SCHEDULE 14A

(Rule 14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

Filed by the Registrant  ☑☒                             Filed by a Party other than the Registrant  ☐

Check the appropriate box:

TRANSAMERICA FUNDS

TRANSAMERICA SERIES TRUST

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

(Name of Registrant as Specified in its Charter)

N/A

(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

Payment of Filing Fee (Check the appropriate box):

TRANSAMERICA FUNDS

TRANSAMERICA SERIES TRUST

Transamerica Multi-Manager Alternative Strategies VP

Transamerica BlackRock Global Allocation Managed Risk – Growth VPTRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

1801 California Street, Suite 5200

Denver, COColorado 80202

February 11, 2020September 1, 2021

Dear Holder:Investor:

A special meeting of holders (the “Holders”) who invest in one or more of your Transamerica Multi-Manager Alternative Strategies VP and Transamerica BlackRock Global Allocation Managed Risk – Growth VP (each, a “Portfolio” and collectively, the “Portfolios”), each a series of Transamerica Series Trust (the “Trust”), through a variable life insurance policy or variable annuity contract, willfund is scheduled to be held as a virtual meeting on November 1, 2021 at the offices of Transamerica Asset Management, Inc. (“TAM”), 1801 California Street, Suite 5200, Denver, CO 80202, on March 20, 2020, at 1010:00 a.m. (Mountain time).

YouIn light of the public health concerns regarding the COVID-19 pandemic and to support the health and safety of fund holders, the Board Members responsible for your fund have determined that the special meeting will be held in a virtual meeting format only, via the internet, with no physical in-person meeting. The details on how to participate in the virtual special meeting are included in the enclosed joint proxy statement.

At the special meeting, you are being asked to approve the proposed liquidationelect Board members of your fund. Nine of the Portfolio(s) in which youeleven nominees are invested,independent of Transamerica management, and nine of the eleven nominees already serve as described below. Board Members of your fund.

We are seeking your approval of each applicablethis proposal through the enclosed joint proxy statement, which we invite you to review closely.

On December4-5, 2019,Importantly, after careful consideration, the Board Members responsible for your fund have considered the proposal and have determined it is in the best interest of Trusteesyour fund, and unanimously recommend that you vote “FOR” the proposal. However, before you vote, please read the full text of the Trust considered and approvedjoint proxy statement for an explanation of the liquidation and dissolution of each Portfolio subject to the approval by the Portfolio’s proposal.

Holders of a Planrecord of Liquidation. If the proposed Plan of Liquidation is approved by a Portfolio’s Holders, the Portfolio will, by the Liquidation Date (as defined below), in accordance with the Plan of Liquidation: (1) sell or otherwise convert to cash or cash equivalents its portfolio securities and other assets; (2) pay any liabilities; (3) make a liquidating distribution equal to the Holders’ interest in the remaining assetsyour fund as of the Portfolio withoutclose of business on August 6, 2021 are entitled to vote at the deduction ofspecial meeting and any feesadjournments or the imposition of any charges; and (4) wind up its operations and dissolve its existence. If the proposed Plans of Liquidation are approved by Holders, the Plans of Liquidation are expected to take effect on or about April 30, 2020. As soon as practicable thereafter, the Portfolios would be liquidated pursuant to the Plans of Liquidation (the “Liquidation Date”).

If, by the Liquidation Date, you have not yet transferred your interest in the applicable Portfolio(s) to another allocation option, upon the liquidation of the Portfolio, the liquidation proceeds related to your investment in the Portfolio will be transferred to the corresponding share class of Transamerica BlackRock Government Money Market VP (the “Government Money Market Portfolio”), another series of the Trust, which is managed by TAM andsub-advised by BlackRock Investment Management, LLC.

You may transfer your interest in the applicable Portfolio to any of the other allocation options available under your variable annuity contract or variable life insurance policy in accordance with the terms of your contract or policy at any time prior to the Liquidation Date free of any applicable transfer restrictions, transfer charges and without such transfer counting as one of a limited number of transfers permitted during any period free of charge. If the liquidation proceeds related to your interest in a Portfolio are transferred to the Government Money Market Portfolio, you may subsequently transfer your interest in the Government Money Market Portfolio to any of the other allocation options available under your variable annuity contract or variable life insurance policy in accordance with the terms of your contract or policy, free of any applicable transfer restrictions, transfer charges and without such transfer counting as one of a limited number of transfers permitted during any period free of charge for a period of ninety (90) days after the Liquidation Date. The proposed liquidation, as well as contract value transfers in anticipation of or subsequent to the proposed liquidation, will not ordinarily create federal income tax liability for you in connection with your variable annuity contract or variable life insurance policy.

postponements thereof. Whether or not you plan to virtually attend the special meeting in person and regardless of the size of the interestinterests you hold, your vote is very important to us. By responding promptly, you will save the expense of additionalfollow-up mailings and solicitations.Please vote today.

Voting is quick and easy. You may vote by telephone, via the Internetinternet or by simply completing and signing the enclosed proxy card (your ballot), and mailing it in the accompanying postage-paid return envelope. Please follow the voting instructions on your proxy card or voting instruction form.

If you have any questions about the proposals,voting, please call Computershare Fund Services, Inc. (“Computershare”), the Trustfunds’ proxy solicitor, toll-free at1-888-233-4339.866-963-6126.

TABLE OF CONTENTS

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IMPORTANT INFORMATION FOR FUND HOLDERS

Please read the full text of the enclosed joint proxy statement.Joint Proxy Statement.

Below is a brief overview of the proposalsproposal to be voted on. Your vote is important.

QUESTIONS AND ANSWERS

Proposal I: ApprovalThe Investment Company Act of 1940 requires that holders elect a Plan of Liquidation to liquidate Transamerica Multi-Manager Alternative Strategies VP and distributefund’s Board Members under certain circumstances. As a general matter, the liquidation proceeds toBoard may fill vacancies as long as, after the HoldersBoard fills the vacancy, at least two-thirds of the Portfolio, all as described in the attached joint Proxy Statement.

Proposal II: Approval of a Plan of Liquidation to liquidate Transamerica BlackRock Global Allocation Managed Risk – Growth VP and distribute the liquidation proceeds to the HoldersBoard Members have been elected by shareholders. Six of the Portfolio, all as described in the attached joint Proxy Statement.

The implementation of each of Proposal I and Proposal II is not contingent upon the approvalcurrent nine Board Members were elected by holders. Nine of the other proposal.eleven nominees, including these six, already serve as Board Members of your fund. The two new nominees, both of whom are independent of Transamerica management, could not be appointed by the Board without the Board falling below the two-thirds requirement. In addition, by electing Board Members now, the Board will be able to appoint new Board Members for a longer period of time without holder approval and the expense and delay of conducting additional holder meetings.

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You may also virtually attend the special meeting and vote in person.at the meeting. However, even if you intend to do so, we encourage you to provide voting instructions in advance by one of the methods described above.

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PLEASE CAST YOUR VOTE NOW

TRANSAMERICA FUNDS

TRANSAMERICA SERIES TRUST

Transamerica Multi-Manager Alternative Strategies VP

Transamerica BlackRock Global Allocation Managed Risk – Growth VPTRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

1801 California Street, Suite 5200

Denver, COColorado 80202

NOTICE OF A JOINT SPECIAL MEETING OF HOLDERS

toTo be held Virtually on March 20, 2020November 1, 2021

Please take notice that a joint special meeting of holders (the “Holders”) who invest in one or moreof each series of Transamerica Multi-Manager Alternative Strategies VPFunds, Transamerica Series Trust and Transamerica BlackRock GlobalAsset Allocation Managed Risk – Growth VPVariable Funds identified below (each series, a “Portfolio”“Fund” and collectively, the “Portfolios”“Funds”), each a series of Transamerica Series Trust (the “Trust”), through a variable life insurance policy or variable annuity contract, will is scheduled to be held as a virtual meeting on November 1, 2021 at the offices of Transamerica Asset Management, Inc. (“TAM”), 1801 California Street, Suite 5200, Denver, CO 80202, on March 20, 2020, at 1010:00 a.m. (Mountain time) (the “Special Meeting”), to consider and vote on the following proposals, as applicable:proposals:

After careful consideration, of each proposal, the Board of each Portfolioyour Fund approved ProposalsProposal I through III and recommends that Holdersyou vote “FOR” the proposal for each respective Portfolio.proposal.

Each HolderHolders of record of each PortfolioFund at the close of business on January 21, 2020 isAugust 6, 2021 are entitled to notice of and to vote at the special meetingSpecial Meeting and any adjournments or postponements thereof.

PLEASE NOTE: In light of the public health concerns regarding the COVID-19 pandemic, and to support the health and safety of Fund shareholders, the Board of your Fund has determined that the Special Meeting will be held in a virtual meeting format only, via the internet, with no physical in-person meeting. The details on how to participate in the virtual Special Meeting are included in the Joint Proxy Statement.

February 11, 2020September 1, 2021

HOLDERS ARE INVITED TO ATTEND THE SPECIAL MEETING IN PERSON. HOWEVER,VIRTUALLY. YOU MAY VOTE PRIOR TO THE SPECIAL MEETING BY TELEPHONE, VIA THE INTERNET OR BY RETURNING YOUR COMPLETED PROXY CARD. YOUR VOTE IS IMPORTANT NO MATTER HOW MANY SHARESTHE INTERESTS YOU OWN.HOLD.

The proxy materials for the Funds will be available to review on the Portfolios’ website at www.transamericaseriestrust.com until at least October 31, 2020.https://www.transamerica.com/media/tf-trustee-election-proxy-statement_tcm145-123705.pdf . A paper or email copy of the proxy materials may be obtained, without charge, by contacting the Portfolios’Funds’ proxy solicitor, Computershare, at1-866-612-5814.866-963-6126.

YOU CAN HELP YOUR PORTFOLIOFUND AVOID THE EXPENSE OF FURTHER PROXY SOLICITATION BY PROMPTLY VOTING YOUR INTERESTSSHARES USING ONE OF THREE CONVENIENT METHODS: (A) BY CALLING THE TOLL-FREE NUMBER AS DESCRIBED IN THE ENCLOSED PROXY CARD; (B) BY ACCESSING THE INTERNET WEBSITE AS DESCRIBED IN THE ENCLOSED PROXY CARD; OR (C) BY SIGNING, DATING AND RETURNING THE ENCLOSED PROXY CARD IN THE ENCLOSED POSTAGE-PAID ENVELOPE.

Funds Holding a Special Meeting on November 1, 2021

Transamerica Funds

Transamerica JPMorgan Mid Cap Value VP		Transamerica PIMCO Total Return VP
Transamerica JPMorgan Tactical Allocation VP		Transamerica PineBridge Inflation Opportunities VP
Transamerica Legg Mason Dynamic Allocation - Balanced VP		Transamerica ProFund UltraBear VP
(effective November 1, 2021, this portfolio will be named Transamerica BlackRock iShares Dynamic Allocation – Balanced VP)		Transamerica QS Investors Active Asset Allocation – Conservative VP (effective November 1, 2021, this portfolio will be named Transamerica BlackRock iShares Active Asset Allocation – Conservative VP)
Transamerica Legg Mason Dynamic Allocation – Growth VP (effective November 1, 2021, this portfolio will be named		Transamerica QS Investors Active Asset Allocation – Moderate
Transamerica BlackRock iShares Dynamic Allocation – Moderate		Growth VP (effective November 1, 2021, this portfolio will be
Growth VP)		named Transamerica BlackRock iShares Active Asset Allocation –
Transamerica Madison Diversified Income VP		Moderate Growth VP)
Transamerica Managed Risk – Balanced ETF VP		Transamerica QS Investors Active Asset Allocation – Moderate VP
Transamerica Managed Risk – Conservative ETF VP		(effective November 1, 2021, this portfolio will be named
Transamerica Managed Risk – Growth ETF VP		Transamerica BlackRock iShares Active Asset Allocation –
Transamerica Market Participation Strategy VP		Moderate VP)
Transamerica Morgan Stanley Capital Growth VP		Transamerica Rothschild & Co Large Cap Value VP
Transamerica Morgan Stanley Global Allocation VP		Transamerica S&P 500 Index VP
Transamerica Morgan Stanley Global Allocation Managed Risk –		Transamerica Small/Mid Cap Value VP
Balanced VP		Transamerica T. Rowe Price Small Cap VP
Transamerica MSCI EAFE Index VP		Transamerica TS&W International Equity VP
Transamerica Multi-Managed Balanced VP		Transamerica WMC US Growth VP
Transamerica PIMCO Tactical – Balanced VP
Transamerica PIMCO Tactical – Conservative VP
Transamerica PIMCO Tactical – Growth VP
Transamerica Asset Allocation Variable Funds
Transamerica Asset Allocation — Intermediate Horizon
Transamerica Asset Allocation — Intermediate/Long Horizon
Transamerica Asset Allocation — Short Horizon

TRANSAMERICA FUNDS

TRANSAMERICA SERIES TRUST

Transamerica Multi-Manager Alternative Strategies VP

Transamerica BlackRock Global Allocation Managed Risk – Growth VPTRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

1801 California Street, Suite 5200

Denver, COColorado 80202

JOINT PROXY STATEMENT

Introduction

This jointJoint Proxy Statement (“Proxy Statement”) is furnished in connection with the solicitation of proxies by the BoardBoards of Trustees (theor the Managing Board (each a “Board” and each member of the Board,Trustee, a “Board Member”) of each of the Transamerica Funds (“TF”), Transamerica Series Trust (the “Trust”(“TST”), on behalf of each of Transamerica Multi-Manager Alternative Strategies VP and Transamerica BlackRock GlobalAsset Allocation Managed Risk – Growth VPVariable Funds (“TAAVF”) (each, a “Portfolio” and collectively,“Trust”; together, the “Portfolios”“Trusts”) funds or subaccounts listed in the accompanying Notice of a Joint Special Meeting of Holders (each, a “Fund”; together, the “Funds”). The proxies are being solicited for use at a joint special meeting of shareholders, policyowners or contract holders (the “Holders”), which invest in a Portfolio through a variable life insurance policy or variable annuity contract,of the Funds to be held as a virtual meeting at the offices of Transamerica Asset Management, Inc. (“TAM”), 1801 California Street., Suite 5200, Denver, CO 80202, on March 20, 2020, at 1010:00 a.m. (Mountain time) (theon November 1, 2021 (each, a “Special Meeting”), and at any and all adjournments or postponements thereof. The Special Meeting will be held for the purposes set forth in the accompanying Notice of a Joint Special Meeting of Holders.

