TRANSAMERICAFUNDS

Transamerica International Equity TransamericaInternationalSmallCapValue Transamerica Mid Cap Value Opportunities Transamerica Multi-Asset Income Transamerica Small/Mid Cap Value

SupplementtotheCurrentlyEffectiveProspectuses,SummaryProspectuses and Statements of Additional Information

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Thompson, Siegel & Walmsley LLC (“TSW”) is the sub-adviser to Transamerica International Equity, Transamerica International Small Cap Value, Transamerica Mid Cap Value Opportunities, Transamerica Multi- Asset Income and Transamerica Small/Mid Cap Value (each, a “fund” and together, the “funds”) pursuant to an investment sub-advisory agreement between Transamerica Asset Management, Inc. (“TAM”), each fund’s investmentmanager,andTSWdatedJanuary23,2023thatwasrecentlyapprovedbytheBoardofTrusteesofthe funds.

On January 23, 2023, Perpetual Limited acquired 100% of the business of Pendal Group Limited, formerly the indirect equity owner of TSW.This transaction constituted an “assignment” of the prior investment sub-advisory agreement between TAM and TSW within the meaning the Investment Company Act of 1940, as amended (the “1940Act”).Aninvestmentadvisoryagreementautomaticallyterminatesuponitsassignmentunderthe1940Act.

Each fund’s investment objective, principal investment strategies, principal risks, portfolio managers, investment manager and investment management and sub-advisory fee schedules remain the same.

Effectiveimmediately,thefollowingreplacestheinformationrelatingtoTSWintheProspectusesinthesub-section entitled “Further Information About Each Sub-Adviser” under the section entitled “Shareholder Information – Sub-Adviser(s)”:

Thompson, Siegel & Walmsley LLC is an indirect wholly-owned subsidiary of Perpetual Limited. Thompson, Siegel&WalmsleyLLChasbeenaregisteredinvestmentadvisersince1970.AsofDecember31,2022,Thompson, Siegel & Walmsley LLC had approximately $19.4 billion in total assets under management.

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InvestorsShouldRetainthisSupplementforFutureReference

January24,2023