Table Of Content

Release Date: 09-30-2022 Transamerica Large Cap Growth Ret Opt   .......................................................................................................................................................................................................................................................................................................................................... Transamerica Asset Classification Benchmark Overall Morningstar Rating™ Morningstar Return Morningstar Risk Large-Cap Stocks Russell 1000 Growth TR USD QQ Below Average Above Average Large-Cap Growth Stocks Rated against  1142 Large Growth funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details. Investment Information Performance The Transamerica Large Cap Growth Ret Opt, a TLIC Investment Choice Annual Returns as of year-end Trailing Returns  as of  09-30-22 Separate Account, invests in the Transamerica Large Cap Total Ret % Bmark % Fund Rank % Total Ret % Bmark % Fund Rank % Growth Fund, a collective investment trust. Prior to 2015 6.09 5.67 31 YTD -39.61 -30.66 92 03-04-2022, this TLIC Separate Account was named the 2016 0.18 7.08 78 3 Mo -0.86 -3.60 6 Alger Capital Appreciation Ret Opt. 2017 31.02 30.21 27 1 Yr -36.36 -22.59 87 2018 -1.15 -1.51 39 3Yr Avg 3.51 10.67 83 Investment Objective & Strategy 2019 32.94 36.39 42 5Yr Avg 7.00 12.17 80 The Fund seeks long-term capital appreciation. 2020 41.42 38.49 26 10Yr Avg 10.71 13.70 69 2021 17.41 27.60 73 Since Incep . . . The Fund normally invests primarily in common stocks of companies that its sub-advisors believe have the potential Morningstar Proprietary Statistics for above average growth in earnings. Under normal 1-Year 3-Year 5-Year 10-Year circumstances, the Fund invests at least 80% of its net Morningstar Rating™ . QQ QQ QQ assets (plus the amount of borrowings, if any, for investment Fund Rank Percentile 87 83 80 69 purposes) in equity securities of large cap companies and Out of # of Investments 1,252 1,142 1,060 790 other investments with similar economic characteristics. The Performance Disclosure: The performance data quoted represents past performance and does not guarantee future Fund considers large cap companies to be companies with results. The investment return and principal value will fluctuate. Upon redemption, shares may be worth more or market capitalizations that, at the time of initial purchase, are less than their original cost. Current performance may be lower or higher than return data quoted herein. Go to within the range of companies included in the Russell 1000 www.TA-Retirement.com to obtain performance current to the most recent month-end. See performance section Growth® Index. of the disclosure page for more important information. Operations Investment choices are available from Transamerica Life Insurance Company (TLIC or Transamerica) under Redemption Fee/Term . contract form # TGP-439-194, TGP-416-192/194, TGP-430-192/194, CNT-TALIAC 05-02, or CNT-TLIC 10-05, group variable annuity contracts underwritten by TLIC. TLIC is not authorized in New York and does not do business in Expense Ratio Type  7*: 1.30% of fund assets New York. Contract Form and number may vary, and the Investment Choices may not be available in all Underlying Incept Date 03-04-22 Underlying Initial Share . jurisdictions. Contract fees and charges may apply. For complete information, contact your Transamerica representative.      Class Incept Date NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. Separate Account Incept 03-23-07 Closed to New Investors . Underlying Portfolio Analysis Trading Restrictions . ................................................................................................ Composition as of 09-30-22 % Assets Top 10 Holdings as of 09-30-22 % Assets U.S. Stocks 90.1 Apple Inc 5.18 *See Disclosure Page under "Charges, Fees and Expenses" for Non U.S. Stocks 8.7 Microsoft Corp 5.04 more details. Bonds 0.0 Snowflake Inc Ordinary Shares - Class A 4.30 Cash 1.2 Portfolio Manager(s) Other 0.0 The Trade Desk Inc Class A 3.59 Management Team. Since 2022. Amazon.com Inc 3.53 ....................................................................................................... ................................................................................................ Alphabet Inc Class A 3.34 Advisor Transamerica Asset Morningstar Style Box™ as of 09-30-22 % Mkt Cap Cloudflare Inc 3.24 Subadvisor MWaenllianggetmone Mnt,a nInacgement Large .G..i.a..n..t.......................................2..9.....9..6. RUobyear ltTye cPhhnaormlogai ePsL CIn Cclass A 33..2120 CMoomrgpaann yS tLaLnPley Investment Mid LMaergdeium 2396..7084 .D..a..t.a..d..o..g... .I.n..c.. .C..l.a..s..s.. .A.................................................................2....5..2. Management, Inc. Small .SM..m.i.c.a.r.lo.l........................................40......10..74. TToottaall NNuummbbeerr ooff BSotoncdk HHooldldininggss 1002 Hypothetical Growth of $10,000 start date 12-31-11 09-30-22 Value Blend Growth Annual Turnover Ratio % . Investment Choice $32,858 .B..e..n..c..h..m...a..r.k.........................................................................$..4...2..,.1..7..7. Morningstar Sectors as of 09-30-22 % Fund Equity Statistics as of 09-30-22 Port Avg h Cyclical 19.71 P/E Ratio 16.46 ....................................................................................................... Notes r Basic Materials 0.67 P/B Ratio 4.22 Prior to 03-04-22, the Separate Account invested in the Alger t Consumer Cyclical 15.01 GeoAvgCap ($mil) 69,729.47 Capital Appreciation Fund (Class A shares), a mutual fund but y Financial Services 3.22 on this date began investing in the Transamerica Large Cap u Real Estate 0.81 Risk Measures as of  09-30-22 3-Year 5-Year 10-Year Std Dev 24.74 21.68 17.14 eGfrfoewcttihv eC 0IT3 F-0e4e- 2C2la,s tsh iIs, aT LcIoCl lSecetpivaera ttreu sAtc. cAosu an tr ecshualnt goefd t hitiss, .j..... ..S..e..n..s..i.t.i.v..e..........................................................................6..2....2..0. Beta 1.03 1.03 1.04 name to the Transamerica Large Cap Growth Ret Opt. i Communication Services 8.80 Sharpe Ratio 0.24 0.37 0.64 Performance prior to 03-04-22, represents the performance o Energy 0.57 Alpha -6.72 -4.86 -2.98 of the Separate Account under a different name which p Industrials 3.71 R-squared 93.72 94.56 93.90 utilized a different underlying investment vehicle. As a result, a Technology 49.12 the performance noted during this time period, including k Defensive 18.10 ....................................................................................................... performance prior to the inception of the TLIC Separate s Consumer Defensive 2.24 Account, does not reflect the performance of the current d Healthcare 15.86 investment strategy of the TLIC Separate Account. The f Utilities 0.00 Transamerica Large Cap Growth Ret Opt historical 1405 M©o2r0n2in2g s tMaro arnnidn/gosr tiatrs, cIoncn.t,e nMt oprrnoivnigdsetrasr; (I2n)v emsatmy neontt bPero cfoilepsie™d o3r 1d2is-6tr9ib6u-6te0d0 0a.n dA (ll3 )r iigsh ntso t rwesaerrrvaendte. dT thoe bien faocrmcuartaitoen, ccoomntpalienteed o rh etirmeienl:y . (N1)e itish epr rMoporrientinagrys ttaor ß® nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Release Date: 09-30-2022 performance prior to the Separate Account inception is calculated utilizing actual past performance for the underlying mutual fund and adjusted for the net Separate Account Maintenance (SAM) and Administrative (Admin) Charges. Principal Risks Hedging Strategies, Credit and Counterparty, Currency, Emerging Markets, Foreign Securities, Growth Investing, Active Management, Market/Market Volatility, Convertible Securities, Depositary Receipts, Equity Securities, Preferred Stocks, Restricted/Illiquid Securities, Derivatives, Leverage, Management, Small Cap, Mid-Cap, Large Cap ....................................................................................................... For more information please see the Principal Risks section of the Disclosure Page. 1405 ©Mo2r0n2in2g s tMaro arnnidn/gosr tiatrs, cIoncn.t,e nMt oprrnoivnigdsetrasr; (I2n)v emsatmy neontt bPero cfoilepsie™d o3r 1d2is-6tr9ib6u-6te0d0 0a.n dA (ll3 )r iigsh ntso t rwesaerrrvaendte. dT thoe bien faocrmcuartaitoen, ccoomntpalienteed o rh etirmeienl:y . (N1)e itish epr rMoporirentinagrys ttaor ß® nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Page 1 of 16 Disclosure The investment fact sheets must be accompanied by this fees would reduce a participant's return. reflect any differences in fees between the original share disclosure statement. The performance data given represents class and the new share class. Because share classes are past performance and should not be considered indicative of For separate account investment choices invested in mutual based on the same underlying portfolio of securities, the only future results. An investment in these investment choices, fund shares, except as otherwise indicated, historical differences in performance can be attributable to fees. First, other than the Transamerica Stable Value investment performance prior to the separate account investment choice Morningstar computes the funds' new return stream by choice(s), is subject to market risk. Principal value and inception date is calculated utilizing past performance for the appending an adjusted return history of the oldest share investment return will fluctuate, so that an investor's shares, underlying mutual fund. class. Next, the Extended Performance Rating is determined when redeemed, may be worth more or less than the original by comparing the adjusted-historical returns to the current investment. Current performance may be lower or higher than Performance shown since inception is from the inception date open-end mutual fund universe to identify placement in the the performance data quoted herein. Separate account of the separate account or underlying investment as bell curve used to assign the Morningstar Rating. investment choice statistics change over time. The described on the individual investment fact sheets. See investment choice is not FDIC insured, may lose value and is individual investment fact sheet for the date of inception. Morningstar Rating™ not guaranteed by a bank or other financial institution. The Morningstar RatingTM for funds, or "star rating", is While performance prior to the inception of the separate calculated for managed products (including mutual funds, The separate account investment choices offered are exempt account is intended to provide insight into how the strategy variable annuity and variable life subaccounts, exchange- from registration with the SEC; therefore, no prospectuses has performed historically, it is important to remember this