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<b>TRANSAMERICA PARTNERS CORE BOND</b>
315
<b>Investment Objective: </b>
Seeks to achieve maximum total return.
547
<b>Fees and Expenses: </b>
1213
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
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<b>Investment Objective:</b>
Seeks to provide a high level of current income.
<b>Fees and Expenses:</b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
<b>TRANSAMERICA PARTNERS HIGH YIELD BOND</b>
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
<b>Shareholder Fees (fees paid directly from your investment)</b>
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<b>Example: </b>
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
112
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Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing</b> – The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Credit</b> – If an issuer or guarantor 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 credit quality or value of any underlying assets declines, the value of your investment will decline. Below investment grade, high-yield debt securities (commonly known as "junk bonds") have a higher risk of default or are already in 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Currency</b> – The value of the fund's securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives</b> – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses</b> – Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Extension</b> – If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Fixed-Income Securities</b> – The market prices of fixed-income securities may fall 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. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Foreign Investments</b> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Inflation-Protected Securities</b> – 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Interest Rate</b> – Interest rates may go up, causing the value of the fund's investments to decline. Interest rates in the U.S. have recently been historically low. 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Liquidity</b> – Some securities held by the fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the fund may be forced to sell at a loss. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Loans</b> – 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. The fund's investments in loans are also subject to prepayment or call risk. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager</b> – The sub-adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market</b> – The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Mortgage-Related and Asset-Backed Securities</b> – 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Portfolio Selection</b> – The value of your investment may decrease if the sub-adviser's judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Prepayment or Call</b> – 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 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>U.S. Government Agency Obligations</b> – 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 United States 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. Although the U.S. government has provided financial support to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) in the past, there can be no assurance that it will support these or other government sponsored entities in the future. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Valuation</b> – 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 or that are valued using a fair value methodology. </blockquote></li></ul>
<b>TRANSAMERICA PARTNERS HIGH QUALITY BOND</b>
<b>Investment Objective:</>
Seeks to provide a high risk-adjusted return while focusing on the preservation of capital.
<b>Fees and Expenses:</b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
<b>Shareholder Fees (fees paid directly from your investment)</b>
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
<b>Portfolio Turnover:</b>
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the underlying master fund in which the fund invests was 68% of the average value of its portfolio.
<b>Example:</b>
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<b>Principal Investment Strategies:</b>
The fund invests in securities through an underlying master fund having the same investment goals and strategies.<br/><br/>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.<br/><br/> 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.<br/><br/> 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.<br/><br/> 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.<br/><br/> The fund may use derivatives such as options, futures, swaps and forward currency contracts. The fund generally uses derivatives to attempt to alter investment characteristics of the portfolio, but they also may be used to generate income.<br/><br/> Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.
<B>Principal Risks:</b>
<b>Principal Investment Strategies:</b>
The fund invests in securities through an underlying master fund having the same investment goals and strategies.<br/><br/> The fund normally invests primarily in high-yielding, income producing debt securities, such as debentures and notes, loan participations, and in convertible and non-convertible preferred stocks. 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-yield bonds and other investments with similar economic characteristics.<br/><br/> High-yield securities usually are debt securities that are below-investment grade, commonly referred to as "junk bonds." Below-investment grade debt securities offer yields that fluctuate over time, but that generally are superior to the yields offered by higher-rated securities. However, these securities also involve significantly greater risks, including price volatility and risk of default in the payment of interest and principal, than higher-rated securities. The fund considers securities rated BB or lower by Standard & Poor's and Fitch and Ba or lower by Moody's (and unrated securities of comparable quality as determined by the fund's sub-adviser) to be high-yield securities. The fund may hold securities that are unrated or rated in the lowest rating categories (D by Standard & Poor's or C by Moody's). Bonds rated D by Standard & Poor's are in payment default or a bankruptcy petition has been filed and debt service payments are jeopardized. Bonds rated C by Moody's are regarded as having extremely poor prospects of ever attaining any real investment standing.<br/><br/> The fund may invest a portion of its assets in foreign securities, which are predominantly U.S. dollar denominated. With respect to non-dollar denominated securities, the fund may hedge currency fluctuations by entering into options on futures contracts, forward foreign currency contracts and options on foreign currencies.<br/><br/> The fund's investments are actively managed and securities may be bought and sold on a daily basis. The sub-adviser's staff monitors the credit quality of securities held by the fund and other securities available to the fund. Although the sub-adviser considers security ratings when making investment decisions, it performs its own credit and investment analysis utilizing various methodologies including "bottom up/top down" analysis and consideration of macroeconomic and technical factors, and does not rely primarily on the ratings assigned by the rating services. The portfolio managers attempt to improve yield and preserve and enhance principal value through timely trading. The portfolio managers also consider the relative value of securities in the marketplace in making investment decisions.<br/><br/> The fund may also invest in (i) securities that are in default or in bankruptcy, (ii) securities that pay no interest, deferred interest or interest in the form of additional debt securities, and (iii) interests in senior floating rate loans of domestic or foreign borrowers and in secured and unsecured subordinated loans, second lien loans, and subordinated bridge loans.<br/><br/> The fund may use derivatives such as swaps and forward currency contracts. The fund generally uses derivatives to attempt to alter investment characteristics of the portfolio, but they also may be used to generate income.<br/><br/> Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.
<b>Principal Risks: </b>
0.0764
0.0422
0.0595
0.0603
<b>TRANSAMERICA PARTNERS INTERNATIONAL EQUITY</b>
<b>Investment Objective:</b>
Seeks to provide a high level of long-term capital appreciation through investments in a diversified portfolio of securities of foreign issuers.
<b>Fees and Expenses:</b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
<b>Shareholder Fees (fees paid directly from your investment)</b>
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Active Trading –</b> 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 be subject to tax at ordinary income tax rates upon distribution.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing –</b> The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>CFTC Regulation –</b> The Investment Adviser has registered as a "commodity pool operator" under the Commodity Exchange Act with respect to its service as investment adviser to the fund. However, as a result of proposed rulemaking by the Commodity Futures Trading Commission ("CFTC") that has not yet been adopted, the Investment Adviser is not yet subject to CFTC recordkeeping, reporting and disclosure requirements with respect to the fund, and therefore the impact of these requirements remains uncertain. When the Investment Adviser becomes subject to these requirements, as well as related National Futures Association rules, the fund may incur additional compliance and other expenses.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Credit –</b> If an issuer or guarantor 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 credit quality or value of any underlying assets declines, the value of your investment will decline. Below investment grade, high-yield debt securities (commonly known as "junk bonds") have a higher risk of default or are already in 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Currency –</b> The value of the fund's securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives –</b> Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses –</b> Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Extension –</b> If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Fixed-Income Securities –</b> The market prices of fixed-income securities may fall 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. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Foreign Investments –</b> Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>High-Yield Debt Securities –</b> High-yield debt securities, commonly referred to as "junk bonds," are securities that are rated below "investment grade" (that is, securities rated below Baa/BBB) 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Inflation-Protected Securities –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Interest Rate –</b> Interest rates may go up, causing the value of the fund's investments to decline. Interest rates in the U.S. have recently been historically low. 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Liquidity –</b> Some securities held by the fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the fund may be forced to sell at a loss.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Loans –</b> 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. The fund's investments in loans are also subject to prepayment or call risk.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager –</b> The sub-adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market –</b> The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Mortgage-Related and Asset-Backed Securities –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Portfolio Selection –</b> The value of your investment may decrease if the sub-adviser's judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Prepayment or Call –</b> 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 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Valuation –</b> 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 or that are valued using a fair value methodology.</blockquote></li></ul>
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing – </b>The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Convertible Securities –</b> Convertible securities share investment characteristics of both fixed income and equity securities. However, the value of these securities tends to vary more with fluctuations in the value of the underlying common stock than with fluctuations in interest rates. The value of convertible securities also tends to exhibit lower volatility than the underlying common stock. Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The fund could lose money if the issuer of a convertible security is unable to meet its financial obligations or goes bankrupt.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Credit –</b> If an issuer or guarantor 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 credit quality or value of any underlying assets declines, the value of your investment will decline. Below investment grade, high-yield debt securities (commonly known as "junk bonds") have a higher risk of default or are already in 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Currency – </b>The value of the fund's securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives – </b>Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Distressed or Defaulted Securities – </b>Investments in defaulted securities and obligations of distressed issuers, including securities that are, or may be, involved in reorganizations or other financial restructurings, either out of court or in bankruptcy, involve substantial risks and are considered speculative. The fund may suffer significant losses if the reorganization or restructuring is not completed as anticipated. The fund will generally not receive interest payments on the distressed securities and may incur costs to protect its investment. Repayment of defaulted securities and obligations of distressed issuers is subject to significant uncertainties.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses – </b>Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Extension – </b>If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Fixed-Income Securities – </b>The market prices of fixed-income securities may fall 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. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Foreign Investments – </b>Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>High-Yield Debt Securities – </b>High-yield debt securities, commonly referred to as "junk bonds," are securities that are rated below "investment grade" (that is, securities rated below Baa/BBB) 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Interest Rate – </b>Interest rates may go up, causing the value of the fund's investments to decline. Interest rates in the U.S. have recently been historically low. 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Liquidity – </b>Some securities held by the fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the fund may be forced to sell at a loss.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Loans – </b>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. The fund's investments in loans are also subject to prepayment or call risk.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager – </b>The sub-adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market – </b>The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Portfolio Selection – </b>The value of your investment may decrease if the sub-adviser's judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Preferred Stock – </b>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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Prepayment or Call – </b>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 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Valuation – </b>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 or that are valued using a fair value methodology. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Zero Coupon, Deferred Interest, Pay-In-Kind and Capital Appreciation Bonds – </b>These bonds are issued at a discount from their face value because interest payments are typically postponed until maturity. The market prices of these securities generally are more volatile than the market prices of interest-bearing securities and are likely to respond to a greater degree to changes in interest rates than interest-bearing securities having similar maturities and credit quality.</blockquote></li></ul>
<b>Performance:</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance. Absent any limitation of the fund’s expenses, total returns would be lower. <br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
<b>Example:</b>
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<b>Portfolio Turnover:</b>
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the underlying master fund in which the fund invests was 23% of the average value of its portfolio.
<b>Principal Investment Strategies:</b>
The fund invests in securities through an underlying master fund having the same investment goals and strategies.<br/><br/>Under normal circumstances, the fund invests at least 75% of its net assets in foreign securities or depositary receipts of foreign securities. The fund considers foreign securities to be securities of issuers that, in the opinion of the fund's sub-adviser, have their principal activities outside the United States or whose securities are traded primarily outside the United States. The fund invests in equity securities of issuers in at least three countries other than the United States. The fund may invest in securities of issuers in developing countries. 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 and other investments with similar economic characteristics. The fund may also invest in any type or quality of debt securities, including lower-rated securities, and may enter into forward currency exchange contracts for hedging purposes.<br/><br/>The fund may invest in companies of any size, but typically invests primarily in the large and middle range of public company market capitalizations (i.e., companies with market capitalizations of $2 billion or more at the time of purchase). The fund may also invest in partnership interests. The fund's sub-adviser invests on an opportunistic basis, where the sub-adviser believes there is intrinsic value. The portfolio typically includes basic value stocks and stocks that, in the sub-adviser's opinion, provide value in a broader or different context, including the stocks of companies with consistent earnings characteristics and those of emerging franchises, when these issues are value priced. Securities are sold when the fund needs cash to meet redemptions, or when the sub-adviser believes that better opportunities exist or that particular securities no longer fit within the overall strategy for achieving the fund's goal.<br/><br/>The fund may use derivatives such as options, futures, swaps and forward currency contracts. The fund generally uses derivatives to attempt to alter investment characteristics of the portfolio, but they also may be used to generate income.<br/><br/>Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.
<b>Principal Risks:</b>
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing –</b> The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Currency –</b> The value of the fund's securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Currency Hedging –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives –</b> Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Emerging Markets</b> – 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. Low trading volumes may result in a lack of liquidity and in extreme price volatility.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Equity Securities –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses –</b> Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Fixed-Income Securities –</b> The market prices of fixed-income securities may fall 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. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Foreign Investments –</b> Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Growth Stocks –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>High-Yield Debt Securities –</b> High-yield debt securities, commonly referred to as "junk bonds," are securities that are rated below "investment grade" (that is, securities rated below Baa/BBB) 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager –</b> The sub-adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market –</b> The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Portfolio Selection –</b> The value of your investment may decrease if the sub-adviser's judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Small and Medium Capitalization Companies –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Value Investing –</b> 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.</blockquote></li></ul>
<b>Performance:</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
<b>Annual Total Returns (calendar years ended December 31)</b>
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualTotalReturnsTransamericaPartnersInternationalEquityBarChart column period compact * ~</div>
<b>Performance:</b>
May 1, 2017
0.23
<b>You may lose money if you invest in this fund.</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.
