MMC Stock Fund

Release Date: 03-31-2021 MMC Stock Fund ...... Benchmark Morningstar Category Asset Class: Sub-Asset Class S&P 500 TR USD Large Growth Stocks: Employer Stock

Investment Objective & Strategy Performance The Fund seeks to replicate the performance of Marsh & 60 Total Return % McLennan Companies common stock. Performance returns 45 as of 03-31-21 reflect price appreciation, including dividends. 30 Investment Return Benchmark 15 Fees and Expenses as of 03-31-21 0 Total Annual Operating Expense 0.02% -15 Net Expense Ratio 0.02% -30 Average annual, if greater -45 Operations and Management than 1 year Total Fund Assets ($mil) 555.74 3 Mo YTD 1-Year 3-Year 5-Year 10-Year Since Inception Annual Turnover Ratio % 1.68 4.00 4.00 39.94 13.67 15.33 16.49 11.20 Investment Return % Index Fund No 6.18 6.18 56.35 16.78 16.29 13.91 9.21 Benchmark Return % Fund Inception Date 12-31-96 2.23 2.23 63.57 20.44 19.42 14.73 8.76 Category Average % Portfolio Manager(s) Management Team. Since 1996. Management Company Marsh & Mclennan Companies, Calendar Year Total Returns 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Inc. Investment % 18.60 11.18 42.75 20.46 -0.94 23.89 21.55 -1.74 38.93 5.00 Benchmark % 2.11 16.00 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 Category % -2.46 15.34 33.92 10.00 3.60 3.23 27.67 -2.09 31.90 35.86 Risk Measures as of 03-31-21 Port Avg Rel S&P 500 Rel Cat YTD YTD YTD YTD YTD YTD YTD 3 Yr Std Dev 20.39 1.11 1.03 3 Yr Beta 0.88 . 0.87 Performance prior to the inception date of the share class (if any) is based on the returns of an older share class, 3 Yr Sharpe Ratio 0.67 0.78 0.69 adjusted for expenses. The performance data quoted reflects past performance and does not guarantee future 3 Yr Alpha -0.46 . -0.15 results. The investment return and principal value of an investment will fluctuate; thus, an investor's shares, when 3 Yr R-squared 63.86 . 0.71 redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data shown herein. For more current information, including month-end performance, please call +1 866 374 2662 or refer to the Performance section of the Disclosure page for more information on how to access your Principal Risks as of 03-31-21 account. Not FDIC Insured, Nondiversification, Equity Securities, Industry and Sector Investing, Portfolio Diversification, Large Portfolio Analysis as of 03-31-21 Cap Composition as of 03-31-21 % Assets Morningstar Style Box™ as of 03-31-21 % Mkt Cap ...... U.S. Stocks 98.1 Large For more information please see the Principal Risks section of Giant 0.00 Non U.S. Stocks 0.0 ...... the Disclosure Page. Mid Large 100.00 Bonds 0.0 Medium 0.00 Cash 1.9 Small Small 0.00 Other 0.0 ...... Micro 0.00 Value Blend Growth

Top 10 Holdings as of 03-31-21 % Assets Morningstar Sectors as of 03-31-21 % Fund S&P 500 % Marsh & McLennan Companies Inc 98.07 h Cyclical 100.00 31.21 ...... r Basic Materials 0.00 2.35 Total Number of Stock Holdings 1 t Consumer Cyclical 0.00 12.20 Total Number of Bond Holdings 0 y Financial Services 100.00 14.20 Equity Statistics as of 03-31-21 Port Avg Rel S&P 500 Rel Cat u Real Estate 0.00 2.46 Price/Earnings Ratio 30.96 1.07 0.88 j Sensitive 0.00 46.42 Price/Book Ratio 6.80 1.64 0.97 ...... i Communication Services 0.00 10.93 Price/Cost Ratio 0.00 . . 0.00 2.80 GeoAvgCap ($mil) 62,054.88 0.35 0.38 o Energy Industrials 0.00 9.21 Return on Equity 23.86 0.91 . p a Technology 0.00 23.48 k Defensive 0.00 22.37 ...... s Consumer Defensive 0.00 6.58 d Healthcare 0.00 13.12 f Utilities 0.00 2.67

® TM MMS3/MMS1 ©2021 Morningstar, Inc., Morningstar Investment Profiles 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to ® Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither 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 ß performance. Visit our investment website at www.morningstar.com. Release Date: 03-31-2021 Disclosure

For more information on any registered fund, please call Also known as loads, sales fees list the maximum level of products in its Morningstar category. In each Morningstar 800-755-5801 for a free summary prospectus (if available) initial (front-end) and deferred (back-end) sales charges category, the 10% of products with the lowest measured risk and/or prospectus. You should consider the objectives, risks, imposed by a fund. The scales of minimum and maximum are described as Low Risk (Low), the next 22.5% Below charges, and expenses of an investment carefully before charges are taken from a fund's prospectus. Because fees Average (-Avg), the middle 35% Average (Avg), the next investing. The summary prospectus and prospectus contain change frequently and are sometimes waived, it is wise to 22.5% Above Average (+Avg), and the top 10% High (High). this and other information. Read them carefully before you examine the fund's prospectus carefully for specific Morningstar Risk is measured for up to three time periods invest. This fund is offered and distributed by the fund family information before investing. (three, five, and 10 years). These separate measures are and its affiliated broker-dealer or other broker-dealers with then weighted and averaged to produce an overall measure effective selling agreements, such as Transamerica Investors Morningstar RatingTM for the product. Products with less than three years of Securities Corporation (TISC), 440 Mamaroneck Avenue, The Morningstar RatingTM for funds, or "star rating", is performance history are not rated. Harrison, NY 10528. Transamerica Retirement Solutions is an calculated for managed products (including mutual funds, affiliate of TISC. variable annuity and variable life subaccounts, exchange- Morningstar