is traded funds, closed-end funds, and separate accounts) with are filed for them. However, certain of the separate account not the actual performance of the separate account and at least a three-year history. Exchange-traded funds and investment choices, other than the Stable Value investment future performance of the separate account may differ. No open-ended mutual funds are considered a single population choices, invest in mutual funds which are subject to SEC representation is made that the separate account’s for comparative purposes. It is calculated based on a registration. performance would have been the same as the preinception Morningstar Risk-Adjusted Return measure that accounts for performance had the separate account been in existence variation in a managed product's monthly excess Translations of any materials or text into languages other than during such time and the related performance of the performance, placing more emphasis on downward variations English are intended solely as a convenience to the non- Underlying Fund has certain limitations which should be and rewarding consistent performance. The Morningstar English language speakers and are not legally binding. Such considered. For example, it does not reflect the current Rating does not include any adjustment for sales loads. The materials and their translation help to facilitate the investment strategy or the actual trading of the separate top 10% of products in each product category receive 5 stars, administration and operation of the plan and are not intended account and due to a number of factors including, but not the next 22.5% receive 4 stars, the next 35% receive 3 stars, as an investment solicitation or an investment limited to asset flows or market disruptions, may result in the next 22.5% receive 2 stars, and the bottom 10% receive recommendation. We have attempted to provide an accurate differences in performance between the separate account 1 star. The Overall Morningstar Rating for a managed product translation of the original material in English, but due to the and the Underlying Fund. Moreover, there is no guarantee is derived from a weighted average of the performance nuances in translating to a foreign language, slight that the investment strategy of the separate account and figures associated with its three-, five-, and 10-year (if differences may exist. Assistance may be available to non- related accounts will be the same going forward. applicable) Morningstar Rating metrics. The weights are: English language speakers in order to help understand the 100% three-year rating for 36-59 months of total returns, retirement plan materials and any applicable related The benchmarks are unmanaged indices and have no fees or 60% five-year rating/40% three-year rating for 60-119 months investment disclosure materials (which may be available only expense charges. One cannot invest directly in an index. of total returns, and 50% 10-year rating/30% five-year in the English language) for the investment options under the rating/20% three-year rating for 120 or more months of total plan. Such assistance may be accessed through your Fund Ranking: This is the total return percentile rank within returns. While the 10-year overall star rating formula seems employer or by calling our Customer Contact Center and each Morningstar Category. The highest (or most favorable) to give the most weight to the 10-year period, the most asking to speak with a Spanish-speaking representative. You percentile rank is 1 and the lowest (or least favorable) recent three-year period actually has the greatest impact should carefully review the content of any prospectus percentile rank is 100. Historical percentile ranks are based because it is included in all three rating periods. applicable to an investment before you invest. on a snapshot of the funds as they were at the time of the calculation. Percentile ranks within categories are most useful For private funds, the Morningstar Rating presented is Prospectuses and summary prospectus, if applicable, for in those groups that have a large number of funds. For small hypothetical, because Morningstar does not independently these mutual funds can be ordered directly from the fund universes, funds will be ranked at the highest percentage analyze private funds. Rather, the rating is assigned as a company or obtained upon request from Transamerica possible. For instance, if there are only two utility funds with means to compare these funds with the universe of mutual Retirement Solutions at www.TA-Retirement.com. 10-year average total returns, Morningstar will assign a funds that Morningstar rates. The evaluation of this Investors should consider the investment objectives, risks, and charges and expenses of the fund carefully before percentile rank of 1 to the top-performing fund, and the investment does not affect the retail mutual fund data investing. The prospectus and summary prospectus, if second fund will earn a percentile rank of 51 (indicating the published by Morningstar. applicable, for each fund contains this and other important fund underperformed 50% of the sample). information about that fund. Read each prospectus carefully Morningstar Return before investing. Additional information on all the investment Hypothetical Growth: The value of a hypothetical $10,000 The Morningstar Return rates a fund’s performance relative to choices is available on the investment fact sheets. investment over the past 10 years (or since inception for other managed products in its Morningstar Category. It is an investment choices lacking 10-year history). Data assumes assessment of a product's excess return over a risk-free rate Performance reinvestment of dividends and capital gains. Results reflect (the return of the 90-day Treasury Bill) in comparison with the Unless otherwise noted, all data is shown as of the release past performance and do not guarantee future results. products in its Morningstar category. In each Morningstar date of these investment fact sheets. Performance shown is category, the top 10% of products earn a High Morningstar average annual total separate account investment choice Adjusted Historical Returns and Extended Performance Return (High), the next 22.5% Above Average (+Avg), the returns (except 3 months and year-to-date) for the period Rating: Morningstar provides adjusted historical returns and middle 35% Average (Avg), the next 22.5% Below Average (- indicated, net of the total operating expenses of the separate an extended performance rating for some mutual funds in its Avg), and the bottom 10% Low (Low). Morningstar Return is account and underlying investment (if applicable) as listed on universe. This means that any share class that doesn't have a measured for up to three time periods (three, five, and 10 the individual investment fact sheets. Performance returns 10-year performance history may show adjusted returns and years). These separate measures are then weighted and reflect reinvestment of dividends and capital gains receive a hypothetical Morningstar Rating based on the averaged to produce an overall measure for the product. distributions. Performance does not reflect application of the oldest surviving share class of the fund. Morningstar will Products with less than three years of performance history contract asset charges and any discontinuance charges or adjust the performance history of the original portfolio to are not rated. service fees deducted from an account: such charges and M©o2r0n2in2g sMtaor rannindg/sotra rit, sI ncco.,n tMenotr npinrogvsitdaer rIsn;v (e2s)t mmeanyt nPorot fbilees ™co p3ie1d2 -o6r9 6d-is6t0r0ib0u.t eAdll aringdh t(s3 r)e isse nrvoetd w. Tahrrea nintfeodr mtoa tbioen accocnutraaintee,d c hoemrepilne:t e(1 o) ri st impreolpyr.i eNtaerityh teor ß® Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Page 2 of 16 Disclosure For equity funds, the vertical axis shows the market For assignment to an interest-rate sensitivity category, Morningstar Risk capitalization of the long stocks owned, and the horizontal Morningstar uses the average effective duration of the Morningstar Risk evaluates a fund’s downside volatility axis shows the investment style (value, blend, or growth.) A portfolio. From this value there are three distinct relative to that of other products in its Morningstar Category. darkened cell in the style box matrix indicates the weighted methodologies employed to determine assignment to It is an assessment of the variations in monthly returns, with average style of the portfolio. category. Portfolio which are assigned to Morningstar an emphasis on downside variations, in comparison with the municipal-bond categories employ static breakpoints products in its Morningstar category. In each Morningstar For portfolios holding fixed-income investments, a Fixed between categories. These breakpoints are: "Limited" equal category, the 10% of products with the lowest measured risk Income Style Box is calculated. The vertical axis shows the to 4.5 years or less, "Moderate" equal to 4.5 years to less are described as Low Risk (Low), the next 22.5% Below credit quality based on credit ratings and the horizontal axis than 7 years; and "Extensive" equal to more than 7 years. For Average (-Avg), the middle 35% Average (Avg), the next shows interest-rate sensitivity as measured by effective portfolios assigned to Morningstar categories other than U.S. 22.5% Above Average (+Avg), and the top 10% High (High). duration. There are three credit categories - "High", Taxable, including all domiciled outside the United States, Morningstar Risk is measured for up to three time periods "Medium", and "Low"; and there are three interest rate static duration breakpoints are also used: "Limited" equals (three, five, and 10 years). These separate measures are sensitivity categories - "Limited", "Moderate", and "Extensive"; less than or equal to 3.5 years, "Moderate" equals greater then weighted and averaged to produce an overall measure resulting in nine possible combinations. As in the Equity Style than 3.5 years but less than or equal to 6 years, and for the product. Products with less than three years of Box, the combination of credit and interest rate sensitivity for "Extensive" is assigned to portfolios with effective durations performance history are not rated. a portfolio is represented by a darkened square in the matrix. of more than 6 years. Morningstar uses credit rating information from credit rating Asset Classes agencies (CRAs) that have been designated Nationally Note: Interest-rate sensitivity for non-U.S. domiciled The investment choices have been assigned to various asset Recognized Statistical Rating Organizations (NRSROs) by the portfolios (excluding those in Morningstar convertible classes by Transamerica