1-888-233-4339
www.transamericapartners.com
As with all mutual funds, past performance is not a prediction of future results.
Best Quarter:
2009-06-30
0.2363
<b>Annual Total Returns (calendar years ended December 31)</b>
Worst Quarter:
2008-12-31
-0.2434
<b>TRANSAMERICA PARTNERS INFLATION-PROTECTED SECURITIES</b>
<b>Investment Objective:</b>
Seeks maximum real return consistent with the preservation of capital.
<b>Fees and Expenses:</b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
<b>Shareholder Fees (fees paid directly from your investment)</b>
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
<b>Portfolio Turnover:</b>
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the underlying master fund in which the fund invests was 103% of the average value of its portfolio.
<b>Example:</b>
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<b>Principal Investment Strategies:</b>
The fund invests in securities through an underlying master fund having the same investment goals and strategies.<br/><br/>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.<br/><br/>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.<br/><br/>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.<br/><br/>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, 2013, the duration of the index was 8.07 years. The fund may invest in securities of any maturity.<br/><br/>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.<br/><br/>The fund may use derivatives such as options, futures, swaps and forward currency contracts. The fund generally uses derivatives to attempt to alter investment characteristics of the portfolio, but they also may be used to generate income.<br/><br/>Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.
<b>Principal Risks:</b>
<b>Performance:</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.<br/><br/>Prior to May 1, 2007, the fund had a different sub-adviser, a different investment objective and used different investment strategies. The performance set forth prior to that date is attributable to a previous sub-adviser.
<b>Annual Total Returns (calendar years ended December 31)</b>
0
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
0
0.0075
0.0025
0.0043
0.0143
May 1, 2017
1.03
-0.0003
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
0.014
<b>You may lose money if you invest in this fund.</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.
1-888-233-4339
www.transamericapartners.com
As with all mutual funds, past performance is not a prediction of future results.
Best Quarter:
2007-12-31
0.0527
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
Worst Quarter:
2008-09-30
-0.0426
143
443
769
1702
0.3287
0.1898
0.1067
0.2722
0.2665
0.1107
0.0994
-0.5025
0.0291
0.2607
0.1133
0.1425
0.0157
-0.1401
-0.2931
0.5618
0.1665
0.1525
0.044
0.1455
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
<b>Annual Total Returns (calendar years ended December 31)</b>
<b>Average Annual Total Returns (periods ended December 31, 2012) </b>
0.1665
0.1739
May 1, 2017
-0.0639
-0.0244
0.68
0.0587
0.1022
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
1996-01-19
<b>You may lose money if you invest in this fund.</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.
1-888-233-4339
www.transamericapartners.com
As with all mutual funds, past performance is not a prediction of future results.
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualTotalReturnsTransamericaPartnersHighQualityBondBarChart column period compact * ~</div>
0.1558
0.1455
0.1001
0.0876
0.1039
0.0949
1996-01-30
0
0
0.0035
0.0025
0.0043
0.0496
0.0518
0.0103
-0.0003
0.01
<b>Portfolio Turnover:</b>
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance. <br/><br/>During the most recent fiscal year, the portfolio turnover rate for the underlying master fund in which the fund invests was 102% of the average value of its portfolio.
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
May 1, 2017
1.02
<b>You may lose money if you invest in this fund.</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.
As with all mutual funds, past performance is not a prediction of future results.
www.transamericapartners.com
1-888-233-4339
Best Quarter:
2009-06-30
0.2307
Worst Quarter:
2008-12-31
0
-0.2198
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleShareholderFeesTransamericaPartnersLargeCore column period compact * ~</div>
0
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualFundOperatingExpensesTransamericaPartnersLargeCore column period compact * ~</div>
0.006
0.0025
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2007</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">5.27% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">09/30/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-4.26% </td></tr></table>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleExpenseExampleTransposedTransamericaPartnersLargeCore column period compact * ~</div>
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<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualFundOperatingExpensesTransamericaPartnersHighYieldBond column period compact * ~</div>
0.0043
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedTransamericaPartnersLargeCore column period compact * ~</div>
0.0128
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleExpenseExampleTransposedTransamericaPartnersHighYieldBond column period compact * ~</div>
-0.0013
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualTotalReturnsTransamericaPartnersHighYieldBondBarChart column period compact * ~</div>
0.0115
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedTransamericaPartnersHighYieldBond column period compact * ~</div>
0.2359
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">06/30/2009</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">23.63% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-24.34% </td></tr></table>
0.1023
0.0655
0.1122
<b>TRANSAMERICA PARTNERS LARGE CORE</b>
<b>Investment Objective:</b>
1994-07-05
0.016
Seeks to provide capital appreciation and current income.
-0.3703
<b>Fees and Expenses:</b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
0.2269
<b>Shareholder Fees (fees paid directly from your investment)</b>
0.1124
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
0.0298
<b>Example:</b>
0.1668
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<b>Portfolio Turnover:</b>
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the underlying master fund in which the fund invests was 54% of the average value of its portfolio.
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">06/30/2009</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">23.07% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-21.98% </td></tr></table>
<b>Principal Investment Strategies:</b>
<b>Principal Risks:</b>
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing –</b> The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Currency –</b> The value of the fund's securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives –</b> Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Equity Securities –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses –</b> Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Fixed-Income Securities –</b> The market prices of fixed-income securities may fall 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. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Growth Stocks –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager –</b> The sub-adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market –</b> The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Portfolio Selection –</b> The value of your investment may decrease if the sub-adviser's judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Preferred Stock –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Small and Medium Capitalization Companies –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Value Investing –</b> 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.</blockquote></li></ul>
<b>Performance: </b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
<b>Annual Total Returns (calendar years ended December 31)</b>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">06/30/2009</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">14.49% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-21.41% </td></tr></table>
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
117
365
648
1495
0.1668
0.1642
0.16
0.0064
0.0192
0.0166
0.0541
0.0752
0.071
1994-07-05
May 1, 2017
0.54
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
<b>You may lose money if you invest in this fund.</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices.
1-888-233-4339
www.transamericapartners.com
As with all mutual funds, past performance is not a prediction of future results.
Best Quarter:
2009-06-30
0.1449
Worst Quarter:
2008-12-31
-0.2141
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">06/30/2009 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">3.50% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">09/30/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-1.66% </td></tr></table>
102
318
556
1248
0.0097
0.0102
0.0066
0.0292
0.0948
-0.0266
0.0933
0.0559
0.1167
0.0643
0.0643
0.0698
0.0596
0.0704
0.0445
0.0665
1996-02-22
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualTotalReturnsTransamericaPartnersInflation-ProtectedSecuritiesBarChart column period compact * ~</div>
<b>TRANSAMERICA PARTNERS BALANCED</b>
<b>Investment Objective:</b>
Seeks to provide a high total investment return through investments in a broadly diversified portfolio of stocks, bonds and money market instruments.
<b>Fees and Expenses:</b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
<b>Shareholder Fees (fees paid directly from your investment)</b>
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
<b>TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION – INTERMEDIATE/LONG HORIZON </b>
<b>Investment Objective:</b>
<b>TRANSAMERICA PARTNERS MID VALUE</B>
<b>Investment Objective:</b>
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 a high total investment return through investments primarily in a diversified portfolio of common stocks.
<b>Fees and Expenses:</b>
<b>Fees and Expenses:</b>
<b>Shareholder Fees (fees paid directly from your investment)</b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
<b>Shareholder Fees (fees paid directly from your investment)</b>
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
<b>Example:</b>
0.53
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
<b>You may lose money if you invest in this fund.</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices.
1-888-233-4339
www.transamericapartners.com
As with all mutual funds, past performance is not a prediction of future results.
<b>Portfolio Turnover:</b>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleShareholderFeesTransamericaInstitutionalAssetAllocation-LongHorizon column period compact * ~</div>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualFundOperatingExpensesTransamericaInstitutionalAssetAllocation-LongHorizon column period compact * ~</div>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleExpenseExampleTransposedTransamericaInstitutionalAssetAllocation-LongHorizon column period compact * ~</div>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedTransamericaInstitutionalAssetAllocation-LongHorizon column period compact * ~</div>
Best Quarter:
2012-03-31
0.1833
Worst Quarter:
2008-12-31
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the fund was 76% of the average value of its portfolio.
-0.2287
<b>Principal Investment Strategies:</b>
<b>TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION – SHORT/INTERMEDIATE HORIZON</b>
<b>Investment Objective:</b>
Seeks to achieve reasonable returns with considerably less than average volatility as compared to other balanced funds.
<b>Fees and Expenses:</b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
<b>Shareholder Fees (fees paid directly from your investment)</b>
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
<b>Example:</b>
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<b>Portfolio Turnover:</b>
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/> During the most recent fiscal year, the portfolio turnover rate for the fund was 95% of the average value of its portfolio.
<b>Principal Investment Strategies:</b>
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
<b>Example:</b>
Transamerica Institutional Asset Allocation – Short/Intermediate Horizon invests in a combination of Transamerica Partners funds ("underlying funds"). Transamerica Asset Management, Inc. (the "Investment Adviser") selects the combination and amount of underlying funds to invest in based on the fund's investment objective.<br/><br/> 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 Adviser'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 Adviser 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.<br/><br/> <div style="TEXT-ALIGN: Left; WIDTH: 100%"> <table style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; MARGIN-TOP: 6pt; WIDTH: 97.62%; BORDER-COLLAPSE: collapse; EMPTY-CELLS: show; MARGIN-LEFT: auto; BORDER-TOP: #000000 1pt solid; MARGIN-RIGHT: auto; BORDER-RIGHT: #000000 1pt solid" cellspacing="0" cellpadding="0"> <tr> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; padding-bottom: 3pt; width: 62.8%; padding-right: 6pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid; padding-top: 3pt;"> </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 36.21%; font-family: Arial; font-size: 11pt; vertical-align: bottom; font-weight: bold;" colspan="3">Normal Approximate Allocations </td></tr> <tr> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; padding-bottom: 3pt; width: 62.8%; padding-right: 6pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid; padding-top: 3pt;"> </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.27%; font-family: Arial; font-size: 11pt; vertical-align: bottom; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid;">Bond Funds </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.56%; font-family: Arial; font-size: 11pt; vertical-align: bottom; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid;">Stock Funds </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 11.38%; font-family: Arial; font-size: 11pt; vertical-align: bottom; font-weight: bold;">Money Market Fund </td></tr> <tr> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; padding: 3pt 6pt; line-height: 14pt; width: 69.8%; font-family: Times; font-size: 11pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid;">Short/Intermediate Horizon </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.27%; font-family: Times; font-size: 11pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid;">69.8% </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.56%; font-family: Times; font-size: 11pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid;">30% </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 11.38%; font-family: Times; font-size: 11pt; vertical-align: bottom;">0.2% </td></tr></table></div><br/><br/> 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.<br/><br/> 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.<br/><br/> Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleExpenseExampleTransposedTransamericaInstitutionalAssetAllocation-IntermediateHorizon column period compact * ~</div>
<b>Principal Risks:</b>
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/> During the most recent fiscal year, the portfolio turnover rate for the underlying master fund in which the fund invests was 71% of the average value of its portfolio.
<b>Portfolio Turnover:</b>
<b>Principal Risks:</b>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleShareholderFeesTransamericaPartnersStockIndex column period compact * ~</div>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualFundOperatingExpensesTransamericaPartnersStockIndex column period compact * ~</div>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleExpenseExampleTransposedTransamericaPartnersStockIndex column period compact * ~</div>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedTransamericaPartnersStockIndex column period compact * ~</div>
<b>TRANSAMERICA PARTNERS MID GROWTH</b>
<b>Principal Investment Strategies:</b>
<b>Investment Objective:</b>
<b>Performance:</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
Seeks to provide a high total investment return through investments primarily in a diversified portfolio of common stocks.
<b>Annual Total Returns (calendar years ended December 31)</b>
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
<b>Fees and Expenses: </b>
<b>TRANSAMERICA PARTNERS MONEY MARKET</b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
<b>Investment Objective:</b>
<b>Shareholder Fees (fees paid directly from your investment)</b>
0
0
Seeks to provide liquidity and as high a level of income as is consistent with the preservation of capital.