The Board of each Trust has determined that the use of this Joint Proxy Statement for each Trust’s Special Meeting is in the best interests of each Trust, the applicable Funds and their holders in light of the similar matters being considered and voted on by the holders of each of the Funds. The Special Meetings are being held together for convenience, but each Special Meeting is a separate meeting of the relevant Trust. At each Special Meeting of a Trust, holders of each Fund in the Trust will vote together on the election of Board Members for that Trust. This Joint Proxy Statement and the accompanying materials (for TST and TAAVF) or a Notice of Internet Availability of Proxy Materials (for TF) are being first mailed by the BoardBoards to Holdersholders on or about February 14, 2020.September 1, 2021.

PLEASE NOTE: The Trust isSpecial Meeting will be held virtually over the internet. To attend, vote, and submit any questions at the Special Meeting, please register using your control number located on the proxy card or voting instruction form at https://meetings.computershare.com/MQZ5FS4.

In order for beneficial owners of shares held through an intermediary, such as a bank or broker, or other nominee to attend, participate, and vote at the virtual Special Meeting, you must register in advance. To register you must submit proof of your proxy power (legal proxy) reflecting your Fund holdings along with your name and email address to Computershare, the Funds’ proxy solicitor. You may forward an email from your intermediary or attach an image of your legal proxy to shareholdermeetings@computershare.com. Requests for registration must be received no later than 5:00 p.m., Eastern Time, three business days prior to the meeting date. You will receive a confirmation email from Computershare of your registration and a control number that will allow you to vote at the Special Meeting.

TF and TST are each organized as a Delaware statutory trust. TAAVF is a segregated investment account of Transamerica Financial Life Insurance Company (“TFLIC”). The Trust is anTrusts are investment companycompanies registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Funds that are series of TST are offered to variable annuity and variable life insurance separate accounts established by insurance companies to fund variable annuity contracts and variable life insurance policies. Funds that are series of TAAVF are group variable annuity contracts offered as funding vehicles for certain retirement plans and other investors.

In certain cases, for ease of comprehension, the term “Portfolio”“Fund” is used in this Joint Proxy Statement where it may be more precise to refer to the Trust,“Trust” of which each Portfoliothe Fund is a series. ForIn addition, for purposes of convenience in this Joint Proxy Statement, the term “shareholder” (when used to refer to the beneficial holder of ownership interests in a Fund) shall also be deemed to include holders have been defined as “Holders,” as noted aboveof variable annuity contracts and the interests that they hold invariable life insurance company separate accounts that in turn own shares of a Portfolio are sometimes referred to as “interests.” Holders are not shareholders of a Portfolio. For ease of reference, throughout the Proxy Statement, shareholders and Holders may collectively be referred to as “shareholders” of a Portfolio.policies.

You are being askedentitled to vote at the Special Meeting becauseof each Fund of which you were invested in one or more Portfolios through your variable annuity contract or variable life insurance policyare a shareholder as of the close of business on January 21, 2020August 6, 2021 (the “Record Date”). Each HolderShareholders of record of a Portfoliothe Fund that are series of TF and TST at the close of business on the Record Date isare entitled to one vote for each dollar of net asset value of the applicable PortfolioFund represented by the Holder’sshareholder’s shares of the Portfolioapplicable Fund (with proportional fractional votes for fractional shares). The numberShareholders of sharesrecord of each Portfolio outstanding and the net assetsFunds that are series of each PortfolioTAAVF at the close of business on the Record Date were as follows:are entitled to one vote per $100 (with proportional fractional votes for amounts less than $100) of the dollar value of the accumulation account for the shareholder’s credit in a contract held in the applicable fund subaccount. The net assets and total number of shares of each Fund outstanding at the close of business on the Record Date is shown in Appendix A.

Please sign, date and returnThe Fund(s) with respect to which your vote is being solicited is named on the proxy card included with this Joint Proxy Statement. YouStatement (references herein to proxy cards include voting instruction forms provided to the holders of variable annuity contracts and variable life insurance policies). If you have the right to vote with respect to more than one Fund as of the Record Date, you may alsoreceive more than one proxy card. Please sign, date and return each proxy card, or if you prefer to provide voting instructions by telephone or over the Internet.internet, please vote on the proposal with respect to each applicable Fund. If you vote by telephone or over the Internet,internet, you will be asked to enter a unique codecontrol number that has been assigned to you, which is printed on your proxy card.card(s). This codecontrol number is designed to confirm your identity, provide access to the voting sites and confirm that your voting instructions are properly recorded.

All properly executed proxies received prior to thea Trust’s Special Meeting will be voted at thethat Special Meeting. On the matters coming before theeach Special Meeting as to which a Holdershareholder has specified a choice on that Holder’sshareholder’s proxy, the Holder’sshareholder’s shares will be voted accordingly. If a proxy is properly executed and returned and no choice is specified with respect to a proposal,Proposal I, the shares will be voted “FOR” the proposal. The duly appointed proxies may, in their discretion, vote upon such other matters as may properly come before the Special Meeting.

HoldersShareholders who execute proxies or provide voting instructions by telephone or the Internetinternet may revoke them with respect to any or all proposalsthe proposal at any time before a vote is taken on the proposal by filing with the applicable Fund a proposal. Pleasewritten notice of revocation (addressed to the Secretary at the principal executive offices of the Funds at the address above), by delivering a duly executed proxy bearing a later date or by virtually attending the Special Meeting and voting, in all cases prior to the exercise of the authority granted in the proxy card. Merely virtually attending the Special Meeting by itself will not revoke any previously executed proxy. If you hold your shares through a bank or other intermediary or if you are the holder of a variable annuity contract or variable life insurance policy (as discussed below), please consult your bank or intermediary or your participating insurance company regarding your ability to revoke voting instructions after such instructions have been provided.

Quorum, Vote Required and Manner of Voting Proxies

Quorum

A quorum of Holdersshareholders is required to take action at the Special Meeting. For the purposes of taking action on ProposalsProposal I, through III, Holderswith respect to TF and TST, shareholders entitled to vote and present in personat the Special Meeting or by proxy representing at least thirty percent (30%) of the voting power of each respective Portfoliothe Trust shall constitute a quorum at athe Special Meeting. AWith respect to TAAVF, shareholders of at least thirty percent (30%) of the outstanding interests of TAAVF, present in person or by proxy, shall constitute a quorum at the Special Meeting with respect to Proposal I.

Only proxies that are voted, abstentions and “broker non-votes” will be counted toward establishing a quorum. “Broker non-votes” are shares held by a broker or nominee as to which proxies have been returned but (a) instructions have not been received from the beneficial owners or persons entitled to vote and (b) the broker or nominee does not have discretionary voting power on a particular matter. The Trusts understand that a broker or nominee may exercise discretionary voting power with respect to Proposal I, as this proposal is considered a “routine” matter under the rules of the New York Stock Exchange, and there are no other proposals expected to come before the Special Meeting for which a broker or nominee would not have discretionary voting authority. As a result, the Trusts do not anticipate that there will be any broker non-votes at the Special Meeting. Abstentions and broker non-votes are not considered “votes cast” and, therefore, do not constitute a vote “FOR” Proposal I. Abstentions and broker non-votes will have no effect on the results of the voting on Proposal I.

Votes cast at the Special Meeting will be tabulated by the inspectors of election appointed for the Special Meeting. The inspectors of election will determine whether or not a quorum is likely to be established due topresent at the proportional voting by the Insurance Companies described below.Special Meeting. The inspectors of election will treat abstentions as present for purposes of determining a quorum.

In the absence of a quorum, athe Special Meeting may be adjourned by the motion of the person presiding at the Special Meeting. If a quorum is present but sufficient votes to approve a proposal are not received, athe Special Meeting may be adjourned by the affirmative vote of a majority of the shares present in personat the Special Meeting or represented by proxy at the Special Meeting. The persons named as proxies may, at their discretion, vote those proxies in favor of an adjournment of athe Special Meeting. A vote may be taken on any proposal prior to any such adjournment if sufficient votes have been received.

Vote Required

Proposal I. In the case of each Trust, shareholders of all of the Funds that are series of the Trust vote together as a single class with respect to the election of nominees to the Board of the Trust. Each nominee must be elected by a plurality of the votes cast on the proposal by shareholders of the applicable Trust. Accordingly, assuming the presence of a quorum, abstentions and broker non-votes will have no effect on Proposal I.

The election of Board Members by one Trust is not contingent upon approval of each of ProposalsProposal I and II requiresby any other Trust. If the voteshareholders of a “majority ofTrust do not ultimately approve Proposal I, the outstanding voting securities” of each applicable Portfolio withincurrent Board Members will continue to oversee that Trust and its Funds as they currently do pending any further action by the meaning of the 1940 Act, which is defined as the affirmative vote of the lesser of (a) 67% or more of the voting power of the voting securities of the Portfolio that are present or represented by proxy at the Special Meeting if Holders of shares representing more than 50% of the voting power of the outstanding voting securities of the Portfolio are present or represented by proxy, or (b) more than 50% of the voting power of the outstanding securities of the Portfolio.Trust.

The following table shows how Portfolio shares will be treated for the purposes of quorum and voting requirements.

Manner of Voting

SharesThe Funds expect that, before the Special Meeting, broker-dealer firms holding shares of the PortfoliosFunds in “street name” for their customers will request voting instructions from their customers and beneficial owners. If these instructions are not received by the date specified in the broker-dealer firms’ proxy solicitation materials, the Funds understand that broker-dealers may vote on Proposal I on behalf of their customers and beneficial owners. A signed proxy card or other authorization by a beneficial owner of shares in a Fund that does not specify how the beneficial owner’s shares should be voted on a proposal may be deemed an instruction to vote such shares in favor of the proposal.

If you hold shares in a Fund through a bank or other financial institution or intermediary (called a service agent) that has entered into a service agreement with the Fund or a distributor of the Fund, the service agent may be the record shareholder of your shares. At the Special Meeting, a service agent will vote shares for which it receives instructions from its customers in accordance with those instructions. A signed proxy card or other authorization by a beneficial shareholder that does not specify how the beneficial shareholder’s shares should be voted on the proposal may be deemed an instruction to vote such shares in favor of Proposal I. Depending on its policies, applicable law or contractual or other restrictions, a service agent may be permitted to vote shares with respect to which it has not received specific voting instructions from its customers. In those cases, the service agent may, but may not be required to, vote such shares in the same proportion as those shares for

which the service agent has received voting instructions or in the same proportion as those shares for which the Fund receives voting instructions from other shareholders. This practice is sometimes called “proportional voting” or “echo voting.” Because of this practice, a small number of shareholders could determine how a Fund votes, if other shareholders fail to vote.

In the case of shares of Funds (such as the Funds that are series of TST or TAAVF) that are not offered directly to the public, but areonly sold only to (1)certain asset allocation portfolios, certain retirement plans and to variable annuity separate accounts established by insurance companies (including Transamerica Life Insurance Company and their separate accounts asTransamerica Financial Life Insurance Company, Inc. (collectively, the underlying investment medium for Holders as owners of“Insurance Companies”)) to fund variable annuity contracts and variable life insurance policies, (collectively, the “Policies”), and (2) certain asset allocation portfolios that are seriesownership of the Trust (the “Asset Allocation Portfolios”). As such, Transamerica Life Insurance Company (“TLIC”), Transamerica Financial Life Insurance Company (“TFLIC”), and Transamerica Premier Life Insurance Company (“TPLIC”) (collectively, the “Insurance Companies”) are the only shareholders of the investment portfolios offered by the Trust. The Insurance Companies each offer the opportunity to investshares is legally vested in the Portfolios through their respective products.

separate accounts. The Insurance Companies will vote shares held by these separate accounts in a manner consistent with voting instructions timely received from the Holdersshareholders of the Policiesvariable annuity contracts and variable life insurance policies used to fund the accounts.A signed proxy card or other authorization by a Holdershareholder that does not specify how the Holder’s interestshareholder’s shares should be voted on athe proposal willmay be deemed an instruction to vote such interestshares in favor of the applicable proposal.

Proposal I. The Insurance Companies will use proportional voting to vote shares held by separate accounts for which no timely instructions are received from the Holdersshareholders of the Policies.variable annuity contracts and variable life insurance policies. The Insurance Companies do not require that a specified number of owners of the Policiesvariable annuity contracts and variable life insurance policies submit voting instructions before the Insurance Companies will vote the shares of the PortfolioFunds held by itstheir respective separate accounts at the Special Meeting. As a result, a small number of Holdersowners of the Policiesvariable annuity contracts and variable life insurance policies could determine how the Insurance Companies vote, if other Holdersowners fail to vote. In the caseOther participating insurance companies may follow similar voting procedures.

If you beneficially own shares that are held in “street name” through a broker-dealer or that are held of the Asset Allocation Portfolios thatrecord by a service agent, or if you hold shares ofthrough a Portfolio,variable annuity contract or a variable life insurance policy, and if any, each Asset Allocation Portfolio will vote itsyou do not give specific voting instructions for your shares, of the applicable Portfoliothey may not be voted at all or, as described above, they may be voted in the same proportion in which votesa manner that you may not intend. Therefore, you are cast by other Holders of the Portfolio. In addition, TAM, the Insurance Companies and their affiliates will use proportional votingstrongly encouraged to vote anygive your broker-dealer, service agent or participating insurance company specific instructions as to how you want your shares held by TAM, the Insurance Companies or their affiliates for their own account.to be voted.

