Strategy. The fund is a fund of funds it invests in a combination of actively managed Transamerica funds (funds) and index-based exchange-traded funds (ETFs) managed by unaffiliated investment advisers. The fund seeks to achieve its objective by investing normally in a combination of underlying funds and ETFs representing a variety of broad asset classes including fixed-income, domestic equity, foreign equity, and real estate and investment styles and focuses. Underlying fixed-income funds and ETFs may include funds that invest primarily in investment grade fixed-income securities, TIPS, or in high yield, high risk fixed-income securities rated below investment grade (commonly known as junk bonds). Underlying fixed-income funds and ETFs may invest in U.S. and non-U.S. issuers, including corporate, mortgage- and asset-backed, government and … Show more… The fund is a fund of funds it invests in a combination of actively managed Transamerica funds (funds) and index-based exchange-traded funds (ETFs) managed by unaffiliated investment advisers. The fund seeks to achieve its objective by investing normally in a combination of underlying funds and ETFs representing a variety of broad asset classes including fixed-income, domestic equity, foreign equity, and real estate and investment styles and focuses. Underlying fixed-income funds and ETFs may include funds that invest primarily in investment grade fixed-income securities, TIPS, or in high yield, high risk fixed-income securities rated below investment grade (commonly known as junk bonds). Underlying fixed-income funds and ETFs may invest in U.S. and non-U.S. issuers, including corporate, mortgage- and asset-backed, government and emerging markets debt securities. Underlying equity funds and ETFs may include, but are not limited to, large cap funds, mid cap funds, small cap funds, growth-oriented funds, value-oriented funds, international equity funds, emerging market equity funds, real return funds and funds that invest in real estate-related securities, including REITs. The fund may also invest in inflation-hedging positions that fall under the broader asset categories listed above. The fund is designed for investors expecting to retire around 2030. The funds asset-mix has been designed on the expectation that investors will begin to withdraw assets from the fund during 2030 and assumes a retirement age of 65. The fund generally seeks to maintain a static target allocation (the Target ? Allocation) to asset classes in accordance with its glide path, as described below. The funds sub-adviser, Wilshire Advisors LLC (the sub-adviser or Wilshire), may periodically adjust target asset class allocations in accordance with its investment process and, in the view of Wilshire, to appropriately position the fund in response to changing market environments. However, Wilshire may tactically over-weight or underweight asset classes at any time during the glide path period. This means at any time the funds asset mix may differ from the Target ? Allocation. The funds current Target ? Allocation for fixed-income, domestic equity, foreign equity and real estate is shown in the table below. Due to rounding, the sum of the allocations may not equal 100%. Asset Class Fixed- Income Funds Domestic Equity Funds Foreign Equity Funds Real Estate Funds Transamerica ClearTrack 2030 49.0% 32.0% 17.0% 2.0% It is not possible to predict the extent to which the fund will be invested in a particular underlying fund or ETF at any time. The fund may be a significant shareholder in certain underlying funds or ETFs. Each underlying fund and ETF has its own investment objective, principal investment strategies and investment risks. The sub-adviser for each underlying fund and adviser or sub-adviser for each underlying ETF decides which securities to purchase and sell for that underlying fund or ETF. The funds ability to achieve its investment objective depends largely on the performance of the underlying funds and ETFs. The Underlying Funds section of the prospectus lists the underlying Transamerica Funds currently available for investment by the fund, provides a summary of their respective investment objectives and principal investment strategies, and identifies certain risks of those funds. The investment manager may change the available underlying Transamerica Funds, and the sub-adviser may change the funds asset allocations and underlying funds and ETFs, at any time without notice to shareholders and without shareholder approval. Glide Path Period Over time, the Target ? Allocation to asset classes will normally change according to a predetermined glide path. The glide path represents the shifting of these asset classes over time. Rebalancing and de-risking of the glide path will generally occur annually. The glide path is detailed in the chart below (note that 0 represents the funds target date and that the fund is currently - 5 years before its target date): During the time that the funds Target ? Allocation tracks the glide path, the funds asset mix will gradually become more conservative until approximately 2030 at which time the Target ? Allocation will become static. This reflects the goal of pursuing the highest total return, consistent with a reasonable amount of risk, during the investors pre-retirement. By following these investment strategies both before and after the fund reaches its target date, the fund seeks to reduce the likelihood that an investor will experience a significant loss of capital at a more advanced age. The Target ? Allocation reflected in the glide path is a neutral allocation, which does not reflect tactical decisions made by Wilshire to overweight or underweight a particular asset class. From time to time, Wilshire may make tactical increases or decreases to the funds investment in a particular asset class beyond the Target Allocation, based on a broad range of market and economic trends and quantitative factors. Wilshire may also allow the relative weightings of the funds investments in asset classes to vary from its Target ? Allocation in response to the markets. When varying exposures among underlying funds and/or ETFs, Wilshire will examine, among other things, relative values and prospects among the underlying funds and/or ETFs asset classes, as well as the capacity of the underlying funds and/or ETFs to absorb additional cash flow. Static Allocation Period The funds ? Target ? Allocation will become static at the target date. At that time, when the funds Target ? Allocation will match the Target ? Allocation of Transamerica ClearTrack Retirement Income (the Retirement Fund), the funds Board of Trustees may combine the fund with the Retirement Fund without shareholder approval, and the funds shareholders will become shareholders of the Retirement Fund. This combination would occur approximately in the year 2030. This combination is currently expected to be tax-free under current law. Shareholders will be provided with additional information at that time. The Retirement Funds Target ? Allocation is currently 60.0% fixed-income, 26.5% domestic equity, 12.0% foreign equity, and 1.5% real estate. Wilshire may tactically overweight or underweight asset classes in the fund during the Static Allocation Period and in the Retirement Fund at any time. Show less