Transamerica Asset Management Inc

Fees and Compensation

Fund Complex
TAM serves as investment manager for each series of TF and TST and provides continuous and regular investment management
services to these series. TF and TST, on behalf of their respective series, have entered into an investment management
agreement with TAM pursuant to which investment advisory and administrative services fees are combined under the
investment management agreement providing for a single management fee.

TAM serves as investment adviser and provides continuous and regular investment management services to the ETF Series. The
2023 Trust, on behalf of the ETF Series, has entered into an investment advisory agreement with TAM.

As discussed in “Advisory Services” above, when acting as a manager of managers, TAM provides investment management or
advisory services that include, without limitation, selection, proactive oversight and monitoring of the subadvisers, daily
monitoring of the subadvisers’ buying and selling of securities for the Funds and ETF Series and regular review and evaluation
of subadviser performance and adherence to investment style and process. TAM’s management services to the series of TF and
TST include, among other things, the provision of supervisory, compliance, and administrative services to those series.

As noted below under the heading “Other Financial Industry Activities and Affiliations,” two current subadvisers to certain Funds
and ETF Series (Aegon USA Investment Management, LLC and Aegon Asset Management UK PLC) are affiliated with TAM
because both subadvisers and TAM are under the common control of Aegon Ltd. These affiliated subadvisers are also part of
and report to AAM.

Management or advisory fees are calculated separately for each Fund and ETF Series as a specified annual percentage of the
Fund’s or ETF Series’ average daily net assets and are payable to TAM monthly in arrears. Fees are deducted from Fund or ETF
Series assets. Management and advisory fees for the Funds and ETF Series are determined based on investment style, asset class,
and other factors. TAM may contractually or voluntarily agree to waive all or a portion of its fees. TAM also may waive and/or
reimburse costs and operating expenses of a Fund or ETF Series so that the Fund’s or ETF Series’ total operating expenses do
not exceed certain set limitations. Any such contractual waivers or reimbursements are disclosed in the relevant Fund’s or ETF
Series’ prospectus, as applicable. For most Funds and the ETF Series, TAM currently acts as a “manager of managers” and hires
investment subadvisers to furnish investment advice and recommendations and has entered into a sub-advisory agreement with
each Fund’s and ETF Series’ subadviser(s). With respect to those Funds or ETF Series that are sub-advised, TAM retains a
portion of its management fee paid by a Fund or ETF Series as compensation for its services as a manager of managers and the
remainder of the management fee is paid by TAM to the relevant Fund’s or ETF Series’ subadviser(s).

Below are the effective management fees or fee ranges, as applicable, by asset class category that TAM receives from the
respective series of TF and TST and the ETF Series. Most series of TF and TST have management fee schedules with breakpoints
(tiered schedules with lower management fee percentages at higher asset levels). The full management fee schedule for each
Fund is included in the Fund’s statement(s) of additional information. Effective advisory fees for the ETF Series are also set forth
below, with the full advisory fee schedules for the ETF Series’ included in the statement of additional information.

TF

Alternative Investments Funds: management fee for the Fund is 1.05%.

Asset Allocation Funds: management fee range is 0.10% to 0.12%.

Fixed Income Funds: management fee range is 0.17% to 0.63%.

Hybrid Allocation Funds: management fee range is 0.48% to 0.59%.

International/Global Equity Funds: management fee range is 0.70% to 0.86%.

U.S. Equity Funds: management fee range is 0.07% to 0.87%.

TST

Domestic Equity Funds: management fee range is 0.08% to 0.88%.

Fixed Income Funds: management fee range is 0.24% to 0.55%.

Fund of Funds: management fee range is 0.10% to 0.31%.

International/Global Equity Funds: management fee range is 0.11% to 0.77%.

Tactical Asset Allocation Funds: management fee range is 0.13% to 0.74%.

ETF Series

Transamerica Bond Active ETF: 0.39%

Transamerica Large Value Active ETF: 0.59%

Collective Investment Trusts
TTC Trust
TAM currently receives no advisory fee for serving as investment adviser to the series of the TTC Trust. TAM serves as the
investment manager to the underlying series of TF in which certain series of the TTC Trust invest and receives fees for such
services from those underlying series.
Great Gray Funds
As discussed in “Advisory Business” above, TAM provides advisory services to certain series of the Great Gray Funds. In this
role, Great Gray pays TAM a fee, as indicated below, for the investment advisory services that are provided by TAM for each
GG CIT. Typically, this advisory fee is accrued daily and paid quarterly in arrears and charged against the net asset value of each
class of the respective GG CIT. TAM, not Great Gray or a GG CIT, is responsible for paying the GG CIT Subadviser(s) the
associated sub-advisory fee, and those fees are TAM’s expense.
Great Gray pays TAM a fee, as detailed below, on the net assets of each class of each GG CIT.