0
0.001
0
0
<b>Fees and Expenses:</b>
0
0.0081
0.0091
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
<b>Shareholder Fees (fees paid directly from your investment)</b>
0.004
0
0.0025
0
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
0.0007
<b>TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION – SHORT HORIZON</b>
The fund invests in securities through an underlying master fund having the same investment goals and strategies.<br /><br /> The fund invests primarily in stocks of medium sized companies that the fund's sub-advisers believe have below market valuations and present an opportunity for earnings improvement. 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 medium sized (or mid-cap) companies and other investments with similar economic characteristics. The fund considers mid-cap companies to be companies with market capitalizations that, at the time of initial purchase, are within the range of capitalization of the companies that are included in the Russell Midcap<sup>®</sup> Value Index<sup>1</sup>. As of March 31, 2013, the market capitalizations of companies in the Russell Midcap<sup>®</sup> Value Index ranged from approximately $389 million to $30.5 billion. Over time, the capitalizations of the companies in the Index will change. As they do, the size of the companies in which the fund invests may change.<br/><br/> 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 master limited partnerships (MLPs), although their use will not be a principal investment strategy. The fund may also invest in foreign securities and real estate investment trusts (REITs).<br/><br/> Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.<br/><br/> <sup>1</sup> Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group.
0.0072
-0.0007
<b>Principal Risks:</b>
0.0065
<b>Example:</b>
<b>Investment Objective:</b>
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
0.001
0
Seeks to provide a high level of income and preservation of capital.
0
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualFundOperatingExpensesTransamericaPartnersSmallValue column period compact * ~</div>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleExpenseExampleTransposedTransamericaPartnersSmallValue column period compact * ~</div>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedTransamericaPartnersSmallValue column period compact * ~</div>
<b>Principal Investment Strategies:</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices. Absent any limitation of the fund’s expenses, total returns would be lower. <br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
0.0075
<b>Fees and Expenses:</b>
0.0085
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
0
0
<b>Shareholder Fees (fees paid directly from your investment)</b>
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
66
208
371
866
<b>Example:</b>
87
0.0084
271
0.0025
471
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
0.0058
1049
0.0167
0.124
-0.0012
0.0634
0.0155
0.0366
<b>Portfolio Turnover:</b>
0.0734
0.0554
-0.1768
0.1888
0.108
0.0291
0.0993
93
290
504
1120
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the fund was 110% of the average value of its portfolio.
0.2785
0.1019
0.0424
0.1516
<b>Principal Investment Strategies:</b>
0.0482
0.1639
-0.3738
0.0813
0.2586
<b>Principal Risks:</b>
0.0473
0.092
0.1444
0.0549
0.0146
0.1536
The fund invests in securities through an underlying master fund having the same investment goals and strategies.<br/><br/>The fund's sub-adviser, AEGON USA Investment Management, LLC (the "sub-adviser"), invests the fund's assets in high quality, U.S. dollar-denominated short-term money market instruments. These instruments include:<ul type="square"><li style="margin-left:-20px"><blockquote>short-term U.S. government obligations, corporate bonds and notes, bank obligations (such as certificates of deposit and bankers' acceptances), commercial paper, asset-backed securities and repurchase agreements</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>obligations issued or guaranteed by the U.S. and foreign governments and their agencies and instrumentalities</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote>obligations of U.S. and foreign banks, or their foreign branches, and U.S. savings banks</blockquote></li></ul>The fund may invest without limit in obligations of U.S. banks. The fund does not maintain a stable net asset value of $1.00 per share.<br/><br/>Bank obligations purchased for the fund are limited to U.S. or foreign banks with total assets of $1.5 billion or more. Similarly, savings association obligations purchased for the fund are limited to U.S. savings association obligations issued by U.S. savings banks with total assets of $1.5 billion or more. Foreign securities purchased for the fund must be U.S. dollar-denominated and issued by foreign governments, agencies or instrumentalities, or banks that meet the minimum $1.5 billion capital requirement. These foreign obligations must also meet the same quality requirements as U.S. obligations.<br/><br/>The fund will enter into repurchase agreements only with financial institutions that the sub-adviser determines are creditworthy. A financial institution must furnish collateral to the fund at least equal in value to the amount of its repurchase obligation. This collateral generally consists of U.S. government securities, but may also consist of non-U.S. government securities including securities that could not be held by the fund without the seller's repurchase commitment. When the fund enters into a repurchase agreement with collateral that it could not otherwise hold, the fund takes on additional credit and other risks. The sub-adviser is responsible for ensuring that each repurchase agreement is eligible for purchase by the fund.<br/><br/>As a money market fund, the fund must follow strict rules as to the credit quality, diversification, liquidity and maturity of its investments. Each security, at the time of purchase by the fund, has been determined by the sub-adviser to present minimal credit risk. Where required by these rules, the fund's sub-adviser or Board will decide whether the security should be held or sold in the event of credit downgrades or certain other events occurring after purchase.
<b>Investment Objective:</b>
Seeks to provide a high level of capital appreciation through investments in a diversified portfolio of common stocks of small to medium size companies.
<b>Fees and Expenses:</b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
<b>Shareholder Fees (fees paid directly from your investment)</b>
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
158
<b>Example:</b>
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
490
859
<b>Portfolio Turnover:</b>
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the underlying master fund in which the fund invests was 59% of the average value of its portfolio.
1932
<b>Principal Investment Strategies:</b>
<b>Principal Risks:</b>
0.1536
0.16
<b>Principal Risks:</b>
0.0109
0.0166
<b>Performance:</b>
0.0647
0.071
<b>Annual Total Returns (calendar years ended December 31)</b>
1999-03-10
<b>Average Annual Total Returns (periods ended December 31, 2012) </b>
-0.2497
0.2136
0.1268
0.0073
0.114
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
0.114
0.16
0.0422
0.1103
<b>You may lose money if you invest in this fund.</b>
0.386
0.0286
0.0166
0.0595
0.0386
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices.
0.1121
0.0574
0.071
0.0518
0.0682
<b>TRANSAMERICA PARTNERS LARGE GROWTH</b>
-0.0011
1-888-233-4339
<b>Investment Objective:</b>
www.transamericapartners.com
2000-09-11
0.0803
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.
As with all mutual funds, past performance is not a prediction of future results.
<b>Fees and Expenses:</b>
0.0794
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
-0.3831
0.3201
Best Quarter:
2003-06-30
0.2489
<b> Portfolio Turnover:</b>
-0.0705
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the underlying master fund in which the fund invests was 53% of the average value of its portfolio.
0.2012
0.0063
Worst Quarter:
<b>Example:</b>
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
2008-12-31
-0.2565
<b>Principal Investment Strategies:</b>
The fund invests in securities through an underlying master fund having the same investment goals and strategies.<br/><br/>The fund normally invests primarily in common stocks of companies that its sub-advisers 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<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index1. As of March 31, 2013, the market capitalization of the smallest company in the Russell 1000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index was $321 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.<br/><br/> The fund may use derivatives such as options, futures and swaps. The fund generally uses derivatives to attempt to alter investment characteristics of the portfolio, but they also may be used to generate income.<br/><br/> Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.<br/><br/>1 Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell indexes. Russell<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> is a trademark of Russell Investment Group.
0.59
<b>Principal Risks:</b>
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing</b> – The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Currency</b> – The value of the fund's securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Depositary Receipts</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives</b> – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Equity Securities</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses</b> – Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Fixed-Income Securities</b> – The market prices of fixed-income securities may fall 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. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Foreign Investments</b> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Growth Stocks</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager</b> – The sub-adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market</b> – The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Portfolio Selection</b> – The value of your investment may decrease if the sub-adviser's judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Preferred Stock</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Small and Medium Capitalization Companies</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Warrants and Rights</b> – 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.</blockquote></li></ul>
<b>Performance:</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
<b>Annual Total Returns (calendar years ended December 31)</b>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">03/31/2012</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">18.33% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-22.87% </td></tr></table>
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
0.0063
0.1459
0.0349
-0.01
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Asset Allocation – </b> The Investment Adviser allocates the fund's assets among various 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 other funds with a similar strategy.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Cash Management and Defensive Investing –</b> The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective. </blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Credit –</b> If an issuer or guarantor 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 credit quality or value of any underlying assets declines, the value of your investment will decline. Below investment grade, high-yield debt securities (commonly known as "junk bonds") have a higher risk of default or are already in 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. </blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Currency – </b>The value of the fund's securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Derivatives –</b> Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance. </blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Emerging Markets –</b> 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. Low trading volumes may result in a lack of liquidity and in extreme price volatility. </blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Equity Securities –</b> 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.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Expenses – </b> Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile. </blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Extension –</b> If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Foreign Investments – </b> Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Growth Stocks – </b> 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. </blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Interest Rate – </b> Interest rates may go up, causing the value of the fund's investments to decline. Interest rates in the U.S. have recently been historically low. 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. </blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Manager – </b> The Investment Adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the Investment Adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. </blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Market – </b>The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time. </blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Mortgage-Related and Asset-Backed Securities – </b> 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.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Non-Diversification – </b> 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 fewer issuers, the fund will be more susceptible to negative events affecting those issuers. </blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Prepayment or Call – </b> 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 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. </blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Small and Medium Capitalization Companies – </b> 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.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Underlying Funds – </b> 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.</blockquote></li></ul> <ul type="square"><li style="margin-left:-20px"><blockquote><b> Value Investing – </b> 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.</blockquote></li></ul>
0.098
0.055
2002-08-09
0
0
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing</b> – The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Currency</b> – The value of the fund's securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives</b> – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Equity Securities</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote> <b>Expenses</b> – Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Foreign Investments</b> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager</b> – The sub-adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market</b> – The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Master Limited Partnerships</b> – Investments in MLPs involve risks that differ from investments in corporate issuers, including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks, certain tax risks, and risks related to the general partner's right to require unitholders to sell their common units at an undesirable time or price. MLP entities are typically focused in the energy, natural resources and real estate sectors of the economy. A downturn in the energy, natural resources or real estate sectors of the economy could have an adverse impact on the fund. At times, the performance of securities of companies in the energy, natural resources and real estate sectors of the economy may lag the performance of other sectors or the broader market as a whole. The value of the fund's investment in MLPs depends to a significant extent on the MLPs being treated as partnerships for U.S. federal income tax purposes. If an MLP does not meet the legal requirements to maintain partnership status, it could be taxed as a corporation and there could be a material decrease in the value of its securities.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Medium Capitalization Companies</b> – The fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Portfolio Selection</b> – The value of your investment may decrease if the sub-adviser's judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Preferred Stock</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> REITs</b> – 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. REITs are subject to a number of highly technical tax-related rules and requirements; and the failure to qualify as a REIT could result in corporate-level taxation, significantly reducing the return on an investment to the fund.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Value Investing</b> – 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.</blockquote></li></ul>
0.008
<b>TRANSAMERICA PARTNERS STOCK INDEX</b>
0.0025
0.0042
0.0993
0.0422
0.16
0.0856
<b>Performance:</b>
0.0417
0.0595
0.0166
0.047
0.0147
0.0558
0.0518
0.071
0.0624
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
150
465
803
1757
<b>Investment Objective:</b>
<b>Annual Total Returns (calendar years ended December 31)</b>
Seeks to match the performance of the Standard & Poor’s 500<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index.
<b>Fees and Expenses:</b>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleShareholderFeesTransamericaInstitutionalAssetAllocation-IntermediateHorizon column period compact * ~</div>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualFundOperatingExpensesTransamericaInstitutionalAssetAllocation-IntermediateHorizon column period compact * ~</div>
2000-09-11
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualTotalReturnsTransamericaInstitutionalAssetAllocation-IntermediateHorizonBarChart column period compact * ~</div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">06/30/2009</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">17.66% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-24.01% </td></tr></table>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedTransamericaInstitutionalAssetAllocation-IntermediateHorizon column period compact * ~</div>
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleShareholderFeesTransamericaPartnersSmallGrowth column period compact * ~</div>
0.432
0.1196
0.099
0.1114
-0.0506
<b>TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION – INTERMEDIATE HORIZON</b>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualFundOperatingExpensesTransamericaPartnersSmallGrowth column period compact * ~</div>
-0.3648
0.2684
0.2911
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleExpenseExampleTransposedTransamericaPartnersSmallGrowth column period compact * ~</div>
-0.0278
0.1433
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualTotalReturnsTransamericaPartnersSmallGrowthBarChart column period compact * ~</div>
May 1, 2017
Transamerica Institutional Asset Allocation – Intermediate/Long Horizon invests in a combination of Transamerica Partners funds (“underlying funds”). Transamerica Asset Management, Inc. (the “Investment Adviser”) selects the combination and amount of underlying funds to invest in based on the fund’s investment objective.<br/><br/> 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 Adviser’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 Adviser 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.<br/><br/> <div style="TEXT-ALIGN: center; WIDTH: 100%"> <table style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; MARGIN-TOP: 6pt; WIDTH: 97.62%; BORDER-COLLAPSE: collapse; EMPTY-CELLS: show; MARGIN-LEFT: auto; BORDER-TOP: #000000 1pt solid; MARGIN-RIGHT: auto; BORDER-RIGHT: #000000 1pt solid" cellspacing="0" cellpadding="0"> <tr> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; padding-bottom: 3pt; width: 62.8%; padding-right: 6pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid; padding-top: 3pt;"> </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 36.21%; font-family: Arial; font-size: 11pt; vertical-align: bottom; font-weight: bold;" colspan="3">Normal Approximate Allocations </td></tr> <tr> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; padding-bottom: 3pt; width: 62.8%; padding-right: 6pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid; padding-top: 3pt;"> </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.27%; font-family: Arial; font-size: 11pt; vertical-align: bottom; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid;">Bond Funds </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.56%; font-family: Arial; font-size: 11pt; vertical-align: bottom; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid;">Stock Funds </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 11.38%; font-family: Arial; font-size: 11pt; vertical-align: bottom; font-weight: bold;">Money Market Fund </td></tr> <tr> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; padding: 3pt 6pt; line-height: 14pt; width: 62.8%; font-family: Times; font-size: 11pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid;">Intermediate/Long Horizon </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.27%; font-family: Times; font-size: 11pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid;">29.8% </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.56%; font-family: Times; font-size: 11pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid;">70% </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 11.38%; font-family: Times; font-size: 11pt; vertical-align: bottom;">0.2% </td></tr></table></div><br/><br/>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.<br/><br/> 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.<br/><br/> Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.
