meeting and giving oral notice of revocation to the chairman of the meeting.

However, attendance in-person at the meeting, by itself, will not revoke a previously executed and returned proxy.

If a Target Fund holder holds Target Fund shares through a bank or other intermediary, the bank or intermediary should be consulted regarding the shareholder’s ability to revoke voting instructions after such instructions have been provided.

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Outstanding Shares

Only holders of record of each Target Fund at the close of business on the Record Date, October 14, 2016, are entitled to notice of and to vote at the Special Meeting. As of the close of business on the Record Date, the following shares of each Target Fund were outstanding:


Fund	Shares Outstanding (as of October 14, 2016)
Transamerica Partners High Quality Bond		[	]
Transamerica Partners Institutional High Quality Bond		[	]
Transamerica Partners High Quality Bond Portfolio		[	]
Transamerica Partners Inflation-Protected Securities		[	]
Transamerica Partners Institutional Inflation-Protected Securities		[	]
Transamerica Partners Inflation-Protected Securities Portfolio		[	]
Transamerica Partners Large Core		[	]
Transamerica Partners Institutional Large Core		[	]
Transamerica Partners Large Core Portfolio		[	]
Transamerica Partners Large Growth		[	]
Transamerica Partners Institutional Large Growth		[	]
Transamerica Partners Large Growth Portfolio		[	]
Transamerica Partners Large Value		[	]
Transamerica Partners Institutional Large Value		[	]
Transamerica Partners Large Value Portfolio		[	]
Transamerica Partners Balanced		[	]
Transamerica Partners Institutional Balanced		[	]
Transamerica Partners Balanced Portfolio		[	]
Transamerica Partners Stock Index		[	]
Transamerica Partners Institutional Stock Index		[	]
Transamerica Asset Allocation – Long Horizon		[	]
Transamerica Institutional Asset Allocation – Long Horizon		[	]
Transamerica Asset Allocation – Intermediate/Long Horizon		[	]
Transamerica Institutional Asset Allocation – Intermediate/Long Horizon		[	]
Transamerica Asset Allocation – Intermediate Horizon		[	]
Transamerica Institutional Asset Allocation – Intermediate Horizon		[	]
Transamerica Asset Allocation – Short/Intermediate Horizon		[	]
Transamerica Institutional Asset Allocation – Short/Intermediate Horizon		[	]
Transamerica Asset Allocation – Short Horizon		[	]
Transamerica Institutional Asset Allocation – Short Horizon		[	]

Other Business

Your Target Board knows of no business to be presented for consideration at the meeting other than the Proposals set forth in this Proxy Statement/Prospectus. If other business is properly brought before the meeting, proxies will be voted in accordance with the discretion of the persons named as proxies.

Adjournments

If, by the time scheduled for the meeting, a quorum of shareholders of a Target Fund is not present, or if a quorum is present but sufficient votes “for” a Proposal have not been received, the chairperson of the meeting may adjourn the meeting or the persons named as proxies may propose an adjournment of the meeting to another date and time, and the meeting may be held as adjourned as to the Target Fund or the Proposal, as applicable, within a reasonable time after the original meeting date without further notice. If submitted to shareholders, any such adjournment will require the affirmative vote of a majority of the shares present in person or represented by proxy

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at the meeting (or a majority of votes cast if a quorum is present). The persons named as proxies, at their discretion, vote those proxies in favor of an adjournment of the meeting. A shareholder vote may be taken on any proposal prior to any such adjournment if sufficient votes have been received and it is otherwise appropriate. The persons named in the enclosed proxy may also move for an adjournment of the meeting to permit further solicitation of proxies with respect to any of the Proposals if they determine that adjournment and further solicitation are reasonable and in the best interests of shareholders.

Telephone and Internet Voting

In addition to soliciting proxies by mail or in person, the Target Funds have also arranged to have votes recorded by telephone, the Internet or other electronic means by following the enclosed instructions. The voting procedures used in connection with such voting methods are designed to authenticate shareholders’ identities, to allow shareholders to authorize the voting of their shares in accordance with their instructions and to confirm that their instructions have been properly recorded. If you authorize your proxy by telephone or Internet, please do not return your proxy card, unless you later elect to change your vote.

Shareholders’ Proposals

As a general matter, the Target Funds do not hold annual shareholder meetings. Shareholders wishing to submit proposals for inclusion in a proxy statement for a subsequent meeting (if any) should send their written proposals to Tané T. Tyler, Secretary, 1801 California Street, Suite 5200, Denver, Colorado 80202.

Proposals must be received a reasonable time prior to the date of a meeting of shareholders of the applicable Fund to be considered for inclusion in the proxy materials for the meeting. Timely submission of a proposal does not, however, necessarily mean that the proposal will be included. Persons named as proxies for any subsequent shareholder meeting will vote in their discretion with respect to proposals submitted on an untimely basis.

Appraisal Rights

If the Reorganization of your Target Fund is approved at the Special Meeting, shareholders of your Target Fund will not have the right to dissent and obtain payment of the fair value of their shares because the exercise of appraisal rights is subject to the forward pricing requirements of Rule 22c-1 under the 1940 Act, which supersedes state law. Shareholder of your Target Fund, however, have the right to redeem their Target Fund shares until the Closing Date of the Reorganization.

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OWNERSHIP OF SHARES OF THE FUNDS

To the knowledge of each Target Fund, as of October 14, 2016, the Trustees and officers of the Target Funds owned in the aggregate less than 1% of the outstanding shares of each Target Fund.

To the knowledge of each Target Fund, as of October 14, 2016, the following persons owned of record or beneficially 5% or more of the outstanding shares of a Target Fund:

Fund

Name and
Address

Number of Shares

Owned
Beneficially or
of Record?

Transamerica Partners High Quality Bond

[ ]

Transamerica Partners Institutional High Quality Bond

[ ]

Transamerica Partners High Quality Bond Portfolio

[ ]

Transamerica Partners Inflation-Protected Securities

[ ]

Transamerica Partners Institutional Inflation-Protected Securities

[ ]

Transamerica Partners Inflation-Protected Securities Portfolio

[ ]

Transamerica Partners Large Core

[ ]

Transamerica Partners Institutional Large Core

[ ]

Transamerica Partners Large Core Portfolio

[ ]

Transamerica Partners Large Growth

[ ]

Transamerica Partners Institutional Large Growth

[ ]

Transamerica Partners Large Growth Portfolio

[ ]

Transamerica Partners Large Value

[ ]

Transamerica Partners Institutional Large Value

[ ]

Transamerica Partners Large Value Portfolio

[ ]

Transamerica Partners Balanced

[ ]

Transamerica Partners Institutional Balanced

[ ]

Transamerica Partners Balanced Portfolio

[ ]

Transamerica Partners Stock Index

[ ]

Transamerica Partners Institutional Stock Index

[ ]

Transamerica Asset Allocation – Long Horizon

[ ]

Transamerica Institutional Asset Allocation – Long Horizon

[ ]

Transamerica Asset Allocation – Intermediate/Long Horizon

[ ]

Transamerica Institutional Asset Allocation – Intermediate/Long Horizon

[ ]

Transamerica Asset Allocation – Intermediate Horizon

[ ]

Transamerica Institutional Asset Allocation – Intermediate Horizon

[ ]

Transamerica Asset Allocation – Short/Intermediate Horizon

[ ]

Transamerica Institutional Asset Allocation – Short/Intermediate Horizon

[ ]

Transamerica Asset Allocation – Short Horizon

[ ]

Transamerica Institutional Asset Allocation – Short Horizon

[ ]

Each of the Destination Funds is a newly formed fund that will commence operations upon consummation of the proposed Reorganizations relating thereto. Therefore, none of the Destination Funds has any shares outstanding as of the date of this Proxy Statement/Prospectus.

EXPERTS

Target Funds

The financial statements and financial highlights of each Target Fund for the past five fiscal years or since inception of the Target Fund, as applicable, are incorporated by reference into this Proxy Statement/Prospectus. The financial statements and financial highlights of each Target Fund for its most recent fiscal year end December 31, 2015 have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report thereon incorporated by reference into this Proxy Statement/Prospectus. Such financial statements and financial highlights are incorporated by reference herein in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

Destination Funds

No financial highlights are provided for the Destination Funds because each such Destination Fund is newly-organized and has not yet offered shares. For financial statement purposes, certain Target Funds will be the accounting survivor of the Reorganizations. As the accounting survivor, each such predecessor fund’s operating history will be used for financial reporting purposes after the consummation of each applicable Reorganization.

The financial statements and financial highlights of each Destination Fund’s predecessor fund for the past five fiscal years or since inception of the predecessor fund, as applicable, are incorporated by reference into this Proxy Statement/Prospectus. The financial statements and financial highlights of each predecessor fund for its most recent fiscal year end October 31, 2015 have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report thereon incorporated by reference into this Proxy Statement/Prospectus. Such financial statements and financial highlights are incorporated by reference herein in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

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AVAILABLE INFORMATION

You can obtain more free information about each Fund from your investment firm or by writing to your Fund at 1801 California Street, Suite 5200, Denver, Colorado 80202. You may also call 1-888-233-4339.

The Target Feeder Funds’ statements of additional information are available free of charge on the Target Funds’ website at http://www.transamericapartners.com/content/prospectus.aspx.

The Target Master Portfolios’ statement of additional information is available to qualified investors free of charge by calling 1-888-233-4339.

The Destinations Funds’ statement of additional information is available free of charge on the Destination Funds’ website at https://www.transamerica.com/individual/products/mutual-funds/prospectus/.

Shareholder reports. Annual and semi-annual reports to shareholders, and quarterly reports filed with the SEC, provide information about each Fund’s investments. An annual report discusses market conditions and investment strategies that significantly affected each Fund’s performance during its last fiscal year.

Each Fund is subject to the informational requirements of the Securities Exchange Act of 1934, as amended, and the 1940 Act and files reports, proxy statements and other information with the SEC. These reports, proxy statements and other information filed by the Funds and their predecessors can be inspected and copied (for a duplication fee) at the public reference facilities of the SEC at 100 F Street, N.E., Washington, DC 20549. Copies of these materials can also be obtained by mail from the Public Reference Branch, Office of Consumer Affairs and Information Services, Securities and Exchange Commission, Washington, DC 20549, at prescribed rates. In addition, copies of these documents may be viewed on-screen or downloaded from the SEC’s Internet site at www.sec.gov.

By Order of the Boards of Trustees,

[ ]

Tané T. Tyler, Secretary

Transamerica Partners Fund Group

Transamerica Partners Fund Group II

Transamerica Partners Portfolios

Denver, Colorado

[ ], 2016

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EXHIBIT A

FORM OF AGREEMENT AND PLAN OF REORGANIZATION

This AGREEMENT AND PLAN OF REORGANIZATION (“Agreement”) is made as of this [ ] day of [ ], 2017, by and among Transamerica Funds, a Delaware statutory trust (the “Acquiring Entity”), with its principal place of business at 1801 California St., Suite 5200, Denver, Colorado 80202, on behalf of each of its series listed on Exhibit A attached hereto (each, an “Acquiring Fund”), and Transamerica Partners Funds Group (the “Acquired Entity”), with its principal place of business at 1801 California St., Suite 5200, Denver, Colorado 80202, on behalf of each of its series listed on Exhibit A attached hereto (each, an “Acquired Fund”) [, and, solely for purposes of paragraph 10.2 hereof, Transamerica Asset Management, Inc. (“TAM”)].

WHEREAS, each Acquired Fund and Acquiring Fund is a series of an open-end management investment company registered pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”);

WHEREAS, each Acquiring Fund has been organized in order to continue the business and operations of the corresponding Acquired Fund and certain other funds;

WHEREAS, each Acquiring Fund currently has no assets and has carried on no business activities prior to the date first shown above and will have had no assets and will have carried on no business activities prior to the consummation of the transactions described herein;

WHEREAS, it is intended that, for United States federal income tax purposes (i) each transaction contemplated by this Agreement constitute a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) this Agreement constitute a plan of reorganization within the meaning of Section 368 of the Code and Treasury Regulations Section 1.368-2(g);

WHEREAS, prior to the transactions contemplated by this Agreement, each Acquired Fund that operates as a feeder fund and invests its assets in a master portfolio which is a series of Transamerica Partners Portfolios will redeem in-kind (subject to its pro rata share of liabilities) its beneficial interests in the applicable master portfolio;]

WHEREAS, each reorganization of an Acquired Fund listed on Exhibit A will consist of (1) the sale, assignment, conveyance, transfer and delivery of all of the property and assets of the Acquired Fund to the corresponding Acquiring Fund listed on Exhibit A (as to each Acquired Fund, the “corresponding Acquiring Fund”) in exchange solely for (a) shares of the applicable class of shares of beneficial interest of that Acquiring Fund listed on Exhibit A (the “Acquiring Fund Shares”), as described herein, and (b) the assumption by the Acquiring Fund of all liabilities of the Acquired Fund, and (2) the subsequent distribution of the Acquiring Fund Shares (which shall then constitute all of the assets of the Acquired Fund) to the holders of the shares of beneficial interest of the Acquired Fund (the “Acquired Fund Shares”) in complete redemption of the Acquired Fund Shares and the termination of the Acquired Fund, as provided herein (each, a “Reorganization”), all upon the terms and conditions hereinafter set forth in this Agreement;

A-1

transfer and delivery of all of the property and assets of the corresponding Acquired Fund listed on Exhibit A (as to each Acquiring Fund, the “corresponding Acquired Fund”) in exchange for Acquiring Fund Shares and the assumption of all liabilities of that Acquired Fund by the Acquiring Fund is in the best interests of the Acquiring Fund and its holders and that the interests of the existing holders of the Acquiring Fund will not be diluted as a result of this transaction; and

WHEREAS, the Board of Trustees of the Acquired Entity (the “Acquired Entity Board”) has determined, with respect to each Acquired Fund, that the sale, assignment, conveyance, transfer and delivery of all of the property and assets of the Acquired Fund in exchange for Acquiring Fund Shares and the assumption of all liabilities of the Acquired Fund by the corresponding Acquiring Fund is in the best interests of the Acquired Fund and its holders and that the interests of the existing holders of the Acquired Fund will not be diluted as a result of this transaction;

NOW, THEREFORE, in consideration of the premises and of the covenants and agreements hereinafter set forth, the parties hereto covenant and agree as follows:

1.	TRANSFER OF ASSETS OF EACH ACQUIRED FUND TO THE CORRESPONDING ACQUIRING FUND IN EXCHANGE FOR ACQUIRING FUND SHARES IN SUCH ACQUIRING FUND AND ASSUMPTION OF ALL LIABILITIES OF THAT ACQUIRED FUND; TERMINATION OF THAT ACQUIRED FUND

1.1 Subject to requisite approvals and the other terms and conditions herein set forth and on the basis of the representations and warranties contained herein, the Acquired Entity, on behalf of each Acquired Fund listed on Exhibit A, agrees to sell, assign, convey, transfer and deliver all of its property and assets attributable to that Acquired Fund, as set forth in paragraph 1.2, to the corresponding Acquiring Fund, and the Acquiring Entity, on behalf of that Acquiring Fund, agrees in exchange therefor: (a) to deliver to the corresponding Acquired Fund as of the time and date set forth in paragraph 3.1 the number of full and fractional Acquiring Fund Shares of that Acquiring Fund determined by dividing the value of the Acquired Entity’s net assets with respect to the Acquired Fund (computed in the manner and as of the time and date set forth in paragraph 2.1) by the net asset value of one share of Acquiring Fund Shares of that Acquiring Fund (computed in the manner and as of the time and date set forth in paragraph 2.2); and (b) to assume all Liabilities (as defined in paragraph 1.2) of the corresponding Acquired Fund as set forth in paragraph 1.2. Such transactions shall take place on a closing date as provided for in paragraph 3.1 (the “Closing Date”). Exhibit A attached hereto shows each Acquired Fund, the corresponding Acquiring Fund and the class of Acquiring Fund Shares to be delivered to the Acquired Fund.

1.2 The property and assets of the Acquired Entity attributable to each Acquired Fund to be sold, assigned, conveyed, transferred and delivered to and acquired by the Acquiring Entity, on behalf of the corresponding Acquiring Fund, shall consist of all assets and property of every kind and nature of the Acquired Fund, including, without limitation, all rights, receivables (including dividend, interest and other receivables), cash, cash equivalents, claims (whether absolute or contingent, known or unknown), securities, commodities and futures interests, good will and other intangible property, any deferred or prepaid expenses and all interests, rights, privileges and powers, the Acquired Fund owns at the Valuation Date (as defined in paragraph 2.1) (collectively, “Assets”). The “Liabilities” of each Acquired Fund to be assumed by the corresponding Acquiring Fund consist of all of the liabilities and obligations of the corresponding Acquired Fund, including, without limitation, all indemnification obligations of such Acquired Fund with respect to the

A-2

current and former members of the Acquired Entity Board and officers of the Acquired Entity, whether accrued or contingent, known or unknown, existing at the Valuation Date. Each Acquired Fund will promptly assign, convey, transfer and deliver to the Acquiring Entity, on behalf of the corresponding Acquiring Fund, any rights, stock dividends, cash dividends or other securities received by the Acquired Fund after the Closing Date as stock dividends, cash dividends or other distributions on or with respect to the property and assets transferred, which rights, stock dividends, cash dividends and other securities shall be deemed included in the property and assets transferred to the Acquiring Entity, on behalf of the corresponding Acquiring Fund, at the Closing Date and shall not be separately valued, in which case any such distribution that remains unpaid as of the Closing Date shall be included in the determination of the value of the assets of the Acquired Fund acquired by the Acquiring Entity on behalf of the corresponding Acquiring Fund.

1.3 Immediately upon delivery to the Acquired Fund of the Acquiring Fund Shares, the Acquired Entity, on behalf of such Acquired Fund, as an initial shareholder of the corresponding Acquiring Fund, shall (a) vote (along with the Acquiring Fund’s other initial shareholders) to approve the investment management agreement with respect to the Acquiring Fund, (b) vote (along with the Acquiring Fund’s other initial shareholders) to approve the sub-advisory agreement between TAM and the sub-adviser(s) with respect to the Acquiring Fund (c) approve the distribution plan pursuant to Rule 12b-1 under the 1940 Act for the Acquiring Fund with respect to the class of Acquiring Fund Shares received by the Acquired Fund in the Reorganization, and (d) approve any other matter for which shareholder approval is required.

1.4 Immediately following the actions contemplated by paragraphs 1.1 and 1.3, the Acquired Entity shall take such actions as may be necessary or appropriate to complete the liquidation of each Acquired Fund. To complete the liquidation, the Acquired Entity, on behalf of each Acquired Fund, shall (a) distribute to the holders of record of Acquired Fund Shares as of the Closing Date (“Acquired Fund Shareholders”), on a pro rata basis, the Acquiring Fund Shares of the corresponding Acquiring Fund received by the Acquired Entity, on behalf of that Acquired Fund, pursuant to paragraph 1.1, in complete redemption of such Acquired Fund Shares, and (b) terminate the Acquired Fund in accordance with applicable state law. Such distribution and redemption shall be accomplished by the transfer of the Acquiring Fund Shares then credited to the account of the Acquired Fund on the books of the corresponding Acquiring Fund to open accounts on the share records of the Acquiring Fund in the names of the Acquired Fund Shareholders. The aggregate net asset value of Acquiring Fund Shares of each Acquiring Fund to be so credited to each of the corresponding Acquired Fund Shareholders holding Acquired Fund Shares of the corresponding Acquired Fund shall be equal to the aggregate net asset value of the Acquired Fund Shares of that Acquired Fund owned by that Acquired Fund Shareholder on the Closing Date. All issued Acquired Fund Shares will be canceled on the books of the Acquired Fund. The Acquiring Fund shall not issue certificates representing Acquiring Fund Shares in connection with such exchange.

1.5 Ownership of Acquiring Fund Shares will be shown on the books of the Acquiring Fund as maintained by the Acquiring Fund’s transfer agent.

1.6 Any reporting responsibility of an Acquired Fund, including, but not limited to, the responsibility for filing regulatory reports, tax returns, or other documents with the Securities and Exchange Commission (“Commission”), any state securities commission, and any federal, state or local tax authorities or any other relevant regulatory authority, is and shall remain the responsibility of the Acquired Entity, on behalf of such Acquired Fund. The Acquiring Entity shall fully cooperate to the extent necessary or desirable for these responsibilities to be discharged.

1.7 As promptly as practicable following the Reorganization of each Acquired Fund, the Acquired Entity will take all necessary action to effect Acquired Fund deregistration as an investment company in accordance with the rules and regulations of the Commission and shall subsequently voluntarily dissolve in accordance with the requirements of Massachusetts.

A-3

2.	VALUATION

2.1 The value of the Assets and the amount of the Liabilities of each Acquired Fund shall be determined as of the time for calculation of its net asset value as set forth in the then-current prospectus for the Acquired Fund, and after the declaration of any dividends by the Acquired Fund, on the applicable Closing Date (such time and date being hereinafter called the “Valuation Date”), computed using the valuation procedures established by the Acquired Entity Board and the Acquiring Entity Board. All computations of value and amounts shall be subject to confirmation by the independent registered public accounting firm for the applicable Acquired Fund.

2.2 The net asset value per share of the Acquiring Fund Shares of each Acquiring Fund shall be determined as of the time for calculation of the applicable Acquiring Fund’s net asset value as set forth in the then-current prospectus for the Acquiring Fund on the Valuation Date, computed using the valuation procedures established by the Acquired Entity Board and the Acquiring Entity Board. All computations of value and amounts shall be subject to confirmation by the independent registered public accounting firm for the applicable Acquiring Fund.

3.	CLOSING AND CLOSING DATE

3.1 Subject to the terms and conditions set forth herein, the Closing Date with respect to each Reorganization shall be as specified on Exhibit A attached hereto, or such other date as the parties may agree with respect to such Reorganization. All acts taking place at the closing of a Reorganization as provided for in this Agreement with respect to each such Reorganization (a “Closing”) shall be deemed to take place simultaneously as of the “close of business” on the Closing Date for such Reorganization unless otherwise agreed to by the parties. The close of business on the Closing Date shall be as of 4:30 p.m. Eastern Time for each Reorganization involving an Acquired Fund that operates as a feeder fund and invests its assets in a master portfolio and 5:30 p.m. Eastern Time for each Reorganization involving an Acquired Fund that operates as an asset allocation fund and currently invests its assets in various feeder funds, or, as to any Reorganization, such later time on that date as the applicable Acquired Fund’s net asset value and/or the net asset value per share of the class of shares of the corresponding Acquiring Fund is calculated in accordance with Article 2 and after the declaration of any dividends. The Closing shall be held at the offices of [TAM, 1801 California St., Suite 5200, Denver, Colorado 80202], or at such other time and/or place as the parties may agree.

3.2 At the Closing of each Reorganization, the Acquired Entity shall direct State Street Bank and Trust Company (the “Custodian”) to transfer ownership of the Assets from the accounts of the applicable Acquired Fund that the Custodian maintains as custodian for the Acquired Fund to the accounts of the corresponding Acquiring Fund that the Custodian maintains as custodian for the Acquiring Fund. The Acquired Entity shall, within one business day after the Closing for each Reorganization, deliver to the applicable Acquiring Entity a certificate of an authorized officer stating that (i) the Assets of the corresponding Acquired Fund have been so transferred as of the Closing Date, and (ii) all necessary taxes in connection with the delivery of the Assets of that Acquired Fund, including all applicable federal and state stock transfer stamps, if any, have been paid or provision for payment has been made.

A-4

3.3 The Acquired Entity shall direct Transamerica Fund Services, Inc., in its capacity as transfer agent for each Acquired Fund (“Transfer Agent”), to deliver to the Acquiring Entity, within one business day after the Closing of each Reorganization, a certificate of an authorized officer stating that its records contain the name and address of each Acquired Fund Shareholder of the applicable Acquired Fund and the number and percentage ownership of the outstanding Acquired Fund Shares owned by each such holder immediately prior to the Closing. At the Closing of each Reorganization, the applicable Acquiring Fund shall deliver to the Secretary of the corresponding Acquired Fund a confirmation evidencing that the appropriate number of Acquiring Fund Shares of the appropriate class have been credited to the Acquired Fund’s account on the books of such Acquiring Fund pursuant to paragraph 1.1. At the applicable Closing, each party shall deliver to the other party such bills of sale, checks, assignments, share certificates, if any, receipts or other documents as the other party or its counsel may reasonably request.

3.4 In the event that on the Valuation Date (a) the New York Stock Exchange or another primary trading market for portfolio securities of an Acquiring Fund or an Acquired Fund (each, an “Exchange”) shall be closed to trading or trading thereupon shall be restricted, or (b) trading or the reporting of trading on such Exchange or elsewhere shall be disrupted so that accurate appraisal of the value of the net assets of such Acquired Fund or such Acquiring Fund is impracticable (in the judgment of the Acquiring Entity Board with respect to such Acquiring Fund and the Acquired Entity Board with respect to such Acquired Fund), the Closing Date for the applicable Reorganization shall be postponed until the first Friday (that is also a business day) after the day when trading shall have been fully resumed and reporting shall have been restored.

4.	REPRESENTATIONS AND WARRANTIES

4.1 Except as has been fully disclosed to the Acquiring Entity in Schedule 4.1 of this Agreement, the Acquired Entity, on behalf of each Acquired Fund, represents and warrants to the Acquiring Entity and the corresponding Acquiring Fund as follows:

(a) Such Acquired Fund is duly established as a series of the Acquired Entity, which is a business trust validly existing and in good standing under the laws of the Commonwealth of Massachusetts, with power under its charter documents, as amended (the “Acquired Entity Charter”), to own all of its assets and to carry on its business as contemplated by this Agreement. The Acquired Entity is duly qualified to do business as a foreign corporation in each jurisdiction in which the conduct of its business makes such qualification necessary except where the failure to so qualify would not have a material adverse effect on the condition (financial or otherwise), business, properties, net assets or results of operations of the Acquired Entity. The Acquired Entity has all necessary federal, state and local authorization to carry on its business as now being conducted and to fulfill the terms of this Agreement, except as set forth in paragraph 4.1(c).

(b) The Acquired Entity is a registered open-end management investment company, and its registration with the Commission as an investment company under the 1940 Act, and the registration of Acquired Fund Shares under the Securities Act of 1933, as amended (the “1933 Act”), is in full force and effect.

A-5

(c) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquired Fund of the transactions contemplated herein, except such as may be required under the 1933 Act, the Securities Exchange Act of 1934 (the “1934 Act”), the 1940 Act, state securities laws and the Hart-Scott-Rodino Act.

(d) The current prospectus and statement of additional information of such Acquired Fund (true and correct copies of which have been delivered to the Acquiring Entity) and each prospectus and statement of additional information of the Acquired Fund used during the three (3) years prior to the date of this Agreement conforms or conformed at the time of its use in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder and does not or did not at the time of its use include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading.

(e) On the Closing Date, the Acquired Entity, on behalf of such Acquired Fund, will have good and marketable title to such Acquired Fund’s Assets and full right, power and authority to sell, assign, convey, transfer and deliver such Assets hereunder free of any liens or other encumbrances, and upon delivery and payment for the Assets, the Acquiring Entity, on behalf of the corresponding Acquiring Fund, will acquire good and marketable title thereto, subject to no restrictions on the full transfer thereof, excluding such restrictions as might arise under the 1933 Act.

(f) The Acquired Fund is not engaged currently, and the execution, delivery and performance of this Agreement by the Acquired Entity, on behalf of such Acquired Fund, will not result, in a material violation of Massachusetts law or of the Acquired Entity Charter or the by-laws of the Acquired Entity, or of any agreement, indenture, instrument, contract, lease or other undertaking to which the Acquired Entity, on behalf of such Acquired Fund, is a party or by which it is bound, and the execution, delivery and performance of this Agreement by the Acquired Entity, on behalf of such Acquired Fund, will not result in the acceleration of any material obligation, or the imposition of any material penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which the Acquired Entity, on behalf of such Acquired Fund, is a party or by which it is bound.

(g) All material contracts or other commitments of such Acquired Fund (other than this Agreement, certain investment contracts, including options, futures, swaps and forward contracts, the indemnification agreements of the current and former members of the Acquired Entity Board, and those contracts listed in Schedule 4.1) will terminate without liability to such Acquired Fund on or prior to the Closing Date. Each contract listed in Schedule 4.1 is a valid, binding and enforceable obligation of such Acquired Fund and, to the Acquired Fund’s knowledge, the other parties thereto (assuming due authorization, execution and delivery by the other parties thereto) and the assignment by such Acquired Fund to the corresponding Acquiring Fund of each such contract will not result in the termination of such contract, any breach or default thereunder by such Acquired Fund or the imposition of any penalty thereunder.

A-6

decree or judgment of any court or governmental body that materially and adversely affects such Acquired Fund’s business or the Acquired Entity’s ability to consummate the transactions herein contemplated on behalf of such Acquired Fund.

(i) The Statement of Assets and Liabilities, Statements of Operations and Changes in Net Assets and Schedule of Investments of such Acquired Fund as at the last day of and for the most recently completed fiscal year of such Acquired Fund prior to the date of this Agreement have been audited by Ernst & Young LLP, independent registered public accounting firm, and are in accordance with accounting principles generally accepted in the United States of America (“GAAP”) consistently applied, and such statements (true and correct copies of which have been furnished to the Acquiring Entity) present fairly, in all material respects, the financial condition of such Acquired Fund as of such date and for such period in accordance with GAAP, and there are no known contingent, accrued or other liabilities of such Acquired Fund required to be reflected on a balance sheet (including the notes thereto) in accordance with GAAP as of such date that are not disclosed therein.

(j) Since the last day of the most recently completed fiscal year of such Acquired Fund prior to the date of this Agreement, there has not been any material adverse change in such Acquired Fund’s financial condition, assets, liabilities or business, or any incurrence by the Acquired Fund of indebtedness for money borrowed maturing more than one year from the date such indebtedness was incurred. For the purposes of this subparagraph (j), a decline in net asset value per share of Acquired Fund Shares due to declines in market values of securities held by such Acquired Fund, the discharge of Acquired Fund liabilities, or the redemption of Acquired Fund Shares by holders of such Acquired Fund shall not constitute a material adverse change.

(k) All federal and other tax returns, dividend reporting forms and other tax-related reports of such Acquired Fund required by law to have been filed (taking into account any extensions) shall have been timely filed (taking such extensions into account) and shall be correct in all material respects, and all federal and other taxes shown as due or required to be shown as due from the Acquired Fund on such tax returns, forms and reports shall have been paid or provision shall have been made for the payment thereof and, to the best of the Acquired Entity’s knowledge, no such return is currently under audit and no outstanding assessment of any tax has been asserted with respect to such returns.

(l) Such Acquired Fund is a separate series of the Acquired Entity that is treated as a corporation separate from any and all other series of the Acquired Entity under Section 851(g) of the Code. For each taxable year of its operation, such Acquired Fund has met the requirements of Subchapter M of Chapter 1 of the Code for qualification and treatment as a “regulated investment company,” has had in effect an election to be treated as such, and has been eligible to compute and has computed its federal income tax under Section 852 of the Code. For each taxable year of its operation ending before the Closing Date, such Acquired Fund will have distributed, on or before the Closing Date, substantially all of (a) its investment company taxable income (as defined in the Code) (computed without regard to any deduction for dividends paid), (b) the excess of its interest income excludable from gross income under Section 103(a) of the Code, if any, over its deductions disallowed under Section 265 and Section 171(a)(2) of the Code, and (c) any net capital gain (as defined in the Code) (after reduction for any allowable capital loss carryover) that has accrued or been recognized, respectively, through the Closing Date such that for all tax periods ending on or before the Closing Date such Acquired Fund will not have any unpaid tax liability under Section 852 of the Code. For each calendar year of its operation, such Acquired Fund will have made such distributions, on or before the Closing Date, as are necessary so that for all calendar years ending on or before the Closing Date, and for the calendar year that includes the Closing Date, such Acquired Fund will not have any unpaid tax liability under Section 4982 of the Code.

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(m) All issued and outstanding Acquired Fund Shares of such Acquired Fund are, and on the Closing Date will be, duly authorized and validly and legally issued and outstanding, fully paid and non-assessable by the Acquired Entity and have been offered and sold in any state, territory or the District of Columbia in compliance in all material respects with applicable registration requirements of all applicable federal and state securities laws. All of the issued and outstanding Acquired Fund Shares of such Acquired Fund will, at the time of Closing, be held by the persons and in the amounts set forth in the records of the Transfer Agent, on behalf of such Acquired Fund, as provided in paragraph 3.3. Such Acquired Fund does not have outstanding any options, warrants or other rights to subscribe for or purchase any of the Acquired Fund Shares of such Acquired Fund, nor is there outstanding any security convertible into any of the Acquired Fund Shares of such Acquired Fund.

(n) The execution, delivery and performance of this Agreement, and the transactions contemplated herein, have been duly authorized by all necessary action on the part of the Acquired Entity Board, on behalf of such Acquired Fund, and this Agreement constitutes a valid and binding obligation of the Acquired Entity, on behalf of such Acquired Fund, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights and to general equity principles.

(o) The information to be furnished by the Acquired Entity, on behalf of such Acquired Fund, for use in any documents filed or to be filed with any federal, state or local regulatory authority, which may be necessary in connection with the transactions contemplated hereby, shall be accurate and complete in all material respects and shall comply in all material respects with federal securities and other laws and regulations thereunder applicable thereto.

(p) The Registration Statement (as defined in paragraph 5.9), insofar as it relates to such Acquired Fund, from the effective date of the Registration Statement through the date of the meeting of holders of the Acquired Fund contemplated herein and on the Closing Date, will (i) not contain any statement which, at the time and in the light of the circumstances under which it is made, is false or misleading with respect to any material fact, or which omits to state any material fact necessary in order to make the statements therein not false or misleading (provided that this representation and warranty shall not apply to statements in or omissions from the Registration Statement made in reliance upon and in conformity with information that was furnished by the Acquiring Entity, on behalf of the corresponding Acquiring Fund, for use therein), and (ii) comply in all material respects with the provisions of the 1934 Act and the 1940 Act and the rules and regulations thereunder.

4.2 Except as has been fully disclosed to the Acquired Entity in Schedule 4.2 to this Agreement, the Acquiring Entity, on behalf of each Acquiring Fund, represents and warrants to the Acquired Entity and the corresponding Acquired Fund as follows:

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Acquiring Entity is duly qualified to do business as a foreign trust in each jurisdiction in which the conduct of its business makes such qualification necessary except where the failure to so qualify would not have a material adverse effect on the condition (financial or otherwise), business, properties, net assets or results of operations of the Acquiring Entity. The Acquiring Entity has all necessary federal, state and local authorization to carry on its business as now being conducted and to fulfill the terms of this Agreement except as described in paragraph 4.2(c).

(b) The Acquiring Entity is a registered open-end management investment company, and its registration with the Commission as an investment company under the 1940 Act, and the registration of Acquiring Fund Shares under the 1933 Act, is in full force and effect or will be in full force and effect as of the Closing Date.

(c) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquiring Fund of the transactions contemplated herein, except such as may be required under the 1933 Act, the 1934 Act, the 1940 Act, state securities laws and the Hart-Scott-Rodino Act.

(d) Such Acquiring Fund currently has no assets or liabilities and has carried on no business activities prior to the date of this Agreement. At all times prior to the Closing Date, such Acquiring Fund will not have had any assets or liabilities or have carried on any business activities.

(e) Such Acquiring Fund is not engaged currently, and the execution, delivery and performance of this Agreement by the Acquiring Entity, on behalf of such Acquiring Fund, will not result, in a material violation of Delaware law or the Acquiring Entity Charter or the by-laws of the Acquiring Entity, or of any agreement, indenture, instrument, contract, lease or other undertaking to which the Acquiring Entity, on behalf of such Acquiring Fund, is a party or by which it is bound, and the execution, delivery and performance of this Agreement by the Acquiring Entity, on behalf of such Acquiring Fund, will not result in the acceleration of any material obligation, or the imposition of any material penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which the Acquiring Entity, on behalf of such Acquiring Fund, is a party or by which it is bound.

(f) No litigation or administrative proceeding or investigation of or before any court or governmental body is pending or, to the Acquiring Entity’s knowledge, threatened against the Acquiring Entity, with respect to such Acquiring Fund, or any of its properties or assets, that, if adversely determined, would materially and adversely affect its financial condition or the conduct of such Acquiring Fund’s business. The Acquiring Entity, on behalf of such Acquiring Fund, is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental body that materially and adversely affects such Acquiring Fund’s business or the Acquiring Entity’s ability to consummate the transactions herein contemplated on behalf of such Acquiring Fund.

(g) Such Acquiring Fund is a separate series of the Acquiring Entity that, upon consummation of the applicable Reorganization, will be treated as a corporation separate from any and all other series of the Acquiring Entity under Section 851(g) of the Code.

(h) Upon the consummation of the Reorganization, all issued and outstanding Acquiring Fund Shares, including those Acquiring Fund Shares to be delivered by the Acquiring Fund to the Acquired Fund in accordance with paragraph 1.1, will be duly authorized and validly and legally issued and outstanding, fully

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paid and non-assessable by the Acquiring Entity and will have been offered and sold in any state, territory or the District of Columbia in compliance in all material respects with applicable registration requirements of all applicable federal and state securities laws. Such Acquiring Fund does not have outstanding any options, warrants or other rights to subscribe for or purchase any Acquiring Fund Shares, nor is there outstanding any security convertible into any Acquiring Fund Shares.

(i) The execution, delivery and performance of this Agreement, and the transactions contemplated herein, have been duly authorized by all necessary action on the part of the Acquiring Entity Board, on behalf of such Acquiring Fund, and this Agreement constitutes a valid and binding obligation of the Acquiring Entity, on behalf of such Acquiring Fund, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights and to general equity principles.

(j) The information to be furnished by the Acquiring Entity, on behalf of such Acquiring Fund, for use in any documents filed or to be filed with any federal, state or local regulatory authority, which may be necessary in connection with the transactions contemplated hereby, shall be accurate and complete in all material respects and shall comply in all material respects with federal securities and other laws and regulations applicable thereto.

(k) Such Acquiring Fund was formed solely for the purpose of consummating the Reorganization and certain other reorganizations and continuing the business and operations of the corresponding Acquired Fund and certain other funds. As of the Closing Date, and immediately prior to the Reorganization, such Acquiring Fund shall not ever have held any assets and shall not ever have carried on any business activities whatsoever.

(l) For the taxable year that includes the Closing Date and for subsequent taxable periods, the Acquiring Entity reasonably expects that such Acquiring Fund will meet the requirements of Subchapter M of the Code for qualification as a regulated investment company and will be eligible to, and will, compute its federal income tax under Section 852 of the Code.

(m) The Registration Statement (as defined in paragraph 5.9), insofar as it relates to such Acquiring Fund, from the effective date of the Registration Statement through the date of the meeting of holders of the corresponding Acquired Fund contemplated therein and on the Closing Date, will (i) not contain any statement which, at the time and in the light of the circumstances under which it is made, is false or misleading with respect to any material fact, or which omits to state any material fact necessary to make the statements therein not false or misleading (provided that this representation and warranty shall not apply to statements in or omissions from the Registration Statement made in reliance upon and in conformity with information that was furnished by the Acquired Entity for use therein) and (ii) comply in all material respects with the provisions of the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder.

(n) The Post-Effective Amendments (as defined in paragraph 5.10) to be filed by the Acquiring Entity, insofar as they relate to such Acquiring Fund, pursuant to this Agreement will, on the effective date of the Post-Effective Amendments, comply in all material respects with the applicable requirements of the 1933 Act and 1940 Act and the rules and regulations of the Commission thereunder.

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5.	COVENANTS

The Acquired Entity, on behalf of each Acquired Fund, and the Acquiring Entity, on behalf of each Acquiring Fund, respectively, hereby further covenant as follows:

5.1 The Acquired Fund and the Acquiring Fund each will operate its business in the ordinary course and shall comply in all material respects with all applicable laws, rules and regulations between the date hereof and the Closing Date, it being understood that such ordinary course of business will include the declaration and payment of customary dividends and other distributions, and any other distribution that may be advisable.

5.2 The Acquiring Fund Shares to be acquired by such Acquired Fund hereunder are not being acquired for the purpose of making any distribution thereof, other than in accordance with the terms of this Agreement.

5.3 The Acquired Entity, on behalf of each Acquired Fund, will assist the Acquiring Entity in obtaining such information as the Acquiring Entity reasonably requests concerning the beneficial ownership of the Acquired Fund Shares.

5.4 Subject to the provisions of this Agreement, the Acquiring Entity, on behalf of each Acquiring Fund, and the Acquired Entity, on behalf of each Acquired Fund, each will take, or cause to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement.

5.5 Each of the Acquiring Entity, on behalf of each Acquiring Fund, and the Acquired Entity, on behalf of each Acquired Fund, will use all reasonable efforts to fulfill or obtain the fulfillment of the conditions precedent to effect the transactions contemplated by this Agreement as promptly as practicable.

5.6 The Acquired Entity, on behalf of each Acquired Fund, will, from time to time, as and when reasonably requested by the Acquiring Entity, execute and deliver or cause to be executed and delivered all such assignments and other instruments and will take or cause to be taken such further action as the Acquiring Entity, on behalf of the corresponding Acquiring Fund, may reasonably deem necessary or desirable in order to vest in and confirm (a) the Acquired Entity’s title to and possession of the Acquiring Fund Shares to be delivered hereunder and (b) the Acquiring Entity’s title to and possession of all the Assets, and to otherwise to carry out the intent and purpose of this Agreement.

5.7 The Acquiring Entity, on behalf of each Acquiring Fund, will use all reasonable efforts to obtain the approvals and authorizations required by the 1933 Act, the 1940 Act and such of the state blue sky or securities laws as may be necessary in order to continue its operations after the Closing Date.

5.8 The Acquired Entity will call a meeting of the holders of such Acquired Fund to consider and act upon this Agreement and to take all other action necessary to obtain approval of the transactions contemplated herein.

5.9 The Acquiring Entity, on behalf of such Acquiring Fund, shall prepare and file a registration statement on Form N-14 in compliance with the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder with respect to the Reorganization (the “Registration Statement”). The Acquired Entity, on behalf of such Acquired Fund, will provide to the Acquiring Entity such information regarding the Acquired Fund as may be reasonably necessary for the preparation of the Registration Statement.

5.10 The Acquiring Entity, on behalf of each Acquiring Fund, shall prepare and file one or more post-effective amendments to its registration statement on Form N-1A (the “Post-Effective Amendments”) to become effective on or before the Closing Date to register the Acquiring Fund Shares under the 1933 Act and the 1940 Act.

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6.	CONDITIONS PRECEDENT TO OBLIGATIONS OF EACH ACQUIRED FUND

The obligations of the Acquired Entity, on behalf of each Acquired Fund, to consummate the Reorganization of such Acquired Fund shall be subject, at the Acquired Entity’s election, to the following conditions with respect to the applicable Acquired Fund:

6.1 All representations and warranties of the Acquiring Entity, on behalf of such Acquiring Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date.

6.2 The Acquiring Entity, on behalf of such Acquiring Fund, shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by the Acquiring Entity, on behalf of such Acquiring Fund, on or before the Closing Date.

6.3 The Acquiring Entity, on behalf of such Acquiring Fund, shall have executed and delivered an assumption of the Liabilities of the corresponding Acquired Fund and all such other agreements and instruments as the Acquired Entity may reasonably deem necessary or desirable in order to vest in and confirm (a) such Acquired Fund’s title to and possession of the Acquiring Fund Shares to be delivered hereunder and (b) the Acquiring Entity’s assumption of all of the Liabilities, and to otherwise to carry out the intent and purpose of this Agreement.

6.4 The Acquiring Entity, on behalf of such Acquiring Fund, shall have delivered to such Acquired Fund a certificate executed in the name of the Acquiring Entity, on behalf of such Acquiring Fund, by the Acquiring Entity’s President or Vice President and its Treasurer or Assistant Treasurer, in a form reasonably satisfactory to the Acquired Entity and dated as of the Closing Date, as to the matters set forth in paragraphs 6.1 and 6.2 and as to such other matters as the Acquired Entity shall reasonably request.

6.5 The Acquiring Entity, on behalf of such Acquiring Fund, and the Acquired Entity, on behalf of the corresponding Acquired Fund, shall have agreed on the number of full and fractional Acquiring Fund Shares to be issued in connection with the Reorganization after such number has been calculated in accordance with paragraph 1.1.

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7.	CONDITIONS PRECEDENT TO OBLIGATIONS OF EACH ACQUIRING FUND

The obligations of the Acquiring Entity, on behalf of each Acquiring Fund, to consummate the Reorganization of the corresponding Acquiring Fund shall be subject, at the Acquiring Entity’s election, to the following conditions with respect to the applicable Acquiring Fund:

7.1 All representations and warranties of the Acquired Entity, on behalf of such Acquired Fund, contained in this Agreement shall be true and correct in all material respects as of the date hereof and, except as they may be affected by the transactions contemplated by this Agreement, as of the Closing Date, with the same force and effect as if made on and as of the Closing Date.

7.2 The Acquired Entity, on behalf of such Acquired Fund, shall have performed all of the covenants and complied with all of the provisions required by this Agreement to be performed or complied with by the Acquired Entity, on behalf of such Acquired Fund, on or before the Closing Date.

7.3 The Acquired Entity shall have delivered to the Acquiring Entity, on behalf of such Acquiring Fund, a Statement of Assets and Liabilities of such Acquired Fund as of the Closing Date, including a schedule of investments, certified by the Treasurer of the Acquired Entity on behalf of such Acquired Fund. The Acquired Entity, on behalf of such Acquired Fund, shall have executed and delivered all such assignments and other instruments of transfer as the Acquiring Entity may reasonably deem necessary or desirable in order to vest in and confirm (a) the Acquired Fund’s title to and possession of the Acquiring Fund Shares to be delivered hereunder and (b) the Acquiring Fund’s title to and possession of all the Assets and to otherwise to carry out the intent and purpose of this Agreement.

7.4 The Acquired Entity, on behalf of such Acquired Fund, shall have delivered to the Acquiring Entity a certificate executed in the name of the Acquired Entity, on behalf of such Acquired Fund, by the Acquired Entity’s President or Vice President and its Treasurer or Assistant Treasurer, in a form reasonably satisfactory to the Acquiring Entity and dated as of the Closing Date, as to the matters set forth in paragraphs 7.1 and 7.2 and as to such other matters as the Acquiring Entity shall reasonably request.

7.5 The Acquired Entity, on behalf of such Acquired Fund, and the Acquiring Entity, on behalf of such Acquiring Fund, shall have agreed on the number of full and fractional Acquiring Fund Shares to be issued by such Acquiring Fund in connection with the Reorganization after such number has been calculated in accordance with paragraph 1.1.

8.	FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF EACH ACQUIRING FUND AND EACH CORRESPONDING ACQUIRED FUND

If any of the conditions set forth below have not been satisfied on or before the Closing Date with respect to the Acquired Entity, on behalf of each Acquired Fund, or the Acquiring Entity, on behalf of the corresponding Acquiring Fund, the other party to this Agreement shall be entitled on behalf of the corresponding Acquired Fund or Acquiring Fund, as applicable, at its option, to (and shall, in the case of a failure to satisfy the conditions set forth in paragraph 8.7) refuse to consummate the transactions contemplated by this Agreement with respect to the applicable Acquired Fund and its corresponding Acquiring Fund:

8.1 This Agreement and the transactions contemplated herein shall have been approved by the requisite vote of the holders of the outstanding shares of such Acquired Fund, in accordance with the provisions of the Acquired Entity Charter, the by-laws of the Acquired Entity, and applicable state law, and certified copies of the resolutions evidencing such approval shall have been delivered to the Acquiring Entity. Notwithstanding anything herein to the contrary, neither the Acquiring Entity nor the Acquired Entity may waive the condition set forth in this paragraph 8.1.

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8.2 On the applicable Closing Date, no court or governmental agency of competent jurisdiction shall have issued any order that remains in effect and that restrains or enjoins the Acquired Entity, with respect to such Acquired Fund, or the Acquiring Entity, with respect to such Acquiring Fund, from completing the transactions contemplated by this Agreement.

8.3 All consents of other parties and all other consents, orders and permits of federal, state and local regulatory authorities deemed necessary by the Acquiring Entity or the Acquired Entity to permit consummation, in all material respects, of the transactions contemplated hereby shall have been obtained, except where failure to obtain any such consent, order or permit would not involve a risk of a material adverse effect on the assets or properties of such Acquiring Fund or such Acquired Fund, provided that either party hereto may for itself waive any of such conditions.

8.4 The Registration Statement shall have become effective under the 1933 Act and no stop orders suspending the effectiveness thereof shall have been issued and, to the best knowledge of the parties hereto, no investigation or proceeding for that purpose shall have been instituted or be pending. The Post-Effective Amendments shall have become effective, and no stop orders suspending the effectiveness thereof shall have been issued and, to the best knowledge of the parties hereto, no investigation or proceeding for that purpose shall have been instituted or be pending.

8.5 The Acquiring Entity, on behalf of each Acquiring Fund, shall have received on the applicable Closing Date an opinion of Morgan, Lewis & Bockius LLP, in a form reasonably satisfactory to the Acquiring Entity, and dated as of the Closing Date, substantially to the effect that, based upon certain facts and certifications made by the Acquired Entity, on behalf of the Acquired Fund, and its authorized officers: (a) the Acquired Entity is a business trust validly existing under the laws of the Commonwealth of Massachusetts; (b) the Acquired Entity, with respect to the corresponding Acquired Fund, has the power as a corporation to carry on its business as presently conducted in accordance with the description thereof in the Acquired Entity’s registration statement as an open-end investment company registered under the 1940 Act; (c) this Agreement has been duly authorized, executed and delivered by the Acquired Entity, on behalf of the corresponding Acquired Fund, and constitutes a valid and legally binding obligation of the Acquired Entity, on behalf of the corresponding Acquired Fund, enforceable against the Acquired Entity in accordance with its terms; and (d) the execution and delivery of this Agreement did not, and the transfer of the Assets for Acquiring Fund Shares and the assumption by the Acquiring Fund of the Liabilities pursuant to this Agreement will not, violate the Acquired Entity Charter or the by-laws of the Acquired Entity. Such opinion may state that it is solely for the benefit of the Acquiring Entity and the Acquiring Entity Board. Such opinion may contain such assumptions and limitations as shall be in the opinion of Morgan, Lewis & Bockius LLP appropriate to render the opinions expressed therein.

