transamerica funds annual report

Transamerica Capital, Inc.

TRANSAMERICA FUNDS

ANNUAL REPORT

December 31, 2023

Transamerica Stock Index

Customer Service: 1-888-233-4339

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

transamerica.com

Table of Contents

Shareholder Letter 1

Manager Commentary 2

Disclosure of Expenses 4

Statement of Assets and Liabilities 5

Statement of Operations 5

Statement of Changes in Net Assets 6

Financial Highlights 7

Notes to Financial Statements 8

Report of Independent Registered Public Accounting Firm 13

Supplemental Tax Information 14

Management of the Trust 15

S&P 500 Index Master Portfolio Annual Report Appendix A

Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings Appendix B

Notice of Privacy Policy Appendix C

Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a

Fund’s investment goals, risks, charges and expenses before investing. A prospectus contains this and other information;

please read it carefully before investing.

Transamerica Funds Annual Report 2023

Dear Shareholder,

On behalf of Transamerica Funds, we would like to thank you for your continued support and confidence in our products as we look

forward to continuing to serve you and your financial professional in the future. We value the trust you have placed in us.

This annual report is provided to you to show the investments of Transamerica Stock Index (the “Fund”) during the fiscal year. The

Securities and Exchange Commission requires that annual and semi-annual reports be made available to all investors, and we believe

this to be an important part of the investment process. This report provides detailed information about the Fund for the 12-month period

ended December 31, 2023.

The fiscal year began on January 1, 2023 with U.S. stocks in the early stages of a rebound from bear market lows of 2022 that had

resulted from rising inflation, aggressive Federal Reserve (“Fed”) interest rate hikes to combat it and pervasive fears the economy

would soon enter recession. During the early months of the year, as inflation rates waned, the Fed slowed its pace of rate increases

and corporate earnings held steady, the debate emerged as to whether a “soft landing” in the economy might be achievable, prompting

equities to move higher.

In March 2023, markets experienced a downturn when two prominent regional banks, Silicon Valley Bank and Signature Bank, went

into government receivership due to balance sheet shortfalls and rapid depositor flight driven by the impacts of higher long term interest

rates on their bond portfolios. In response, fast and coordinated action between the Fed, Treasury Department and Federal Deposit

Insurance Corporation to guarantee deposits and provide an additional lending facility to the banking industry averted a more

widespread crisis and set the stage for a market recovery and subsequent rally into the summer.

The Fed paused on raising rates in June for the first time in eleven meetings setting the stage for their final rate hike of the year in July

2023. Thereafter, inflation continued to move lower, and the economy showed impressive resilience as seen in the third quarter

annualized gross domestic product growth of 4.9%, its highest in almost three years as consumer spending remained strong throughout

the summer. In light of this, investment grade and high yield credit spreads tightened to their lowest points in more than a year.

Though the Fed did not raise rates at its September meeting, a perceived more hawkish tone in their commentary and “dot plot” of

expected future Fed funds rate levels sent longer term interest rates soaring as the 10-year Treasury bond reached a closing yield of

5% on October 19, 2023. Stocks also declined, challenging their lows of the spring; however, they rebounded as longer-term rates fell

in response to a softer tone at the Fed’s November meeting. In December 2023, as Consumer Price Index core inflation was tracking

below 4% for the first time in more than two years, the Fed concluded its final meeting of the year with a more dovish interpreted

message, sending longer-term rates lower and the 10-year Treasury yield below 4%. This further set the stage for the S&P 500

Index

to rally and close 2023 just below its record high of nearly two years earlier.

For the one-year period ended December 31, 2023, the S&P 500

Index returned 26.29% while the MSCI EAFE Index, representing

international developed market equities, returned 18.85%. During the same period, the Bloomberg US Aggregate Bond Index returned

5.53%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to

predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help

you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market’s history,

including long-term returns and volatility of various asset classes. With your financial professional, you can develop an investment

program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

Please contact your financial professional if you have any questions about the contents of this report, and thanks again for the

confidence you have placed in us.