0.71
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedTransamericaPartnersSmallGrowth column period compact * ~</div>
<b>Investment Objective:</b>
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.
<b>You may lose money if you invest in this fund.</b>
<b>Fees and Expenses:</b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
<b> Non-Diversification – </b> 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 fewer issuers, the fund will be more susceptible to negative events affecting those issuers.
<b>Shareholder Fees (fees paid directly from your investment)</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices.
<b>TRANSAMERICA PARTNERS SMALL GROWTH</b>
1-888-233-4339
www.transamericapartners.com
As with all mutual funds, past performance is not a prediction of future results.
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
0.95
<b>You may lose money if you invest in this fund.</b>
Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses.
An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company or any other government agency. Many factors affect the fund's performance. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate from day to day and over time. There is no assurance that the fund will meet its investment objectives. The fund could underperform other short-term debt instruments or money market funds, or you could lose money, as a result of risks (in alphabetical order) such as:<ul type="square"><li style="margin-left:-20px"><blockquote><b>Banking Industry Concentration –</b> The fund may invest a significant portion of its assets in obligations that are issued or backed by U.S. and non-U.S. banks, and thus will be more susceptible to negative events affecting the worldwide banking industry. Banks are sensitive to changes in money market and general economic conditions. Banks are highly regulated. Decisions by regulators may limit the loans banks make and the interest rates and fees they charge, and may reduce bank profitability..</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Credit –</b> An issuer or obligor of a security held by the fund or a counterparty to a financial contract with the fund may default or its credit may be downgraded, or the value of assets underlying a security may decline.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Expenses –</b> Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Foreign Investments –</b> Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Interest Rate –</b> The interest rates on short-term obligations held in the fund will vary, rising or falling with short-term interest rates generally. Interest rates in the U.S. have recently been historically low. The fund's yield will tend to lag behind general changes in interest rates. The ability of the fund's yield to reflect current market rates will depend on how quickly the obligations in its portfolio mature and how much money is available for investment at current market rates.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Liquidity –</b> Some securities held by the fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the fund may be forced to sell at a loss.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager –</b> The sub-adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market –</b> There may be changes in interest rates, lack of liquidity or other disruptions in the bond markets or other adverse market events and conditions. The financial crisis that began in 2008 has had a significant adverse effect on the financial markets. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support the financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Net Asset Value –</b> The fund does not maintain a stable net asset value of $1.00 per share and does not declare dividends on a daily basis (many money market funds do). Undeclared investment income, or a default on a portfolio security, may cause the fund's net asset value to fluctuate.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Portfolio Selection –</b> The sub-adviser's judgment about the quality, relative yield or value of, or market trends affecting, a particular security or sector, or about interest rates, may be incorrect.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Redemption –</b> The fund may experience periods of heavy redemptions that could cause the fund to liquidate its assets at inopportune times or at a loss or depressed value particularly during periods of declining or illiquid markets. Redemption risk is greater to the extent that the fund has investors with large shareholdings, short investment horizons, or unpredictable cash flow needs. The redemption by one or more large shareholders of their holdings in the fund could have an adverse impact on the remaining shareholders in the fund. In addition, the fund may suspend redemptions when permitted by applicable regulations.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Repurchase Agreements –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>U.S. Government Agency Obligations –</b> 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 United States 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. Although the U.S. government has provided financial support to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) in the past, there can be no assurance that it will support these or other government sponsored entities in the future.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Yield –</b> 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. If interest rates increase, the fund's yield may not increase proportionately. For example, Transamerica Asset Management, Inc. (" TAM" or the "Investment Adviser") or any of its affiliates may voluntarily waive fees or reimburse expenses of one or more classes of the fund in order to avoid a negative yield, and TAM or its affiliates may discontinue any temporary voluntary fee limitation or recoup expenses previously foregone or reimbursed. There is no guarantee that the fund will be able to avoid a negative yield. In addition, the recent adoption of more stringent regulations governing the management of money market funds could have a negative effect on yields.</blockquote></li></ul>
Best Quarter:
2009-06-30
0.0872
0
Worst Quarter:
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">06/30/2003</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">20.12% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-25.65% </td></tr></table>
0
2008-12-31
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.
-0.0868
<b>Performance:</b>
1-888-233-4339
www.transamericapartners.com
<b>Example:</b>
As with all mutual funds, past performance is not a prediction of future results.
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleShareholderFeesTransamericaInstitutionalAssetAllocation-ShortIntermediateHorizon column period compact * ~</div>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339. Prior to March 1, 2013, the portfolio had a different sub-adviser and used different investment strategies. The performance set forth prior to that date is attributable to a previous sub-adviser.
<b>Portfolio Turnover:</b>
0.1433
0.1635
0.16
0.0295
0.0356
0.0166
Best Quarter:
0.0795
0.0972
0.071
2009-06-30
0.0045
1994-07-05
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the fund was 62% of the average value of its portfolio.
0.1766
Risk is inherent in all investing. Many factors affect the fund’s performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Asset Allocation </b> – The Investment Adviser allocates the fund’s assets among various 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 other funds with a similar strategy. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing</b> – The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund’s yield will go down. To the extent that the fund’s assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Credit</b> – If an issuer or guarantor 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 credit quality or value of any underlying assets declines, the value of your investment will decline. Below investment grade, high-yield debt securities (commonly known as “junk bonds”) have a higher risk of default or are already in 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Currency</b> – The value of the fund’s securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives</b> – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund’s investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Emerging Markets </b> – 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. Low trading volumes may result in a lack of liquidity and in extreme price volatility.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Equity Securities</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses</b> – Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Extension</b> – If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Foreign Investments</b> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Growth Stocks </b> – 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Interest Rate</b> – Interest rates may go up, causing the value of the fund’s investments to decline. Interest rates in the U.S. have recently been historically low. 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager</b> – The Investment Adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the Investment Adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market</b> – The market prices of the fund’s securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Mortgage-Related and Asset-Backed Securities</b> – 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Non-Diversification</b> – 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 fewer issuers, the fund will be more susceptible to negative events affecting those issuers. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Prepayment or Call</b> – 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 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Small and Medium Capitalization Companies</b> – 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Underlying Funds</b> – 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Value Investing </b> – 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. </blockquote></li></ul>
Worst Quarter:
0
0.0025
2008-12-31
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
<b>Annual Total Returns (calendar years ended December 31)</b>
-0.2401
<b>Example:</b>
0.0038
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<b>Principal Investment Strategies:</b>
0.0108
0
<b>Portfolio Turnover:</b>
<b>Performance: </b>
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the underlying master fund in which the fund invests was 178% of the average value of its portfolio.
-0.0008
<b>Principal Investment Strategies:</b>
<b>Principal Risks:</b>
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
0.01
The fund invests in securities through an underlying master fund having the same investment goals and strategies.<br/><br/>The fund normally invests primarily in stocks of medium sized companies which the fund's sub-adviser believes have the potential to deliver earnings growth in excess of the market average, or to become market leaders. When identifying companies that may become market leaders, one of the factors the fund's sub-adviser considers is whether a company sells proprietary products or services and/or operates in an industry with high barriers to entry such as the telecommunications industry. The fund does not intend, however, to concentrate its investments in any particular industry. 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 medium sized (or mid-cap) companies and other investments with similar economic characteristics. This fund considers mid-cap companies to be companies with market capitalizations that, at the time of initial purchase, are within the range of capitalization of the companies that are included in the Russell Midcap<sup>® </sup>Growth Index1. As of March 31, 2013, the market capitalizations of companies in the Russell Midcap<sup >®</sup> Growth Index ranged from approximately $317 million to $28.9 billion. Over time, the capitalizations of the companies in the Russell Midcap<sup>®</sup> Growth Index will change. As they do, the size of the companies in which the fund invests may change.<br/><br/>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.<br/><br/>The fund may use derivatives such as options, futures, swaps and forward currency contracts. The fund generally uses derivatives to attempt to alter investment characteristics of the portfolio, but they also may be used to generate income.<br/><br/>Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.<br/><br/>1 Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group.
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Active Trading</b> – 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 be subject to tax at ordinary income tax rates upon distribution.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing</b> – The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Currency</b> – The value of the fund's securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives</b> – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Equity Securities</b> – 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses</b> – Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Foreign Investments</b> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Growth Stocks</b> – 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager</b> – The sub-adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market</b> – The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Medium Capitalization Companies</b> – The fund will be exposed to additional risks as a result of its investments in the securities of medium capitalization companies. Investing in medium capitalization companies involves greater risk than is customarily associated with more established companies. The prices of securities of medium capitalization companies generally are more volatile and are more likely to be adversely affected by changes in earnings results and investor expectations or poor economic or market conditions. Securities of medium capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Portfolio Selection</b> – The value of your investment may decrease if the sub-adviser's judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Preferred Stock</b> – 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. </blockquote></li></ul>
<b>Performance:</b>
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund.<b> You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Asset Allocation</b> – The Investment Adviser allocates the fund's assets among various 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 other funds with a similar strategy.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing</b> – The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Credit</b> – If an issuer or guarantor 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 credit quality or value of any underlying assets declines, the value of your investment will decline. Below investment grade, high-yield debt securities (commonly known as "junk bonds") have a higher risk of default or are already in 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Currency</b> – The value of the fund's securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives</b> – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Emerging Markets</b> – 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. Low trading volumes may result in a lack of liquidity and in extreme price volatility.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Equity Securities</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses</b> – Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Extension</b> – If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Foreign Investments</b> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Growth Stocks</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Interest Rate</b> – Interest rates may go up, causing the value of the fund's investments to decline. Interest rates in the U.S. have recently been historically low. 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager</b> – The Investment Adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the Investment Adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market</b> – The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Mortgage-Related and Asset-Backed Securities</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Non-Diversification</b> – 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 fewer issuers, the fund will be more susceptible to negative events affecting those issuers.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Prepayment or Call</b> – 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 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Small and Medium Capitalization Companies</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Underlying Funds</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Value Investing</b> – 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.</blockquote></li></ul>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
<b>Annual Total Returns (calendar years ended December 31)</b>
<b>Principal Risks:</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices. Absent any limitation of the fund’s expenses, total returns would be lower. <br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
<b>Performance:</b>
<b>Annual Total Returns (calendar years ended December 31) </b>
0.0062
0.0025
0.0038
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
0.0125
<b>Annual Total Returns (calendar years ended December 31)</b>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">09/30/2007</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">1.15% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2012 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">0.00% </td></tr></table>
<b>Shareholder Fees (fees paid directly from your investment)</b>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualFundOperatingExpensesTransamericaInstitutionalAssetAllocation-ShortIntermediateHorizon column period compact * ~</div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">06/30/2009</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">6.88% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">09/30/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-4.81% </td></tr></table>
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b>
127
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleExpenseExampleTransposedTransamericaInstitutionalAssetAllocation-ShortIntermediateHorizon column period compact * ~</div>
397
686
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualTotalReturnsTransamericaInstitutionalAssetAllocation-ShortIntermediateHorizonBarChart column period compact * ~</div>
1511
May 1, 2017
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedTransamericaInstitutionalAssetAllocation-ShortIntermediateHorizon column period compact * ~</div>
1.78
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
<b>You may lose money if you invest in this fund.</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">06/30/2009</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">13.97% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-17.64% </td></tr></table>
1-888-233-4339
www.transamericapartners.com
The composite benchmark consists of the following: 46% Barclays U.S. Aggregate Bond Index, 17% Bank of America Merrill Lynch 1-3 Year Treasury Index, 15% Barclays U.S. TIPS Index, 10% Bank of America Merrill Lynch High Yield Master II Index, 8% Russell 3000<sup>®</sup> Index, 2% Morgan Stanley Capital International World ex-US Index and 2% Citigroup 3-Month Treasury Bill Index. Prior to February 1, 2008 the composite benchmark was comprised of 54% Barclays U.S. Aggregate Bond Index, 27% Bank of America Merrill Lynch 1-3 Year Treasury Index, 9% Bank of America Merrill Lynch High Yield Master II Index, 9% Russell 3000<sup>®</sup> Index and 1% Morgan Stanley Capital International World ex-US Index. The returns of these blended benchmarks have been linked.