A signed proxy card or other authorization by a beneficial owner ofIf you hold shares in a PortfolioFund directly (not through a broker-dealer, bank, insurance company or other intermediary), and if you return a signed proxy card that does not specify how the beneficial owner’syou wish to vote on Proposal I, your shares should be voted on a proposal will be deemed an instruction to vote such sharesvoted in favor of the proposal.

Transamerica Asset Management, Inc. (“TAM”), the Funds’ investment manager or adviser, exercises proxy voting discretion for certain asset allocation Funds that invest their assets in other Funds. Consistent with TAM’s proxy voting policies and procedures, TAM will echo vote the shares of each applicable proposal(s).underlying Fund in the same proportion as the vote of all of the other voting holders of the underlying Fund’s shares. Should there be no other voting holders of an underlying Fund so TAM cannot echo vote, TAM will vote the shares of the underlying Fund in accordance with the recommendation of the relevant asset allocation Fund’s Board. The Boards have recommended that, in any such cases, the applicable underlying Fund shares be voted “FOR” the election of each nominee described in Proposal I.

If you need more information or have any questions about the proposals, please call the Trust toll-free at1-888-233-4339. If you have any questionsProposal I or about voting, please call the Portfolios’ proxy solicitor, Computershare at1-866-612-5814.866-963-6126.

Revoking Proxies

Each Portfolio Holdershareholder signing and returning a proxy has the power to revoke it at any time before it is exercised:

However, attendancein-person at the meeting,Special Meeting, by itself, will not revoke a previously executed and returned proxy.

If a Portfolio Holder holds Portfolioyou hold your shares through a bank or other intermediary or if you are the holder of a variable annuity contract or variable life policy, please consult your bank or intermediary should be consultedor your participating insurance company regarding the shareholder’syour ability to revoke voting instructions after such instructions have been provided.

PROPOSAL I — APPROVAL OF PLAN OF LIQUIDATION FOR- TO ELECT BOARD MEMBERS

TRANSAMERICA MULTI-MANAGER ALTERNATIVE STRATEGIES VP

ThisThe purpose of this Proposal I is to be votedelect Board Members of TF, TST and TAAVF.

At a Board meeting held on by HoldersMarch 10-11, 2021, the current Board Members of Transamerica Multi-Manager Alternative Strategies VP (for purposes of this proposal,each Trust nominated for election the “Portfolio”eleven nominees listed below (the “Nominees”).

Background

On December4-5, 2019, to serve on the Board of the Trust, including allapplicable Trust. Nine of the TrusteesNominees, Sandra N. Bane, Leo J. Hill, David W. Jennings, Fredric A. Nelson III, John E. Pelletier, Patricia L. Sawyer, Marijn P. Smit, John W. Waechter and Alan F. Warrick, currently serve as Board Members of each Trust. Nine of the Nominees, Ms. Bane, Mr. Hill, Kathleen T. Ives, Mr. Jennings, Lauriann C. Kloppenburg, Mr. Nelson, Mr. Pelletier, Ms. Sawyer and Mr. Waechter, are not “interested persons” of the Funds within the meaning of the 1940 Act (the “Independent Nominees”). Mr. Smit, the President and Chief Executive Officer of the Funds and TAM, and Mr. Warrick are “interested persons” of the Funds as defined in the 1940 Act (the “Interested Nominees”).

Ms. Bane, Mr. Hill, Mr. Jennings, Ms. Sawyer, Mr. Waechter and Mr. Warrick were elected by Fund shareholders in 2012. Mr. Smit was appointed to the Board of each Trust in 2015 and Messrs. Nelson and Pelletier were appointed to the Boards in 2017. Mses. Ives and Kloppenburg are new nominees to the Boards and have not previously served as Board Members of the Funds (Mses. Ives and Kloppenburg, together, the “New Nominees”). Information about the Nominees for the Boards is set forth below.

Mr. Smit, an Interested Nominee, is an “interested person” of the Funds as defined in the 1940 Act by virtue of his position with TAM and its affiliates described below. Mr. Warrick, the other Interested Nominee, is considered an “interested person” of the Funds as defined in the 1940 Act due to his former service in various executive positions for certain Transamerica affiliates as described below. Each of the other Nominees is an Independent Nominee. Each Independent Nominee was nominated by the applicable Trust’s Nominating Committee comprised of the current Board Members who are not “interested persons” of the Funds within the meaning of the 1940 Act (the “Independent Board Members”).

The Nominees’ term of office would commence upon their elections, which, if the Nominees are elected by shareholders, is expected to occur on November 1, 2021. If elected, the Nominees will comprise the entire Board of each Trust, and each of them will hold office until his or her successor has been duly elected or appointed, until the end of the calendar year in which he or she reaches the mandatory retirement age of 75, or until his or her earlier death, resignation or removal.

Each Nominee has consented to serve on the Board of each Trust if elected by shareholders. If, however, before the election, any Nominee refuses or is unable to serve, proxies may be voted for a replacement nominee, if any, designated by Board Members of the applicable Trust(s).

The enclosed proxy card will be voted for all Nominees unless a proxy contains specific instructions to the contrary.

Reason for Proposed Election of Nominees

The 1940 Act requires that shareholders elect a fund’s board under certain circumstances. As a general matter, a fund’s board may fill vacancies as long as, after the board fills the vacancy, at least two-thirds of the board members would be elected by shareholders. The New Nominees could not be appointed by the Boards without the Boards falling below the two-thirds requirement. The other nine Nominees already serve as Board Members of each Trust, all of whom, with the exception of Messrs. Nelson, Pelletier and Smit have been elected by shareholders (representing two-thirds of the current Board Members). Electing each Nominee to the Boards would provide the Boards the flexibility to add new Board Members or to fill any future vacancies created by the departure of one or more shareholder-elected Board Members, if necessary, without the expense and delay of conducting additional shareholder meetings.

Information about the Nominees

The table below sets forth each Nominee’s name, age (as of the shareholder meeting date), positions and length of service with the Trusts, each Nominee’s principal occupation for at least the past five years (titles may have varied during that termperiod), the number of funds in the Transamerica Fund Family each Nominee will oversee if elected, and any other board memberships held by each Nominee. The length of time served is provided for the current Board Members from the date the Board Member became a member of the Boards. The Transamerica Fund Family consists of TF, TST, TAAVF and Transamerica ETF Trust (“TET”). TET is overseen by a separate Board of Trustees. The mailing address of each Nominee is c/o Secretary of the Funds, 1801 California Street, Suite 5200, Denver, Colorado 80202.

Name and Age		Position(s) Held with Trust(s)		Term of Office and Length of Time Served*		Principal Occupation(s) During Past Five Years		Number of Funds in Complex Overseen by Board Member		Other Directorships Held by Board Member
INTERESTED NOMINEES
Marijn P. Smit (48)		Chairman of the Boards, President and Chief Executive Officer		Since 2014 (all Trusts)		Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present); Chairman of the Board, President and Chief Executive Officer, TET (2017 – present); Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio (“TPP”), Transamerica Partners Funds Group (“TPFG”) and Transamerica Partners Funds Group II (“TPFG II”) (2014 – 2018); Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. (“TAM”) and Transamerica Fund Services, Inc. (“TFS”) (2014 – present); Senior Vice President, Transamerica Retirement Solutions LLC (2012 - present); Trust Officer, Massachusetts Fidelity Trust Company (2014 - 2021); President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016); Vice President, Transamerica Life Insurance Company (2010 – 2016); Vice President, Transamerica Premier Life Insurance Company (2010 – 2016); Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016); Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016) and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016).		120		Director, Massachusetts Fidelity Trust Company (2014 -2021); Director, Aegon Global Funds (2016 - present)
Alan F. Warrick (73)		Board Member		Since 2012 (all Trusts)		Board Member, TF, TST and TAAVF (2012 – present); Board Member, TPP, TPFG and TPFG II (2012 – 2018); Senior Advisor, Lovell Minnick Equity Partners (2010 – present); and Retired (2010).		115		N/A
INDEPENDENT NOMINEES
Sandra N. Bane (69)		Board Member		Since 2008 (all Trusts)		Retired (1999 – present); Board Member, TF, TST and TAAVF (2008 – present); Board Member, TPP, TPFG and TPFG II (2008 – 2018); and Partner, KPMG (1975 – 1999).		115		Big 5 Sporting Goods (2002 – present); Southern Company Gas (energy services holding company) (2008 – present)

Name and Age		Position(s) Held with Trust(s)		Term of Office and Length of Time Served*		Principal Occupation(s) During Past Five Years		Number of Funds in Complex Overseen by Board Member		Other Directorships Held by Board Member
Leo J. Hill (65)		Lead Independent Board Member		Since 2002 (TF & TAAVF) Since 2001 (TST)		Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present); Board Member, TST (2001 – present); Board Member, TF (2002 – present); Board Member, TAAVF (2007 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Market President, Nations Bank of Sun Coast Florida (1998 – 1999); Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998); Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994); and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991).		115		Ameris Bancorp (2013 – present); Ameris Bank (2013 – present)
Kathleen T. Ives (56)		Board Member Nominee		N/A		Proposed Board Member, TF, TST and TAAVF (2021 – present); Retired (2019 – present); Senior Vice President & Director of Internal Audit (2011-2019), Senior Vice President & Deputy General Counsel (2008 – 2011), OFI Global Asset Management, Inc.		None currently; 115 if elected as to all Trusts		Junior Achievement Rocky Mountain (non-profit organization) (2013 – present); Institute of Internal Auditors, Denver Chapter (audit organization) (2017 – 2021).
David W. Jennings (75)		Board Member		Since 2009 (all Trusts)		Board Member, TF, TST and TAAVF (2009 – present); Board Member, TPP, TPFG and TPFG II (2009 – 2018); Managing Director, Hilton Capital Management, LLC (2010 – present).		115		N/A
Lauriann C. Kloppenburg (61)		Board Member Nominee		N/A		Proposed Board Member, TF, TST and TAAVF (2021 – present); Director, Adams Funds (investment companies) (2017 – present); Investment Committee Member, 1991 Office, LLC (family office) (2017 – Present); Executive in Residence and Student Fund Advisory Board Member, Champlain College (2016 – present); Executive in Residence, Bentley University (2015 – 2017); Chief Strategy Officer (2012 – 2013), Chief Investment Officer – Equity Group (2004 – 2012), Loomis Sayles & Company, L.P.		None currently; 115 if elected as to all Trusts		Trustees of Donations to the Protestant Episcopal Church (non-profit organization) (2010 – present); Forte Foundation (non-profit organization) (2016 – present)

Name and Age		Position(s) Held with Trust(s)		Term of Office and Length of Time Served*		Principal Occupation(s) During Past Five Years		Number of Funds in Complex Overseen by Board Member		Other Directorships Held by Board Member
Fredric A. Nelson III (64)		Board Member		Since 2017 (all Trusts)		Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Chief Investment Officer (“CIO”), Commonfund (2011 – 2015); Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009); Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003); and Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994).		115		N/A
John E. Pelletier (57)		Board Member		Since 2017 (all Trusts)		Board Member, TF, TST and TAAVF (2017 – present); Board Member, TPP, TPFG and TPFG II (2017 – 2018); Director, Center for Financial Literacy, Champlain College (2010 – present); Co- Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – 2018); Chairman, Vermont Universal Children’s Higher Education Savings Account Program Advisory Committee (2015 – 2021); Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017); Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017); Chief Legal Officer, Eaton Vance Corp. (2007 – 2008); and Executive Vice President and Chief Operating Officer (2004 - 2007), General Counsel (1997 – 2004), Natixis Global Associates.		115		N/A

Name and Age		Position(s) Held with Trust(s)		Term of Office and Length of Time Served*		Principal Occupation(s) During Past Five Years		Number of Funds in Complex Overseen by Board Member		Other Directorships Held by Board Member
Patricia L. Sawyer (71)		Board Member		Since 1993 (TAAVF) Since 2007 (TF & TST)		Retired (2007 – present); President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007); Board Member, TF and TST (2007 – present); Board Member, TAAVF (1993 – present); Board Member, TPP, TPFG and TPFG II (1993 – 2018); and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University.		115		Honorary Trustee, Bryant University (1996 – present)
John W. Waechter (69)		Board Member		Since 2004 (TST) Since 2005 (TF & TAAVF)		Partner, Englander Fischer (2016 – present) (law firm); Attorney, Englander Fischer (2008 – 2015); Retired (2004 – 2008); Board Member, TST (2004 – present); Board Member, TF (2005 – present); Board Member, TAAVF (2007 – present); Board Member, TPP, TPFG and TPFG II (2007 – 2018); Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004); and Treasurer, The Hough Group of Funds (1993 – 2004) (fund accounting).		115		Board Member, Operation PAR, Inc. (non-profit organization) (2008 – present); Board Member, Boley PAR, Inc. (non-profit organization) (2016 - present); Board Member, Remember Honor Support, Inc. (non-profit organization) ( 2013 - 2020); Board Member, WRH Income Properties, Inc. (real estate) (2014 - present)

To the knowledge of the Trusts, as of August 6, 2021, all Board Members and officers as a group owned less than 1% of the outstanding shares of each Fund.