Sincerely,

Marijn Smit

President & Chief Executive Officer

Transamerica Funds

Tom Wald, CFA

Chief Investment Officer

Transamerica Funds

Bloomberg US Aggregate Bond Index: Measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including

Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

MSCI EAFE Index: A free float-adjusted market capitalization index that is designed to measure the equity market performance of

developed markets, excluding the U.S. and Canada.

S&P 500

Index: A market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock

Exchange or NASDAQ Stock Market.

The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of

Transamerica Funds. These views are as of the date of this report and subject to change based upon market conditions. These views

should not be relied upon as investment advice and are not indicative of trading intent on behalf of Transamerica Funds.

Investing involves risk, including potential loss of principal. The performance data presented represents past performance and does not

guarantee future results. Indexes are unmanaged and it is not possible to invest directly in an index.

Transamerica Stock Index

(unaudited)

MARKET ENVIRONMENT

U.S. equities, as represented by the S&P 500

Index (the “Index”), finished the fiscal year ended December 31, 2023, with a positive

return of 26.29%. Top performing sectors for the Index for the fiscal year were information technology, consumer discretionary, and

communication services. Utilities, energy, and consumer staples were the lowest performing sectors for the fiscal year.

The U.S. equity market rallied over the first quarter of 2023 on the back of cooling inflation and resilient economic data. In combination

with a stronger-than-expected gross domestic product, inflation data led investors to position for slower rate rises from the U.S. Federal

Reserve (the “Fed”). Later in the quarter, investors’ attention quickly switched to headline news about the banking sector which led to a

major sell off in the financial sectors. The overall market calmed after the central banks set out reassuring plans.

Furthermore, during the quarter, the Fed raised the interest rate by 25 basis points in February and March 2023, bringing it to the range

of 4.75% and 5.00%. This represented the 9

consecutive interest rate hike.

The U.S. equity market rallied over the second quarter of 2023, despite concerns over the debt ceiling. Robust gains were supported by

resilient economic data and strong performance by large-cap growth stocks. Concerns regarding the U.S. debt ceiling dampened

market sentiment in May 2023 before Congress reached an agreement to suspend it. Later in the quarter, markets rallied boosted by

the technology sector on the back of enthusiasm over artificial intelligence and semi-conductor manufacturers.

The U.S. equity market initially rallied over the third quarter of 2023, supported by a falling inflation rate and resilient economic data.

The Fed raised its policy rate by 25 basis points, bringing the fed funds rate to 5.25%-5.50%. In August 2023, a slight rise in inflation

weighed on market performance through the end of the third quarter. However, the Fed kept rates unchanged during their September

meeting, signaling a hawkish pause that raised concerns about high rates persisting for a longer period.

The U.S. equity market rebounded in the fourth quarter of 2023, posting overall robust gains on the back of cooling inflation data. The

market initially dampened in October 2023 with expectations that interest rates would remain higher for longer. Later in the quarter,

however, optimistic inflation data led to hopes that interest rates had reached their peak, leading the market to rally into the end of the

year.

PERFORMANCE

For the year ended December 31, 2023, Transamerica Stock Index, Class R4 returned 25.95%. By comparison, its benchmark, the

S&P 500

Index, returned 26.29%.

STRATEGY REVIEW

The Fund invests in securities through the S&P 500 Index Master Portfolio, a master portfolio which is not part of the Transamerica

Funds complex, and which is advised by BlackRock Fund Advisors. The Fund seeks investment results, before fees and expenses, that

correspond to the performance of the S&P 500

Index. The Fund takes positions in securities that, in combination, should have similar

return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of large-cap stock

performance. It is an unmanaged, market capitalization-weighted index composed of large-capitalization U.S. equities.

Sectors within the Index posted broadly positive returns over the year. Information technology, consumer discretionary, and

communication services were the top performing sectors, while utilities, energy, and consumer staples were the largest detractors to

performance.

The primary drivers of tracking difference between the Fund and the Index during the year were fees and expenses, slight mismatches

in security weightings versus the Index, cash and futures drag, and transaction costs.