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Entity, and dated as of the Closing Date, substantially to the effect that, based upon certain facts and certifications made by the Acquiring Entity, on behalf of the corresponding Acquiring Fund and its authorized officers: (a) the Acquiring Entity is a statutory trust validly existing under the laws of the State of Delaware; (b) the Acquiring Entity, with respect to the corresponding Acquiring Fund, has the power as a statutory trust to carry on its business as presently conducted in accordance with the description thereof in the Acquiring Entity’s registration statement as an open-end investment company registered under the 1940 Act; (c) this Agreement has been duly authorized, executed and, so far as known to such counsel, delivered by the Acquiring Entity, on behalf of the corresponding Acquiring Fund, and constitutes a valid and legally binding obligation of the Acquiring Entity, on behalf of the corresponding Acquiring Fund, enforceable against the Acquiring Entity in accordance with its terms; and (d) the execution and delivery of this Agreement did not, and the issuance of the Acquiring Fund Shares and the assumption of the Liabilities in exchange for the transfer of the Assets pursuant to this Agreement will not, violate the Acquiring Entity Charter or the by-laws of the Acquiring Entity. Such opinion may state that it is solely for the benefit of the Acquired Entity and the Acquired Entity Board. Such opinion may contain such assumptions and limitations as shall be in the opinion of Morgan, Lewis & Bockius LLP appropriate to render the opinions expressed therein.

8.7 The parties shall have received the opinion of Morgan, Lewis & Bockius LLP, dated the Closing Date, substantially to the effect that, based upon certain facts, assumptions and representations and upon certifications made by the Acquired Entity, on behalf of the applicable Acquired Fund, the Acquiring Entity, on behalf of the applicable Acquiring Fund, and their respective authorized officers, (i) the applicable Reorganization will constitute a reorganization within the meaning of Section 368(a) of the Code, and the applicable Acquired Fund and the corresponding Acquiring Fund will each be a “party to a reorganization” within the meaning of Section 368(b) of the Code; (ii) no gain or loss will be recognized by such Acquiring Fund upon receipt of the Assets of the corresponding Acquired Fund solely in exchange for the applicable Acquiring Fund Shares and the assumption by the Acquiring Entity, on behalf of the Acquiring Fund of the Liabilities of the applicable Acquired Fund as part of the Reorganization; (iii) the tax basis in the hands of such Acquiring Fund of the Assets of the corresponding Acquired Fund will be the same as the tax basis of such Assets in the hands of the Acquired Fund immediately prior to the transfer, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by the Acquired Fund upon the transfer; (iv) the holding period of each Asset in the hands of such Acquiring Fund, other than Assets with respect to which gain or loss is required to be recognized in the Reorganization, will include the period during which the Asset was held by such Acquired Fund (except where investment activities of the Acquiring Fund have the effect of reducing or eliminating the holding period with respect to an asset); (v) no gain or loss will be recognized by such Acquired Fund upon the transfer of its Assets to the corresponding Acquiring Fund in the Reorganization solely in exchange for the applicable Acquiring Fund Shares and the assumption by the Acquiring Entity, on behalf of the Acquiring Fund, of the Liabilities of the Acquired Fund, or upon the distribution of the Acquiring Fund Shares by the Acquired Fund to its holders in complete liquidation, except for (A) any gain or loss that may be recognized with respect to contracts subject to Section 1256 of the Code, (B) any gain that may be recognized on the transfer of stock in a “passive foreign investment company” as defined in Section 1297(a) of the Code and (C) any other gain or loss that may be required to be recognized upon the transfer of an Asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code; (vi) no gain or loss will be recognized by the Acquired Fund Shareholders of such Acquired Fund upon the exchange of their Acquired Fund Shares solely for the Acquiring Fund Shares of the corresponding Acquiring Fund as part of the Reorganization; (vii) the aggregate tax basis of the Acquiring Fund Shares that each Acquired Fund Shareholder of the applicable Acquired Fund receives in the Reorganization will be the same as the aggregate tax basis of his or her Acquired Fund Shares exchanged therefor; (viii) each Acquired Fund Shareholder’s holding period for his or her Acquiring Fund Shares will

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include the period for which he or she held the Acquired Fund Shares exchanged therefor, provided that he or she held such Acquired Fund Shares as capital assets on the date of the exchange; and (ix) the taxable year of the applicable Acquired Fund will not end as a result of the Reorganization. The delivery of such opinion is conditioned upon the receipt by Morgan, Lewis & Bockius LLP of representations it shall request of the Acquiring Entity and the Acquired Entity. Notwithstanding anything herein to the contrary, neither the Acquiring Entity nor the Acquired Entity may waive the condition set forth in this paragraph 8.7.

9.	INDEMNIFICATION

9.1 The Acquiring Entity, out of each Acquiring Fund’s assets and property (including any amounts paid to the Acquiring Fund pursuant to any applicable liability insurance policies or indemnification agreements), agrees to indemnify and hold harmless the Acquired Entity and the members of the Acquired Entity Board and its officers from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which the Acquired Entity and those board members and officers may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on (a) any breach by the Acquiring Entity, on behalf of an Acquiring Fund, of any of its representations, warranties, covenants or agreements set forth in this Agreement or (b) any act, error, omission, neglect, misstatement, materially misleading statement, breach of duty or other act wrongfully done or attempted to be committed by the Acquiring Entity or the members of the Acquiring Entity Board or its officers prior to the Closing Date, provided that such indemnification by the Acquiring Entity is not (i) in violation of any applicable law or (ii) otherwise prohibited as a result of any applicable order or decree issued by any governing regulatory authority or court of competent jurisdiction.

9.2 The Acquired Entity, out of each Acquired Fund’s assets and property (including any amounts paid to the Acquired Fund pursuant to any applicable liability insurance policies or indemnification agreements), agrees to indemnify and hold harmless the Acquiring Entity and the members of the Acquiring Entity Board and its officers from and against any and all losses, claims, damages, liabilities or expenses (including, without limitation, the payment of reasonable legal fees and reasonable costs of investigation) to which the Acquiring Entity and those board members and officers may become subject, insofar as such loss, claim, damage, liability or expense (or actions with respect thereto) arises out of or is based on (a) any breach by the Acquired Entity, on behalf of an Acquired Fund, of any of its representations, warranties, covenants or agreements set forth in this Agreement or (b) any act, error, omission, neglect, misstatement, materially misleading statement, breach of duty or other act wrongfully done or attempted to be committed by the Acquired Entity or the members of the Acquired Entity Board or its officers prior to the Closing Date, provided that such indemnification by the Acquired Entity is not (i) in violation of any applicable law or (ii) otherwise prohibited as a result of any applicable order or decree issued by any governing regulatory authority or court of competent jurisdiction.

10.

BROKER FEES AND EXPENSES

10.1 The Acquiring Entity, on behalf of each Acquiring Fund, and the Acquired Entity, on behalf of each Acquired Fund, represent and warrant to each other that there are no brokers or finders entitled to receive any payments in connection with the transactions provided for herein.

10.2 The costs of the Reorganizations will be shared equally by TAM and the Acquiring Funds and Acquired Funds in accordance with an allocation approved by the Acquired Entity and Acquiring Entity Boards. Notwithstanding any of the foregoing, expenses will in any event be paid by the party directly incurring such expenses (without reimbursement by another person) if and to the extent that the payment by another person of such expenses would prevent such party from being treated as a “regulated investment company” under the Code or would prevent the Reorganization from qualifying as a tax-free reorganization.

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11.

ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES

11.1 The Acquiring Entity and the Acquired Entity agree that neither party has made any representation, warranty or covenant, on behalf of an Acquiring Fund or an Acquired Fund, respectively, not set forth herein and that this Agreement constitutes the entire agreement between the parties.

11.2 The covenants to be performed after the Closing by both the Acquiring Entity and the Acquired Entity, and the obligations of the Acquiring Entity, on behalf of each Acquiring Fund, in Article 9, shall survive the Closing. All other representations, warranties and covenants contained in this Agreement or in any document delivered pursuant hereto or in connection herewith shall not survive the consummation of the transactions contemplated hereunder and shall terminate on the Closing.

12.

TERMINATION

This Agreement may be terminated and the transactions contemplated hereby may be abandoned with respect to any Acquiring Fund or Acquired Fund at any time prior to the Closing Date with respect to the applicable Reorganization by resolution of either the Acquiring Entity Board or the Acquired Entity Board, if circumstances should develop that, in the opinion of that Board, make proceeding with the Agreement inadvisable with respect to such Acquiring Fund or such Acquired Fund, respectively. Any such termination resolution will be effective when communicated to the other party. The termination of this Agreement with respect to an Acquired Fund or its corresponding Acquiring Fund shall not affect the continued effectiveness of this Agreement with respect to any other Acquired Fund or Acquiring Fund, nor shall it affect the rights and obligations of any party in respect of any breach of this Agreement occurring prior to such termination.

13.

AMENDMENTS

This Agreement may be amended, modified or supplemented in such manner as may be deemed necessary or advisable by the authorized officers of the Acquired Entity and the Acquiring Entity; provided, however, that following the meeting of the Acquired Fund Shareholders called by the Acquired Fund pursuant to paragraph 5.8 of this Agreement, no such amendment may have the effect of changing the provisions for determining the number of Acquiring Fund Shares to be issued to Acquired Fund Shareholders under this Agreement to the detriment of such holders without their further approval.

14.

NOTICES

Any notice, report, statement or demand required or permitted by any provisions of this Agreement shall be in writing and shall be given by facsimile, electronic delivery (i.e., e-mail), personal service or prepaid or certified mail addressed to the Acquiring Entity or the Acquired Entity, at its address set forth in the preamble to this Agreement, in each case to the attention of its President.

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15.

HEADINGS; COUNTERPARTS; GOVERNING LAW; SEVERABILITY; ASSIGNMENT; LIMITATION OF LIABILITY

15.1 The Article headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

15.2 This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

15.3 This Agreement shall be governed by and construed and interpreted in accordance with the internal laws of the State of New York.

15.4 This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns, but no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other parties. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm or corporation, other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Agreement.

15.5 The warranties, representations and agreements contained in this Agreement made by the Acquired Entity, on behalf of each of the Acquired Funds, are made on a several (and not joint, or joint and several) basis. Similarly, the warranties, representations and agreements contained in this Agreement made by the Acquiring Entity, on behalf of each of the Acquiring Funds, are made on a several (and not joint, or joint and several) basis.

15.6 The Acquired Entity Charter is on file with the Secretary of State of the Commonwealth of Massachusetts. Consistent with the Acquired Entity Charter, the obligations of the Acquired Entity with respect to any Acquired Fund entered into in the name or on behalf the Acquired Entity by any of its board members, officers, employees or agents are made not individually, but in such capacities, and are not binding upon any of the Trustees, officers, employees, agents or shareholders of the Acquired Entity personally, but bind only the assets of the Acquired Entity belonging to the applicable Acquired Fund, and all persons dealing with any series or funds of Acquired Entity must look solely to the assets of the Acquired Entity belonging to such series or fund for the enforcement of any claims against the Acquired Entity.]

[Rest of page intentionally left blank]

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IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by its duly authorized officer.

TRANSAMERICA FUNDS, on behalf of each of its series listed in Exhibit A attached hereto


By:
Name:
Title:

[TRANSAMERICA PARTNERS FUNDS GROUP, on behalf of each of its series listed in Exhibit A attached hereto


By:
Name:
Title:

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Exhibit A


Acquired Fund	Acquiring Fund/Class	Closing Date
[Acquired Fund]	[Acquiring Fund] [Class]
[Acquired Fund]	[Acquiring Fund] [Class]
[Acquired Fund]	[Acquiring Fund] [Class]
[Acquired Fund]	[Acquiring Fund] [Class]

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SCHEDULE 4.1

A-21

SCHEDULE 4.2

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EXHIBIT B

FORM OF AGREEMENT AND PLAN OF REORGANIZATION

This AGREEMENT AND PLAN OF REORGANIZATION (“Agreement”) is made as of this [ ] day of [ ], 2017, by and among Transamerica Funds, a Delaware statutory trust (the “Acquiring Entity”), with its principal place of business at 1801 California St., Suite 5200, Denver, Colorado 80202, on behalf of each of its series listed on Exhibit A attached hereto (each, an “Acquiring Fund”), and [Transamerica Partners Funds Group/ Transamerica Partners Funds Group II, a Massachusetts business trust] [Transamerica Partners Portfolios, a New York trust] (the “Acquired Entity”), with its principal place of business at 1801 California St., Suite 5200, Denver, Colorado 80202, on behalf of each of its series listed on Exhibit A attached hereto (each, an “Acquired Fund”)[, and, solely for purposes of paragraph 10.2 hereof, Transamerica Asset Management, Inc. (“TAM”)].

WHEREAS, each Acquired Fund and Acquiring Fund is a series of an open-end management investment company registered pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”);

[Transamerica Partners Funds Group and Transamerica Partners Funds Group II only - WHEREAS, it is intended that, for United States federal income tax purposes (i) each transaction contemplated by this Agreement constitute a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) this Agreement constitute a plan of reorganization within the meaning of Section 368 of the Code and Treasury Regulations Section 1.368-2(g);]

[Transamerica Partners Funds Group and Transamerica Partners Funds Group II only - WHEREAS, prior to the transactions contemplated by this Agreement, each Acquired Fund that operates as a feeder fund and invests its assets in a master portfolio which is a series of Transamerica Partners Portfolios will redeem in-kind (subject to its pro rata share of liabilities) its beneficial interests in the applicable master portfolio; [Transamerica Partners Portfolios only - WHEREAS, prior to the transactions contemplated by this Agreement, each Acquired Fund shareholder that is treated as a “regulated investment company” under the Internal Revenue Code of 1986, as amended (the “Code”), and that operates as a feeder fund, investing substantially all its assets in an Acquired Fund, will redeem in-kind (subject to its pro rata share of liabilities) its beneficial interests in the Acquired Fund;]

WHEREAS, each reorganization of an Acquired Fund listed on Exhibit A will consist of (1) the sale, assignment, conveyance, transfer and delivery of all of the property and assets of the Acquired Fund to the corresponding Acquiring Fund listed on Exhibit A (as to each Acquired Fund, the “corresponding Acquiring Fund”) in exchange solely for (a) shares of the applicable class of shares of beneficial interest of that Acquiring Fund listed on Exhibit A (the “Acquiring Fund Shares”), as described herein, and (b) the assumption by the Acquiring Fund of all liabilities of the Acquired Fund, and (2) the subsequent distribution of the Acquiring Fund Shares (which shall then constitute all of the assets of the Acquired Fund) to the holders of the [Transamerica Partners Funds Group and Transamerica Partners Funds Group II - shares of beneficial interest] [Transamerica Partners Portfolios - beneficial interests] of the Acquired Fund (the “Acquired Fund Shares”) in complete redemption of the Acquired Fund Shares and the termination of the Acquired Fund, as provided herein (each, a “Reorganization”), all upon the terms and conditions hereinafter set forth in this Agreement;

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WHEREAS, the Board of Trustees of the Acquiring Entity (the “Acquiring Entity Board”) has determined, with respect to each Acquiring Fund listed on Exhibit A, that the sale, assignment, conveyance, transfer and delivery of all of the property and assets of the corresponding Acquired Fund listed on Exhibit A (as to each Acquiring Fund, the “corresponding Acquired Fund”) in exchange for Acquiring Fund Shares and the assumption of all liabilities of that Acquired Fund by the Acquiring Fund is in the best interests of the Acquiring Fund and its holders and that the interests of the existing holders of the Acquiring Fund will not be diluted as a result of this transaction; and

NOW, THEREFORE, in consideration of the premises and of the covenants and agreements hereinafter set forth, the parties hereto covenant and agree as follows:

1.	TRANSFER OF ASSETS OF EACH ACQUIRED FUND TO THE CORRESPONDING ACQUIRING FUND IN EXCHANGE FOR ACQUIRING FUND SHARES IN SUCH ACQUIRING FUND, ASSUMPTION OF ALL LIABILITIES OF THAT ACQUIRED FUND AND TERMINATION OF THAT ACQUIRED FUND

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corresponding Acquiring Fund consist of all of the liabilities and obligations of the corresponding Acquired Fund, including, without limitation, all indemnification obligations of such Acquired Fund with respect to the current and former members of the Acquired Entity Board and officers of the Acquired Entity, whether accrued or contingent, known or unknown, existing at the Valuation Date. Each Acquired Fund will promptly assign, convey, transfer and deliver to the Acquiring Entity, on behalf of the corresponding Acquiring Fund, any rights, stock dividends, cash dividends or other securities received by the Acquired Fund after the Closing Date as stock dividends, cash dividends or other distributions on or with respect to the property and assets transferred, which rights, stock dividends, cash dividends and other securities shall be deemed included in the property and assets transferred to the Acquiring Entity, on behalf of the corresponding Acquiring Fund, at the Closing Date and shall not be separately valued, in which case any such distribution that remains unpaid as of the Closing Date shall be included in the determination of the value of the assets of the Acquired Fund acquired by the Acquiring Entity on behalf of the corresponding Acquiring Fund.

1.3 Immediately upon delivery to the Acquired Fund of the Acquiring Fund Shares, the Acquired Entity, on behalf of such Acquired Fund, as an initial shareholder of the Acquiring Fund, shall approve the distribution plan pursuant to Rule 12b-1 under the 1940 Act for the Acquiring Fund with respect to the class of Acquiring Fund Shares received by the Acquired Fund in the Reorganization.

1.5 Ownership of Acquiring Fund Shares will be shown on the books of the Acquiring Fund as maintained by the Acquiring Fund’s transfer agent.

1.7 As promptly as practicable following the Reorganization of each Acquired Fund, the Acquired Entity will take all necessary action to effect the Acquired Fund’s deregistration as an investment company in accordance with the rules and regulations of the Commission and shall subsequently voluntarily dissolve in accordance with the requirements of [Transamerica Partners Funds Group and Transamerica Partners Funds Group II - Massachusetts] [Transamerica Partners Portfolios - New York].

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2.	VALUATION

3.	CLOSING AND CLOSING DATE

3.1 Subject to the terms and conditions set forth herein, the Closing Date with respect to each Reorganization shall be as specified on Exhibit A attached hereto, or such other date as the parties may agree with respect to such Reorganization. All acts taking place at the closing of a Reorganization as provided for in this Agreement with respect to each such Reorganization (a “Closing”) shall be deemed to take place simultaneously as of the “close of business” on the Closing Date for such Reorganization unless otherwise agreed to by the parties. The close of business on the Closing Date shall be as of [Transamerica Partners Funds Group - 4:30 p.m. Eastern Time for each Reorganization involving an Acquired Fund that operates as a feeder fund and invests its assets in a master portfolio and 6:00 p.m. Eastern Time for each Reorganization involving an Acquired Fund that operates as an asset allocation fund and currently invests its assets in various feeder funds] [Transamerica Partners Funds Group II - 5:00 p.m. Eastern Time for each Reorganization involving an Acquired Fund that operates as a feeder fund and currently invests its assets in a master portfolio and 6:00 p.m. Eastern Time for each Reorganization involving an Acquired Fund that operates as an asset allocation fund and invests its assets in various feeder funds] [Transamerica Partners Portfolios - 5:30 p.m. Eastern Time], or, as to any Reorganization, such later time on that date as the applicable Acquired Fund’s net asset value and/or the net asset value per share of the class of shares of the corresponding Acquiring Fund is calculated in accordance with Article 2 and after the declaration of any dividends. The Closing shall be held at the offices of [TAM, 1801 California St., Suite 5200, Denver, Colorado 80202], or at such other time and/or place as the parties may agree.

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Acquiring Fund that the Custodian maintains as custodian for the Acquiring Fund. The Acquired Entity shall, within one business day after the Closing for each Reorganization, deliver to the applicable Acquiring Entity a certificate of an authorized officer stating that (i) the Assets of the corresponding Acquired Fund have been so transferred as of the Closing Date, and (ii) all necessary taxes in connection with the delivery of the Assets of that Acquired Fund, including all applicable federal and state stock transfer stamps, if any, have been paid or provision for payment has been made.

4.	REPRESENTATIONS AND WARRANTIES

(a) Such Acquired Fund is duly established as a series of the Acquired Entity, which is a [Transamerica Partners Funds Group and Transamerica Partners Funds Group II - business trust validly existing and in good standing under the laws of the Commonwealth of Massachusetts] [Transamerica Partners Portfolios - trust validly existing and in good standing under the laws of the State of New York], with power under its charter documents, as amended (the “Acquired Entity Charter”), to own all of its assets and to carry on its business as it is being conducted as of the date hereof. The Acquired Entity is duly qualified to do business as a foreign corporation in each jurisdiction in which the conduct of its business makes such qualification necessary except where the failure to so qualify would not have a material adverse effect on the condition (financial or otherwise), business, properties, net assets or results of operations of the Acquired Entity. The Acquired Entity has all necessary federal, state and local authorization to carry on its business as now being conducted and to fulfill the terms of this Agreement, except as set forth in paragraph 4.1(c).

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(b) The Acquired Entity is a registered open-end management investment company, and its registration with the Commission as an investment company under the 1940 Act [Transamerica Partners Funds Group and Transamerica Partners Funds Group II only -, and the registration of Acquired Fund Shares under the Securities Act of 1933, as amended (the “1933 Act”),] is in full force and effect.

(c) No consent, approval, authorization, or order of any court or governmental authority is required for the consummation by the Acquired Fund of the transactions contemplated herein, except such as may be required under the [Transamerica Partners Funds Group and Transamerica Partners Funds Group II - 1933 Act] [Transamerica Partners Portfolios - the Securities Act of 1933, as amended (the “1933 Act”)], the Securities Exchange Act of 1934 (the “1934 Act”), the 1940 Act, state securities laws and the Hart-Scott-Rodino Act.

(f) The Acquired Fund is not engaged currently, and the execution, delivery and performance of this Agreement by the Acquired Entity, on behalf of such Acquired Fund, will not result, in a material violation of [Transamerica Partners Funds Group and Transamerica Partners Funds Group II - Massachusetts] [Transamerica Partners Portfolios - New York] law or of the Acquired Entity Charter or the by-laws of the Acquired Entity, or of any agreement, indenture, instrument, contract, lease or other undertaking to which the Acquired Entity, on behalf of such Acquired Fund, is a party or by which it is bound, and the execution, delivery and performance of this Agreement by the Acquired Entity, on behalf of such Acquired Fund, will not result in the acceleration of any material obligation, or the imposition of any material penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which the Acquired Entity, on behalf of such Acquired Fund, is a party or by which it is bound.

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(h) No litigation or administrative proceeding or investigation of or before any court or governmental body is pending or, to the Acquired Entity’s knowledge, threatened against the Acquired Entity, with respect to such Acquired Fund or any of its properties or assets, that, if adversely determined, would materially and adversely affect its financial condition or the conduct of such Acquired Fund’s business. The Acquired Entity, on behalf of such Acquired Fund, is not a party to or subject to the provisions of any order, decree or judgment of any court or governmental body that materially and adversely affects such Acquired Fund’s business or the Acquired Entity’s ability to consummate the transactions herein contemplated on behalf of such Acquired Fund.

(l) [Transamerica Partners Funds Group and Transamerica Partners Funds Group II - Such Acquired Fund is a separate series of the Acquired Entity that is treated as a corporation separate from any and all other series of the Acquired Entity under Section 851(g) of the Code. For each taxable year of its operation (including the current taxable year, assuming such year ends on the Closing Date), such Acquired Fund has met (or will meet) the requirements of Subchapter M of Chapter 1 of the Code for qualification and treatment as a “regulated investment company,” has had in effect an election to be treated as such, and has been (or will be) eligible to compute and has computed (or will compute) its federal income tax under Section 852 of the

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Code. For each taxable year of its operation (including the current taxable year, assuming such year ends on the Closing Date), such Acquired Fund will have distributed, on or before the Closing Date, substantially all of (a) its investment company taxable income (as defined in the Code) (computed without regard to any deduction for dividends paid), (b) the excess of its interest income excludable from gross income under Section 103(a) of the Code, if any, over its deductions disallowed under Section 265 and Section 171(a)(2) of the Code, and (c) any net capital gain (as defined in the Code) (after reduction for any allowable capital loss carryover) that has accrued or been recognized, respectively, through the Closing Date such that for all tax periods ending on or before the Closing Date (and treating the current taxable year as ending on the Closing Date) such Acquired Fund will not have any unpaid tax liability under Section 852 of the Code. For each calendar year of its operation (including the calendar year that includes the Closing Date), such Acquired Fund will have made such distributions, on or before the Closing Date, as are necessary so that for all calendar years ending on or before the Closing Date, and for the calendar year that includes the Closing Date, such Acquired Fund will not have any unpaid tax liability under Section 4982 of the Code.] [Transamerica Partners Portfolios - Such Acquired Fund is a separate series of the Acquired Entity that is treated as a partnership and not as an association or a publicly traded partnership taxable as a corporation for U.S. federal income tax purposes, has been properly treated as a partnership since its formation, and has never filed an election to be treated as an entity other than a partnership for U.S. federal income tax purposes. [No Acquired Fund Shareholder is a “C corporation” within the meaning of Treasury Regulations Section 1.337(d)-7(a)(2)(i), a partnership in which such a C corporation is a direct or indirect partner, or a grantor trust or other disregarded entity owned, directly or indirectly, by such a C corporation.]

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(a) Such Acquiring Fund is duly established as a series of the Acquiring Entity, which is a statutory trust validly existing and in good standing under the laws of the State of Delaware, with the power under the Acquiring Entity’s Declaration of Trust, as amended (the “Acquiring Entity Charter”), to own all of the assets of such Acquiring Fund and to carry on its business as it is being conducted as of the date hereof. The Acquiring Entity is duly qualified to do business as a foreign trust in each jurisdiction in which the conduct of its business makes such qualification necessary except where the failure to so qualify would not have a material adverse effect on the condition (financial or otherwise), business, properties, net assets or results of operations of the Acquiring Entity. The Acquiring Entity has all necessary federal, state and local authorization to carry on its business as now being conducted and to fulfill the terms of this Agreement except as described in paragraph 4.2(c).

(d) The current prospectus and statement of additional information of such Acquiring Fund (true and correct copies of which have been delivered to the Acquired Entity) and each prospectus and statement of additional information of such Acquiring Fund used during the three (3) years prior to the date of this Agreement conforms or conformed at the time of its use in all material respects to the applicable requirements of the 1933 Act and the 1940 Act and the rules and regulations of the Commission thereunder and does not or did not at the time of its use include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not materially misleading.

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violation of Delaware law or the Acquiring Entity Charter or the by-laws of the Acquiring Entity, or of any agreement, indenture, instrument, contract, lease or other undertaking to which the Acquiring Entity, on behalf of such Acquiring Fund, is a party or by which it is bound, and the execution, delivery and performance of this Agreement by the Acquiring Entity, on behalf of such Acquiring Fund, will not result in the acceleration of any material obligation, or the imposition of any material penalty, under any agreement, indenture, instrument, contract, lease, judgment or decree to which the Acquiring Entity, on behalf of such Acquiring Fund, is a party or by which it is bound.

(g) The Statement of Assets and Liabilities, Statements of Operations and Changes in Net Assets and Schedule of Investments of such Acquiring Fund as at the last day of and for the most recently completed fiscal year of such Acquiring Fund prior to the date of this Agreement have been audited by Ernst & Young LLP, independent registered public accounting firm, and are in accordance with GAAP consistently applied, and such statements (true and correct copies of which have been furnished to the Acquired Entity) present fairly, in all material respects, the financial condition of such Acquiring Fund as of such date and for such period in accordance with GAAP, and there are no known contingent, accrued or other liabilities of such Acquiring Fund required to be reflected on a balance sheet (including the notes thereto) in accordance with GAAP as of such date that are not disclosed therein.

(h) Since the last day of the most recently completed fiscal year of such Acquiring Fund prior to the date of this Agreement, there has not been any material adverse change in such Acquiring Fund’s financial condition, assets, liabilities or business, or any incurrence by such Acquiring Fund of indebtedness for money borrowed maturing more than one year from the date such indebtedness was incurred. For the purposes of this subparagraph (h), a decline in net asset value per share of Acquiring Fund Shares due to declines in market values of securities held by such Acquiring Fund, the discharge of Acquiring Fund liabilities, or the redemption of Acquiring Fund Shares by holders of such Acquiring Fund shall not constitute a material adverse change.

(i) All federal and other tax returns, dividend reporting forms and other tax-related reports of such Acquiring Fund required by law to have been filed (taking into account any extensions) shall have been timely filed (taking such extensions into account) and shall be correct in all material respects, and all federal and other taxes shown as due or required to be shown as due from the Acquiring Fund on such tax returns, forms and reports shall have been paid or provision shall have been made for the payment thereof and, to the best of the Acquiring Entity’s knowledge, no such return is currently under audit and no outstanding assessment of any tax has been asserted with respect to such returns.

(j) Such Acquiring Fund is a separate series of the Acquiring Entity that is treated as a corporation separate from any and all other series of the Acquiring Entity under Section 851(g) of the Code. For each

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taxable year of its operation (including the taxable year that includes the Closing Date), such Acquiring Fund has met (or will meet) the requirements of Subchapter M of Chapter 1 of the Code for qualification and treatment as a “regulated investment company,” has had in effect an election to be treated as such, and has been (or will be) eligible to compute and has computed (or will compute) its federal income tax under Section 852 of the Code. For each taxable year of its operation ending prior to the Closing Date, such Acquiring Fund will have distributed (or will distribute pursuant to the provisions of Section 855 of the Code) substantially all of (a) its investment company taxable income (as defined in the Code) (computed without regard to any deduction for dividends paid), (b) the excess of its interest income excludable from gross income under Section 103(a) of the Code, if any, over its deductions disallowed under Section 265 and Section 171(a)(2) of the Code, and (c) any net capital gain (as defined in the Code) (after reduction for any capital loss carryover) such that for all tax periods ending prior to the Closing Date such Acquiring Fund will not have any unpaid tax liability under Section 852 of the Code. For each calendar year of its operation ending prior to the Closing Date, such Acquiring Fund will have made such distributions as are necessary so that for all calendar years ending prior to the Closing Date such Acquiring Fund will not have any unpaid tax liability under Section 4982 of the Code.

(k) All issued and outstanding Acquiring Fund Shares are, and on the Closing Date will be, duly authorized and validly and legally issued and outstanding, fully paid and non-assessable by the Acquiring Entity and will have been offered and sold in any state, territory or the District of Columbia in compliance in all material respects with applicable registration requirements of all applicable federal and state securities laws. Such Acquiring Fund does not have outstanding any options, warrants or other rights to subscribe for or purchase any Acquiring Fund Shares, nor is there outstanding any security convertible into any Acquiring Fund Shares. All of the Acquiring Fund Shares to be issued and delivered to the Acquired Entity, for the account of the Acquired Fund Shareholders, pursuant to this Agreement, will on the Closing Date have been duly authorized and, when so issued and delivered, will be duly and validly and legally issued Acquiring Fund Shares and be fully paid and non-assessable by the Acquiring Entity.

(l) The execution, delivery and performance of this Agreement, and the transactions contemplated herein, have been duly authorized by all necessary action on the part of the Acquiring Entity Board, on behalf of such Acquiring Fund, and this Agreement constitutes a valid and binding obligation of the Acquiring Entity, on behalf of such Acquiring Fund, enforceable in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors’ rights and to general equity principles.

(m) The information to be furnished by the Acquiring Entity, on behalf of such Acquiring Fund, for use in any documents filed or to be filed with any federal, state or local regulatory authority, which may be necessary in connection with the transactions contemplated hereby, shall be accurate and complete in all material respects and shall comply in all material respects with federal securities and other laws and regulations applicable thereto.

(n) The Registration Statement (as defined in paragraph 5.9), insofar as it relates to such Acquiring Fund, from the effective date of the Registration Statement through the date of the meeting of holders of the corresponding Acquired Fund contemplated therein and on the Closing Date, will (i) not contain any statement which, at the time and in the light of the circumstances under which it is made, is false or misleading with respect to any material fact, or which omits to state any material fact necessary to make the statements therein not false or misleading (provided that this representation and warranty shall not apply to statements in or

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omissions from the Registration Statement made in reliance upon and in conformity with information that was furnished by the Acquired Entity for use therein) and (ii) comply in all material respects with the provisions of the 1933 Act, the 1934 Act and the 1940 Act and the rules and regulations thereunder.

(o) The Post-Effective Amendments (as defined in paragraph 5.10) to be filed by the Acquiring Entity, insofar as they relate to such Acquiring Fund, pursuant to this Agreement will, on the effective date of the Post-Effective Amendments, comply in all material respects with the 1940 Act and the rules and regulations thereunder.

5.	COVENANTS

The Acquired Entity, on behalf of each Acquired Fund, and the Acquiring Entity, on behalf of each Acquiring Fund, respectively, hereby further covenant as follows:

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[5.11 [Transamerica Partners Portfolios - After the liquidation of the Acquired Fund, its final tax return and required information returns shall be filed in a timely manner, and such returns shall include a deemed-sale election under Treasury Regulations §§ 1.337(d)-7(c)(5) and -7(e) and shall properly reflect allocation of net gain recognized by the Acquired Fund on the deemed sale.

6.	CONDITIONS PRECEDENT TO OBLIGATIONS OF EACH ACQUIRED FUND

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7.	CONDITIONS PRECEDENT TO OBLIGATIONS OF EACH ACQUIRING FUND

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8.	FURTHER CONDITIONS PRECEDENT TO OBLIGATIONS OF EACH ACQUIRING FUND AND EACH CORRESPONDING ACQUIRED FUND

If any of the conditions set forth below have not been satisfied on or before the Closing Date with respect to the Acquired Entity, on behalf of each Acquired Fund, or the Acquiring Entity, on behalf of the corresponding Acquiring Fund, the other party to this Agreement shall be entitled on behalf of the corresponding Acquired Fund or Acquiring Fund, as applicable, at its option, to [Transamerica Partners Funds Group and Transamerica Partners Funds Group II only - (and shall, in the case of a failure to satisfy the conditions set forth in paragraph 8.7)] refuse to consummate the transactions contemplated by this Agreement with respect to the applicable Acquired Fund and its corresponding Acquiring Fund:

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as an open-end investment company registered under the 1940 Act; (c) this Agreement has been duly authorized, executed and delivered by the Acquired Entity, on behalf of the corresponding Acquired Fund, and constitutes a valid and legally binding obligation of the Acquired Entity, on behalf of the corresponding Acquired Fund, enforceable against the Acquired Entity in accordance with its terms; and (d) the execution and delivery of this Agreement did not, and the transfer of the Assets for Acquiring Fund Shares and the assumption by the Acquiring Fund of the Liabilities pursuant to this Agreement will not, violate the Acquired Entity Charter or the by-laws of the Acquired Entity. Such opinion may state that it is solely for the benefit of the Acquiring Entity and the Acquiring Entity Board. Such opinion may contain such assumptions and limitations as shall be in the opinion of Morgan, Lewis & Bockius LLP appropriate to render the opinions expressed therein.

8.6 The Acquired Entity, on behalf of each Acquired Fund, shall have received on the applicable Closing Date an opinion of Morgan, Lewis & Bockius LLP, in a form reasonably satisfactory to the Acquired Entity, and dated as of the Closing Date, substantially to the effect that, based upon certain facts and certifications made by the Acquiring Entity, on behalf of the corresponding Acquiring Fund and its authorized officers: (a) the Acquiring Entity is a statutory trust validly existing under the laws of the State of Delaware; (b) the Acquiring Entity, with respect to the corresponding Acquiring Fund, has the power as a statutory trust to carry on its business as presently conducted in accordance with the description thereof in the Acquiring Entity’s registration statement as an open-end investment company registered under the 1940 Act; (c) this Agreement has been duly authorized, executed and, so far as known to such counsel, delivered by the Acquiring Entity, on behalf of the corresponding Acquiring Fund, and constitutes a valid and legally binding obligation of the Acquiring Entity, on behalf of the corresponding Acquiring Fund, enforceable against the Acquiring Entity in accordance with its terms; and (d) the execution and delivery of this Agreement did not, and the issuance of the Acquiring Fund Shares and the assumption of the Liabilities in exchange for the transfer of the Assets pursuant to this Agreement will not, violate the Acquiring Entity Charter or the by-laws of the Acquiring Entity. Such opinion may state that it is solely for the benefit of the Acquired Entity and the Acquired Entity Board. Such opinion may contain such assumptions and limitations as shall be in the opinion of Morgan, Lewis & Bockius LLP appropriate to render the opinions expressed therein.

[Transamerica Partners Funds Group and Transamerica Partners Funds Group II only - 8.7 The parties shall have received the opinion of Morgan, Lewis & Bockius LLP, dated the Closing Date, substantially to the effect that, based upon certain facts, assumptions and representations and upon certifications made by the Acquired Entity, on behalf of the applicable Acquired Fund, the Acquiring Entity, on behalf of the applicable Acquiring Fund, and their respective authorized officers, (i) the applicable Reorganization will constitute a reorganization within the meaning of Section 368(a) of the Code, and the applicable Acquired Fund and the corresponding Acquiring Fund will each be a “party to a reorganization” within the meaning of Section 368(b) of the Code; (ii) no gain or loss will be recognized by such Acquiring Fund upon receipt of the Assets of the corresponding Acquired Fund solely in exchange for the applicable Acquiring Fund Shares and the assumption by the Acquiring Entity, on behalf of the Acquiring Fund, of the Liabilities of the applicable Acquired Fund as part of the Reorganization; (iii) the tax basis in the hands of such Acquiring Fund of the Assets of the corresponding Acquired Fund will be the same as the tax basis of such Assets in the hands of the Acquired Fund immediately prior to the transfer, increased by the amount of gain (or decreased by the amount of loss), if any, recognized by the Acquired Fund upon the transfer; (iv) the holding period of each Asset in the hands of such Acquiring Fund, other than Assets with respect to which gain or loss is required to be recognized in the Reorganization, will include the period during which the Asset was held by such Acquired Fund (except where investment activities of the Acquiring Fund have the effect of reducing or eliminating the

B-16

holding period with respect to an asset); (v) no gain or loss will be recognized by such Acquired Fund upon the transfer of its Assets to the corresponding Acquiring Fund in the Reorganization solely in exchange for the applicable Acquiring Fund Shares and the assumption by the Acquiring Entity, on behalf of the Acquiring Fund, of the Liabilities of the Acquired Fund, or upon the distribution of the Acquiring Fund Shares by the Acquired Fund to its holders in complete liquidation, except for (A) any gain or loss that may be recognized with respect to contracts subject to Section 1256 of the Code, (B) any gain that may be recognized on the transfer of stock in a “passive foreign investment company” as defined in Section 1297(a) of the Code and (C) any other gain or loss that may be required to be recognized as a result of the closing of the Acquired Fund’s taxable year or upon the transfer of an Asset regardless of whether such transfer would otherwise be a non-recognition transaction under the Code; (vi) no gain or loss will be recognized by the Acquired Fund Shareholders of such Acquired Fund upon the exchange of their Acquired Fund Shares solely for the Acquiring Fund Shares of the corresponding Acquiring Fund as part of the Reorganization; (vii) the aggregate tax basis of the Acquiring Fund Shares that each Acquired Fund Shareholder of the applicable Acquired Fund receives in the Reorganization will be the same as the aggregate tax basis of his or her Acquired Fund Shares exchanged therefor; and (viii) each Acquired Fund Shareholder’s holding period for his or her Acquiring Fund Shares will include the period for which he or she held the Acquired Fund Shares exchanged therefor, provided that he or she held such Acquired Fund Shares as capital assets on the date of the exchange. The delivery of such opinion is conditioned upon the receipt by Morgan, Lewis & Bockius LLP of representations it shall request of the Acquiring Entity and the Acquired Entity. Notwithstanding anything herein to the contrary, neither the Acquiring Entity nor the Acquired Entity may waive the condition set forth in this paragraph 8.7.]

9.	INDEMNIFICATION

B-17

agreements set forth in this Agreement or (b) any act, error, omission, neglect, misstatement, materially misleading statement, breach of duty or other act wrongfully done or attempted to be committed by the Acquired Entity or the members of the Acquired Entity Board or its officers prior to the Closing Date, provided that such indemnification by the Acquired Entity is not (i) in violation of any applicable law or (ii) otherwise prohibited as a result of any applicable order or decree issued by any governing regulatory authority or court of competent jurisdiction.

10.

BROKER FEES AND EXPENSES

10.2 The costs of the Reorganizations will be shared equally by TAM and the Acquiring Funds and Acquired Funds in accordance with an allocation approved by the Acquired Entity and Acquiring Entity Boards. [Transamerica Partners Funds Group and Transamerica Partners Funds Group II - Notwithstanding any of the foregoing, expenses will in any event be paid by the party directly incurring such expenses (without reimbursement by another person) if and to the extent that the payment by another person of such expenses would prevent such party from being treated as a “regulated investment company” under the Code or would prevent the Reorganization from qualifying as a tax-free reorganization.] [Transamerica Partners Portfolios - Notwithstanding any of the foregoing, expenses will in any event be paid by the party directly incurring such expenses (without reimbursement by another person) if and to the extent that the payment by another person of such expenses would prevent an Acquiring Fund from being treated as a “regulated investment company” under the Code.]

11.

ENTIRE AGREEMENT; SURVIVAL OF WARRANTIES

12.

TERMINATION

B-18

respect to an Acquired Fund or its corresponding Acquiring Fund shall not affect the continued effectiveness of this Agreement with respect to any other Acquired Fund or Acquiring Fund, nor shall it affect the rights and obligations of any party in respect of any breach of this Agreement occurring prior to such termination.

13.

AMENDMENTS

14.

NOTICES

15.

HEADINGS; COUNTERPARTS; GOVERNING LAW; SEVERABILITY; ASSIGNMENT; LIMITATION OF LIABILITY

15.1 The Article headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

15.2 This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

15.3 This Agreement shall be governed by and construed and interpreted in accordance with the internal laws of the State of New York.

B-19

[Transamerica Partners Funds Group and Transamerica Partners Funds Group II only - 15.6 The Acquired Entity Charter is on file with the Secretary of State of the Commonwealth of Massachusetts. Consistent with the Acquired Entity Charter, the obligations of the Acquired Entity with respect to any Acquired Fund entered into in the name or on behalf the Acquired Entity by any of its board members, officers, employees or agents are made not individually, but in such capacities, and are not binding upon any of the Trustees, officers, employees, agents or shareholders of the Acquired Entity personally, but bind only the assets of the Acquired Entity belonging to the applicable Acquired Fund, and all persons dealing with any series or funds of Acquired Entity must look solely to the assets of the Acquired Entity belonging to such series or fund for the enforcement of any claims against the Acquired Entity.]

[Rest of page intentionally left blank]

B-20

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by its duly authorized officer.

TRANSAMERICA FUNDS, on behalf of each of its series listed in Exhibit A attached hereto


By:
Name:
Title:

[TRANSAMERICA PARTNERS FUNDS GROUP/ TRANSAMERICA PARTNERS FUNDS GROUP II/TRANSAMERICA PARTNERS PORTFOLIOS], on behalf of each of its series listed in Exhibit A attached hereto


By:
Name:
Title:

B-21

Exhibit A


Acquired Fund	Acquiring Fund/Class	Closing Date
[Acquired Fund]	[Acquiring Fund] [Class]
[Acquired Fund]	[Acquiring Fund] [Class]
[Acquired Fund]	[Acquiring Fund] [Class]
[Acquired Fund]	[Acquiring Fund] [Class]

B-22

SCHEDULE 4.1

B-23

SCHEDULE 4.2

B-24

The information in this Statement of Additional Information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Statement of Additional Information is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

PART B

TRANSAMERICA FUNDS

ON BEHALF OF ITS SERIES:

TRANSAMERICA HIGH QUALITY BOND

TRANSAMERICA INFLATION-PROTECTED SECURITIES

TRANSAMERICA LARGE CORE

TRANSAMERICA LARGE GROWTH

TRANSAMERICA LARGE VALUE OPPORTUNITIES

TRANSAMERICA BALANCED II

TRANSAMERICA STOCK INDEX

TRANSAMERICA ASSET ALLOCATION LONG HORIZON

TRANSAMERICA ASSET ALLOCATION INTERMEDIATE HORIZON

TRANSAMERICA ASSET ALLOCATION SHORT HORIZON

(each a “Destination Fund” and collectively, the “Destination Funds”)

1801 California Street, Ste. 5200

Denver, Colorado 80202

(Toll free) 1-888-233-4339

STATEMENT OF ADDITIONAL INFORMATION

[ ], 2016

This Statement of Additional Information (“SAI”) is not a prospectus and should be read in conjunction with the combined Information Statement and Prospectus dated [ ], 2016 (the “Information Statement/Prospectus”), which relates to the applicable classes of Destination Funds to be issued in exchange for shares of the corresponding series of Transamerica Partners Fund Group, Transamerica Partners Fund Group II or Transamerica Partners Portfolios as shown below (each a “Target Fund” and collectively, the “Target Funds”). Please retain this SAI for further reference.

To obtain a copy of the Proxy Statement/Prospectus, free of charge, please write to the Destination Funds at the address set forth above or call the Destination Funds at the number set forth above.

The following table indicates (a) which proposal relates to which Target Fund, (b) the Destination Fund that corresponds to each Target Fund and (c) the class of shares of the corresponding Destination Fund that holders of shares in each Target Fund would receive if the Plan relating to such Target Fund is approved. Each Destination Fund is a newly-organized series of Transamerica Funds which will commence operations upon the consummation of the applicable Reorganizations. The Target Funds do not have share classes. The proposals are grouped, numbered and lettered for convenience. The consummation of one Reorganization is not contingent on the consummation of any other Reorganization.

S-1


Group	Proposal	Target Fund	Destination Fund and Shares
Group 1
	Proposal 1A	Transamerica Partners High Quality Bond	Transamerica High Quality Bond Class R
	Proposal 1B	Transamerica Partners Institutional High Quality Bond	Transamerica High Quality Bond Class R4
	Proposal 1C	Transamerica Partners High Quality Bond Portfolio	Transamerica High Quality Bond Class I3
Group 2
	Proposal 2A	Transamerica Partners Inflation-Protected Securities	Transamerica Inflation-Protected Securities Class R
	Proposal 2B	Transamerica Partners Institutional Inflation-Protected Securities	Transamerica Inflation-Protected Securities Class R4
	Proposal 2C	Transamerica Partners Inflation-Protected Securities Portfolio	Transamerica Inflation-Protected Securities Class I3
Group 3
	Proposal 3A	Transamerica Partners Large Core	Transamerica Large Core Class R
	Proposal 3B	Transamerica Partners Institutional Large Core	Transamerica Large Core Class R4
	Proposal 3C	Transamerica Partners Large Core Portfolio	Transamerica Large Core Class I3
Group 4
	Proposal 4A	Transamerica Partners Large Growth	Transamerica Large Growth Class R
	Proposal 4B	Transamerica Partners Institutional Large Growth	Transamerica Large Growth Class R4
	Proposal 4C	Transamerica Partners Large Growth Portfolio	Transamerica Large Growth Class I3
Group 5
	Proposal 5A	Transamerica Partners Large Value	Transamerica Large Value Opportunities Class R
	Proposal 5B	Transamerica Partners Institutional Large Value	Transamerica Large Value Opportunities Class R4
	Proposal 5C	Transamerica Partners Large Value Portfolio	Transamerica Large Value Opportunities Class I3
Group 6
	Proposal 6A	Transamerica Partners Balanced	Transamerica Balanced II Class R
	Proposal 6B	Transamerica Partners Institutional Balanced	Transamerica Balanced II Class R4
	Proposal 6C	Transamerica Partners Balanced Portfolio	Transamerica Balanced II Class I3
Group 7
	Proposal 7A	Transamerica Partners Stock Index	Transamerica Stock Index Class R
	Proposal 7B	Transamerica Partners Institutional Stock Index	Transamerica Stock Index Class R4
Group 8
	Proposal 8A	Transamerica Asset Allocation - Long Horizon	Transamerica Asset Allocation Long Horizon Class R
	Proposal 8B	Transamerica Institutional Asset Allocation - Long Horizon	Transamerica Asset Allocation Long Horizon Class R4
	Proposal 8C	Transamerica Asset Allocation – Intermediate/Long Horizon	Transamerica Asset Allocation Long Horizon Class R
	Proposal 8D	Transamerica Institutional Asset Allocation – Intermediate/Long Horizon	Transamerica Asset Allocation Long Horizon Class R4

S-2


Group 9
	Proposal 9A	Transamerica Asset Allocation - Intermediate Horizon	Transamerica Asset Allocation Intermediate Horizon Class R
	Proposal 9B	Transamerica Institutional Asset Allocation - Intermediate Horizon	Transamerica Asset Allocation Intermediate Horizon Class R4
	Proposal 9C	Transamerica Asset Allocation – Short/Intermediate Horizon	Transamerica Asset Allocation Intermediate Horizon Class R
	Proposal 9D	Transamerica Institutional Asset Allocation – Short/Intermediate Horizon	Transamerica Asset Allocation Intermediate Horizon Class R4
Group 10
	Proposal 10A	Transamerica Asset Allocation – Short Horizon	Transamerica Asset Allocation Short Horizon Class R
	Proposal 10B	Transamerica Institutional Asset Allocation - Short Horizon	Transamerica Asset Allocation Short Horizon Class R4

S-3

TABLE OF CONTENTS


	Page
INTRODUCTION		S-5
DOCUMENTS INCORPORATED BY REFERENCE		S-5
PRO FORMA COMBINED FINANCIAL STATEMENTS		S-5

S-4

INTRODUCTION

This SAI is intended to supplement the Proxy Statement/Prospectus relating specifically to the proposed transfer of all of the assets of each Target Fund to, and the assumption of the liabilities of each Target Fund by, the corresponding Destination Fund in exchange for shares of the Destination Fund as shown in the table above. Please retain this SAI for further reference.

DOCUMENTS INCORPORATED BY REFERENCE

This SAI consists of these cover pages, the accompanying pro forma financial statements and the following documents, each of which was filed electronically with the Securities and Exchange Commission (the “SEC”) and is incorporated by reference herein.

The Destination Funds’ Statement of Additional Information dated [ ], 2016 (File Nos. 811-04556 and [ ]), as filed with the SEC on [ ] (Accession No. [ ]) is incorporated herein by reference. [To be filed prior to the effective date of this Registration Statement on Form N-14.]

The Investor Target Feeder Funds’ and Institutional Target Asset Allocation Funds’ Statement of Additional Information dated May 1, 2016 (File Nos. 811-07674 and 033-61810), as filed with the SEC on April 29, 2016 (Accession No. 0001193125-16-565066) is incorporated herein by reference.

The Institutional Target Feeder Funds’ and Investor Target Asset Allocation Funds’ Statement of Additional Information dated May 1, 2016 (File Nos. 811-07495 and 333-00295), as filed with the SEC on April 29, 2016 (Accession No. 0001193125-16-565039 ) is incorporated herein by reference.

The Target Feeder Funds’ and Target Asset Allocation Funds’ Annual Report for the fiscal year ended December 31, 2015 (File Nos. 811-07674 and 811-07495), as filed with the SEC on March 9, 2016 (Accession Nos. 0001193125-16-497957 and 0001193125-16-497962) is incorporated herein by reference.