Each Board believes that each Nominee’s experience, qualifications, attributes or skills on an individual basis and in combination with those of the other Nominees lead to the conclusion that the Boards will possess the requisite skills and attributes. Each Board believes that the Nominees’ ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with TAM, the sub-advisers, other services providers, counsel and independent auditors, and to exercise effective business judgment in the performance of their duties, support this conclusion. Each Board also has considered the following experience, qualifications, attributes and/or skills, among others, of the Nominees in reaching its conclusion: his or her character and integrity; such person’s service as a board member of a predecessor fund family (other than Mses. Ives and Kloppenburg, and Messrs. Jennings, Nelson, Pelletier, Smit and Warrick); such person’s willingness to serve and willingness and ability to commit the time necessary to perform the duties of a Board Member; the fact that such person’s service would be consistent with the requirements of the retirement policies of the Trusts; as to each Nominee other than Mr. Smit and Mr. Warrick, his or her status as not being an “interested person” of the Funds as defined in the 1940 Act), basedAct; as to Mr. Smit, his status as a representative of TAM; and, as to Mr. Warrick, his former service in various executive positions for certain affiliates of TAM. In addition, the following specific experience, qualifications, attributes and/or skills apply as to each Board Member: Ms. Bane, accounting experience and experience as a board member of multiple organizations; Mr. Hill, financial and entrepreneurial experience as an executive, owner and consultant and experience as a board member of multiple organizations; Ms. Ives, audit, securities industry and compliance experience as a fund executive; Mr. Jennings, investment management experience as an executive of investment management organizations and portfolio manager; Ms. Kloppenburg, investment management experience as an executive and board experience; Mr. Nelson, business experience, securities industry and fund executive experience; Mr. Pelletier, securities industry and fund legal and operations experience, entrepreneurial experience as an executive, owner and

consultant, and board experience; Ms. Sawyer, management consulting and board experience; Mr. Waechter, securities industry and fund accounting and fund compliance experience, legal experience and board experience; Mr. Smit, investment management and insurance experience as an executive and leadership roles with TAM and affiliated entities; and Mr. Warrick, financial services industry experience as an executive and consultant with various TAM affiliates and other entities. References to the qualifications, attributes and skills of the Nominees are pursuant to requirements of the Securities and Exchange Commission, do not constitute holding out of the Boards or any Nominee as having any special expertise or experience, and shall not impose any greater responsibility or liability on any such person or on the recommendationBoards by reason thereof.

The nominations of TAM,Mses. Ives and Kloppenburg were recommended to the Portfolio’s investment manager, determinedNominating Committee of each Board by certain Independent Board Members serving on that Nominating Committee. The remaining Nominees currently serve on the Portfolio should be liquidatedBoards and dissolved, subject to Holder approvalare being submitted for election or reelection, as applicable.

Each Board is responsible for overseeing the management and operations of the proposed Plan of Liquidation. The form of Plan of Liquidation for the Portfolio can be found in Appendix A attached hereto. The discussionFunds. Mr. Smit serves as Chairman of the Plan of Liquidation in this Proxy StatementBoards. Mr. Smit is a brief summaryan interested person of the principal termsFunds. Independent Board Members currently constitute more than 77% of each Board, and if all Nominees are elected, Independent Board Members would comprise more than 81% of the Plan of Liquidation. For a more complete understanding of the Plan of Liquidation, please read Appendix A.Boards.

Subject to the approval of Proposal I by the Holders of the Portfolio, the Portfolio will be eliminated asThe Boards currently believe that an allocation option under each variable annuity contractinterested Chairman is appropriate and variable life insurance policy after the liquidation is effected, and its outstanding shares will be cancelled.

Holders of the Portfolio who have not otherwise given transfer instructions prior to the Liquidation Date will have their interests in the Portfolio transferred to the corresponding share class of Transamerica BlackRock Government Money Market VP (the “Government Money Market Portfolio”), upon receipt of the liquidating distribution from the Portfolio, as discussed below. The Government Money Market Portfolio, a series of the Trust, is managed by TAM andsub-advised by BlackRock Investment Management, LLC.

Reasons for the Proposed Liquidation

TAM believes the Portfolio issub-scale with poor prospects for growth. TAM does not believe there is a current opportunity to significantly distribute the Portfolio to new investors. For these reasons, TAM recommended and the Board approved the liquidation of the Portfolio.

At its meeting on December4-5, 2019, the Board considered a number of factors, including the amount of the Portfolio’s net assets, information from TAM regarding the outlook for the Portfolio, and the terms and conditions of the Plan of Liquidation. The Board considered alternatives to liquidating the Portfolio, including whether a merger with or transfer of assets to another mutual fund would be possible, and if it would produce desirable results for the Portfolio’s Holders. The Board also considered representations from TAM that (i) TAM would bear all of the expenses incurred in connection with carrying out the Plan of Liquidation; (ii) if, by the Liquidation Date, Holders have not provided transfer instructions, upon the liquidation of the Portfolio, a Holder’s liquidation proceeds related to their interest in the Portfolio would be transferred to the corresponding share class of the Government Money Market Portfolio; and (iii) the proposed liquidation, as well as contract value transfers in anticipation of or subsequent to the proposed liquidation, would not ordinarily create federal income tax liability for Holders. The Board also noted that Holders would have the right to subsequently transfer their interests in the Government Money Market Portfolio to any of the other allocation options available under their respective variable annuity contracts or variable life insurance policies in accordance with the terms of their respective contracts or policies free of any applicable transfer restrictions, transfer charges and without such transfer counting as one of a limited number of transfers permitted during any period free of charge for a period of ninety (90) days following the liquidation. After considering and discussing these factors, the Board determined that the proposed liquidation would be in the best interests of the Portfolio’s Holders.Funds and their shareholders, and that its committees, as further described below, help ensure that the Funds have effective and independent governance and oversight. The Boards believe that an interested Chairman has a professional interest in the quality of the services provided to the Funds and that the Chairman is best equipped to provide oversight of such services on a day-to-day basis because of TAM’s sponsorship of the Funds and TAM’s ongoing monitoring of the investment sub-advisers that manage the assets of each Fund. The Boards also believe that its leadership structure facilitates the orderly and efficient flow of information to the Independent Board Members from management. The Independent Board Members also believe that they can effectively act independently without having an Independent Board Member act as Chairman. Among other reasons, this belief is based on the fact that the Independent Board Members currently represent over 77% of each Board.

Although Holder approvalBoard Committees and Membership

Each Board has two standing committees: the Audit Committee and Nominating Committee. The Audit Committee and Nominating Committee of each Board is chaired by an Independent Board Member and composed of all of the Independent Board Members. In addition, each Board has a Lead Independent Board Member.

The Lead Independent Board Member and the chairs of the Audit and Nominating Committees work with the Chairman to set the agendas for Board and committee meetings. The Lead Independent Board Member also serves as a key point person for dealings between management and the Independent Board Members. Through the Funds’ Board committees, the Independent Board Members consider and address important matters involving the Funds, including those presenting conflicts or potential conflicts of interest for management, and they believe they can act independently and effectively. Each Board believes that its leadership structure is appropriate and facilitates the orderly and efficient flow of information to the Independent Board Members from management. Except for any duties specifically assigned by the Board or in relevant documents, the designation of a Board Member as Chairman of the Board, Lead Independent Board Member or chair of a committee does not impose on such Board Member any duties, obligations or liability that is greater than the duties, obligations or liability imposed on such person as a Board Member, generally.

Audit Committee

Each Audit Committee, among other things, oversees the accounting and reporting policies and practices and internal controls of the applicable Trust, oversees the quality and integrity of the financial statements of the Trust, approves, prior to appointment, the engagement of the Trust’s independent registered public accounting firm, reviews and evaluates the independent registered public accounting firm’s qualifications, independence and performance, and approves the compensation of the independent registered public accounting firm.

Each Audit Committee also approves all audit and permissible non-audit services provided to each Fund within the applicable Trust by the independent registered public accounting firm and all permissible non-audit services provided by each applicable Fund’s independent registered public accounting firm to TAM and any affiliated service providers if the engagement relates directly to each Fund’s operations and financial reporting. Each Audit Committee acts pursuant to a written charter.

During the fiscal year ended October 31, 2020, the Audit Committee of the TF Board met 4 times. During the fiscal year ended December 31, 2020, the Audit Committee of each of the TST and TAAVF Board met 3 times. Each Nominee then in office attended more than 75% of the aggregate number of such committee meetings.

Nominating Committee

Each Nominating Committee is a forum for identifying, considering, selecting and nominating, or recommending for nomination by the Board of that Trust, candidates to fill vacancies on the Board. The Nominating Committee may consider diversity in identifying potential candidates, including race, gender, differences of viewpoint, professional experience and skill, as well as such other individual qualities and attributes as it may deem relevant. Each Nominating Committee has not adopted a formal procedure for the implementation, or for assessing the effectiveness, of its policy with regard to the consideration of diversity in identifying potential candidates.

When addressing vacancies, each Nominating Committee sets any necessary standards or qualifications for service on the Board of that Trust and may consider nominees recommended by any source it deems appropriate, including management and shareholders. Shareholders who wish to recommend a nominee should send recommendations to the Trusts’ Secretary that include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Board Members. A recommendation must be accompanied by a written consent of the individual to stand for election if nominated by the Board(s) and to serve if elected by the shareholders. Each Nominating Committee will consider all submissions meeting the applicable requirements stated herein that are received by December 31 of the most recently completed calendar year.

Each Nominating Committee also identifies potential nominees through its network of contacts and may also engage, if it deems appropriate, a professional search firm. Each Nominating Committee meets to discuss and consider such candidates’ qualifications and then chooses a candidate by majority vote.

Each Nominating Committee acts pursuant to a written charter, as set forth in Appendix B. The charter sets forth procedures for each Nominating Committee’s consideration of candidates submitted by shareholders.

During the fiscal year ended October 31, 2020, the Nominating Committee of the TF Board met 3 times. During the fiscal year ended December 31, 2020, the Nominating Committee of each of TST and TAAVF met 4 times. Each Nominee then in office attended more than 75% of the aggregate number of such committee meetings.

Risk Oversight

Through its oversight of the management and operations of the applicable Funds, each Board also has a risk oversight function, which includes (without limitation) the following: (i) requesting and reviewing reports on the operations of the Funds (such as reports about the performance of the Funds); (ii) reviewing compliance reports and approving compliance policies and procedures of the Funds and their service providers; (iii) meeting with management to consider areas of risk and to seek assurances that adequate resources are available to address risks; (iv) meeting with service providers, including Fund auditors, to review Fund activities; and (v) meeting with the Chief Compliance Officer and other officers of the Funds and the Funds’ service providers to receive information about compliance, and risk assessment and management matters. Such oversight is exercised primarily through the Boards and their Audit Committees but, on an ad hoc basis, also can be exercised by the Independent Board Members during executive sessions. Each Board has emphasized to TAM and the sub-advisers the importance of maintaining vigorous risk management.

The Boards recognize that not all risks that may affect the Funds can be identified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to liquidatebear certain risks (such as investment-related risks) to achieve the Portfolio under the Portfolio’s organizational documents, TAM requestedFunds’ goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Board solicit Holder approvalMembers as to risk management matters are typically summaries of the Plan of Liquidation in order to meet regulatory requirements applicable to the transferrelevant information. Most of the interests ofFunds’ investment management and business affairs are carried out by or through TAM, its affiliates, the Portfolio to the Government Money Market Portfolio.

Accordingly, after consideration of the above recommendation and such other factors and information it considered relevant, the Board unanimously approved the liquidation and dissolution of the Portfolio subject to the approval by the Portfolio’s Holders of the Plan of Liquidation.

Liquidation Costs

TAM will bear the expenses of the liquidation, which are estimated to be approximately $73,000 including: preparation of this Joint Proxy Statement, printing and distributing the proxy materials, the costs of soliciting and tallying voting instructions (including the fees and expenses of Computershare), the cost of any necessary filings with the SEC, legal fees, accounting fees, and expenses of holding shareholders’ meetings.

TAM will also bear any brokerage feessub-adviser and other transaction costs associated withservice providers each of which has an independent interest in risk management but whose policies and the salemethods by which one or more risk management functions are carried out may differ from the Funds’ and each other’s in the setting of portfolio holdingspriorities, the resources available or the effectiveness of the Portfolio prior to the Liquidation Date asrelevant controls. As a result of the liquidation, whichforegoing and other factors, the Boards’ risk management oversight is subject to substantial limitations. In addition, some risks may be beyond the reasonable control of the Boards, the Funds, TAM, its affiliates, the sub-advisers or other service providers.

In addition, it is important to note that each Fund is designed for investors that are estimatedprepared to be immaterial.accept investment risk, including the possibility that unforeseen risks may emerge in the future.

Officers of the Trusts

The Government Money Market Portfolio will bear any brokerage fees and other transaction costs associatedofficers of each Trust, including their ages, their positions held with the purchaseTrust and their principal occupations during the past five years (their titles may have varied during that period) are set forth in Appendix C. Each officer is elected by and serves at the pleasure of portfolio holdingsthe Trust’s Board. Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

If an officer has held offices for different Funds for different periods of time, the earliest applicable date is shown. No officer of the Trusts, except for the Chief Compliance Officer, receives any compensation from the Trusts.

General Information Regarding the Boards

Compensation: Information relating to compensation paid to the Board Members for the most recent fiscal year ends of the Funds they will oversee is set forth in Appendix D.

Equity Securities Owned by the Government Money Market Portfolio afterNominees: Information relating to the liquidation as a resultamount of any cashin-flows fromequity securities owned by the liquidations.

The Rationale for RecommendingNominees in the Government Money Market Portfolio

While TAM consideredFunds that they will oversee and in the other funds in the Transamerica Fund Family, as substitutes forwell as certain additional information regarding the Portfolio, it determined that the Government Money Market Portfolio would be an appropriate vehicle into which to transfer the contract valueIndependent Nominees, is set forth in Appendix E.

Attendance of Holders whoBoard Members at Annual Meeting: The Trusts do not exercise their transfer rights prior to the liquidation.

The following chart compares thehold annual fund operating expensesmeetings of shareholders, and therefore do not have a policy regarding attendance of Board Members at annual meetings. No annual meeting for any of the Portfolio andTrusts was held during the Government Money Market Portfolio formost recent fiscal year ends of theone-year period Funds.

Board Meetings: During the fiscal year ended October 31, 2020, the Board of TF met 5 times. During the fiscal year ended December 31, 2019.The fees shown do not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, fees would be higher.