                           GG CIT                                                        Class and Fee
             Transamerica International Focus CIT                                      Class I and II 0.61%
             Transamerica International Stock CIT                                  Class I and Class II 0.60%

             Transamerica Large Cap Growth CIT                                         Class I and II 0.53%
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Types of Clients
As discussed in “Advisory Business” above, TAM provides investment management or advisory services to investment
companies registered under the 1940 Act. TAM also provides investment advisory services to privately-offered pooled
investment vehicles that are not registered under the 1940 Act, including the series of the TTC Trust, the GG CITs, and the
Subsidiary. Also as described above, TAM provides investment research and monitoring services to TRS pursuant to an
investment scorecard program and also may provide model allocation and investment portfolios to third parties.
Certain Funds and the share classes of certain Funds have minimum initial and subsequent investment requirements. Certain
Funds and share classes also require minimum account balances. These amounts are set forth in the Funds’ current prospectuses.

                                Methods of Analysis, Investment Strategies and Risk of Loss
Fund Complex
As discussed under “Advisory Business” above, TAM serves as the investment manager or adviser to each of the Funds and
ETF Series in the Fund Complex. TAM provides continuous and regular investment management services to the Fund and the
ETF Series. TAM supervises each Fund’s investments, conducts each Fund’s investment program and provides supervisory,
compliance and administrative services to each Fund.

As discussed under “Advisory Services” above, TAM acts as a “manager of managers” for most Funds and the ETF Series in the
Fund Complex and hires subadvisers to furnish investment advice and recommendations pursuant to sub-advisory agreements
with the applicable Funds’ and the ETF Series’ subadvisers. TAM is responsible for the day-to-day management of certain asset
allocation series of TF and TST. TAM is also responsible for all aspects of the day-to-day management of Transamerica Stock
Index, a series of TF.

When acting as a manager of managers for the applicable Funds and the ETF Series, TAM provides investment management
services that include, without limitation, the design and development of each Fund and ETF Series and its investment strategy
and the ongoing review and evaluation of that investment strategy including recommending changes in strategy where it believes
appropriate or advisable; the selection of one or more subadvisers for each Fund and ETF Series employing a combination of
quantitative and qualitative screens, research, analysis and due diligence; negotiation of sub-advisory agreements and fees;
oversight and monitoring of subadvisers and recommending changes to subadvisers where it believes appropriate or advisable;
recommending Fund and ETF Series combinations and liquidations where it believes appropriate or advisable; selection and
oversight of transition managers, as needed; regular supervision of the Funds’ and ETF Series’ investments; regular review and
evaluation of subadviser performance; daily monitoring of the subadvisers’ buying and selling of securities for the Funds and
ETF Series; regular review of holdings; ongoing trade oversight and analysis; regular monitoring to ensure adherence to
investment process; review and oversight of environmental, social and governance (“ESG”) and sustainable investment practices
of applicable subadvisers; regular calls and periodic on-site visits with subadvisers; portfolio construction and asset allocation
when using multiple subadvisers for a Fund or ETF Series; risk management oversight and analysis; oversight of negotiation of
investment documentation and agreements; design, development, implementation and regular monitoring of the valuation process
(for Funds only); design, development, implementation, and regular monitoring of derivatives risk management; design,
development, implementation, and regular monitoring of liquidity risk management; periodic due diligence reviews of pricing
vendors and vendor methodology (for Funds only); review of subadvisers’ proxy voting policies and procedures; and oversight
of cash management services. TAM uses a variety of quantitative and qualitative tools to carry out its investment management
services. TAM, not the Funds or ETF Series, is responsible for paying the subadvisers, and the sub-advisory fees are TAM’s
expense.
Please see “Advisory Services – Fund Complex” above for additional services performed by TAM as part of its investment

management services to the Funds.

Transamerica Asset Allocation Horizon Funds

TAM is currently responsible for the day-to-day management of the Transamerica Asset Allocation Horizon Funds (the “Horizon
Funds”) which are each a series of TF. The Horizon Funds each invest in a combination of underlying series of TF (for purposes
of this sub-section, the “TF Underlying Funds”). TAM selects the combination and amount of TF Underlying Funds to invest
in based on the investment goal of each Horizon Fund.

The Horizon Funds and the TF Underlying Funds in which they invest are diversified.

Each TF Underlying Fund has its own investment objective and principal investment strategies. The subadviser for each TF
Underlying Fund decides which securities to purchase and sell for that TF Underlying Fund.
Each Horizon Fund may also invest its assets in cash, cash equivalent securities or short-term debt securities, repurchase
agreements and money market securities. Under adverse or unstable market, economic or political conditions, a Horizon Fund
may take temporary defensive positions in cash and short-term debt securities without limit.
The following charts show approximately how much of the assets of each Horizon Fund are invested in underlying Transamerica
bond and stock funds as well as the underlying Transamerica government money market fund. These allocations reflect TAM’s
present strategy for asset allocation during normal market conditions, and may be changed at any time without notice to
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