The Target Feeder Funds’ and Target Asset Allocation Funds’ Semi-Annual Report for the period ended June 30, 2016 (File Nos. 811-07674 and 811-07495), as filed with the SEC on September 1, 2016 (Accession Nos. 0001193125-16-699248 and 0001193125-16-699253) is incorporated herein by reference.

The Target Master Portfolios’ Statement of Additional Information dated May 1, 2016 (File No. 811-08272), as filed with the SEC on April 29, 2016 (Accession No. 0001193125-16-565034) is incorporated herein by reference.

The Target Master Portfolios’ Annual Report for the fiscal year ended December 31, 2015 (File No. 811-08272), as filed with the SEC on March 9, 2016 (Accession No. 0001193125-16-497954) is incorporated herein by reference.

The Target Master Portfolios’ Semi-Annual Report for the period ended June 30, 2016 (File No. 811-08272), as filed with the SEC on September 1, 2016 (Accession No. 0001193125-16-699254) is incorporated herein by reference.

PRO FORMA FINANCIAL STATEMENTS

Shown below are the financial statements for each Target Fund and each Destination Fund shown in the table above.

The pro forma financial statements are unaudited.

S-5

Group One Reorganization Between:

TRANSAMERICA PARTNERS HIGH QUALITY BOND

TRANSAMERICA PARTNERS INSTITUTIONAL HIGH QUALITY BOND

TRANSAMERICA PARTNERS HIGH QUALITY BOND PORTFOLIO

AND

TRANSAMERICA HIGH QUALITY BOND

PRO FORMA SCHEDULE OF INVESTMENTS

At June 30, 2016

Reorganization Between TPP Master and TAF

PRO FORMA SCHEDULE OF INVESTMENTS

At June 30, 2016



						TPP Master				TAF Destination		Adjustments		Combined Pro Forma Destination
	Coupon Rate			Maturity Date		Principal		Value		Principal	Value	Principal	Value	Principal		Value

Asset-Backed Securities - 32.7 %
American Express Credit Account Master Trust		1.26	%		01/15/2020	$	2,000,000	$	2,008,125					$	2,000,000	$	2,008,125
American Express Credit Account Master Trust		1.49	%		04/15/2020		1,000,000		1,007,693						1,000,000		1,007,693
American Express Credit Account Master Trust		1.43	%		06/15/2020		1,500,000		1,510,034						1,500,000		1,510,034
AmeriCredit Automobile Receivables Trust		2.68	%		10/09/2018		1,500,000		1,506,442						1,500,000		1,506,442
AmeriCredit Automobile Receivables Trust		1.79	%		03/08/2019		2,000,000		2,001,537						2,000,000		2,001,537
AmeriCredit Automobile Receivables Trust		2.38	%		06/10/2019		1,000,000		1,006,085						1,000,000		1,006,085
AmeriCredit Automobile Receivables Trust		2.88	%		07/08/2021		750,000		766,351						750,000		766,351
AmeriCredit Automobile Receivables Trust		2.89	%		01/10/2022		950,000		970,494						950,000		970,494
Avis Budget Rental Car Funding AESOP LLC		3.04	%		03/20/2019		850,000		857,361						850,000		857,361
Avis Budget Rental Car Funding AESOP LLC		2.46	%		07/20/2020		1,250,000		1,267,656						1,250,000		1,267,656
Capital Auto Receivables Asset Trust		1.74	%		10/22/2018		3,620,000		3,625,501						3,620,000		3,625,501
Capital Auto Receivables Asset Trust		2.89	%		02/22/2021		1,630,000		1,633,795						1,630,000		1,633,795
Capital Auto Receivables Asset Trust		2.67	%		12/21/2020		1,000,000		1,008,271						1,000,000		1,008,271
Capital One Multi-Asset Execution Trust		5.75	%		07/15/2020		1,000,000		1,058,392						1,000,000		1,058,392
Capital One Multi-Asset Execution Trust		1.48	%		07/15/2020		3,150,000		3,170,524						3,150,000		3,170,524
Capital One Multi-Asset Execution Trust		1.39	%		01/15/2021		3,800,000		3,826,083						3,800,000		3,826,083
Capital One Multi-Asset Execution Trust		2.05	%		08/15/2023		3,300,000		3,383,979						3,300,000		3,383,979
CarMax Auto Owner Trust		1.99	%		08/15/2019		1,150,000		1,149,391						1,150,000		1,149,391
CarMax Auto Owner Trust		1.61	%		03/15/2019		2,150,000		2,152,425						2,150,000		2,152,425
CarMax Auto Owner Trust		2.39	%		03/15/2021		900,000		907,797						900,000		907,797
CarMax Auto Owner Trust		1.61	%		11/16/2020		2,000,000		2,018,165						2,000,000		2,018,165
Chase Issuance Trust		1.38	%		11/15/2019		2,000,000		2,010,376						2,000,000		2,010,376
CIT Equipment Collateral		2.65	%		10/20/2022		2,000,000		2,022,062						2,000,000		2,022,062
Citibank Credit Card Issuance Trust		1.02	%		02/22/2019		3,900,000		3,904,062						3,900,000		3,904,062
Citibank Credit Card Issuance Trust		1.23	%		04/24/2019		3,900,000		3,911,461						3,900,000		3,911,461
CLI Funding V LLC		2.83	%		03/18/2028		742,500		712,414						742,500		712,414
CLI Funding V LLC		3.67	%		11/18/2028		486,207		471,125						486,207		471,125
CNH Equipment Trust		1.30	%		03/16/2020		640,000		640,285						640,000		640,285
CNH Equipment Trust		1.75	%		04/15/2021		1,100,000		1,103,051						1,100,000		1,103,051
CNH Equipment Trust		0.84	%		05/15/2019		577,099		576,779						577,099		576,779
CNH Equipment Trust		1.93	%		11/15/2021		1,050,000		1,057,569						1,050,000		1,057,569
CNH Equipment Trust		1.05	%		11/15/2019		1,950,025		1,949,591						1,950,025		1,949,591
CNH Equipment Trust		2.14	%		08/15/2022		2,000,000		2,019,433						2,000,000		2,019,433
CNH Equipment Trust		1.37	%		07/15/2020		1,000,000		1,003,237						1,000,000		1,003,237
CNH Equipment Trust		2.23	%		10/17/2022		1,825,000		1,846,714						1,825,000		1,846,714
CNH Wholesale Master Note Trust		1.04	%		08/15/2019		750,000		750,000						750,000		750,000
Diamond Resorts Owner Trust		2.27	%		05/20/2026		1,147,044		1,144,253						1,147,044		1,144,253
Diamond Resorts Owner Trust		2.54	%		05/20/2027		1,378,851		1,382,436						1,378,851		1,382,436
Diamond Resorts Owner Trust		2.99	%		05/22/2028		1,041,550		1,059,126						1,041,550		1,059,126
Discover Card Execution Note Trust		1.39	%		04/15/2020		2,000,000		2,012,452						2,000,000		2,012,452
Discover Card Execution Note Trust		2.19	%		04/17/2023		3,000,000		3,093,638						3,000,000		3,093,638
Entergy Texas Restoration Funding LLC		3.65	%		08/01/2019		1,376,306		1,408,527						1,376,306		1,408,527
Ford Credit Auto Lease Trust		1.16	%		08/15/2017		2,800,000		2,799,277						2,800,000		2,799,277
Ford Credit Floorplan Master Owner Trust		3.50	%		01/15/2019		2,300,000		2,321,382						2,300,000		2,321,382
Ford Credit Floorplan Master Owner Trust		1.88	%		09/15/2018		2,665,000		2,668,410						2,665,000		2,668,410
Ford Credit Floorplan Master Owner Trust		1.62	%		01/15/2020		1,050,000		1,047,562						1,050,000		1,047,562
Global SC Finance II SRL		2.98	%		04/17/2028		1,144,583		1,091,379						1,144,583		1,091,379
Hyundai Auto Receivables Trust		1.42	%		02/15/2019		1,010,000		1,010,615						1,010,000		1,010,615
Invitation Homes Trust		1.80	%		12/17/2030		1,080,000		1,066,895						1,080,000		1,066,895
MVW Owner Trust		2.52	%		12/20/2032		2,095,487		2,094,165						2,095,487		2,094,165
Nissan Master Owner Trust Receivables		1.44	%		01/15/2020		2,090,000		2,097,258						2,090,000		2,097,258
Sierra Timeshare Receivables Funding LLC		3.58	%		11/20/2028		761,802		764,527						761,802		764,527
Sierra Timeshare Receivables Funding LLC		2.40	%		03/22/2032		783,938		785,710						783,938		785,710
SMART ABS Trust		1.25	%		08/14/2018		900,532		899,162						900,532		899,162
SMART ABS Trust		1.18	%		02/14/2019		950,681		947,924						950,681		947,924
Synchrony Credit Card Master Note Trust		2.22	%		01/15/2022		2,062,000		2,101,087						2,062,000		2,101,087
Tricon American Homes Trust		2.09	%		05/17/2032		730,000		715,581						730,000		715,581
Volkswagen Auto Loan Enhanced Trust		0.78	%		07/22/2019		3,850,000		3,842,934						3,850,000		3,842,934
World Financial Network Credit Card Master Trust		3.32	%		08/15/2022		500,000		514,069						500,000		514,069
World Financial Network Credit Card Master Trust		3.34	%		04/17/2023		1,440,000		1,456,430						1,440,000		1,456,430
World Financial Network Credit Card Master Trust		1.61	%		12/15/2021		5,000,000		5,023,749						5,000,000		5,023,749
World Omni Auto Receivables Trust		1.75	%		04/15/2021		2,450,000		2,476,211						2,450,000		2,476,211
World Omni Automobile Lease Securitization Trust		1.94	%		12/15/2020		2,030,000		2,034,570						2,030,000		2,034,570

Total Asset-Backed Securities									108,673,589								108,673,589

									Total Cost ($108,506,683)								Total Cost ($108,506,683)
Corporate Debt Securities - 29.8 %
Automobiles
General Motors Financial Co., Inc.		3.00	%		09/25/2017		2,971,000		3,014,044						2,971,000		3,014,044
Banks
Bank of America Corp.		6.88	%		04/25/2018		3,941,000		4,302,575						3,941,000		4,302,575
Citigroup, Inc.		1.70	%		04/27/2018		3,425,000		3,430,490						3,425,000		3,430,490
KeyBank NA		1.70	%		06/01/2018		1,330,000		1,336,331						1,330,000		1,336,331
Lloyds Bank PLC		2.00	%		08/17/2018		2,000,000		1,997,758						2,000,000		1,997,758
PNC Bank NA		1.13	%		01/27/2017		3,750,000		3,753,210						3,750,000		3,753,210
Toronto-Dominion Bank		1.75	%		07/23/2018		3,820,000		3,859,113						3,820,000		3,859,113
Wells Fargo & Co.		2.55	%		12/07/2020		3,425,000		3,524,804						3,425,000		3,524,804
Beverages
Anheuser-Busch InBev Finance, Inc.		2.65	%		02/01/2021		2,000,000		2,074,030						2,000,000		2,074,030
Capital Markets
Deutsche Bank AG		1.35	%		05/30/2017		2,240,000		2,227,512						2,240,000		2,227,512
Goldman Sachs Group, Inc.		2.00	%		04/23/2021		3,005,000		3,010,676						3,005,000		3,010,676
Morgan Stanley		2.65	%		01/27/2020		4,000,000		4,065,956						4,000,000		4,065,956
Chemicals
Airgas, Inc.		1.65	%		02/15/2018		2,575,000		2,584,363						2,575,000		2,584,363
Consumer Finance
Capital One Financial Corp.		3.15	%		07/15/2016		2,700,000		2,701,539						2,700,000		2,701,539
Ford Motor Credit Co. LLC		1.49	%		03/12/2019		1,115,000		1,110,328						1,115,000		1,110,328
PACCAR Financial Corp.		1.75	%		08/14/2018		760,000		771,649						760,000		771,649
Toyota Motor Credit Corp.		1.70	%		02/19/2019		2,025,000		2,050,884						2,025,000		2,050,884
Visa, Inc.		2.20	%		12/14/2020		3,075,000		3,170,574						3,075,000		3,170,574
Diversified Financial Services
American Honda Finance Corp.		1.20	%		07/14/2017		1,250,000		1,251,801						1,250,000		1,251,801
Bear Stearns Cos. LLC		7.25	%		02/01/2018		2,500,000		2,725,238						2,500,000		2,725,238
Diversified Telecommunication Services
Nippon Telegraph & Telephone Corp.		1.40	%		07/18/2017		1,300,000		1,303,076						1,300,000		1,303,076
Verizon Communications, Inc.		1.43	%		06/17/2019		1,300,000		1,306,578						1,300,000		1,306,578
Verizon Communications, Inc.		2.41	%		09/14/2018		1,670,000		1,711,666						1,670,000		1,711,666
Energy Equipment & Services
Schlumberger Norge AS		1.25	%		08/01/2017		3,450,000		3,448,265						3,450,000		3,448,265
Food & Staples Retailing
CVS Health Corp.		2.80	%		07/20/2020		3,500,000		3,644,445						3,500,000		3,644,445
Insurance
Berkshire Hathaway Finance Corp.		0.93	%		01/12/2018		1,820,000		1,820,617						1,820,000		1,820,617
Metropolitan Life Global Funding I		1.50	%		01/10/2018		2,200,000		2,212,681						2,200,000		2,212,681

S-6



						TPP Master					TAF Destination		Adjustments				Combined Pro Forma Destination
	Coupon Rate			Maturity Date		Principal			Value		Principal	Value	Principal	Value			Principal		Value

Media
Comcast Cable Communications LLC		8.88	%		05/01/2017	$	2,880,000	$		3,067,401							$	2,880,000	$	3,067,401
Metals & Mining
Vale Overseas, Ltd.		6.25	%		01/23/2017		2,750,000			2,812,975								2,750,000		2,812,975
Oil, Gas & Consumable Fuels
Chevron Corp.		1.72	%		06/24/2018		1,500,000			1,517,523								1,500,000		1,517,523
Devon Energy Corp.		2.25	%		12/15/2018		2,000,000			1,985,896								2,000,000		1,985,896
Husky Energy, Inc.		6.20	%		09/15/2017		2,420,000			2,508,909								2,420,000		2,508,909
Kinder Morgan, Inc.		7.00	%		06/15/2017		1,545,000			1,609,006								1,545,000		1,609,006
Petroleos Mexicanos		2.65	%		07/18/2018		3,250,000			3,242,460								3,250,000		3,242,460
Total Capital International SA		1.55	%		06/28/2017		1,500,000			1,507,797								1,500,000		1,507,797
Pharmaceuticals
Bayer US Finance LLC		1.50	%		10/06/2017		1,430,000			1,431,333								1,430,000		1,431,333
Real Estate Investment Trusts
HCP, Inc.		6.70	%		01/30/2018		4,100,000			4,403,527								4,100,000		4,403,527
Simon Property Group, LP		1.50	%		02/01/2018		2,350,000			2,360,051								2,350,000		2,360,051
Ventas Realty, LP		1.25	%		04/17/2017		1,000,000			1,000,276								1,000,000		1,000,276
Semiconductors & Semiconductor Equipment
Altera Corp.		2.50	%		11/15/2018		1,050,000			1,086,055								1,050,000		1,086,055
Technology Hardware, Storage & Peripherals
Hewlett Packard Enterprise Co.		2.45	%		10/05/2017		2,105,000			2,132,281								2,105,000		2,132,281

Total Corporate Debt Securities										99,075,693										99,075,693

										Total Cost ($98,023,008)										Total Cost ($98,023,008)
Mortgage-Backed Securities - 21.8 %
Banc of America Commercial Mortgage Trust		5.70	%		07/10/2046		1,770,000			1,726,529								1,770,000		1,726,529
Banc of America Commercial Mortgage Trust		6.44	%		02/10/2051		3,914,051			4,119,371								3,914,051		4,119,371
Banc of America Commercial Mortgage Trust		6.48	%		02/10/2051		1,850,000			1,852,282								1,850,000		1,852,282
Bear Stearns Commercial Mortgage Securities Trust		5.36	%		02/11/2044		5,000,000			4,699,923								5,000,000		4,699,923
CD Commercial Mortgage Trust		5.32	%		12/11/2049		4,267,556			4,312,415								4,267,556		4,312,415
COMM Mortgage Trust		1.09	%		12/10/2049		4,000,000			3,918,617								4,000,000		3,918,617
COMM Mortgage Trust		2.36	%		02/10/2029		4,050,000			4,071,194								4,050,000		4,071,194
COMM Mortgage Trust		1.30	%		10/10/2046		3,542,971			3,551,368								3,542,971		3,551,368
DBUBS Mortgage Trust		3.74	%		11/10/2046		73,963			74,426								73,963		74,426
DBUBS Mortgage Trust		3.64	%		08/10/2044		445,102			444,958								445,102		444,958
JPMBB Commercial Mortgage Securities Trust		1.25	%		01/15/2047		2,179,293			2,181,341								2,179,293		2,181,341
JPMorgan Chase Commercial Mortgage Securities Trust		5.99	%		12/12/2034		125,248			126,671								125,248		126,671
JPMorgan Chase Commercial Mortgage Securities Trust		4.94	%		07/15/2042		5,000,000			4,994,460								5,000,000		4,994,460
JPMorgan Chase Commercial Mortgage Securities Trust		4.98	%		07/15/2042		3,680,000			3,665,246								3,680,000		3,665,246
JPMorgan Chase Commercial Mortgage Securities Trust		5.72	%		12/15/2044		2,900,000			2,877,719								2,900,000		2,877,719
JPMorgan Chase Commercial Mortgage Securities Trust		5.48	%		05/15/2045		2,930,000			2,934,232								2,930,000		2,934,232
JPMorgan Chase Commercial Mortgage Securities Trust		5.46	%		01/15/2049		5,940,000			5,843,764								5,940,000		5,843,764
JPMorgan Chase Commercial Mortgage Securities Trust		5.80	%		02/15/2046		1,900,000			1,953,448								1,900,000		1,953,448
JPMorgan Chase Commercial Mortgage Securities Trust		1.80	%		10/15/2045		3,632,694			3,654,508								3,632,694		3,654,508
LB-UBS Commercial Mortgage Trust		4.98	%		01/15/2036		1,490,000			581,100								1,490,000		581,100
Morgan Stanley Capital I Trust		5.30	%		11/14/2042		4,000,000			3,991,825								4,000,000		3,991,825
Morgan Stanley Capital I Trust		5.33	%		10/12/2052		1,390,000			1,393,561								1,390,000		1,393,561
SCG Trust		2.39	%		11/15/2026		2,230,000			2,223,695								2,230,000		2,223,695
Sequoia Mortgage Trust		3.50	%		04/25/2042		58,589			58,556								58,589		58,556
Wachovia Bank Commercial Mortgage Trust		6.03	%		05/15/2043		4,000,000			3,992,898								4,000,000		3,992,898
Wachovia Bank Commercial Mortgage Trust		5.25	%		12/15/2043		744,716			749,544								744,716		749,544
Wachovia Bank Commercial Mortgage Trust		5.29	%		12/15/2043		210,010			210,315								210,010		210,315
Wells Fargo Commercial Mortgage Trust		1.64	%		09/15/2058		1,330,906			1,339,758								1,330,906		1,339,758
WFRBS Commercial Mortgage Trust		1.19	%		12/15/2046		1,152,042			1,152,098								1,152,042		1,152,098

Total Mortgage-Backed Securities										72,695,822										72,695,822

										Total Cost ($74,062,480)										Total Cost ($74,062,480)
U.S. Government Agency Obligations - 10.3 %
Federal Home Loan Mortgage Corp.		2.60	%		06/01/2033		1,091,967			1,143,951								1,091,967		1,143,951
Federal Home Loan Mortgage Corp.		4.50	%		09/01/2026		1,822,123			1,920,229								1,822,123		1,920,229
Federal National Mortgage Association		5.49	%		04/01/2017		1,813,512			1,864,863								1,813,512		1,864,863
FREMF Mortgage Trust		2.74	%		03/25/2045		1,820,000			1,824,895								1,820,000		1,824,895
Government National Mortgage Association		4.52	%		12/20/2061		2,333,063			2,467,747								2,333,063		2,467,747
Government National Mortgage Association		4.67	%		11/20/2061		1,161,765			1,224,780								1,161,765		1,224,780
Government National Mortgage Association		4.67	%		09/20/2063		2,743,128			2,886,021								2,743,128		2,886,021
Government National Mortgage Association		4.75	%		02/20/2061		369,809			383,568								369,809		383,568
Government National Mortgage Association		4.80	%		02/20/2063		3,012,674			3,184,672								3,012,674		3,184,672
Government National Mortgage Association		4.82	%		02/20/2061		352,252			367,757								352,252		367,757
Government National Mortgage Association		4.86	%		05/20/2061		683,105			714,615								683,105		714,615
Government National Mortgage Association		4.89	%		06/20/2063		2,397,510			2,543,286								2,397,510		2,543,286
Government National Mortgage Association		4.95	%		05/20/2062		2,581,065			2,715,624								2,581,065		2,715,624
Government National Mortgage Association		5.27	%		11/20/2060		2,041,801			2,177,376								2,041,801		2,177,376
Government National Mortgage Association		5.32	%		04/20/2061		1,292,125			1,368,669								1,292,125		1,368,669
Government National Mortgage Association		5.47	%		01/20/2060		5,320,134			5,600,247								5,320,134		5,600,247
Government National Mortgage Association		5.65	%		06/20/2059		1,585,178			1,628,627								1,585,178		1,628,627
Government National Mortgage Association		5.75	%		12/15/2022		331,566			362,024								331,566		362,024

Total U.S. Government Agency Obligations										34,378,951										34,378,951

										Total Cost ($36,088,954)										Total Cost ($36,088,954)
U.S. Government Obligations - 4.8 %
U.S. Treasury Note		0.88	%		03/31/2018		6,000,000			6,029,298								6,000,000		6,029,298
U.S. Treasury Note		0.88	%		07/31/2019		7,800,000			7,831,996								7,800,000		7,831,996
U.S. Treasury Note		1.50	%		05/31/2020		2,000,000			2,046,562								2,000,000		2,046,562

Total U.S. Government Obligations										15,907,856										15,907,856

										Total Cost ($15,821,532)										Total Cost ($15,821,532)

						Shares			Value		Shares	Value	Shares	Value			Shares		Value

Securities Lending Collateral - 2.5 %
State Street Navigator Securities Lending Trust - Prime Portfolio		0.51	%				8,377,052		$	8,377,052								8,377,052	$	8,377,052

Total Securities Lending Collateral										8,377,052										8,377,052

										Total Cost ($8,377,052)										Total Cost ($8,377,052)

						Principal			Value		Principal	Value	Principal	Value			Principal		Value

Repurchase Agreement - 1.4 %
State Street Bank & Trust Co.		0.03	%		07/01/2016	$	4,492,352		$	4,492,352							$	4,492,352	$	4,492,352


Total Repurchase Agreement										4,492,352										4,492,352

										Total Cost ($4,492,352)										Total Cost ($4,492,352)


Total Investments										343,601,315										343,601,315

										Total Cost ($345,372,061)										Total Cost ($345,372,061)

Other Assets and Liabilities - (3.3)%										(10,851,103)					611,552	(a)(c)				(10,239,551)

Net Assets										$332,750,212					$611,552					$333,361,764

VALUATION SUMMARY:


Investments	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
Asset-Backed Securities	$	-	$	108,673,589	$	-	$	108,673,589	$	-	$	-	$	-	$	-	$	-	$	108,673,589	$	-	$	108,673,589
Corporate Debt Securities		-		99,075,693		-		99,075,693		-		-		-		-		-		99,075,693		-		99,075,693
Mortgage-Backed Securities		-		72,695,822		-		72,695,822		-		-		-		-		-		72,695,822		-		72,695,822
U.S. Government Agency Obligations		-		34,378,951		-		34,378,951		-		-		-		-		-		34,378,951		-		34,378,951
U.S. Government Obligations		-		15,907,856		-		15,907,856		-		-		-		-		-		15,907,856		-		15,907,856
Securities Lending Collateral		8,377,052		-		-		8,377,052		-		-		-		-		8,377,052		-		-		8,377,052
Repurchase Agreement		-		4,492,352		-		4,492,352		-		-		-		-		-		4,492,352		-		4,492,352
Total Investments	$	8,377,052	$	335,224,263	$	-	$	343,601,315	$	-	$	-	$	-	$	-	$	8,377,052	$	335,224,263	$	-	$	343,601,315

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

As of June 30, 2016, all securities held by the Target Master Portfolio would comply with the investment restrictions of the Destination Fund.

S-7

Reorganization Between TPP Master, TPFG Feeder, TPFG II Feeder and TAF Destination

PRO FORMA STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2016


		TPP Master			TPFG Feeder			TPFG II Feeder			TAF Destination		Adjustments					Combined Pro Forma Destination
Assets:
Investments, at value	$	339,108,963		$	-		$	-		$	-	$	-				$	339,108,963
Repurchase agreements, at value		4,492,352			-			-			-		-					4,492,352
Investments in Series Portfolio, at value		-			104,221,457			56,099,294			-		(160,320,751	)	(b	)		-
Cash		286,534			-			-			-		-					286,534
Cash on deposit with broker		-			-			-			-		-					-
Foreign currency, at value		-			-			-			-		-					-
Receivables:
Shares of beneficial interest sold		-			-			828,271			-		-					828,271
Investments sold		3,969			-			-			-		-					3,969
When-issued, delay-delivery, and forward commitment securities sold		-			-			-			-		-					-
Interest		1,395,127			-			-			-		-					1,395,127
Dividends		-			-			-			-		-					-
Tax reclaims		-			-			-			-		-					-
Net income from securities lending		1,387			-			-			-		-					1,387
Due from advisor		-			-			5,625			-		-					5,625
Money market waiver due from advisor		-			-			-			-		-					-
Variation margin receivable		-			-			-			-		-					-
Other		-			-			-			-		-					-
Prepaid Expenses		1,215			441			217			-		-					1,873
OTC swap agreements, at value		-			-			-			-		-					-
Unrealized appreciation on forward foreign currency contracts		-			-			-			-		-					-

Total assets	$	345,289,547		$	104,221,898		$	56,933,407		$	-	$	(160,320,751	)			$	346,124,101


Liabilities:
Due to custodian		-			-			-			-		-					-
Cash deposit due to broker		-			-			-			-		-					-
Payables and other liabilities:
Shares of beneficial interest redeemed		-			52,959			-			-		-					52,959
Investments purchased		4,032,740			-			-			-		-					4,032,740
When-issued, delay-delivery, and forward commitment securities purchased		-			-			-			-		-					-
Investment advisory fees		95,488			25,703			-			-		-					121,191
Investment management fees		-			-			-			-		-					-
Administration/Investment advisory fees		-			-			2,308			-		-					2,308
Administration fees		-			-			-			-		-					-
Distribution and service fees		-			21,419			11,543			-		-					32,962
Transfer agent fees		-			-			-			-		-					-
Trustee, CCO and deferred compensation fees		724			284			184			-		-					1,192
Audit and tax fees		9,953			5,370			4,650			-		-					19,973
Custody and accounting fees		13,274			1,831			1,831			-		-					16,936
Legal fees		5,723			1,763			954			-		-					8,440
Printing and shareholder reports fees		2,167			3,849			1,084			-		-					7,100
Registration fees		-			4,484			5,519			-		-					10,003
Dividends, interest and fees for borrowings from securities sold short		-			-			-			-		-					-
Interest		-			-			-			-		-					-
Distribution payable to shareholders		-			-			-			-		-					-
Other		2,214			713			323			-		76,231		(c	)		79,481
Collateral for securities on loan		8,377,052			-			-			-		-					8,377,052
Securities sold short, at value		-			-			-			-		-					-
Written options and swaptions, at value		-			-			-			-		-					-
OTC swap agreements, at value		-			-			-			-		-					-
Unrealized depreciation on forward foreign currency contracts		-			-			-			-		-					-

Total liabilities		12,539,335			118,375			28,396			-		76,231					12,762,337

Net Assets	$	332,750,212		$	104,103,523		$	56,905,011		$	-	$	(160,396,982	)			$	333,361,764


Net Assets Consist of:
Paid-in capital	$	404,082			108,117,377			56,730,674			-	$	168,169,047		(d	)	$	333,421,180
Undistributed (distributions in excess of) net investment income (loss)		347,820,026			(239,314	)		(123,463	)		-		(347,457,249	)	(d	)		-
Accumulated net realized gain (loss)		(13,703,150	)		(2,158,750	)		(1,258,574	)		-		17,120,474		(d	)		-
Net unrealized appreciation (depreciation) on:
Investments		(1,770,746	)		-			-			-		1,770,746		(d	)		-
Allocated from Series Portfolio		-			(1,615,790	)		1,556,374			-		-					(59,416	)
Securities sold short		-			-			-			-		-					-
Written options and swaptions		-			-			-			-		-					-
Swap agreements		-			-			-			-		-					-
Futures contracts		-			-			-			-		-					-
Translation of assets and liabilities denominated in foreign currencies		-			-			-			-		-					-

Net Assets	$	332,750,212		$	104,103,523		$	56,905,011		$	-	$	(160,396,982	)			$	333,361,764


Net assets by class:
Class A	$	-		$	-		$	-		$	-	$	-				$	-
Class B		-			-			-			-		-					-
Class C		-			-			-			-		-					-
Class I		-			-			-			-		-					-
Class I2		-			-			-			-		-					-
Class I3		172,429,461			-			-			-		(76,231	)	(c	)		172,353,230
Class T		-			-			-			-		-					-
Class R		-			104,103,523			-			-		-					104,103,523
Class R4		-			-			56,905,011			-		-					56,905,011
Class R6		-			-			-			-		-					-
Shares outstanding (unlimited shares, no par value):
Class A		-			-			-			-		-					-
Class B		-			-			-			-		-					-
Class C		-			-			-			-		-					-
Class I		-			-			-			-		-					-
Class I2		-			-			-			-		-					-
Class I3		17,242,946			-			-			-		-					17,242,946
Class T		-			-			-			-		-					-
Class R		-			9,302,026			-			-		1,108,326		(e	)		10,410,352
Class R4		-			-			5,602,662			-		87,839		(e	)		5,690,501
Class R6		-			-			-			-		-					-
Net asset value per share:
Class A	$	-		$	-		$	-		$	-		-				$	-
Class B		-			-			-			-		-					-
Class C		-			-			-			-		-					-
Class I		-			-			-			-		-					-
Class I2		-			-			-			-		-					-
Class I3		10.00			-			-			10.00		(10.00	)	(f	)		10.00
Class T		-			-			-			-		-					-
Class R		-			11.19			-			10.00		(11.19	)	(f	)		10.00
Class R4		-			-			10.16			10.00		(10.16	)	(f	)		10.00
Class R6		-			-			-			-		-					-
Maximum offering price per share:
Class A	$	-		$	-		$	-		$	-		-				$	-

Investments, at cost	$	340,879,709		$	-		$	-		$	-		-				$	340,879,709
Securities loaned, at value		8,201,181			-			-			-		-					8,201,181
Repurchase agreements, at cost		4,492,352			-			-			-		-					4,492,352
Foreign currency, at cost		-			-			-			-		-					-
Premium received on written options and swaptions		-			-			-			-		-					-

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-8

Reorganization Between TPP Master, TPFG Feeder, TPFG II Feeder and TAF Destination

PRO FORMA STATEMENT OF OPERATIONS

For the twelve-month period ended June 30, 2016


		TPP Master				TPFG Feeder				TPFG II Feeder				TAF Destination			Adjustments						Combined Pro Forma Destination
Investment Income:

Dividend income	$		-		$		-		$		-		$		-	$		-				$		-
Interest income			6,018,057				1,870,785				986,107				-			(2,856,892	)	(b	)			6,018,057
Net income (loss) from securities lending			19,475				6,056				3,193				-			(9,249	)	(b	)			19,475
Withholding taxes on fore&ign income			17				3				11				-			(14	)	(b	)			17
Expenses (net of waiver and/or reimbursement)			-				(414,314	)			(218,285	)			-			632,599		(b	)			-

Total investment income (loss)			6,037,549				1,462,530				771,026				-			(2,233,556	)					6,037,549


Expenses:
Investment advisory fees			1,231,163				-				-				-			103,636		(g	)			1,334,799
Investment management fees			-				-				-				-			-						-
Administration/Investment advisory fees			-				327,860				28,797				-			(356,657	)	(h	)			-
Distribution and service fees:
Class A			-				-				-				-			-						-
Class B			-				-				-				-			-						-
Class C			-				-				-				-			-						-
Class I			-				-				-				-			-						-
Class I2			-				-				-				-			-						-
Class I3			-				-				-				-			-						-
Class T			-				-				-				-			-						-
Class R			-				273,217				-				-			272,446		(i	)			545,663
Class R4			-				-				143,988				-			(203	)	(i	)			143,785
Class R6			-				-				-				-			-						-
Administration fees			-				-				-				-			-						-
Transfer agent fees:
Class A			-				-				-				-			-						-
Class B			-				-				-				-									-
Class C			-				-				-				-			-						-
Class I			-				-				-				-									-
Class I2			-				-				-				-									-
Class I3			-				-				-				-									-
Class T			-				-				-				-			-						-
Class R			-				-				-				-									-
Class R4			-				-				-				-									-
Class R6			-				-				-				-									-
Trustee, CCO and deferred compensation fees			5,765				2,151				1,101				-			-						9,017
Audit and tax fees			22,794				9,787				8,049				-			(29,946	)	(j	)			10,684
Custody fees			55,881				11,267				11,265				-			(52,068	)	(k	)			26,345
Legal fees			11,932				4,464				1,864				-			-						18,260
Printing and shareholder reports fees			(733	)			13,806				4,365				-			-						17,438
Registration fees			-				23,346				20,245				-									43,591
Dividends, interest and fees for borrowings from securities sold short			-				-				-				-									-
Interest			-				-				-				-			-						-
Other			5,832				3,288				1,947				-			-						11,067

Total expenses before waiver and/or reimbursement and recapture			1,332,634				669,186				221,621				-			(62,792	)					2,160,649
Expenses waived and/or reimbursed:
Fund level			-				-				-				-			(1,471,201	)	(l	)			(1,471,201	)
Class A			-				-				-				-			-						-
Class B			-				-				-				-			-						-
Class C			-				-				-				-			-						-
Class I			-				-				-				-			-						-
Class I2			-				-				-				-			-						-
Class I3			-				-				-				-			(34,766	)	(l	)			(34,766	)
Class T			-				-				-				-			-						-
Class R			-				-				-				-			-						-
Class R4			-				-				(65,522	)			-			54,691		(l	)			(10,831	)
Class R6			-				-				-				-			-						-
Recapture of previously waived and/or reimbursed fees:
Fund level			-				-				-				-			-						-
Class A			-				-				-				-			-						-
Class B			-				-				-				-			-						-
Class C			-				-				-				-			-						-
Class I			-				-				-				-			-						-
Class I2			-				-				-				-			-						-
Class I3			-				-				-				-			-						-
Class T			-				-				-				-			-						-
Class R			-				-				-				-			-						-
Class R4			-				-				-				-			-						-
Class R6			-				-				-				-			-						-

Net expenses			1,332,634				669,186				156,099				-			(1,514,068	)					643,851

Net investment income (loss)			4,704,915				793,344				614,927				-			(719,488	)					5,393,698


Net realized gain (loss) on:
Allocated from series portfolio			-				(432,464	)			(225,991	)			-			658,455		(b	)			-
Investments			(1,382,618	)			-				-				-			-						(1,382,618	)
Securities sold short			-				-				-				-			-						-
Written options and swaptions			-				-				-				-			-						-
Swap agreements			-				-				-				-			-						-
Futures contracts			-				-				-				-			-						-
Foreign currency transactions			-				-				-				-			-						-

Net realized gain (loss)			(1,382,618	)			(432,464	)			(225,991	)			-			658,455						(1,382,618	)


Net change in unrealized appreciation (depreciation) on:
Allocated from series portfolio			-				560,097				279,613				-			(839,710	)	(b	)			-
Investments			1,719,226				-				-				-			-						1,719,226
Securities sold short			-				-				-				-			-						-
Written options and swaptions			-				-				-				-			-						-
Swap agreements			-				-				-				-			-						-
Futures contracts			-				-				-				-			-						-
Translation of assets and liabilities denominated in foreign currencies			-				-				-				-			-						-

Net change in unrealized appreciation (depreciation)			1,719,226				560,097				279,613				-			(839,710	)					1,719,226


Net realized and change in unrealized gain (loss)			336,608				127,633				53,622				-			(181,255	)					336,608


Net increase (decrease) in net assets resulting from operations	$		5,041,523		$		920,977		$		668,549		$		-	$		(900,743	)			$		5,730,306

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-9

Group Two Reorganization Between:

TRANSAMERICA PARTNERS INFLATION-PROTECTED SECURITIES

TRANSAMERICA PARTNERS INSTITUTIONAL INFLATION-PROTECTED SECURITIES

TRANSAMERICA PARTNERS INFLATION-PROTECTED SECURITIES PORTFOLIO

AND

TRANSAMERICA INFLATION-PROTECTED SECURITIES

Reorganization Between TPP Master and TAF

PRO FORMA SCHEDULE OF INVESTMENTS

At June 30, 2016



										TPP Master				TAF Destination		Adjustments			Combined Pro Forma Destination

		Coupon Rate			Maturity Date					Principal		Value		Principal	Value	Principal	Value		Principal		Value

Foreign Government Obligations - 4.5 %
Germany
Deutsche Bundesrepublik Inflation-Linked Bond			0.10	%		04/15/2023			EUR		3,284,760	$	3,923,927					EUR		3,284,760	$	3,923,927
Greece
Hellenic Republic Government Bond			0.00	%		10/15/2042					366,000		1,137							366,000		1,137
Italy
Italy Buoni Poliennali del Tesoro			1.25	%		09/15/2032					440,149		513,503							440,149		513,503
Italy Buoni Poliennali del Tesoro			2.10	%		09/15/2016					10,696		11,949							10,696		11,949
Italy Buoni Poliennali del Tesoro			2.35	%		09/15/2024					2,600,645		3,314,935							2,600,645		3,314,935
Italy Buoni Poliennali del Tesoro			2.55	%		09/15/2041					417,944		598,171							417,944		598,171
Italy Buoni Poliennali del Tesoro			2.60	%		09/15/2023					250,958		325,707							250,958		325,707
New Zealand
New Zealand Government Bond			2.50	%		09/20/2035			NZD		800,000		646,293					NZD		800,000		646,293
New Zealand Government Bond			3.00	%		09/20/2030					3,098,000		2,651,372							3,098,000		2,651,372


Total Foreign Government Obligations													11,986,994									11,986,994

													Total Cost ($12,147,310)									Total Cost ($12,147,310)
U.S. Government Obligations - 92.7 %
U.S. Treasury Inflation Indexed Bond			0.63	%		02/15/2043				$	3,293,183	$	3,205,320						$	3,293,183	$	3,205,320
U.S. Treasury Inflation Indexed Bond			0.75	%		02/15/2042					9,497,508		9,516,180							9,497,508		9,516,180
U.S. Treasury Inflation Indexed Bond			1.00	%		02/15/2046					1,843,467		1,990,175							1,843,467		1,990,175
U.S. Treasury Inflation Indexed Bond			1.38	%		02/15/2044					4,968,018		5,743,044							4,968,018		5,743,044
U.S. Treasury Inflation Indexed Bond			1.75	%		01/15/2028					8,923,949		10,432,774							8,923,949		10,432,774
U.S. Treasury Inflation Indexed Bond			2.00	%		01/15/2026					6,104,794		7,181,796							6,104,794		7,181,796
U.S. Treasury Inflation Indexed Bond			2.13	%		02/15/2040					5,093,936		6,659,461							5,093,936		6,659,461
U.S. Treasury Inflation Indexed Bond			2.13	%		02/15/2041					7,154,281		9,437,598							7,154,281		9,437,598
U.S. Treasury Inflation Indexed Bond			2.38	%		01/15/2025					7,671,643		9,159,919							7,671,643		9,159,919
U.S. Treasury Inflation Indexed Bond			2.38	%		01/15/2027					6,488,733		7,960,611							6,488,733		7,960,611
U.S. Treasury Inflation Indexed Bond			2.50	%		01/15/2029					7,220,146		9,148,148							7,220,146		9,148,148
U.S. Treasury Inflation Indexed Bond			3.38	%		04/15/2032					877,918		1,285,692							877,918		1,285,692
U.S. Treasury Inflation Indexed Bond			3.63	%		04/15/2028					6,522,655		9,024,367							6,522,655		9,024,367
U.S. Treasury Inflation Indexed Bond			3.88	%		04/15/2029					7,923,510		11,412,326							7,923,510		11,412,326
U.S. Treasury Inflation Indexed Note			0.13	%		04/15/2019					14,012,264		14,308,385							14,012,264		14,308,385
U.S. Treasury Inflation Indexed Note			0.13	%		04/15/2020					10,925,263		11,175,922							10,925,263		11,175,922
U.S. Treasury Inflation Indexed Note			0.13	%		04/15/2021					9,063,877		9,286,930							9,063,877		9,286,930
U.S. Treasury Inflation Indexed Note			0.13	%		01/15/2022					9,873,299		10,062,541							9,873,299		10,062,541
U.S. Treasury Inflation Indexed Note			0.13	%		07/15/2022					3,833,395		3,919,746							3,833,395		3,919,746
U.S. Treasury Inflation Indexed Note			0.13	%		01/15/2023					14,800,828		14,997,013							14,800,828		14,997,013
U.S. Treasury Inflation Indexed Note			0.13	%		07/15/2024					11,943,794		12,063,853							11,943,794		12,063,853
U.S. Treasury Inflation Indexed Note			0.25	%		01/15/2025					4,444,000		4,511,700							4,444,000		4,511,700
U.S. Treasury Inflation Indexed Note			0.38	%		07/15/2023					10,690,680		11,053,575							10,690,680		11,053,575
U.S. Treasury Inflation Indexed Note			0.63	%		01/15/2026					4,403,569		4,637,107							4,403,569		4,637,107
U.S. Treasury Inflation Indexed Note			0.63	%		07/15/2021					7,436,487		7,826,419							7,436,487		7,826,419
U.S. Treasury Inflation Indexed Note			0.63	%		01/15/2024					12,692,719		13,288,185							12,692,719		13,288,185
U.S. Treasury Inflation Indexed Note			1.13	%		01/15/2021					9,929,706		10,620,387							9,929,706		10,620,387
U.S. Treasury Inflation Indexed Note			1.25	%		07/15/2020					5,857,606		6,294,332							5,857,606		6,294,332
U.S. Treasury Inflation Indexed Note			1.38	%		07/15/2018					2,329,656		2,443,318							2,329,656		2,443,318
U.S. Treasury Inflation Indexed Note			1.38	%		01/15/2020					7,326,207		7,822,154							7,326,207		7,822,154


Total U.S. Government Obligations													246,468,978									246,468,978

													Total Cost ($238,855,240)									Total Cost ($238,855,240)

		Exercise Price			Expiration Date					Number of Contracts		Value							Number of Contracts		Value

Exchange-Traded Options Purchased - 0.0 %
10-Year U.S. Treasury Note Futures		$	134			08/26/2016					129	$	110,859							129	$	110,859
Eurodollar, Mid-Curve 1-Year			99			09/16/2016					282		1,763							282		1,763
Eurodollar, Mid-Curve 1-Year			99			09/16/2016					282		5,287							282		5,287


Total Exchange-Traded Options Purchased													117,909									117,909

													Total Cost ($219,739)									Total Cost ($219,739)

		Exercise Price			Expiration Date		Counterparty			Number of Contracts		Value							Number of Contracts		Value

Over-the-Counter Foreign Exchange Options Purchased - 0.3 %
Call - AUD vs. USD	AUD		1			07/20/2016		JPM			3,645,000	$	23,226							3,645,000	$	23,226
Call - EUR vs. USD	EUR		1			07/29/2016		DUB			2,380,000		6,944							2,380,000		6,944
Call - GBP vs. JPY	GBP		166			07/14/2016		BCLY			1,845,000		3							1,845,000		3
Call - USD vs. CAD	$		1			11/03/2016		BCLY			5,310,000		92,367							5,310,000		92,367
Call - USD vs. CAD	$		1			11/03/2016		BCLY			5,310,000		15,888							5,310,000		15,888
Call - USD vs. JPY	$		110			08/05/2016		HSBC			5,330,000		5,010							5,330,000		5,010
Call - USD vs. MXN	$		18			11/03/2016		BCLY			5,310,000		228,521							5,310,000		228,521
Call - USD vs. MXN	$		20			11/03/2016		BCLY			5,310,000		73,713							5,310,000		73,713
Put - AUD vs. USD	AUD		1			07/20/2016		JPM			3,645,000		1,528							3,645,000		1,528
Put - CHF vs. NOK	CHF		8			08/02/2016		DUB			5,595,000		86							5,595,000		86
Put - EUR vs. JPY	EUR		113			09/22/2016		DUB			2,390,000		60,372							2,390,000		60,372
Put - EUR vs. USD	EUR		1			11/03/2016		BNP			4,675,000		18,822							4,675,000		18,822
Put - EUR vs. USD	EUR		1			11/03/2016		BNP			4,675,000		71,232							4,675,000		71,232
Put - EUR vs. USD	EUR		1			07/29/2016		DUB			2,380,000		13,917							2,380,000		13,917
Put - EUR vs. USD	EUR		1			07/08/2016		BNP			4,895,000		20,371							4,895,000		20,371
Put - GBP vs. USD	GBP		1			08/29/2016		DUB			1,995,000		5,261							1,995,000		5,261
Put - GBP vs. USD	GBP		1			08/29/2016		DUB			1,995,000		40,162							1,995,000		40,162
Put - USD vs. JPY	$		97			08/05/2016		HSBC			2,665,000		9,493							2,665,000		9,493


Total Over-the-Counter Foreign Exchange Options Purchased													686,916									686,916

													Total Cost ($791,836)									Total Cost ($791,836)

		Exercise Rate			Expiration Date		Counterparty			Notional Amount		Value							Notional Amount		Value

Over-the-Counter Inflation-Capped Options Purchased - 0.0 %
Call - US CPI Urban Consumers NAS			2.00	%		11/06/2016		DUB			8,440,000	$	122							8,440,000	$	122
Call - US CPI Urban Consumers NAS			2.00	%		11/10/2016		DUB			3,370,000		98							3,370,000		98


Total Over-the-Counter Inflation-Capped Options Purchased													220									220

													Total Cost ($11,303)									Total Cost ($11,303)
Over-the-Counter Interest Rate Swaptions Purchased - 0.3 %
Call - Pays Floating Rate Index 3-Month USD-LIBOR			2.68	%		01/12/2021		DUB			1,900,000	$	405,334							1,900,000	$	405,334
Receives Floating Rate Index 3-Month USD-LIBOR			2.68	%		01/12/2021		DUB			1,900,000		144,478							1,900,000		144,478
Receives Floating Rate Index 6-Month EUR-EURIBOR			2.50	%		06/08/2022		DUB	EUR		3,200,000		146,613					EUR		3,200,000		146,613


Total Over-the-Counter Interest Rate Swaptions Purchased													696,425									696,425

													Total Cost ($887,726)									Total Cost ($887,726)

										Shares		Value							Shares		Value

Short-Term Investment Company - 2.2 %
Money Market Fund
BlackRock Provident TempFund 24											5,789,593	$	5,789,593							5,789,593	$	5,789,593


Total Short-Term Investment Company													5,789,593									5,789,593

													Total Cost ($5,789,593)									Total Cost ($5,789,593)

S-10


										Shares						Value		Shares	Value	Shares	Value			Shares						Value

Securities Lending Collateral - 10.4 %
State Street Navigator Securities Lending Trust - Prime Portfolio			0.51	%							27,618,546					$	27,618,546								27,618,546					$	27,618,546


Total Securities Lending Collateral																	27,618,546														27,618,546

																	Total Cost ($27,618,546)														Total Cost ($27,618,546)


Total Investments																	293,365,581														293,365,581

																	Total Cost ($286,321,293)														Total Cost ($286,321,293)
Other Assets and Liabilities - (10.4)%																	(27,131,875)					(275,697)	(a) (c)								(27,407,572)

Net Assets																	$266,233,706					($275,697)									$265,958,009


		Exercise Price			Expiration Date					Number of Contracts		Premiums (Received)				Value								Number of Contracts		Premiums (Received)				Value

Exchange-Traded Options Written
Put- Eurodollar, Mid-Curve 1-Year	USD		98.50	%		09/16/2016					565		(55,590)			$	(3,531)								565		(55,590)			$	(3,531)


Total Exchange-Traded Options Written													(55,590)				(3,531)										(55,590)				(3,531)


		Exercise Price			Expiration Date		Counterparty			Notional Amount		Premiums (Received)				Value								Notional Amount		Premiums (Received)				Value

Over-the-Counter Foreign Exchange Options Written
Call - EUR vs. USD	EUR		1.14			08/02/2016		HSBC	EUR		2,380,000	$	(21,746)			$	(8,182)						EUR		2,380,000	$	(21,746)			$	(8,182)
Call - USD vs. CAD	USD		1.37			11/03/2016		BCLY	USD		10,620,000		(97,993)				(81,615)						USD		10,620,000		(97,993)				(81,615)
Call - USD vs. MXN	USD		19.00			11/03/2016		BCLY	USD		10,620,000		(185,750)				(276,162)						USD		10,620,000		(185,750)				(276,162)
Put - EUR vs. JPY	EUR		104.50			09/22/2016		DUB	EUR		1,195,000		(9,006)				(8,089)						EUR		1,195,000		(9,006)				(8,089)
Put - EUR vs. JPY	EUR		108.00			09/22/2016		DUB	EUR		2,390,000		(26,454)				(27,770)						EUR		2,390,000		(26,454)				(27,770)
Put - EUR vs. USD	EUR		1.06			11/03/2016		BNP	EUR		9,350,000		(88,140)				(76,151)						EUR		9,350,000		(88,140)				(76,151)
Put - EUR vs. USD	EUR		1.09			08/02/2016		HSBC	EUR		2,380,000		(21,508)				(15,549)						EUR		2,380,000		(21,508)				(15,549)
Put - GBP vs. USD	GBP		1.25			08/29/2016		DUB	GBP		3,990,000		(31,254)				(26,033)						GBP		3,990,000		(31,254)				(26,033)
Put - USD vs. JPY	USD		99.00			08/05/2016		HSBC	USD		2,665,000		(17,016)				(17,165)						USD		2,665,000		(17,016)				(17,165)


Total Over-the-Counter Foreign Exchange Options Written													(498,867)				(536,716)										(498,867)				(536,716)