0
<b>TRANSAMERICA PARTNERS SMALL VALUE</b>
<b>Investment Objective: </b>
As with all mutual funds, past performance is not a prediction of future results.
Seeks to provide a high total investment return through investments primarily in a diversified portfolio of common stock.
<b>Fees and Expenses:</b>
0
Best Quarter:
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
2010-12-31
<b>Shareholder Fees (fees paid directly from your investment)</b>
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
0.1758
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
102
Worst Quarter:
<b>Example:</b>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">06/30/2009</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">8.72% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-8.68% </td></tr></table>
2008-12-31
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
-0.255
<b>Portfolio Turnover:</b>
318
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the underlying master fund in which the fund invests was 15% of the average value of its portfolio.
562
0.0067
<b>Principal Investment Strategies:</b>
The fund invests in securities through an underlying master fund having the same investment goals and strategies.<br/><br/>The fund normally invests primarily in high-quality companies trading at conservative valuations. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in the securities of companies with small market capitalizations (or small-cap companies) and other investments with similar economic characteristics. The fund considers small-cap companies to be companies with market capitalizations that, at the time of initial purchase, are within the range of capitalization of the companies that are included in either the Russell 2000® Index1 or the S&P SmallCap 600® Index. As of March 31, 2013, the market capitalizations of companies in the Russell 2000® Index ranged from $24 million to $5.6 billion, and the market capitalizations of companies in the S&P SmallCap 600® Index ranged from $64 million to $3.4 billion. Over time, the capitalizations of the companies in the indexes will change. As they do, the size of the companies the fund holds and in which the fund invests may change.<br/><br/> The fund's equity securities may include common stocks and preferred stocks listed on the New York Stock Exchange and on other securities exchanges and stocks that are traded over-the-counter. The fund emphasizes common stocks. The fund may also invest in foreign securities.<br/><br/> The fund may use derivatives such as options, futures, swaps and forward currency contracts. The fund generally uses derivatives to attempt to alter investment characteristics of the portfolio, but they also may be used to generate income.<br/><br/> Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.<br/><br/>1 Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell indexes. Russell<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> is a trademark of Russell Investment Group.
0.0025
1286
0.2577
<b>Principal Risks:</b>
0.004
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b> Cash Management and Defensive Investing – </b>The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Currency – </b>The value of the fund's securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Derivatives – </b>Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Equity Securities – </b>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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Expenses – </b>Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Foreign Investments – </b>Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Manager – </b>The sub-adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Market – </b>The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Portfolio Selection – </b>The value of your investment may decrease if the sub-adviser's judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Preferred Stock – </b>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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Small Capitalization Companies – </b>The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. The prices of securities of small capitalization companies generally are more volatile than those of larger capitalization companies and are more likely to be adversely affected than larger capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Value Investing – </b>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.</blockquote></li></ul>
0.0717
<b>Performance:</b>
0.0657
0.0132
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance. Absent any limitation of the fund’s expenses, total returns would be lower. <br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339. <br/><br/>Prior to July 9, 2010, a different sub-adviser managed this fund and it used different investment strategies. The performance set forth prior to that date is attributable to a previous sub-adviser.
The composite benchmark consists of the following: 34% Barclays U.S. Aggregate Bond Index, 23% Russell 3000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index, 14% Bank of America Merrill Lynch 1-3 Year Treasury Index, 12% Barclays U.S. TIPS Index, 8% Bank of America Merrill Lynch High Yield Master II Index, 7% Morgan Stanley Capital International World ex-US Index and 2% Citigroup 3-Month Treasury Bill Index. Prior to February 1, 2008 the composite benchmark was comprised of 42% Barclays U.S. Aggregate Bond Index, 25% Russell 3000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index, 21% Bank of America Merrill Lynch 1-3 Year Treasury Index, 7% Bank of America Merrill Lynch High Yield Master II Index and 5% Morgan Stanley Capital International World-ex-US Index. The returns of these blended benchmarks have been linked.
0.0353
<b>Annual Total Returns (calendar years ended December 31)</b>
-0.0007
0.1161
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">06/30/2003</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">21.54% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-22.55% </td></tr></table>
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund.<b> You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Asset Allocation –</b> The Investment Adviser allocates the fund's assets among various 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 other funds with a similar strategy.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing –</b> The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Credit –</b> If an issuer or guarantor 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 credit quality or value of any underlying assets declines, the value of your investment will decline. Below investment grade, high-yield debt securities (commonly known as "junk bonds") have a higher risk of default or are already in 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Currency –</b> The value of the fund's securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives –</b> Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Emerging Markets –</b> 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. Low trading volumes may result in a lack of liquidity and in extreme price volatility.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Equity Securities –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses –</b> Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Extension –</b> If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Foreign Investments –</b> Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Growth Stocks –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Interest Rate –</b> Interest rates may go up, causing the value of the fund's investments to decline. Interest rates in the U.S. have recently been historically low. 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager –</b> The Investment Adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the Investment Adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market –</b> The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Mortgage-Related and Asset-Backed Securities –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Non-Diversification –</b> 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 fewer issuers, the fund will be more susceptible to negative events affecting those issuers.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Prepayment or Call –</b> 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 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Small and Medium Capitalization Companies –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Underlying Funds –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Value Investing –</b> 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.</blockquote></li></ul>
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
0.0125
-0.4021
The composite benchmark consists of the following: 52% Russell 3000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index, 18% Morgan Stanley Capital International World ex-US Index, 15% Barclays U.S. Aggregate Bond Index, 7% Barclays U.S. TIPS Index, 4% Bank of America Merrill Lynch High Yield Master II Index, 2% Bank of America Merrill Lynch 1-3 Year Treasury Index and 2% Citigroup 3-Month Treasury Bill Index. Prior to February 1, 2008 the composite benchmark was comprised of 59% Russell 3000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Equity Index, 18% Barclays U.S. Aggregate Bond Index, 11% Morgan Stanley Capital International World ex-US Index, 9% Bank of America Merrill Lynch 1-3 Year Treasury Index and 3% Bank of America Merrill Lynch High Yield Master II Index. The returns of these blended benchmarks have been linked.
0.3464
0.1595
-0.0235
0.1424
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
<b>Performance:</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
1.1
127
397
695
1564
The fund invests in securities through an underlying master fund having the same investment goals and strategies.<br/><br/> The fund normally invests primarily in stocks of companies with small market capitalizations which, in the opinion of the fund's sub-advisers, present an opportunity for significant increases in earnings, revenue and/or value, without consideration for current income. 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 companies with small market capitalizations (or small-cap companies) and other investments with similar economic characteristics. The fund considers small-cap companies to be companies with market capitalizations that, at the time of initial purchase, are within the range of capitalization of the companies that are included in the Russell 2000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index1. As of March 31, 2013, the market capitalizations of companies in the Russell 2000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index ranged from $10 million to $4.5 billion. Over time, the capitalizations of the companies in the Index will change. As they do, the size of the companies in which the fund invests may change.<br/><br/>The fund uses multiple sub-advisers pursuing different investment styles in an attempt to control the volatility often associated with investments in companies of this size. There can be no assurance that this strategy will succeed. The fund is actively managed, and the sub-advisers may trade securities frequently, resulting, from time to time, in an annual portfolio turnover rate in excess of 100%. Active trading may increase the fund's expenses.<br/><br/>The fund may also invest in medium-capitalization companies. The fund may use derivatives such as options, futures and swaps. The fund generally uses derivatives to attempt to alter investment characteristics of the portfolio, but they also may be used to generate income.<br/><br/>Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.<br/><br/>1 Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group.
Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses.
<b>Annual Total Returns (calendar years ended December 31) </b>
0
0.2588
0
0.1231
<b> You may lose money if you invest in this fund.</b>
0.0633
0.2005
-0.0226
<b>Non-Diversification</b> – 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 fewer issuers, the fund will be more susceptible to negative events affecting those issuers.
-0.4335
0.0072
0.1586
0.0025
Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses.
0.141
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">06/30/2009</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">11.57% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-12.87% </td></tr></table>
0.0044
0.0178
May 1, 2017
<b>Investment Objective:</b>
0.1675
0.15
Seeks long term capital appreciation.
0.0141
0.76
<b>Fees and Expenses:</b>
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
-0.0006
<b>Shareholder Fees (fees paid directly from your investment)</b>
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
1-888-233-4339
0.0135
<b>You may lose money if you invest in this fund.</b>
<b>Example:</b>
<b>You may lose money if you invest in this fund.</b>
0
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
www.transamericapartners.com
<b>Portfolio Turnover:</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.
0
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the underlying master fund in which the fund invests was 209% of the average value of its portfolio.
<b>Principal Investment Strategies:</b>
The composite benchmark consists of the following: 38% Russell 3000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index, 24% Barclays U.S. Aggregate Bond Index, 12% Morgan Stanley Capital International World ex-US Index, 10% Barclays U.S. TIPS Index, 8% Bank of America Merrill Lynch 1-3 Year Treasury Index, 6% Bank of America Merrill Lynch High Yield Master II Index and 2% Citigroup 3-Month Treasury Bill Index. Prior to February 1, 2008 the composite benchmark was comprised of 42% Russell 3000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Equity Index, 30% Barclays U.S. Aggregate Bond Index, 15% Bank of America Merrill Lynch 1-3 Year Treasury Index, 8% Morgan Stanley Capital International World ex-US Index and 5% Bank of America Merrill Lynch High Yield Master II Index. The returns of these blended benchmarks have been linked.
1-888-233-4339
As with all mutual funds, past performance is not a prediction of future results.
<b>Principal Risks:</b>
www.transamericapartners.com
<b>Performance:</b>
As with all mutual funds, past performance is not a prediction of future results.
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.<br/><br/>Prior to August 31, 2012, the fund had a different sub-adviser, a different investment objective and used different investment strategies. The performance set forth prior to that date is attributable to a previous sub-adviser.
Best Quarter:
2003-06-30
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
0.1424
0.1526
0.16
0.2154
Worst Quarter:
0.0081
0.0312
0.0166
<b>Annual Total Returns (calendar years ended December 31)</b>
2008-12-31
-0.2255
0.0562
0.0752
0.071
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">06/30/2009</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">23.59% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-25.40% </td></tr></table>
<b>Non-Diversification</b> – 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 fewer issuers, the fund will be more susceptible to negative events affecting those issuers.
1994-07-05
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
May 1, 2017
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices.
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
0.001
The fund could underperform other short-term debt instruments or money market funds, or you could lose money,
1-888-233-4339
0.4097
0
An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company or any other government agency. Many factors affect the fund's performance. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate from day to day and over time. There is no assurance that the fund will meet its investment objectives. The fund could underperform other short-term debt instruments or money market funds, or you could lose money,
0.62
0
An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Company or any other government agency.
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.
www.transamericapartners.com
0.0092
0
1-888-233-4339
0.2469
Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses.
0
www.transamericapartners.com
As with all mutual funds, past performance is not a prediction of future results.
0.0913
As with all mutual funds, past performance is not a prediction of future results.
137
0.1774
428
0.1675
0.1751
0.16
0.0102
0.0059
-0.0231
0.0166
0.0208
746
Best Quarter:
1668
-0.3809
Worst Quarter:
<b>You may lose money if you invest in this fund.</b>
0.3218
2009-06-30
0.0461
0.0738
0.071
0.2055
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices.