Jennifer Hsui, CFA

Paul Whithead

Co-Portfolio Managers

BlackRock Fund Advisors

Transamerica Funds Annual Report 2023

Page 2

Transamerica Stock Index

(unaudited)

S&P 500

Index - $31,149

Transamerica Stock Index - Class R4 (NAV) - $30,245

Growth of $10,000

Ten Years from 12/31/2013 through 12/31/2023

$40,000

20,000

10,000

12/31/202312/31/2013

12/2014 12/2015 12/2016 12/2017 12/2018 12/2019 12/2020 12/2021 12/2022

30,000

Average Annual Total Return for Periods Ended 12/31/2023

1 Year 5 Year

10 Year or

Since Inception Inception Date

Class R (NAV) 25.44% 14.98% 12.45% 04/21/2017

Class R4 (NAV) 25.95% 15.36% 11.70% 09/11/2000

S&P 500

Index

(A)

26.29% 15.69% 12.03%

(A)

The S&P 500

Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.

The Fund’s benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are

reinvested and do not include any managerial expenses. The 10 Year or Since Inception of Fund calculation is based on the previous 10 years or since

the inception date of the Fund, whichever is more recent. You cannot invest directly in an index.

The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the

deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will

fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower

or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Returns

include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load. Net asset value (NAV) returns include

reinvestment of dividends and capital gains but do not reflect the deduction of any sales charges. There are no sales charges for Class R and

R4 shares. Class R shares are available only to eligible retirement plans.

Performance figures reflect any fee waivers and/or expense reimbursements by the investment manager and any recapture by the investment manager

of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or

higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles

and may differ from amounts reported in the Financial Highlights.

An index fund has operating and other expenses while an index does not. As a result, while the Fund will attempt to track the S&P 500

as closely as

possible, it will tend to underperform the index to some degree over time. If an index fund is properly correlated to its stated index, the Fund will perform

poorly when the index performs poorly.

Equity funds invest in equity securities, which include common stock, preferred stock and convertible securities. Because such securities represent

ownership in a corporation, they tend to be more volatile than fixed income or debt securities, which do not represent ownership.

Transamerica Funds Annual Report 2023

Page 3

Transamerica Stock Index

DISCLOSURE OF EXPENSES

(unaudited)

SHAREHOLDER EXPENSES

As a shareholder in the Fund, you will bear the ongoing costs (such as the investment advisory fees and other expenses) of managing

the corresponding S&P 500 Index Master Portfolio (“Master Portfolio”), in which the Fund invests. You will also bear the cost of

operating the Fund (such as management fees, distribution fees, and other expenses).

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to

compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at July 1, 2023, and held for the entire six-month period until December 31,

2023.

ACTUAL EXPENSES

The information in the table below provides information about actual account values and actual expenses. You may use the information

in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your

account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in

the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account

during this period. If your account is an IRA, your expenses may have included an additional annual fee. The amount of any fee paid

during the six-month period can decrease your ending account value.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the

Fund’s actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Fund’s actual returns. The

hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the

period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this

5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. As in the case of

the actual expense example, if your account is subject to an IRA fee, the amount of the fee paid through your account would increase

the hypothetical expenses you would have paid during the period and decrease the hypothetical ending account value.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional

costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading

“Hypothetical Expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning

different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not

reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

Actual Expenses Hypothetical Expenses

(A)

Beginning

Account Value

July 1, 2023

Ending

Account Value

December 31, 2023

Expenses Paid

During Period

(B)

Ending

Account Value

December 31, 2023

Expenses Paid

During Period

(B)

Net Annualized

Expense Ratio

(C)(D)

Class R $ 1,000.00 $ 1,076.80 $ 3.30 $ 1,022.00 $ 3.21 0.63%

Class R4 1,000.00 1,078.50 1.57 1,023.70 1.53 0.30

(A)

5% return per year before expenses.

(B)

Expenses are calculated using the Fund’s annualized net expense ratios, as disclosed in the table, multiplied by the average account value for the period, multiplied by

the number of days in the period (184 days), and divided by the number of days in the year (365 days).

(C)

Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which

may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.

(D)

The net expense ratio reflects the expenses of both the Fund and the Master Portfolio.