Retirement Solutions. They may not Securities and Exchange Commission (SEC) in the United categories) may be assigned using average modified duration be representative of that particular asset class in the future. States. For a list of all NRSROs, please visit https:// when average effective duration is not available. The asset classes are described under "Principal Risk www.sec.gov/ocr/ocr-current-nrsros.html. Additionally, Definitions". Morningstar will use credit ratings from CRAs which have For portfolios Morningstar classifies as U.S. Taxable Fixed- been recognized by foreign regulatory institutions that are Income, interest-rate sensitivity category assignment is Risk Measures deemed the equivalent of the NRSRO designation. To based on the effective duration of the Morningstar Core Bond R-squared reflects the percentage of an investment choice's determine the rating applicable to a holding and the Index (MCBI). The classification assignment is dynamically movements that are explained by movements in its subsequent holding weighted value of a portfolio two determined relative to the benchmark index value. A benchmark index, showing the degree of correlation between methods may be employed. First is a common methodology “Limited” category will be assigned to portfolios whose the investment choice and the benchmark. approach where if a case exists such that two CRAs have average effective duration is between 25% to 75% of MCBI rated a holding, the lower rating of the two should be applied; average effective duration, where the average effective Beta is a measure of an investment choice's sensitivity to if three or more CRAs have rated a holding, the median rating duration is between 75% to 125% of the MCBI the portfolio market movements. A portfolio with a beta greater than 1 is should be applied; and in cases where there are more than will be classified as “Moderate”, and those portfolios with an more volatile than the market, and a portfolio with a beta less two ratings and a median rating cannot be determined, the average effective duration value 125% or greater of the than 1 is less volatile than the market. lower of the two middle ratings should be applied. average effective duration of the MCBI will be classified as Alternatively, if there is more than one rating available an “Extensive”. Alpha measures the difference between an investment average can be calculated from all and applied. choice's actual returns and its expected performance, given Charges, Fees and Expenses its level of risk (as measured by beta). Alpha is often Please Note: Morningstar, Inc. is not an NRSRO nor does it Deposits made by plan participants are not subject to any considered to represent the value that a portfolio manager issue a credit rating on the fund. Credit ratings for any front-end loads/sales fees of the underlying mutual fund. adds by actively managing the portfolio. security held in a portfolio can change over time. Therefore, such fees are not reflected in the performance reported. Sharpe ratio is the average return, less the risk free return, Morningstar uses the credit rating information to calculate a divided by the standard deviation of return. The ratio weighted-average credit quality value for the portfolio. This Type 1: The expense ratio quoted reflects the maximum total measures the relationship of reward to risk in an investment value is based only upon those holdings which are considered operating expenses, of the investment choice, which include strategy. The higher the ratio, the safer the strategy. to be classified as "fixed income", such a government, the Separate Account Maintenance and Investment Account corporate, or securitized issues. Other types of holdings such Class I Administrative Charges assessed by Transamerica, if Standard deviation is a statistical measure of the degree to as equities and many, though not all, types of derivatives are applicable. The actual expense ratio experienced may be less which an individual value in a probability distribution tends to excluded. The weighted-average credit quality value is than the expense ratio quoted. There may also be charges to vary from the mean of the distribution. It is widely applied in represented by a rating symbol which corresponds to the your balance in the separate accounts for contract asset modern portfolio theory, for example, where the past long-term rating symbol schemas employed by most CRAs. charges, discontinuance charges or service fees, as performance of securities is used to determine the range of Note that this value is not explicitly published but instead applicable under your contract, which are not reflected on possible future performances and a probability is attached to serves as an input in the Style Box calculation. This symbol is these fact sheets. each performance. The standard deviation of performance then used to map to a Style Box credit quality category of can then be calculated for each security and for the portfolio “low,” “medium,” or “high”. Funds with a "low" credit quality Type 2: The expense ratio quoted reflects the total operating as a whole. The greater the degree of dispersion, the greater category are those whose weighted-average credit quality is expenses, of the underlying investment, net of any fee the risk. Standard deviation, therefore, is a statistical determined to be equivalent to the commonly used High Yield waivers. There may also be charges to your balance in the measure of the volatility of the investment choice's returns. classification, meaning a rating below "BBB", portfolios separate accounts for contract asset charges, discontinuance assigned to the "high" credit category have either a "AAA" or charges or service fees, as applicable under your contract, Morningstar Style Box™ "AA+" average credit quality value, while "medium" are those which are not reflected on these fact sheets. with an average rating of “AA-“ inclusive to "BBB-". It is The Morningstar Style Box™ reveals a fund’s investment expected and intended that the majority of portfolios will be Type 3: The expense ratio quoted reflects the maximum total strategy as of the date noted on this report. assigned a credit category of "medium". operating expenses, of the investment choice which include the underlying TLIC Separate Account Maintenance and M©o2r0n2in2g sMtaor rannindg/sotra rit, sI ncco.,n tMenotr npinrogvsitdaer rIsn;v (e2s)t mmeanyt nPorot fbilees ™co p3ie1d2 -o6r9 6d-is6t0r0ib0u.t eAdll aringdh t(s3 r)e isse nrvoetd w. Tahrrea nintfeodr mtoa tbioen accocnutraaintee,d c hoemrepilne:t e(1 o) ri st impreolpyr.i eNtaerityh teor ß® Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Page 3 of 16 Disclosure Investment Account Class VIII Administrative Charges consist of the underlying TLIC Separate Account Maintenance the separate accounts for contract asset charges or service assessed by Transamerica, if applicable. There may also be and Investment Account Class IX Administrative Charge, fees, as applicable under your contract, which are not charges to your balance in the separate accounts for contract assessed by Transamerica (if applicable), and the total reflected on these fact sheets. asset charges or service fees, as applicable under your operating expenses of the underlying investment, net of any contract, which are not reflected on these fact sheets. fee waivers. Type 18: The expense ratio quoted reflects the maximum total operating expenses of the investment choice, which Type 4: The expense ratio quoted reflects the total operating Type 12: The expense ratio quoted reflects the maximum include the underlying TLIC Separate Account Maintenance expenses, of the underlying investment, net of any fee total operating expenses of the investment choice, which and Investment Account Class XV Administrative Charge, waivers. There may also be charges to your balance in the consist of the underlying TLIC Separate Account Maintenance assessed by Transamerica (if applicable), and the total separate accounts for contract asset charges or service fees, and Investment Account Class IX Administrative Charges operating expenses of the underlying investment, net of any as applicable under your contract, which are not reflected on assessed by Transamerica. fee waivers. There may also be charges to your balance in these fact sheets. the separate accounts for contract asset charges or service Type 13: The expense ratio quoted reflects the maximum fees, as applicable under your contract, which are not Type 5: The expense ratio quoted reflects the maximum total total operating expenses of the investment choice, which reflected on these fact sheets. operating expenses, of the investment choice, which include include the underlying TLIC Separate Account Maintenance the underlying TLIC Separate Account Maintenance and and Investment Account Class X Administrative Charge, Type 19: The expense ratio quoted reflects the maximum Investment Account Class VII Administrative Charge assessed by Transamerica (if applicable), and the total total operating expenses of the investment choice, which assessed by Transamerica and the total operating expenses operating expenses of the underlying investment, net of any include the underlying TLIC Separate Account Maintenance of the underlying investment, net of any fee waivers. fee waivers. There may also be charges to your balance in and Investment Account Class 201 Administrative Charge, the separate accounts for contract asset charges or service assessed by Transamerica (if applicable), and the total Type 6: The expense ratio quoted reflects the maximum total fees, as applicable under your contract, which are not operating expenses of the underlying investment, net of any operating expenses, of the investment choice, which include reflected on these fact sheets. fee waivers. There may also be charges to your balance in the underlying TLIC Separate Account Maintenance and the separate accounts for contract asset charges or service Investment Account Class VII Administrative Charge Type 14: The expense ratio quoted reflects the maximum fees, as applicable under your contract, which are not assessed by Transamerica. total operating expenses of the investment choice, which reflected on these fact sheets. include the underlying TLIC Separate Account Maintenance Type 7: The expense ratio quoted reflects the maximum total and Investment Account Class XI Administrative Charge, Type 20: The expense ratio quoted reflects the maximum operating expenses, of the investment choice, which include assessed by Transamerica (if applicable), and the total total operating expenses of the investment choice, which the Separate Account Maintenance and Administrative operating expenses of the underlying investment, net of any include the underlying TLIC Separate Account Maintenance