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Contractual arrangements have been made with the Portfolio’s investment manager, TAM, through May 1, 2021 to waive fees and/or reimburse Portfolio expenses to the extent that the total annual fund operating expenses exceed 0.55% for Initial Class shares and 0.80% for Service Class shares, excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio’s business. These arrangements cannot be terminated prior to May 1, 2021 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may reimburse TAM only if such reimbursement does not cause, on any particular business day of the Portfolio, the class’s total annual operating expenses (after the reimbursement is taken into account) to exceed the applicable limits described above or any other lower limit then in effect.

Further information about the Government Money Market Portfolio, including performance information, is available in Appendix D. Holders should carefully review the prospectus dated May 1, 2019 for the Government Money Market Portfolio. For more information about the Government Money Market Portfolio and for a free copy of its most recent prospectus, statement of additional information, annual or semi-annual report, call1-800-851-9777 or write to the Trust, 1801 California Street, Suite 5200, Denver, CO 80202, or visit the Trust’s website at www.transamericaseriestrust.com.

Expense Limitation

Contractual arrangements have been made with the Government Money Market Portfolio’s investment manager, TAM, through May 1, 2021 to waive fees and/or reimburse portfolio expenses to the extent that the total annual fund operating expenses exceed 0.38% for Initial Class shares and 0.63% for Service Class shares, excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the portfolio’s business.

These arrangements cannot be terminated prior to May 1, 2021 without2020, the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during anyeach of TST and TAAVF met 5 times. Each Nominee then in office attended more than 75% of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may reimburse TAM only ifaggregate number of such reimbursement does not cause, on any particular business daymeetings of the Portfolio,Boards.

Indemnification of Board Members and Officers

The governing documents of each Trust generally provide that, to the class’s total annual operatingfullest extent permitted by applicable law, the Trust will indemnify its Board Members and officers against liabilities and expenses (afterincurred in connection with litigation in which they may be involved because of their offices with the reimbursementTrust, unless it is taken into account) to exceed the applicable limits described abovefinally adjudicated that they engaged in willful misfeasance, bad faith, gross negligence or any other lower limit then in effect.

Plan of Liquidation

If the Plan of Liquidation is approved by the Holdersreckless disregard of the Portfolio, the Portfolio will, by the Liquidation Date,duties involved in accordance with the Plan of Liquidation: (1) sell or otherwise convert to cash or cash equivalents its portfolio securities and other assets; (2) pay any liabilities and any necessary dividends with respect to the Portfolio’s current and prior taxable years; (3) make a liquidating distribution equal to the Holders’ interest in the remaining assets of the Portfolio without the deduction of any fees or the imposition of any charges; and (4) wind up its operations and dissolve its existence.their offices.

If the proposed Plan of Liquidation is approved by Holders, the Plan of Liquidation is expected to take effect on or about April 30, 2020. As soon as practicable thereafter, the Portfolio would be liquidated pursuant to the Plan of Liquidation (the “Liquidation Date”). To facilitate the liquidation, the Portfolio will be closed to all investments as of the close of business on or about February 14, 2020.Required Vote

In addition, if the proposed Plan of Liquidation is approved by the Holders of the Portfolio, following Holder approval and during the period prior to the Liquidation Date, the Portfolio may not operate in accordance with its stated investment objective, policies, restrictions and strategies. If the Plan of Liquidation is not approved by the Holders of the Portfolio, the Board will consider what other action should be taken with respect to the Portfolio, including continuing the normal operations of the Portfolio.

Holder Approval

To become effective with respect to the Portfolio, the Plan of LiquidationThis Proposal I must be approved by a vote of a majorityplurality of the outstanding voting securitiesvotes cast at the Special Meeting or by proxy at which a quorum exists. The votes of the Portfolio. The “vote of a majority of the outstanding voting securities” is definedeach Fund in the 1940 Act as the lesser of the vote of (a) 67% or more of the voting power of the voting securities of the Portfolio that are present at the meeting or represented by proxy if Holders of shares representing more than 50% of the voting power of the outstanding voting securities of the Portfolio are present or represented by proxy or (b) more than 50% of the voting power of the outstanding voting securities of the Portfolio. The Plan of Liquidation was approved by the independent Board Members, separately, and by the Board of the Portfolio, as a whole, after consideration of all factors which it determined to be relevant to its deliberations, including those discussed above.

The Board unanimously recommends that the Holders of the Portfolio vote “FOR” the approval of the Plan of Liquidation, and based on that recommendation, Holders are encouraged to vote “FOR” the approval of the Plan of Liquidation.

PROPOSAL II — APPROVAL OF PLAN OF LIQUIDATION FOR

TRANSAMERICA BLACKROCK GLOBAL ALLOCATION MANAGED RISK – GROWTH VP

This Proposal II is to be voted on by Holders of Transamerica BlackRock Global Allocation Managed Risk – Growth VP (for purposes of this proposal, the “Portfolio”).

Background

On December4-5, 2019, the Board of thesame Trust including all of the Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act), based on the recommendation of TAM, the Portfolio’s investment manager, determined that the Portfolio should be liquidated and dissolved, subject to Holder approval of the proposed Plan of Liquidation. The form of Plan of Liquidation for the Portfolio can be found in Appendix B attached hereto. The discussion of the Plan of Liquidation in this Proxy Statement is a brief summary of the principal terms of the Plan of Liquidation. For a more complete understanding of the Plan of Liquidation, please read Appendix B.

Subject to the approval of Proposal II by the Holders of the Portfolio, the Portfolio will be eliminated as an allocation option under each variable annuity contract and variable life insurance policy after the liquidation is effected, and its outstanding shares will be cancelled.

Holders of the Portfolio who have not otherwise given transfer instructions prior to the Liquidation Date will have their interests in the Portfolio transferred to the corresponding share class of Transamerica BlackRock Government Money Market VP (the “Government Money Market Portfolio”), upon receipt of the liquidating distribution from the Portfolio, as discussed below. The Government Money Market Portfolio, a series of the Trust, is managed by TAM andsub-advised by BlackRock Investment Management, LLC.

Reasons for the Proposed Liquidation

TAM believes the Portfolio issub-scale with poor prospects for growth. TAM does not believe there is a current opportunity to significantly distribute the Portfolio to new investors. For these reasons, TAM recommended and the Board approved the liquidation of the Portfolio.

At its meeting on December4-5, 2019, the Board considered a number of factors, including the amount of the Portfolio’s net assets, information from TAM regarding the outlook for the Portfolio, and the terms and conditions of the Plan of Liquidation. The Board considered alternatives to liquidating the Portfolio, including whether a merger with or transfer of assets to another mutual fund would be possible, and if it would produce desirable results for the Portfolio’s Holders. The Board also considered representations from TAM that (i) TAM would bear all of the expenses incurred in connection with carrying out the Plan of Liquidation; (ii) if, by the Liquidation Date, Holders have not provided transfer instructions, upon the liquidation of the Portfolio, a Holder’s liquidation proceeds related to their interest in the Portfolio would be transferred to the corresponding share class of the Government Money Market Portfolio; and (iii) the proposed liquidation, as well as contract value transfers in anticipation of or subsequent to the proposed liquidation, would not ordinarily create federal income tax liability for Holders. The Board also noted that Holders would have the right to subsequently transfer their interests in the Government Money Market Portfolio to any of the other allocation options available under their respective variable annuity contracts or variable life insurance policies in accordance with the terms of their respective contracts or policies free of any applicable transfer restrictions, transfer charges and without such transfer counting as one of a limited number of transfers permitted during any period free of charge for a period of ninety (90) days following the liquidation. After considering and discussing these factors, the Board determined that the proposed liquidation would be in the best interests of the Portfolio’s Holders.

Although Holder approval is not necessary to liquidate the Portfolio under the Portfolio’s organizational documents, TAM requested that the Board solicit Holder approval of the Plan of Liquidation in order to meet regulatory requirements applicable to the transfer of the interests of the Portfolio to the Government Money Market Portfolio.

Accordingly, after consideration of the above recommendation and such other factors and information it considered relevant, the Board unanimously approved the liquidation and dissolution of the Portfolio subject to the approval by the Portfolio’s Holders of the Plan of Liquidation.

Liquidation Costs

TAM will bear the expenses of the liquidation, which are estimated to be approximately $73,000 including: preparation of this Joint Proxy Statement, printing and distributing the proxy materials, the costs of soliciting and tallying voting instructions (including the fees and expenses of Computershare), the cost of any necessary filings with the SEC, legal fees, accounting fees, and expenses of holding shareholders’ meetings.

TAM will also bear any brokerage fees and other transaction costs associated with the sale of portfolio holdings of the Portfolio prior to the Liquidation Date as a result of the liquidation, which are estimated to be immaterial.

The Government Money Market Portfolio will bear any brokerage fees and other transaction costs associated with the purchase of portfolio holdings by the Government Money Market Portfolio after the liquidation as a result of any cashin-flows from the liquidations.

The Rationale for Recommending the Government Money Market Portfolio

While TAM considered other funds as substitutes for the Portfolio, it determined that the Government Money Market Portfolio would be an appropriate vehicle into which to transfer the contract value of Holders who do not exercise their transfer rights prior to the liquidation.

The following chart compares the annual fund operating expenses of the Portfolio and the Government Money Market Portfolio for theone-year period ended December 31, 2019.The fees shown do not reflect any charges that are, or may be, imposed under your variable life insurance policy or variable annuity contract. If such charges were reflected, fees would be higher.

Further information about the Government Money Market Portfolio, including performance information, is available in Appendix D. Further information about the Government Money Market Portfolio, including performance information, is available in Appendix D. Holders should carefully review the prospectus dated May 1, 2019 for the Government Money Market Portfolio. For more information about the Government Money Market Portfolio and for a free copy of its most recent prospectus, statement of additional information, annual or semi-annual report, call1-800-851-9777 or write to the Trust, 1801 California Street, Suite 5200, Denver, CO 80202, or visit the Trust’s website at www.transamericaseriestrust.com.

Expense Limitation

Contractual arrangements have been made with the Portfolio’s investment manager, TAM, through May 1, 2021 to waive fees and/or reimburse Portfolio expenses to the extent that the total annual fund operating expenses exceed 0.35% for Initial Class shares and 0.60% for Service Class shares, excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Portfolio’s business.

Contractual arrangements have been made with the Government Money Market Portfolio’s investment manager, TAM, through May 1, 2021 to waive fees and/or reimburse portfolio expenses to the extent that the total annual fund operating expenses exceed 0.38% for Initial Class shares and 0.63% for Service Class shares, excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the portfolio’s business.

These arrangements cannot be terminated prior to May 1, 2021 without the Board of Trustees’ consent. TAM is permitted to recapture amounts waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may reimburse TAM only if such reimbursement does not cause, on any particular business day of the Portfolio, the class’s total annual operating expenses (after the reimbursement is taken into account) to exceed the applicable limits described above or any other lower limit then in effect.

Plan of Liquidation

If the Plan of Liquidation is approved by the Holders of the Portfolio, the Portfolio will, by the Liquidation Date, in accordance with the Plan of Liquidation: (1) sell or otherwise convert to cash or cash equivalents its portfolio securities and other assets; (2) pay any liabilities and any necessary dividendscounted together with respect to the Portfolio’s current and prior taxable years; (3) make a liquidating distribution equalelection of the Nominees to the Holders’ interest inBoard and the remaining assetsshareholders of each Fund will vote together as a single class with the shareholders of all other Funds that are series of the Portfolio without the deduction of any fees or the imposition of any charges; and (4) wind up its operations and dissolve its existence.same Trust.

If the proposed Plan of Liquidation is approved by Holders, the Plan of Liquidation is expected to take effect on or about April 30, 2020. As soon as practicable thereafter, the Portfolio would be liquidated pursuant to the Plan of Liquidation (the “Liquidation Date”). To facilitate the liquidation, the Portfolio will be closed to all investments as of the close of business on or about February 14, 2020.

In addition, if the proposed Plan of Liquidation is approved by the Holders of the Portfolio, following Holder approval and during the period prior to the Liquidation Date, the Portfolio may not operate in accordance with its stated investment objective, policies, restrictions and strategies. If the Plan of Liquidation is not approved by the Holders of the Portfolio, theYour Board will consider what other action should be taken with respect to the Portfolio, including continuing the normal operations of the Portfolio.

Holder Approval

To become effective with respect to the Portfolio, the Plan of Liquidation must be approved by a vote of a majority of the outstanding voting securities of the Portfolio. The “vote of a majority of the outstanding voting securities” is defined in the 1940 Act as the lesser of the vote of (a) 67% or more of the voting power of the voting securities of the Portfolio that are present at the meeting or represented by proxy if Holders of shares representing more than 50% of the voting power of the outstanding voting securities of the Portfolio are present or represented by proxy or (b) more than 50% of the voting power of the outstanding voting securities of the Portfolio. The Plan of Liquidation was approved by the independent Board Members, separately, and by the Board of the Portfolio, as a whole, after consideration of all factors which it determined to be relevant to its deliberations, including those discussed above.

The Board unanimously recommends that the Holders of the Portfolioyou vote “FOR” the approvalelection of each of the Plan of Liquidation, and based on that recommendation, Holders are encouragedNominees to vote “FOR” the approval of the Plan of Liquidation.Boards.

OTHER BUSINESS

The Board Members do not know of any matters to be presented at the Special Meeting other than those set forth in this Joint Proxy Statement. If other business should properly come before a Special Meeting, including any questions as to an adjournment orof postponement of the Special Meeting, any such matter will be voted in accordance with the judgment of the persons named in the accompanying proxy card.

ADDITIONAL INFORMATION RELATING TO THE PROPOSALS

Transfer Rights

Holders will have the opportunity to submit transfer instructions in order to transfer their contract values currently allocated to a Portfolio to other allocation options available under their variable contracts prior to the Liquidation Date. For Holders who have provided transfer instructions prior to the Liquidation Date, their interest in the Portfolio will be transferred to the allocation option(s) selected in accordance with the transfer instructions. On the Liquidation Date, those Holders who have not exercised their transfer rights prior to the Liquidation Date will have their liquidation proceeds related to their interests in the Portfolio transferred to the corresponding class of the Government Money Market Portfolio.

