It depends on the type of load as mostly the source is clean. If the application is electronics then it may have a lot of harminics generated due to rectifier input circuit.
You did not mention is it an isolation transformer or just an auto transformer regulator.
If it is just an auto, this means the load is really large and posibility of harmonic generation in less likely but if if there is a seperate primary/secondary coils, all those have to go through the iron core and you may worry about harmonics generated.
Please note the difference between auto transformers and primary/secoundary transformers.
In auto most of the power pass directly from input to output and the transformer need to only compensate for difference, so with 440/400 volt rating you may actually need
(440-400)/440 or 1:11 th the power of a primary secondary transformer with the same voltage ratio