Charges assessed by Transamerica (if applicable), and the fee waivers. There may also be charges to your balance in and Investment Account Class 201 Administrative Charge, total operating expenses of the underlying investment, net of the separate accounts for contract asset charges or service assessed by Transamerica. There may also be charges to any fee waivers. There may also be charges to your balance fees, as applicable under your contract, which are not your balance in the separate accounts for contract asset in the separate accounts for contract asset charges, reflected on these fact sheets. charges or service fees, as applicable under your contract, discontinuance charges or service fees, as applicable under which are not reflected on these fact sheets. your contract, which are not reflected on these fact sheets. Type 15: The expense ratio quoted reflects the maximum total operating expenses of the investment choice, which Type 21: The expense ratio quoted reflects the maximum Type 8: The expense ratio quoted reflects the maximum total include the underlying TLIC Separate Account Maintenance total operating expenses of the investment choice, which operating expenses of the investment choice, which include and Investment Account Class XII Administrative Charge, include the underlying TLIC Separate Account Maintenance the underlying TLIC Separate Account Maintenance and assessed by Transamerica (if applicable), and the total and Investment Account Class 202 Administrative Charge, Investment Account Class VIII Administrative Charges operating expenses of the underlying investment, net of any assessed by Transamerica (if applicable), and the total assessed by Transamerica (if applicable), and the total fee waivers. There may also be charges to your balance in operating expenses of the underlying investment, net of any operating expenses of the underlying investment, net of any the separate accounts for contract asset charges or service fee waivers. There may also be charges to your balance in fee waivers. There may also be charges to your balance in fees, as applicable under your contract, which are not the separate accounts for contract asset charges or service the separate accounts for contract asset charges or service reflected on these fact sheets. fees, as applicable under your contract, which are not fees, as applicable under your contract, which are not reflected on these fact sheets. reflected on these fact sheets. Type 16: The expense ratio quoted reflects the maximum total operating expenses of the investment choice, which Type 22: The expense ratio quoted reflects the maximum Type 9: The expense ratio quoted reflects the maximum total include the underlying TLIC Separate Account Maintenance total operating expenses of the investment choice, which operating expenses of the investment choice, which include and Investment Account Class XIII Administrative Charge, include the underlying TLIC Separate Account Maintenance the underlying TLIC Separate Account Maintenance and assessed by Transamerica (if applicable), and the total and Investment Account Class 202 Administrative Charge, Investment Account Class XX Administrative Charge, operating expenses of the underlying investment, net of any assessed by Transamerica. There may also be charges to assessed by Transamerica (if applicable), and the total fee waivers. There may also be charges to your balance in your balance in the separate accounts for contract asset operating expenses of the underlying investment, net of any the separate accounts for contract asset charges or service charges or service fees, as applicable under your contract, fee waivers. fees, as applicable under your contract, which are not which are not reflected on these fact sheets. reflected on these fact sheets. Type 10: The expense ratio quoted reflects the maximum Type 23: The expense ratio quoted reflects the maximum total operating expenses of the investment choice, which Type 17: The expense ratio quoted reflects the maximum total operating expenses of the investment choice, which consist of the underlying TLIC Separate Account Maintenance total operating expenses of the investment choice, which include the underlying TLIC Separate Account Maintenance and Investment Account Class XX Administrative Charges include the underlying TLIC Separate Account Maintenance and Investment Account Class 301 Administrative Charge, assessed by Transamerica. and Investment Account Class XIV Administrative Charge, assessed by Transamerica (if applicable), and the total assessed by Transamerica (if applicable), and the total operating expenses of the underlying investment, net of any Type 11: The expense ratio quoted reflects the maximum operating expenses of the underlying investment, net of any fee waivers. There may also be charges to your balance in total operating expenses of the investment choice, which fee waivers. There may also be charges to your balance in the separate accounts for contract asset charges or service M©o2r0n2in2g sMtaor rannindg/sotra rit, sI ncco.,n tMenotr npinrogvsitdaer rIsn;v (e2s)t mmeanyt nPorot fbilees ™co p3ie1d2 -o6r9 6d-is6t0r0ib0u.t eAdll aringdh t(s3 r)e isse nrvoetd w. Tahrrea nintfeodr mtoa tbioen accocnutraaintee,d c hoemrepilne:t e(1 o) ri st impreolpyr.i eNtaerityh teor ß® Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Page 4 of 16 Disclosure fees, as applicable under your contract, which are not include the underlying TLIC Separate Account Maintenance which are not reflected on these fact sheets. reflected on these fact sheets. and Investment Account Class 30 Administrative Charge, assessed by Transamerica. There may also be charges to Type 37: The expense ratio quoted reflects the maximum Type 24: The expense ratio quoted reflects the maximum your balance in the separate accounts for contract asset total operating expenses of the investment choice, which total operating expenses of the investment choice, which charges or service fees, as applicable under your contract, include the underlying TLIC Separate Account Maintenance include the underlying TLIC Separate Account Maintenance which are not reflected on these fact sheets. and Investment Account Class 406 Administrative Charge, and Investment Account Class 301 Administrative Charge, assessed by Transamerica (if applicable), and the total assessed by Transamerica. There may also be charges to Type 31: The expense ratio quoted reflects the maximum operating expenses of the underlying investment (if your balance in the separate accounts for contract asset total operating expenses of the investment choice, which applicable), net of any fee waivers. There may also be charges or service fees, as applicable under your contract, include the underlying TLIC Separate Account Maintenance charges to your balance in the separate accounts for contract which are not reflected on these fact sheets. and Investment Account Class 91 Administrative Charge, asset charges or service fees, as applicable under your assessed by Transamerica (if applicable), and the total contract, which are not reflected on these fact sheets. Type 25: The expense ratio quoted reflects the maximum operating expenses of the underlying investment, net of any total operating expenses of the investment choice, which fee waivers. There may also be charges to your balance in Type 38: The expense ratio quoted reflects the maximum include the underlying TLIC Separate Account Maintenance the separate accounts for contract asset charges or service total operating expenses of the investment choice, which and Investment Account Class 302 Administrative Charge, fees, as applicable under your contract, which are not include the underlying TLIC Separate Account Maintenance assessed by Transamerica (if applicable), and the total reflected on these fact sheets. and Investment Account Class 404 Administrative Charge, operating expenses of the underlying investment, net of any assessed by Transamerica. There may also be charges to fee waivers. There may also be charges to your balance in Type 32: The expense ratio quoted reflects the maximum your balance in the separate accounts for contract asset the separate accounts for contract asset charges or service total operating expenses of the investment choice, which charges or service fees, as applicable under your contract, fees, as applicable under your contract, which are not include the underlying TLIC Separate Account Maintenance which are not reflected on these fact sheets. reflected on these fact sheets. and Investment Account Class 91 Administrative Charge, assessed by Transamerica. There may also be charges to Type 39: The expense ratio quoted reflects the maximum Type 26: The expense ratio quoted reflects the maximum your balance in the separate accounts for contract asset total operating expenses of the investment choice, which total operating expenses of the investment choice, which charges or service fees, as applicable under your contract, include the underlying TLIC Separate Account Maintenance include the underlying TLIC Separate Account Maintenance which are not reflected on these fact sheets. and Investment Account Class 50 Administrative Charge, and Investment Account Class 302 Administrative Charge, assessed by Transamerica (if applicable), and the total assessed by Transamerica. There may also be charges to Type 33: The expense ratio quoted reflects the maximum operating expenses of the underlying investment, net of any your balance in the separate accounts for contract asset total operating expenses of the investment choice, which fee waivers. There may also be charges to your balance in charges or service fees, as applicable under your contract, include the underlying TLIC Separate Account Maintenance the separate accounts for contract asset charges or service which are not reflected on these fact sheets. and Investment Account Class 32 Administrative Charge, fees, as applicable under your contract, which are not assessed by Transamerica (if applicable), and the total reflected on these fact sheets. Type 27: The expense ratio quoted reflects the maximum operating expenses of the underlying investment, net of any total operating expenses of the investment choice, which fee waivers. There may also be charges to your balance in Type 40: The expense ratio quoted reflects the maximum include the underlying TLIC Separate Account Maintenance the separate accounts for contract asset charges or service total operating expenses of the investment choice, which and Investment Account Class 203 Administrative Charge, fees, as applicable under your contract, which are not include the underlying TLIC Separate Account Maintenance assessed by Transamerica. There may also be charges to reflected on these fact sheets. and Investment Account Class 50 Administrative