The proposed liquidation of a Portfolio will not in any way affect the rights of Holders or the obligations of the Insurance Companies under the variable contracts. As of the date of this Proxy Statement, Holders may at any time transfer their interest in a Portfolio to any of the other allocation options available under their respective variable annuity contracts or variable life insurance policies in accordance with the terms of their respective contracts or policies free of any applicable transfer restriction, transfer charges and without such transfer counting as one of a limited number of transfers permitted during any period free of charge. Likewise, for ninety (90) days following the liquidation of a Portfolio, Holders who had their liquidation proceeds related to their interest in the Portfolio transferred to the Government Money Market Portfolio may transfer their interest in the Government Money Market Portfolio to any of the other allocation options available under their respective variable annuity contracts or variable life insurance policies in accordance with the terms of their respective contracts or policies free of any applicable transfer restriction, transfer charges and without such transfer counting as one of a limited number of transfers permitted during any period free of charge.

Shortly after the proposed liquidation, each Holder who had their liquidation proceeds related to their interest in a Portfolio transferred to the Government Money Market Portfolio will receive a notice (accompanied by a transfer request form and a postagepre-paid return envelope) explaining that their interests have been transferred and requesting that they submit a transfer request in the event that they do not want to remain invested in the Government Money Market Portfolio.

Holders will not incur any transfer fees or other charges under the Plans of Liquidation. TAM will pay the expenses of carrying out the Plans of Liquidation, including, without limitation: (1) expenses associated with the preparation and filing of a proxy statement relating to the liquidations, (2) fees and disbursements of legal counsel and other professionals, (3) brokerage commissions and other direct expenses of liquidating portfolio investments of the liquidating Portfolios, and (4) postage, printing and proxy solicitation costs (including the fees and expenses of Computershare).

Certain U.S. Federal Income Tax Consequences

The liquidation and subsequent transfer of interests currently allocated to a Portfolio to the Government Money Market Portfolio will not ordinarily create any tax liability for Holders, and Holders will not ordinarily incur any tax liability upon exercising their transfer rights to transfer the value of their interest in the Portfolio to another allocation option available under their respective variable annuity contracts or variable life insurance policies.

The foregoing is only a summary of certain U.S. federal income tax consequences of the liquidation of the Portfolios and should not be considered tax advice. There can be no assurance that the Internal Revenue Service will concur with all or any of the guidance discussed above. You should consult with your own tax advisers regarding the federal, state, and local tax consequences with respect to the foregoing matters and any other considerations that may apply in your particular circumstances.

Investment Manager, Transfer Agent and Principal Underwriter

TAM serves as the investment manager for the Funds in TF and TST. TF and TST have entered into an Investment Management Agreement with TAM, on behalf of each Fund. TAM serves as the investment adviser for the Funds in TAAVF pursuant to an Investment Advisory Agreement. TAM, located at 1801 California Street, Suite 5200, Denver, CO 80202, serves as the investment manager to the Transamerica family of funds, including each Portfolio. TAM provides continuous and regular investment management services to the Portfolios. For each of the Portfolios, TAM currently acts as a “manager of managers” and hires investmentsub-advisers to furnish investment advice and recommendations and has entered into asub-advisory agreement with each Portfolio’ssub-adviser. In acting as a manager of managers, TAM provides investment management services that include, without limitation, selection, proactive oversight and monitoring ofsub-advisers, daily monitoring of thesub-advisers’ buying and selling of securities for the Portfolios and regular review and evaluation ofsub-adviser performance and adherence to investment style and process. TAM’s management services include, among other things, the provision of supervisory, compliance and administrative services to the Portfolios. More information on the investment management services rendered by TAM is included in the Portfolios’ Statement of Additional Information.Funds.

TAM has been a registered investment adviser since 1996. As of December 31, 2019,2020, TAM has approximately $80.5$88 billion in total assets under management.

TAM is directly owned by Transamerica Premier Life Insurance Company (“TPLIC”TLIC”) (77%) and AUSA Holding, CompanyLLC (“AUSA”) (23%) (“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon NV. TPLICTLIC is owned by Commonwealth General Corporation (“Commonwealth”). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE).

Transamerica Corporation (DE) is wholly by The Aegon Trust, which is wholly owned by Aegon International B.V., which is wholly owned by Aegon NV, a Netherlands corporation, and a publicly traded international insurance group.

Legal Proceedings

On August 27, 2018, TAM, Aegon USA Investment Management, LLC (“AUIM”) and Transamerica Capital, Inc. (“TCI”) reached a settlement with the Securities and Exchange Commission (the “SEC”) that resolved an investigation into asset allocation models and volatility overlays utilized by AUIM when it served assub-adviser to certain Transamerica-sponsored mutual funds, and related disclosures. TAM and TCI serve as investment manager and principal underwriter, respectively, to Transamerica-sponsored mutual funds. TCI also serves as the principal underwriter to the variable life insurance and annuity products through which certain Transamerica-sponsored mutual funds are offered. AUIM, an affiliate of TAM and TCI, serves assub-adviser to a number of Transamerica-sponsored mutual funds.

The SEC’s order instituting administrative andcease-and-desist proceedings (the “Order”) pertains to events that occurred during the period between July 2011 and June 2015, and, among other things, the operation and/or implementation of an asset allocation model utilized by AUIM when it served assub-adviser to certain Transamerica tactical funds and asset allocation funds, the designation of the portfolio manager for certain of these funds as well as the operation and/or implementation of volatility overlays utilized by AUIM when it served assub-adviser to the asset allocation funds. The Order also states that the parties failed to make appropriate disclosures regarding these matters, including in marketing materials, and failed to have adequate compliance policies and procedures. AUIM ceased to serve assub-adviser to the Transamerica tactical funds on April 30, 2015 and to the Transamerica asset allocation funds on June 30, 2015.

Under the terms of the Order, AUIM, TAM and TCI were censured, and agreed, without admitting or denying the findings in the Order, to cease and desist from committing or causing any violations of certain statutory provisions and SEC rules. AUIM agreed to pay civil penalties of $21,000,000, $24,599,896 in disgorgement and $3,682,195 in prejudgment interest. TAM agreed to pay civil penalties of $10,500,000, $15,000,000 in disgorgement and $2,235,765 in prejudgment interest. TCI agreed to pay civil penalties of $4,000,000, $12,000,000 in disgorgement and $1,826,022 in prejudgment interest. The amounts paid in disgorgement, prejudgment interest and civil penalties have been deposited into a Fair Fund for distribution to affected investors. Affected investors are

those who purchased or held the relevant mutual funds, variable life insurance and annuity investment portfolios and separately managed account strategies during the period between July 2011 and June 2015. The Order states that these investors are to receive from the Fair Fund the pro rata fees and commissions paid by them during that period, subject to any de minimis threshold. The settlement does not impose any restrictions on the business or continued ability of AUIM, TAM or TCI to serve the portfolios. The foregoing is only a brief summary of the Order. A copy of the Order is available on the SEC’s website at https://www.sec.gov.The portfolios are affected by many factors and risks: for example, the risk that thesub-advisers’ judgments and investment decisions, and methods, tools, resources, information, models and analyses utilized in making investment decisions, are incorrect or flawed, do not produce the desired results, and cause the portfolios to lose value. See “Principal Risks” in the Portfolios’ prospectus.

Sub-Advisers

Goldman Sachs Asset Management, L.P. (“Goldman Sachs”), located at 200 West Street, New York, NY 10282, serves assub-adviser to Transamerica Multi-Manager Alternative Strategies VP. Goldman Sachs, an affiliate of Goldman Sachs & Co. LLC, has been a registered investment adviser since 1990. As of December 31, 2019, Goldman Sachs Asset Management, L.P. has approximately $1.698 trillion in total assets under supervision.

Milliman Financial Risk Management LLC (“Milliman”), located at 71 S. Wacker Drive, 31^st Floor, Chicago, IL 60606, serves assub-adviser to Transamerica BlackRock Global Allocation Managed Risk – Growth VP. Milliman is a wholly owned subsidiary of Milliman, Inc. and has been a registered investment adviser since 2011. As of December 31, 2019, the Milliman Managed Risk Strategy is included in a range of investment options totaling approximately $54.8 billion in portfolio value.

Transfer Agent and Distributor

Transamerica Fund Services, Inc. (“TFS”) is, the transfer agent of the PortfoliosTF and TST, is located at 1801 California Street, Suite 5200, Denver, COColorado 80202. The current principal underwriter and distributor of the PortfoliosTF and TST Funds is Transamerica Capital, Inc. (“TCI”), located at 1801 California Street, Suite 5200, Denver, CO 80202. TAM, TFS and TCI are affiliatesall affiliated due to their common ultimate ownership by AEGON, N.V.

Legal Proceedings

On September 30, 2020, Transamerica Asset Management, Inc. (“TAM”), the investment manager of Aegon, NV.the funds, entered into a settlement with the Securities and Exchange Commission (the “SEC”) relating to expense recaptures. The recaptures at issue, which TAM self-reported to the SEC, involved amounts previously voluntarily waived and/or reimbursed to four money market funds to prevent the funds from experiencing a negative yield. In some cases recaptures under the voluntary yield waiver arrangements exceeded contractual expense limits. The recaptured amounts were not reflected in the funds’ prospectus fee tables. The funds involved were Transamerica Government Money Market, Transamerica BlackRock Government Money Market VP, Transamerica Partners Government Money Market and Transamerica Partners Institutional Government Money Market. The two Transamerica Partners Government Money Market funds reorganized into Transamerica Government Money Market in October of 2017.

Under the settlement order, TAM agreed to pay affected fund investors approximately $5.3 million in disgorgement and approximately $690,000 in prejudgment interest. These amounts represent expenses incurred above the applicable expense limit (plus interest). TAM was also censured and ordered to cease and desist from committing or causing any violations of certain statutory provisions and SEC rules. The settlement order imposes no civil penalty on TAM based upon TAM having self-reported the matter, the prompt remedial steps taken by TAM, and TAM’s cooperation in the SEC staff ’s investigation. The settlement order does not affect TAM’s ability to manage the funds.

The foregoing is only a brief summary of the settlement order. A copy of the settlement order is available on the SEC’s website at https://www.sec.gov.

Custodian

State Street Bank & Trust (“State Street”), located at One Lincoln Street, Boston, MA 02111, serves as the Portfolios’each Fund’s custodian.

Annual and Semi-Annual Reports

HoldersShareholders of each PortfolioTF can find important information about the PortfolioFunds in their annual reports dated October 31, 2020 and their semi-annual reports dated April 30, 2021 (or, for Transamerica Stock Index, the Trust’s annual report dated December 31, 20182020 and its semi-annual report dated June 30, 2019,2021), which have been previously mailed or made available to Holders.shareholders. Shareholders of TST and TAAVF can find important information about TST’s portfolios and TAAVF’s sub-accounts in their respective annual reports dated December 31, 2020 and semi-annual reports dated June 30, 2021, which have been previously mailed or made available to shareholders. You may obtain copies of these reports without charge by writing to the PortfoliosFunds at the address shown below,on the first page of this Joint Proxy Statement or by calling the Portfolios atfollowing numbers: 1-800-851-9777 or by visiting the Trust’s website at www.transamericaseriestrust.com.for TST, 1-888-233-4339 for TF and 1-800-755-5801 for TAAVF.

Holder inquiries and transaction requests should be mailed to:

Transamerica Series Trust

1801 California Street, Suite 5200

Denver, CO 80202

Proxy Solicitation

The principal solicitation of proxies will be principally conducted by the mailing of this Joint Proxy Statement beginning on or about February 14, 2020,September 1, 2021, but proxies may also be solicited by telephone and/or in person by representatives of the Portfolios,Funds, regular employees of TAM or its affiliate(s), or Computershare, a private proxy services firm. It is anticipated that the estimatedtotal cost of retaining Computershare ispreparing, printing and mailing the joint proxy statement and soliciting proxies will be approximately $33,000.$1,657,325 ($942,173 for TF, $708,831 for TST and $6,321 for TAAVF), which will be borne by the Funds. These costs will be allocated among the Funds on the basis of their respective net assets, except when direct costs can be reasonably attributed to one or more particular Funds. If we have not received your vote as the date of the Special Meeting approaches, you may receive a call from these parties to ask for your vote. Arrangements will be made with brokerage houses and custodians, nominees and fiduciaries to forward proxies and proxy materials to their clients.

The cost of the Special Meeting, including the preparation and mailing of thisthe Notice, Joint Proxy Statement printing and distributing the solicitation of proxies, including reimbursement to brokerage firms and others for their expenses in forwarding proxy materials to the costsbeneficial owners and soliciting them to execute proxies, will be borne by the Funds.

Independent Registered Public Accounting Firm

The Audit Committee and Board Members, including a majority of solicitingthe independent Board Members, of each Fund have selected Ernst & Young LLP (“E&Y”) as the independent registered public accounting firm for such Fund. E&Y, in accordance with Independence Standards Board Standard No. 1 (ISB No. 1), has confirmed to each applicable Audit Committee that it is an independent registered public accounting firm with respect to the Funds.

Each Fund’s Audit Committee approved the engagement of E&Y as each Fund’s independent registered public accounting firm for the applicable Fund’s current fiscal year. E&Y provides audit and tallying voting instructions (includingaccounting services including audit of the feesannual financial statements, assistance and expenses of ComputerShare), the cost of any necessaryconsultation with respect to filings with the SEC, legal fees and preparation for annual income tax returns.

The reports of E&Y on each Fund’s financial statements for each of the last two fiscal years audited by E&Y contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting fees,principles. There have been no disagreements with E&Y during such fiscal years and any subsequent interim period on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which, if not resolved to the satisfaction of E&Y, would have caused them to make reference thereto in their reports on the financial statements for such years.