	Counterparty	Initial Index			Floating Rate		Expiration Date			Notional Amount		Premiums (Received)				Value								Notional Amount		Premiums (Received)				Value

Over-the-Counter Inflation-Capped Options Written
Call - Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA	DUB		2.50	%		HICP Index		04/26/2022	EUR		1,070,000	$	(74,168)			$	(441)						EUR		1,070,000	$	(74,168)			$	(441)


Total Over-the-Counter Inflation-Capped Options Written													(74,168)				(441)										(74,168)				(441)


	Counterparty	Exercise Price			Expiration Date		Floating Rate Index			Notional Amount		Premiums (Received)				Value								Notional Amount		Premiums (Received)				Value

Over-the-counter Interest Rate Swaptions Written
Call - 2-Year	DUB		0.90	%		06/07/2018		3-Month USD-LIBOR	USD		16,100,000	$	(79,852)			$	(101,425)						USD		16,100,000	$	(79,852)			$	(101,425)
Put - 2-Year	DUB		1.90	%		06/07/2018		3-Month USD-LIBOR	USD		16,100,000		(68,279)				(36,146)						USD		16,100,000		(68,279)				(36,146)
Put - 5-Year	DUB		2.10	%		01/12/2017		3-Month USD-LIBOR	USD		12,300,000		(114,775)				(6,723)						USD		12,300,000		(114,775)				(6,723)
Put - 20-Year	DUB		4.50	%		06/08/2022		6-Month EUR-EURIBOR	EUR		3,200,000		(150,269)				(23,390)						EUR		3,200,000		(150,269)				(23,390)


Total Over-the-counter Interest Rate Swaptions Written													(413,175)				(167,684)										(413,175)				(167,684)


		Fixed Rate			Expiration Date					Notional Amount		Fair Value		Premiums (Received)		Net Unrealized Appreciation (Depreciation)								Notional Amount		Fair Value		Premiums (Received)		Net Unrealized Appreciation (Depreciation)

Centrally Cleared Swap Agreements
Interest Rate Swap Agreements - Fixed Rate Payable
3-Month USD-LIBOR			1.32	%		11/30/2020			USD		13,740,000	$	(199,782)		-	$	(199,782)						USD		13,740,000	$	(199,782)		-	$	(199,782)
3-Month USD-LIBOR			1.51	%		01/14/2021			USD		4,430,000		(133,949)		-		(133,949)						USD		4,430,000		(133,949)		-		(133,949)
3-Month USD-LIBOR			2.16	%		11/15/2041			USD		1,090,000		(68,832)		-		(68,832)						USD		1,090,000		(68,832)		-		(68,832)


Total Centrally Cleared Swap Agreements													(402,563)				(402,563)										(402,563)				(402,563)


	Counterparty	Fixed Rate			Expiration Date					Notional Amount		Fair Value		Premiums (Received)		Net Unrealized Appreciation (Depreciation)								Notional Amount		Fair Value		Premiums (Received)		Net Unrealized Appreciation (Depreciation)

Over-the-Counter Swap Agreements
Interest Rate Swap Agreements - Fixed Rate Payable
Eurostat Eurozone HICP ex Tobacco NSA	DUB		0.74	%		01/18/2021			EUR		2,110,547	$	(29,292)	$	(1)	$	(29,291)						EUR		2,110,547	$	(29,292)	$	(1)	$	(29,291)
Eurostat Eurozone HICP ex Tobacco NSA	DUB		0.76	%		01/18/2021			EUR		2,110,547		(32,847)		-		(32,847)						EUR		2,110,547		(32,847)		-		(32,847)


Total Over-the-Counter Swap Agreements													(62,139)		(1)		(62,138)										(62,139)		(1)		(62,138)


	Counterparty	Fixed Rate			Expiration Date					Notional Amount		Fair Value		Premiums (Received)		Net Unrealized Appreciation (Depreciation)								Notional Amount		Fair Value		Premiums (Received)		Net Unrealized Appreciation (Depreciation)

Over-the-Counter Swap Agreements
Interest Rate Swap Agreements - Fixed Rate Receivable
Eurostat Eurozone HICP ex Tobacco NSA	DUB		1.18	%		01/18/2026			EUR		2,110,547	$	56,720	$	-	$	56,720						EUR		2,110,547	$	56,720	$	-	$	56,720
Eurostat Eurozone HICP ex Tobacco NSA	DUB		1.18	%		01/18/2026			EUR		2,110,547		51,640		-		51,640						EUR		2,110,547		51,640		-		51,640


Total Over-the-Counter Swap Agreements													108,360		-		108,360										108,360		-		108,360


		Long/Short			Expiration Date					Number of Contracts				Unrealized Appreciation		Unrealized Depreciation								Number of Contracts				Unrealized Appreciation		Unrealized Depreciation

Futures Contracts
2-Year U.S. Treasury Note			Short			09/30/2016					(73)				-		(32,501)								(73)				-	$	(32,501.00)
5-Year U.S. Treasury Note			Long			09/30/2016					217				196,402		-								217				196,402		-
10-Year U.S. Treasury Bond			Short			09/21/2016					(9)				-		(33,657)								(9)				-		(33,657)
10-Year U.S. Treasury Note			Long			09/21/2016					43				85,272		-								43				85,272		-
Euro-BTP Italian Government Bond			Short			09/08/2016					(46)				-		(70,289)								(46)				-		(70,289)
German Euro BOBL			Short			09/08/2016					(1)				-		(1,188)								(1)				-		(1,188)
German Euro Bund			Short			09/08/2016					(31)				-		(81,048)								(31)				-		(81,048)
U.S. Treasury Bond			Short			09/21/2016					(60)				-		(487,445)								(60)				-		(487,445)


Total Futures Contracts															281,674		(706,128)												281,674		(706,128)

S-11


Forward Foreign Currency Contracts
CounterParty	Settle Date			Currency Purchased			Currency Sold		Unrealized Appreciation		Unrealized Depreciation		Unrealized Appreciation		Unrealized Depreciation

BCLY		07/06/2016	USD		9,098,627	EUR		8,148,000	$	54,570		-	$	54,570.00	$	-
BCLY		07/15/2016	GBP		272,220	EUR		355,065		-		(31,815)		-		(31,815)
BCLY		07/15/2016	GBP		235,153	USD		332,988		-		(19,904)		-		(19,904)
BCLY		07/15/2016	USD		335,741	GBP		234,931		22,953		-		22,953		-
BCLY		07/19/2016	JPY		71,662,254	GBP		460,000		81,903		-		81,903		-
BNP		07/15/2016	USD		632,897	GBP		450,000		33,766		-		33,766		-
BNP		07/15/2016	USD		665,000	SEK		5,516,639		12,550		-		12,550		-
BNP		07/19/2016	JPY		35,337,195	GBP		225,000		42,823		-		42,823		-
BOA		07/06/2016	USD		72,431	JPY		8,045,000		-		(5,489)		-		(5,489)
BOA		07/15/2016	AUD		516,655	GBP		290,000		-		(1,005)		-		(1,005)
BOA		07/15/2016	GBP		850,000	USD		1,181,630		-		(49,940)		-		(49,940)
BOA		07/15/2016	JPY		27,700,808	USD		261,276		7,097		-		7,097		-
BOA		07/15/2016	USD		383,652	GBP		290,000		-		(2,454)		-		(2,454)
BOA		07/19/2016	GBP		1,360,000	JPY		206,957,490		2,304		(196,843)		2,304		(196,843)
BOA		07/22/2016	USD		1,984,789	AUD		2,675,000		-		(8,557)		-		(8,557)
BOA		08/03/2016	USD		53,606	JPY		5,503,000		261		-		261		-
CBA		07/22/2016	AUD		885,000	USD		649,785		9,696		-		9,696		-
CITI		07/01/2016	AUD		512,500	NOK		3,162,649		4,296		-		4,296		-
CITI		07/01/2016	NOK		2,773,099	AUD		462,379		-		(13,466)		-		(13,466)
CITI		07/06/2016	USD		43,176	EUR		38,000		997		-		997		-
CITI		07/15/2016	GBP		290,000	USD		390,137		-		(4,031)		-		(4,031)
CITI		07/19/2016	GBP		1,005,000	JPY		143,124,630		-		(48,695)		-		(48,695)
CITI		07/19/2016	JPY		28,475,028	GBP		180,000		36,247		-		36,247		-
CITI		08/03/2016	USD		27,757	EUR		25,000		-		(21)		-		(21)
DUB		07/15/2016	CHF		644,165	USD		670,000		-		(9,682)		-		(9,682)
DUB		07/15/2016	EUR		355,000	GBP		281,918		18,831		-		18,831		-
DUB		07/15/2016	GBP		290,000	AUD		522,191		-		(3,122)		-		(3,122)
DUB		07/15/2016	GBP		563,323	EUR		709,935		-		(38,272)		-		(38,272)
DUB		07/15/2016	GBP		290,000	JPY		39,923,140		-		(680)		-		(680)
DUB		07/15/2016	GBP		2,305,000	USD		3,228,130		-		(159,251)		-		(159,251)
DUB		07/15/2016	JPY		39,166,472	GBP		290,000		-		(6,651)		-		(6,651)
DUB		07/15/2016	NZD		955,000	USD		674,068		7,268		-		7,268		-
DUB		07/15/2016	USD		2,725,116	GBP		1,950,000		130,735		(1,850)		130,735		(1,850)
DUB		07/15/2016	USD		275,075	NZD		390,000		-		(3,167)		-		(3,167)
DUB		07/19/2016	JPY		76,978,126	GBP		495,000		86,810		-		86,810		-
DUB		07/22/2016	USD		661,638	AUD		895,000		-		(5,295)		-		(5,295)
DUB		08/02/2016	EUR		1,165,000	USD		1,313,817		-		(19,397)		-		(19,397)
DUB		08/02/2016	USD		664,943	EUR		585,000		14,956		-		14,956		-
GSB		07/15/2016	USD		669,708	GBP		460,069		57,172		-		57,172		-
GSB		07/19/2016	GBP		230,000	JPY		36,807,610		-		(50,413)		-		(50,413)
GSB		08/02/2016	USD		663,069	EUR		585,000		13,081		-		13,081		-
HSBC		07/01/2016	NOK		3,218,714	AUD		525,000		-		(6,919)		-		(6,919)
HSBC		07/15/2016	EUR		880,000	GBP		699,799		45,402		-		45,402		-
HSBC		07/15/2016	GBP		290,000	JPY		39,946,630		-		(908)		-		(908)
HSBC		07/15/2016	GBP		225,038	USD		309,182		-		(9,567)		-		(9,567)
HSBC		07/15/2016	JPY		69,154,500	GBP		500,000		4,288		-		4,288		-
HSBC		07/15/2016	SEK		5,791,688	CHF		675,000		-		(6,946)		-		(6,946)
HSBC		07/15/2016	USD		311,222	GBP		225,038		11,607		-		11,607		-
HSBC		07/15/2016	USD		656,614	NZD		940,000		-		(14,020)		-		(14,020)
HSBC		07/19/2016	GBP		177,500	JPY		24,818,278		-		(4,144)		-		(4,144)
HSBC		07/19/2016	JPY		41,937,761	GBP		280,000		33,549		-		33,549		-
HSBC		09/26/2016	JPY		40,950,612	EUR		360,000		-		(3,022)		-		(3,022)
MSCS		07/01/2016	AUD		512,500	NOK		3,160,665		4,533		-		4,533		-
MSCS		07/06/2016	USD		49,273	EUR		44,000		435		-		435		-
MSCS		07/06/2016	USD		72,463	JPY		8,045,000		-		(5,457)		-		(5,457)
MSCS		07/15/2016	AUD		852,038	GBP		465,000		15,985		-		15,985		-
MSCS		07/15/2016	GBP		110,000	AUD		200,859		-		(3,261)		-		(3,261)
MSCS		07/15/2016	GBP		1,004,809	USD		1,408,115		-		(70,312)		-		(70,312)
MSCS		07/15/2016	JPY		69,050,050	GBP		500,000		3,276		-		3,276		-
MSCS		07/15/2016	USD		261,276	JPY		26,753,541		2,080		-		2,080		-
MSCS		07/19/2016	GBP		177,500	JPY		24,763,435		-		(3,612)		-		(3,612)
MSCS		07/19/2016	JPY		84,526,820	GBP		615,000		4,749		(4,570)		4,749		(4,570)
MSCS		07/22/2016	AUD		1,640,000	USD		1,200,572		21,516		-		21,516		-
MSCS		08/03/2016	USD		9,116,576	EUR		8,205,000		-		(244)		-		(244)
MSCS		09/26/2016	EUR		360,000	JPY		41,001,609		2,527		-		2,527		-
RBS		07/15/2016	USD		656,291	GBP		455,000		50,504		-		50,504		-
SCB		07/06/2016	USD		2,722,068	NZD		4,037,000		-		(159,485)		-		(159,485)
SCB		07/15/2016	GBP		500,000	JPY		68,993,960		-		(2,732)		-		(2,732)
SCB		07/15/2016	JPY		38,878,977	GBP		290,000		-		(9,436)		-		(9,436)
SCB		07/15/2016	USD		808,141	GBP		605,000		2,643		-		2,643		-
SCB		07/19/2016	JPY		104,971,284	GBP		680,000		111,731		-		111,731		-
SCB		08/03/2016	USD		2,851,858	NZD		4,009,000		-		(5,540)		-		(5,540)
UBS		07/01/2016	NOK		706,429	AUD		117,621		-		(3,305)		-		(3,305)
UBS		07/06/2016	USD		145,121	JPY		16,090,000		-		(10,719)		-		(10,719)
WBC		07/22/2016	USD		513,675	AUD		720,000		-		(22,852)		-		(22,852)


Total Forward Foreign Currency Contracts										953,141		(1,027,051)		953,141		(1,027,051)

S-12

VALUATION SUMMARY:


Investments	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value			Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs		Value
Assets
Foreign Government Obligations	$	-		$	11,986,994		$	-	$	11,986,994		$	-	$	-	$	-	$	-	$	-		$	11,986,994		$	-	$	11,986,994
U.S. Government Obligations		-			246,468,978			-		246,468,978			-		-		-		-		-			246,468,978			-		246,468,978
Exchange-Traded Options Purchased		117,909			-			-		117,909			-		-		-		-		117,909			-			-		117,909
Over-the-Counter Foreign Exchange Options Purchased		-			686,916			-		686,916			-		-		-		-		-			686,916			-		686,916
Over-the-Counter Inflation-Capped Options Purchased		-			220			-		220			-		-		-		-		-			220			-		220
Over-the-Counter Interest Rate Swaptions Purchased		-			696,425			-		696,425			-		-		-		-		-			696,425			-		696,425
Short-Term Investment Company		5,789,593			-			-		5,789,593			-		-		-		-		5,789,593			-			-		5,789,593
Securities Lending Collateral		27,618,546			-			-		27,618,546			-		-		-		-		27,618,546			-			-		27,618,546
Total Investments	$	33,526,048		$	259,839,533		$	-	$	293,365,581		$	-	$	-	$	-	$	-	$	33,526,048		$	259,839,533		$	-	$	293,365,581

Other Financial Instruments												$	-	$	-	$	-	$	-
Over-the-Counter Swap Agreements		-			108,360			-		108,360			-		-		-		-		-			108,360			-		108,360
Futures Contracts		281,674			-			-		281,674			-		-		-		-		281,674			-			-		281,674
Forward Foreign Currency Contracts		-			953,141			-		953,141			-		-		-		-		-			953,141			-		953,141
Total Other Financial Instruments	$	281,674		$	1,061,501		$	-	$	1,343,175		$	-	$	-	$	-	$	-	$	281,674		$	1,061,501		$	-	$	1,343,175

Liabilities												$	-	$	-	$	-	$	-	$	-		$	-		$	-	$	-
Exchange-Traded Options Written		(3,531	)					-		(3,531	)		-		-		-		-		(3,531	)		-			-		(3,531	)
Over-the-Counter Foreign Exchange Options Written		-			(536,716	)		-		(536,716	)		-		-		-		-		-			(536,716	)		-		(536,716	)
Over-the-Counter Inflation-Capped Options Written		-			(441	)		-		(441	)		-		-		-		-		-			(441	)		-		(441	)
Over-the-counter Interest Rate Swaptions Written		-			(167,684	)		-		(167,684	)		-		-		-		-		-			(167,684	)		-		(167,684	)
Centrally Cleared Swap Agreements		-			(402,563	)		-		(402,563	)		-		-		-		-		-			(402,563	)		-		(402,563	)
Over-the-Counter Swap Agreements		-			(62,139	)		-		(62,139	)		-		-		-		-		-			(62,139	)		-		(62,139	)
Futures Contracts		(706,128	)							(706,128	)										(706,128	)		-			-		(706,128	)
Forward Foreign Currency Contracts		-			(1,027,051	)		-		(1,027,051	)		-		-		-		-		-			(1,027,051	)		-		(1,027,051	)
Total Investments	$	(709,659	)	$	(2,196,594	)	$	-	$	(2,906,253	)	$	-	$	-	$	-	$	-	$	(709,659	)	$	(2,196,594	)	$	-	$	(2,906,253	)

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

As of June 30, 2016, all securities held by the Target Master Portfolio would comply with the investment restrictions of the Destination Fund.

S-13

Reorganization Between TPP Master, TPFG Feeder, TPFG II Feeder and TAF Destination

PRO FORMA STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2016


		TPP Master				TPFG Feeder				TPFG II Feeder				TAF Destination			Adjustments						Combined Pro Forma Destination
Assets:
Investments, at value	$		293,365,581		$		-		$		-		$		-	$		-				$		293,365,581
Repurchase agreements, at value			-				-				-				-			-						-
Investments in Series Portfolio, at value			-				119,281,382				81,377,449				-			(200,658,831	)	(b	)			-
Cash			-				-				-				-			-						-
Cash on deposit with broker			321,220				-				-				-			-						321,220
Foreign currency, at value			730,800				-				-				-			-						730,800
Receivables:
Shares of beneficial interest sold			-				-				-				-			-						-
Investments sold			1,138,543				-				-				-			-						1,138,543
When-issued, delay-delivery, and forward commitment securities sold			-				-				-				-			-						-
Interest			957,796				-				-				-			-						957,796
Dividends			-				-				-				-			-						-
Tax reclaims			-				-				-				-			-						-
Net income from securities lending			2,043				-				-				-			-						2,043
Due from advisor			-				1,073				8,578				-			-						9,651
Money market waiver due from advisor			-				-				-				-			-						-
Variation margin receivable			14,473				-				-				-			-						14,473
Other			-				-				-				-			-						-
Prepaid Expenses			946				482				315				-			-						1,743
OTC swap agreements, at value			108,360				-				-				-			-						108,360
Unrealized appreciation on forward foreign currency contracts			953,141				-				-				-			-						953,141

Total assets	$		297,592,903		$		119,282,937		$		81,386,342		$		-	$		(200,658,831	)			$		297,603,351


Liabilities:
Due to custodian			-				-				-				-			-						-
Cash deposit due to broker			580,000				-				-				-			-						580,000
Payables and other liabilities:
Shares of beneficial interest redeemed			-				39,819				61,098				-			-						100,917
Investments purchased			1,232,930				-				-				-			-						1,232,930
When-issued, delay-delivery, and forward commitment securities purchased			-				-				-				-			-						-
Investment advisory fees			71,136				-				-				-			-						71,136
Investment management fees			-				-				-				-			-						-
Administration/Investment advisory fees			-				29,102				3,335				-			-						32,437
Administration fees			-				-				-				-			-						-
Distribution and service fees			-				24,251				16,674				-			-						40,925
Transfer agent fees			-				-				-				-			-						-
Trustee, CCO and deferred compensation fees			527				281				164				-			-						972
Audit and tax fees			13,405				5,565				4,936				-			-						23,906
Custody and accounting fees			37,230				1,831				1,831				-			-						40,892
Legal fees			4,450				2,066				1,397				-			-						7,913
Printing and shareholder reports fees			1,710				4,600				1,655				-			-						7,965
Registration fees			-				6,233				3,772				-			-						10,005
Dividends, interest and fees for borrowings from securities sold short			-				-				-				-			-						-
Interest			-				-				-				-			-						-
Distribution payable to shareholders			-				-				-				-			-						-
Other			1,701				851				453				-			76,231		(c	)			79,236
Collateral for securities on loan			27,618,546				-				-				-			-						27,618,546
Securities sold short, at value			-				-				-				-			-						-
Written options and swaptions, at value			708,372				-				-				-			-						708,372
OTC swap agreements, at value			62,139				-				-				-			-						62,139
Unrealized depreciation on forward foreign currency contracts			1,027,051				-				-				-			-						1,027,051

Total liabilities			31,359,197				114,599				95,315				-			76,231						31,645,342

Net Assets	$		266,233,706		$		119,168,338		$		81,291,027		$		-	$		(200,735,062	)			$		265,958,009


Net Assets Consist of:
Paid-in capital	$		49,798,462				118,819,854				81,212,620				-	$		11,938,377		(d	)	$		261,769,313
Undistributed (distributions in excess of) net investment income (loss)			170,859,051				195,413				198,077				-			(171,252,541	)	(d	)			-
Accumulated net realized gain (loss)			39,042,726				(2,186,148	)			(1,969,147	)			-			(34,887,431	)	(d	)			-
Net unrealized appreciation (depreciation) on:
Investments			7,044,288				-				-				-			(7,044,288	)	(d	)			-
Allocated from Series Portfolio			-				2,339,219				1,849,477				-									4,188,696
Securities sold short			-				-				-				-			-						-
Written options and swaptions			333,428				-				-				-			(333,428	)	(d	)			-
Swap agreements			(356,341	)			-				-				-			356,341		(d	)			-
Futures contracts			(424,454	)			-				-				-			424,454		(d	)			-
Translation of assets and liabilities denominated in foreign currencies			(63,454	)			-				-				-			63,454		(d	)			-


Net Assets	$		266,233,706		$		119,168,338		$		81,291,027		$		-	$		(200,735,062	)			$		265,958,009


Net assets by class:
Class A	$		-		$		-		$		-		$		-	$		-				$		-
Class B			-				-				-				-			-						-
Class C			-				-				-				-			-						-
Class I			-				-				-				-			-						-
Class I2			-				-				-				-			-						-
Class I3			65,574,875				-				-				-			(76,231	)	(c	)			65,498,644
Class T			-				-				-				-			-						-
Class R			-				119,168,338				-				-			-						119,168,338
Class R4			-				-				81,291,027				-			-						81,291,027
Class R6			-				-				-				-			-						-
Shares outstanding (unlimited shares, no par value):
Class A			-				-				-				-			-						-
Class B			-				-				-				-			-						-
Class C			-				-				-				-			-						-
Class I			-				-				-				-			-						-
Class I2			-				-				-				-			-						-
Class I3			6,557,488				-				-				-			-						6,557,488
Class T			-				-				-				-			-						-
Class R			-				10,536,294				-				-			1,380,540		(e	)			11,916,834
Class R4			-				-				8,197,272				-			(68,169	)	(e	)			8,129,103
Class R6			-				-				-				-			-						-
Net asset value per share:
Class A	$		-		$		-		$		-		$		-			-				$		-
Class B			-				-				-				-			-						-
Class C			-				-				-				-			-						-
Class I			-				-				-				-			-						-
Class I2			-				-				-				-			-						-
Class I3			10.00				-				-				10.00			(10.01	)	(f	)			9.99
Class T			-				-				-				-			-						-
Class R			-				11.31				-				10.00			(11.31	)	(f	)			10.00
Class R4			-				-				9.92				10.00			(9.92	)	(f	)			10.00
Class R6			-				-				-				-			-						-
Maximum offering price per share:
Class A	$		-		$		-		$		-		$		-			-				$		-

Investments, at cost	$		286,321,293		$		-		$		-		$		-			-				$		286,321,293
Securities loaned, at value			27,063,104				-				-				-			-						27,063,104
Repurchase agreements, at cost			-				-				-				-			-						-
Foreign currency, at cost			723,647				-				-				-			-						723,647
Premium received on written options and swaptions			(1,041,800	)			-				-				-			-						(1,041,800	)

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-14

Reorganization Between TPP Master, TPFG Feeder, TPFG II Feeder and TAF Destination

PRO FORMA STATEMENT OF OPERATIONS

For the twelve-month period ended June 30, 2016


		TPP Master				TPFG Feeder				TPFG II Feeder				TAF Destination			Adjustments						Combined Pro Forma Destination
Investment Income:

Dividend income	$		-		$		-		$		-		$		-	$		-				$		-
Interest income			3,713,400				1,664,659				1,099,125				-			(2,763,784	)	(b	)			3,713,400
Net income (loss) from securities lending			10,986				4,904				3,346				-			(8,250	)	(b	)			10,986
Withholding taxes on foreign income			-				-				-				-			-						-
Expenses (net of waiver and/or reimbursement)			-				(488,067	)			(318,688	)			-			806,755		(b	)			-

Total investment income (loss)			3,724,386				1,181,496				783,783				-			(1,965,279	)					3,724,386


Expenses:
Investment advisory fees			955,756				-				-				-			80,463		(g	)			1,036,219
Investment management fees			-				-				-				-			-						-
Administration/Investment advisory fees			-				365,820				39,802				-			(405,622	)	(h	)			-
Distribution and service fees:
Class A			-				-				-				-			-						-
Class B			-				-				-				-			-						-
Class C			-				-				-				-			-						-
Class I			-				-				-				-			-						-
Class I2			-				-				-				-			-						-
Class I3			-				-				-				-			-						-
Class T			-				-				-				-			-						-
Class R			-				304,850				-				-			303,990		(i	)			608,840
Class R4			-				-				199,014				-			(273	)	(i	)			198,741
Class R6			-				-				-				-			-						-
Administration fees			-				-				-				-			-						-
Transfer agent fees:
Class A			-				-				-				-			-						-
Class B			-				-				-				-									-
Class C			-				-				-				-			-						-
Class I			-				-				-				-									-
Class I2			-				-				-				-									-
Class I3			-				-				-				-									-
Class T			-				-				-				-			-						-
Class R			-				-				-				-									-
Class R4			-				-				-				-									-
Class R6			-				-				-				-									-
Trustee, CCO and deferred compensation fees			4,500				2,362				1,419				-			-						8,281
Audit and tax fees			22,775				10,158				8,673				-			(11,140	)	(j	)			30,466
Custody fees			219,946				11,267				11,266				-			(22,533	)	(k	)			219,946
Legal fees			9,651				5,295				2,988				-			-						17,934
Printing and shareholder reports fees			824				16,315				5,841				-			-						22,980
Registration fees			-				25,950				22,763				-									48,713
Dividends, interest and fees for borrowings from securities sold short			-				-				-				-									-
Interest			-				-				-				-			-						-
Other			4,752				3,682				2,515				-			-						10,949

Total expenses before waiver and/or reimbursement and recapture			1,218,204				745,699				294,281				-			(55,115	)					2,203,069
Expenses waived and/or reimbursed:
Fund level			(125,650	)			-				-				-			125,650		(l	)			-
Class A			-				-				-				-			-						-
Class B			-				-				-				-			-						-
Class C			-				-				-				-			-						-
Class I			-				-				-				-			-						-
Class I2			-				-				-				-			-						-
Class I3			-				-				-				-			(79,817	)	(l	)			(79,817	)
Class T			-				-				-				-			-						-
Class R			-				(13,743	)			-				-			(565	)	(l	)			(14,308	)
Class R4			-				-				(95,441	)			-			6,603		(l	)			(88,838	)
Class R6			-				-				-				-			-						-
Recapture of previously waived and/or reimbursed fees:
Fund level			-				-				-				-			-						-
Class A			-				-				-				-			-						-
Class B			-				-				-				-			-						-
Class C			-				-				-				-			-						-
Class I			-				-				-				-			-						-
Class I2			-				-				-				-			-						-
Class I3			-				-				-				-			-						-
Class T			-				-				-				-			-						-
Class R			-				-				-				-			-						-
Class R4			-				-				-				-			-						-
Class R6			-				-				-				-			-						-

Net expenses			1,092,554				731,956				198,840				-			(3,244	)					2,020,106

Net investment income (loss)			2,631,832				449,540				584,943				-			(1,962,035	)					1,704,280


Net realized gain (loss) on:
Allocated from series portfolio			-				(1,329,638	)			(852,323	)			-			2,181,961		(b	)			-
Investments			(3,943,742	)			-				-				-			-						(3,943,742	)
Securities sold short			-				-				-				-			-						-
Written options and swaptions			2,536,711				-				-				-			-						2,536,711
Swap agreements			(898,332	)			-				-				-			-						(898,332	)
Futures contracts			(1,310,160	)			-				-				-			-						(1,310,160	)
Foreign currency transactions			622,082				-				-				-			-						622,082

Net realized gain (loss)			(2,993,441	)			(1,329,638	)			(852,323	)			-			2,181,961						(2,993,441	)


Net change in unrealized appreciation (depreciation) on:
Allocated from series portfolio			-				3,492,988				2,397,085				-			(5,890,073	)	(b	)			-
Investments			9,382,102				-				-				-			-						9,382,102
Securities sold short			-				-				-				-			-						-
Written options and swaptions			(87,079	)			-				-				-			-						(87,079	)
Swap agreements			(237,003	)			-				-				-			-						(237,003	)
Futures contracts			(681,701	)			-				-				-			-						(681,701	)
Translation of assets and liabilities denominated in foreign currencies			(456,277	)			-				-				-			-						(456,277	)

Net change in unrealized appreciation (depreciation)			7,920,042				3,492,988				2,397,085				-			(5,890,073	)					7,920,042


Net realized and change in unrealized gain (loss)			4,926,601				2,163,350				1,544,762				-			(3,708,112	)					4,926,601


Net increase (decrease) in net assets resulting from operations	$		7,558,433		$		2,612,890		$		2,129,705		$		-	$		(5,670,147	)			$		6,630,881

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-15

Group Three Reorganization Between:

TRANSAMERICA PARTNERS LARGE CORE

TRANSAMERICA PARTNERS INSTITUTIONAL LARGE CORE

TRANSAMERICA PARTNERS LARGE CORE PORTFOLIO

AND

TRANSAMERICA LARGE CORE

Reorganization Between TPP Master and TAF Destination

PRO FORMA SCHEDULE OF INVESTMENTS

At June 30, 2016



			TPP Master				TAF Destination		Adjustments		Combined Pro Forma Destination
	Coupon Rate	Maturity Date	Shares		Value		Shares	Value	Shares	Value	Shares		Value

Common Stock - 98.5 %
Aerospace & Defense
General Dynamics Corp.				15,969	$	2,223,524						15,969	$	2,223,524
Northrop Grumman Corp.				17,327		3,851,445						17,327		3,851,445
Air Freight & Logistics
FedEx Corp.				22,146		3,361,320						22,146		3,361,320
Airlines
Alaska Air Group, Inc.				33,677		1,963,032						33,677		1,963,032
American Airlines Group, Inc.				85,394		2,417,504						85,394		2,417,504
Delta Air Lines, Inc.				83,508		3,042,197						83,508		3,042,197
Southwest Airlines Co.				83,283		3,265,526						83,283		3,265,526
United Continental Holdings, Inc.				74,786		3,069,218						74,786		3,069,218
Auto Components
Goodyear Tire & Rubber Co.				109,104		2,799,609						109,104		2,799,609
Automobiles
Fiat Chrysler Automobiles NV				167,403		1,024,506						167,403		1,024,506
General Motors Co.				125,522		3,552,273						125,522		3,552,273
Banks
Bank of America Corp.				384,727		5,105,327						384,727		5,105,327
Bank of Montreal				5,356		339,517						5,356		339,517
Citigroup, Inc.				114,036		4,833,986						114,036		4,833,986
Credicorp, Ltd.				1,836		283,350						1,836		283,350
JPMorgan Chase & Co.				107,804		6,698,941						107,804		6,698,941
Regions Financial Corp.				62,078		528,284						62,078		528,284
SunTrust Banks, Inc.				84,244		3,460,743						84,244		3,460,743
Beverages
Coca-Cola European Partners PLC				62,060		2,214,921						62,060		2,214,921
Dr. Pepper Snapple Group, Inc.				36,134		3,491,629						36,134		3,491,629
PepsiCo, Inc.				52,646		5,577,317						52,646		5,577,317
Biotechnology
Amgen, Inc.				32,668		4,970,436						32,668		4,970,436
Biogen, Inc.				10,408		2,516,862						10,408		2,516,862
Gilead Sciences, Inc.				56,202		4,688,371						56,202		4,688,371
Chemicals
Eastman Chemical Co.				17,730		1,203,867						17,730		1,203,867
LyondellBasell Industries NV				44,093		3,281,401						44,093		3,281,401
Communications Equipment
Cisco Systems, Inc.				55,813		1,601,275						55,813		1,601,275
Construction & Engineering
Jacobs Engineering Group, Inc.				11,810		588,256						11,810		588,256
Quanta Services, Inc.				116,615		2,696,139						116,615		2,696,139
Containers & Packaging
Avery Dennison Corp.				30,279		2,263,355						30,279		2,263,355
International Paper Co.				21,199		898,414						21,199		898,414
Diversified Telecommunication Services
AT&T, Inc.				66,837		2,888,027						66,837		2,888,027
Verizon Communications, Inc.				118,917		6,640,325						118,917		6,640,325
Electric Utilities
American Electric Power Co., Inc.				7,222		506,190						7,222		506,190
Edison International				11,298		877,516						11,298		877,516
Entergy Corp.				42,593		3,464,940						42,593		3,464,940
Exelon Corp.				6,913		251,357						6,913		251,357
Energy Equipment & Services
Diamond Offshore Drilling, Inc.				48,093		1,170,103						48,093		1,170,103
Ensco PLC				222,576		2,161,213						222,576		2,161,213
FMC Technologies, Inc.				67,655		1,804,359						67,655		1,804,359
Helmerich & Payne, Inc.				34,678		2,327,934						34,678		2,327,934
Food & Staples Retailing
Sysco Corp.				71,355		3,620,553						71,355		3,620,553
Food Products
Tyson Foods, Inc.				53,715		3,587,625						53,715		3,587,625
Health Care Providers & Services
Anthem, Inc.				6,073		797,628						6,073		797,628
Cardinal Health, Inc.				41,431		3,232,032						41,431		3,232,032
HCA Holdings, Inc.				16,487		1,269,664						16,487		1,269,664
McKesson Corp.				2,686		501,342						2,686		501,342
Quest Diagnostics, Inc.				38,471		3,131,924						38,471		3,131,924
Hotels, Restaurants & Leisure
McDonald’s Corp.				39,062		4,700,721						39,062		4,700,721
Independent Power & Renewable Electricity Producers
AES Corp.				217,214		2,710,831						217,214		2,710,831
NRG Energy, Inc.				60,937		913,445						60,937		913,445
Insurance
Allstate Corp.				52,263		3,655,797						52,263		3,655,797
American International Group, Inc.				62,226		3,291,133						62,226		3,291,133
Hartford Financial Services Group, Inc.				22,191		984,836						22,191		984,836
Lincoln National Corp.				25,556		990,806						25,556		990,806
Prudential Financial, Inc.				28,158		2,008,792						28,158		2,008,792
Travelers Cos., Inc.				32,071		3,817,732						32,071		3,817,732
Unum Group				37,620		1,195,940						37,620		1,195,940
Internet & Catalog Retail
Priceline Group, Inc.				2,269		2,832,642						2,269		2,832,642
Internet Software & Services
eBay, Inc.				147,910		3,462,573						147,910		3,462,573
VeriSign, Inc.				39,522		3,417,072						39,522		3,417,072
IT Services
Teradata Corp.				103,119		2,585,193						103,119		2,585,193
Xerox Corp.				323,951		3,074,295						323,951		3,074,295
Media
Discovery Communications, Inc.				82,322		2,076,984						82,322		2,076,984
Scripps Networks Interactive, Inc.				14,959		931,497						14,959		931,497
Multi-Utilities
NiSource, Inc.				17,805		472,188						17,805		472,188
Public Service Enterprise Group, Inc.				19,554		911,412						19,554		911,412
Oil, Gas & Consumable Fuels
Canadian Natural Resources, Ltd.				15,621		481,596						15,621		481,596
Chevron Corp.				4,810		504,232						4,810		504,232
Marathon Petroleum Corp.				76,642		2,909,330						76,642		2,909,330
Murphy Oil Corp.				35,331		1,121,759						35,331		1,121,759
Tesoro Corp.				39,995		2,996,426						39,995		2,996,426
Valero Energy Corp.				66,124		3,372,324						66,124		3,372,324
Pharmaceuticals
Johnson & Johnson				68,082		8,258,347						68,082		8,258,347
Merck & Co., Inc.				98,457		5,672,108						98,457		5,672,108
Pfizer, Inc.				182,921		6,440,648						182,921		6,440,648

S-16



						TPP Master				TAF Destination		Adjustments				Combined Pro Forma Destination
	Coupon Rate			Maturity Date		Shares		Value		Shares	Value	Shares	Value			Shares		Value

Professional Services
Robert Half International, Inc.							28,579	$	1,090,575								28,579	$	1,090,575
Real Estate Investment Trusts
Host Hotels & Resorts, Inc.							53,522		867,592								53,522		867,592
Real Estate Management & Development
CBRE Group, Inc.							87,904		2,327,698								87,904		2,327,698
Semiconductors & Semiconductor Equipment
Intel Corp.							172,283		5,650,882								172,283		5,650,882
Micron Technology, Inc.							137,339		1,889,785								137,339		1,889,785
Software
CA, Inc.							104,958		3,445,771								104,958		3,445,771
Citrix Systems, Inc.							40,657		3,256,219								40,657		3,256,219
Intuit, Inc.							32,104		3,583,127								32,104		3,583,127
Microsoft Corp.							182,099		9,318,006								182,099		9,318,006
Oracle Corp.							63,206		2,587,022								63,206		2,587,022
Symantec Corp.							167,329		3,436,938								167,329		3,436,938
Specialty Retail
Bed Bath & Beyond, Inc.							68,161		2,945,918								68,161		2,945,918
Best Buy Co., Inc.							103,404		3,164,162								103,404		3,164,162
Staples, Inc.							89,611		772,447								89,611		772,447
Urban Outfitters, Inc.							86,011		2,365,303								86,011		2,365,303
Technology Hardware, Storage & Peripherals
Apple, Inc.							67,281		6,432,064								67,281		6,432,064
HP, Inc.							60,942		764,822								60,942		764,822
NetApp, Inc.							47,404		1,165,664								47,404		1,165,664
Textiles, Apparel & Luxury Goods
Coach, Inc.							81,243		3,309,840								81,243		3,309,840
Michael Kors Holdings, Ltd.							67,926		3,360,978								67,926		3,360,978
Tobacco
Altria Group, Inc.							65,448		4,513,294								65,448		4,513,294
Philip Morris International, Inc.							55,382		5,633,457								55,382		5,633,457


Total Common Stock									273,717,500.00										273,717,500

									Total Cost ($260,695,536)										Total Cost ($260,695,536)

Securities Lending Collateral - 10.5 %
State Street Navigator Securities Lending Trust - Prime Portfolio		0.51	%				29,150,005		29,150,005								29,150,005		29,150,005


Total Securities Lending Collateral							29,150,005		29,150,005										29,150,005

									Total Cost ($29,150,005)										Total Cost ($29,150,005)

						Principal		Value								Principal		Value

Repurchase Agreement - 0.7 %
State Street Bank & Trust Co.		0.03	%		07/01/2016	$	1,979,447	$	1,979,447							$	1,979,447	$	1,979,447


Total Repurchase Agreement									1,979,447										1,979,447

									Total Cost ($1,979,447)										Total Cost ($1,979,447)


Total Investments									304,846,952										304,846,952

									Total Cost ($291,824,988)										Total Cost ($291,824,988)

Other Assets and Liabilities - (9.7)%									(26,978,298)					(146,557)	(a)(c)				(27,124,855)

Net Assets									$277,868,654					($146,557)					$277,722,097

VALUATION SUMMARY:


Investments	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
Common Stocks	$	273,717,500	$	-	$	-	$	273,717,500	$	-	$	-	$	-	$	-	$	273,717,500	$	-	$	-	$	273,717,500
Securities Lending Collateral		29,150,005		-		-		29,150,005		-		-		-		-		29,150,005		-		-		29,150,005
Repurchase Agreement		-		1,979,447		-		1,979,447		-		-		-		-		-		1,979,447		-		1,979,447
Total Investments	$	302,867,505	$	1,979,447	$	-	$	304,846,952	$	-	$	-	$	-	$	-		302,867,505	$	1,979,447	$	-	$	304,846,952

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

As of June 30, 2016, all securities held by the Target Master Portfolio would comply with the investment restrictions of the Destination Fund.

S-17

Reorganization Between TPP Master, TPFG Feeder, TPFG II Feeder and TAF Destination

PRO FORMA STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2016


		TPP Master				TPFG Feeder				TPFG II Feeder				TAF Destination			Adjustments						Combined Pro Forma Destination
Assets:
Investments, at value	$		302,867,505		$		-		$		-		$		-	$		-				$		302,867,505
Repurchase agreements, at value			1,979,447				-				-				-			-						1,979,447
Investments in Series Portfolio, at value			-				77,525,499				10,135,274				-			(87,660,773	)	(b	)			-
Cash			-				-				-				-			-						-
Cash on deposit with broker			-				-				-				-			-						-
Foreign currency, at value			-				-				-				-			-						-
Receivables:
Shares of beneficial interest sold			-				-				1,055				-			-						1,055
Investments sold			3,765,550				-				-				-			-						3,765,550
When-issued, delay-delivery, and forward commitment securities sold			-				-				-				-			-						-
Interest			2				-				-				-			-						2
Dividends			388,692				-				-				-			-						388,692
Tax reclaims			739				-				-				-			-						739
Net income from securities lending			6,964				-				-				-			-						6,964
Due from advisor			-				6,848				4,110				-			-						10,958
Money maarket waiver due from advisor			-				-				-				-			-						-
Variation margin receivable			-				-				-				-			-						-
Other			-				-				-				-			-						-
Prepaid Expenses			979				279				47				-			-						1,305
OTC swap agreements, at value			-				-				-				-			-						-
Unrealized appreciation on forward foreign currency contracts			-				-				-				-			-						-

Total assets	$		309,009,878		$		77,532,626		$		10,140,486		$		-	$		(87,660,773	)			$		309,022,217


Liabilities:
Due to custodian			-				-				-				-			-						-
Cash deposit due to broker			-				-				-				-			-						-
Payables and other liabilities:
Shares of beneficial interest redeemed			-				53,067				-				-			-						53,067
Investments purchased			1,820,133				-				-				-			-						1,820,133
When-issued, delay-delivery, and forward commitment securities purchased			-				-				-				-			-						-
Investment advisory fees			137,532				-				-				-			-						137,532
Investment management fees			-				-				-				-			-						-
Administration/Investment advisory fees			-				19,089				444				-			-						19,533
Administration fees			-				-				-				-			-						-
Distribution and service fees			-				15,907				2,219				-			-						18,126
Transfer agent fees			-				-				-				-			-						-
Trustee, CCO and deferred compensation fees			774				188				53				-			-						1,015
Audit and tax fees			12,968				5,083				3,978				-			-						22,029
Custody and accounting fees			8,128				1,831				1,831				-			-						11,790
Legal fees			5,390				1,641				121				-			-						7,152
Printing and shareholder reports fees			2,107				4,329				113				-			-						6,549
Registration fees			-				4,107				4,503				-			-						8,610
Dividends, interest and fees for borrowings from securities sold short			-				-				-				-			-						-
Interest			-				-				-				-			-						-
Distribution payable to shareholders			-				-				-				-			-						-
Other			4,187				555				64				-			39,773		(c	)			44,579
Collateral for securities on loan			29,150,005				-				-				-			-						29,150,005
Securities sold short, at value			-				-				-				-			-						-
Written options and swaptions, at value			-				-				-				-			-						-
OTC swap agreements, at value			-				-				-				-			-						-
Unrealized depreciation on forward foreign currency contracts			-				-				-				-			-						-

Total liabilities			31,141,224				105,797				13,326				-			39,773						31,300,120

Net Assets	$		277,868,654		$		77,426,829		$		10,127,160		$		-	$		(87,700,546	)			$		277,722,097


Net Assets Consist of:
Paid-in capital	$		(185,476,964	)			109,516,381				43,325,306				-	$		364,502,569		(d	)	$		331,867,292
Undistributed (distributions in excess of) net investment income (loss)			116,281,303				(25,335	)			(1,285	)			-			(116,254,683	)	(d	)			-
Accumulated net realized gain (loss)			334,042,474				764,103				(11,879,986	)			-			(322,926,591	)	(d	)			-
Net unrealized appreciation (depreciation) on:
Investments			13,021,841				-				-				-			(13,021,841	)	(d	)			-
Allocated from Series Portfolio			-				(32,828,320	)			(21,316,875	)			-			-						(54,145,195	)
Securities sold short			-				-				-				-			-						-
Written options and swaptions			-				-				-				-			-						-
Swap agreements			-				-				-				-			-						-
Futures contracts			-				-				-				-			-						-
Translation of assets and liabilities denominated in foreign currencies			-				-				-				-			-						-


Net Assets	$		277,868,654		$		77,426,829		$		10,127,160		$		-	$		(87,700,546	)			$		277,722,097


Net assets by class:
Class A	$		-		$		-		$		-		$		-	$		-				$		-
Class B			-				-				-				-			-						-
Class C			-				-				-				-			-						-
Class I			-				-				-				-			-						-
Class I2			-				-				-				-			-						-
Class I3			190,207,881				-				-				-			(39,773	)	(c	)			190,168,108
Class T			-				-				-				-			-						-
Class R			-				77,426,829				-				-			-						77,426,829
Class R4			-				-				10,127,160				-			-						10,127,160
Class R6			-				-				-				-			-						-
Shares outstanding (unlimited shares, no par value):
Class A			-				-				-				-			-						-
Class B			-				-				-				-			-						-
Class C			-				-				-				-			-						-
Class I			-				-				-				-			-						-
Class I2			-				-				-				-			-						-
Class I3			19,020,788				-				-				-			-						19,020,788
Class T			-				-				-				-			-						-
Class R			-				2,510,174				-				-			5,232,509		(e	)			7,742,683
Class R4			-				-				1,441,128				-			(428,412	)	(e	)			1,012,716
Class R6			-				-				-				-			-						-
Net asset value per share:
Class A	$		-		$		-		$		-		$		-			-				$		-
Class B			-				-				-				-			-						-
Class C			-				-				-				-			-						-
Class I			-				-				-				-			-						-
Class I2			-				-				-				-			-						-
Class I3			10.00				-				-				10.00			(10.00	)	(f	)			10.00
Class T			-				-				-				-			-						-
Class R			-				30.85				-				10.00			(30.85	)	(f	)			10.00
Class R4			-				-				7.03				10.00			(7.03	)	(f	)			10.00
Class R6			-				-				-				-			-						-
Maximum offering price per share:
Class A	$		-		$		-		$		-		$		-			-				$		-

Investments, at cost	$	$	289,845,541		$		-		$		-		$					-				$		289,845,541
Securities loaned, at value			28,489,039				-				-				-			-						28,489,039
Repurchase agreements, at cost			1,979,447				-				-				-			-						1,979,447
Foreign currency, at cost			-				-				-				-			-						-
Premium received on written options and swaptions			-				-				-				-			-						-

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-18

Reorganization Between TPP Master, TPFG Feeder, TPFG II Feeder and TAF Destination

PRO FORMA STATEMENT OF OPERATIONS

For the twelve-month period ended June 30, 2016


		TPP Master				TPFG Feeder				TPFG II Feeder				TAF Destination			Adjustments						Combined Pro Forma Destination
Investment Income:

Dividend income	$		7,590,898		$		2,019,043		$		265,964		$		-	$		(2,285,007	)	(b	)	$		7,590,898
Interest income			567				151				20				-			(171	)	(b	)			567
Net income (loss) from securities lending			79,837				21,276				2,841				-			(24,117	)	(b	)			79,837
Withholding taxes on foreign income			(4,406	)			(1,157	)			(149	)			-			1,306		(b	)			(4,406	)
Expenses (net of waiver and/or reimbursement)			-				(527,012	)			(67,815	)			-			594,827		(b	)			-

Total investment income (loss)			7,666,896				1,512,301				200,861				-			(1,713,162	)					7,666,896


Expenses:
Investment advisory fees			1,881,883				-				-				-			91,200		(g	)			1,973,083
Investment management fees			-				-				-				-			-						-
Administration/Investment advisory fees			-				251,221				5,383				-			(256,604	)	(h	)			-
Distribution and service fees:
Class A			-				-				-				-			-						-
Class B			-				-				-				-			-						-
Class C			-				-				-				-			-						-
Class I			-				-				-				-			-						-
Class I2			-				-				-				-			-						-
Class I3			-				-				-				-			-						-
Class T			-				-				-				-			-						-
Class R			-				209,351				-				-			208,739		(i	)			418,090
Class R4			-				-				26,911				-			(36	)	(i	)			26,875
Class R6			-				-				-				-			-						-
Administration fees			-				-				-				-			-						-
Transfer agent fees:
Class A			-				-				-				-			-						-
Class B			-				-				-				-									-
Class C			-				-				-				-			-						-
Class I			-				-				-				-									-
Class I2			-				-				-				-									-
Class I3			-				-				-				-									-
Class T			-				-				-				-			-						-
Class R			-				-				-				-									-
Class R4			-				-				-				-									-
Class R6			-				-				-				-									-
Trustee, CCO and deferred compensation fees			5,228				1,512				241				-			-						6,981
Audit and tax fees			24,313				9,020				6,621				-			(25,653	)	(j	)			14,301
Custody fees			43,592				11,267				11,264				-			(42,634	)	(k	)			23,489
Legal fees			10,918				3,659				363				-			-						14,940
Printing and shareholder reports fees			1,358				12,840				1,302				-			-						15,500
Registration fees			-				21,298				18,455				-									39,753
Dividends, interest and fees for borrowings from securities sold short			-				-				-				-									-
Interest			-				-				-				-			-						-
Other			5,630				2,812				826				-			-						9,268

Total expenses before waiver and/or reimbursement and recapture			1,972,922				522,980				71,366				-			(24,988	)					2,542,280
Expenses waived and/or reimbursed:
Fund level			-				-				-				-			(2,097,315	)	(l	)			(2,097,315	)
Class A			-				-				-				-			-						-
Class B			-				-				-				-			-						-
Class C			-				-				-				-			-						-
Class I			-				-				-				-			-						-
Class I2			-				-				-				-			-						-
Class I3			-				-				-				-			(43,035	)	(l	)			(43,035	)
Class T			-				-				-				-			-						-
Class R			-				(86,961	)			-				-			70,516		(l	)			(16,445	)
Class R4			-				-				(42,300	)			-			40,186		(l	)			(2,114	)
Class R6			-				-				-				-			-						-
Recapture of previously waived and/or reimbursed fees:
Fund level			-				-				-				-			-						-
Class A			-				-				-				-			-						-
Class B			-				-				-				-			-						-
Class C			-				-				-				-			-						-
Class I			-				-				-				-			-						-
Class I2			-				-				-				-			-						-
Class I3			-				-				-				-			-						-
Class T			-				-				-				-			-						-
Class R			-				-				-				-			-						-
Class R4			-				-				-				-			-						-
Class R6			-				-				-				-			-						-