Charge, your balance in the separate accounts for contract asset assessed by Transamerica. There may also be charges to charges or service fees, as applicable under your contract, Type 34: The expense ratio quoted reflects the maximum your balance in the separate accounts for contract asset which are not reflected on these fact sheets. total operating expenses of the investment choice, which charges or service fees, as applicable under your contract, include the underlying TLIC Separate Account Maintenance which are not reflected on these fact sheets. Type 28: The expense ratio quoted reflects the maximum and Investment Account Class 31 Administrative Charge, total operating expenses of the investment choice, which assessed by Transamerica. There may also be charges to Type 41: The expense ratio quoted reflects the maximum include the underlying TLIC Separate Account Maintenance your balance in the separate accounts for contract asset total operating expenses of the investment choice, which and Investment Account Class 302 Administrative Charge, charges or service fees, as applicable under your contract, include the underlying TLIC Separate Account Maintenance assessed by Transamerica. There may also be charges to which are not reflected on these fact sheets. and Investment Account Class 51 Administrative Charge, your balance in the separate accounts for contract asset assessed by Transamerica (if applicable), and the total charges or service fees, as applicable under your contract, Type 35: The expense ratio quoted reflects the maximum operating expenses of the underlying investment, net of any which are not reflected on these fact sheets. total operating expenses of the investment choice, which fee waivers. There may also be charges to your balance in include the underlying TLIC Separate Account Maintenance the separate accounts for contract asset charges or service Type 29: The expense ratio quoted reflects the maximum and Investment Account Class 403 Administrative Charge, fees, as applicable under your contract, which are not total operating expenses of the investment choice, which assessed by Transamerica. There may also be charges to reflected on these fact sheets. include the underlying TLIC Separate Account Maintenance your balance in the separate accounts for contract asset and Investment Account Class 30 Administrative Charge, charges or service fees, as applicable under your contract, Type 42: The expense ratio quoted reflects the maximum assessed by Transamerica (if applicable), and the total which are not reflected on these fact sheets. total operating expenses of the investment choice, which operating expenses of the underlying investment, net of any include the underlying TLIC Separate Account Maintenance fee waivers. There may also be charges to your balance in Type 36: The expense ratio quoted reflects the maximum and Investment Account Class 51 Administrative Charge, the separate accounts for contract asset charges or service total operating expenses of the investment choice, which assessed by Transamerica. There may also be charges to fees, as applicable under your contract, which are not include the underlying TLIC Separate Account Maintenance your balance in the separate accounts for contract asset reflected on these fact sheets. and Investment Account Class 405 Administrative Charge, charges or service fees, as applicable under your contract, assessed by Transamerica. There may also be charges to which are not reflected on these fact sheets. Type 30: The expense ratio quoted reflects the maximum your balance in the separate accounts for contract asset total operating expenses of the investment choice, which charges or service fees, as applicable under your contract, Type 43: The expense ratio quoted reflects the maximum M©o2r0n2in2g sMtaor rannindg/sotra rit, sI ncco.,n tMenotr npinrogvsitdaer rIsn;v (e2s)t mmeanyt nPorot fbilees ™co p3ie1d2 -o6r9 6d-is6t0r0ib0u.t eAdll aringdh t(s3 r)e isse nrvoetd w. Tahrrea nintfeodr mtoa tbioen accocnutraaintee,d c hoemrepilne:t e(1 o) ri st impreolpyr.i eNtaerityh teor ß® Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Page 5 of 16 Disclosure total operating expenses of the investment choice, which investment, net of any fee waivers. There may also be include the underlying TLIC Separate Account Maintenance charges to your balance in the separate accounts for contract Closed-End Fund: Investments in closed-end funds ("CEF") and Investment Account Class 32 Administrative Charge, asset charges or service fees, as applicable under your generally reflect the risks of owning the underlying securities, assessed by Transamerica (if applicable), and the total contract, which are not reflected on these fact sheetss. although they may be subject to greater liquidity risk and operating expenses of the underlying investment, net of any higher costs than owning the underlying securities directly fee waivers. There may also be charges to your balance in Principal Risk Definitions (except BlackRock because of their management fees. Shares of CEFs are the separate accounts for contract asset charges or service investments) subject to market trading risk, potentially trading at a fees, as applicable under your contract, which are not Active Management: The investment is actively managed and premium or discount to net asset value. reflected on these fact sheets. subject to the risk that the advisor's usage of investment techniques and risk analyses to make investment decisions Commodity: Investments in commodity-related instruments Type 44: The expense ratio quoted reflects the maximum fails to perform as expected, which may cause the portfolio are subject to the risk that the performance of the overall total operating expenses of the investment choice, which to lose value or underperform investments with similar commodities market declines and that weather, disease, include the underlying TLIC Separate Account Maintenance objectives and strategies or the market in general. political, tax, and other regulatory developments adversely and Investment Account Class 32 Administrative Charge, impact the value of commodities, which may result in a loss assessed by Transamerica. There may also be charges to Amortized Cost: If the deviation between the portfolio's of principal and interest. Commodity-linked investments face your balance in the separate accounts for contract asset amortized value per share and its market-based net asset increased price volatility and liquidity, credit, and issuer risks charges or service fees, as applicable under your contract, value per share results in material dilution or other unfair compared with their underlying measures. which are not reflected on these fact sheets. results to shareholders, the portfolio's board will take action to counteract these results, including potentially suspending Compounding: Because the investment is managed to Type 45: The expense ratio quoted reflects the maximum redemption of shares or liquidating the portfolio. replicate a multiple or inverse multiple of an index over a total operating expenses of the investment choice, which single day (or similar short-term period), returns for periods include the underlying TLIC Separate Account Maintenance Asset Transfer Program: The portfolio is subject to unique longer than one day will generally reflect performance that is and Investment Account Class 80 Administrative Charge, risks because of its use in connection with certain guaranteed greater or less than the target in the objective because of assessed by Transamerica (if applicable), and the total benefit programs, frequently associated with insurance compounding. The effect of compounding increases during operating expenses of the underlying investment, net of any contracts. To fulfill these guarantees, the advisor may make times of higher index volatility, causing long-term results to fee waivers. There may also be charges to your balance in large transfers of assets between the portfolio and other further deviate from the target objective. the separate accounts for contract asset charges or service affiliated portfolios. These transfers may subject the fees, as applicable under your contract, which are not shareholder to increased costs if the asset base is Conflict of Interest: A conflict of interest may arise if the reflected on these fact sheets. substantially reduced and may cause the portfolio to have to advisor makes an investment in certain underlying funds purchase or sell securities at inopportune times. based on the fact that those funds are also managed by the Type 46: The expense ratio quoted reflects the maximum advisor or an affiliate or because certain underlying funds may total operating expenses of the investment choice, which Bank Loans: Investments in bank loans, also known as senior pay higher fees to the advisor do than others. In addition, an include the underlying TLIC Separate Account Maintenance loans or floating-rate loans, are rated below-investment grade advisor's participation in the primary or secondary market for Charge, assessed by Transamerica (if applicable). For and may be subject to a greater risk of default than are loans may be deemed a conflict of interest and limit the separate accounts that invest in underlying investments, the investment-grade loans, reducing the potential for income ability of the investment to acquire those assets. expense ratio also includes any expenses collected by the and potentially leading to impairment of the collateral underlying investment, if applicable. There may also be provided by the borrower. Bank loans pay interest at rates Convertible Securities: Investments in convertible securities charges to your balance in the separate accounts for contract that are periodically reset based on changes in interest rates may be subject to increased interest-rate risks, rising in value asset charges or service fees, as applicable under your and may be subject to increased prepayment and liquidity as interest rates decline and falling in value when interest contract, which are not reflected on these fact sheets. risks. rates rise, in addition to their market value depending on the performance of the common stock of the issuer. Convertible Type 47: The expense ratio quoted reflects the maximum Capitalization: Concentrating assets in stocks of one or more securities, which are typically unrated or rated lower than total operating expenses of the investment choice, which capitalizations (small, mid, or large) may be subject to both other debt obligations, are secondary to debt obligations in reflects the total operating expenses of the underlying the specific risks of those capitalizations as well as increased order of priority during a liquidation in the event the issuer investment, net of any