Style BoxTM traded funds, closed-end funds, and separate accounts) with The Morningstar Style Box reveals a fund's investment The Investment Profile must be preceded or accompanied by at least a three-year history. Exchange-traded funds and strategy as of the date noted on this report. the fund's current prospectus as well as this disclosure open-ended mutual funds are considered a single population For equity funds the vertical axis shows the market statement. The performance data given represents past for comparative purposes. It is calculated based on a capitalization of the long stocks owned and the horizontal axis performance and should not be considered indicative of Morningstar Risk-Adjusted Return measure that accounts for shows investment style (value, blend, or growth). future results. Principal value and investment return will variation in a managed product's monthly excess For fixed-income funds, the vertical axis shows the fluctuate, so that an investor's shares when redeemed may performance, placing more emphasis on downward variations credit quality of the long bonds owned and the horizontal axis be worth more or less than the original investment. Fund and rewarding consistent performance. The Morningstar shows interest rate sensitivity as measured by a bond's portfolio statistics change over time. The fund is not FDIC- Rating does not include any adjustment for sales loads. The effective duration. insured, may lose value and is not guaranteed by a bank or top 10% of products in each product category receive 5 stars, Morningstar seeks credit rating information from fund other financial institution. the next 22.5% receive 4 stars, the next 35% receive 3 stars, companies on a periodic basis (e.g., quarterly). In compiling the next 22.5% receive 2 stars, and the bottom 10% receive credit rating information, Morningstar instructs fund Performance 1 star. The Overall Morningstar Rating for a managed product companies to only use ratings that have been assigned by a If you are an active participant, go to Colleague Connect is derived from a weighted average of the performance Nationally Recognized Statistical Rating Organization (https://colleagueconnect.mmc.com), click Career & figures associated with its three-, five-, and 10-year (if (NRSRO). If two NRSROs have rated a security, fund Rewards, and select Transamerica under Resources. Once applicable) Morningstar Rating metrics. The weights are: companies are to report the lowest rating; if three or more you’re signed in, click the applicable plan to review and 100% three-year rating for 36-59 months of total returns, NRSROs have rated the same security differently, fund manage your account. Click “Review” followed by “Fund and 60% five-year rating/40% three-year rating for 60-119 months companies are to report the rating that is in the middle. For Fee Information”. of total returns, and 50% 10-year rating/30% five-year example, if NRSRO X rates a security AA-, NRSRO Y rates the rating/20% three-year rating for 120 or more months of total same security an A and NRSRO Z rates it a BBB+, the fund If you are a terminated participant, go to Connect (https:// returns. While the 10-year overall star rating formula seems company should use the credit rating of 'A' in its reporting to connect.mmc.com), select a region, and click to give the most weight to the 10-year period, the most Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an Transamerica. Once you’re signed in, click the applicable recent three-year period actually has the greatest impact NRSRO nor does it issue a credit rating on the fund. An plan to review and manage your account. Click “Review” because it is included in all three rating periods. NRSRO rating on a fixed-income security can change from followed by “Fund and Fee Information”. For private funds, the Morningstar Rating presented is time-to-time. Total return reflects performance without adjusting for sales hypothetical, because Morningstar does not independently For credit quality, Morningstar combines the credit charges or the effects of taxation, but is adjusted to reflect all analyze private funds. Rather, the rating is assigned as a rating information provided by the fund companies with an actual ongoing fund expenses and assumes reinvestment of means to compare these funds with the universe of mutual average default rate calculation to come up with a weighted- dividends and capital gains. If adjusted, sales charges would funds that Morningstar rates. The evaluation of this average credit quality. The weighted-average credit quality is reduce the performance quoted. investment does not affect the retail mutual fund data currently a letter that roughly corresponds to the scale used The fund's performance is compared with that of an published by Morningstar. by a leading NRSRO. Bond funds are assigned a style box index. The index is an unmanaged portfolio of specified placement of "low", "medium", or "high" based on their securities and the index does not reflect any initial or ongoing Morningstar Return average credit quality. Funds with a low credit quality are expenses. The index cannot be invested in directly. A fund's The Morningstar Return rates a fund’s performance relative to those whose weighted-average credit quality is determined portfolio may differ significantly from the securities in the other managed products in its Morningstar Category. It is an to be less than "BBB-"; medium are those less than "AA-", but index. assessment of a product's excess return over a risk-free rate greater or equal to "BBB-"; and high are those with a (the return of the 90-day Treasury Bill) in