Net expenses			1,972,922				436,019				29,066				-			(2,054,636	)					383,371

Net investment income (loss)			5,693,974				1,076,282				171,795				-			341,474						7,283,525


Net realized gain (loss) on:
Allocated from series portfolio			-				3,700,094				413,446				-			(4,113,540	)	(b	)			-
Investments			13,564,056				-				-				-			-						13,564,056
Securities sold short			-				-				-				-			-						-
Written options and swaptions			-				-				-				-			-						-
Swap agreements			-				-				-				-			-						-
Futures contracts			-				-				-				-			-						-
Foreign currency transactions			-				-				-				-			-						-

Net realized gain (loss)			13,564,056				3,700,094				413,446				-			(4,113,540	)					13,564,056


Net change in unrealized appreciation (depreciation) on:
Allocated from series portfolio			-				(9,960,626	)			(1,166,062	)			-			11,126,688		(b	)			-
Investments			(37,098,959	)			-				-				-			-						(37,098,959	)
Securities sold short			-				-				-				-			-						-
Written options and swaptions			-				-				-				-			-						-
Swap agreements			-				-				-				-			-						-
Futures contracts			-				-				-				-			-						-
Translation of assets and liabilities denominated in foreign currencies			(25	)			-				-				-			-						(25	)

Net change in unrealized appreciation (depreciation)			(37,098,984	)			(9,960,626	)			(1,166,062	)			-			11,126,688						(37,098,984	)


Net realized and change in unrealized gain (loss)			(23,534,928	)			(6,260,532	)			(752,616	)			-			7,013,148						(23,534,928	)


Net increase (decrease) in net assets resulting from operations	$		(17,840,954	)	$		(5,184,250	)	$		(580,821	)	$		-	$		7,354,622				$		(16,251,403	)

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-19

Group Four Reorganization Between:

TRANSAMERICA PARTNERS LARGE GROWTH

TRANSAMERICA PARTNERS INSTITUTIONAL LARGE GROWTH

TRANSAMERICA PARTNERS LARGE GROWTH PORTFOLIO

AND

TRANSAMERICA LARGE GROWTH

Reorganization Between TPP Master and TAF

PRO FORMA SCHEDULE OF INVESTMENTS

At June 30, 2016


			TPP Master			TAF Destination		Adjustments		Combined Pro Forma Destination

	Coupon Rate	Maturity Date	Shares	Value		Shares	Value	Shares	Value	Shares	Value

Common Stocks -98.3 %
Aerospace & Defense
Boeing Co.			50,943	$	6,615,967					50,943	$ 6,615,967
Honeywell International, Inc.			56,661		6,590,808					56,661	6,590,808
TransDigm Group, Inc.			12,250		3,230,203					12,250	3,230,203
Automobiles
Tesla Motors, Inc.			21,659		4,597,773					21,659	4,597,773
Beverages
Constellation Brands, Inc.			19,522		3,228,939					19,522	3,228,939
Molson Coors Brewing Co.			37,429		3,785,195					37,429	3,785,195
Monster Beverage Corp.			79,283		12,741,571					79,283	12,741,571
Biotechnology
Alexion Pharmaceuticals, Inc.			44,217		5,162,777					44,217	5,162,777
Alkermes PLC			43,813		1,893,598					43,813	1,893,598
Biogen, Inc.			19,069		4,611,266					19,069	4,611,266
BioMarin Pharmaceutical, Inc.			25,119		1,954,258					25,119	1,954,258
Celgene Corp.			83,641		8,249,512					83,641	8,249,512
Gilead Sciences, Inc.			29,716		2,478,909					29,716	2,478,909
Incyte Corp.			48,305		3,863,434					48,305	3,863,434
Regeneron Pharmaceuticals, Inc.			26,630		9,299,995					26,630	9,299,995
Shire PLC			45,030		8,289,122					45,030	8,289,122
Vertex Pharmaceuticals, Inc.			18,524		1,593,434					18,524	1,593,434
Building Products
Fortune Brands Home & Security, Inc.			77,960		4,519,341					77,960	4,519,341
Capital Markets
BlackRock, Inc.			17,130		5,867,539					17,130	5,867,539
Morgan Stanley			92,563		2,404,787					92,563	2,404,787
Chemicals
Albemarle Corp.			11,154		884,624					11,154	884,624
PPG Industries, Inc.			39,570		4,121,216					39,570	4,121,216
Sherwin-Williams Co.			18,447		5,417,330					18,447	5,417,330
Communications Equipment
Palo Alto Networks, Inc.			31,748		3,893,575					31,748	3,893,575
Consumer Finance
OneMain Holdings, Inc.			58,620		1,337,708					58,620	1,337,708
Containers & Packaging
Crown Holdings, Inc.			94,688		4,797,841					94,688	4,797,841
Diversified Financial Services
Intercontinental Exchange, Inc.			15,410		3,944,344					15,410	3,944,344
S&P Global, Inc.			94,150		10,098,529					94,150	10,098,529
Electrical Equipment
Eaton Corp. PLC			45,500		2,717,715					45,500	2,717,715
Energy Equipment & Services
Baker Hughes, Inc.			71,250		3,215,512					71,250	3,215,512
Halliburton Co.			33,738		1,527,994					33,738	1,527,994
Schlumberger, Ltd.			27,461		2,171,616					27,461	2,171,616
Food & Staples Retailing
Costco Wholesale Corp.			97,834		15,363,851					97,834	15,363,851
CVS Health Corp.			58,359		5,587,291					58,359	5,587,291
Kroger Co.			183,648		6,756,410					183,648	6,756,410
Walgreens Boots Alliance, Inc.			57,183		4,761,628					57,183	4,761,628
Food Products
Mondelez International, Inc.			138,465		6,301,542					138,465	6,301,542
Health Care Equipment & Supplies
Medtronic PLC			49,530		4,297,718					49,530	4,297,718
Health Care Providers & Services
Aetna, Inc.			27,217		3,324,012					27,217	3,324,012
Envision Healthcare Holdings, Inc.			73,382		1,861,701					73,382	1,861,701
HCA Holdings, Inc.			51,400		3,958,314					51,400	3,958,314
McKesson Corp.			23,458		4,378,436					23,458	4,378,436
UnitedHealth Group, Inc.			67,413		9,518,716					67,413	9,518,716
Health Care Technology
Cerner Corp.			82,487		4,833,738					82,487	4,833,738
Hotels, Restaurants & Leisure
Hilton Worldwide Holdings, Inc.			220,610		4,970,343					220,610	4,970,343
Marriott International, Inc.			110,944		7,373,338					110,944	7,373,338
McDonald’s Corp.			40,808		4,910,835					40,808	4,910,835
Starbucks Corp.			265,442		15,162,047					265,442	15,162,047
Household Durables
Mohawk Industries, Inc.			25,558		4,849,886					25,558	4,849,886
Household Products
Colgate-Palmolive Co.			111,753		8,180,320					111,753	8,180,320
Industrial Conglomerates
General Electric Co.			82,900		2,609,692					82,900	2,609,692
Insurance
Marsh & McLennan Cos., Inc.			87,990		6,023,795					87,990	6,023,795
Internet & Catalog Retail
Amazon.com, Inc.			58,220		41,663,396					58,220	41,663,396
Netflix, Inc.			83,428		7,631,993					83,428	7,631,993
Priceline Group, Inc.			5,945		7,421,798					5,945	7,421,798
Internet Software & Services
Alibaba Group Holding, Ltd.			104,162		8,284,004					104,162	8,284,004
Alphabet, Inc.			26,870		18,596,727					26,870	18,596,727
Alphabet, Inc.			32,898		23,144,730					32,898	23,144,730
Facebook, Inc.			260,635		29,785,368					260,635	29,785,368
Tencent Holdings, Ltd.			503,481		11,562,805					503,481	11,562,805
Zillow Group, Inc.			34,610		1,268,456					34,610	1,268,456
Zillow Group, Inc.			64,460		2,338,609					64,460	2,338,609
IT Services
Accenture PLC			46,208		5,234,904					46,208	5,234,904
Alliance Data Systems Corp.			11,730		2,298,142					11,730	2,298,142
Automatic Data Processing, Inc.			65,041		5,975,317					65,041	5,975,317
Cognizant Technology Solutions Corp.			79,754		4,565,119					79,754	4,565,119
FleetCor Technologies, Inc.			35,703		5,110,170					35,703	5,110,170
Genpact, Ltd.			119,743		3,213,902					119,743	3,213,902
Global Payments, Inc.			48,800		3,483,344					48,800	3,483,344
Jack Henry & Associates, Inc.			38,746		3,381,363					38,746	3,381,363
MasterCard, Inc.			203,217		17,895,289					203,217	17,895,289
Visa, Inc.			191,158		14,178,189					191,158	14,178,189
Life Sciences Tools & Services
Illumina, Inc.			23,398		3,284,611					23,398	3,284,611
Machinery
Illinois Tool Works, Inc.			57,735		6,013,677					57,735	6,013,677
Middleby Corp.			42,600		4,909,650					42,600	4,909,650
Snap-on, Inc.			24,440		3,857,121					24,440	3,857,121

S-20


						TPP Master					TAF Destination			Adjustments				Combined Pro Forma Destination
	Coupon Rate			Maturity Date		Shares		Value			Shares	Value		Shares	Value			Shares	Value

Media
Comcast Corp.							163,280	$	10,644,223									163,280	$ 10,644,223
Time Warner, Inc.							68,659		5,049,183									68,659	5,049,183
Twenty-First Century Fox, Inc.							186,571		5,046,745									186,571	5,046,745
Walt Disney Co.							74,379		7,275,754									74,379	7,275,754
Multiline Retail
Dollar Tree, Inc.							60,699		5,720,274									60,699	5,720,274
Oil, Gas & Consumable Fuels
Concho Resources, Inc.							44,126		5,262,908									44,126	5,262,908
Personal Products
Estee Lauder Cos., Inc.							69,782		6,351,558									69,782	6,351,558
Pharmaceuticals
Allergan PLC							67,770		15,660,969									67,770	15,660,969
Bristol-Myers Squibb Co.							279,618		20,565,904									279,618	20,565,904
Merck & Co., Inc.							103,052		5,936,826									103,052	5,936,826
Novo Nordisk A/S							120,913		6,502,701									120,913	6,502,701
Professional Services
Equifax, Inc.							36,800		4,725,120									36,800	4,725,120
Nielsen Holdings PLC							90,946		4,726,463									90,946	4,726,463
Verisk Analytics, Inc.							49,010		3,973,731									49,010	3,973,731
Real Estate Investment Trusts
American Tower Corp.							55,762		6,335,121									55,762	6,335,121
Road & Rail
JB Hunt Transport Services, Inc.							44,310		3,586,008									44,310	3,586,008
Semiconductors & Semiconductor Equipment
Broadcom, Ltd.							26,540		4,124,316									26,540	4,124,316
NVIDIA Corp.							74,710		3,512,117									74,710	3,512,117
NXP Semiconductors NV							58,497		4,582,655									58,497	4,582,655
QUALCOMM, Inc.							54,242		2,905,744									54,242	2,905,744
Skyworks Solutions, Inc.							43,114		2,728,254									43,114	2,728,254
Software
Adobe Systems, Inc.							146,179		14,002,486									146,179	14,002,486
Atlassian Corp. PLC							6,476		167,728									6,476	167,728
Intuit, Inc.							27,050		3,019,051									27,050	3,019,051
Microsoft Corp.							424,274		21,710,101									424,274	21,710,101
Red Hat, Inc.							90,735		6,587,361									90,735	6,587,361
salesforce.com, Inc.							169,341		13,447,369									169,341	13,447,369
ServiceNow, Inc.							46,074		3,059,314									46,074	3,059,314
Splunk, Inc.							72,480		3,926,966									72,480	3,926,966
Workday, Inc.							62,937		4,699,506									62,937	4,699,506
Specialty Retail
Advance Auto Parts, Inc.							37,227		6,017,000									37,227	6,017,000
Home Depot, Inc.							51,301		6,550,625									51,301	6,550,625
Industria de Diseno Textil SA							289,004		9,708,785									289,004	9,708,785
Lowe’s Cos., Inc.							101,291		8,019,209									101,291	8,019,209
Michaels Cos., Inc.							125,060		3,556,706									125,060	3,556,706
O’Reilly Automotive, Inc.							31,689		8,590,888									31,689	8,590,888
Ross Stores, Inc.							86,586		4,908,560									86,586	4,908,560
TJX Cos., Inc.							170,618		13,176,828									170,618	13,176,828
Technology Hardware, Storage & Peripherals
Apple, Inc.							336,280		32,148,368									336,280	32,148,368
Textiles, Apparel & Luxury Goods
adidas AG							23,485		3,371,253									23,485	3,371,253
lululemon athletica, Inc.							44,078		3,255,601									44,078	3,255,601
NIKE, Inc.							307,900		16,996,080									307,900	16,996,080
Tobacco
Altria Group, Inc.							147,597		10,178,289									147,597	10,178,289

Total Common Stocks									837,543,377										837,543,377

									Total Cost ($673,600,019)										Total Cost ($673,600,019)
Securities Lending Collateral - 6.5 %
State Street Navigator Securities Lending Trust - Prime Portfolio		0.51	%				55,265,579		55,265,579									55,265,579	55,265,579

Total Securities Lending Collateral									55,265,579										55,265,579

									Total Cost ($55,265,579)										Total Cost ($55,265,579)

						Principal		Value			Principal	Value		Principal	Value			Principal	Value

Repurchase Agreement - 1.2 %
State Street Bank & Trust Co.		0.03	%		07/01/2016	$	10,038,855		10,038,855									$10,038,855	10,038,855

Total Repurchase Agreement									10,038,855										10,038,855

									Total Cost ($10,038,855)										Total Cost ($10,038,855)


Total Investments									902,847,811										902,847,811

									Total Cost ($738,904,453)										Total Cost ($738,904,453)
Other Assets and Liabilities - (6.0)%									(50,901,943	)			-			(249,462	)(a)(c)		(51,151,405)

Net Assets									$851,945,868							($249,462	)		$851,696,406

VALUATION SUMMARY:


Investments	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
Common Stocks	$	812,900,534	$	24,642,843	$	-	$	837,543,377	$	-	$	-	$	-	$	-	$	812,900,534	$	24,642,843	$	-	$	837,543,377
Securities Lending Collateral		55,265,579		-		-		55,265,579		-		-		-		-		55,265,579		-		-		55,265,579
Repurchase Agreement		-		10,038,855		-		10,038,855		-		-		-		-		-		10,038,855		-		10,038,855
Total Investments	$	868,166,113	$	34,681,698	$	-	$	902,847,811	$	-	$	-	$	-	$	-	$	868,166,113	$	34,681,698	$	-	$	902,847,811

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

As of June 30, 2016, all securities held by the Target Master Portfolio would comply with the investment restrictions of the Destination Fund.

S-21

Reorganization Between TPP Master, TPFG Feeder, TPFG II Feeder and TAF Destination

PRO FORMA STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2016


		TPP Master				TPFG Feeder				TPFG II Feeder				TAF Destination			Adjustments						Combined Pro Forma Destination
Assets:
Investments, at value	$		892,808,956		$				$				$			$		-				$		892,808,956
Repurchase agreements, at value			10,038,855															-						10,038,855
Investments in Series Portfolio, at value			-				239,372,464				102,141,063							(341,513,527	)	(b	)			-
Receivables:
Shares of beneficial interest sold			-								26,334							-						26,334
Investments sold			11,551,119															-						11,551,119
Interest			9															-						9
Dividends			460,524															-						460,524
Tax reclaims			168,998															-						168,998
Net income from securities lending			24,902															-						24,902
Due from advisor			-								8,617							-						8,617
Prepaid Expenses			2,768				885				360							-						4,013

Total assets	$		915,056,131		$		239,373,349		$		102,176,374		$		-	$		(341,513,527	)			$		915,092,327


Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed			-				21,229				-							-						21,229
Investments purchased			7,341,672															-						7,341,672
Investment advisory fees			437,444															-						437,444
Administration/Investment advisory fees			-				59,655				4,242							-						63,897
Distribution and service fees			-				49,712				21,209							-						70,921
Trustee, CCO and deferred compensation fees			2,186				654				260							-						3,100
Audit and tax fees			13,043				7,661				5,346							-						26,050
Custody and accounting fees			24,186				1,831				1,831							-						27,848
Legal fees			14,672				4,794				1,910							-						21,376
Printing and shareholder reports fees			5,655				10,993				2,136							-						18,784
Registration fees			-				6,410				6,502							-						12,912
Other			5,826				2,320				732							76,231		(c	)			85,109
Collateral for securities on loan			55,265,579															-						55,265,579

Total liabilities			63,110,263				165,259				44,168				-			76,231						63,395,921

Net Assets	$		851,945,868		$		239,208,090		$		102,132,206		$		-	$		(341,589,758	)			$		851,696,406


Net Assets Consist of:
Paid-in capital	$		(323,535,256	)			189,571,033				162,076,940				-	$		805,568,138		(d	)	$		833,680,855
Undistributed (distributions in excess of) net investment income (loss)			123,512,760				(233,035	)			(6,083	)			-			(123,273,642	)	(d	)			-
Accumulated net realized gain (loss)			888,025,958				7,236,769				(35,320,879	)			-			(859,941,848	)	(d	)			-
Net unrealized appreciation (depreciation) on:
Investments			163,942,406												-			(163,942,406	)	(d	)			-
Allocated from Series Portfolio							42,633,323				(24,617,772	)			-			-						18,015,551

Net Assets	$		851,945,868		$		239,208,090		$		102,132,206		$		-	$		(341,589,758	)	(d	)	$		851,696,406


Net assets by class:
Class I3	$		510,432,341		$				$				$		-	$		(76,231	)	(c	)	$		510,356,110
Class R			-				239,208,090								-			-						239,208,090
Class R4			-								102,132,206				-			-						102,132,206
Shares outstanding (unlimited shares, no par value):
Class I3			51,043,234												-			-						51,043,234
Class R			-				8,653,692								-			15,267,117		(e	)			23,920,809
Class R4			-								8,603,256				-			1,609,965		(e	)			10,213,221
Net asset value per share:
Class I3	$		10.00		$				$				$		10.00	$		(10.00	)	(e	)	$		10.00
Class R			-				27.64								10.00			(27.64	)	(f	)			10.00
Class R4			-								11.87				10.00			(11.87	)	(f	)			10.00

Investments, at cost	$		728,865,598		$		-		$		-		$		-			-				$		728,865,598
Securities loaned, at value			54,076,009				-				-				-			-						54,076,009
Repurchase agreements, at cost			10,038,855				-				-				-			-						10,038,855

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-22

Reorganization Between TPP Master, TPFG Feeder, TPFG II Feeder and TAF Destination

PRO FORMA STATEMENT OF OPERATIONS

For the twelve-month period ended June 30, 2016


		TPP Master				TPFG Feeder				TPFG II Feeder				TAF Destination			Adjustments						Combined Pro Forma Destination
Investment Income:

Dividend income	$		8,627,109		$		2,486,262		$		1,011,096		$		-	$		(3,497,358	)	(b	)	$		8,627,109
Interest income			5,581				360				148				-			(508	)	(b	)			5,581
Net income (loss) from securities lending			420,747				120,715				49,383				-			(170,098	)	(b	)			420,747
Withholding taxes on foreign income			(54,490	)			(15,549	)			(6,365	)			-			21,914		(b	)			(54,490	)
Expenses (net of waiver and/or reimbursement)			-				(1,669,873	)			(678,716	)			-			2,348,589		(b	)			-

Total investment income (loss)			8,998,947				921,915				375,546				-			(1,297,461	)					8,998,947

Expenses:
Investment advisory fees			5,585,716				-				-				-			261,826		(g	)			5,847,542
Administration/Investment advisory fees			-				779,391				52,825				-			(832,216	)	(h	)			-
Distribution and service fees:
Class R			-				649,492				-				-			647,588		(i	)			1,297,080
Class R4			-				-				264,123				-			(379	)	(i	)			263,744
Trustee, CCO and deferred compensation fees			15,221				4,944				1,957				-			-						22,122
Audit and tax fees			23,141				14,766				9,932				-			(11,140	)	(j	)			36,699
Custody fees			111,362				11,272				11,266				-			(22,538	)	(k	)			111,362
Legal fees			32,654				11,706				4,217				-			-						48,577
Printing and shareholder reports fees			3,487				35,194				8,220				-			-						46,901
Registration fees			-				28,468				22,402				-									50,870
Other			15,542				7,898				3,287				-			-						26,727

Total expenses before waiver and/or reimbursement and recapture			5,787,123				1,543,131				378,229				-			43,141						7,751,624
Expenses waived and/or reimbursed:
Fund level			-				-				-				-			(6,190,800	)	(l	)			(6,190,800	)
Class I3			-				-				-				-			(204,022	)	(l	)			(204,022	)
Class R			-				-				-				-			(98,982	)	(l	)			(98,982	)
Class R4			-				-				(106,080	)			-			65,826		(l	)			(40,254	)

Net expenses			5,787,123				1,543,131				272,149				-			(6,384,837	)					1,217,566

Net investment income (loss)			3,211,824				(621,216	)			103,397				-			5,087,376						7,781,381


Net realized gain (loss) on:
Allocated from series portfolio			-				13,971,300				5,681,886				-			(19,653,186	)	(b	)			-
Investments			48,331,221				-				-				-			-						48,331,221
Foreign currency transactions			(24	)			-				-				-			-						(24	)

Net realized gain (loss)			48,331,197				13,971,300				5,681,886				-			(19,653,186	)					48,331,197


Net change in unrealized appreciation (depreciation) on:
Allocated from series portfolio			-				(17,311,507	)			(6,792,553	)			-			24,104,060		(b	)			-
Investments			(59,697,441	)			-				-				-			-						(59,697,441	)
Translation of assets and liabilities denominated in foreign currencies			2,861				-				-				-			-						2,861

Net change in unrealized appreciation (depreciation)			(59,694,580	)			(17,311,507	)			(6,792,553	)			-			24,104,060						(59,694,580	)


Net realized and change in unrealized gain (loss)			(11,363,383	)			(3,340,207	)			(1,110,667	)			-			4,450,874						(11,363,383	)


Net increase (decrease) in net assets resulting from operations	$		(8,151,559	)	$		(3,961,423	)	$		(1,007,270	)	$		-	$		9,538,250				$		(3,582,002	)

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-23

Group Five Reorganization Between:

TRANSAMERICA PARTNERS LARGE VALUE

TRANSAMERICA PARTNERS INSTITUTIONAL LARGE VALUE

TRANSAMERICA PARTNERS LARGE VALUE PORTFOLIO

AND

TRANSAMERICA LARGE VALUE OPPORTUNITIES

Reorganization Between TPP Master and TAF

PRO FORMA SCHEDULE OF INVESTMENTS

At June 30, 2016



			TPP Master				TAF Destination		Adjustments		Combined Pro Forma Destination
	Coupon Rate	Maturity Date	Shares		Value		Shares	Value	Shares	Value	Shares		Value

Common Stocks - 98.7 %
Aerospace & Defense
General Dynamics Corp.				36,608	$	5,097,298						36,608	$	5,097,298
Huntington Ingalls Industries, Inc.				27,059		4,546,724						27,059		4,546,724
Northrop Grumman Corp.				43,849		9,746,755						43,849		9,746,755
Spirit Aerosystems Holdings, Inc.				140,870		6,057,410						140,870		6,057,410
Air Freight & Logistics
FedEx Corp.				23,732		3,602,043						23,732		3,602,043
Airlines
Alaska Air Group, Inc.				123,847		7,219,042						123,847		7,219,042
American Airlines Group, Inc.				146,592		4,150,019						146,592		4,150,019
Delta Air Lines, Inc.				209,006		7,614,089						209,006		7,614,089
Hawaiian Holdings, Inc.				139,967		5,313,147						139,967		5,313,147
Southwest Airlines Co.				211,800		8,304,678						211,800		8,304,678
United Continental Holdings, Inc.				194,172		7,968,819						194,172		7,968,819
Auto Components
Cooper Tire & Rubber Co.				43,047		1,283,662						43,047		1,283,662
Dana Holding Corp.				77,731		820,839						77,731		820,839
Goodyear Tire & Rubber Co.				280,001		7,184,826						280,001		7,184,826
Lear Corp.				60,340		6,140,198						60,340		6,140,198
Automobiles
General Motors Co.				180,000		5,094,000						180,000		5,094,000
Banks
Bank of America Corp.				1,511,980		20,063,975						1,511,980		20,063,975
Bank of Montreal				22,973		1,456,258						22,973		1,456,258
Citigroup, Inc.				443,750		18,810,562						443,750		18,810,562
JPMorgan Chase & Co.				450,826		28,014,328						450,826		28,014,328
Regions Financial Corp.				507,651		4,320,110						507,651		4,320,110
SunTrust Banks, Inc.				273,351		11,229,259						273,351		11,229,259
Beverages
Dr. Pepper Snapple Group, Inc.				37,300		3,604,299						37,300		3,604,299
PepsiCo, Inc.				100,278		10,623,451						100,278		10,623,451
Biotechnology
Amgen, Inc.				27,384		4,166,476						27,384		4,166,476
Gilead Sciences, Inc.				109,454		9,130,653						109,454		9,130,653
Ligand Pharmaceuticals, Inc.				31,201		3,721,343						31,201		3,721,343
United Therapeutics Corp.				83,285		8,821,547						83,285		8,821,547
Building Products
Owens Corning				40,834		2,103,768						40,834		2,103,768
Capital Markets
T. Rowe Price Group, Inc.				30,490		2,224,855						30,490		2,224,855
Chemicals
LyondellBasell Industries NV				110,937		8,255,932						110,937		8,255,932
Construction & Engineering
Quanta Services, Inc.				19,004		439,372						19,004		439,372
Consumer Finance
Ally Financial, Inc.				443,588		7,572,047						443,588		7,572,047
Capital One Financial Corp.				78,920		5,012,209						78,920		5,012,209
Containers & Packaging
Avery Dennison Corp.				9,031		675,067						9,031		675,067
International Paper Co.				115,172		4,880,990						115,172		4,880,990
Diversified Financial Services
Voya Financial, Inc.				318,984		7,898,044						318,984		7,898,044
Diversified Telecommunication Services
AT&T, Inc.				335,185		14,483,344						335,185		14,483,344
Verizon Communications, Inc.				291,892		16,299,249						291,892		16,299,249
Electric Utilities
American Electric Power Co., Inc.				177,472		12,439,013						177,472		12,439,013
Edison International				125,234		9,726,925						125,234		9,726,925
Entergy Corp.				134,041		10,904,235						134,041		10,904,235
Energy Equipment & Services
Dril-Quip, Inc.				25,226		1,473,955						25,226		1,473,955
Ensco PLC				813,029		7,894,512						813,029		7,894,512
FMC Technologies, Inc.				173,666		4,631,672						173,666		4,631,672
Helmerich & Payne, Inc.				29,144		1,956,437						29,144		1,956,437
Nabors Industries, Ltd.				324,000		3,256,200						324,000		3,256,200
National Oilwell Varco, Inc.				41,170		1,385,371						41,170		1,385,371
Noble Corp. PLC				498,088		4,104,245						498,088		4,104,245
Oceaneering International, Inc.				285,635		8,529,061						285,635		8,529,061
Oil States International, Inc.				197,472		6,492,879						197,472		6,492,879
Rowan Cos. PLC				430,177		7,596,926						430,177		7,596,926
Transocean, Ltd.				50,996		606,342						50,996		606,342
Food & Staples Retailing
Sysco Corp.				179,579		9,111,838						179,579		9,111,838
Food Products
Dean Foods Co.				248,606		4,497,283						248,606		4,497,283
Ingredion, Inc.				39,655		5,131,754						39,655		5,131,754
Sanderson Farms, Inc.				61,935		5,366,048						61,935		5,366,048
Tyson Foods, Inc.				148,533		9,920,519						148,533		9,920,519
Health Care Providers & Services
Quest Diagnostics, Inc.				33,495		2,726,828						33,495		2,726,828
Independent Power & Renewable Electricity Producers
AES Corp.				601,494		7,506,645						601,494		7,506,645
NRG Energy, Inc.				179,936		2,697,241						179,936		2,697,241
Insurance
Allstate Corp.				169,850		11,881,007						169,850		11,881,007
American International Group, Inc.				268,364		14,193,772						268,364		14,193,772
Assurant, Inc.				16,865		1,455,618						16,865		1,455,618
Assured Guaranty, Ltd.				124,444		3,157,144						124,444		3,157,144
Axis Capital Holdings, Ltd.				59,080		3,249,400						59,080		3,249,400
Everest RE Group, Ltd.				30,104		5,499,098						30,104		5,499,098
Genworth Financial, Inc.				735,332		1,897,157						735,332		1,897,157
Hartford Financial Services Group, Inc.				71,220		3,160,744						71,220		3,160,744
Lincoln National Corp.				86,400		3,349,728						86,400		3,349,728
Prudential Financial, Inc.				74,685		5,328,028						74,685		5,328,028
Reinsurance Group of America, Inc.				16,201		1,571,335						16,201		1,571,335
Travelers Cos., Inc.				106,395		12,665,261						106,395		12,665,261
Unum Group				153,880		4,891,845						153,880		4,891,845
Internet Software & Services
eBay, Inc.				391,870		9,173,677						391,870		9,173,677
VeriSign, Inc.				104,376		9,024,349						104,376		9,024,349
IT Services
Xerox Corp.				202,342		1,920,226						202,342		1,920,226
Metals & Mining
Reliance Steel & Aluminum Co.				55,267		4,250,032						55,267		4,250,032
Steel Dynamics, Inc.				58,774		1,439,963						58,774		1,439,963
Multi-Utilities
Public Service Enterprise Group, Inc.				224,300		10,454,623						224,300		10,454,623
Multiline Retail
Big Lots, Inc.				21,841		1,094,452						21,841		1,094,452

S-24



						TPP Master					TAF Destination		Adjustments				Combined Pro Forma Destination
	Coupon Rate			Maturity Date		Shares		Value			Shares	Value	Shares	Value			Shares		Value

Oil, Gas & Consumable Fuels
Chevron Corp.							43,431	$	4,552,872									43,431	$	4,552,872
Exxon Mobil Corp.							192,886		18,081,134									192,886		18,081,134
Marathon Petroleum Corp.							108,072		4,102,413									108,072		4,102,413
Murphy Oil Corp.							63,304		2,009,902									63,304		2,009,902
Tesoro Corp.							122,674		9,190,736									122,674		9,190,736
Valero Energy Corp.							200,684		10,234,884									200,684		10,234,884
Paper & Forest Products
Domtar Corp.							72,243		2,529,227									72,243		2,529,227
Personal Products
Herbalife, Ltd.							86,956		5,089,535									86,956		5,089,535
Nu Skin Enterprises, Inc.							58,114		2,684,285									58,114		2,684,285
Pharmaceuticals
Johnson & Johnson							262,184		31,802,919									262,184		31,802,919
Merck & Co., Inc.							35,600		2,050,916									35,600		2,050,916
Pfizer, Inc.							722,800		25,449,788									722,800		25,449,788
Real Estate Investment Trusts
Brandywine Realty Trust							70,702		1,187,794									70,702		1,187,794
CBL & Associates Properties, Inc.							190,769		1,776,059									190,769		1,776,059
Gaming and Leisure Properties, Inc.							42,882		1,478,571									42,882		1,478,571
Host Hotels & Resorts, Inc.							257,937		4,181,159									257,937		4,181,159
Mack-Cali Realty Corp.							137,116		3,702,132									137,116		3,702,132
Public Storage							3,749		958,207									3,749		958,207
RLJ Lodging Trust							84,060		1,803,087									84,060		1,803,087
Taubman Centers, Inc.							16,260		1,206,492									16,260		1,206,492
Real Estate Management & Development
CBRE Group, Inc.							179,172		4,744,475									179,172		4,744,475
Semiconductors & Semiconductor Equipment
Intel Corp.							453,521		14,875,489									453,521		14,875,489
Software
Aspen Technology, Inc.							68,674		2,763,442									68,674		2,763,442
CA, Inc.							106,904		3,509,658									106,904		3,509,658
Cadence Design Systems, Inc.							55,536		1,349,525									55,536		1,349,525
Citrix Systems, Inc.							59,452		4,761,511									59,452		4,761,511
Microsoft Corp.							191,689		9,808,726									191,689		9,808,726
Symantec Corp.							515,516		10,588,698									515,516		10,588,698
Take-Two Interactive Software, Inc.							185,150		7,020,888									185,150		7,020,888
Specialty Retail
Bed Bath & Beyond, Inc.							109,391		4,727,879									109,391		4,727,879
Best Buy Co., Inc.							25,324		774,914									25,324		774,914
Textiles, Apparel & Luxury Goods
Michael Kors Holdings, Ltd.							193,949		9,596,597									193,949		9,596,597
Tobacco
Philip Morris International, Inc.							107,209		10,905,299									107,209		10,905,299


Total Common Stocks									741,063,288											741,063,288

									Total Cost ($729,298,141)											Total Cost ($729,298,141)
Securities Lending Collateral - 11.7 %
State Street Navigator Securities Lending Trust - Prime Portfolio		0.51	%				87,778,706		87,778,706									87,778,706		87,778,706


Total Securities Lending Collateral									87,778,706											87,778,706

									Total Cost ($87,778,706)											Total Cost ($87,778,706)

						Principal		Value									Principal		Value

Repurchase Agreement - 0.7 %
State Street Bank & Trust Co.		0.03	%		07/01/2016	$	5,419,504		5,419,504								$	5,419,504		5,419,504


Total Repurchase Agreement									5,419,504											5,419,504

									Total Cost ($5,419,504)											Total Cost ($5,419,504)


Total Investments									834,261,498											834,261,498

									Total Cost ($822,496,351)											Total Cost ($822,496,351)

Other Assets and Liabilities - (11.1)%									(83,050,450	)					(632,052	) (a) (c)				(83,682,502	)

Net Assets									$751,211,048						(632,052	)				$750,578,996

VALUATION SUMMARY:


Investments	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices	Level 2 - Other Significant Observable Inputs	Level 3 - Significant Unobservable Inputs	Value	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
Common Stocks	$	741,063,288	$	-	$	-	$	741,063,288					$	741,063,288	$	-	$	-	$	741,063,288
Securities Lending Collateral		87,778,706		-		-		87,778,706						87,778,706		-		-		87,778,706
Repurchase Agreement		-		5,419,504		-		5,419,504						-		5,419,504		-		5,419,504
Total Investments	$	828,841,994	$	5,419,504	$	-	$	834,261,498					$	828,841,994	$	5,419,504	$	-	$	834,261,498

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

As of June 30, 2016, all securities held by the Target Master Portfolio would comply with the investment restrictions of the Destination Fund.

S-25

Reorganization Between TPP Master, TPFG Feeder, TPFG II Feeder and TAF Destination

PRO FORMA STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2016


		TPP Master				TPFG Feeder				TPFG II Feeder				TAF Destination			Adjustments						Combined Pro Forma Destination
Assets:
Investments, at value	$		828,841,994		$		-		$		-		$		-	$		-				$		828,841,994
Repurchase agreements, at value			5,419,504				-				-				-			-						5,419,504
Investments in Series Portfolio, at value			-				218,378,833				94,063,807				-			(312,442,640	)	(b	)			-
Receivables:
Investments sold			6,564,553				-				-				-			-						6,564,553
Interest			5				-				-				-			-						5
Dividends			667,135				-				-				-			-						667,135
Net income from securities lending			21,870				-				-				-			-						21,870
Due from advisor			-				12,327				6,788				-			-						19,115
Prepaid Expenses			2,341				752				339				-			-						3,432

Total assets	$		841,517,402		$		218,391,912		$		94,070,934		$		-	$		(312,442,640	)			$		841,537,608


Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed			-				121,862				312,388				-			-						434,250
Investments purchased			2,187,494				-				-				-			-						2,187,494
Investment advisory fees			278,749				-				-				-			-						278,749
Administration/Investment advisory fees			-				53,910				3,903				-			-						57,813
Distribution and service fees			-				44,925				19,515				-			-						64,440
Trustee, CCO and deferred compensation fees			1,758				578				264				-			-						2,600
Audit and tax fees			12,490				7,553				5,168				-			-						25,211
Custody and accounting fees			21,367				1,831				1,831				-			-						25,029
Legal fees			14,491				5,148				1,686				-			-						21,325
Printing and shareholder reports fees			5,584				13,793				1,938				-			-						21,315
Registration fees			-				7,019				6,233				-			-						13,252
Other			5,715				2,314				626				-			39,773		(c	)			48,428
Collateral for securities on loan			87,778,706				-				-				-			-						87,778,706

Total liabilities			90,306,354				258,933				353,552				-			39,773						90,958,612

Net Assets	$		751,211,048		$		218,132,979		$		93,717,382		$		-	$		(312,482,413	)			$		750,578,996


Net Assets Consist of:
Paid-in capital	$		(1,100,616,057	)			357,206,565				454,089,694				-	$		1,203,663,663		(d	)	$		914,343,865
Undistributed (distributions in excess of) net investment income (loss)			654,529,585				(86,445	)			(33,014	)			-			(654,410,126	)	(d	)			-
Accumulated net realized gain (loss)			1,185,532,373				(87,733,612	)			(247,827,958	)			-			(849,970,803	)	(d	)			-
Net unrealized appreciation (depreciation) on:
Investments			11,765,147				-				-				-			(11,765,147	)	(d	)			-
Allocated from Series Portfolio			-				(51,253,529	)			(112,511,340	)			-			-						(163,764,869	)

Net Assets	$		751,211,048		$		218,132,979		$		93,717,382		$		-	$		(312,482,413	)			$		750,578,996


Net assets by class:
Class I3	$		438,768,408		$		-		$		-		$		-	$		(39,773	)	(c	)	$		438,728,635
Class R			-				218,132,979				-				-			-						218,132,979
Class R4			-				-				93,717,382				-			-						93,717,382
Shares outstanding (unlimited shares, no par value):
Class I3			43,876,841				-				-				-			-						43,876,841
Class R			-				8,600,130				-				-			13,213,168		(e	)			21,813,298
Class R4			-				-				6,913,676				-			2,458,062		(e	)			9,371,738
Net asset value per share:
Class I3			10.00				-				-				10.00			(10.00	)	(f	)			10.00
Class R			-				25.36				-				10.00			(25.36	)	(f	)			10.00
Class R4			-				-				13.56				10.00			(13.56	)	(f	)			10.00
Investments, at cost	$		817,076,847		$		-		$		-		$		-			-				$		817,076,847
Securities loaned, at value			85,675,670				-				-				-			-						85,675,670
Repurchase agreements, at cost			5,419,504				-				-				-			-						5,419,504

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-26

Reorganization Between TPP Master, TPFG Feeder, TPFG II Feeder and TAF Destination

PRO FORMA STATEMENT OF OPERATIONS

For the twelve-month period ended June 30, 2016


		TPP Master				TPFG Feeder				TPFG II Feeder				TAF Destination			Adjustments						Combined Pro Forma Destination
Investment Income:

Dividend income	$		19,428,202		$		5,805,708		$		2,313,474		$		-	$		(8,119,182	)	(b	)	$		19,428,202
Interest income			1,393				412				169				-			(581	)	(b	)			1,393
Net income (loss) from securities lending			674,380				201,008				80,709				-			(281,717	)	(b	)			674,380
Withholding taxes on foreign income			-				(15	)			2				-			13		(b	)			-
Expenses (net of waiver and/or reimbursement)			-				(1,144,169	)			(451,765	)			-			1,595,934		(b	)			-

Total investment income (loss)			20,103,975				4,862,944				1,942,589				-			(6,805,533	)					20,103,975


Expenses:
Investment advisory fees			3,641,321				-				-				-			237,086		(g	)			3,878,407
Administration/Investment advisory fees			-				727,266				47,835				-			(775,101	)	(h	)			-
Distribution and service fees:
Class R			-				606,054				-				-			604,252		(i	)			1,210,306
Class R4			-				-				239,175				-			(336	)	(i	)			238,839
Trustee, CCO and deferred compensation fees			13,129				4,439				1,758				-			-						19,326
Audit and tax fees			22,834				14,407				9,215				-			(11,140	)	(j	)			35,316
Custody fees			93,780				11,273				11,267				-			(22,540	)	(k	)			93,780
Legal fees			29,733				11,436				3,594				-			-						44,763
Printing and shareholder reports fees			3,557				37,216				7,608				-			-						48,381
Registration fees			-				29,578				23,761				-									53,339
Other			14,278				7,919				2,974				-			-						25,171

Total expenses before waiver and/or reimbursement and recapture			3,818,632				1,449,588				347,187				-			32,221						5,647,628
Expenses waived and/or reimbursed:
Class I3			-				-				-				-			(92,262	)	(l	)			(92,262	)
Class R			-				(169,486	)			-				-			122,010		(l	)			(47,476	)
Class R4			-				-				(81,406	)			-			62,668		(l	)			(18,738	)

Net expenses			3,818,632				1,280,102				265,781				-			124,637						5,489,152

Net investment income (loss)			16,285,343				3,582,842				1,676,808				-			(6,930,170	)					14,614,823


Net realized gain (loss) on:
Allocated from series portfolio			-				3,498,163				1,099,805				-			(4,597,968	)	(b	)			-
Investments			10,840,567				-				-				-			-						10,840,567

Net realized gain (loss)			10,840,567				3,498,163				1,099,805				-			(4,597,968	)					10,840,567


Net change in unrealized appreciation (depreciation) on:
Allocated from series portfolio			-				(27,189,611	)			(10,006,974	)			-			37,196,585		(b	)			-
Investments			(88,463,424	)			-				-				-			-						(88,463,424	)

Net change in unrealized appreciation (depreciation)			(88,463,424	)			(27,189,611	)			(10,006,974	)			-			37,196,585						(88,463,424	)


Net realized and change in unrealized gain (loss)			(77,622,857	)			(23,691,448	)			(8,907,169	)			-			32,598,617						(77,622,857	)


Net increase (decrease) in net assets resulting from operations	$		(61,337,514	)	$		(20,108,606	)	$		(7,230,361	)	$		-	$		25,668,447				$		(63,008,034	)

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-27

Group Six Reorganization Between:

TRANSAMERICA PARTNERS BALANCED

TRANSAMERICA PARTNERS INSTITUTIONAL BALANCED

TRANSAMERICA PARTNERS BALANCED PORTFOLIO

AND

TRANSAMERICA BALANCED II

Reorganization Between TPP Master and TAF

PRO FORMA SCHEDULE OF INVESTMENTS

At June 30, 2016



			TPP Master				TAF Destination		Adjustments		Combined Pro Forma Destination
	Coupon Rate	Maturity Date	Shares		Value		Shares	Value	Shares	Value	Shares		Value

Common Stocks - 58.2 %
Aerospace & Defense
General Dynamics Corp.				356	$	49,569						356	$	49,569
Honeywell International, Inc.				8,513		990,232						8,513		990,232
L-3 Communications Holdings, Inc.				2,709		397,383						2,709		397,383
Northrop Grumman Corp.				1,474		327,641						1,474		327,641
Textron, Inc.				1,177		43,031						1,177		43,031
United Technologies Corp.				8,772		899,569						8,772		899,569
Air Freight & Logistics
United Parcel Service, Inc.				810		87,253						810		87,253
Airlines
Delta Air Lines, Inc.				5,894		214,719						5,894		214,719
United Continental Holdings, Inc.				7,156		293,682						7,156		293,682
Auto Components
Delphi Automotive PLC				1,672		104,667						1,672		104,667
Johnson Controls, Inc.				1,125		49,793						1,125		49,793
Magna International, Inc.				913		32,019						913		32,019
Automobiles
Ford Motor Co.				13,568		170,550						13,568		170,550
General Motors Co.				4,322		122,312						4,322		122,312
Banks
Bank of America Corp.				73,721		978,278						73,721		978,278
BB&T Corp.				1,915		68,193						1,915		68,193
Citigroup, Inc.				26,107		1,106,676						26,107		1,106,676
Citizens Financial Group, Inc.				2,870		57,342						2,870		57,342
Comerica, Inc.				1,401		57,623						1,401		57,623
KeyCorp				11,816		130,567						11,816		130,567
Regions Financial Corp.				4,497		38,269						4,497		38,269
SVB Financial Group				725		68,991						725		68,991
Wells Fargo & Co.				33,055		1,564,493						33,055		1,564,493
Zions Bancorporation				1,567		39,379						1,567		39,379
Beverages
Boston Beer Co., Inc.				533		91,159						533		91,159
Coca-Cola Co.				15,570		705,788						15,570		705,788
Constellation Brands, Inc.				2,466		407,876						2,466		407,876
Dr. Pepper Snapple Group, Inc.				888		85,808						888		85,808
Molson Coors Brewing Co.				6,008		607,589						6,008		607,589
PepsiCo, Inc.				12,324		1,305,605						12,324		1,305,605
Biotechnology
Alexion Pharmaceuticals, Inc.				1,995		232,936						1,995		232,936
Amgen, Inc.				280		42,602						280		42,602
Biogen, Inc.				1,989		480,980						1,989		480,980
BioMarin Pharmaceutical, Inc.				489		38,044						489		38,044
Celgene Corp.				7,483		738,048						7,483		738,048
Gilead Sciences, Inc.				10,586		883,084						10,586		883,084
Vertex Pharmaceuticals, Inc.				2,722		234,147						2,722		234,147
Building Products
Allegion PLC				3,032		210,512						3,032		210,512
Masco Corp.				8,122		251,294						8,122		251,294
Capital Markets
Ameriprise Financial, Inc.				338		30,369						338		30,369
Bank of New York Mellon Corp.				3,323		129,099						3,323		129,099
BlackRock, Inc.				1,525		522,358						1,525		522,358
Charles Schwab Corp.				15,448		390,989						15,448		390,989
Goldman Sachs Group, Inc.				1,318		195,828						1,318		195,828
Invesco, Ltd.				3,281		83,797						3,281		83,797
Morgan Stanley				21,836		567,299						21,836		567,299
State Street Corp.				5,642		304,217						5,642		304,217
TD Ameritrade Holding Corp.				2,871		81,752						2,871		81,752
Chemicals
Dow Chemical Co.				7,981		396,735						7,981		396,735
E.I. du Pont de Nemours & Co.				7,904		512,179						7,904		512,179
Eastman Chemical Co.				5,317		361,024						5,317		361,024
Monsanto Co.				1,270		131,331						1,270		131,331
Mosaic Co.				12,804		335,209						12,804		335,209
Communications Equipment
Cisco Systems, Inc.				14,497		415,919						14,497		415,919
Construction & Engineering
Fluor Corp.				4,456		219,592						4,456		219,592
Construction Materials
Martin Marietta Materials, Inc.				670		128,640						670		128,640
Consumer Finance
American Express Co.				1,071		65,074						1,071		65,074
Capital One Financial Corp.				4,848		307,896						4,848		307,896
Discover Financial Services				4,563		244,531						4,563		244,531
Synchrony Financial				3,442		87,014						3,442		87,014
Containers & Packaging
Crown Holdings, Inc.				5,685		288,059						5,685		288,059
Sealed Air Corp.				955		43,901						955		43,901
WestRock Co.				3,653		141,992						3,653		141,992
Diversified Financial Services
Berkshire Hathaway, Inc.				8,455		1,224,199						8,455		1,224,199
Intercontinental Exchange, Inc.				1,205		308,432						1,205		308,432
S&P Global, Inc.				400		42,904						400		42,904
Voya Financial, Inc.				2,820		69,823						2,820		69,823
Diversified Telecommunication Services
AT&T, Inc.				26,762		1,156,386						26,762		1,156,386
Verizon Communications, Inc.				7,702		430,080						7,702		430,080
Electric Utilities
Edison International				6,502		505,010						6,502		505,010
Exelon Corp.				1,230		44,723						1,230		44,723
NextEra Energy, Inc.				5,860		764,144						5,860		764,144
PG&E Corp.				1,520		97,158						1,520		97,158
Xcel Energy, Inc.				13,087		586,036						13,087		586,036
Electrical Equipment
Eaton Corp. PLC				8,715		520,547						8,715		520,547
Emerson Electric Co.				1,006		52,473						1,006		52,473
Electronic Equipment, Instruments & Components
Amphenol Corp.				810		46,438						810		46,438
TE Connectivity, Ltd.				8,420		480,866						8,420		480,866
Energy Equipment & Services
Baker Hughes, Inc.				2,142		96,668						2,142		96,668
Halliburton Co.				7,302		330,708						7,302		330,708
National Oilwell Varco, Inc.				1,188		39,976						1,188		39,976
Schlumberger, Ltd.				2,712		214,465						2,712		214,465

S-28



			TPP Master				TAF Destination		Adjustments		Combined Pro Forma Destination
	Coupon Rate	Maturity Date	Shares		Value		Shares	Value	Shares	Value	Shares		Value