fee waivers. There may also be volatility because stocks of specific capitalizations tend to go defaults. charges to your balance in the separate accounts for contract through cycles of beating or lagging the market as a whole. asset charges or service fees, as applicable under your Country or Region: Investments in securities from a particular contract, which are not reflected on these fact sheets. Cash Drag: The portfolio may fail to meet its investment country or region may be subject to the risk of adverse social, objective because of positions in cash and equivalents. political, regulatory, or economic events occurring in that Type 48: The expense ratio quoted reflects the maximum country or region. Country- or region-specific risks also total operating expenses of the investment choice, which Cash Transactions: Redemptions of exchange-traded fund include the risk that adverse securities markets or exchange include the underlying TLIC Separate Account Maintenance shares for cash, rather than in-kind securities, may require rates may impact the value of securities from those areas. Charge, assessed by Transamerica (if applicable). For the portfolio to sell securities. This may increase shareholder separate accounts that invest in underlying investments, the tax liability, potentially through capital gain distributions. Credit and Counterparty: The issuer or guarantor of a fixed- expense ratio also includes any expenses collected by the income security, counterparty to an over-the-counter underlying investment, if applicable. There may also be China Region: Investing in the China region, including Hong derivatives contract, or other borrower may not be able to charges to your balance in the separate accounts for contract Kong, the People's Republic of China, and Taiwan, may be make timely principal, interest, or settlement payments on an asset charges or service fees, as applicable under your subject to greater volatility because of the social, regulatory, obligation. In this event, the issuer of a fixed-income security contract, which are not reflected on these fact sheets. and political risks of that region, as well as the Chinese may have its credit Rating downgraded or defaulted, which government's significant level of control over China's may reduce the potential for income and value of the Type 49: The expense ratio quoted reflects the maximum economy and currency. A disruption of relations between portfolio. total operating expenses of the investment choice, which China and its neighbors or trading partners could severely reflects the total operating expenses of the underlying impact China's export-based economy. Credit Default Swaps: Credit default swaps insure the buyer M©o2r0n2in2g sMtaor rannindg/sotra rit, sI ncco.,n tMenotr npinrogvsitdaer rIsn;v (e2s)t mmeanyt nPorot fbilees ™co p3ie1d2 -o6r9 6d-is6t0r0ib0u.t eAdll aringdh t(s3 r)e isse nrvoetd w. Tahrrea nintfeodr mtoa tbioen accocnutraaintee,d c hoemrepilne:t e(1 o) ri st impreolpyr.i eNtaerityh teor ß® Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Page 6 of 16 Disclosure in the event of a default of a fixed-income security. The seller turnover rate increases because of these transactions. In risks of that industry, including loss of value because of of a credit default swap receives premiums and is obligated addition, any investments purchased with the proceeds of a economic recession, availability of credit, volatile interest to repay the buyer in the event of a default of the underlying security sold in a dollar rolls transaction may lose value. rates, government regulation, and other factors. creditor. Investments in credit default swaps may be subject to increased counterparty, credit, and liquidity risks. Early Close/Late Close/Trading Halt: The investment may be Fixed Income Securities: The value of fixed-income or debt unable to rebalance its portfolio or accurately price its securities may be susceptible to general movements in the Currency: Investments in securities traded in foreign holdings if an exchange or market closes early, closes late, or bond market and are subject to interest-rate and credit risk. currencies or more directly in foreign currencies are subject issues trading halts on specific securities or restricts the to the risk that the foreign currency will decline in value ability to buy or sell certain securities or financial instruments. Foreign Securities: Investments in foreign securities may be relative to the U.S. dollar, which may reduce the value of the Any of these scenarios may cause the investment to incur subject to increased volatility as the value of these securities portfolio. Investments in currency hedging positions are substantial trading losses. can change more rapidly and extremely than can the value of subject to the risk that the value of the U.S. dollar will decline U.S. securities. Foreign securities are subject to increased relative to the currency being hedged, which may result in a Emerging Markets: Investments in emerging- and frontier- issuer risk because foreign issuers may not experience the loss of money on the investment as well as the position markets securities may be subject to greater market, credit, same degree of regulation as U.S. issuers do and are held to designed to act as a hedge. Cross-currency hedging currency, liquidity, legal, political, and other risks compared different reporting, accounting, and auditing standards. In strategies and active currency positions may increase with assets invested in developed foreign countries. addition, foreign securities are subject to increased costs currency risk because actual currency exposure may be because there are generally higher commission rates on substantially different from that suggested by the portfolio's Equity Securities: The value of equity securities, which transactions, transfer taxes, higher custodial costs, and the holdings. include common, preferred, and convertible preferred stocks, potential for foreign tax charges on dividend and interest will fluctuate based on changes in their issuers' financial payments. Many foreign markets are relatively small, and Custody: Foreign custodial and other foreign financial services conditions, as well as overall market and economic securities issued in less-developed countries face the risks of are generally more expensive than they are in the United conditions, and can decline in the event of deteriorating nationalization, expropriation or confiscatory taxation, and States and may have limited regulatory oversight. The issuer, market, or economic conditions. adverse changes in investment or exchange control investment may have trouble clearing and settling trades in regulations, including suspension of the ability to transfer less-developed markets, and the laws of some countries may ETF: Investments in exchange-traded funds ("ETF") generally currency from a country. Economic, political, social, or limit the investment's ability to recover its assets in the event reflect the risks of owning the underlying securities they are diplomatic developments can also negatively impact the bank, depository, or agent holding those assets goes into designed to track, although they may be subject to greater performance. bankruptcy. liquidity risk and higher costs than owning the underlying securities directly because of their management fees. Shares Forwards: Investments in forwards may increase volatility and Depositary Receipts: Investments in depositary receipts of ETFs are subject to market trading risk, potentially trading be subject to additional market, active management, generally reflect the risks of the securities they represent, at a premium or discount to net asset value. currency, and counterparty risks as well as liquidity risk if the although they may be subject to increased liquidity risk and contract cannot be closed when desired. Forwards purchased higher expenses and may not pass through voting and other ETN: Investments in exchange-traded notes ("ETN") may be on a when-issued or delayed-delivery basis may be subject to shareholder rights. Depositary receipts cannot be directly subject to the risk that their value is reduced because of poor risk of loss if they decline in value prior to delivery, or if the exchanged for the securities they represent and may trade at performance of the underlying index or a downgrade in the counterparty defaults on its obligation. either a discount or premium to those securities. issuer’s credit rating, potentially resulting in default. The value of these securities may also be impacted by time to maturity, Futures: Investments in futures contracts and options on Derivatives: Investments in derivatives may be subject to the level of supply and demand, and volatility and lack of liquidity futures contracts may increase volatility and be subject to risk that the advisor does not correctly predict the movement in underlying markets, among other factors. The portfolio additional market, active management, interest, currency, of the underlying security, interest rate, market index, or other bears its proportionate share of fees and expenses and other risks if the contract cannot be closed when financial asset, or that the value of the derivative does not associated with investment in ETNs, and its decision to sell desired. correlate perfectly with either the overall market or the these holdings may be limited by the availability of a underlying asset from which the derivative's value is derived. secondary market. Growth Investing: Growth securities may be subject to Because derivatives usually involve a small investment increased volatility as the value of these securities is highly relative to the magnitude of liquidity and other risks assumed, Event-Driven Investment/Arbitrage Securities: Arbitrage sensitive to market fluctuations and future earnings the resulting gain or loss from the transaction will be strategies involve investment in multiple securities with the expectations. These securities typically trade at higher disproportionately magnified. These investments may result expectation that their prices will converge at an expected multiples of current earnings than do other securities and in a loss if the counterparty to the transaction does not value. These strategies face the risk that the advisor's price may lose value if it appears their earnings expectations may perform as promised. predictions will not perform as expected. Investing in event- not be met. driven or merger arbitrage strategies may not be successful if Distressed Investments: Investments in distressed or the merger, restructuring, tender offer, or other major Hedging Strategies: The advisor's use of hedging strategies to defaulted investments, which may include loans, loan corporate event proposed or pending at the