2008-09-30
-0.0268
0.035
-0.0166
0.1888
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Active Trading</b> – 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 be subject to tax at ordinary income tax rates upon distribution.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing</b> – The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives</b> – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Equity Securities</b> – 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses</b> – Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Growth Stocks</b> – 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager</b> – The sub-adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market</b> – The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Small and Medium Capitalization Companies</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Value Investing</b> – 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.</blockquote></li></ul>
0.0082
1994-07-05
-0.1764
0.0025
2008-12-31
0.0054
0.2633
Worst Quarter:
0.0161
0.1397
-0.0011
0.1466
2009-06-30
0.015
<b>Non-Diversification –</b> 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 fewer issuers, the fund will be more susceptible to negative events affecting those issuers.
0.1269
Best Quarter:
0.0158
104
0.2964
325
-0.4187
-0.0481
0.1888
0.1851
563
2008-09-30
<b>TRANSAMERICA PARTNERS SMALL CORE</b>
1248
0.2492
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices.
0.0266
0.0379
Worst Quarter:
0.2861
0.0688
0.1015
0.1063
2009-06-30
1-888-233-4339
-0.0748
2001-08-15
Best Quarter:
www.transamericapartners.com
0.1329
0
As with all mutual funds, past performance is not a prediction of future results.
0
0.2564
0.1329
0.1581
0.1146
Best Quarter:
-0.0042
0.0323
2007-09-30
0.0691
0.0772
0.1032
0.0115
0.1269
0
2001-09-06
Worst Quarter:
2012-12-31
0
0.0563
0
0.001
-0.3915
153
0
0.254
474
0.1677
<b>Example:</b>
-0.0365
831
0.1436
1871
0.001
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleShareholderFeesTransamericaPartnersMidValue column period compact * ~</div>
0
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualFundOperatingExpensesTransamericaPartnersMidValue column period compact * ~</div>
0
0
Best Quarter:
2009-06-30
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleShareholderFeesTransamericaPartnersSmallCore column period compact * ~</div>
0.1157
0.0087
0.007
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleExpenseExampleTransposedTransamericaPartnersMidValue column period compact * ~</div>
Worst Quarter:
2008-12-31
0
-0.1287
The fund invests in securities through an underlying master fund having the same investment goals and strategies.<br/><br/>Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in stocks of small capitalization companies. The fund’s sub-adviser, Ranger Investment Management, L.P. (the “sub-adviser”), primarily focuses on seeking to identify high quality, high-growth small capitalization companies. The sub-adviser considers small capitalization companies to be companies with market capitalizations that, at the time of initial purchase, have either market capitalizations between $100 million and $2 billion or within the range of the Russell 2000<sup>®</sup> Growth Index1, which as of June 30, 2012, the most recent reconstitution date of the index, was between $37 million and $3.8 billion.<br/><br/>The sub-adviser’s approach to security selection seeks quality growth companies by implementing a bottom-up, fundamental research driven security selection process. The sub-adviser’s focus is to attempt to identify companies with characteristics such as high recurring revenue, steady and/or accelerating sales growth, strong balance sheets and free cash flows, stable/expanding margins, and superior return on equity/return on invested capital. In addition to the extensive quantitative analysis, careful consideration is given to qualitative analysis. The sub-adviser incorporates a preference towards companies with certain qualitative characteristics such as conservative accounting practices, seasoned management team with high corporate integrity, sustainable competitive advantage and ability to grow market share, sound corporate governance, and unique demand drivers. Once these quantitative and qualitative characteristics are analyzed, the sub-adviser then determines whether it believes a company is undervalued and has sufficient upside to the stock price to warrant an investment.<br/><br/>The fund may invest in foreign securities through American Depositary Receipts (“ADRs”), and generally will not invest more than 10% of fund assets in foreign securities. The fund only invests in securities traded on U.S. exchanges.<br/><br/>Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.<br/><br/>1 Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group.
0.008
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualFundOperatingExpensesTransamericaPartnersSmallCore column period compact * ~</div>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualTotalReturnsTransamericaPartnersMidValueBarChart column period compact * ~</div>
0
0.1436
0.16
0.1563
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleExpenseExampleTransposedTransamericaPartnersSmallCore column period compact * ~</div>
-0.0037
0.0166
0.0151
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedTransamericaPartnersMidValue column period compact * ~</div>
0.0097
0.0575
0.071
0.0757
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualTotalReturnsTransamericaPartnersSmallCoreBarChart column period compact * ~</div>
0.4036
2000-09-11
0.2098
-0.0523
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedTransamericaPartnersSmallCore column period compact * ~</div>
0.0898
<b>Portfolio Turnover:</b>
-0.0831
Transamerica Institutional Asset Allocation – Intermediate Horizon invests in a combination of Transamerica Partners funds ("underlying funds"). Transamerica Asset Management, Inc. (the "Investment Adviser") selects the combination and amount of underlying funds to invest in based on the fund's investment objective.<br/><br/> 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 Adviser'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 Adviser 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.<br/><br/><div style="TEXT-ALIGN: center; WIDTH: 100%"> <table style="BORDER-BOTTOM: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; MARGIN-TOP: 6pt; WIDTH: 97.62%; BORDER-COLLAPSE: collapse; EMPTY-CELLS: show; MARGIN-LEFT: auto; BORDER-TOP: #000000 1pt solid; MARGIN-RIGHT: auto; BORDER-RIGHT: #000000 1pt solid" cellspacing="0" cellpadding="0"> <tr> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; padding-bottom: 3pt; width: 62.8%; padding-right: 6pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid; padding-top: 3pt;"> </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 36.21%; font-family: Arial; font-size: 11pt; vertical-align: bottom; font-weight: bold;" colspan="3">Normal Approximate Allocations </td></tr> <tr> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; padding-bottom: 3pt; width: 62.8%; padding-right: 6pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid; padding-top: 3pt;"> </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.27%; font-family: Arial; font-size: 11pt; vertical-align: bottom; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid;">Bond Funds </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.56%; font-family: Arial; font-size: 11pt; vertical-align: bottom; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid;">Stock Funds </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 11.38%; font-family: Arial; font-size: 11pt; vertical-align: bottom; font-weight: bold;">Money Market Fund </td></tr> <tr> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; padding: 3pt 6pt; line-height: 14pt; width: 62.8%; font-family: Times; font-size: 11pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid;">Intermediate Horizon </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.27%; font-family: Times; font-size: 11pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid;">49.8% </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.56%; font-family: Times; font-size: 11pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 1pt; border-right-style: solid;">50% </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 11.38%; font-family: Times; font-size: 11pt; vertical-align: bottom;">0.2% </td></tr></table></div><br/><br />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.<br/><br/>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.<br/><br/>Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.
82
-0.2717
0.0025
0.1911
255
0.2224
0.0025
0.0078
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleShareholderFeesTransamericaPartnersMidGrowth column period compact * ~</div>
444
0.0038
0.153
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the underlying master fund in which the fund invests was 10% of the average value of its portfolio.
990
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualFundOperatingExpensesTransamericaPartnersMidGrowth column period compact * ~</div>
0.0088
-0.0008
0.008
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleExpenseExampleTransposedTransamericaPartnersMidGrowth column period compact * ~</div>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualTotalReturnsTransamericaPartnersMidGrowthBarChart column period compact * ~</div>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedTransamericaPartnersMidGrowth column period compact * ~</div>
0.0827
0.0502
0.0868
0.1667
99
0.153
0.1805
-0.0921
309
0.0426
0.0355
0.0546
0.0708
0.095
0.0548
<b>TRANSAMERICA INSTITUTIONAL ASSET ALLOCATION – LONG HORIZON</b>
536
<b>Investment Objective:</b>
2002-07-10
0.0266
Seeks to provide long-term returns from growth of capital and growth of income.
1190
<b>Principal Investment Strategies:</b>
<b>Fees and Expenses:</b>
0.0467
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
0.0695
<b>Shareholder Fees (fees paid directly from your investment)</b>
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
<b>Example: </b>
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<b>Portfolio Turnover: </b>
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance. <br/><br/>During the most recent fiscal year, the portfolio turnover rate for the fund was 119% of the average value of its portfolio.
<b>Principal Strategies:</b>
<b>Principal Risks:</b>
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Asset Allocation</b> – The Investment Adviser allocates the fund's assets among various 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 other funds with a similar strategy.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing</b> – The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Credit</b> – If an issuer or guarantor 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 credit quality or value of any underlying assets declines, the value of your investment will decline. Below investment grade, high-yield debt securities (commonly known as "junk bonds") have a higher risk of default or are already in 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Currency</b> – The value of the fund's securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives</b> – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Emerging Markets – </b>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. Low trading volumes may result in a lack of liquidity and in extreme price volatility.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Equity Securities</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses</b> – Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Extension</b> – If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Foreign Investments</b> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Growth Stocks</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Interest Rate</b> – Interest rates may go up, causing the value of the fund's investments to decline. Interest rates in the U.S. have recently been historically low. 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager</b> – The Investment Adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the Investment Adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market</b> – The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Mortgage-Related and Asset-Backed Securities</b> – 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Non-Diversification</b> – 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 fewer issuers, the fund will be more susceptible to negative events affecting those issuers.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Prepayment or Call</b> – 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 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Small and Medium Capitalization Companies</b> – 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Underlying Funds</b> – 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Value Investing</b> – 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.</blockquote></li></ul>
<b>Performance:</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/> As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
<b>Annual Total Returns (calendar years ended December 31)</b>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">06/30/2009</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">16.03% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-21.99% </td></tr></table>
82
<b>Average Annual Total Returns (periods ended December 31, 2012) </b>
255
The composite benchmark consists of the following: 66% Russell 3000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index, 24% Morgan Stanley Capital International World ex-US Index, 4% Barclays U.S. Aggregate Bond Index, 2% Barclays U.S. TIPS Index, 2% Citigroup 3-Month Treasury Bill Index and 2% Bank of America Merrill Lynch High Yield Master II Index. Through April 30, 2003, the composite benchmark was comprised of 60% Russell 1000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index, 25% Russell 2000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index and 15% Morgan Stanley Capital International World ex-US Index. From May 1, 2003 through January 31, 2008 the composite benchmark was comprised of 76% Russell 3000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index, 14% Morgan Stanley Capital International World ex-US Index, 6% Barclays U.S. Aggregate Bond Index, 3% Bank of America Merrill Lynch 1-3 Year Treasury Index and 1% Bank of America Merrill Lynch High Yield Master II Index. The returns of these blended benchmarks have been linked.
454
1052
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleShareholderFeesTransamericaPartnersSmallValue column period compact * ~</div>
0.0827
0.0422
0.0624
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualTotalReturnsTransamericaPartnersSmallValueBarChart column period compact * ~</div>
0.0553
0.0595
0.0551
0.0528
0.0518
0.0558
2000-09-11
1.19
Total annual fund operating expenses do not correlate to the ratios of expenses to average net assets in the financial highlights table, which do not include acquired (i.e., underlying) funds’ fees and expenses.
<b> You may lose money if you invest in this fund.</b>
<b>Non-Diversification</b> – 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 fewer issuers, the fund will be more susceptible to negative events affecting those issuers.
0.0059
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices.
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 Stock Master Portfolio, the underlying master fund in which the fund invests.<br/><br/> The fund seeks its objective by investing in the stocks comprising the Standard & Poor's ("S&P") 500<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index.1 The weightings of stocks in the S&P 500 Index 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 same percentage of its assets in each stock as the stock represents in the S&P 500 Index. 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 Index and other investments with similar economic characteristics.<br/><br/> 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 Index. The fund's ability to match the investment performance of the S&P 500 Index 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 Index 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. BFA regularly monitors the fund's correlation to the S&P 500 Index. In the unlikely event that the fund cannot achieve a correlation of at least 95%, the fund's Trustees will consider alternative arrangements.<br/><br/> 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.<br/><br/> In seeking to replicate or match the performance of the S&P 500 Index, 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.<br/><br/> 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.<br/><br/> Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.<br /><br />1 Standard & Poor’s does not sponsor the fund, nor is it affiliated in any way with the fund or the fund’s advisers. “Standard & Poor’s<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup>,” “S&P<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup>,” “S&P 500<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup>,” and “Standard & Poor’s 500<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup>” are trademarks of McGraw-Hill, Inc. The Stock Index Fund is not sponsored, endorsed, sold or promoted by Standard & Poor’s and Standard & Poor’s makes no representation or warranty, express or implied, regarding the advisability of investing in the fund.
0.0065
1-888-233-4339
0.0247
www.transamericapartners.com
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleShareholderFeesTransamericaPartnersLargeGrowth column period compact * ~</div>
As with all mutual funds, past performance is not a prediction of future results.