comparison with the weighted-average credit quality of "AA-" or higher. When Total Annual Operating Expenses products in its Morningstar category. In each Morningstar classifying a bond portfolio, Morningstar first maps the This is the percentage of fund assets paid for operating category, the top 10% of products earn a High Morningstar NRSRO credit ratings of the underlying holdings to their expenses and management fees. The expense ratio typically Return (High), the next 22.5% Above Average (+Avg), the respective default rates (as determined by Morningstar's includes the following types of fees: accounting, middle 35% Average (Avg), the next 22.5% Below Average (- analysis of actual historical default rates). Morningstar then administrator, advisor, auditor, board of directors, custodial, Ave), and the bottom 10% Low (Low). Morningstar Return is averages these default rates to determine the average distribution (12b-1), legal, organizational, professional, measured for up to three time periods (three, five, and 10 default rate for the entire bond fund. Finally, Morningstar registration, shareholder reporting, sub-advisor, and transfer years). These separate measures are then weighted and maps this average default rate to its corresponding credit agency. The expense ratio does not reflect the fund's averaged to produce an overall measure for the product. rating along a convex curve. brokerage costs or any investor sales charges. In contrast to Products with less than three years of performance history For interest-rate sensitivity, Morningstar obtains from the net expense ratio, the gross expense ratio does not are not rated. fund companies the average effective duration. Generally, reflect any fee waivers in effect during the time period. Morningstar classifies a fixed-income fund's interest-rate Also known as the Prospectus Gross Expense Ratio, Morningstar Risk sensitivity based on the effective duration of the Morningstar Morningstar pulls the prospectus gross expense ratio from Morningstar Risk evaluates a fund’s downside volatility Core Bond Index (MCBI), which is currently three years. The the fund's most recent prospectus. relative to that of other products in its Morningstar Category. classification of Limited will be assigned to those funds It is an assessment of the variations in monthly returns, with whose average effective duration is between 25% to 75% of Sales Fees an emphasis on downside variations, in comparison with the MCBI's average effective duration; funds whose average

effective duration is between 75% to 125% of the MCBI will "size" of a stock fund's portfolio as the geometric mean of the securities. Historically, large-cap companies do not recover as be classified as Moderate; and those that are at 125% or market capitalization for all of the stocks it owns. It's quickly as smaller companies do from market declines. greater of the average effective duration of the MCBI will be calculated by raising the market capitalization of each stock classified as Extensive. to a power equal to that stock's stake in the portfolio. The Investment Risk For municipal bond funds, Morningstar also obtains resulting numbers are multiplied together to produce the Foreign Securities Funds/Emerging Markets Funds: The from fund companies the average effective duration. In these geometric mean of the market caps of the stocks in the investor should note that funds that invest in foreign cases static breakpoints are utilized. These breakpoints are as portfolio, which is reported as average market capitalization. securities involve special additional risks. These risks include, follows: (i) Limited: 4.5 years or less; (ii) Moderate: more We display the value for the investment and the relative value but are not limited to, currency risk, political risk, and risk than 4.5 years but less than 7 years; and (iii) Extensive: more of a broad market benchmark (as defined) and the associated with varying accounting standards. Investing in than 7 years. In addition, for non-US taxable and non-US investment’s Morningstar Category. emerging markets may accentuate these risks. domiciled fixed income funds static duration breakpoints are Specialty/Sector Funds: The investor should note that used: (i) Limited: less than or equal to 3.5 years; (ii) Return on Equity: The percentage a company earns on its funds that invest exclusively in one sector or industry involve Moderate: greater than 3.5 and less than equal to 6 years; shareholders' equity in a given year (Year 1, 2, etc.). The additional risks. The lack of industry diversification subjects (iii) Extensive: greater than 6 years. calculation is net income divided by end-of-year net worth. the investor to increased industry-specific risks. The resulting figure is multiplied by 100. For a mutual fund, Non-Diversified Funds: The investor should note that Portfolio Statistics ROE represents a weighted median figure such that funds that invest more of their assets in a single issuer Price /Earnings Ratio: The price to prospective earnings yield approximately 50% of the domestic stocks in the portfolio will involve additional risks, including share price fluctuations, for a fund is the asset-weighted average of the prospective have a greater ROE and roughly 50% of these domestic because of the increased concentration of investments. earnings yields of all the domestic stocks in the fund’s stocks will have a lower ROE than the weighted median. We Small Cap Funds: The investor should note that funds portfolio as of the date of the portfolio. A stock’s prospective display the value for the investment and the relative value of that