Food & Staples Retailing
Costco Wholesale Corp.				3,590	$	563,774						3,590	$	563,774
Kroger Co.				10,805		397,516						10,805		397,516
Wal-Mart Stores, Inc.				150		10,953						150		10,953
Walgreens Boots Alliance, Inc.				3,554		295,941						3,554		295,941
Food Products
Archer-Daniels-Midland Co.				1,685		72,270						1,685		72,270
Hershey Co.				3,049		346,031						3,049		346,031
Mondelez International, Inc.				18,937		861,823						18,937		861,823
Gas Utilities
UGI Corp.				2,590		117,198						2,590		117,198
Health Care Equipment & Supplies
Abbott Laboratories				16,245		638,591						16,245		638,591
Boston Scientific Corp.				25,893		605,120						25,893		605,120
Medtronic PLC				530		45,988						530		45,988
Stryker Corp.				2,011		240,978						2,011		240,978
Health Care Providers & Services
Aetna, Inc.				4,347		530,899						4,347		530,899
Anthem, Inc.				530		69,610						530		69,610
Cigna Corp.				1,240		158,708						1,240		158,708
HCA Holdings, Inc.				638		49,132						638		49,132
Humana, Inc.				2,030		365,156						2,030		365,156
McKesson Corp.				4,656		869,042						4,656		869,042
Quest Diagnostics, Inc.				856		69,687						856		69,687
UnitedHealth Group, Inc.				7,057		996,449						7,057		996,449
Hotels, Restaurants & Leisure
Royal Caribbean Cruises, Ltd.				5,105		342,801						5,105		342,801
Starbucks Corp.				8,623		492,546						8,623		492,546
Yum! Brands, Inc.				3,288		272,641						3,288		272,641
Household Durables
D.R. Horton, Inc.				5,977		188,156						5,977		188,156
Harman International Industries, Inc.				2,888		207,416						2,888		207,416
Mohawk Industries, Inc.				270		51,235						270		51,235
Newell Brands, Inc.				1,075		52,213						1,075		52,213
PulteGroup, Inc.				8,664		168,862						8,664		168,862
Toll Brothers, Inc.				2,519		67,786						2,519		67,786
Household Products
Kimberly-Clark Corp.				5,984		822,680						5,984		822,680
Procter & Gamble Co.				10,942		926,459						10,942		926,459
Industrial Conglomerates
3M Co.				261		45,706						261		45,706
Danaher Corp.				1,445		145,945						1,445		145,945
General Electric Co.				26,798		843,601						26,798		843,601
Insurance
American International Group, Inc.				7,763		410,585						7,763		410,585
Arthur J. Gallagher & Co.				3,223		153,415						3,223		153,415
Chubb, Ltd.				5,726		748,445						5,726		748,445
Everest RE Group, Ltd.				367		67,040						367		67,040
MetLife, Inc.				15,695		625,132						15,695		625,132
Prudential Financial, Inc.				563		40,164						563		40,164
XL Group PLC				5,157		171,780						5,157		171,780
Internet & Catalog Retail
Amazon.com, Inc.				2,031		1,453,424						2,031		1,453,424
Internet Software & Services
Alphabet, Inc.				1,716		1,207,257						1,716		1,207,257
Alphabet, Inc.				1,729		1,196,641						1,729		1,196,641
Facebook, Inc.				13,561		1,549,751						13,561		1,549,751
IT Services
Accenture PLC				10,365		1,174,251						10,365		1,174,251
Automatic Data Processing, Inc.				549		50,437						549		50,437
Cognizant Technology Solutions Corp.				6,998		400,566						6,998		400,566
Fidelity National Information Services, Inc.				5,946		438,101						5,946		438,101
Global Payments, Inc.				686		48,967						686		48,967
MasterCard, Inc.				873		76,876						873		76,876
PayPal Holdings, Inc.				2,290		83,608						2,290		83,608
Vantiv, Inc.				2,082		117,841						2,082		117,841
Visa, Inc.				10,867		806,005						10,867		806,005
Life Sciences Tools & Services
Agilent Technologies, Inc.				1,530		67,871						1,530		67,871
Illumina, Inc.				1,495		209,868						1,495		209,868
Thermo Fisher Scientific, Inc.				2,132		315,024						2,132		315,024
Machinery
Caterpillar, Inc.				581		44,046						581		44,046
Cummins, Inc.				3,068		344,966						3,068		344,966
Deere & Co.				624		50,569						624		50,569
Ingersoll-Rand PLC				1,930		122,902						1,930		122,902
PACCAR, Inc.				8,709		451,736						8,709		451,736
Parker-Hannifin Corp.				820		88,601						820		88,601
Pentair PLC				850		49,546						850		49,546
Snap-on, Inc.				830		130,991						830		130,991
Stanley Black & Decker, Inc.				3,686		409,957						3,686		409,957
Media
CBS Corp.				2,020		109,969						2,020		109,969
Charter Communications, Inc.				1,919		438,760						1,919		438,760
Comcast Corp.				16,362		1,066,639						16,362		1,066,639
DISH Network Corp.				3,964		207,714						3,964		207,714
Sirius XM Holdings, Inc.				21,809		86,146						21,809		86,146
Time Warner, Inc.				13,082		962,050						13,082		962,050
Twenty-First Century Fox, Inc.				30,188		816,585						30,188		816,585
Metals & Mining
Newmont Mining Corp.				2,343		91,658						2,343		91,658
U.S. Steel Corp.				600		10,116						600		10,116
Multi-Utilities
CMS Energy Corp.				7,181		329,321						7,181		329,321
Public Service Enterprise Group, Inc.				8,427		392,782						8,427		392,782
Sempra Energy				2,502		285,278						2,502		285,278
Multiline Retail
Dollar General Corp.				4,605		432,870						4,605		432,870
Target Corp.				1,999		139,570						1,999		139,570
Oil, Gas & Consumable Fuels
Cabot Oil & Gas Corp.				10,155		261,390						10,155		261,390
Chevron Corp.				10,880		1,140,550						10,880		1,140,550
Concho Resources, Inc.				1,196		142,647						1,196		142,647
ConocoPhillips				6,870		299,532						6,870		299,532
Diamondback Energy, Inc.				2,146		195,737						2,146		195,737
EOG Resources, Inc.				4,367		364,295						4,367		364,295
EQT Corp.				3,928		304,145						3,928		304,145
Exxon Mobil Corp.				15,906		1,491,028						15,906		1,491,028
Kinder Morgan, Inc.				6,305		118,030						6,305		118,030
Marathon Petroleum Corp.				1,530		58,079						1,530		58,079
Occidental Petroleum Corp.				8,474		640,295						8,474		640,295
Pioneer Natural Resources Co.				3,269		494,306						3,269		494,306
Valero Energy Corp.				4,466		227,766						4,466		227,766

S-29


						TPP Master				TAF Destination		Adjustments		Combined Pro Forma Destination
	Coupon Rate			Maturity Date		Shares		Value		Shares	Value	Shares	Value	Shares		Value

Pharmaceuticals
Allergan PLC							2,644	$	611,002						2,644	$	611,002
Bristol-Myers Squibb Co.							16,773		1,233,654						16,773		1,233,654
Eli Lilly & Co.							11,382		896,333						11,382		896,333
Johnson & Johnson							8,070		978,891						8,070		978,891
Merck & Co., Inc.							5,071		292,140						5,071		292,140
Mylan NV							1,842		79,648						1,842		79,648
Pfizer, Inc.							40,692		1,432,765						40,692		1,432,765
Professional Services
Equifax, Inc.							337		43,271						337		43,271
Real Estate Investment Trusts
American Tower Corp.							1,618		183,821						1,618		183,821
Apartment Investment & Management Co.							1,030		45,485						1,030		45,485
AvalonBay Communities, Inc.							1,995		359,878						1,995		359,878
Boston Properties, Inc.							492		64,895						492		64,895
DiamondRock Hospitality Co.							5,086		45,927						5,086		45,927
Equinix, Inc.							563		218,292						563		218,292
Essex Property Trust, Inc.							388		88,499						388		88,499
HCP, Inc.							4,940		174,777						4,940		174,777
Kimco Realty Corp.							7,408		232,463						7,408		232,463
LaSalle Hotel Properties							3,346		78,899						3,346		78,899
Liberty Property Trust							2,471		98,148						2,471		98,148
Macerich Co.							569		48,587						569		48,587
Prologis, Inc.							4,288		210,283						4,288		210,283
Public Storage							413		105,559						413		105,559
Simon Property Group, Inc.							1,808		392,155						1,808		392,155
SL Green Realty Corp.							1,258		133,939						1,258		133,939
STORE Capital Corp.							1,460		42,997						1,460		42,997
Road & Rail
Canadian Pacific Railway, Ltd.							2,101		270,588						2,101		270,588
CSX Corp.							4,562		118,977						4,562		118,977
Union Pacific Corp.							9,530		831,492						9,530		831,492
Semiconductors & Semiconductor Equipment
Broadcom, Ltd.							6,480		1,006,992						6,480		1,006,992
KLA-Tencor Corp.							736		53,912						736		53,912
Lam Research Corp.							8,605		723,337						8,605		723,337
NXP Semiconductors NV							2,827		221,467						2,827		221,467
Qorvo, Inc.							573		31,664						573		31,664
Texas Instruments, Inc.							11,991		751,236						11,991		751,236
Software
Adobe Systems, Inc.							8,804		843,335						8,804		843,335
Microsoft Corp.							49,356		2,525,547						49,356		2,525,547
Oracle Corp.							3,280		134,250						3,280		134,250
Specialty Retail
AutoNation, Inc.							670		31,477						670		31,477
Best Buy Co., Inc.							5,190		158,814						5,190		158,814
Home Depot, Inc.							8,191		1,045,909						8,191		1,045,909
Lowe’s Cos., Inc.							11,999		949,961						11,999		949,961
O’Reilly Automotive, Inc.							911		246,972						911		246,972
Ross Stores, Inc.							840		47,620						840		47,620
Signet Jewelers, Ltd.							241		19,861						241		19,861
Tiffany & Co.							1,213		73,556						1,213		73,556
TJX Cos., Inc.							7,028		542,772						7,028		542,772
Technology Hardware, Storage & Peripherals
Apple, Inc.							27,246		2,604,718						27,246		2,604,718
Hewlett Packard Enterprise Co.							2,172		39,682						2,172		39,682
HP, Inc.							21,191		265,947						21,191		265,947
Western Digital Corp.							4,108		194,144						4,108		194,144
Textiles, Apparel & Luxury Goods
lululemon athletica, Inc.							522		38,555						522		38,555
PVH Corp.							393		37,033						393		37,033
Ralph Lauren Corp.							1,476		132,279						1,476		132,279
VF Corp.							5,378		330,693						5,378		330,693
Tobacco
Philip Morris International, Inc.							10,511		1,069,179						10,511		1,069,179
Wireless Telecommunication Services
T-Mobile US, Inc.							3,177		137,469						3,177		137,469


Total Common Stocks									86,921,823								86,921,823

									Total Cost ($76,016,043)								Total Cost ($76,016,043)
Preferred Stock - 0.2 %
Banks
Citigroup Capital XIII		7.01	%				3,392		88,430						3,392		88,430
Capital Markets
State Street Corp.		5.90	%				1,536		43,300						1,536		43,300
Electric Utilities
SCE Trust III		5.75	%				320		9,280						320		9,280
Thrifts & Mortgage Finance
Federal Home Loan Mortgage Corp.		8.38	%				14,925		66,416						14,925		66,416
Federal National Mortgage Association		0.00	%				600		4,410						600		4,410
Federal National Mortgage Association		8.25	%				10,800		48,276						10,800		48,276


Total Preferred Stock									260,112								260,112

									Total Cost ($814,042)								Total Cost ($814,042)

						Principal		Value		Principal	Value	Principal	Value	Principal		Value

Asset-Backed Securities - 2.5 %
American Tower Trust I		1.55	%		03/15/2043	$	200,000		200,424					$	200,000		200,424
BlueMountain CLO, Ltd.		2.06	%		07/18/2027		235,000		233,206						235,000		233,206
BXG Receivables Note Trust		2.88	%		05/02/2030		118,900		120,319						118,900		120,319
HSBC Home Equity Loan Trust		0.71	%		03/20/2036		235,000		231,527						235,000		231,527
ICG US CLO, Ltd.		1.78	%		04/20/2026		235,000		230,015						235,000		230,015
JGWPT XXVI LLC		3.84	%		10/15/2059		196,422		205,526						196,422		205,526
MVW Owner Trust		2.25	%		09/22/2031		96,194		94,675						96,194		94,675
NRZ Advance Receivables Trust Advance Receivables Backed		3.20	%		11/15/2047		280,000		281,311						280,000		281,311
OCP CLO, Ltd.		2.16	%		04/17/2027		220,000		217,230						220,000		217,230
Ocwen Master Advance Receivables Trust		3.21	%		11/15/2047		290,000		291,230						290,000		291,230
Palmer Square CLO, Ltd.		2.13	%		07/20/2027		250,000		247,986						250,000		247,986
SBA Tower Trust		2.90	%		10/15/2044		380,000		385,276						380,000		385,276
Sierra Timeshare Receivables Funding LLC		2.70	%		10/20/2030		32,640		32,580						32,640		32,580
Sierra Timeshare Receivables Funding LLC		2.07	%		03/20/2030		77,193		77,022						77,193		77,022
Sierra Timeshare Receivables Funding LLC		2.05	%		06/20/2031		67,891		67,753						67,891		67,753
Sierra Timeshare Receivables Funding LLC		2.30	%		10/20/2031		97,891		98,187						97,891		98,187
Sierra Timeshare Receivables Funding LLC		2.40	%		03/22/2032		55,308		55,434						55,308		55,434
Sierra Timeshare Receivables Funding LLC		3.05	%		03/22/2032		57,713		57,853						57,713		57,853
Silverleaf Finance XVIII LLC		2.81	%		01/15/2027		71,976		71,786						71,976		71,786
SolarCity LMC Series III LLC		4.02	%		07/20/2044		145,819		140,985						145,819		140,985
SpringCastle America Funding LLC		2.70	%		05/25/2023		57,690		57,886						57,690		57,886
Trafigura Securitisation Finance PLC		1.39	%		10/15/2018		290,000		286,957						290,000		286,957

Total Asset-Backed Securities									3,685,168								3,685,168

									Total Cost ($3,691,166)								Total Cost ($3,691,166)
Corporate Debt Securities - 15.5 %
Air Freight & Logistics
FedEx Corp.		4.90	%		01/15/2034		54,000		61,292						54,000		61,292
FedEx Corp.		5.10	%		01/15/2044		49,000		57,095						49,000		57,095

S-30


						TPP Master				TAF Destination		Adjustments		Combined Pro Forma Destination
	Coupon Rate			Maturity Date		Principal		Value		Principal	Value	Principal	Value	Principal		Value

Airlines
American Airlines Pass-Through Trust		3.20	%		12/15/2029	$	130,183	$	134,599					$	130,183	$	134,599
American Airlines Pass-Through Trust		3.70	%		04/01/2028		164,411		170,987						164,411		170,987
Delta Air Lines Pass-Through Trust		6.82	%		02/10/2024		277,221		322,130						277,221		322,130
United Airlines Pass-Through Trust		3.75	%		03/03/2028		291,271		308,019						291,271		308,019
Auto Components
BorgWarner, Inc.		3.38	%		03/15/2025		105,000		107,364						105,000		107,364
Automobiles
BMW US Capital LLC		2.80	%		04/11/2026		82,857		84,988						82,857		84,988
General Motors Co.		4.88	%		10/02/2023		30,000		31,936						30,000		31,936
General Motors Co.		6.25	%		10/02/2043		20,000		22,217						20,000		22,217
Banks
Bank of America Corp.		4.10	%		07/24/2023		60,000		64,280						60,000		64,280
Bank of America Corp.		4.45	%		03/03/2026		45,000		47,067						45,000		47,067
Bank of America Corp.		5.42	%		03/15/2017		100,000		102,810						100,000		102,810
Bank of America Corp.		5.75	%		12/01/2017		75,000		79,383						75,000		79,383
Bank One Corp.		8.00	%		04/29/2027		65,000		88,092						65,000		88,092
Barclays Bank PLC		10.18	%		06/12/2021		390,000		491,019						390,000		491,019
Branch Banking & Trust Co.		3.80	%		10/30/2026		110,000		121,146						110,000		121,146
Citigroup, Inc.		1.70	%		04/27/2018		203,000		203,326						203,000		203,326
Citigroup, Inc.		4.95	%		11/07/2043		20,000		22,668						20,000		22,668
Citigroup, Inc.		6.68	%		09/13/2043		20,000		25,677						20,000		25,677
Commerzbank AG		8.13	%		09/19/2023		255,000		297,631						255,000		297,631
Cooperatieve Rabobank UA		11.00	%		06/30/2019		405,000		482,963						405,000		482,963
First Horizon National Corp.		3.50	%		12/15/2020		110,000		111,007						110,000		111,007
Intesa Sanpaolo SpA		5.02	%		06/26/2024		65,000		59,507						65,000		59,507
JPMorgan Chase & Co.		2.00	%		08/15/2017		250,000		252,329						250,000		252,329
JPMorgan Chase & Co.		3.25	%		09/23/2022		239,000		249,857						239,000		249,857
JPMorgan Chase & Co.		4.85	%		02/01/2044		20,000		23,994						20,000		23,994
JPMorgan Chase & Co.		6.75	%		02/01/2024		13,000		14,316						13,000		14,316
Macquarie Bank, Ltd.		1.65	%		03/24/2017		85,000		85,189						85,000		85,189
Nordea Bank AB		4.25	%		09/21/2022		470,000		496,728						470,000		496,728
Royal Bank of Scotland Group PLC		6.00	%		12/19/2023		65,000		66,049						65,000		66,049
Royal Bank of Scotland Group PLC		6.40	%		10/21/2019		60,000		66,200						60,000		66,200
Wells Fargo & Co.		2.15	%		01/15/2019		10,000		10,209						10,000		10,209
Wells Fargo & Co.		4.13	%		08/15/2023		92,000		99,047						92,000		99,047
Wells Fargo & Co.		5.38	%		11/02/2043		67,000		78,053						67,000		78,053
Wells Fargo & Co.		5.90	%		06/15/2024		43,000		44,236						43,000		44,236
Beverages
Anheuser-Busch InBev Finance, Inc.		3.65	%		02/01/2026		50,000		53,562						50,000		53,562
Anheuser-Busch InBev Worldwide, Inc.		2.50	%		07/15/2022		100,000		101,736						100,000		101,736
Molson Coors Brewing Co.		2.10	%		07/15/2021		130,000		130,395						130,000		130,395
Biotechnology
Celgene Corp.		3.63	%		05/15/2024		110,000		114,560						110,000		114,560
Celgene Corp.		3.88	%		08/15/2025		175,000		186,666						175,000		186,666
Celgene Corp.		5.00	%		08/15/2045		200,000		220,268						200,000		220,268
Gilead Sciences, Inc.		3.65	%		03/01/2026		105,000		114,258						105,000		114,258
Gilead Sciences, Inc.		4.75	%		03/01/2046		155,000		176,251						155,000		176,251
Capital Markets
Ameriprise Financial, Inc.		3.70	%		10/15/2024		205,000		218,361						205,000		218,361
Bank of New York Mellon Corp.		2.10	%		01/15/2019		50,000		51,117						50,000		51,117
Credit Suisse Group Funding Guernsey, Ltd.		3.80	%		06/09/2023		80,000		79,795						80,000		79,795
Deutsche Bank AG		1.95	%		08/20/2020		70,000		68,334						70,000		68,334
Deutsche Bank AG		6.00	%		09/01/2017		55,000		57,385						55,000		57,385
Goldman Sachs Group, Inc.		4.25	%		10/21/2025		220,000		227,411						220,000		227,411
Goldman Sachs Group, Inc.		5.75	%		01/24/2022		155,000		179,949						155,000		179,949
Goldman Sachs Group, Inc.		6.25	%		02/01/2041		20,000		25,882						20,000		25,882
Goldman Sachs Group, Inc.		6.75	%		10/01/2037		75,000		92,515						75,000		92,515
Macquarie Group, Ltd.		6.25	%		01/14/2021		230,000		262,872						230,000		262,872
Morgan Stanley		5.00	%		11/24/2025		96,000		105,100						96,000		105,100
Morgan Stanley		5.75	%		01/25/2021		380,000		433,255						380,000		433,255
Oaktree Capital Management, LP		6.75	%		12/02/2019		175,000		200,641						175,000		200,641
State Street Capital Trust IV		1.65	%		06/01/2077		11,000		9,188						11,000		9,188
UBS AG		7.63	%		08/17/2022		250,000		283,125						250,000		283,125
Chemicals
LyondellBasell Industries NV		5.00	%		04/15/2019		60,000		64,943						60,000		64,943
Monsanto Co.		4.40	%		07/15/2044		110,000		107,861						110,000		107,861
Commercial Services & Supplies
ERAC USA Finance LLC		3.85	%		11/15/2024		140,000		150,491						140,000		150,491
Hutchison Whampoa International 14, Ltd.		1.63	%		10/31/2017		200,000		200,912						200,000		200,912
Communications Equipment
Cisco Systems, Inc.		2.13	%		03/01/2019		50,000		51,353						50,000		51,353
Harris Corp.		5.55	%		10/01/2021		205,000		232,562						205,000		232,562
Construction & Engineering
SBA Tower Trust		2.88	%		07/15/2046		58,000		57,983						58,000		57,983
Construction Materials
Martin Marietta Materials, Inc.		4.25	%		07/02/2024		200,000		213,026						200,000		213,026
Consumer Finance
Discover Financial Services		3.85	%		11/21/2022		183,000		185,854						183,000		185,854
Ford Motor Credit Co. LLC		4.38	%		08/06/2023		100,000		108,684						100,000		108,684
Containers & Packaging
International Paper Co.		4.75	%		02/15/2022		96,000		106,654						96,000		106,654
Diversified Financial Services
Kaupthing ehf		7.63	%		02/28/2020		710,000		—						710,000		—
Diversified Telecommunication Services
AT&T, Inc.		2.45	%		06/30/2020		255,000		260,345						255,000		260,345
AT&T, Inc.		3.40	%		05/15/2025		130,000		132,978						130,000		132,978
AT&T, Inc.		4.35	%		06/15/2045		70,000		67,828						70,000		67,828
AT&T, Inc.		4.60	%		02/15/2021		67,000		73,317						67,000		73,317
AT&T, Inc.		5.00	%		03/01/2021		34,000		38,071						34,000		38,071
GTP Acquisition Partners I LLC		2.35	%		06/15/2045		40,000		39,914						40,000		39,914
Intelsat Jackson Holdings SA		7.25	%		04/01/2019		54,000		39,420						54,000		39,420
Sprint Capital Corp.		6.88	%		11/15/2028		24,000		18,840						24,000		18,840
Verizon Communications, Inc.		3.45	%		03/15/2021		70,000		75,000						70,000		75,000
Verizon Communications, Inc.		4.50	%		09/15/2020		42,000		46,618						42,000		46,618
Verizon Communications, Inc.		5.15	%		09/15/2023		155,000		180,517						155,000		180,517
Verizon Communications, Inc.		6.55	%		09/15/2043		137,000		184,592						137,000		184,592
Electric Utilities
Appalachian Power Co.		3.40	%		06/01/2025		110,000		116,735						110,000		116,735
CenterPoint Energy Houston Electric LLC		4.50	%		04/01/2044		65,000		76,685						65,000		76,685
Cleveland Electric Illuminating Co.		5.95	%		12/15/2036		43,000		47,332						43,000		47,332
Cleveland Electric Illuminating Co.		8.88	%		11/15/2018		9,000		10,487						9,000		10,487
Commonwealth Edison Co.		4.70	%		01/15/2044		42,000		50,541						42,000		50,541
Duke Energy Carolinas LLC		4.25	%		12/15/2041		58,000		64,991						58,000		64,991
Duke Energy Corp.		3.75	%		04/15/2024		11,000		11,812						11,000		11,812
Entergy Arkansas, Inc.		3.70	%		06/01/2024		61,000		66,866						61,000		66,866
Jersey Central Power & Light Co.		7.35	%		02/01/2019		35,000		39,473						35,000		39,473
Niagara Mohawk Power Corp.		4.88	%		08/15/2019		65,000		71,161						65,000		71,161
Oncor Electric Delivery Co. LLC		4.10	%		06/01/2022		12,000		13,303						12,000		13,303
Oncor Electric Delivery Co. LLC		5.30	%		06/01/2042		25,000		31,154						25,000		31,154
Pacific Gas & Electric Co.		4.75	%		02/15/2044		17,000		20,083						17,000		20,083
PacifiCorp		3.60	%		04/01/2024		130,000		142,793						130,000		142,793
PacifiCorp		5.75	%		04/01/2037		25,000		32,697						25,000		32,697
Public Service Electric & Gas Co.		3.00	%		05/15/2025		140,000		149,590						140,000		149,590

S-31


						TPP Master				TAF Destination		Adjustments		Combined Pro Forma Destination
	Coupon Rate			Maturity Date		Principal		Value		Principal	Value	Principal	Value	Principal		Value

Energy Equipment & Services
Schlumberger Holdings Corp.		3.00	%		12/21/2020	$	100,000	$	104,296					$	100,000	$	104,296
Schlumberger Investment SA		3.65	%		12/01/2023		33,000		35,424						33,000		35,424
Weatherford International, Ltd.		5.95	%		04/15/2042		35,000		24,850						35,000		24,850
Food & Staples Retailing
CVS Health Corp.		2.25	%		08/12/2019		70,000		71,888						70,000		71,888
CVS Health Corp.		5.30	%		12/05/2043		14,000		17,477						14,000		17,477
Wal-Mart Stores, Inc.		4.00	%		04/11/2043		41,000		45,510						41,000		45,510
Wal-Mart Stores, Inc.		4.30	%		04/22/2044		60,000		70,015						60,000		70,015
Walgreens Boots Alliance, Inc.		3.30	%		11/18/2021		135,000		141,566						135,000		141,566
Food Products
Kraft Heinz Foods Co.		2.80	%		07/02/2020		85,000		88,268						85,000		88,268
Mondelez International, Inc.		2.25	%		02/01/2019		60,000		61,308						60,000		61,308
Health Care Equipment & Supplies
Becton Dickinson and Co.		2.68	%		12/15/2019		80,000		82,283						80,000		82,283
Boston Scientific Corp.		2.65	%		10/01/2018		56,000		57,242						56,000		57,242
Health Care Providers & Services
Aetna, Inc.		4.75	%		03/15/2044		14,000		15,382						14,000		15,382
Anthem, Inc.		1.88	%		01/15/2018		76,000		76,430						76,000		76,430
Anthem, Inc.		2.30	%		07/15/2018		104,000		105,496						104,000		105,496
Anthem, Inc.		3.30	%		01/15/2023		25,000		25,823						25,000		25,823
Anthem, Inc.		3.70	%		08/15/2021		8,000		8,552						8,000		8,552
Coventry Health Care, Inc.		5.45	%		06/15/2021		66,000		75,318						66,000		75,318
Express Scripts Holding Co.		3.40	%		03/01/2027		120,000		119,847						120,000		119,847
Express Scripts Holding Co.		4.75	%		11/15/2021		60,000		67,299						60,000		67,299
Express Scripts Holding Co.		4.80	%		07/15/2046		30,000		29,960						30,000		29,960
Tenet Healthcare Corp.		6.25	%		11/01/2018		55,000		58,025						55,000		58,025
UnitedHealth Group, Inc.		3.38	%		11/15/2021		19,000		20,507						19,000		20,507
Household Products
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC		6.88	%		02/15/2021		100,000		103,000						100,000		103,000
Industrial Conglomerates
General Electric Co.		5.00	%		01/21/2021		555,000		588,855						555,000		588,855
General Electric Co.		6.88	%		01/10/2039		20,000		30,189						20,000		30,189
Insurance
American International Group, Inc.		4.13	%		02/15/2024		41,000		43,252						41,000		43,252
American International Group, Inc.		8.18	%		05/15/2068		41,000		51,534						41,000		51,534
Fidelity National Financial, Inc.		5.50	%		09/01/2022		60,000		66,152						60,000		66,152
Genworth Holdings, Inc.		7.63	%		09/24/2021		45,000		38,306						45,000		38,306
Lincoln National Corp.		8.75	%		07/01/2019		150,000		177,438						150,000		177,438
Metropolitan Life Global Funding I		1.30	%		04/10/2017		195,000		195,609						195,000		195,609
OneBeacon US Holdings, Inc.		4.60	%		11/09/2022		80,000		81,359						80,000		81,359
Pacific Life Insurance Co.		9.25	%		06/15/2039		220,000		333,565						220,000		333,565
Principal Financial Group, Inc.		8.88	%		05/15/2019		85,000		100,862						85,000		100,862
Prudential Financial, Inc.		5.38	%		06/21/2020		51,000		57,496						51,000		57,496
Prudential Financial, Inc.		7.38	%		06/15/2019		80,000		92,813						80,000		92,813
Reinsurance Group of America, Inc.		3.32	%		12/15/2065		441,000		320,828						441,000		320,828
IT Services
MasterCard, Inc.		2.00	%		04/01/2019		53,000		54,348						53,000		54,348
MasterCard, Inc.		3.38	%		04/01/2024		33,000		35,759						33,000		35,759
Life Sciences Tools & Services
Thermo Fisher Scientific, Inc.		2.40	%		02/01/2019		133,000		135,313						133,000		135,313
Machinery
Doosan Heavy Industries & Construction Co., Ltd.		2.13	%		04/27/2020		200,000		201,261						200,000		201,261
Media
CBS Corp.		4.63	%		05/15/2018		23,000		24,268						23,000		24,268
CBS Corp.		5.75	%		04/15/2020		20,000		22,885						20,000		22,885
Clear Channel Worldwide Holdings, Inc.		6.50	%		11/15/2022		100,000		100,000						100,000		100,000
Comcast Corp.		5.88	%		02/15/2018		116,000		124,930						116,000		124,930
NBCUniversal Media LLC		4.38	%		04/01/2021		209,000		234,199						209,000		234,199
NBCUniversal Media LLC		4.45	%		01/15/2043		47,000		52,618						47,000		52,618
Metals & Mining
BHP Billiton Finance USA, Ltd.		3.85	%		09/30/2023		44,000		47,879						44,000		47,879
Freeport-McMoRan, Inc.		3.88	%		03/15/2023		45,000		39,375						45,000		39,375
Novelis, Inc.		8.75	%		12/15/2020		110,000		114,675						110,000		114,675
Rio Tinto Finance USA PLC		2.88	%		08/21/2022		18,000		18,275						18,000		18,275
Multi-Utilities
CMS Energy Corp.		3.88	%		03/01/2024		22,000		23,926						22,000		23,926
CMS Energy Corp.		4.88	%		03/01/2044		33,000		37,833						33,000		37,833
Oil, Gas & Consumable Fuels
Anadarko Petroleum Corp.		5.55	%		03/15/2026		68,000		75,091						68,000		75,091
Apache Corp.		4.25	%		01/15/2044		15,000		14,521						15,000		14,521
Apache Corp.		4.75	%		04/15/2043		22,000		22,617						22,000		22,617
BP Capital Markets PLC		3.12	%		05/04/2026		150,000		153,220						150,000		153,220
Energy Transfer Partners, LP		5.95	%		10/01/2043		35,000		33,822						35,000		33,822
EOG Resources, Inc.		2.45	%		04/01/2020		88,000		89,238						88,000		89,238
Exxon Mobil Corp.		1.82	%		03/15/2019		150,000		152,847						150,000		152,847
Exxon Mobil Corp.		3.04	%		03/01/2026		60,000		63,691						60,000		63,691
Husky Energy, Inc.		4.00	%		04/15/2024		45,000		45,714						45,000		45,714
Kerr-McGee Corp.		6.95	%		07/01/2024		50,000		57,811						50,000		57,811
Kinder Morgan Energy Partners, LP		4.15	%		02/01/2024		117,000		117,601						117,000		117,601
Laredo Petroleum, Inc.		7.38	%		05/01/2022		60,000		60,150						60,000		60,150
MEG Energy Corp.		6.50	%		03/15/2021		50,000		38,750						50,000		38,750
Murphy Oil Corp.		3.50	%		12/01/2017		61,000		60,821						61,000		60,821
Nexen Energy ULC		5.88	%		03/10/2035		10,000		11,705						10,000		11,705
Noble Energy, Inc.		6.00	%		03/01/2041		22,000		23,660						22,000		23,660
Noble Energy, Inc.		8.25	%		03/01/2019		47,000		53,830						47,000		53,830
Peabody Energy Corp.		6.25	%		11/15/2021		45,000		5,962						45,000		5,962
Petrobras Global Finance BV		6.25	%		03/17/2024		70,000		62,125						70,000		62,125
Petroleos Mexicanos		3.50	%		01/30/2023		40,000		37,664						40,000		37,664
Petroleos Mexicanos		3.50	%		07/18/2018		60,000		60,390						60,000		60,390
Range Resources Corp.		5.75	%		06/01/2021		10,000		9,775						10,000		9,775
Shell International Finance BV		2.00	%		11/15/2018		86,000		87,462						86,000		87,462
TransCanada PipeLines, Ltd.		3.75	%		10/16/2023		37,000		39,611						37,000		39,611
TransCanada PipeLines, Ltd.		4.63	%		03/01/2034		35,000		36,799						35,000		36,799
Western Gas Partners, LP		5.38	%		06/01/2021		76,000		80,130						76,000		80,130
Williams Cos., Inc.		3.70	%		01/15/2023		13,000		11,505						13,000		11,505
Williams Cos., Inc.		7.88	%		09/01/2021		33,000		35,475						33,000		35,475
Williams Partners, LP		5.40	%		03/04/2044		35,000		31,137						35,000		31,137
Pharmaceuticals
Actavis Funding SCS		4.55	%		03/15/2035		130,000		133,604						130,000		133,604
Mylan NV		3.15	%		06/15/2021		139,000		140,994						139,000		140,994
Perrigo Co. PLC		2.30	%		11/08/2018		200,000		201,722						200,000		201,722
Teva Pharmaceutical Finance Co., BV		3.65	%		11/10/2021		12,000		12,717						12,000		12,717
Real Estate Investment Trusts
CBL & Associates, LP		5.25	%		12/01/2023		144,000		136,619						144,000		136,619
EPR Properties		4.50	%		04/01/2025		225,000		223,135						225,000		223,135
HCP, Inc.		3.40	%		02/01/2025		85,000		82,189						85,000		82,189
Kilroy Realty, LP		4.25	%		08/15/2029		265,000		280,327						265,000		280,327
Realty Income Corp.		3.88	%		07/15/2024		190,000		199,555						190,000		199,555
Simon Property Group, LP		3.38	%		10/01/2024		280,000		300,336						280,000		300,336
Ventas Realty, LP / Ventas Capital Corp.		2.70	%		04/01/2020		20,000		20,411						20,000		20,411
Vereit Operating Partnership, LP		2.00	%		02/06/2017		95,000		95,570						95,000		95,570
Vereit Operating Partnership, LP		3.00	%		02/06/2019		60,000		60,075						60,000		60,075

S-32



						TPP Master				TAF Destination		Adjustments		Combined Pro Forma Destination
	Coupon Rate			Maturity Date		Principal		Value		Principal	Value	Principal	Value	Principal		Value

Road & Rail								$	173,655
Aviation Capital Group Corp.		7.13	%		10/15/2020	$	153,000		18,930					$	153,000	$	173,655
Burlington Northern Santa Fe LLC		3.00	%		03/15/2023		18,000		13,259						18,000		18,930
Burlington Northern Santa Fe LLC		3.75	%		04/01/2024		12,000								12,000		13,259
Semiconductors & Semiconductor Equipment									197,586
Intel Corp.		2.45	%		07/29/2020		190,000		165,019						190,000		197,586
KLA-Tencor Corp.		4.13	%		11/01/2021		155,000		42,111						155,000		165,019
LAM Research Corp.		3.90	%		06/15/2026		40,000								40,000		42,111
Software									144,734
Microsoft Corp.		2.70	%		02/12/2025		140,000								140,000		144,734
Technology Hardware, Storage & Peripherals									252,196
Apple, Inc.		2.85	%		02/23/2023		240,000		62,549						240,000		252,196
Diamond 1 Finance Corp. / Diamond 2 Finance Corp.		6.02	%		06/15/2026		60,000		193,100						60,000		62,549
Hewlett Packard Enterprise Co.		3.60	%		10/15/2020		185,000		11,619						185,000		193,100
HP, Inc.		3.75	%		12/01/2020		11,000								11,000		11,619
Tobacco									36,919
Altria Group, Inc.		4.00	%		01/31/2024		33,000		207,480						33,000		36,919
RJ Reynolds Tobacco Co.		8.13	%		06/23/2019		175,000								175,000		207,480
Trading Companies & Distributors									216,075
International Lease Finance Corp.		6.75	%		09/01/2016		215,000								215,000		216,075
Wireless Telecommunication Services									205,204
America Movil SAB de CV		3.13	%		07/16/2022		200,000		168,971						200,000		205,204
Crown Castle Towers LLC		4.88	%		08/15/2040		155,000		372,641						155,000		168,971
Crown Castle Towers LLC		6.11	%		01/15/2040		335,000		65,178						335,000		372,641
SBA Tower Trust		2.24	%		04/15/2043		65,000		101,175						65,000		65,178
Sprint Communications, Inc.		9.00	%		11/15/2018		95,000		36,787						95,000		101,175
Sprint Corp.		7.88	%		09/15/2023		45,000		5,081						45,000		36,787
T-Mobile USA, Inc.		6.46	%		04/28/2019		5,000		15,675						5,000		5,081
T-Mobile USA, Inc.		6.63	%		04/28/2021		15,000		15,773						15,000		15,675
T-Mobile USA, Inc.		6.73	%		04/28/2022		15,000		5,281						15,000		15,773
T-Mobile USA, Inc.		6.84	%		04/28/2023		5,000								5,000		5,281

Total Corporate Debt Securities									23,098,446								23,098,446

									Total Cost ($22,674,129)								Total Cost ($22,674,129)
Foreign Government Obligations - 0.6 %
Indonesia
Indonesia Government International Bond		5.38	%		10/17/2023		225,000		253,193						225,000		253,193
Mexico
Mexico Government International Bond		4.00	%		10/02/2023		110,000		118,421						110,000		118,421
Peru
Peru Government International Bond		7.35	%		07/21/2025		100,000		136,000						100,000		136,000
Republic of Korea
Export-Import Bank of Korea		4.00	%		01/11/2017		200,000		202,980						200,000		202,980
Korea Development Bank		3.50	%		08/22/2017		200,000		205,123						200,000		205,123

Total Foreign Government Obligations									915,717								915,717

									Total Cost ($874,473)								Total Cost ($874,473)
Mortgage-Backed Securities - 5.1 %
Adjustable Rate Mortgage Trust		1.29	%		02/25/2035		11,006		10,975						11,006		10,975
Alternative Loan Trust		6.50	%		09/25/2037		228,198		164,284						228,198		164,284
Banc of America Commercial Mortgage Trust		5.72	%		06/10/2049		75,966		77,894						75,966		77,894
Banc of America Re-REMIC Trust		5.72	%		06/15/2049		102,250		103,683						102,250		103,683
BB-UBS Trust		2.89	%		06/05/2030		140,000		143,417						140,000		143,417
BB-UBS Trust		3.58	%		06/05/2030		315,000		310,375						315,000		310,375
BBCMS Trust		4.04	%		09/05/2032		245,000		260,470						245,000		260,470
Bear Stearns Commercial Mortgage Securities Trust		5.19	%		12/11/2038		85,509		86,039						85,509		86,039
Bear Stearns Commercial Mortgage Securities Trust		5.32	%		02/11/2044		58,382		59,443						58,382		59,443
Bear Stearns Commercial Mortgage Securities Trust		5.65	%		06/11/2050		52,703		54,655						52,703		54,655
Bear Stearns Mortgage Funding Trust		0.66	%		12/25/2046		100,656		58,472						100,656		58,472
Citigroup Commercial Mortgage Trust		3.75	%		03/10/2047		45,000		49,349						45,000		49,349
Citigroup Commercial Mortgage Trust		4.02	%		03/10/2047		65,000		72,433						65,000		72,433
Citigroup Commercial Mortgage Trust		3.77	%		02/10/2048		157,700		164,225						157,700		164,225
Citigroup Commercial Mortgage Trust, Interest Only STRIPS		0.90	%		01/12/2030		1,185,614		11,402						1,185,614		11,402
Citigroup Mortgage Loan Trust		3.50	%		06/25/2058		256,496		263,826						256,496		263,826
COMM Mortgage Trust		5.54	%		12/11/2049		160,000		162,225						160,000		162,225
COMM Mortgage Trust		4.72	%		10/10/2046		20,000		22,792						20,000		22,792
COMM Mortgage Trust		3.37	%		02/10/2028		100,000		104,985						100,000		104,985
COMM Mortgage Trust		3.96	%		03/10/2047		45,000		49,574						45,000		49,574
Commercial Mortgage Pass-Through Certificates		3.40	%		10/05/2030		132,000		138,550						132,000		138,550
Commercial Mortgage Trust		5.87	%		12/10/2049		35,000		36,206						35,000		36,206
Core Industrial Trust		3.25	%		02/10/2034		225,000		233,776						225,000		233,776
Credit Suisse Mortgage Capital Certificates		4.04	%		08/26/2036		177,606		173,744						177,606		173,744
CSMC Trust		5.00	%		02/27/2047		57,176		56,732						57,176		56,732
CSMC Trust		5.70	%		09/15/2040		56,963		57,921						56,963		57,921
CSMC Trust		6.14	%		09/15/2039		62,469		63,725						62,469		63,725
CSMC Trust		0.78	%		12/27/2035		244,398		222,790						244,398		222,790
GMACM Mortgage Loan Trust		3.27	%		03/18/2035		164,176		159,679						164,176		159,679
GS Mortgage Securities Corp. II		3.55	%		12/10/2027		100,000		95,711						100,000		95,711
GS Mortgage Securities Trust		3.56	%		04/10/2031		285,000		296,162						285,000		296,162
Hilton USA Trust, Interest Only STRIPS		0.00	%		11/05/2030		4,500,000		45						4,500,000		45
Impac CMB Trust		1.25	%		10/25/2034		89,256		81,825						89,256		81,825
Independent National Mortgage Corp. Index Mortgage Loan Trust		4.07	%		08/25/2037		196,100		148,350						196,100		148,350
JPMorgan Chase Commercial Mortgage Securities Trust		5.43	%		06/12/2047		123,160		124,613						123,160		124,613
JPMorgan Chase Commercial Mortgage Securities Trust		5.85	%		02/15/2051		109,661		113,533						109,661		113,533
JPMorgan Chase Commercial Mortgage Securities Trust		5.44	%		01/15/2049		71,436		72,699						71,436		72,699
JPMorgan Chase Commercial Mortgage Securities Trust		6.13	%		02/12/2051		43,810		44,668						43,810		44,668
JPMorgan Re-REMIC Trust		2.92	%		05/26/2037		218,552		218,318						218,552		218,318
LB Commercial Mortgage Trust		6.07	%		07/15/2044		27,435		28,422						27,435		28,422
LB-UBS Commercial Mortgage Trust		6.36	%		09/15/2045		30,000		31,685						30,000		31,685
Merrill Lynch Mortgage Investors Trust		1.09	%		10/25/2028		50,486		49,203						50,486		49,203
Merrill Lynch Mortgage Trust		6.02	%		06/12/2050		34,964		35,840						34,964		35,840
Morgan Stanley Capital I Trust		5.90	%		04/12/2049		85,000		85,589						85,000		85,589
Morgan Stanley Capital I Trust		5.31	%		03/15/2044		117,017		118,791						117,017		118,791
Morgan Stanley Capital I Trust		5.41	%		03/15/2044		30,000		30,576						30,000		30,576
Morgan Stanley Capital I Trust		5.67	%		04/15/2049		33,619		34,502						33,619		34,502
Morgan Stanley Capital I Trust		6.10	%		06/11/2049		55,000		56,705						55,000		56,705
Morgan Stanley Re-REMIC Trust		2.00	%		07/27/2049		14,954		14,839						14,954		14,839
Morgan Stanley Re-REMIC Trust		3.00	%		07/26/2048		287,249		292,918						287,249		292,918
Motel 6 Trust		3.64	%		02/05/2030		545,000		542,100						545,000		542,100
Nationstar Mortgage Loan Trust		3.75	%		12/25/2052		164,995		171,389						164,995		171,389
New Residential Mortgage Loan Trust		3.75	%		01/25/2054		70,489		73,079						70,489		73,079
New Residential Mortgage Loan Trust		3.75	%		05/25/2054		194,661		202,114						194,661		202,114
New Residential Mortgage Loan Trust		3.75	%		11/25/2054		134,492		140,356						134,492		140,356
Queens Center Mortgage Trust		3.59	%		01/11/2037		130,000		122,454						130,000		122,454
SCG Trust		1.84	%		11/15/2026		100,000		99,850						100,000		99,850
STRIPS, Ltd.		1.50	%		12/25/2044		8,516		8,506						8,516		8,506
Structured Asset Mortgage Investments II Trust		1.15	%		01/19/2034		111,883		107,487						111,883		107,487
Towd Point Mortgage Trust		3.00	%		03/25/2054		158,564		161,654						158,564		161,654
Towd Point Mortgage Trust		2.75	%		05/25/2055		191,878		194,260						191,878		194,260
Towd Point Mortgage Trust		2.75	%		02/25/2055		190,275		192,787						190,275		192,787
UBS-BAMLL Trust		3.66	%		06/10/2030		225,000		238,677						225,000		238,677

Total Mortgage-Backed Securities									7,603,348								7,603,348

									Total Cost ($7,708,631)								Total Cost ($7,708,631)

S-33



						TPP Master				TAF Destination		Adjustments		Combined Pro Forma Destination
	Coupon Rate			Maturity Date		Principal		Value		Principal	Value	Principal	Value	Principal		Value

Municipal Government Obligations - 0.2 %
California
Los Angeles Community College District		6.60	%		08/01/2042	$	15,000	$	22,915					$	15,000	$	22,915
State of California		7.60	%		11/01/2040		60,000		97,056						60,000		97,056
University of California		4.86	%		05/15/2112		10,000		11,149						10,000		11,149
Georgia
Municipal Electric Authority of Georgia		6.64	%		04/01/2057		10,000		13,168						10,000		13,168
Illinois
State of Illinois		5.10	%		06/01/2033		55,000		52,797						55,000		52,797
New Jersey
New Jersey Turnpike Authority		7.41	%		01/01/2040		16,000		25,045						16,000		25,045
New York
Metropolitan Transportation Authority		6.81	%		11/15/2040		15,000		21,856						15,000		21,856
New York City Water & Sewer System		5.88	%		06/15/2044		15,000		21,561						15,000		21,561
New York State Dormitory Authority		5.39	%		03/15/2040		10,000		13,257						10,000		13,257
Port Authority of New York & New Jersey		4.96	%		08/01/2046		20,000		24,854						20,000		24,854

Total Municipal Government Obligations									303,658								303,658

									Total Cost ($266,541)								Total Cost ($266,541)
U.S. Government Agency Obligations - 7.0 %
Federal Home Loan Mortgage Corp.		3.00	%		02/01/2041		22,707		24,083						22,707		24,083
Federal Home Loan Mortgage Corp.		5.50	%		06/01/2041		41,341		46,373						41,341		46,373
Federal National Mortgage Association		0.00	%		10/09/2019		190,000		182,515						190,000		182,515
Federal National Mortgage Association		2.50	%		07/01/2031		433,000		447,977						433,000		447,977
Federal National Mortgage Association		2.82	%		03/01/2041		16,174		17,130						16,174		17,130
Federal National Mortgage Association		2.95	%		03/01/2041		13,996		14,792						13,996		14,792
Federal National Mortgage Association		3.00	%		07/01/2046		2,962,000		3,073,884						2,962,000		3,073,884
Federal National Mortgage Association		3.33	%		10/25/2023		55,000		60,074						55,000		60,074
Federal National Mortgage Association		3.50	%		11/01/2028		73,173		78,451						73,173		78,451
Federal National Mortgage Association		3.50	%		01/01/2029		75,045		80,462						75,045		80,462
Federal National Mortgage Association		3.50	%		07/01/2031		269,000		285,039						269,000		285,039
Federal National Mortgage Association		3.50	%		07/14/2046		2,928,000		3,089,497						2,928,000		3,089,497
Federal National Mortgage Association		4.00	%		10/01/2025		23,332		24,906						23,332		24,906
Federal National Mortgage Association		4.00	%		07/01/2026		27,069		28,702						27,069		28,702
Federal National Mortgage Association		4.00	%		07/01/2046		985,000		1,056,076						985,000		1,056,076
Federal National Mortgage Association		4.50	%		02/01/2025		9,416		10,039						9,416		10,039
Federal National Mortgage Association		4.50	%		07/01/2025		8,029		8,645						8,029		8,645
Federal National Mortgage Association		4.50	%		06/01/2026		139,552		149,977						139,552		149,977
Federal National Mortgage Association		5.00	%		04/01/2039		38,566		43,594						38,566		43,594
Federal National Mortgage Association		5.00	%		08/01/2039		68,777		77,303						68,777		77,303
Federal National Mortgage Association		5.00	%		10/01/2039		53,955		60,663						53,955		60,663
Federal National Mortgage Association		5.00	%		11/01/2039		119,251		134,874						119,251		134,874
Federal National Mortgage Association		5.00	%		11/01/2039		52,730		59,634						52,730		59,634
Federal National Mortgage Association		5.00	%		07/01/2046		96,000		106,662						96,000		106,662
Federal National Mortgage Association		5.50	%		09/01/2036		101,757		115,247						101,757		115,247
Federal National Mortgage Association		5.50	%		10/01/2036		160,757		186,093						160,757		186,093
Federal National Mortgage Association		5.50	%		08/01/2037		35,502		40,302						35,502		40,302
Federal National Mortgage Association		6.00	%		02/01/2038		6,235		7,186						6,235		7,186
Federal National Mortgage Association		6.00	%		03/01/2038		5,348		6,194						5,348		6,194
Federal National Mortgage Association		6.00	%		05/01/2038		17,499		20,313						17,499		20,313
Federal National Mortgage Association		6.00	%		05/01/2038		145,391		166,180						145,391		166,180
Federal National Mortgage Association		6.00	%		10/01/2038		4,689		5,363						4,689		5,363
Federal National Mortgage Association		6.00	%		10/01/2038		6,732		7,706						6,732		7,706
Federal National Mortgage Association		6.00	%		12/01/2038		7,165		8,270						7,165		8,270
Federal National Mortgage Association		6.00	%		01/01/2040		43,248		50,498						43,248		50,498
Federal National Mortgage Association		6.00	%		04/01/2040		38,876		44,438						38,876		44,438
Federal National Mortgage Association		6.00	%		02/01/2041		85,942		99,391						85,942		99,391
Federal National Mortgage Association		6.50	%		05/01/2040		77,972		90,584						77,972		90,584
Government National Mortgage Association		4.46	%		06/20/2062		342,801		364,985						342,801		364,985
Government National Mortgage Association, Interest Only STRIPS		0.90	%		02/16/2053		270,589		16,525						270,589		16,525

Total U.S. Government Agency Obligations									10,390,627								10,390,627

									Total Cost ($10,290,769)								Total Cost ($10,290,769)
U.S. Government Obligations - 9.5 %
U.S. Treasury Bond		2.50	%		02/15/2045		464,000		483,086						464,000		483,086
U.S. Treasury Bond		2.75	%		08/15/2042		584,500		644,000						584,500		644,000
U.S. Treasury Bond		3.50	%		02/15/2039		160,000		201,925						160,000		201,925
U.S. Treasury Bond		3.63	%		02/15/2044		1,907,300		2,459,225						1,907,300		2,459,225
U.S. Treasury Bond		4.50	%		02/15/2036		599,000		862,794						599,000		862,794
U.S. Treasury Bond		4.75	%		02/15/2037		63,000		93,717						63,000		93,717
U.S. Treasury Bond		5.25	%		02/15/2029		511,000		722,546						511,000		722,546
U.S. Treasury Inflation Indexed Bond		1.75	%		01/15/2028		82,217		96,118						82,217		96,118
U.S. Treasury Inflation Indexed Bond		2.50	%		01/15/2029		303,848		384,985						303,848		384,985
U.S. Treasury Inflation Indexed Note		0.63	%		01/15/2024		883,774		925,236						883,774		925,236
U.S. Treasury Note		0.38	%		10/31/2016		485,000		485,033						485,000		485,033
U.S. Treasury Note		0.50	%		09/30/2016		532,000		532,198						532,000		532,198
U.S. Treasury Note		0.88	%		04/15/2017		639,400		641,335						639,400		641,335
U.S. Treasury Note		0.88	%		04/30/2017		669,000		671,033						669,000		671,033
U.S. Treasury Note		1.00	%		11/30/2019		351,400		353,692						351,400		353,692
U.S. Treasury Note		1.25	%		11/30/2018		1,442,300		1,462,864						1,442,300		1,462,864
U.S. Treasury Note		1.63	%		03/31/2019		1,358,300		1,392,363						1,358,300		1,392,363
U.S. Treasury Note		1.63	%		08/15/2022		327,800		336,149						327,800		336,149
U.S. Treasury Note		1.63	%		11/15/2022		175,900		180,050						175,900		180,050
U.S. Treasury Note		1.63	%		02/15/2026		100,000		101,125						100,000		101,125
U.S. Treasury Note		1.63	%		05/15/2026		20,000		20,245						20,000		20,245
U.S. Treasury Note		1.88	%		11/30/2021		155,000		161,406						155,000		161,406
U.S. Treasury Note		2.00	%		02/15/2025		756,000		790,965						756,000		790,965
U.S. Treasury Note		2.25	%		11/15/2024		155,400		165,768						155,400		165,768
U.S. Treasury Note		2.50	%		05/15/2024		56,300		61,149						56,300		61,149

Total U.S. Government Obligations									14,229,007								14,229,007

									Total Cost ($13,281,946)								Total Cost ($13,281,946)
Short-Term U.S. Government Agency Obligations - 4.6 %
Federal Home Loan Bank Discount Notes		0.33	%		08/01/2016		1,810,000		1,809,611						1,810,000		1,809,611
Federal Home Loan Bank Discount Notes		0.34	%		10/03/2016		675,000		674,366						675,000		674,366
Federal Home Loan Bank Discount Notes		0.34	%		08/12/2016		1,091,000		1,090,681						1,091,000		1,090,681
Federal Home Loan Bank Discount Notes		0.35	%		07/08/2016		870,000		869,971						870,000		869,971
Federal Home Loan Bank Discount Notes		0.35	%		07/29/2016		450,000		449,941						450,000		449,941
Federal Home Loan Bank Discount Notes		0.40	%		09/07/2016		1,090,000		1,089,423						1,090,000		1,089,423
Federal Home Loan Bank Discount Notes		0.40	%		09/16/2016		835,000		834,500						835,000		834,500

Total Short-Term U.S. Government Agency Obligations									6,818,493								6,818,493

									Total Cost ($6,817,793)								Total Cost ($6,817,793)
Short-Term U.S. Government Obligations - 0.9 %
U.S. Treasury Bill		0.20	%		08/11/2016		697,000		696,838						697,000		696,838
U.S. Treasury Bill		0.27	%		08/11/2016		150,000		149,965						150,000		149,965
U.S. Treasury Bill		0.27	%		08/11/2016		23,000		22,995						23,000		22,995
U.S. Treasury Bill		0.29	%		10/06/2016		360,000		359,752						360,000		359,752
U.S. Treasury Bill		0.49	%		03/30/2017		115,000		114,657						115,000		114,657

Total Short-Term U.S. Government Obligations									1,344,207								1,344,207

									Total Cost ($1,344,095)								Total Cost ($1,344,095)

S-34



						TPP Master					TAF Destination		Adjustments				Combined Pro Forma Destination
	Coupon Rate			Maturity Date		Shares		Value			Shares	Value	Shares	Value			Shares		Value

Securities Lending Collateral - 6.5 %
State Street Navigator Securities Lending Trust - Prime Portfolio		0.51	%				9,742,705	$	9,742,705									9,742,705	$	9,742,705

Total Securities Lending Collateral									9,742,705											9,742,705

									Total Cost ($9,742,705)											Total Cost ($9,742,705)

						Principal		Value									Principal		Value

Repurchase Agreement - 1.5 %
State Street Bank & Trust Co.		0.03	%		07/01/2016	$	2,241,242	$	2,241,242								$	2,241,242	$	2,241,242

Total Repurchase Agreement									2,241,242											2,241,242

									Total Cost ($2,241,242)											Total Cost ($2,241,242)


Total Investments									167,554,553											167,554,553

									Total Cost ($155,763,575)											Total Cost ($155,763,575)

Other Assets and Liabilities - (12.3)%									(18,166,553	)					(251,384	)(a)(c)				(18,417,937	)

Net Assets								$	149,388,000						($251,384	)			$	149,136,616


				Expiration Date		Number of Contracts		Unrealized Appreciation									Number of Contracts		Unrealized Appreciation

Futures Contracts:
S&P 500^® E-Mini					09/16/2016		12	$	13,248									12	$	13,248

VALUATION SUMMARY:


Investments	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
Common Stocks	$	86,921,823	$	-	$	-	$	86,921,823	$	86,921,823	$	-	$	-	$	86,921,823
Preferred Stocks		260,112		-		-		260,112		260,112		-		-		260,112
Asset-Backed Securities		-		3,685,168		-		3,685,168		-		3,685,168		-		3,685,168
Corporate Debt Securities		-		23,098,446		-		23,098,446		-		23,098,446		-		23,098,446
Foreign Government Obligations		-		915,717		-		915,717		-		915,717		-		915,717
Mortgage-Backed Securities		-		7,603,348		-		7,603,348		-		7,603,348		-		7,603,348
Municipal Government Obligations		-		303,658		-		303,658		-		303,658		-		303,658
U.S. Government Agency Obligations		-		10,390,627		-		10,390,627		-		10,390,627		-		10,390,627
U.S. Government Obligations		-		14,229,007		-		14,229,007		-		14,229,007		-		14,229,007
Short-Term U.S. Government Agency Obligations				6,818,493		-		6,818,493		-		6,818,493		-		6,818,493
Short-Term U.S. Government Obligations		-		1,344,207		-		1,344,207		-		1,344,207		-		1,344,207
Securities Lending Collateral		9,742,705		-		-		9,742,705		9,742,705		-		-		9,742,705
Repurchase Agreement		-		2,241,242		-		2,241,242		-		2,241,242		-		2,241,242
Total Investments	$	96,924,640	$	70,629,913	$	-	$	167,554,553	$	96,924,640	$	70,629,913	$	-	$	167,554,553

Other Financial Instruments
Futures Contracts	$	13,248	$	-	$	-	$	13,248	$	13,248	$	-	$	-	$	13,248
Total Other Financial Instruments	$	13,248	$	-	$	-	$	13,248	$	13,248	$	-	$	-	$	13,248

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

As of June 30, 2016, all securities held by the Target Master Portfolio would comply with the investment restrictions of the Destination Fund.

