Morgan Stanley Growth Ret Acct

The TR Transamerica Aggressive Growth Fund is a Separate Account portfolio maintained by Transamerica Financial Life Insurance Company (TFLIC). The TR Transamerica Aggressive Growth Fund invests exclusively in the Transamerica Aggressive Growth Fund, a Transamerica Life Insurance Company^ (TLIC) Separate Account, which had an inception date of September 30, 1998 and is managed by Transamerica Investment Management, LLC.- Kirk Kim, Portfolio Co-Manager, joined Transamerica in 1997; Edward Han, Portfolio Co-Manager, joined Transamerica in 1998; Josh Shaskan, Portfolio Co-Manager, joined Transamerica in 2005; and Greg Weirick, Portfolio Co-Manager, joined Transamerica in 2005.

Best suited for investors who wish to maximize long-term capital growth potential, as reflected by the stock market, and who have the ability to accept above average volatility. The Transamerica Aggressive Growth Fund (TAGF) generally invests at least 90% of its total assets in a non-diversified portfolio of domestic equity securities of any size. The TAGF may invest to a lesser degree in common stocks of foreign issuers and in other types of domestic and foreign securities, including preferred stocks, warrants, convertible securities, and debt securities. Debt securities that the TAGF may purchase include investment grade and non-investment grade corporate bonds and debentures, government securities, mortgage and asset-backed securities, zero coupon bonds, indexed/structured notes, high-grade commercial paper, certificates of deposit, and repurchase agreements. The TAGF may use a variety of investment techniques, including derivatives and short sales.

In selecting investments, the TAGF portfolio manager seeks to identify issuers with strong prospects for long-term growth resulting from growing franchises that are protected by high barriers to competition. Securities are generally selected without regard to any defined industry sector or other similarly defined selection procedure.

Common stocks are subject to stock market price volatility. Price volatility means that stock prices can go up or down due to a variety of economic or market conditions. Potential returns, however, may be greater or less than those for the equity index, bond, and short-term funds. To moderate these risks, each company passes through a research process and stands on its own merits as a viable investment in the TAGF portfolio manager’s opinion.

There are no Investment Management or Administrative Charges applicable to the TR Transamerica Aggressive Growth Fund Separate Account portfolio. However, the assets in this Separate Account portfolio are subject to the total operating expenses of the underlying Transamerica Aggressive Growth Fund, which consist of the Investment Management and Investment Account Class VIII Administrative Charges which total 1.10% as of November 30, 2005.