<b>Principal Risks:</b>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2010</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">17.58% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-25.50% </td></tr></table>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualFundOperatingExpensesTransamericaPartnersLargeGrowth column period compact * ~</div>
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
0.0431
0.0462
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleExpenseExampleTransposedTransamericaPartnersLargeGrowth column period compact * ~</div>
0.019
0.0007
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualTotalReturnsTransamericaPartnersLargeGrowthBarChart column period compact * ~</div>
0
Best Quarter:
0
0
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedTransamericaPartnersLargeGrowth column period compact * ~</div>
2009-06-30
0.1603
Worst Quarter:
2008-12-31
-0.2199
0.1305
0.16
0.1345
0.014
0.0166
0.0283
0.071
0.0728
0.0583
2000-09-11
0
0.0007
0.0039
0.0045
0.0145
0.0169
1994-01-04
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleShareholderFeesTransamericaInstitutionalAssetAllocation-ShortHorizon column period compact * ~</div>
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Active Trading –</b> 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 be subject to tax at ordinary income tax rates upon distribution.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing –</b> The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Depositary Receipts –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Equity Securities –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses –</b> Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Foreign Investments –</b> Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Growth Stocks –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager –</b> The sub-adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market –</b> The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Portfolio Selection –</b> The value of your investment may decrease if the sub-adviser's judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Small Capitalization Companies –</b> The fund will be exposed to additional risks as a result of its investments in the securities of small capitalization companies. Small capitalization companies may be more at risk than larger capitalization companies because, among other things, they may have limited product lines, operating history, market or financial resources, or because they may depend on limited management groups. The prices of securities of small capitalization companies generally are more volatile than those of larger capitalization companies and are more likely to be adversely affected than larger capitalization companies by changes in earnings results and investor expectations or poor economic or market conditions. Securities of small capitalization companies may underperform larger capitalization companies, may be harder to sell at times and at prices the portfolio managers believe appropriate and may offer greater potential for losses.</blockquote></li></ul>
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<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedTransamericaInstitutionalAssetAllocation-ShortHorizon column period compact * ~</div>
Transamerica Institutional Asset Allocation – Short Horizon invests in a combination of Transamerica Partners funds ("underlying funds"). Transamerica Asset Management, Inc. (the "Investment Adviser") selects the combination and amount of underlying funds to invest in based on the fund's investment objective.<br/><br/>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 Adviser'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 Adviser 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.<br/><br/><table style="BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; MARGIN-TOP: 6pt; WIDTH: 97.62%; BORDER-COLLAPSE: collapse; EMPTY-CELLS: show; MARGIN-LEFT: auto; BORDER-TOP: #000000 0.5pt solid; MARGIN-RIGHT: auto; BORDER-RIGHT: #000000 0.5pt solid" cellspacing="0" cellpadding="0"> <tr> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; padding-bottom: 3pt; width: 62.8%; padding-right: 6pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 0.5pt; border-right-style: solid; padding-top: 3pt;"> </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 36.21%; font-size: 11pt; vertical-align: bottom; font-weight: bold;" colspan="3">Normal Approximate Allocations </td></tr> <tr> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; padding-bottom: 3pt; width: 62.8%; padding-right: 6pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 0.5pt; border-right-style: solid; padding-top: 3pt;"> </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.27%; font-size: 11pt; vertical-align: bottom; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-width: 0.5pt; border-right-style: solid;">Bond Funds </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.56%; font-size: 11pt; vertical-align: bottom; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-width: 0.5pt; border-right-style: solid;">Stock Funds </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 11.38%; font-size: 11pt; vertical-align: bottom; font-weight: bold;">Money Market Fund </td></tr> <tr> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; padding: 3pt 6pt; line-height: 14pt; width: 62.8%; font-size: 11pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 0.5pt; border-right-style: solid;">Short Horizon </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.27%; font-size: 11pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 0.5pt; border-right-style: solid;">89.8% </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.56%; font-size: 11pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 0.5pt; border-right-style: solid;">10% </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 11.38%; font-size: 11pt; vertical-align: bottom;">0.2% </td></tr></table><br/>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.<br/><br/>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.<br/><br/>Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b> Cash Management and Defensive Investing –</b> The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Derivatives –</b> Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Equity Securities –</b> 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Expenses –</b> Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Foreign Investments –</b> Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Index Fund –</b> 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 Index 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Industry Concentration –</b> The fund reserves the right to concentrate its investments (i.e., invest 25% or more of its total assets in securities of issuers in a particular industry) to approximately the same extent that its benchmark index concentrates in a particular industry. 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Market –</b> The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Passive Investment –</b> 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Small and Medium Capitalization Companies –</b> 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. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Tracking Error –</b> 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.</blockquote></li></ul>
May 1, 2017
0.48
<b>You may lose money if you invest in this fund.</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices.
1-888-233-4339
www.transamericapartners.com
As with all mutual funds, past performance is not a prediction of future results.
May 1, 2017
2.09
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
<b>TRANSAMERICA PARTNERS LARGE VALUE</b>
<b>Investment Objective:</b>
Seeks to provide long-term capital appreciation through investments in a diversified portfolio of common stocks of large-capitalization companies.
<b>Fees and Expenses:</b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the fund.
<b>Shareholder Fees (fees paid directly from your investment)</b>
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
<b>Portfolio Turnover:</b>
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the underlying master fund in which the fund invests was 48% of the average value of its portfolio.
<b>Principal Investment Strategies:</b>
The fund invests in securities through an underlying master fund having the same investment goals and strategies.<br/><br/>The fund normally invests primarily in issuers listed on U.S. exchanges that the fund's sub-adviser believes are seasoned, liquid and low priced, with effective management and positive momentum. 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<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index1. As of March 31, 2013, the market capitalization of the smallest company in the Russell 1000<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> Index was $321 million.<br/><br/> The fund may use derivatives such as options, futures and swaps. The fund generally uses derivatives to attempt to alter investment characteristics of the portfolio, but they also may be used to generate income.<br/><br/> Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.<br/><br/> 1 Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell indexes. Russell<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> is a trademark of Russell Investment Group.
<b>Principal Risks:</b>
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing</b> – The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives</b> – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Equity Securities</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses</b> – Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager</b> – The sub-adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market</b> – The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Portfolio Selection</b> – The value of your investment may decrease if the sub-adviser's judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect. </blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Small and Medium Capitalization Companies</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Value Investing</b> – 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.</blockquote></li></ul>
<b>Performance:</b>
<b>You may lose money if you invest in this fund.</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
<b>Annual Total Returns (calendar years ended December 31)</b>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">09/30/2009</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">14.93% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-24.59% </td></tr></table>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.
1-888-233-4339
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
www.transamericapartners.com
As with all mutual funds, past performance is not a prediction of future results.
Best Quarter:
2009-06-30
0.2359
Worst Quarter:
2008-12-31
-0.254
Best Quarter:
2009-09-30
0.1493
Worst Quarter:
2008-12-31
-0.2459
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<b>Performance:</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
<b>Annual Total Returns (calendar years ended December 31)</b>
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<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">06/30/2009</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">15.87% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-21.99% </td></tr></table>
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
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0.1305
-0.0116
0.146
May 1, 2017
0.1
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
0.2378
-0.3237
<b>You may lose money if you invest in this fund.</b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.
0.0557
1-888-233-4339
0.1086
0.0584
www.transamericapartners.com
0.0979
As with all mutual funds, past performance is not a prediction of future results.
0.2087
Best Quarter:
2009-06-30
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0.1587
Worst Quarter:
2008-12-31
-0.2199
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<b>Example:</b>
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
The fund invests in securities through an underlying master fund having the same investment goals and strategies.<br/><br/>The fund normally invests primarily in securities selected in large part for their potential to generate long-term capital appreciation. The fund may also select securities based on their potential to generate current income. The fund emphasizes common stocks and securities of growing, financially stable and undervalued companies. 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® Index1. As of March 31, 2013, the market capitalization of the smallest company in the Russell 1000® Index was $321 million. This fund attempts to achieve more capital appreciation than an income fund and less price volatility than a growth fund. The fund emphasizes common stocks and preferred stocks listed on the New York Stock Exchange and on other U.S. securities exchanges and, to a lesser extent, stocks that are traded over-the-counter.<br/><br/> The fund may use derivatives such as options, futures, swaps and forward currency contracts. The fund generally uses derivatives to attempt to alter investment characteristics of the portfolio, but they also may be used to generate income.<br/><br/> Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.<br/><br/>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.
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
Transamerica Institutional Asset Allocation – Long Horizon invests in a combination of Transamerica Partners funds ("underlying funds"). Transamerica Asset Management, Inc. (the "Investment Adviser") selects the combination and amount of underlying funds to invest in based on the fund's investment objective.<br/>.<br/> 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 Adviser'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 Adviser 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.<br/><br/><table style="BORDER-BOTTOM: #000000 0.5pt solid; BORDER-LEFT: #000000 0.5pt solid; MARGIN-TOP: 6pt; WIDTH: 97.62%; BORDER-COLLAPSE: collapse; EMPTY-CELLS: show; MARGIN-LEFT: auto; BORDER-TOP: #000000 0.5pt solid; MARGIN-RIGHT: auto; BORDER-RIGHT: #000000 0.5pt solid" cellspacing="0" cellpadding="0"> <tr> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; padding-bottom: 3pt; width: 62.8%; padding-right: 6pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 0.5pt; border-right-style: solid; padding-top: 3pt;"> </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 36.21%; font-size: 11pt; vertical-align: bottom; font-weight: bold;" colspan="3">Normal Approximate Allocations </td></tr> <tr> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; padding-bottom: 3pt; width: 62.8%; padding-right: 6pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 0.5pt; border-right-style: solid; padding-top: 3pt;"> </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.27%; font-size: 11pt; vertical-align: bottom; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-width: 0.5pt; border-right-style: solid;">Bond Funds </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.56%; font-size: 11pt; vertical-align: bottom; font-weight: bold; border-right-color: rgb(0, 0, 0); border-right-width: 0.5pt; border-right-style: solid;">Stock Funds </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 11.38%; font-size: 11pt; vertical-align: bottom; font-weight: bold;">Money Market Fund </td></tr> <tr> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; padding: 3pt 6pt; line-height: 14pt; width: 62.8%; font-size: 11pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 0.5pt; border-right-style: solid;">Long Horizon </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.27%; font-size: 11pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 0.5pt; border-right-style: solid;">9.8% </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 12.56%; font-size: 11pt; vertical-align: bottom; border-right-color: rgb(0, 0, 0); border-right-width: 0.5pt; border-right-style: solid;">90% </td> <td style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 0.5pt; border-bottom-style: solid; text-align: center; padding: 3pt 6pt; line-height: 14pt; width: 11.38%; font-size: 11pt; vertical-align: bottom;">0.2% </td></tr></table><br/><br/>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.<br/><br/> 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.<br/><br/> Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.
<b>Shareholder Fees (fees paid directly from your investment)</b>
<b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b>
Current income is a secondary goal.
0
0
0.0045
0.0025
0.006
0.013
-0.002
0.011
May 1, 2017
<b>Portfolio Turnover:</b>
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the underlying master fund in which the fund invests was 150% of the average value of its portfolio.
1.5
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
<b>Example:</b>
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<b>Principal Investment Strategies:</b>
The fund invests in securities through an underlying master fund having the same investment goals and strategies. The fund has two sub-advisers. J.P. Morgan Investment Management Inc. (the "equity sub-adviser") manages the equity component of the fund and BlackRock Financial Management, Inc. (the "fixed-income sub-adviser") manages the fixed-income component of the fund.<br/><br/>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. Generally, the fund invests approximately 60% of its assets in equity securities and approximately 40% of its assets in fixed-income and money market securities (investing at least 25% of its assets in fixed-income senior securities, including debt securities and preferred stocks). The fund's investment adviser, 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.<ul type="square"><li style="margin-left:-20px"><blockquote><b>Equity component –</b> 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 Standard & Poor's 500® Index ("S&P 500 Index"). 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 Index.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Fixed income component –</b> The fixed income component of the fund is normally invested primarily in investment grade debt securities and U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities and mortgage-backed securities without government guarantees. Its dollar-weighted average effective maturity generally is between five and fifteen years (and does not exceed thirty years), under normal circumstances. While longer-term securities tend to have higher yields than short-term securities, they are subject to greater price fluctuations as a result of interest rate changes and other factors. The fund may also invest in U.S. Treasury and agency securities, municipal bonds, corporate bonds, asset-backed securities (including collateralized loan obligations, collateralized bond obligations and collateralized debt obligations), high quality, short-term obligations and repurchase agreements, and in securities of foreign issuers. The fund may invest in securities that are denominated in U.S. dollars and in foreign currencies. Up to 20% of the fixed income component may be invested in any or all of non-dollar securities, high yield debt securities (commonly known as "junk bonds") and emerging market securities.</blockquote></li></ul>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 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.<br/><br/>Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.