S-35

Reorganization Between TPP Master, TPFG Feeder, TPFG II Feeder and TAF Destination

PRO FORMA STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2016


		TPP Master				TPFG Feeder				TPFG II Feeder				TAF Destination			Adjustments						Combined Pro Forma Destination
Assets:
Investments, at value	$		165,313,311		$		-		$		-		$		-	$		-				$		165,313,311
Repurchase agreements, at value			2,241,242				-				-				-			-						2,241,242
Investments in Series Portfolio, at value			-				88,997,419				5,390,927				-			(94,388,346	)	(b	)			-
Receivables:
Shares of beneficial interest sold			-				-				7,666				-			-						7,666
Investments sold			422,038				-				-				-			-						422,038
Interest			382,359				-				-				-			-						382,359
Dividends			98,062				-				-				-			-						98,062
Net income from securities lending			2,413				-				-				-			-						2,413
Due from advisor			-				1,545				4,027				-			-						5,572
Variation margin receivable			11,768				-				-				-			-						11,768
Prepaid Expenses			500				348				21				-			-						869

Total assets	$		168,471,693		$		88,999,312		$		5,402,641		$		-	$		(94,388,346	)			$		168,485,300


Liabilities:
Due to custodian			674,396				-				-				-			-						674,396
Payables and other liabilities:
Shares of beneficial interest redeemed			-				120,008				-				-			-						120,008
Investments purchased			217,893				-				-				-			-						217,893
When-issued, delay-delivery, and forward commitment securities purchased			8,346,783				-				-				-			-						8,346,783
Investment advisory fees			56,688				-				-				-			-						56,688
Administration/Investment advisory fees			-				21,990				220				-			-						22,210
Distribution and service fees			-				18,325				1,100				-			-						19,425
Trustee, CCO and deferred compensation fees			291				205				12				-			-						508
Audit and tax fees			9,558				5,170				3,923				-			-						18,651
Custody and accounting fees			30,313				1,831				1,831				-			-						33,975
Legal fees			2,438				1,487				93				-			-						4,018
Printing and shareholder reports fees			876				2,794				151				-			-						3,821
Registration fees			-				4,541				4,449				-			-						8,990
Other			1,752				548				82				-			76,231		(c	)			78,613
Collateral for securities on loan			9,742,705				-				-				-			-						9,742,705

Total liabilities			19,083,693				176,899				11,861				-			76,231						19,348,684


Net Assets	$		149,388,000		$		88,822,413		$		5,390,780		$		-	$		(94,464,577	)			$		149,136,616

Net Assets Consist of:
Paid-in capital	$		(206,320,504	)			87,809,127				22,703,648				-	$		252,473,803		(d	)	$		156,666,074
Undistributed (distributions in excess of) net investment income (loss)			176,627,547				(27,747	)			(794	)			-			(176,599,006	)	(d	)			-
Accumulated net realized gain (loss)			167,276,736				905,594				(9,647,177	)			-			(158,535,153	)	(d	)			-
Net unrealized appreciation (depreciation) on:
Investments			11,790,978				-				-				-			(11,790,978	)	(d	)			-
Allocated from Series Portfolio			-				135,439				(7,664,897	)			-			-						(7,529,458	)
Futures contracts			13,248				-				-				-			(13,248	)	(d	)			-
Translation of assets and liabilities denominated in foreign currencies			(5	)			-				-				-			5		(d	)			-

Net Assets	$		149,388,000		$		88,822,413		$		5,390,780		$		-	$		(94,464,577	)			$		149,136,616


Net assets by class:							-				-				-
Class I3	$		54,999,654		$		-		$		-		$		-	$		(76,231	)	(c	)	$		54,923,423
Class R			-				88,822,413				-				-			-						88,822,413
Class R4			-				-				5,390,780				-			-						5,390,780
Shares outstanding (unlimited shares, no par value):
Class I3			5,499,965				-				-				-			-						5,499,965
Class R			-				4,464,432				-				-			4,417,809		(e	)			8,882,241
Class R4			-				-				419,080				-			119,998		(e	)			539,078
Net asset value per share:
Class I3	$		10.00		$		-		$		-		$		10.00	$		(10.01	)	(f	)	$		9.99
Class R			-				19.90				-				10.00			(19.91	)	(f	)			9.99
Class R4			-				-				12.86				10.00			(12.86	)	(f	)			10.00

Investments, at cost	$		153,522,333		$		-		$		-		$		-			-				$		153,522,333
Securities loaned, at value			9,524,432				-				-				-			-						9,524,432
Repurchase agreements, at cost			2,241,242				-				-				-			-						2,241,242

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-36

Reorganization Between TPP Master, TPFG Feeder, TPFG II Feeder and TAF Destination

PRO FORMA STATEMENT OF OPERATIONS

For the twelve-month period ended June 30, 2016


		TPP Master				TPFG Feeder				TPFG II Feeder				TAF Destination			Adjustments						Combined Pro Forma Destination
Investment Income:

Dividend income	$		1,804,577		$		1,082,428		$		62,181		$		-	$		(1,144,609	)	(b	)	$		1,804,577
Interest income			1,604,864				961,997				55,355				-			(1,017,352	)	(b	)			1,604,864
Net income (loss) from securities lending			19,762				11,832				686				-			(12,518	)	(b	)			19,762
Withholding taxes on foreign income			(13,700	)			(8,209	)			(475	)			-			8,684		(b	)			(13,700	)
Expenses (net of waiver and/or reimbursement)			-				(459,087	)			(26,394	)			-			485,481		(b	)			-

Total investment income (loss)			3,415,503				1,588,961				91,353				-			(1,680,314	)					3,415,503


Expenses:
Investment advisory fees			689,146				-				-				-			44,895		(g	)			734,041
Administration/Investment advisory fees			-				275,309				2,635				-			(277,944	)	(h	)			-
Distribution and service fees:
Class R			-				229,425				-				-			228,765		(i	)			458,190
Class R4			-				-				13,177				-			(17	)	(i	)			13,160
Transfer agent fees:
Trustee, CCO and deferred compensation fees			2,600				1,792				97				-			-						4,489
Audit and tax fees			27,743				9,367				6,473				-			(11,140	)	(j	)			32,443
Custody fees			96,472				11,265				11,263				-			(22,528	)	(k	)			96,472
Legal fees			5,489				4,142				163				-			-						9,794
Printing and shareholder reports fees			607				14,014				434				-			-						15,055
Registration fees			-				22,514				18,337				-									40,851
Other			2,686				2,780				729				-			-						6,195

Total expenses before waiver and/or reimbursement and recapture			824,743				570,608				53,308				-			(37,969	)					1,410,690
Expenses waived and/or reimbursed:
Class I3			-				-				-				-			(64,005	)	(l	)			(64,005	)
Class R			-				(20,215	)			-				-			7,159		(l	)			(13,056	)
Class R4			-				-				(40,168	)			-			34,154		(l	)			(6,014	)

Net expenses			765,730				550,393				13,140				-			(1,648	)					1,327,615

Net investment income (loss)			2,649,773				1,038,568				78,213				-			(1,678,666	)					2,087,888


Net realized gain (loss) on:
Allocated from series portfolio			-				2,683,523				151,732				-			(2,835,255	)	(b	)			-
Investments			4,446,455				-				-				-			-						4,446,455
Futures contracts			10,931				-				-				-			-						10,931
Foreign currency transactions			(13	)			-				-				-			-						(13	)

Net realized gain (loss)			4,457,373				2,683,523				151,732				-			(2,835,255	)					4,457,373


Net change in unrealized appreciation (depreciation) on:
Allocated from series portfolio			-				(1,417,136	)			(64,165	)			-			1,481,301		(b	)			-
Investments			(2,242,028	)			-				-				-			-						(2,242,028	)
Futures contracts			24,175				-				-				-			-						24,175
Translation of assets and liabilities denominated in foreign currencies			(21	)			-				-				-			-						(21	)

Net change in unrealized appreciation (depreciation)			(2,217,874	)			(1,417,136	)			(64,165	)			-			1,481,301						(2,217,874	)


Net realized and change in unrealized gain (loss)			2,239,499				1,266,387				87,567				-			(1,353,954	)					2,239,499


Net increase (decrease) in net assets resulting from operations	$		4,889,272		$		2,304,955		$		165,780		$		-	$		(3,032,620	)			$		4,327,387

(a)-(l) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-37

Group Seven Reorganization Between:

TRANSAMERICA PARTNERS STOCK INDEX

TRANSAMERICA PARTNERS INSTITUTIONAL STOCK INDEX

AND

TRANSAMERICA STOCK INDEX

Reorganization Between TPFG Feeder, TPFG II Feeder and TAF Destination

PRO FORMA STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2016


		TPFG Feeder			TPFG II Feeder			TAF Destination		Adjustments					Combined Pro Forma Destination
Assets:
Investments, at value	$	-		$	-		$	-	$	-				$	-
Repurchase agreements, at value		-			-			-		-					-
Investments in Master Portfolio, at value		293,239,499			627,163,534			-		-					920,403,033
Cash		-			-			-		-					-
Cash on deposit with broker		-			-			-		-					-
Foreign currency, at value		-			-			-		-					-
Receivables:
Shares of beneficial interest sold		195			-			-		-					195
Investments sold		-			-			-		-					-
When-issued, delay-delivery, and forward commitment securities sold		-			-			-		-					-
Interest		-			-			-		-					-
Dividends		-			-			-		-					-
Tax reclaims		-			-			-		-					-
Due from Master Portfolio		2,967,993			17,684,734			-		-					20,652,727
Due from advisor		85,933			195,110			-		-					281,043
Money market waiver due from advisor		-			-			-		-					-
Variation margin receivable		-			-			-		-					-
Other		-			-			-		-					-
Prepaid Expenses		1,061			2,189			-		-					3,250
OTC swap agreements, at value		-			-			-		-					-
Unrealized appreciation on forward foreign currency contracts		-			-			-		-					-

Total assets	$	296,294,681		$	645,045,567		$	-	$	-				$	941,340,248


Liabilities:
Due to custodian		-			-			-		-					-
Cash deposit due to broker		-			-			-		-					-
Payables and other liabilities:
Shares of beneficial interest redeemed		2,968,188			17,684,734			-		-					20,652,922
Investments purchased		-			-			-		-					-
When-issued, delay-delivery, and forward commitment securities purchased		-			-			-		-					-
Investment advisory fees		-			-			-		-					-
Investment management fees		-			-			-		-					-
Administration/Investment advisory fees		100,804			52,069			-		-					152,873
Administration fees		-			-			-		-					-
Distribution and service fees		63,003			130,172			-		-					193,175
Transfer agent fees		-			-			-		-					-
Trustee, CCO and deferred compensation fees		713			1,626			-		-					2,339
Audit and tax fees		8,576			13,789			-		-					22,365
Custody and accounting fees		4,045			6,048			-		-					10,093
Legal fees		6,657			14,664			-		-					21,321
Printing and shareholder reports fees		18,591			19,576			-		-					38,167
Registration fees		4,355			15,033			-		-					19,388
Dividends, interest and fees for borrowings from securities sold short		-			-			-		-					-
Interest		-			-			-		-					-
Distribution payable to shareholders		-			-			-		-					-
Other		3,115			7,230			-		26,515		(a	)		36,860
Collateral for securities on loan		-			-			-		-					-
Securities sold short, at value		-			-			-		-					-
Written options and swaptions, at value		-			-			-		-					-
OTC swap agreements, at value		-			-			-		-					-
Unrealized depreciation on forward foreign currency contracts		-			-			-		-					-

Total liabilities		3,178,047			17,944,941			-		26,515					21,149,503

Net Assets	$	293,116,634		$	627,100,626		$	-	$	(26,515	)			$	920,190,745


Net Assets Consist of:
Paid-in capital		184,294,293			229,991,514			-	$	(47,522,492	)	(b	)	$	366,763,315
Undistributed (distributions in excess of) net investment income (loss)		(96,836	)		(187,668	)		-		284,504		(b	)		-
Accumulated net realized gain (loss)		(29,269,134	)		(17,942,339	)		-		47,211,473		(b	)		-
Net unrealized appreciation (depreciation) on:
Investments		-			-			-		-					-
Allocated from Series Portfolio		138,188,311			415,239,119			-		-					553,427,430
Securities sold short		-			-			-		-					-
Written options and swaptions		-			-			-		-					-
Swap agreements		-			-			-		-					-
Futures contracts		-			-			-		-					-
Translation of assets and liabilities denominated in foreign currencies		-			-			-		-					-

Net Assets	$	293,116,634		$	627,100,626		$	-	$	(26,515	)			$	920,190,745


Net assets by class:
Class A	$	-		$	-		$	-	$	-				$	-
Class B		-			-			-		-					-
Class C		-			-			-		-					-
Class I		-			-			-		-					-
Class I2		-			-			-		-					-
Class I3		-			-			-		-					-
Class T		-			-			-		-					-
Class R		293,116,634			-			-		(13,258	)	(a	)		293,103,376
Class R4		-			627,100,626			-		(13,257	)	(a	)		627,087,369
Class R6		-			-			-		-					-
Shares outstanding (unlimited shares, no par value):
Class A		-			-			-		-					-
Class B		-			-			-		-					-
Class C		-			-			-		-					-
Class I		-			-			-		-					-
Class I2		-			-			-		-					-
Class I3		-			-			-		-					-
Class T		-			-			-		-					-
Class R		17,986,154			-			-		11,325,509		(c	)		29,311,663
Class R4		-			44,749,095			-		17,960,968		(c	)		62,710,063
Class R6		-			-			-		-					-
Net asset value per share:
Class A	$	-		$	-		$	-	$	-				$	-
Class B		-			-			-		-					-
Class C		-			-			-		-					-
Class I		-			-			-		-					-
Class I2		-			-			-		-					-
Class I3		-			-			-		-					-
Class T		-			-			-		-					-
Class R		16.30			-			10.00		(16.30	)	(d	)		10.00
Class R4		-			14.01			10.00		(14.01	)	(d	)		10.00
Class R6		-			-			-		-					-
Maximum offering price per share:
Class A	$	-		$	-		$	-		-				$	-

Investments, at cost	$	-		$	-		$	-		-				$	-
Securities loaned, at value		-			-			-		-					-
Repurchase agreements, at cost		-			-			-		-					-
Foreign currency, at cost		-			-			-		-					-
Premium received on written options and swaptions		-			-			-		-					-

(a)-(h) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-38

Reorganization Between TPFG Feeder, TPFG II Feeder and TAF Destination

PRO FORMA STATEMENT OF OPERATIONS

For the twelve-month period ended June 30, 2016


		TPFG Feeder				TPFG II Feeder				TAF Destination			Adjustments						Combined Pro Forma Destination
Investment Income:

Dividend income	$		6,964,168		$		14,678,505		$		-	$		-				$		21,642,673
Interest income			43,943				91,850				-			-						135,793
Net income (loss) from securities lending			15,756				33,189				-			-						48,945
Withholding taxes on foreign income			(3,731	)			(7,700	)			-			-						(11,431	)
Expenses (net of waiver and/or reimbursement)			(130,695	)			(275,252	)			-			-						(405,947	)

Total investment income (loss)			6,889,441				14,520,592				-			-						21,410,033


Expenses:
Investment advisory fees			-				-				-			811,648		(e	)			811,648
Investment management fees			-				-				-			-						-
Administration/Investment advisory fees			1,308,063				689,023				-			(1,997,086	)	(f	)			-
Distribution and service fees:
Class A			-				-				-			-						-
Class B			-				-				-			-						-
Class C			-				-				-			-						-
Class I			-				-				-			-						-
Class I2			-				-				-			-						-
Class I3			-				-				-			-						-
Class T			-				-				-			-						-
Class R			817,541				-				-			815,190		(g	)			1,632,731
Class R4			-				1,722,556				-			(2,521	)	(g	)			1,720,035
Class R6			-				-				-			-						-
Administration fees			-				-				-			-						-
Transfer agent fees:
Class A			-				-				-			-						-
Class B			-				-				-									-
Class C			-				-				-			-						-
Class I			-				-				-									-
Class I2			-				-				-									-
Class I3			-				-				-									-
Class T			-				-				-			-						-
Class R			-				-				-									-
Class R4			-				-				-									-
Class R6			-				-				-									-
Trustee, CCO and deferred compensation fees			5,712				10,594				-			-						16,306
Audit and tax fees			16,440				26,521				-			-						42,961
Custody fees			16,448				19,391				-			-						35,839
Legal fees			13,922				23,882				-			-						37,804
Printing and shareholder reports fees			45,534				51,500				-			-						97,034
Registration fees			31,150				39,021				-									70,171
Dividends, interest and fees for borrowings from securities sold short			-				-				-									-
Interest			-				-				-			-						-
Other			10,316				21,657				-			-						31,973

Total expenses before waiver and/or reimbursement and recapture			2,265,126				2,604,145				-			(372,770	)					4,496,501
Expenses waived and/or reimbursed:
Fund level			-				-				-			-						-
Class A			-				-				-			-						-
Class B			-				-				-			-						-
Class C			-				-				-			-						-
Class I			-				-				-			-						-
Class I2			-				-				-			-						-
Class I3			-				-				-			-						-
Class T			-				-				-									-
Class R			(270,178	)			-				-			270,178		(h	)			-
Class R4			-				(812,222	)			-			380,616		(h	)			(431,606	)
Class R6			-				-				-			-						-
Recapture of previously waived and/or reimbursed fees:
Fund level			-				-				-			-						-
Class A			-				-				-			-						-
Class B			-				-				-			-						-
Class C			-				-				-			-						-
Class I			-				-				-			-						-
Class I2			-				-				-			-						-
Class I3			-				-				-			-						-
Class T			-				-				-			-						-
Class R			-				-				-			-						-
Class R4			-				-				-			-						-
Class R6			-				-				-			-						-

Net expenses			1,994,948				1,791,923				-			278,024						4,064,895

Net investment income (loss)			4,894,493				12,728,669				-			(278,024	)					17,345,138


Net realized gain (loss) on:
Allocated from series portfolio			4,955,100				15,802,176				-			-						20,757,276
Investments			-				-				-			-						-
Securities sold short			-				-				-			-						-
Written options and swaptions			-				-				-			-						-
Swap agreements			-				-				-			-						-
Futures contracts			-				-				-			-						-
Foreign currency transactions			-				-				-			-						-

Net realized gain (loss)			4,955,100				15,802,176				-			-						20,757,276


Net change in unrealized appreciation (depreciation) on:
Allocated from series portfolio			(1,260,739	)			(9,394,754	)			-			-						(10,655,493	)
Investments			-				-				-			-						-
Securities sold short			-				-				-			-						-
Written options and swaptions			-				-				-			-						-
Swap agreements			-				-				-			-						-
Futures contracts			-				-				-			-						-
Translation of assets and liabilities denominated in foreign currencies			-				-				-			-						-

Net change in unrealized appreciation (depreciation)			(1,260,739	)			(9,394,754	)			-			-						(10,655,493	)


Net realized and change in unrealized gain (loss)			3,694,361				6,407,422				-			-						10,101,783


Net increase (decrease) in net assets resulting from operations	$		8,588,854		$		19,136,091		$		-	$		(278,024	)			$		27,446,921

(a)-(h) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-39

Group Eight Reorganization Between:

TRANSAMERICA ASSET ALLOCATION – LONG HORIZON

TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION – LONG HORIZON

TRANSAMERICA ASSET ALLOCATION – INTERMEDIATE/LONG HORIZON

TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION – INTERMEDIATE/LONG HORIZON

AND

TRANSAMERICA ASSET ALLOCATION LONG HORIZON

Reorganization Between TPFG - Intermediate/Long, TPFG - Long, TPFG II - Intermediate/Long, TPFG II – Long and TAF Destination

PRO FORMA SCHEDULE OF INVESTMENTS

At June 30, 2016


	TPFG - AA - Intermediate/Long Horizon				TPFG - AA - Long Horizon				TPFG II - Inst AA - Intermediate/Long Horizon				TPFG II - Inst AA -Long Horizon				TAF Destination	Adjustments				Combined Pro Forma Destination

	Shares		Value		Shares		Value		Shares		Value		Shares		Value			Shares	Value			Shares		Value

Investment Companies - 100.0 %
International Equity Funds
Transamerica Partners Institutional International Equity		-		$ -		-		$ -		1,207,492		$ 7,377,775		957,974		$ 5,853,218							2,165,466		$ 13,230,993
Transamerica Partners International Equity		2,809,013		26,966,527		1,769,206		16,984,378		-		-		-		-							4,578,219		43,950,905
Money Market Funds
Transamerica Partners Government Money Market		185,533		185,533		105,938		105,938		-		-		-		-							291,471		291,471
Transamerica Partners Institutional Government Money Market		-		-		-		-		79,847		79,847		53,196		53,196							133,043		133,043
U.S. Equity Funds
Transamerica Partners Institutional Large Growth		-		-		-		-		730,031		8,665,474		525,849		6,241,830							1,255,880		14,907,304
Transamerica Partners Institutional Large Value		-		-		-		-		565,514		7,668,372		421,019		5,709,015							986,533		13,377,387
Transamerica Partners Institutional Mid Growth		-		-		-		-		192,971		2,022,340		158,234		1,658,289							351,205		3,680,629
Transamerica Partners Institutional Mid Value		-		-		-		-		131,988		2,328,268		106,281		1,874,793							238,269		4,203,061
Transamerica Partners Institutional Small Growth		-		-		-		-		116,030		2,228,942		89,216		1,713,845							205,246		3,942,787
Transamerica Partners Institutional Small Value		-		-		-		-		101,635		2,097,757		82,291		1,698,479							183,926		3,796,236
Transamerica Partners Large Growth		1,129,635		31,223,115		655,795		18,126,178		-		-		-		-							1,785,430		49,349,293
Transamerica Partners Large Value		1,123,529		28,492,687		653,032		16,560,898		-		-		-		-							1,776,561		45,053,585
Transamerica Partners Mid Growth		883,201		7,833,997		539,292		4,783,517		-		-		-		-							1,422,493		12,617,514
Transamerica Partners Mid Value		414,656		8,857,053		252,359		5,390,396		-		-		-		-							667,015		14,247,449
Transamerica Partners Small Growth		472,669		7,973,921		295,872		4,991,354		-		-		-		-							768,541		12,965,275
Transamerica Partners Small Value		507,549		7,699,513		321,649		4,879,421		-		-		-		-							829,198		12,578,934
U.S. Fixed Income Funds
Transamerica Partners Core Bond		1,884,365		25,062,057		233,282		3,102,651		-		-		-		-							2,117,647		28,164,708
Transamerica Partners High Quality Bond		290,688		3,252,801		34,457		385,577		-		-		-		-							325,145		3,638,378
Transamerica Partners High Yield Bond		839,009		6,905,044		193,249		1,590,437		-		-		-		-							1,032,258		8,495,481
Transamerica Partners Inflation-Protected Securities		1,357,277		15,350,803		227,274		2,570,468		-		-		-		-							1,584,551		17,921,271
Transamerica Partners Institutional Core Bond		-		-		-		-		634,494		6,985,781		97,178		1,069,927							731,672		8,055,708
Transamerica Partners Institutional High Quality Bond		-		-		-		-		86,502		878,858		13,186		133,970							99,688		1,012,828
Transamerica Partners Institutional High Yield Bond		-		-		-		-		223,645		1,838,361		69,846		574,132							293,491		2,412,493
Transamerica Partners Institutional Inflation-Protected Securities		-		-		-		-		409,564		4,062,877		91,646		909,124							501,210		4,972,001

				169,803,051				79,471,213				46,234,652				27,489,818									322,998,734

		Total Cost ($163,715,973)				Total Cost ($74,312,752)				Total Cost ($42,051,453)				Total Cost ($25,367,126)									Total Cost ($305,447,304)


Total Investments				169,803,051				79,471,213				46,234,652				27,489,818									322,998,734


Other Assets and Liabilities - 0.0 %				(13,972)				(6,548)				(3,889)				(2,266)				(125,947)	(a)				(152,622)

Net Assets				$169,789,079				$79,464,665				$46,230,763				$27,487,552				($125,947)					$322,846,112

VALUATION SUMMARY:


Investments	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
Investment Companies	$	169,803,051	$	-	$	-	$	169,803,051	$	79,471,213	$	-	$	-	$	79,471,213	$	46,234,652	$	-	$	-	$	46,234,652	$	27,489,818	$	-	$	-	$	27,489,818	$	322,998,734	$	-	$	-	$	322,998,734
Total Investments	$	169,803,051	$	-	$	-	$	169,803,051	$	79,471,213	$	-	$	-	$	79,471,213	$	46,234,652	$	-	$	-	$	46,234,652	$	27,489,818	$	-	$	-	$	27,489,818	$	322,998,734	$	-	$	-	$	322,998,734

(a)-(h) See Note 2 of the Notes to the Pro Forma Financial Statements.

As of June 30, 2016, all securities held by the Target Fund would comply with the investment restrictions of the Destination Fund.

S-40

Reorganization Between TPFG - Intermediate/Long, TPFG - Long, TPFG II - Intermediate/Long, TPFG II - Long and TAF Destination

PRO FORMA STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2016


		TPFG - Intermediate/Long				TPFG - Long				TPFG II - Intermediate/Long				TPFG II - Long				TAF Destination			Adjustments					Combined Pro Forma Destination
Assets:
Affiliated investments, at value	$		169,803,051		$		79,471,213		$		46,234,652		$		27,489,818		$		-	$		-			$		322,998,734
Receivables:
Affiliated investments sold			79,601				10,839				17,347				1,072				-								108,859

Total assets	$		169,882,652		$		79,482,052		$		46,251,999		$		27,490,890		$		-	$		-			$		323,107,593


Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed			79,601				10,839				17,347				1,072				-			-					108,859
Affiliated investments purchased			-				-				-				-				-			-					-
Investment advisory fees			13,972				6,548				3,889				2,266				-			-					26,675
Other			-				-				-				-				-			125,947		(a)			125,947

Total liabilities			93,573				17,387				21,236				3,338				-			125,947					261,481

Net Assets	$		169,789,079		$		79,464,665		$		46,230,763		$		27,487,552		$		-	$		(125,947	)		$		322,846,112


Net Assets Consist of:
Paid-in capital	$		222,392,549				116,831,261				122,663,575				95,755,157				-	$		(252,347,860	)	(b)	$		305,294,682
Undistributed (distributions in excess of) net investment income (loss)			1,472				1,871				574				1,935				-			(5,852	)	(b)			-
Accumulated net realized gain (loss)			(58,692,020	)			(42,526,928	)			(80,616,585	)			(70,392,232	)			-			252,227,765		(b)			-
Net unrealized appreciation (depreciation) on:
Affliated investments			6,087,078				5,158,461				4,183,199				2,122,692				-			-					17,551,430

Net Assets	$		169,789,079		$		79,464,665		$		46,230,763		$		27,487,552		$		-	$		(125,947	)		$		322,846,112


Net assets by class:
Class A	$		-		$		-		$		-		$		-		$		-	$		-			$		-
Class B			-				-				-				-				-			-					-
Class C			-				-				-				-				-			-					-
Class I			-				-				-				-				-			-					-
Class I2			-				-				-				-				-			-					-
Class I3			-				-				-				-				-			-					-
Class T			-				-				-				-				-			-					-
Class R			169,789,079				79,464,665				-				-				-			(62,974	)	(a)			249,190,770
Class R4			-				-				46,230,763				27,487,552				-			(62,973	)	(a)			73,655,342
Class R6			-				-				-				-				-			-					-
Shares outstanding (unlimited shares, no par value):
Class A			-				-				-				-				-			-					-
Class B			-				-				-				-				-			-					-
Class C			-				-				-				-				-			-					-
Class I			-				-				-				-				-			-					-
Class I2			-				-				-				-				-			-					-
Class I3			-				-				-				-				-			-					-
Class T			-				-				-				-				-			-					-
Class R			12,591,510				6,597,404				-				-				-			5,736,460		(c)			24,925,374
Class R4			-				-				4,049,320				2,580,093				-			742,419		(c)			7,371,832
Class R6			-				-				-				-				-			-					-
Net asset value per share:
Class A	$		-		$		-		$		-		$		-		$		-			-			$		-
Class B			-				-				-				-				-			-					-
Class C			-				-				-				-				-			-					-
Class I			-				-				-				-				-			-					-
Class I2			-				-				-				-				-			-					-
Class I3			-				-				-				-				-			-					-
Class T			-				-				-				-				-			-					-
Class R			13.48				12.04				-				-				10.00			(25.53	)	(d)			9.99
Class R4			-				-				11.42				10.65				10.00			(22.09	)	(d)			9.98
Class R6			-				-				-				-				-			-					-
Maximum offering price per share:
Class A	$		-		$		-		$		-		$		-		$		-			-			$		-

Affiliated investments, at cost	$		163,715,973		$		74,312,752		$		42,051,453		$		25,367,126		$		-			-			$		305,447,304

(a)-(h) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-41

Reorganization Between TPFG - Intermediate/Long, TPFG - Long, TPFG II - Intermediate/Long, TPFG II - Long and TAF Destination

PRO FORMA STATEMENT OF OPERATIONS

For the twelve-month period ended June 30, 2016


		TPFG - Intermediate/Long				TPFG - Long				TPFG II - Intermediate/Long				TPFG II - Long				TAF Destination			Adjustments					Combined Pro Forma Destination
Investment Income:

Dividend income from affiliated investments	$		2,069,292		$		772,619		$		752,500		$		392,418		$		-	$		-			$		3,986,829

Total investment income			2,069,292				772,619				752,500				392,418				-			-					3,986,829


Expenses:
Investment advisory fees			185,440				88,716				48,171				28,692				-			69,585		(e)			420,604
Distribution and service fees:
Class R			-				-				-				-				-			1,368,749		(f)			1,368,749
Class R4			-				-				-				-				-			191,883		(f)			191,883
Other Expenses			-				-				-				-				-			19,404		(g)			19,404

Total expenses before waiver and/or reimbursement and recapture			185,440				88,716				48,171				28,692				-			1,649,621					2,000,640

Expenses waived and/or reimbursed:
Class R			-				-				-				-				-			(69,905	)	(h)			(69,905	)
Class R4			-				-				-				-				-			(19,600	)	(h)			(19,600	)

Net expenses			185,440				88,716				48,171				28,692				-			1,560,116					1,911,135

Net investment income (loss)			1,883,852				683,903				704,329				363,726				-			(1,560,116	)				2,075,694


Net realized gain (loss) on:
Affiliated investments			11,017,091				7,337,998				850,639				1,074,006				-			-					20,279,734
Distributions received from affiliated investments			4,181,367				2,561,143				642,696				508,408				-			-					7,893,614

Net realized gain (loss)			15,198,458				9,899,141				1,493,335				1,582,414				-			-					28,173,348


Net change in unrealized appreciation (depreciation) on:
Affiliated investments			(24,880,292	)			(16,521,206	)			(3,832,469	)			(3,515,991	)			-			-					(48,749,958	)

Net change in unrealized appreciation (depreciation)			(24,880,292	)			(16,521,206	)			(3,832,469	)			(3,515,991	)			-			-					(48,749,958	)


Net realized and change in unrealized gain (loss)			(9,681,834	)			(6,622,065	)			(2,339,134	)			(1,933,577	)			-			-					(20,576,610	)


Net increase (decrease) in net assets resulting from operations	$		(7,797,982	)	$		(5,938,162	)	$		(1,634,805	)	$		(1,569,851	)	$		-	$		(1,560,116	)		$		(18,500,916	)

(a)-(h) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-42

Group Nine Reorganization Between:

TRANSAMERICA ASSET ALLOCATION – INTERMEDIATE HORIZON

TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION – INTERMEDIATE HORIZON

TRANSAMERICA ASSET ALLOCATION – SHORT/INTERMEDIATE HORIZON

TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION – SHORT/INTERMEDIATE HORIZON

AND

TRANSAMERICA ASSET ALLOCATION INTERMEDIATE HORIZON

Reorganization Between TPFG - Short/Intermediate, TPFG - Intermediate, TPFG II - Short/Intermediate, TPFG II – Intermediate and TAF Destination

PRO FORMA SCHEDULE OF INVESTMENTS

At June 30, 2016


	TFPG - AA - Short/Intermediate Horizon				TPFG - AA - Intermediate Horizon				TFPG II - Inst AA - Short/Intermediate Horizon				TFPG II - Inst AA -Intermediate Horizon				TAF Destination	Adjustments				Combined Pro Forma Destination

	Shares		Value		Shares		Value		Shares		Value		Shares		Value			Shares	Value			Shares		Value

Investment Companies - 100.0 %
International Equity Funds
Transamerica Partners Institutional International Equity		-	$	-		-	$	-		110,170	$	673,142		1,380,473	$	8,434,691							1,490,643	$	9,107,833
Transamerica Partners International Equity		1,303,470		12,513,308		3,269,033		31,382,719		-		-		-		-							4,572,503		43,896,027
Money Market Funds
Transamerica Partners Institutional Government Money Market		-		-		-		-		21,349		21,349		126,396		126,396							147,745		147,745
Transamerica Partners Government Money Market		332,245		332,245		566,429		566,429		-		-		-		-							898,674		898,674
U.S. Equity Funds
Transamerica Partners Institutional Large Growth		-		-		-		-		77,689		922,165		888,515		10,546,669							966,204		11,468,834
Transamerica Partners Institutional Large Value		-		-		-		-		67,690		917,880		763,610		10,354,552							831,300		11,272,432
Transamerica Partners Institutional Mid Growth		-		-		-		-		19,977		209,364		218,719		2,292,172							238,696		2,501,536
Transamerica Partners Institutional Mid Value		-		-		-		-		13,104		231,153		147,204		2,596,679							160,308		2,827,832
Transamerica Partners Institutional Small Core		-		-		-		-		15,301		216,513		-		-							15,301		216,513
Transamerica Partners Institutional Small Growth		-		-		-		-		-		-		131,782		2,531,528							131,782		2,531,528
Transamerica Partners Institutional Small Value		-		-		-		-		-		-		115,662		2,387,266							115,662		2,387,266
Transamerica Partners Large Growth		620,045		17,138,056		1,381,364		38,180,898		-		-		-		-							2,001,409		55,318,954
Transamerica Partners Large Value		622,289		15,781,243		1,467,302		37,210,782		-		-		-		-							2,089,591		52,992,025
Transamerica Partners Mid Growth		412,035		3,654,747		946,251		8,393,247		-		-		-		-							1,358,286		12,047,994
Transamerica Partners Mid Value		204,068		4,358,892		441,983		9,440,756		-		-		-		-							646,051		13,799,648
Transamerica Partners Small Core		135,730		3,629,410		-		-		-		-		-		-							135,730		3,629,410
Transamerica Partners Small Growth		-		-		555,528		9,371,758		-		-		-		-							555,528		9,371,758
Transamerica Partners Small Value		-		-		573,541		8,700,623		-		-		-		-							573,541		8,700,623
U.S. Fixed Income Funds
Transamerica Partners Core Bond		4,913,450		65,348,888		5,061,551		67,318,625		-		-		-		-							9,975,001		132,667,513
Transamerica Partners High Quality Bond		2,448,207		27,395,431		2,014,474		22,541,959		-		-		-		-							4,462,681		49,937,390
Transamerica Partners High Yield Bond		1,886,058		15,522,259		2,029,552		16,703,214		-		-		-		-							3,915,610		32,225,473
Transamerica Partners Inflation-Protected Securities		2,190,942		24,779,554		2,953,471		33,403,753		-		-		-		-							5,144,413		58,183,307
Transamerica Partners Institutional Core Bond		-		-		-		-		338,391		3,725,681		1,743,790		19,199,127							2,082,181		22,924,808
Transamerica Partners Institutional High Quality Bond		-		-		-		-		140,153		1,423,954		592,712		6,021,957							732,865		7,445,911
Transamerica Partners Institutional High Yield Bond		-		-		-		-		108,258		889,884		554,972		4,561,868							663,230		5,451,752
Transamerica Partners Institutional Inflation-Protected Securities		-		-		-		-		145,521		1,443,568		917,878		9,105,346							1,063,399		10,548,914

				190,454,033				283,214,763				10,674,653				78,158,251									562,501,700

		Total Cost ($193,874,685)				Total Cost ($285,271,823)				Total Cost ($10,837,849)				Total Cost ($73,904,904)									Total Cost ($563,889,261)


Total Investments				190,454,033				283,214,763				10,674,653				78,158,251									562,501,700


Other Assets and Liabilities - 0.0 %				(15,639)				(23,361)				(944)				(6,477)				(162,406)	(a)				(208,827)

Net Assets			$	190,438,394			$	283,191,402			$	10,673,709			$	78,151,774			($	162,406)				$	562,292,873

VALUATION SUMMARY:


Investments	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
Investment Companies	$	190,454,033	$	-	$	-	$	190,454,033	$	283,214,763	$	-	$	-	$	283,214,763	$	10,674,653	$	-	$	-	$	10,674,653	$	78,158,251	$	-	$	-	$	78,158,251	$	562,501,700	$	-	$	-	$	562,501,700
Total Investments	$	190,454,033	$	-	$	-	$	190,454,033	$	283,214,763	$	-	$	-	$	283,214,763	$	10,674,653	$	-	$	-	$	10,674,653	$	78,158,251	$	-	$	-	$	78,158,251	$	562,501,700	$	-	$	-	$	562,501,700

(a)-(h) See Note 2 of the Notes to the Pro Forma Financial Statements.

As of June 30, 2016, all securities held by the Target Fund would comply with the investment restrictions of the Destination Fund.

S-43

Reorganization Between TPFG - Short/Intermediate, TPFG - Intermediate, TPFG II - Short/Intermediate, TPFG II - Intermediate and TAF Destination

PRO FORMA STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2016


		TPFG - Short/Intermediate			TPFG - Intermediate			TPFG II - Short/Intermediate			TPFG II - Intermediate			TAF Destination			Adjustments				Combined Pro Forma Destination
Assets:
Affiliated investments, at value	$		190,454,033	$		283,214,763	$		10,674,653	$		78,158,251	$		-	$		-		$		562,501,700
Receivables:
Shares of beneficial interest sold			-			-			62,069			10,211			-			-				72,280
Affiliated investments sold			9,569			429,800			60,236			-			-							499,605

Total assets	$		190,463,602	$		283,644,563	$		10,796,958	$		78,168,462	$		-	$		-		$		563,073,585


Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed			9,569			99,097			-			-			-			-				108,666
Affiliated investments purchased			-			330,703			122,305			10,211			-			-				463,219
Investment advisory fees			15,639			23,361			944			6,477			-			-				46,421
Other			-			-			-			-			-			162,406	(a)			162,406

Total liabilities			25,208			453,161			123,249			16,688			-			162,406				780,712

Net Assets	$		190,438,394	$		283,191,402	$		10,673,709	$		78,151,774	$		-	$		(162,406)		$		562,292,873


Net Assets Consist of:
Paid-in capital	$		195,879,546			336,640,602			16,324,932			133,310,520			-	$		(118,475,166)	(b)	$		563,680,434
Undistributed (distributions in excess of) net investment income (loss)			893			1,279			1,858			1,836			-			(5,866)	(b)			-
Accumulated net realized gain (loss)			(2,021,393)			(51,393,419)			(5,489,885)			(59,413,929)			-			118,318,626	(b)			-
Net unrealized appreciation (depreciation) on:
Affliated investments			(3,420,652)			(2,057,060)			(163,196)			4,253,347			-			-				(1,387,561)

Net Assets	$		190,438,394	$		283,191,402	$		10,673,709	$		78,151,774	$		-	$		(162,406)		$		562,292,873


Net assets by class:
Class A	$		-	$		-	$		-	$		-	$		-	$		-		$		-
Class B			-			-			-			-			-			-				-
Class C			-			-			-			-			-			-				-
Class I			-			-			-			-			-			-				-
Class I2			-			-			-			-			-			-				-
Class I3			-			-			-			-			-			-				-
Class T			-			-			-			-			-			-				-
Class R			190,438,394			283,191,402			-			-			-			(99,432)	(a)			473,530,364
Class R4			-			-			10,673,709			78,151,774			-			(62,974)	(a)			88,762,509
Class R6			-			-			-			-			-			-				-
Shares outstanding (unlimited shares, no par value):
Class A			-			-			-			-			-			-				-
Class B			-			-			-			-			-			-				-
Class C			-			-			-			-			-			-				-
Class I			-			-			-			-			-			-				-
Class I2			-			-			-			-			-			-				-
Class I3			-			-			-			-			-			-				-
Class T			-			-			-			-			-			-				-
Class R			17,452,721			21,915,112			-			-			-			7,995,147	(c)			47,362,980
Class R4			-			-			982,696			6,823,672			-			1,076,180	(c)			8,882,548
Class R6			-			-			-			-			-			-				-
Net asset value per share:
Class A	$		-	$		-	$		-	$		-	$		-			-		$		-
Class B			-			-			-			-			-			-				-
Class C			-			-			-			-			-			-				-
Class I			-			-			-			-			-			-				-
Class I2			-			-			-			-			-			-				-
Class I3			-			-			-			-			-			-				-
Class T			-			-			-			-			-			-				-
Class R			10.91			12.92			-			-			10.00			(23.83)	(d)			10.00
Class R4			-			-			10.86			11.45			10.00			(22.33)	(d)			9.98
Class R6			-			-			-			-			-			-				-
Maximum offering price per share:
Class A	$		-	$		-	$		-	$		-	$		-			-		$		-

Affiliated investments, at cost	$		193,874,685	$		285,271,823	$		10,837,849	$		73,904,904	$		-			-		$		563,889,261

(a)-(h) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-44

Reorganization Between TPFG - Short/Intermediate, TPFG - Intermediate, TPFG II - Short/Intermediate, TPFG II - Intermediate and TAF Destination

PRO FORMA STATEMENT OF OPERATIONS

For the twelve-month period ended June 30, 2016


		TPFG - Short/Intermediate			TPFG - Intermediate			TPFG II - Short/Intermediate			TPFG II - Intermediate			TAF Destination			Adjustments				Combined Pro Forma Destination
Investment Income:

Dividend income from affiliated investments	$		3,489,467	$		4,272,282	$		257,864	$		1,434,997	$		-	$		-		$		9,454,610

Total investment income			3,489,467			4,272,282			257,864			1,434,997			-			-				9,454,610


Expenses:
Investment advisory fees			206,386			316,085			12,308			79,557			-			121,793	(e)			736,129
Distribution and service fees:
Class R			-			-			-			-			-			2,608,521	(f)			2,608,521
Class R4			-			-			-			-			-			229,341	(f)			229,341
Other Expenses			-			-			-			-			-			22,033	(g)			22,033

Total expenses before waiver and/or reimbursement and recapture			206,386			316,085			12,308			79,557			-			2,981,688				3,596,024

Expenses waived and/or reimbursed:
Class R			-			-			-			-			-			(123,079)	(h)			(123,079)
Class R4			-			-			-			-			-			(21,642)	(h)			(21,642)

Net expenses			206,386			316,085			12,308			79,557			-			2,836,966				3,451,302

Net investment income (loss)			3,283,081			3,956,197			245,556			1,355,440			-			(2,836,966)				6,003,308


Net realized gain (loss) on:
Affiliated investments			1,333,266			18,387,450			61,148			1,454,729			-			-				21,236,593
Distributions received from affiliated investments			1,780,769			5,148,406			70,649			733,969			-			-				7,733,793

Net realized gain (loss)			3,114,035			23,535,856			131,797			2,188,698			-			-				28,970,386


Net change in unrealized appreciation (depreciation) on:
Affiliated investments			(7,017,348)			(34,670,032)			(355,871)			(4,719,678)			-			-				(46,762,929)

Net change in unrealized appreciation (depreciation)			(7,017,348)			(34,670,032)			(355,871)			(4,719,678)			-			-				(46,762,929)


Net realized and change in unrealized gain (loss)			(3,903,313)			(11,134,176)			(224,074)			(2,530,980)			-			-				(17,792,543)


Net increase (decrease) in net assets resulting from operations	$		(620,232)	$		(7,177,979)	$		21,482	$		(1,175,540)	$		-	$		(2,836,966)		$		(11,789,235)

(a)-(h) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-45

Group Ten Reorganization Between:

TRANSAMERICA ASSET ALLOCATION – SHORT HORIZON

TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION – SHORT HORIZON

AND

TRANSAMERICA ASSET ALLOCATION SHORT HORIZON

Reorganization Between TPFG - Short, TPFG II - Short, and TAF Destination

PRO FORMA SCHEDULE OF INVESTMENTS

At June 30, 2016


	TPFG - AA - Short Horizon				TFPG II - Inst AA - Short Horizon				TAF Destination		Adjustments				Combined Pro Forma Destination

	Shares		Value		Shares		Value		Shares	Value	Shares	Value			Shares		Value

Investment Companies - 100.0 %
International Equity Funds
Transamerica Partners Institutional International Equity		-	$	-		37,687	$	230,267								37,687	$	230,267
Transamerica Partners International Equity		318,385		3,056,497		-		-								318,385		3,056,497
Money Market Funds
Transamerica Partners Institutional Money Market		-		-		25,257		25,257								25,257		25,257
Transamerica Partners Money Market		327,041		327,040		-		-								327,041		327,040
U.S. Equity Funds
Transamerica Partners Institutional Large Growth		-		-		30,478		361,772								30,478		361,772
Transamerica Partners Institutional Large Value		-		-		25,586		346,951								25,586		346,951
Transamerica Partners Institutional Small Core		-		-		16,955		239,912								16,955		239,912
Transamerica Partners Large Growth		178,359		4,929,830		-		-								178,359		4,929,830
Transamerica Partners Large Value		186,235		4,722,911		-		-								186,235		4,722,911
Transamerica Partners Small Core		119,074		3,184,047		-		-								119,074		3,184,047
U.S. Fixed Income Funds
Transamerica Partners Core Bond		5,718,366		76,054,261		-		-								5,718,366		76,054,261
Transamerica Partners High Quality Bond		2,477,478		27,722,980		-		-								2,477,478		27,722,980
Transamerica Partners High Yield Bond		1,997,567		16,439,975		-		-								1,997,567		16,439,975
Transamerica Partners Inflation-Protected Securities		2,271,228		25,687,593		-		-								2,271,228		25,687,593
Transamerica Partners Institutional Core Bond		-		-		528,021		5,813,509								528,021		5,813,509
Transamerica Partners Institutional High Quality Bond		-		-		188,420		1,914,344								188,420		1,914,344
Transamerica Partners Institutional High Yield Bond		-		-		149,858		1,231,834								149,858		1,231,834
Transamerica Partners Institutional Inflation-Protected Securities		-		-		192,581		1,910,399								192,581		1,910,399

				162,125,134				12,074,245										174,199,379

		Total Cost ($162,576,466)				Total Cost ($12,068,029)										Total Cost ($174,644,495)


Total Investments				162,125,134				12,074,245										174,199,379

		Total Cost ($162,576,466)				Total Cost ($12,068,029)										Total Cost ($174,644,495)

Other Assets and Liabilities -0.0 %				(13,200)				(1,026)					(62,973)	(a)				(77,199)

Net Assets				$162,111,934				$12,073,219					($62,973)					$174,122,180

VALUATION SUMMARY:


Investments	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value		Level 1 - Unadjusted Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Value
Investment Companies	$	162,125,134	$	-	$	-	$	162,125,134	$	12,074,245	$	-	$	-	$	12,074,245	$	174,199,379	$	-	$	-	$	174,199,379
Total Investments	$	162,125,134	$	-	$	-	$	162,125,134	$	12,074,245	$	-	$	-	$	12,074,245	$	174,199,379	$	-	$	-	$	174,199,379

(a)-(h) See Note 2 of the Notes to the Pro Forma Financial Statements.