Representatives of E&Y are not expected to be present at the Special Meeting but have been given the opportunity to make a statement if they so desire and will be borneavailable should any matter arise requiring their response.

Shown below for each Fund’s two most recent fiscal years, are the fees billed by TAM.the Fund’s independent registered public accounting firm for all audit and non-audit services provided directly to the Fund. The fee information is presented under the following captions:

(a) Audit Fees - fees related to the audit and review of the financial statements included in annual reports and registration statements, and other services that are normally provided in connection with statutory and regulatory filings or engagements.

(b) Audit-Related Fees - fees related to assurance and related services that are reasonably related to the performance of the audit or review of financial statements, but not reported under “Audit Fees” including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters and internal control reviews not required by regulators.

(c) Tax Fees - fees associated with tax compliance, tax advice and tax planning, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews and tax distribution and analysis reviews.

(d) All Other Fees - fees for products and services provided to the Fund other than those reported under “Audit Fees,” “Audit-Related Fees” and “Tax Fees.”

The charter of each Audit Committee requires that the Audit Committee shall approve (a) all audit and permissible non-audit services to be provided to each Fund and (b) all permissible non-audit services to be provided by the Fund’s independent registered public accounting firm to TAM and any service providers controlling, controlled by or under common control with TAM that provide ongoing services to the Fund (“Covered Service Providers”) if the engagement relates directly to the operations and financial reporting of the Fund. The Audit Committee may implement policies and procedures by which such services are approved other than by the full Audit Committee. The pre-approval of these services also is intended to assure that the provision of the services does not impair the accounting firm’s independence.

No Audit Committee may approve non-audit services that the Audit Committee believes may impair the independence of the independent registered public accounting firms. Permissible non-audit services include any professional services (including tax services) that are not prohibited services as described below provided to the Fund by the independent registered public accounting firms, other than those provided to a Fund in connection with an audit or a review of the financial statements of the Fund. Permissible non-audit services may not include (a) bookkeeping or other services related to the accounting records or financial statements of the Fund; (b) financial information systems design and implementation; (c) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (d) actuarial services; (e) internal audit outsourcing services; (f) management functions or human resources; (g) broker or dealer, investment adviser or investment banking services; (h) legal services and expert services unrelated to the audit; and (i) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

Unless a type of service to be provided by the independent registered public accounting firm has received pre-approval, it will require separate pre-approval by the Audit Committee. Also, any proposed services exceeding pre-approved cost levels will require separate pre-approval by the Audit Committee. The Audit Committee is not required to pre-approve services for which pre-approval is not required by applicable law, including de minimis and grandfathered services.

Each Audit Committee has considered whether the provision of non-audit services that were rendered by E&Y to TAM and Covered Service Providers that were not pre-approved (not requiring pre-approval) is compatible with maintaining such auditor’s independence. All services provided by E&Y to each Fund, TAM or Covered Service Providers that were required to be pre-approved were pre-approved as required.

For each Fund’s two most recent fiscal years, there were no services rendered by E&Y to a Fund for which the pre-approval requirement was waived.

There were no non-audit fees billed by E&Y for services rendered to TF in each of the last two fiscal years ended October 31, 2019 and October 31, 2020, respectively. In addition, there were no non-audit fees billed by E&Y for services rendered to TAM or any Covered Service Provider(s) that provide ongoing services to TF in each of the last two fiscal years ended October 31, 2019 and October 31, 2020, respectively.

There were no non-audit fees billed by E&Y for services rendered to each of TST or TAAVF in each of the last two fiscal years ended December 31, 2019 and December 31, 2020, respectively. In addition, there were no non-audit fees billed by E&Y for services rendered to TAM or any Covered Service Provider(s) that provide ongoing services to TST or TAAVF in each of the last two fiscal years ended December 31, 2019 and December 31, 2020, respectively.

Transamerica Funds

Transamerica Series Trust

Transamerica Asset Allocation Variable Funds

Principal Shareholders

To the knowledgeAs of the Trust, as of the Record Date, the Trustees and officers of the Trust did not own 1% or more ofAugust 6, 2021, the outstanding shares of either Portfolio.each Fund were as set forth in Appendix A.

As of the Record Date,August 6, 2021, the persons listed inAppendix CF owned of record the amount of shares of each Portfoliothe Funds indicated inAppendix CF.

HolderShareholders Communications to the BoardBoards

HoldersShareholders of each Trust may mail written communications to the Portfolio’sTrust’s Board, addressed to the care of the Secretary of the Portfolio,Trusts, at the Trust’sTrusts’ address. Each Holdershareholder communication must (i) be in writing and be signed by the Holder, andshareholder, (ii) identify the full nameunderlying series of the Portfolio.Trust to which it relates, and (iii) identify the class (if applicable) held by the shareholder. The Secretary is responsible for collecting, reviewing and organizing all properly submitted Holdershareholder communications. Except as provided below, with respect to each properly submitted Holdershareholder communication, the Secretary will either (i) provide a copy of the communication to the Board at the next regularly scheduled Board meeting, or (ii) if the Secretary determines that the communication requires more immediate attention, forward the communication to the Board promptly after receipt. The Secretary may, in good faith, determine that a Holdershareholder communication should not be provided to the Board because the communication, among other things:things, (i) does not reasonably relate to a series of the PortfolioTrust or its operations, management, activities, policies, service providers, Board, officers, shareholders or other matters relating to an investment in the Portfolio,Trust, or (ii) is ministerial in nature (such as a request for PortfolioFund literature, share data or financial information). These procedures shall not apply to (i) any communication from an officer or Trustee of a Trust, (ii) any communication from an employee or agent of a Trust, unless such communication is made solely in such employee’s or agent’s capacity as a shareholder, (iii) any shareholder proposal submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934 (“Exchange Act”) or any communication made in connection with such a proposal, or (iv) any communication that reasonably may be considered to be a complaint regarding a Trust or shareholder services, which complaint shall instead be promptly forwarded to the Trusts’ Chief Compliance Officer. The Trustees are not required to attend a Trust’s shareholder meetings, if any, or to otherwise make themselves available to shareholders for communications, other than pursuant to these procedures.

HoldersShareholders Sharing the Same Address

As permitted by law, each PortfolioFund will deliver only one copy of this Joint Proxy Statement or the Notice of Internet Availability of Proxy Materials to Holdersshareholders residing at the same address, unless such Holdersshareholders have notified the PortfolioFund of their desire to receive multiple copies of the shareholder reports and proxy statements the PortfolioFund sends. If you would like to receive an additional copy, please contact your PortfolioFund by writing to the address shown on the front page of this Joint Proxy Statement or by calling Computershare, the PortfoliosFunds’ proxy solicitor, toll-free at1-800-851-9777.866-963-6126.

The PortfolioFund will then promptly deliver, upon request, a separate copy of this Joint Proxy Statement or the Notice of Internet Availability of Proxy Materials to any Holdershareholder residing at an address to which only one copy was mailed. HoldersShareholders wishing to receive separate copies of each Portfolio’sFund’s shareholder reports and proxy statements in the future, and Holdersshareholders sharing an address that wish to receive a single copy if they are receiving multiple copies, should also send a request as indicated.

Shareholder Proposals

The PortfoliosFunds are not required to and do not intend to hold regular annual meetings of shareholders. Shareholders wishing to submit proposals for inclusion in a proxy statement for a subsequent meeting (if any) should send their written proposals to Erin D. Nelson, Secretary, 1801 California Street, Suite 5200, Denver, Colorado 80202.

Proposals relating to the PortfoliosFunds must be received a reasonable time prior to the date of a meeting of shareholders of the applicable PortfolioFund to be considered for inclusion in the proxy materials for the meeting. Timely submission of a proposal does not, however, necessarily mean that the proposal will be included. A shareholder proposal may be presented at a meeting of shareholders only if such proposal concerns a matter that may be properly brought before the meeting under applicable federal proxy rules, state law and other governing instruments.

Fiscal Year

The fiscal year end of each PortfolioFund that is a series of Transamerica Funds, except Transamerica Stock Index, is October 31. The fiscal year end of Transamerica Stock Index and each Fund that is a series of TST and TAAVF is December 31.

General

Management does not intend to present and does not have reason to believe that any other items of business will be presented at the Special Meeting. However, if other matters are properly presented to the Special Meeting for a vote, the proxies will be voted by the persons acting under the proxies upon such matters in accordance with their judgment of the best interests of the applicable Portfolio.Fund.

A list of Holdersshareholders entitled to be present and to vote at the Special Meeting will be available at the offices of the Portfolios,Funds, 1801 California Street, Suite 5200, Denver, Colorado 80202 for inspection by any Holdershareholder by appointment during regular business hours beginning ten days prior to the date of the Special Meeting. If you would like to review the shareholder list, please call Computershare at 866-963-6126 to coordinate the scheduling of an appointment.

Adjournment

Failure of a quorum to be present at the Special Meeting will necessitate adjournment. The persons named in the enclosed proxy may also move for an adjournment of the Special Meeting if a quorum is present but sufficient votes have not been received to approve athe proposal, or for any other reason consistent with applicable law and the Trust’seach Fund’s Declaration of Trust or Charter andBy-Laws, including to allow for the further solicitation of proxies. Under the Trust’seach Fund’s By-Laws, in the absence of a quorum, the Special Meeting may be adjourned by the motion of the person presiding at the Special Meeting. If a quorum is present but sufficient votes to approve athe proposal are not received, the Special Meeting may be adjourned by the affirmative vote of a majority of the shares present in person or represented by proxy at the Special Meeting. Any adjournment may be made with respect to any business which might have been transacted at such meeting, and any adjournment will not delay or otherwise affect the effectiveness and validity of any business transacted at the SpecialShareholder Meeting prior to adjournment.

Information aboutAbout the PortfoliosFunds

Each Portfolioof the Funds is subject to the informational requirements of the Securities Exchange Act of 1934, as amended, and the 1940 Actcertain other federal securities statutes, and files reports proxy statements and other information with the SEC. TheseProxy materials, reports proxy statements and other information have been filed by the PortfoliosFunds can be inspected and may be obtained upon payment of a duplication fee or by electronic requestcopied at the followinge-mail address, publicinfo@sec.gov. Reports andPublic Reference Facilities maintained by the SEC at 100 F Street, NE, Washington, DC 20549. The SEC maintains an internet web site (at http://www.sec.gov), which contains other information about the Portfolios are also available on the SEC’s Internet site at http://www.sec.gov. To obtain a copy of this Proxy Statement or other informationFunds.

If you have questions about the Portfolios, without charge, or to request other information or make other inquiries about the Portfolios,Funds, please call1-888-233-4339 or write to the Trust, 1801 California Street, Suite 5200, Denver, CO 80202, or visit the Trust’s website at www.transamericaseriestrust.com.for TF, 1-800-851-9777 for TST and 1-800-755-5801 for TAAVF.

Please submit your voting instructions promptly by signing and dating the enclosed proxy card and returning it in the accompanying postage-paid return envelope OR by following the enclosed instructions to similarly provideproviding voting instructions by telephone or by the Internet.internet.

February 11, 2020September 1, 2021

APPENDIXAppendix A

Funds’ Issued and Outstanding Shares

The following tables list, with respect to each Fund, the total number of shares outstanding and the net assets of the Funds on the Record Date.

Transamerica Small Cap Value			26,945,301.09				874,996,117.84
Transamerica Small/Mid Cap Value			31,569,733.56				875,096,737.34
Transamerica Stock Index			23,952,687.33				403,937,002.83
Transamerica Sustainable Bond			2,535,960.93				24,820,365.37
Transamerica Sustainable Equity Income			36,777,749.30				342,980,164.35
Transamerica Total Return			63,756,998.14				662,916,596.46
Transamerica Unconstrained Bond			117,583,951.68				1,211,608,148.16
Transamerica US Growth			64,115,201.24				2,186,090,380.27
Total			4,126,490,047.03				52,556,397,757.79

Transamerica T. Rowe Price Small Cap VP			51,748,436.43				1,016,627,667.58
Transamerica TS&W International Equity VP			13,058,541.98				210,100,986.33
Transamerica WMC US Growth VP			89,359,597.72				4,499,061,750.57
Total			4,644,900,775.68				61,240,095,313.70

Appendix B

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS (“TAAVF”)

TRANSAMERICA FUNDS (“TRANSAMERICA FUNDS”)

TRANSAMERICA SERIES TRUST (“TST”)

Transamerica Multi-Manager Alternative Strategies VP(Each, a “Fund” and collectively, the “Funds”)

FORM OFNOMINATING COMMITTEE CHARTER

PLAN OF LIQUIDATION AND DISSOLUTION(Approved April 3, 2008, as revised through March 12, 2020)

This Plan of Liquidation and Dissolution

The Nominating Committee (the “Plan”“Committee”), dated and effective as of March 23, 2020 (the “Effective Date”), is adopted by Transamerica Series Trust (the “Trust”), a Delaware statutory trust, with respect toTransamerica Multi-Manager Alternative Strategies VP(the “Portfolio”), a series of the Trust. The Trust is anopen-end management investment company registered underFunds’ Boards (the “Boards”) shall be composed solely of trustees who are not “interested persons” of the Funds as defined in Section 2(a)(19) of the Investment Company Act of 1940 (the “Independent Trustees”). Other members of the Boards, while not serving as amended,members of the Committee, may assist the Committee in the discharge of its responsibilities, e.g., by identifying and recommending potential candidates to the Committee for its consideration. In addition, at the request of the Committee, the Funds’ investment advisers and other service providers will provide administrative support and other assistance to the Committee.

The Boards shall nominate and appoint the members of the Committee and shall designate the Chair of the Committee. The Chair shall preside at each meeting of the Committee.