time of reduce risk may limit the opportunity for gains compared with participations, bonds, notes, and issuers undergoing investment is not completed on the terms contemplated. unhedged investments, and there is no guarantee that bankruptcy organization, are often not publicly traded and hedges will actually reduce risk. face increased price volatility and liquidity risk. These Extension: The issuer of a security may repay principal more securities are subject to the risk that the advisor does not slowly than expected because of rising interest rates. In this High Portfolio Turnover: Active trading may create high correctly estimate their future value, which may result in a event, short- and medium-duration securities are effectively portfolio turnover, or a turnover of 100% or more, resulting in loss of part or all of the investment. converted into longer-duration securities, increasing their increased transaction costs. These higher costs may have an sensitivity to interest-rate changes and causing their prices to adverse impact on performance and generate short-term Dollar Rolls: Dollar rolls transactions may be subject to the decline. capital gains, creating potential tax liability even if an investor risk that the market value of securities sold to the does not sell any shares during the year. counterparty declines below the repurchase price, the Financials Sector: Concentrating assets in the financials counterparty defaults on its obligations, or the portfolio sector may disproportionately subject the portfolio to the High Yield Securities: Investments in below-investment-grade M©o2r0n2in2g sMtaor rannindg/sotra rit, sI ncco.,n tMenotr npinrogvsitdaer rIsn;v (e2s)t mmeanyt nPorot fbilees ™co p3ie1d2 -o6r9 6d-is6t0r0ib0u.t eAdll aringdh t(s3 r)e isse nrvoetd w. Tahrrea nintfeodr mtoa tbioen accocnutraaintee,d c hoemrepilne:t e(1 o) ri st impreolpyr.i eNtaerityh teor ß® Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Page 7 of 16 Disclosure debt securities and unrated securities of similar credit quality, subject to increased price volatility compared with fixed-rate part of the principal, when he or she buys or sells the commonly known as "junk bonds" or "high-yield securities," bonds that have similar credit quality, redemption provisions, investment. may be subject to increased interest, credit, and liquidity and maturity. The performance of inverse floaters tends to lag risks. fixed-rate bonds in rising long-term interest-rate Management: Performance is subject to the risk that the environments and exceed them in falling or stable long-term advisor's asset allocation and investment strategies do not Income: The investment's income payments may decline interest-rate environments. perform as expected, which may cause the portfolio to depending on fluctuations in interest rates and the dividend underperform its benchmark, other investments with similar payments of its underlying securities. In this event, some Investment-Grade Securities: Investments in investment- objectives, or the market in general. The investment is investments may attempt to pay the same dividend amount grade debt securities that are not rated in the highest rating subject to the risk of loss of income and capital invested, and by returning capital. categories may lack the capacity to pay principal and interest the advisor does not guarantee its value, performance, or any compared with higher-rated securities and may be subject to particular rate of return. Increase in Expenses: The actual cost of investing may be increased credit risk. higher than the expenses listed in the expense table for a Market Trading: Because shares of the investment are traded variety of reasons, including termination of a voluntary fee IPO: Investing in initial public offerings ("IPO") may increase on the secondary market, investors are subject to the risks waiver or losing portfolio fee breakpoints if average net volatility and have a magnified impact on performance. IPO that shares may trade at a premium or discount to net asset assets decrease. The risk of expenses increasing because of shares may be sold shortly after purchase, which can value. There is no guarantee that an active trading market for a decrease in average net assets is heightened when increase portfolio turnover and expenses, including these shares will be maintained. markets are volatile. commissions and transaction costs. Additionally, IPO shares are subject to increased market, liquidity, and issuer risks. Market/Market Volatility: The market value of the portfolio's Index Correlation/Tracking Error: A portfolio that tracks an securities may fall rapidly or unpredictably because of index is subject to the risk that certain factors may cause the Issuer: A stake in any individual security is subject to the risk changing economic, political, or market conditions, which portfolio to track its target index less closely, including if the that the issuer of that security performs poorly, resulting in a may reduce the value of the portfolio. advisor selects securities that are not fully representative of decline in the security's value. Issuer-related declines may be the index. The portfolio will generally reflect the performance caused by poor management decisions, competitive Master/Feeder: The portfolio is subject to unique risks related of its target index even if the index does not perform well, pressures, technological breakthroughs, reliance on suppliers, to the master/feeder structure. Feeder funds bear their and it may underperform the index after factoring in fees, labor problems or shortages, corporate restructurings, proportionate share of fees and expenses associated with expenses, transaction costs, and the size and timing of fraudulent disclosures, or other factors. Additionally, certain investment in the master fund. The performance of a feeder shareholder purchases and redemptions. issuers may be more sensitive to adverse issuer, political, fund can be impacted by the actions of other feeder funds, regulatory, market, or economic developments. including if a larger feeder fund maintains voting control over Industry and Sector Investing: Concentrating assets in a the operations of the master fund or if large-scale particular industry, sector of the economy, or markets may Large Cap: Concentrating assets in large-capitalization stocks redemptions by another feeder fund increase the increase volatility because the investment will be more may subject the portfolio to the risk that those stocks proportionate share of costs of the master fund for the susceptible to the impact of market, economic, regulatory, underperform other capitalizations or the market as a whole. remaining feeder funds. and other factors affecting that industry or sector compared Large-cap companies may be unable to respond as quickly as with a more broadly diversified asset allocation. small- and mid-cap companies can to new competitive Maturity/Duration: Securities with longer maturities or pressures and may lack the growth potential of those durations typically have higher yields but may be subject to Inflation/Deflation: A change of asset value may occur securities. Historically, large-cap companies do not recover as increased interest-rate risk and price volatility compared with because of inflation or deflation, causing the portfolio to quickly as smaller companies do from market declines. securities with shorter maturities, which have lower yields underperform. Inflation may cause the present value of future but greater price stability. payments to decrease, causing a decline in the future value Lending: Investing in loans creates risk for the borrower, of assets or income. Deflation causes prices to decline lender, and any other participants. A borrower may fail to Mid-Cap: Concentrating assets in mid-capitalization stocks throughout the economy over time, impacting issuers' make payments of principal, interest, and other amounts in may subject the portfolio to the risk that those stocks creditworthiness and increasing their risk for default, which connection with loans of cash or securities or fail to return a underperform other capitalizations or the market as a whole. may reduce the value of the portfolio. borrowed security in a timely manner, which may lead to Mid-cap companies may be subject to increased liquidity risk impairment of the collateral provided by the borrower. compared with large-cap companies and may experience Inflation-Protected Securities: Unlike other fixed-income Investments in loan participations may be subject to greater price volatility than do those securities because of securities, the values of inflation-protected securities are not increased credit, pricing, and liquidity risks, with these risks more-limited product lines or financial resources, among significantly impacted by inflation expectations because their intensified for belowinvestment-grade loans. other factors. interest rates are adjusted for inflation. Generally, the value of inflation-protected securities will fall when real interest rates Leverage: Leverage transactions may increase volatility and MLP: Investments in master limited partnerships ("MLP") may rise and rise when real interest rates fall. result in a significant loss of value if a transaction fails. be subject to the risk that their value is reduced because of Because leverage usually involves investment exposure that poor performance of the underlying assets or if they are not Interest Rate: Most securities are subject to the risk that exceeds the initial investment, the resulting gain or loss from treated as partnerships for federal income tax purposes. changes in interest rates will reduce their market value. a relatively small change in an underlying indicator will be Investors in MLPs have more-limited control and voting rights disproportionately magnified. on matters affecting the partnership compared with Intraday Price Performance: The investment is rebalanced shareholders of common stock. according to the investment objective at the end of the Long-term Outlook and Projections: The investment is trading day, and its reported performance will reflect the intended to be held for a substantial period of time, and Money Market: The risks pertaining to money market funds, closing net asset value. A purchase at the intraday price may investors should tolerate fluctuations in their investment's those in compliance with Rule 2a-7 under the Investment generate performance that is greater or less than reported value. Company Act of 1940, vary depending on the fund’s performance. operations as reported in SEC Form N-MFP. Institutional Loss of Money: Because the investment's market value may money market funds are considered those that are required Inverse Floaters: Investments in inverse floaters