As of June 30, 2016, all securities held by the Target Fund would comply with the investment restrictions of the Destination Fund.

S-46

Reorganization Between TPFG - Short, TPFG II - Short, and TAF Destination

PRO FORMA STATEMENT OF ASSETS AND LIABILITIES

At June 30, 2016


		TPFG - Short			TPFG II - Short			TAF Destination			Adjustments				Combined Pro Forma Destination
Assets:
Affiliated investments, at value	$		162,125,134	$		12,074,245	$		-	$		-		$		174,199,379
Receivables:
Shares of beneficial interest sold			-			1,229			-							1,229
Affiliated investments sold			31,393			-			-							31,393

Total assets	$		162,156,527	$		12,075,474	$		-	$		-		$		174,232,001


Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed			31,393			-			-			-				31,393
Affiliated investments purchased			-			1,229			-			-				1,229
Investment advisory fees			13,200			1,026			-			-				14,226
Other			-			-			-			62,973	(a)			62,973

Total liabilities			44,593			2,255			-			62,973				109,821

Net Assets	$		162,111,934	$		12,073,219	$		-	$		(62,973)		$		174,122,180


Net Assets Consist of:
Paid-in capital	$		164,875,698			13,995,872			-	$		(4,304,274)	(b)	$		174,567,296
Undistributed (distributions in excess of) net investment income (loss)			923			1,942			-			(2,865)	(b)			-
Accumulated net realized gain (loss)			(2,313,355)			(1,930,811)			-			4,244,166	(b)			-
Net unrealized appreciation (depreciation) on:
Affliated investments			(451,332)			6,216			-			-				(445,116)

Net Assets	$		162,111,934	$		12,073,219	$		-	$		(62,973)		$		174,122,180


Net assets by class:
Class R	$		162,111,934	$		-	$		-	$		(49,715)	(a)	$		162,062,219
Class R4			-			12,073,219			-			(13,258)	(a)			12,059,961
Shares outstanding (unlimited shares, no par value):
Class R			14,084,833			-			-			2,126,360	(c)			16,211,193
Class R4			-			1,093,460			-			113,862	(c)			1,207,322
Net asset value per share:
Class R	$		11.51	$		-	$		10.00	$		(11.51)	(d)	$		10.00
Class R4			-			11.04			10.00			(11.05)	(d)			9.99


Affiliated investments, at cost	$		162,576,466	$		12,068,029	$		-			-		$		174,644,495

(a)-(h) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-47

Reorganization Between TPFG - Short, TPFG II - Short, and TAF Destination

PRO FORMA STATEMENT OF OPERATIONS

For the twelve-month period ended June 30, 2016


		TPFG - Short			TPFG II - Short			TAF Destination			Adjustments					Combined Pro Forma Destination
Investment Income:

Dividend income from affiliated investments	$		2,953,540	$		305,601	$		-	$		-			$		3,259,141

Total investment income			2,953,540			305,601			-			-					3,259,141


Expenses:
Investment advisory fees			146,132			13,035			-			31,580	(e	)			190,747
Distribution and service fees:
Class R			-			-			-			729,708	(f	)			729,708
Class R4			-			-			-			32,536	(f	)			32,536
Other Expenses			-			-			-			17,489	(g	)			17,489

Total expenses before waiver and/or reimbursement and recapture			146,132			13,035			-			811,313					970,480
Expenses waived and/or reimbursed:
Class R			-			-			-			(45,245)	(h	)			(45,245)
Class R4			-			-			-			(4,035)	(h	)			(4,035)

Net expenses			146,132			13,035			-			762,033					921,200

Net investment income (loss)			2,807,408			292,566			-			(762,033)					2,337,941


Net realized gain (loss) on:
Affiliated investments			808,290			(98,698)			-			-					709,592
Distributions received from affiliated investments			325,313			8,594			-			-					333,907

Net realized gain (loss)			1,133,603			(90,104)			-			-					1,043,499


Net change in unrealized appreciation (depreciation) on:
Affiliated investments			(427,895)			82,823			-			-					(345,072)

Net change in unrealized appreciation (depreciation)			(427,895)			82,823			-			-					(345,072)


Net realized and change in unrealized gain (loss)			705,708			(7,281)			-			-					698,427


Net increase (decrease) in net assets resulting from operations	$		3,513,116	$		285,285	$		-	$		(762,033)			$		3,036,368

(a)-(h) See Note 2 of the Notes to the Pro Forma Financial Statements.

THE NOTES TO THE PRO FORMA FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS REPORT.

S-48

NOTE 1 — GENERAL

The accompanying unaudited pro forma financial statements are presented to show the effect of the proposed transfer of substantially all of the assets of each Fund listed in the Target Fund column in the table below (each, a “Target Fund”, and together, the “Target Funds”) in exchange for shares of corresponding Fund listed in the Destination Fund & Shares column (each, a “Destination Fund”, and together, the “Destination Funds”) and the assumption by the Destination Fund of all of the liabilities of the Target Fund as described elsewhere in the Proxy Statement/Prospectus and this SAI. The “Pro Forma Funds” as identified in these financial statements represent the combined Destination Funds after the respective Reorganizations. Each Destination Fund is newly-organized. The accounting survivor of each Reorganization grouping is indicated with an asterisk (*) for financial reporting purposes. Management believes the indicated accounting survivor of each Reorganization grouping is appropriate in light of the attributes of the Destination Fund and Target Funds.


Group	Target Fund	Destination Fund & Shares
Group 1
	Transamerica Partners High Quality Bond	Transamerica High Quality Bond Class R
	Transamerica Partners Institutional High Quality Bond*	Transamerica High Quality Bond Class R4
	Transamerica Partners High Quality Bond Portfolio	Transamerica High Quality Bond Class I3
Group 2
	Transamerica Partners Inflation-Protected Securities	Transamerica Inflation-Protected Securities Class R
	Transamerica Partners Institutional Inflation-Protected Securities*	Transamerica Inflation-Protected Securities Class R4
	Transamerica Partners Inflation-Protected Securities Portfolio	Transamerica Inflation-Protected Securities Class I3
Group 3
	Transamerica Partners Large Core	Transamerica Large Core Class R
	Transamerica Partners Institutional Large Core*	Transamerica Large Core Class R4
	Transamerica Partners Large Core Portfolio	Transamerica Large Core Class I3
Group 4
	Transamerica Partners Large Growth	Transamerica Large Growth Class R
	Transamerica Partners Institutional Large Growth*	Transamerica Large Growth Class R4
	Transamerica Partners Large Growth Portfolio	Transamerica Large Growth Class I3
Group 5
	Transamerica Partners Large Value	Transamerica Large Value Opportunities Class R
	Transamerica Partners Institutional Large Value*	Transamerica Large Value Opportunities Class R4
	Transamerica Partners Large Value Portfolio	Transamerica Large Value Opportunities Class I3
Group 6
	Transamerica Partners Balanced	Transamerica Balanced II Class R
	Transamerica Partners Institutional Balanced*	Transamerica Balanced II Class R4
	Transamerica Partners Balanced Portfolio	Transamerica Balanced II Class I3
Group 7
	Transamerica Partners Stock Index	Transamerica Stock Index Class R
	Transamerica Partners Institutional Stock Index*	Transamerica Stock Index Class R4
Group 8
	Transamerica Asset Allocation - Long Horizon	Transamerica Asset Allocation Long Horizon Class R
	Transamerica Institutional Asset Allocation - Long Horizon*	Transamerica Asset Allocation Long Horizon Class R4
	Transamerica Asset Allocation – Intermediate/Long Horizon	Transamerica Asset Allocation Long Horizon Class R
	Transamerica Institutional Asset Allocation – Intermediate/Long Horizon	Transamerica Asset Allocation Long Horizon Class R4
Group 9
	Transamerica Asset Allocation - Intermediate Horizon	Transamerica Asset Allocation Intermediate Horizon Class R
	Transamerica Institutional Asset Allocation - Intermediate Horizon*	Transamerica Asset Allocation Intermediate Horizon Class R4
	Transamerica Asset Allocation – Short/Intermediate Horizon	Transamerica Asset Allocation Intermediate Horizon Class R
	Transamerica Institutional Asset Allocation – Short/Intermediate Horizon	Transamerica Asset Allocation Intermediate Horizon Class R4
Group 10
	Transamerica Asset Allocation – Short Horizon	Transamerica Asset Allocation Short Horizon Class R
	Transamerica Institutional Asset Allocation - Short Horizon*	Transamerica Asset Allocation Short Horizon Class R4

S-49

Capitalized terms not otherwise defined in the Notes to the financial statements have the meanings accorded to them in the Proxy Statement/Prospectus or this SAI.

For each Reorganization involving a Target Feeder Fund or a Target Asset Allocation Fund, for federal income tax purposes, no gain or loss is expected to be recognized by holders or, generally, the Target Feeder Fund or Target Asset Allocation Fund, as applicable, as a result of the Reorganization. The Reorganization of each Target Master Portfolio may be a taxable transaction. The exchange of each Target Master Portfolio’s assets for the applicable class of shares of the corresponding Destination Fund and the Destination Fund’s assumption of the Target Master Portfolio’s liabilities is expected, in most cases, to be a taxable exchange for federal income tax purposes, in which the Target Master Portfolio will recognize gains and losses. In such a case, holders of beneficial interests in the applicable Target Master Portfolio will be required to take into account their allocable shares of the gains and losses recognized by the Target Master Portfolio. Holders of beneficial interests in a Target Master Portfolio may also recognize gain or loss in connection with the applicable Destination Fund’s assumption of the Target Master Portfolio’s liabilities or the distribution of the applicable Destination Fund’s shares in liquidation of the Target Master Portfolio.

The unaudited pro forma Schedules of Investments and the unaudited Pro Forma Statements of Assets and Liabilities have been prepared as though the Reorganizations had been effective on June 30, 2016. The unaudited pro forma Statements of Operations have been prepared as though the Reorganizations had been effective June 30, 2016 to report operations for the period ended June 30, 2016.

In preparing the Destination Funds’ financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures.

The accompanying pro forma financial statements should be read in conjunction with the financial statements of the Target Funds’ annual reports dated December 31, 2015, and the Destination Funds’ Prospectus and Statement of Additional Information.

NOTE 2 — PRO FORMA ADJUSTMENTS

Group One Reorganizations:

The Pro Forma adjustments below reflect the impact of each Reorganization.

(a) To adjust for Other Assets and Liabilities associated with the Target Feeder Funds.

(b) To adjust the Pro Forma Fund for investment securities, income and/or gains and losses allocated from the Target Master Portfolio to the Target Feeder Funds.

(d) To adjust the Pro Forma Fund’s Shares of beneficial interest by the Accumulated net realized gain amounts of the Target Funds, as well as consolidating the Target Master Portfolio and Target Feeder Funds’ structure.

(e) To adjust Shares Outstanding of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(f) To adjust Net Asset Value and Offering Price Per Share of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(g) To restate management fees using the Destination Fund management fee rates for the Pro Forma Fund at the combined average daily net assets of the Target Funds and Destination Fund.

(h) To restate administration fees to remove the administration fees. Effective March 1, 2016, Investment advisory and administrative services fees were combined under the Management Agreement providing for a single management fee.

S-50

(i) To restate distribution and service fees using the Destination Fund distribution and service fees for the Pro Forma Fund at the combined average daily net assets of the Target Funds and Destination Fund.

(j) To remove duplicate Audit fees.

(k) To remove duplicate Custody fees.

(l) To restate expenses waived and/or reimbursed using the Destination Fund expense cap for the Pro Forma Fund at the combined average daily net assets and combined expenses of the Target Fund and Destination Fund.

Group Two Reorganizations:

The Pro Forma adjustments below reflect the impact of each Reorganization.

(a) To adjust for Other Assets and Liabilities associated with the Target Feeder Funds.

(b) To adjust the Pro Forma Fund for investment securities, income and/or gains and losses allocated from the Target Master Portfolio to the Target Feeder Funds.

(e) To adjust Shares Outstanding of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(f) To adjust Net Asset Value and Offering Price Per Share of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(g) To restate management fees using the Destination Fund management fee rates for the Pro Forma Fund at the combined average daily net assets of the Target Funds and Destination Fund.

(j) To remove duplicate Audit fees.

(k) To remove duplicate Custody fees.

S-51

Group Three Reorganizations:

The Pro Forma adjustments below reflect the impact of each Reorganization.

(a) To adjust for Other Assets and Liabilities associated with the Target Feeder Funds.

(b) To adjust the Pro Forma Fund for investment securities, income and/or gains and losses allocated from the Target Master Portfolio to the Target Feeder Funds.

(e) To adjust Shares Outstanding of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(f) To adjust Net Asset Value and Offering Price Per Share of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(g) To restate management fees using the Destination Fund management fee rates for the Pro Forma Fund at the combined average daily net assets of the Target Funds and Destination Fund.

(j) To remove duplicate Audit fees.

(k) To remove duplicate Custody fees.

Group Four Reorganizations:

The Pro Forma adjustments below reflect the impact of each Reorganization.

(a) To adjust for Other Assets and Liabilities associated with the Target Feeder Funds.

(b) To adjust the Pro Forma Fund for investment securities, income and/or gains and losses allocated from the Target Master Portfolio to the Target Feeder Funds.

(e) To adjust Shares Outstanding of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

S-52

(f) To adjust Net Asset Value and Offering Price Per Share of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(g) To restate management fees using the Destination Fund management fee rates for the Pro Forma Fund at the combined average daily net assets of the Target Funds and Destination Fund.

(j) To remove duplicate Audit fees.

(k) To remove duplicate Custody fees.

Group Five Reorganizations:

The Pro Forma adjustments below reflect the impact of each Reorganization.

(a) To adjust for Other Assets and Liabilities associated with the Target Feeder Funds.

(b) To adjust the Pro Forma Fund for investment securities, income and/or gains and losses allocated from the Target Master Portfolio to the Target Feeder Funds.

(e) To adjust Shares Outstanding of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(f) To adjust Net Asset Value and Offering Price Per Share of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(g) To restate management fees using the Destination Fund management fee rates for the Pro Forma Fund at the combined average daily net assets of the Target Funds and Destination Fund.

(j) To remove duplicate Audit fees.

(k) To remove duplicate Custody fees.

S-53

Group Six Reorganizations:

The Pro Forma adjustments below reflect the impact of each Reorganization.

(a) To adjust for Other Assets and Liabilities associated with the Target Feeder Funds.

(b) To adjust the Pro Forma Fund for investment securities, income and/or gains and losses allocated from the Target Master Portfolio to the Target Feeder Funds.

(e) To adjust Shares Outstanding of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(f) To adjust Net Asset Value and Offering Price Per Share of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(g) To restate management fees using the Destination Fund management fee rates for the Pro Forma Fund at the combined average daily net assets of the Target Funds and Destination Fund.

(j) To remove duplicate Audit fees.

(k) To remove duplicate Custody fees.

Group Seven Reorganizations:

The Pro Forma adjustments below reflect the impact of each Reorganization.

(a) To adjust the Pro Forma Fund for costs associated with the Reorganization.

(b) To adjust the Pro Forma Fund’s Shares of beneficial interest by the Accumulated net realized gain amounts of the Target Funds.

(c) To adjust Shares Outstanding of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(d) To adjust Net Asset Value and Offering Price Per Share of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

S-54

(e) To restate management fees using the Destination Fund management fee rates for the Pro Forma Fund at the combined average daily net assets of the Target Funds and Destination Fund.

(f) To restate administration fees to remove the administration fees. Effective March 1, 2016, Investment advisory and administrative services fees were combined under the Management Agreement providing for a single management fee.

(g) To restate distribution and service fees using the Destination Fund distribution and service fees for the Pro Forma Fund at the combined average daily net assets of the Target Funds and Destination Fund.

(h) To restate expenses waived and/or reimbursed using the Destination Fund expense cap for the Pro Forma Fund at the combined average daily net assets and combined expenses of the Target Funds and Destination Fund.

Group Eight Reorganizations:

The Pro Forma adjustments below reflect the impact of each Reorganization.

(a) To adjust the Pro Forma Fund for costs associated with the Reorganization.

(b) To adjust the Pro Forma Fund’s Shares of beneficial interest by the Accumulated net realized gain amounts of the Target Funds.

(c) To adjust Shares Outstanding of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(d) To adjust Net Asset Value and Offering Price Per Share of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(e) To restate management fees using the Destination Fund management fee rates for the Pro Forma Fund at the combined average daily net assets of the Target Funds and Destination Fund.

(f) To restate distribution and service fees using the Destination Fund distribution and service fees for the Pro Forma Fund at the combined average daily net assets of the Target Fund and Destination Fund.

(g) To adjust the Pro Forma Fund for expected Audit and Custody fees.

Group Nine Reorganizations:

The Pro Forma adjustments below reflect the impact of each Reorganization.

S-55

(a) To adjust the Pro Forma Fund for costs associated with the Reorganization.

(b) To adjust the Pro Forma Fund’s Shares of beneficial interest by the Accumulated net realized gain amounts of the Target Funds.

(c) To adjust Shares Outstanding of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(d) To adjust Net Asset Value and Offering Price Per Share of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(e) To restate management fees using the Destination Fund management fee rates for the Pro Forma Fund at the combined average daily net assets of the Target Funds and Destination Fund.

(g) To adjust the Pro Forma Fund for expected Audit and Custody fees.

Group 10 Reorganizations:

The Pro Forma adjustments below reflect the impact of the Reorganization.

(a) To adjust the Pro Forma Fund for costs associated with the Reorganization.

(b) To adjust the Pro Forma Fund’s Shares of beneficial interest by the Accumulated net realized gain amounts of the Target Funds.

(c) To adjust Shares Outstanding of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(d) To adjust Net Asset Value and Offering Price Per Share of the Pro Forma Fund based on combining the Target Fund at the Destination Fund’s net asset value.

(e) To restate management fees using the Destination Fund management fee rates for the Pro Forma Fund at the combined average daily net assets of the Target Funds and Destination Fund.

S-56

(g) To adjust the Pro Forma Fund for expected Audit and Custody fees.

NOTE 3 — INVESTMENT MANAGEMENT AND OTHER TRANSACTIONS

Transamerica Asset Management, Inc. (“TAM”) is the Destination Funds’ investment manager. TAM is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”) and AUSA Holding Company (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TPLIC is owned by Commonwealth General Corporation (“Commonwealth”) and Aegon USA, LLC (“Aegon USA”). Commonwealth and AUSA are wholly owned by Aegon USA. Aegon USA is wholly owned by Aegon US Holding Corporation, which is wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by The Aegon Trust, which is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. (“TFS”) is the Destination Funds’ transfer agent. Transamerica Capital, Inc. (“TCI”) is the Destination Funds’ distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon, NV.

Certain officers and trustees of the Destination Fund are also officers and/or directors of TAM, TFS, and TCI.

Investment Management Fees

Each Target Fund pays an advisory fee to TAM based on daily Average Net Assets (“ANA”) at the following annual rates:


Target Fund		Rate
Transamerica Partners High Quality Bond Portfolio		0.35%
Transamerica Partners Inflation-Protected Securities Portfolio		0.35%
Transamerica Partners Large Core Portfolio		0.60%
Transamerica Partners Large Growth Portfolio		0.62% of the first $2 billion 0.61% over $2 billion up to $3 billion 0.60% over $3 billion up to $4 billion 0.58% in excess of $4 billion
Transamerica Partners Large Value Portfolio		0.45%
Transamerica Partners Balanced Portfolio		0.45%
Transamerica Asset Allocation - Long Horizon		0.10%
Transamerica Institutional Asset Allocation - Long Horizon		0.10%
Transamerica Asset Allocation – Intermediate/Long Horizon		0.10%
Transamerica Institutional Asset Allocation – Intermediate/Long Horizon		0.10%
Transamerica Asset Allocation - Intermediate Horizon		0.10%
Transamerica Institutional Asset Allocation - Intermediate Horizon		0.10%
Transamerica Asset Allocation – Short/Intermediate Horizon		0.10%
Transamerica Institutional Asset Allocation – Short/Intermediate Horizon		0.10%
Transamerica Asset Allocation – Short Horizon		0.10%
Transamerica Institutional Asset Allocation - Short Horizon		0.10%

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TAM provides general investment advice to each Feeder Fund pursuant to the investment advisory agreement. For its services, with the exception of Transamerica Partners Stock Index and Transamerica Partners Institutional Stock Index, each Feeder Fund is allocated investment advisory fees based on the interest owned in the corresponding Master Portfolio. The advisory fees are accrued daily on ANA and payable monthly at an annual rate set forth in the above table. Currently, each Feeder Fund, other than Transamerica Partners Stock Index and Transamerica Partners Institutional Stock Index, invests all of its assets in a corresponding Master Portfolio, and the fees payable to TAM under the investment advisory agreement are reduced completely by the aggregate advisory fees allocated to the Feeder Funds by the corresponding Master Portfolio.

Transamerica Partners Stock Index and Transamerica Partners Institutional Stock Index pay TAM an annual fee of 0.40% of the Fund’s daily ANA, which includes both advisory and administrative services. This amount is reduced by the advisory fee charged by the S&P 500 Stock Index Master Portfolio of 0.05%.

TAM has contractually agreed to waive and/or reimburse Target Feeder Fund expenses to the extent that the total operating expenses based on daily ANAs exceed the following stated annual operating expense limits. Fee waivers and/or reimbursements are not subject to recapture by TAM in future years. Target Funds not listed in the below table do not have an operating expense limit.


Target Fund	Operating Expense Limit	Operating Expense Limit Effective Through
Transamerica Partners High Quality Bond	1.00%	May 1, 2017
Transamerica Partners Institutional High Quality Bond	0.65%	May 1, 2017
Transamerica Partners Inflation-Protected Securities	1.00%	May 1, 2017
Transamerica Partners Institutional Inflation-Protected Securities	0.65%	May 1, 2017
Transamerica Partners Large Core	1.15%	May 1, 2017
Transamerica Partners Institutional Large Core	0.90%	May 1, 2017
Transamerica Partners Large Growth	1.25%	May 1, 2017
Transamerica Partners Institutional Large Growth	0.90%	May 1, 2017
Transamerica Partners Large Value	1.00%	May 1, 2017
Transamerica Partners Institutional Large Value	0.75%	May 1, 2017
Transamerica Partners Balanced	1.10%	May 1, 2017
Transamerica Partners Institutional Balanced	0.75%	May 1, 2017
Transamerica Partners Stock Index	0.65%	May 1, 2017
Transamerica Partners Institutional Stock Index	0.30%	May 1, 2017

TAM has voluntarily agreed to waive and/or reimburse expenses of the Target Master Portfolios to the extent that the total operating expenses based on daily ANAs exceed the following stated annual operating expense limits. These arrangements are voluntary and may be terminated by TAM at any time. Fee waivers and/or reimbursements are not subject to recapture by TAM in future years.


Target Fund		Operating Expense Limit
Transamerica Partners High Quality Bond Portfolio		0.40%
Transamerica Partners Inflation-Protected Securities Portfolio		0.40%
Transamerica Partners Large Core Portfolio		0.65%
Transamerica Partners Large Growth Portfolio		0.65%
Transamerica Partners Large Value Portfolio		0.50%
Transamerica Partners Balanced Portfolio		0.50%

Each Destination Fund pays a management fee to TAM based on daily ANA at the following annual rates:


Destination Fund		Rate
Transamerica High Quality Bond		0.38%
Transamerica Inflation-Protected Securities		0.38%
Transamerica Large Core		0.63%
Transamerica Large Growth		0.65% of the first $2 billion 0.64% over $2 billion up to $3 billion 0.63% over $3 billion up to $4 billion 0.61% in excess of $4 billion
Transamerica Large Value Opportunities		0.48%
Transamerica Balanced II		0.48%
Transamerica Stock Index		0.08%
Transamerica Asset Allocation Long Horizon		0.12%
Transamerica Asset Allocation Intermediate Horizon		0.12%
Transamerica Asset Allocation Short Horizon		0.12%

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TAM has contractually agreed to waive fees and/or reimburse Destination Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Funds’ business, exceed the following stated annual operating expense limits to the Destination Funds’ daily ANA. TAM is entitled to recapture expenses paid by the Destination Funds for fees waived and/or reimbursed during any of the previous 36 months if on any day or month the estimated annualized Destination Funds’ operating expenses are less than the stated annual operating expense limit. Destination Funds not listed in the below table do not have an operating expense limit.


Destination Fund	Operating Expense Limit									Operating Expense Limit Effective Through
	Class R			Class R4			Class I3			Operating Expense Limit Effective Through
Transamerica High Quality Bond		1.00	%		0.65	%		0.40	%	May 1, 2018
Transamerica Inflation-Protected Securities		1.00	%		0.65	%		0.40	%	May 1, 2018
Transamerica Large Core		1.15	%		0.90	%		0.65	%	May 1, 2018
Transamerica Large Growth		1.25	%		0.90	%		0.65	%	May 1, 2018
Transamerica Large Value Opportunities		1.00	%		0.75	%		0.50	%	May 1, 2018
Transamerica Balanced II		1.10	%		0.75	%		0.50	%	May 1, 2018
Transamerica Stock Index		0.65	%		0.30	%		N/A		May 1, 2018
Transamerica Asset Allocation Long Horizon		0.60	%		0.35	%		N/A		May 1, 2018
Transamerica Asset Allocation Intermediate Horizon		0.60	%		0.35	%		N/A		May 1, 2018
Transamerica Asset Allocation Short Horizon		0.60	%		0.35	%		N/A		May 1, 2018

In addition, TAM or any of its affiliates, on a voluntary basis and in addition to any contractual waivers in effect from time to time, have agreed to waive fees and/or reimburse expenses of Transamerica Partners Government Money Market, Transamerica Partners Institutional Government Money Market and one or more classes of Transamerica Government Money Market to such level(s) as the applicable Trust’s officers have determined or may reasonably determine from time to time in order to prevent a negative yield. Any such waiver or expense reimbursement may be discontinued by TAM or its affiliates at any time. TAM or its affiliates are entitled to reimbursement by a fund of any amounts so waived or reimbursed during the previous 36 months. Any such reimbursement shall not result in the fund’s effective daily yield to be negative. There is no guarantee that a fund will be able to prevent a negative yield.

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NOTE 4 — VALUATION PROCEDURES OF THE FUNDS

All investments in securities are recorded at their estimated fair value. The Funds value their investments at the official close of the New York Stock Exchange (“NYSE”), each day the NYSE is open for business.

The Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

Level 1—Unadjusted quoted prices in active markets for identical securities.

Level 2—Inputs, other than quoted prices included in Level 1, that are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3—Unobservable inputs, which may include TAM’s internal valuation committee’s (the “Valuation Committee”) own assumptions in determining the fair value of investments. Factors considered in making this determination may include, but are not limited to, information obtained by contacting the sub-adviser, issuer, analysts, or the appropriate stock exchange (for exchange-traded securities), analysis of the issuer’s financial statements or other available documents and, if necessary, available information concerning other securities in similar circumstances.

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using NAV per share, or its equivalent, practical expedient have not been classified in the fair value levels. The hierarchy classification of inputs used to value the Funds’ investments, at June 30, 2016, is disclosed in the Security Valuation section of each Fund’s Pro Forma Schedule of Investments.

Under supervision and approval of the Board, TAM provides day-to-day valuation functions. TAM formed the Valuation Committee to monitor and implement the fair valuation policies and procedures as approved by the Board. These policies and procedures are reviewed at least annually by the Board. The Valuation Committee, among other tasks, monitors for when market quotations are not readily available or are unreliable and determines in good faith the fair value of the portfolio investments. For instances in which daily market quotes are not readily available, securities may be valued, pursuant to procedures adopted by the Board, with reference to other instruments or indices. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

The Valuation Committee may employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the security to determine the fair value of the security. An income-based valuation approach may also be used in which the anticipated future cash flows of the security are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the securities. When the Funds use fair value methods that rely on significant unobservable inputs to determine a security’s value, the Valuation Committee will choose the method that is believed to accurately reflect fair value. These securities are categorized in Level 3 of the fair value hierarchy. The Valuation Committee reviews fair value measurements on a regular and ad hoc basis and may, as deemed appropriate, update the security valuations as well as the fair valuation guidelines. The Board reviews and considers Valuation Committee determinations at its regularly scheduled meetings.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the Valuation Committee’s determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material. The Valuation Committee employs various methods for calibrating these valuation approaches, including a regular review of valuation methodologies, key inputs and assumptions, transactional back-testing, and reviews of any market related activity.

S-60

Fair value measurements: Descriptions of the valuation techniques applied to the Funds’ significant categories of assets and liabilities measured at fair value on a recurring basis are as follows:

Equity securities (common and preferred stocks): Securities are stated at the last reported sales price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.

Foreign securities, in which the primary trading market closes at the same time or after the NYSE, are valued based on quotations from the primary market in which they are traded and are categorized in Level 1. Because many foreign securities markets and exchanges close prior to the close of the NYSE, closing prices for foreign securities in those markets or on those exchanges do not reflect the events that occur after that close. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds (“ETF”), and the movement of the certain indices of securities based on a statistical analysis of their historical relationship; such valuations generally are categorized in Level 2.

Preferred stock and other equities traded on inactive markets or valued by reference to similar instruments are also generally categorized in Level 2 or Level 3 if inputs are unobservable.

Investment companies and exchange-traded funds (“ETF”): Investment companies are valued at the NAV of the underlying funds. These securities are actively traded and no valuation adjustments are applied. ETFs are stated at the last reported sale price or closing price on the day of valuation taken from the primary exchange where the security is principally traded. Investment companies and ETFs are generally categorized in Level 1 of the fair value hierarchy. Investments in privately held investment funds with significant restrictions on redemptions where the inputs of NAVs are unobservable will be valued based upon the NAVs of such investments and are categorized in Level 3 of the fair value hierarchy.

Securities lending collateral: Securities lending collateral is invested in a money market fund which is valued at the NAV of the underlying securities and no valuation adjustments are applied. It is categorized in Level 1 of the fair value hierarchy.

Asset-backed securities: The fair value of asset-backed securities is estimated based on models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield, and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.The hierarchy classification of inputs used to value the Fund’s investments at October 31, 2014, is disclosed in the Valuation Summary of the Schedule of Investments.

Corporate bonds: The fair value of corporate bonds is estimated using various techniques, which consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, fundamental data relating to the issuer, and credit default swap spreads adjusted for any basis difference between cash and derivative instruments. While most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Government securities: Government securities are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued by principally using dealer quotations. Government securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Loan assignments: Loan assignments are normally valued using an income approach, which projects future cash flows and converts those future cash flows to a present value using a discount rate. The resulting present value reflects the likely fair value of the loan. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise are categorized in Level 3.

Mortgage-backed securities: The fair value of mortgage-backed securities is estimated based on models that consider issuer type, coupon, cash flows, mortgage prepayment projection tables and adjustable rate mortgage evaluations that incorporate index data, periodic life caps and the next coupon reset date. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

Municipal bonds & notes and variable rate notes: The fair value of municipal bonds & notes and variable rate notes is estimated based on models that consider, among other factors, information received from market makers and broker-dealers, current trades, bid-want lists, offerings, market movements, the liquidity of the bond, state of issuance, benchmark yield curves, and bond or note insurance. To the extent the inputs are observable and timely, the values would generally be categorized in Level 2 of the fair value hierarchy; otherwise they are categorized in Level 3.

S-61

Repurchase agreements: Repurchase agreements are valued at cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy.

Rights and warrants: Rights and warrants may be priced intrinsically using a model that incorporates the subscription or strike price, the daily market price for the underlying security, and a subscription ratio. If the inputs are unavailable, or if the subscription or strike price is higher than the market price, then the rights or warrants are priced at zero. Rights or warrants are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Short-term notes: The Funds normally value short-term government and U.S. government agency securities using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers and reference data. Certain securities are valued by principally using dealer quotations. Short-term government and U.S. government agency securities generally are categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

Commercial paper is valued using amortized cost, which approximates fair value. To the extent the inputs are observable and timely, the values are generally categorized in Level 2 of the fair value hierarchy, or Level 3 if inputs are unobservable.

U.S. government agency securities: U.S. government agency securities are comprised of two main categories consisting of agency issued debt and mortgage pass-throughs. Generally, agency issued debt securities are valued in a manner similar to U.S. government securities. Mortgage pass-throughs include to be announced (“TBA”) securities and mortgage pass-through certificates. Generally, TBA securities and mortgage pass-throughs are valued using dealer quotations. Depending on market activity levels and whether quotations or other observable data are used, these securities are typically categorized in Level 2 of the fair value hierarchy; otherwise they would be categorized in Level 3.

Restricted securities (equity and debt): Restricted securities for which quotations are not readily available are valued at fair value as determined in good faith by the Valuation Committee under the supervision of the Funds’ Board. Restricted securities issued by publicly traded companies are generally valued at a discount to similar publicly traded securities. Restricted securities issued by nonpublic entities may be valued by reference to comparable public entities and/or fundamental data relating to the issuer. Depending on the relative significance of observable valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

Derivative instruments: Centrally cleared or listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) derivative contracts include forward, swap, swaption, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of the OTC derivative products are modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of interest rate swap and option contracts. The majority of OTC derivative products valued by the Funds using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy or Level 3 if inputs are unobservable.

NOTE 5 — TAX TREATMENT OF THE FUNDS

Each Destination Fund has elected to be treated as a “regulated investment company” for U.S. federal income tax purposes. For the taxable year that includes the closing date of the Reorganizations and for subsequent taxable periods, the Trust reasonably expects that each Destination Fund will meet the requirements of Subchapter M of the Code for qualification as regulated investment companies and will be eligible to, and will, compute its federal income tax under Section 852 of the Code.

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NOTE 6 — COSTS ASSOCIATED WITH THE REORGANIZATION

The costs of the Reorganizations will be shared equally by TAM, on the one hand, and, subject to certain limits, the Target Funds (and ultimately holders of the Target Funds) on the other in accordance with an allocation methodology approved by the Boards of the Target Funds and Destination Funds. The estimated Fund costs associated with the Reorganizations, which are considered extraordinary expenses of the Funds and, thus, are not subject to the expense limitations of the Funds discussed in Note 3 above, are as follows:


Transamerica Partners Funds Group
Transamerica Partners High Quality Bond:	$	36,458.33
Transamerica Partners Inflation-Protected Securities:	$	36,458.33
Transamerica Partners Large Core:		None
Transamerica Partners Large Growth:	$	36,458.33
Transamerica Partners Large Value:		None
Transamerica Partners Balanced:	$	36,458.33
Transamerica Partners Stock Index:	$	13,257.58
Transamerica Institutional Asset Allocation - Long Horizon:	$	49,715.91
Transamerica Institutional Asset Allocation – Intermediate/Long Horizon:	$	13,257.58
Transamerica Institutional Asset Allocation - Intermediate Horizon:	$	49,715.91
Transamerica Institutional Asset Allocation – Short/Intermediate Horizon:	$	13,257.58
Transamerica Institutional Asset Allocation - Short Horizon:	$	13,257.58

Transamerica Partners Funds Group II
Transamerica Partners Institutional High Quality Bond:		None
Transamerica Partners Institutional Inflation-Protected Securities:		None
Transamerica Partners Institutional Large Core:		None
Transamerica Partners Institutional Large Growth:		None
Transamerica Partners Institutional Large Value:		None
Transamerica Partners Institutional Balanced:		None
Transamerica Partners Institutional Stock Index:	$	13,257.58
Transamerica Asset Allocation – Long Horizon:	$	49,715.91
Transamerica Asset Allocation – Intermediate/Long Horizon:	$	13,257.58
Transamerica Asset Allocation - Intermediate Horizon:	$	49,715.91
Transamerica Asset Allocation – Short/Intermediate Horizon:	$	49,715.91
Transamerica Asset Allocation – Short Horizon:	$	49,715.91

Transamerica Partners Portfolios
Transamerica Partners High Quality Bond Portfolio:	$	39,772.73
Transamerica Partners Inflation-Protected Securities Portfolio:	$	39,772.73
Transamerica Partners Large Core Portfolio:	$	39,772.73
Transamerica Partners Large Growth Portfolio:	$	39,772.73
Transamerica Partners Large Value Portfolio:	$	39,772.73
Transamerica Partners Balanced Portfolio:	$	39,772.73

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PART C

OTHER INFORMATION

Item 15.

Indemnification

Provisions relating to indemnification of the Registrant’s Trustees and employees are included in Registrant’s Declaration of Trust and Bylaws, which are incorporated herein by reference.

Pursuant to Rule 484, insofar as indemnification for liability arising under the Securities Act of 1933 (the “Act”) may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 16.

Exhibits

List all exhibits filed as part of the Registration Statement.

(1)	Amended and Restated Declaration of Trust, filed previously with PEA 212 on December 23, 2015.

(2)	Bylaws, filed previously with PEA 89 on February 28, 2008.

(3)	Not applicable.

(4)	Forms of Agreements and Plans of Reorganization (See Exhibits A and B to the Proxy Statement/Prospectus).

(5)	See Exhibits 1 and 2


(6)		(a)		Management Agreement

(i)

Management Agreement between Registrant and Transamerica Asset Management, Inc. (“TAM”), filed previously with PEA 213 on February 25, 2016.

(ii)

Amended Schedule A to Management Agreement, filed previously with PEA 230 on September 29, 2016.

(iii)

Amended Schedule A to Management Agreement to be filed by subsequent amendment.

(b)

Sub-Advisory Agreements

(i)

Sub-Advisory Agreement between TAM and Jennison Associates LLC, filed previously with PEA 197 on February 27, 2015 (“PEA 197”).

(a)

Amendment to Sub-Advisory Agreement, filed previously with PEA 216 on April 29, 2016.

(b)

Amendment to Sub-Advisory Agreement to be filed by subsequent amendment.


		(ii)		(i)		Sub-Advisory Agreement between TAM and Wellington Management LLP, filed previously with PEA 93 on September 15, 2008.

(a)

Amendment to Sub-Advisory Agreement, filed previously with PEA 213.

(b)

Amendment to Sub-Advisory Agreement, filed previously with PEA 230.

(c)

Amendment to Sub-Advisory Agreement to be filed by subsequent amendment.

(iii)

Sub-Advisory Agreement between TAM and Merganser Capital Management, LLC to be filed by subsequent amendment.

(iv)

Sub-Advisory Agreement between TAM and BlackRock Financial Management, Inc. to be filed by subsequent amendment.

(v)

Sub-Advisory Agreement between TAM and AJO, LP to be filed by subsequent amendment.

(vi)

Sub-Advisory Agreement between TAM and J.P. Morgan Investment Management Inc., filed previously with PEA 72 on November 8, 2005.

(a)

Amendment to Sub-Advisory Agreement, filed previously with PEA 179 on October 30, 2013.

(b)

Amendment to Sub-Advisory Agreement, filed previously with PEA 216.

(c)

Amendment to Sub-Advisory Agreement, filed previously with PEA 230.

(d)

Amendment to Sub-Advisory Agreement to be filed by subsequent amendment.

(vii)

Sub-Advisory Agreement between TAM and Aegon USA Investment Management, LLC, filed previously with PEA 126 on April 29, 2011.

(a)

Amendment to Sub-Advisory Agreement, filed previously with 213.

(b)

Amendment to Sub-Advisory Agreement, filed previously with PEA 216.

(c)

Amendment to Sub-Advisory Agreement, filed previously with PEA 230.

(d)

Amendment to Sub-Advisory Agreement to be filed by subsequent amendment.


(7)	Underwriting Agreement, filed previously with PEA 89.

	(a)	Updated Schedule I to be filed by subsequent amendment.

(8)	Amended and Restated Board Members Deferred Compensation Plan, filed previously with PEA 108 on February 26, 2010.

(9)	Custodian Agreement between Registrant and State Street Bank and Trust Company, filed previously with PEA 126 on April 29, 2011.

	(a)	Amendment to Custody Agreement, filed previously with PEA 167 on December 21, 2012.

	(b)	Amendment to Custody Agreement, filed previously with PEA 170 on February 12, 2013.

	(c)	Amended Appendix A-1 to be filed by subsequent amendment.

(10)	Plan of Distribution under Rule 12b-1

	(a)	Amended and Restated Plan of Distribution under Rule 12b-1, filed previously with PEA 197.

		(i)	Amended Schedule A to be filed by subsequent amendment.

	(b)	Amended and Restated Plan for Multiple Classes of Shares, filed previously with PEA 230.

		(i)	Amended Schedule A to be filed by subsequent amendment.

(11)	Form of Opinion of counsel as to the legality of the securities being registered, filed herein.

(12)(a)	Form of Opinion of counsel as to tax matters relating to the Primary Reorganizations, filed herein.

(12)(b)	Form of Opinion of counsel as to tax matters relating to the Secondary Reorganizations, filed herein.

(13)	(a)	Transfer Agency Agreement between Registrant and TSF, filed previously with PEA 199 on March 30,.

		(i)	Amended Schedule A to be filed by subsequent amendment.

	(b)	Amended and Restated Expense Limitation Agreement between Registrant and TAM, filed previously with PEA 199.

		(i)	Amended Schedules A and B to be filed by subsequent amendment.

	(c)	Master Sub-Administration Agreement between Registrant and State Street Bank and Trust Company, filed previously with PEA 170.

		(i)	Novation Agreement on behalf of Master Sub-Administration Agreement, filed previously with PEA 230.

(14)	Consent of Independent Registered Certified Public Accounting firm, filed herein.

(15)	Not applicable.

(16)(a)	Power of Attorney, filed herein.

(16)(b)	Power of Attorney is incorporated herein by reference to an Exhibit to Post-Effective Amendment No. 545 of the Registration Statement on Form N-1A of BlackRock Funds^SM (File No. 33-26305) filed on February 22, 2016.

(17)	Form of Proxy Card to be filed by subsequent amendment.

All exhibits filed previously are herein incorporated by reference.

Item 17.

(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the 1933 Act, the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

(3) The undersigned Registrant undertakes to file, by post-effective amendment, the final opinion of Morgan Lewis & Bockius LLP supporting the tax consequences of the proposed reorganizations as soon as practicable after the closing of the reorganizations.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Registration Statement on Form N-14 to be signed on its behalf by the undersigned, thereunder duly authorized, in the City of Denver, State of Colorado, on the 14^th day of October, 2016.


TRANSAMERICA FUNDS

By:		/s/ Marijn P. Smit
		Marijn P. Smit
		Trustee, President and Chief Executive Officer

Pursuant to the requirements of the Securities Act of 1933, as amended this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:


/s/ Marijn P. Smit	Trustee, President and Chief Executive Officer	October 14, 2016
Marijn P. Smit	Trustee, President and Chief Executive Officer

/s/ Sandra N. Bane	Trustee	October 14, 2016
Sandra N. Bane*

/s/ Leo J. Hill	Trustee	October 14, 2016
Leo J. Hill*

/s/ David W. Jennings	Trustee	October 14, 2016
David W. Jennings*

/s/ Russell A. Kimball, Jr.	Trustee	October 14, 2016
Russell A. Kimball, Jr.*

/s/ Patricia L. Sawyer	Trustee	October 14, 2016
Patricia L. Sawyer*

/s/ John W. Waechter	Trustee	October 14, 2016
John W. Waechter*

/s/ Alan F. Warrick	Trustee	October 14, 2016
Alan F. Warrick*

/s/ Vincent J. Toner	Vice President and Treasurer	October 14, 2016
Vincent J. Toner


* By:	/s/ Tané T. Tyler	Vice President, Associate General Counsel, Chief Legal Officer and Secretary	October 14, 2016
	Tané T. Tyler**

**	Attorney-in-fact pursuant to powers of attorney filed herein.

SIGNATURES

This Registration Statement contains certain disclosures regarding S&P 500 Index Master Portfolio (the “Portfolio”), a series of Master Investment Portfolio (the “Trust”). The Trust has, subject to the next sentence, duly caused this Registration Statement on Form N-14 of the Transamerica Funds (the “Registrant”) to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York and the State of New York on October 14, 2016. The Trust is executing this Registration Statement only in respect of the disclosures contained herein specifically describing the Trust and the Portfolio and hereby disclaims any responsibility or liability as to any other disclosures in this Registration Statement.


MASTER INVESTMENT PORTFOLIO
S&P 500 INDEX MASTER PORTFOLIO

By:		/s/ John M. Perlowski
		John M. Perlowski
		President and Chief Executive Officer

This Registration Statement on Form N-14 of the Registrant has been signed below by the following persons, solely in the capacities indicated and subject to the next sentence on October 14, 2016. Each of the following persons is signing this Registration Statement only in respect of the disclosures contained herein specifically describing the Trust and the Portfolio and hereby disclaims any responsibility or liability as to any other disclosures in this Registration Statement.


/s/ John M. Perlowski	Trustee, President and Chief Executive Officer	October 14, 2016
John M. Perlowski	Trustee, President and Chief Executive Officer

/s/ Neal J. Andrews	Chief Financial Officer	October 14, 2016
Neal J. Andrews

/s/ David O. Beim	Trustee	October 14, 2016
David O. Beim*

/s/ Susan J. Carter	Trustee	October 14, 2016
Susan J. Carter*

/s/ Collette Chilton	Trustee	October 14, 2016
Collette Chilton*

/s/ Neil A. Cotty	Trustee	October 14, 2016
Neil A. Cotty*

/s/ Dr. Matina S. Horner	Trustee	October 14, 2016
Dr. Matina S. Horner*

/s/ Rodney D. Johnson	Trustee	October 14, 2016
Rodney D. Johnson*

/s/ Cynthia A. Montgomery	Trustee	October 14, 2016
Cynthia A. Montgomery*

/s/ Joseph P. Platt, Jr.	Trustee	October 14, 2016
Joseph P. Platt, Jr.*

/s/ Robert C. Robb, Jr.	Trustee	October 14, 2016
Robert C. Robb, Jr.*

/s/ Mark Stalnecker	Trustee	October 14, 2016
Mark Stalnecker*

/s/ Kenneth L. Urish	Trustee	October 14, 2016
Kenneth L. Urish*


/s/ Claire A. Walton	Trustee	October 14, 2016
Claire A. Walton*

/s/ Frederick W. Winter	Trustee	October 14, 2016
Frederick W. Winter*

/s/ Barbara G. Novick	Trustee	October 14, 2016
Barbara G. Novick*


* By:		/s/ Ben Archibald
Ben Archibald (Attorney-in-Fact)**

**	As Attorney-in-Fact pursuant to power of attorney incorporated herein by reference to an Exhibit to Post-Effective Amendment No. 545 of the Registration Statement on Form N-1A of BlackRock Funds^SM (File No. 33-26305) filed on February 22, 2016.

WASHINGTON, DC 20549

SECURITIES AND EXCHANGE COMMISSION

Exhibits Filed With

Registration Statement on

Form N-14

Transamerica Funds

EXHIBIT INDEX


Exhibit Number		Description of Exhibit

(11)		Opinion of counsel as to the legality of the securities being registered

(12)(a)		Form of Opinion of counsel as to tax matters relating to the Primary Reorganizations

(12)(b)		Form of Opinion of counsel as to tax matters relating to the Secondary Reorganizations

(14)		Consent of Independent Registered Certified Public Accounting Firm

(16)(a)		Power of Attorney