The Committee shall serve at the pleasure of the Boards. A majority of the members of the Committee shall constitute a quorum for the transaction of business, and the act of a majority of the members of the Committee present at any meeting, including by means of a conference call or other communications equipment by means of which all persons participating in the meeting can hear and communicate with each other, at which there is a quorum shall be the act of the Committee. The Committee may take action by unanimous written consent if at least the number of Trustees required for approval of such action at a meeting of the Trustees consent to the action in writing.

The primary purposes and responsibilities of the Committee are to (i) identify individuals qualified to become members of the Boards in the event that a position is vacated or created, (ii) consider all candidates proposed to become members of the Boards, subject to the procedures and policies set forth in this Charter or resolutions of the Boards, (iii) select and nominate, or recommend for nomination by the Boards, candidates for election as Trustees and (iv) set any necessary standards or qualifications for service on the Boards. The Independent Trustees, however, retain the authority to act in place of the Committee to select and nominate the independent trustee candidates if they determine to do so. Similarly, the Trustees (the “1940 Act”)Independent Trustees together with the Management Trustees) retain the authority to act in place of the Committee to select and nominate management trustee candidates if they determine to do so.

In the event of any anticipated or actual vacancies or created positions on the Boards, the Committee shall oversee the process for the identification, evaluation and nomination of potential candidates to serve on the Boards. The Committee may solicit suggestions for nominations from any source it deems appropriate, including from representatives of Management or from Shareholders. The Committee may also identify potential nominees through its network of contacts and may also engage, if it deems appropriate, a professional search firm.

The Committee shall evaluate each candidate’s qualifications for Board membership, and, with respect to nominees for Independent Trustee membership, their independence from the Funds’ investment advisers and other principal service providers. The Committee shall consider the effect of any relationships beyond those delineated in the 1940 Act that might impair the independence of a prospective Independent Trustee.

The Committee does not have specific qualifications for nominees (other than as set forth in Schedule A), nor has it established specific qualities or skills that it regards as necessary for the Boards’ members to possess (other than any qualities or skills that may be required by applicable law, regulation or listing standard). In assessing the qualifications of a potential candidate for membership on the Boards, the Committee may consider the candidate’s potential contribution to the operation of the Boards and its committees, and such other factors as it may deem relevant. The Committee may consider diversity in identifying potential candidates, including differences of viewpoint, professional experience and skill, as well as such other individual qualities and attributes as it may deem relevant. Specific desired (but not required) qualities of Independent Trustee candidates are set forth in Schedule A to this Plan is adoptedCharter. All equally qualified nominees will be treated equally in consideration by the Committee. No person shall be qualified to be a Board member unless the Committee, in consultation with legal counsel, has determined that such person, if elected as a planTrustee, would not cause the Funds to be in violation of liquidationor not in compliance with (a) applicable law, regulation or regulatory interpretation, (b) its organizational documents, or (c) any policy adopted by the Boards regarding either the retirement age of Board members or the percentage of a Board that is to be composed of Independent Trustees.

While the Committee is solely responsible for the selection and nomination of potential candidates to serve on the Boards, the Committee may consider and evaluate nominations properly submitted by shareholders of the Funds. Nominations proposed by shareholders will be properly submitted for consideration by the Committee only if the qualifications and procedures set forth in Schedule B of this Charter, as it may be amended from time to time by the Committee or the Boards, are met and followed. It shall be in the Committee’s sole discretion whether to seek corrections of a deficient submission or to exclude a nominee from consideration.

The Committee shall evaluate, as necessary, the operations and effectiveness of the Boards as a whole and shall evaluate the composition of the Boards to determine whether it may be appropriate to add individuals with different backgrounds or skills from those already on the Boards.

The Committee shall meet as necessary to carry out its responsibilities hereunder, and otherwise from time to time as the Chair of the Committee deems appropriate.

The Committee may delegate any portion of its authority to a subcommittee of one or more members. Any decision of the subcommittee shall be presented to the full Committee at its next regularly scheduled meeting.

The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the ability to engage and compensate third party consultants from each Fund’s assets.

The Committee shall periodically assess this Charter and recommend to the Boards any revisions or modifications that the Committee deems necessary or appropriate to the effective discharge of its responsibilities.

Nothing in this Charter is intended to impose, or should be interpreted as imposing, on any member of the Committee any additional duties or responsibilities over and above those placed on the member in his or her capacity as a Trustee of the Funds under applicable federal and state law.

SCHEDULE A RESPONSIBILITIES AND DESIRED QUALITIES OF INDEPENDENT TRUSTEES

The Independent Trustees’ primary responsibility is management oversight of the Funds on behalf of shareholders. Diverse responsibilities include review and negotiation of contractual arrangements with management and other service providers, and oversight and review of service provider performance, investment performance, compliance, shareholder services and communication with shareholders.

Note: The Personal Attributes listed in Section B above should be possessed by all Trustees. The Skills, Experience and Qualifications listed in Section C include items that should be possessed by all Trustees as well as items that should be possessed by at least some Trustees.

SCHEDULE B

PROCEDURES FOR THE COMMITTEE’S CONSIDERATION OF CANDIDATES SUBMITTED BY SHAREHOLDERS

A candidate for nomination as Trustee submitted by a shareholder will not be deemed to be properly submitted to the Committee for the Committee’s consideration unless the following requirements have been met and procedures followed:

The nominating shareholder or shareholder group must also bear the economic risk of the investment.

Appendix C

Officers of the Trusts

The Plan is intended to accomplish the complete liquidation and dissolutionofficers of each Trust, including their ages (as of the Portfolioshareholder meeting date), their positions held with each Trust and their principal occupations during the redemptionpast five years (their titles may have varied during that period) are shown in the table below. The address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, Colorado 80202.

No officer of the Portfolio’s outstanding shares in conformity with allTrusts, except for the Funds’ Chief Compliance Officer, receives any compensation from the Trusts. If an officer has held offices for different Funds for different periods of time, the earliest applicable laws, including the lawsdate is shown.

Name and Age		Position		Term of Office and Length of Time Served*		Principal Occupation(s) or Employment During Past Five Years
Thomas R. Wald, CFA (61)		Vice President and Chief Investment Officer		Since 2014		Chief Investment Officer, TF, TST and TAAVF (2014 – present); TET (2017 – present); Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018); Director (2017 – 2020), Akaan Transamerica, S.A. de C.V., Sociedad Operadora de Fondos de Inversión; Chief Investment Officer, Transamerica Investments & Retirement (2014 – 2020); Senior Vice President and Chief Investment Officer, TAM (2014 – present); Director, TFS (2019—present); and Trust Officer, Massachusetts Fidelity Trust Company (2015—present).
Vincent J. Toner (51)		Vice President and Treasurer		Since 2014		Vice President and Treasurer, TF, TST and TAAVF (2014 – present), Vice President and Treasurer (2017 – present), Vice President, Principal Financial Officer and Treasurer (2020 – present), TET; Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018); Vice President (2016 – present), Treasurer (2016 – 2019), Vice President, Administration and Treasurer (2014 – 2016), TAM; Vice President, Administration and Treasurer (2014 – 2019), Senior Vice President (2019 – present), TFS; Vice President (2016 – present), TCI; and Trust Officer (2015 – present), Massachusetts Fidelity Trust Company.
Francine J. Rosenberger (54)		Chief Compliance Officer		Since 2019		Chief Compliance Officer, TF, TST, TET and TAAVF (2019 – present); Chief Compliance Officer (2019 – present), TAM; and General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019).
Molly Possehl (43)		Anti-Money Laundering Officer		Since 2019		Anti-Money Laundering Officer, TF, TST, TET and TAAVF (2019 – present); Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present); and Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present).
Erin D. Nelson (44)		Chief Legal Officer and Secretary		Since 2019		Chief Legal Officer and Secretary, TF, TST, TET and TAAVF (2019 – present); Assistant General Counsel II and Assistant Secretary, TAM (2019 – present); Assistant Secretary (2019 – present), TFS; and Senior Vice President and Chief Compliance Officer, ALPS Advisors, Inc. (2015 – 2019).
Peter Sattelmair (44)		Assistant Treasurer		Since 2018		Assistant Treasurer, TF, TST and TAAVF (2018 – present); and Director, Fund Administration, TAM (2014 – present).
Timothy Bresnahan (52)		Assistant Secretary		Since 2020		Assistant Secretary, TF, TST and TAAVF (2020 – present); Assistant Secretary (2019 – present), Secretary (2019), TET; and Senior Counsel, TAM (2008 – present).

Appendix D

Compensation of the StateBoard Members

Board Members who are not “interested persons” of Delaware,the Funds under the 1940 Act (“Independent Board Members”) receive an annual retainer fee as well as an additional annual fee for service on one or more committees and are reimbursed for all travel and out-of-pocket expenses relating to attendance at such meetings. Board Members who are considered “interested persons” of the IRC,Funds under the 1940 Act (“Interested Board Members”) do not receive compensation from the Funds but may be reimbursed for out-of-pocket expenses relating to attendance at such meetings. Mr. Warrick is compensated by TAM or an affiliate of TAM for his service as a Board Member. Mr. Smit will not receive any compensation for serving as a Board Member.

As of January 1, 2021, the Independent Board Members receive a base retainer of $330,000 from TF, TST and TAAVF. Each Trust pays a pro rata share of these fees allocable to each series of the Trust based on the relative assets of the series.

As of January 1, 2021, the Lead Independent Trustee of the Boards receives an additional retainer of $63,000 per year. The Audit Committee Chairperson receives an additional retainer of $28,000 per year and the Trust’s governing documents.

WHEREAS,Nominating Committee Chairperson receives an additional retainer of $15,000 per year. Each Trust also pays a pro rata share allocable to each of its series based on the Trust’s Board of Trustees (the “Board”), on behalfrelative assets of the Portfolio, has determinedseries for the Lead Independent Trustee, Audit Committee Chairperson and Nominating Committee Chairperson retainers.

Any fees and expenses paid to an Interested Board Member and officers are paid by TAM or an affiliate and not by the Trusts or any series thereof, except that itthe compensation of the Chief Compliance Officer of the Trusts is paid as provided in the best interestsnext sentence. A portion of the Portfolio and the beneficial ownerscompensation of the Portfolio’s sharesChief Compliance Officer is paid by TAM or an affiliate; the remaining portion is allocated ratably, based on relative net assets, among the mutual funds and ETFs sponsored by TAM, including the series of each Trust.

Under a nonqualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010 (the “Deferred Compensation Plan”), available to liquidate and dissolve the Portfolio; and

WHEREAS, the Board Members, compensation may be deferred that would otherwise be payable by each series of the applicable Trust to an Independent Board Member on a current basis for services rendered as Board Member. Any deferred amount is treated as though an equivalent dollar amount has consideredbeen invested in shares of one or more funds advised by TAM, as elected by the Board Member. The liability of each series of the applicable Trust for these amounts is adjusted for market value changes in the elected investment fund(s) and unanimously adopted this Plan asremains a liability to the method of liquidating the Portfolio,series until distributed in accordance with the Trust’s governing documents, subject to approval of thisDeferred Compensation Plan.

Amounts deferred and accrued under the Deferred Compensation Plan byare unfunded and unsecured claims against the Portfolio’s shareholders;¹

NOW THEREFORE, the liquidation and dissolutiongeneral assets of the Portfolio shall be carried out inTrusts.

Transamerica Funds

The following table sets forth the manner hereinafter set forth:

1.Liquidation Date. The liquidation shall occur within twelve (12) monthscompensation amounts paid to the Independent Board Members of the Effective Date (the “Liquidation Date”).TF Board for the fiscal year ended October 31, 2020.

2.Shareholder Meeting.

As of August 6, 2021, the Board Members and officers held in aggregate less than 1% of the outstanding shares of each series of the Trust.

Transamerica Series Trust

The Board will call a shareholder meeting to be held priorfollowing table sets forth the compensation amounts paid to the Liquidation Date in order to submit to shareholders this Plan for its approval or disapproval.

3.Dissolution. As promptly as practicable on or after the Liquidation Date, consistent with the provisionsIndependent Board Members of the Plan,TST Board for the Portfolio shall be dissolvedfiscal year ended December 31, 2020.

As of August 6, 2021, the Board Members and officers held in accordance with the lawsaggregate less than 1% of the Stateoutstanding shares of Delaware andeach series of the Trust’s governing documents.Trust.

4.CessationTransamerica Asset Allocation Variable Funds

The following table sets forth the compensation amounts paid to the Independent Board Members of Business. After the Effective Date, the Portfolio shall cease its business as an investment company and shall not engage in any business activities exceptTAAVF Board for the purposesfiscal year ended December 31, 2020.

As of winding up its businessAugust 6, 2021, the Board Members and affairs, marshalling and preserving the value of its assets, and distributing its assets to shareholdersofficers held in redemption of their shares in accordance with the provisionsaggregate less than 1% of the Plan after the payment to (or reservationoutstanding shares of assets for payment to) all creditorseach series of the Portfolio and discharging or making reasonable provisions for the Portfolio’s liabilities.Trust.

5.Liquidation of Assets. As soon as is reasonable and practicable on or after the Effective Date, all portfolio securities of the Portfolio shall be converted to cash or cash equivalents. In the alternative, if determined to be in the best interests of the Portfolio and the beneficial owners of its shares, the Portfolio may elect not to liquidate its portfolio assets and shall rather distribute such amountsin-kind to its shareholders consistent with applicable statutes, regulations and interpretations, which shall constitute a liquidating distribution for this purpose.

6.Payment of Debts. As soon as is reasonable and practicable on or after the Effective Date, the Portfolio shall determine and pay, or set aside in cash or cash equivalents,

Appendix E

Equity Securities Owned by Nominees

The following table shows the amount of equity securities owned by the Nominees in the Funds that they are nominated to oversee and in all known or reasonably ascertainable liabilitiesthe Funds in the Transamerica Fund Family as of the Portfolio incurred or expected to be incurred on or before the date of the liquidating distribution provided for in Section 7 below.December 31, 2020.

Transamerica Funds