<b>Principal Risks:</b>
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund.<b> You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Active Trading –</b> 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 be subject to tax at ordinary income tax rates upon distribution.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing –</b> The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Credit –</b> If an issuer or guarantor 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 credit quality or value of any underlying assets declines, the value of your investment will decline. Below investment grade, high-yield debt securities (commonly known as "junk bonds") have a higher risk of default or are already in 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Currency –</b> The value of the fund's securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives –</b> Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Emerging Markets –</b> 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. Low trading volumes may result in a lack of liquidity and in extreme price volatility.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Equity Securities –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses –</b> Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Extension –</b> If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Fixed-Income Securities –</b> The market prices of fixed-income securities may fall 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. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Focused Investing –</b> To the extent the fund invests in one or more countries, regions, sectors or industries, or in a limited number of issuers, the fund will be more susceptible to negative events affecting those countries, regions, sectors, industries or issuers. Local events, such as political upheaval, financial troubles, or natural disasters may disrupt a country's or region's securities markets. Geographic risk is especially high in emerging markets.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Foreign Investments –</b> Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Growth Stocks –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>High-Yield Debt Securities –</b> High-yield debt securities, commonly referred to as "junk bonds," are securities that are rated below "investment grade" (that is, securities rated below Baa/BBB) 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Interest Rate –</b> Interest rates may go up, causing the value of the fund's investments to decline. Interest rates in the U.S. have recently been historically low. 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Liquidity –</b> Some securities held by the fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the fund may be forced to sell at a loss.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Loans –</b> 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. The fund's investments in loans are also subject to prepayment or call risk.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager –</b> The sub-adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market –</b> The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Mortgage-Related and Asset-Backed Securities –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Portfolio Selection –</b> The value of your investment may decrease if the sub-adviser's judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Preferred Stock –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Prepayment or Call –</b> 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 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Repurchase Agreements –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Small and Medium Capitalization Companies –</b> 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>U.S. Government Agency Obligations –</b> 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 United States 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. Although the U.S. government has provided financial support to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) in the past, there can be no assurance that it will support these or other government sponsored entities in the future.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Valuation –</b> 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 or that are valued using a fair value methodology.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Value Investing –</b> 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.</blockquote></li></ul>
<b>You may lose money if you invest in this fund.</b>
<b>Performance: </b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices. Absent any limitation of the fund’s expenses, total returns would be lower. <br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339. <br/><br/>Prior to July 9, 2010, a different sub-adviser managed this fund and it used different investment strategies. The performance set forth prior to that date is attributable to a previous sub-adviser.
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance, as well as comparison to one or more secondary indices.
1-888-233-4339
www.transamericapartners.com
As with all mutual funds, past performance is not a prediction of future results.
<b>Annual Total Returns (calendar years ended December 31) </b>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">06/30/2009</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">13.49% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">12/31/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-14.11% </td></tr></table>
<b>Average Annual Total Returns (periods ended December 31, 2012)</b>
0.17
0.0773
0.0491
0.111
0.0121
-0.2715
0.226
0.1336
0.0302
0.128
0.128
0.0422
0.16
0.0328
0.0595
0.0166
0.0574
0.0518
0.071
1994-07-05
112
350
630
1491
Best Quarter:
2009-06-30
0.1349
Worst Quarter:
2008-12-31
-0.1411
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualFundOperatingExpensesTransamericaPartnersBalanced column period compact * ~</div>
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<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualTotalReturnsTransamericaPartnersBalancedBarChart column period compact * ~</div>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAverageAnnualTotalReturnsTransposedTransamericaPartnersBalanced column period compact * ~</div>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleShareholderFeesTransamericaPartnersBalanced column period compact * ~</div>
<b>Portfolio Turnover: </b>
The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the fund’s performance.<br/><br/>During the most recent fiscal year, the portfolio turnover rate for the underlying master fund in which the fund invests was 297% of the average value of its portfolio.
<b>Example: </b>
This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<b>Principal Investment Strategies: </b>
<b>Principal Risks: </b>
<b>Performance: </b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance. Absent any limitation of the fund’s expenses, total returns would be lower.<br/><br/>As with all mutual funds, past performance is not a prediction of future results. Updated performance information is available on our website at www.transamericapartners.com or by calling 1-888-233-4339.
<b>Annual Total Returns (calendar years ended December 31) </b>
<b>Average Annual Total Returns (periods ended December 31, 2012) </b>
2.97
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
<b>You may lose money if you invest in this fund. </b>
The bar chart and the table below provide some indication of the risks of investing in the fund. The bar chart shows how the fund’s performance has varied from year to year. The table shows how the fund’s average annual total returns for different periods compare to the returns of a broad measure of market performance.
1-888-233-4339
www.transamericapartners.com
As with all mutual funds, past performance is not a prediction of future results.
Best Quarter:
2009-09-30
0.0526
Worst Quarter:
2008-09-30
-0.0388
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" summary="yes" cellpadding="10" width="80%" align="center"> <tr><td width="35%"></td><td valign="bottom" width="1%"></td><td></td></tr><tr><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b>Quarter Ended</b> </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom"><b> Return </b></td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Best Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">09/30/2009</td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">5.26% </td></tr><tr><td align="left" style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-LEFT: 8px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top">Worst Quarter: </td><td style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" valign="bottom"></td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">09/30/2008 </td><td align="center" style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="bottom">-3.88% </td></tr></table>
The fund invests in securities through an underlying master fund having the same investment goals and strategies.<br/><br/>The fund normally invests primarily in investment grade debt securities and U.S. government obligations, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities and mortgage-backed securities without government guarantees. Under normal circumstances, the fund invests at least 80% of its net assets (plus the amount of borrowings, if any, for investment purposes) in bonds and other investments with similar economic characteristics.<br/><br/> The fund may also invest in U.S. Treasury and agency securities, municipal bonds, corporate bonds, asset-backed securities (including collateralized loan obligations ("CLO"s), collateralized bond obligations ("CBO"s) and collateralized debt obligations ("CDO"s)), high quality, short-term obligations and repurchase agreements, and in securities of foreign issuers. The fund may invest in securities that are denominated in U.S. dollars and in foreign currencies. The fund may invest up to 20% of its net assets in any or all of non-dollar securities, high-yield debt securities (commonly referred to as "junk bonds") and emerging market securities.<br/><br/>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. Under normal circumstances, the fund invests at least 65% of its net assets in investment grade securities.<br/><br/> The fund's dollar-weighted average effective maturity generally is between five and fifteen years (and does not exceed thirty years), under normal circumstances. While longer-term securities tend to have higher yields than short-term securities, they are subject to greater price fluctuations as a result of interest rate changes and other factors.<br/><br/> The portfolio managers use both "top down" and "bottom up" analysis to determine sector, security and duration positions for the fund. These three factors are jointly determined and are interdependent. The overall position in the corporate sector, for example, is established in conjunction with assessments of relative value for specific corporate securities. Extensive bottom up analysis using a variety of valuation tools is conducted for sector allocation and security selection. Duration policy is primarily a result of sector allocations and expected long-term interest rate trends (rather than short-term interest rate forecasting). Yield curve positioning is also a key aspect of duration management. Security sales decisions are driven by the same criteria as purchase decisions.<br/><br/>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 to attempt to alter investment characteristics of the portfolio (including to attempt to mitigate risk of loss in some fashion, or "hedge"), but they also may be used to generate income.<br/><br/>Under adverse or unstable market, economic or political conditions, the fund may take temporary defensive positions in cash and short-term debt securities without limit. During periods of defensive investing, it will be more difficult for the fund to achieve its objective.
Risk is inherent in all investing. Many factors affect the fund's performance. There is no assurance the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of principal risks (in alphabetical order) of investing in the fund. <b>You may lose money if you invest in this fund.</b><ul type="square"><li style="margin-left:-20px"><blockquote><b>Active Trading</b> – 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 be subject to tax at ordinary income tax rates upon distribution.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Cash Management and Defensive Investing</b> – The value of investments held by the fund for cash management or defensive investing purposes can fluctuate. Like other fixed income securities, cash and cash equivalent securities are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested, the fund will be subject to the credit risk of the depository institution holding the cash, it will not earn income on the cash and the fund's yield will go down. To the extent that the fund's assets are used for cash management or defensive investing purposes, it may not achieve its objective.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>CFTC Regulation</b> – The Investment Adviser has registered as a "commodity pool operator" under the Commodity Exchange Act with respect to its service as investment adviser to the fund. However, as a result of proposed rulemaking by the Commodity Futures Trading Commission ("CFTC") that has not yet been adopted, the Investment Adviser is not yet subject to CFTC recordkeeping, reporting and disclosure requirements with respect to the fund, and therefore the impact of these requirements remains uncertain. When the Investment Adviser becomes subject to these requirements, as well as related National Futures Association rules, the fund may incur additional compliance and other expenses.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Credit</b> – If an issuer or guarantor 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 credit quality or value of any underlying assets declines, the value of your investment will decline. Below investment grade, high-yield debt securities (commonly known as "junk bonds") have a higher risk of default or are already in 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Currency</b> – The value of the fund's securities denominated in foreign currencies fluctuates 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, among other factors, the general economics of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Derivatives</b> – Using derivatives exposes the fund to additional risks and can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. The fund may also have to sell assets at inopportune times to satisfy its obligations. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. The fund's investments in derivative instruments may involve a small investment relative to the amount of investment exposure assumed and may result in losses exceeding the amounts invested in those instruments. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Emerging Markets</b> – 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. Low trading volumes may result in a lack of liquidity and in extreme price volatility.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Expenses</b> – Your actual costs of investing in the fund may be higher than the expenses shown in this prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if overall net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Extension</b> – If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. This may drive the prices of these securities down because their interest rates are lower than the current interest rate and they remain outstanding longer.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b> Fixed-Income Securities</b> – The market prices of fixed-income securities may fall 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. A rise in rates tends to have a greater impact on the prices of longer term or duration securities.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Foreign Investments</b> – Investing in securities of foreign issuers or issuers with significant exposure to foreign markets involves additional risk. Foreign countries 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 government actions, 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>High-Yield Debt Securities</b> – High-yield debt securities, commonly referred to as "junk bonds," are securities that are rated below "investment grade" (that is, securities rated below Baa/BBB) 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Inflation-Protected Securities</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Interest Rate</b> – Interest rates may go up, causing the value of the fund's investments to decline. Interest rates in the U.S. have recently been historically low. 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Liquidity</b> – Some securities held by the fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the fund may be forced to sell at a loss.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Loans</b> – 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. The fund's investments in loans are also subject to prepayment or call risk.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Manager</b> – The sub-adviser to the fund actively manages the fund's investments. Consequently, the fund is subject to the risk that the methods and analyses employed by the sub-adviser may not produce the desired results. This could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Market </b> – The market prices of the fund's securities may go 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. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities of issuers worldwide. Some governmental and non-governmental issuers (notably in Europe) have defaulted on, or been forced to restructure, their debts, and many other issuers have faced difficulties obtaining credit. These market conditions may continue, worsen or spread, including in the U.S., Europe and beyond. In response to the financial crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support, failure of efforts in response to the crisis, or investor perception that these efforts are not succeeding could negatively affect financial markets generally as well as the value and liquidity of certain securities. High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. In addition, policy and legislative changes in the U.S. and in other countries are affecting many aspects of financial regulation. The impact of these changes, and the practical implications for market participants, may not be fully known for some time.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Mortgage-Related and Asset-Backed Securities</b> – 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Portfolio Selection</b> – The value of your investment may decrease if the sub-adviser's judgment about the quality, relative yield, value or market trends affecting a particular security or issuer, industry, sector, region or market segment, or about the economy or interest rates is incorrect.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Prepayment or Call</b> – 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 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.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>U.S. Government Agency Obligations</b> – 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 United States 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. Although the U.S. government has provided financial support to the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) in the past, there can be no assurance that it will support these or other government sponsored entities in the future.</blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><b>Valuation</b> – 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 or that are valued using a fair value methodology.</blockquote></li></ul>
<div style="display:none">~ http://www.transamericapartners.com/role/ScheduleAnnualTotalReturnsTransamericaPartnersCoreBondBarChart column period compact * ~</div>
The fund invests in securities through an underlying master fund. This table and the example below reflect the direct expenses of the fund and its allocated share of expenses of the underlying master fund.
Current income is a secondary goal.
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group.
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group.
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell indexes. Russell<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> is a trademark of Russell Investment Group.
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group.
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell indexes. Russell<sup style="FONT-SIZE: 85%; VERTICAL-ALIGN: text-top">®</sup> is a trademark of Russell Investment Group.
Management fees have been restated to reflect a reduction in advisory fees.