invest in stocks of small companies involve additional earnings yield is calculated by dividing the company’s a broad market benchmark (as defined) and the investment’s risks. Smaller companies typically have a higher risk of failure, estimated earnings per share for the current fiscal year by the Morningstar Category. and are not as well established as larger blue-chip company’s month-end share price as of the portfolio date. In companies. Historically, smaller-company stocks have computing the fund’s average, Morningstar weights each Principal Risks experienced a greater degree of market volatility than the portfolio holding by the percentage of domestic equity assets Not FDIC Insured: The investment is not a deposit or overall market average. it represents; therefore, larger positions have proportionately obligation of, or guaranteed or endorsed by, any bank and is Mid Cap Funds: The investor should note that funds that greater influence on the fund’s aggregate earnings yield. The not insured by the Federal Deposit Insurance Corporation, the invest in companies with market capitalizations below $10 reciprocal can also be expressed as a price/prospective Federal Reserve Board, or any other U.S. governmental billion involve additional risks. The securities of these earnings ratio. We display the value for the investment and agency. companies may be more volatile and less liquid than the the relative value of a broad market benchmark (as defined) securities of larger companies. and the investment’s Morningstar Category. Nondiversification: A nondiversified investment, as defined High-Yield Bond Funds: The investor should note that under the Investment Act of 1940, may have an increased funds that invest in lower-rated debt securities (commonly Price/Book Ratio: The price to prospective book value yield for potential for loss because its portfolio includes a relatively referred to as junk bonds) involve additional risks because of a fund is the asset-weighted average of the prospective book small number of investments. Movements in the prices of the the lower credit quality of the securities in the portfolio. The value yields of all the domestic stocks in the fund’s portfolio individual assets may have a magnified effect on a investor should be aware of the possible higher level of as of the date of the portfolio. A stock’s prospective book nondiversified portfolio. Any sale of the investment’s large volatility, and increased risk of default. value yield is calculated by dividing the company’s estimated positions could adversely affect stock prices if those positions Tax-Free Municipal Bond Funds: The investor should shareholders’ equity per share for the current fiscal year by represent a significant part of a company’s outstanding stock. note that the income from tax-free municipal bond funds may the company’s month-end stock price as of the portfolio date. be subject to state and local taxation and the Alternative In computing the fund’s average, Morningstar weights each Equity Securities: The value of equity securities, which Minimum Tax. portfolio holding by the percentage of domestic equity assets include common, preferred, and convertible preferred stocks, it represents; therefore, larger positions have proportionately will fluctuate based on changes in their issuers’ financial greater influence on the fund’s aggregate book value yield. conditions, as well as overall market and economic The reciprocal can also be expressed as a price/book ratio. conditions, and can decline in the event of deteriorating We display the value for the investment and the relative value issuer, market, or economic conditions. of a broad market benchmark (as defined) and the investment’s Morningstar Category. Industry and Sector Investing: Concentrating assets in a particular industry, sector of the economy, or markets may Price/Cash Ratio: The price to prospective cash flow increase volatility because the investment will be more represents the weighted average of the price/cash-flow ratios susceptible to the impact of market, economic, regulatory, of the stocks in a fund's portfolio. Price/cash-flow represents and other factors affecting that industry or sector compared the amount an investor is willing to pay for a dollar generated with a more broadly diversified asset allocation. from a particular company's operations. Price/cash-flow shows the ability of a business to generate cash and acts as Portfolio Diversification: Investments that concentrate their a gauge of liquidity and solvency. Because accounting assets in a relatively small number of issuers, or in the conventions differ among nations, reported earnings (and P/E securities of issuers in a particular market, industry, sector, ratios) may not be comparable across national boundaries. country, or asset class, may be subject to greater risk of loss Price/cash-flow attempts to provide an internationally- than is a more widely diversified investment. standard measure of a firm's stock price relative to its financial performance. The reciprocal can also be expressed Large Cap: Concentrating assets in large-capitalization stocks as a price/cash ratio. We display the value for the investment may subject the portfolio to the risk that those stocks and the relative value of a broad market benchmark (as underperform other capitalizations or the market as a whole. defined) and the investment’s Morningstar Category. Large-cap companies may be unable to respond as quickly as small- and mid-cap companies can to new competitive Geometric Average Cap $mil: Morningstar defines the overall pressures and may lack the growth potential of those