may be fluctuate up and down, an investor may lose money, including to transact at a floating net asset value. These funds can M©o2r0n2in2g sMtaor rannindg/sotra rit, sI ncco.,n tMenotr npinrogvsitdaer rIsn;v (e2s)t mmeanyt nPorot fbilees ™co p3ie1d2 -o6r9 6d-is6t0r0ib0u.t eAdll aringdh t(s3 r)e isse nrvoetd w. Tahrrea nintfeodr mtoa tbioen accocnutraaintee,d c hoemrepilne:t e(1 o) ri st impreolpyr.i eNtaerityh teor ß® Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com. Page 8 of 16 Disclosure experience capital gains and losses in normal conditions just exempt securities taxable. subject to the risks of deferred distribution payments, like other mutual funds. Additionally, most institutional, involuntary redemptions, subordination to debt instruments, a government, and retail money market funds may impose a Municipal Project-Specific: Investments in municipal bonds lack of liquidity compared with common stocks, limited voting fee upon the sale of your shares, or may suspend your ability that finance similar types of projects, including those related rights, and sensitivity to interest-rate changes. to sell shares if the fund's liquidity falls below required to education, health care, housing, transportation, utilities, minimums, because of market conditions or other factors. and industry, may be subject to a greater extent than general Prepayment (Call): The issuer of a debt security may be able While retail and government funds electing to maintain obligation municipal bonds to the risks of adverse economic, to repay principal prior to the security's maturity because of liquidity through suspending redemptions or imposing fees business, or political developments. an improvement in its credit quality or falling interest rates. In attempt to preserve the value of shares at $1.00, the funds this event, this principal may have to be reinvested in cannot guarantee they will do so. Some government money New Fund: Investments with a limited history of operations securities with lower interest rates than the original market funds have not elected to permit liquidity fees or may be subject to the risk that they do not grow to an securities, reducing the potential for income. suspend redemptions. Although these funds also seek to economically viable size in order to continue operations. preserve the value of investments at $1.00 per share, they Pricing: Some investments may not have a market observed cannot guarantee they will do so. An investment in any Nondiversification: A nondiversified investment, as defined price; therefore, values for these assets may be determined money market fund is not insured or guaranteed by the under the Investment Act of 1940, may have an increased through a subjective valuation methodology. Fair values Federal Deposit Insurance Corporation or any other potential for loss because its portfolio includes a relatively determined by a subjective methodology may differ from the government agency and can result in a loss of money. The small number of investments. Movements in the prices of the actual value realized upon sale. Valuation methodologies may fund's sponsor has no legal obligation to provide financial individual assets may have a magnified effect on a also be used to calculate a daily net asset value. support to the fund, and you should not expect that the nondiversified portfolio. Any sale of the investment's large sponsor will provide financial support to the fund at any time. positions could adversely affect stock prices if those positions Quantitative Investing: Holdings selected by quantitative represent a significant part of a company's outstanding analysis may perform differently from the market as a whole Money Market Fund Owbership: An investment in a money stock. based on the factors used in the analysis, the weighting of market fund is not a deposit in a bank and is not guaranteed each factor, and how the factors have changed over time. by the FDIC, any other governmental agency, or the advisor Not FDIC Insured: The investment is not a deposit or itself. Money market funds report investment characteristics obligation of, or guaranteed or endorsed by, any bank and is Real Estate/REIT Sector: Concentrating assets in the real in SEC Form N-MFP. Institutional money market funds have a not insured by the Federal Deposit Insurance Corporation, the estate sector or REITs may disproportionately subject the net asset value that may fluctuate on a day-to-day basis in Federal Reserve Board, or any other U.S. governmental portfolio to the risks of that industry, including loss of value ordinary conditions. All are subject to the risk that they may agency. because of changes in real estate values, interest rates, and not be able to maintain a stable NAV of $1.00 per share. taxes, as well as changes in zoning, building, environmental, Money market funds may opt to maintain liquidity through Options: Investments in options may be subject to the risk and other laws, among other factors. Investments in REITs imposing fees on certain redemptions or a suspension of that the advisor does not correctly predict the movement of may be subject to increased price volatility and liquidity risk, redemptions because of market conditions. Only exempt an option's underlying stock. Option purchases may result in and shareholders indirectly bear their proportionate share of government money market funds are permitted to opt out of the loss of part or all of the amount paid for the option plus expenses because of their management fees. incorporating these liquidity maintenance measures to commission costs. Option sales may result in a forced sale or support the stable share price of $1.00. purchase of a security at a price higher or lower than its Regulation/Government Intervention: The business of the current market price. issuer of an underlying security may be adversely impacted Mortgage-Backed and Asset-Backed Securities: Investments by new regulation or government intervention, impacting the in mortgage-backed ("MBS") and asset-backed securities OTC: Investments traded and privately negotiated in the over- price of the security. Direct government ownership of ("ABS") may be subject to increased price volatility because the-counter ("OTC") market, including securities and distressed assets in times of economic instability may subject of changes in interest rates, issuer information availability, derivatives, may be subject to greater price volatility and the portfolio's holdings to increased price volatility and credit quality of the underlying assets, market perception of liquidity risk than transactions made on organized exchanges. liquidity risk. the issuer, availability of credit enhancement, and Because the OTC market is less regulated, OTC transactions prepayment of principal. The value of ABS and MBS may be may be subject to increased credit and counterparty risk. Reinvestment: Payments from debt securities may have to be adversely affected if the underlying borrower fails to pay the reinvested in securities with lower interest rates than the loan included in the security. Other: The investment's performance may be impacted by its original securities. concentration in a certain type of security, adherence to a Multimanager: Managers' individual investing styles may not particular investing strategy, or a unique aspect of its Reliance on Trading Partners: Investments in economies that complement each other. This can result in both higher structure and costs. depend heavily on trading with key partners may be subject portfolio turnover and enhanced or reduced concentration in a to the risk that any reduction in this trading may adversely particular region, country, industry, or investing style Passive Management: The investment is not actively impact these economies. compared with an investment with a single manager. managed, and the advisor does not attempt to manage volatility or take defensive positions in declining markets. This Replication Management: The investment does not seek Municipal Obligations, Leases, and AMT-Subject passive management strategy may subject the investment to investment returns in excess of the underlying index. Bonds: Investments in municipal obligations, leases, and greater losses during general market declines than actively Therefore, it will not generally sell a security unless it was private activity bonds subject to the alternative minimum tax managed investments. removed from the index, even if the security's issuer is in have varying levels of public and private support. The principal financial trouble. and interest payments of general-obligation municipal bonds Portfolio Diversification: Investments that concentrate their are secured by the issuer's full faith and credit and supported assets in a relatively small number of issuers, or in the Repurchase Agreements: Repurchase agreements may be by limited or unlimited taxing power. The principal and securities of issuers in a particular market, industry, sector, subject to the risk that the seller of a security defaults and interest payments of revenue bonds are tied to the revenues country, or asset class, may be subject to greater risk of loss the collateral securing the repurchase agreement has of specific projects or other entities. Federal income tax laws than is a more widely diversified investment. declined and does not equal the value of the repurchase may limit the types and volume of bonds qualifying for tax price. In this event, impairment of the collateral may result in exemption of interest and make any further purchases of tax- Preferred Stocks: Investments in preferred stocks may be additional costs. M©o2r0n2in2g sMtaor rannindg/sotra rit, sI ncco.,n tMenotr npinrogvsitdaer rIsn;v (e2s)t mmeanyt nPorot fbilees ™co p3ie1d2 -o6r9 6d-is6t0r0ib0u.t eAdll aringdh t(s3 r)e isse nrvoetd w. Tahrrea nintfeodr mtoa tbioen accocnutraaintee,d c hoemrepilne:t e(1 o) ri st impreolpyr.i eNtaerityh teor ß® Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.

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Account, invests in the Alger Capital Appreciation Fund (Class. A shares), a mutual borrowings for investment purposes, in equity securities of companies of any . results. The investment return and principal value will fluctuate.
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Alger Capital Appreciation Ret Opt PDF

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Account, invests in the Alger Capital Appreciation Fund (Class. A shares), a mutual borrowings for investment purposes, in equity securities of companies of any . results. The investment return and principal value will fluctuate.

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Publication Year:2017
Pages:15
Language:English
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