Transamerica Funds Annual Report 2023

Page 4

Transamerica Stock Index

STATEMENT OF ASSETS AND LIABILITIES

At December 31, 2023

Assets:

Investment in Master Portfolio, at value $ 328,891,358

Receivables and other assets:

Shares of beneficial interest sold 156,631

Due from investment manager 12,099

Due from Master Portfolio 6,016,756

Prepaid expenses 2

Total assets 335,076,846

Liabilities:

Payables and other liabilities:

Shares of beneficial interest redeemed 6,173,388

Investment management fees 16,796

Distribution and service fees 105,577

Transfer agent fees 1,547

Trustee and CCO fees 149

Audit and tax fees 19,009

Custody and accounting fees 6,618

Legal fees 2,074

Printing and shareholder reports fees 4,185

Registration fees 3,020

Other accrued expenses 3,332

Total liabilities 6,335,695

Net assets $ 328,741,151

Net assets consist of:

Paid-in capital $ (391,106,389)

Total distributable earnings (accumulated losses) 719,847,540

Net assets $ 328,741,151

Net assets by class:

Class R $ 171,088,285

Class R4 157,652,866

Shares outstanding:

Class R 10,765,339

Class R4 9,923,126

Net asset value per share:

Class R $ 15.89

Class R4 15.89

STATEMENT OF OPERATIONS

For the year ended December 31, 2023

Net investment income (loss) allocated from Master

Portfolio:

Dividend income $ 5,023,724

Interest income 52,725

Net income from securities lending 4,978

Withholding taxes on foreign income (25,071)

Expenses (33,515)

Fees waived 3,642

Total investment income (loss) 5,026,483

Expenses:

Investment management fees 184,784

Distribution and service fees:

Class R 783,328

Class R4 378,269

Transfer agent fees:

Class R 3,191

Class R4 11,348

Trustee and CCO fees 11,951

Audit and tax fees 28,714

Custody and accounting fees 26,610

Legal fees 20,497

Printing and shareholder reports fees 26,398

Registration fees 40,316

Other 14,142

Total expenses before waiver and/or reimbursement and

recapture 1,529,548

Expenses waived and/or reimbursed:

Class R (1,847)

Class R4 (127,509)

Recapture of previously waived and/or reimbursed

fees:

Class R 1,847

Net expenses 1,402,039

Net investment income (loss) 3,624,444

Net realized and change in unrealized gain (loss) on

investments allocated from Master Portfolio:

Net realized gain (loss) 9,196,895

Net change in unrealized appreciation (depreciation) 58,243,173

Net realized and change in unrealized gain (loss) 67,440,068

Net increase (decrease) in net assets resulting from

operations $ 71,064,512

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2023

Page 5

Transamerica Stock Index

STATEMENT OF CHANGES IN NET ASSETS

For the years ended:

December 31, 2023 December 31, 2022

From operations allocated from Master Portfolio:

Net investment income (loss) $ 3,624,444 $ 3,492,205

Net realized gain (loss) 9,196,895 5,874,426

Net change in unrealized appreciation (depreciation) 58,243,173 (76,580,400)

Net increase (decrease) in net assets resulting from operations 71,064,512 (67,213,769)

Dividends and/or distributions to shareholders:

Class R (6,669,370) (8,976,983)

Class R4 (6,919,219) (8,828,263)

Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders (13,588,589) (17,805,246)

Capital share transactions:

Proceeds from shares sold:

Class R 6,777,023 5,606,090

Class R4 12,714,928 18,442,845

19,491,951 24,048,935

Dividends and/or distributions reinvested:

Class R 6,669,370 8,976,983

Class R4 6,919,219 8,828,263

13,588,589 17,805,246

Cost of shares redeemed:

Class R (18,640,305) (29,981,002)

Class R4 (28,913,770) (11,942,291)

(47,554,075) (41,923,293)

Net increase (decrease) in net assets resulting from capital share transactions (14,473,535) (69,112)

Net increase (decrease) in net assets 43,002,388 (85,088,127)

Net assets:

Beginning of year 285,738,763 370,826,890

End of year $ 328,741,151 $ 285,738,763

Capital share transactions - shares:

Shares issued:

Class R 460,369 373,786

Class R4 859,073 1,257,734

1,319,442 1,631,520

Shares reinvested:

Class R 429,246 667,248

Class R4 447,039 655,484

876,285 1,322,732

Shares redeemed:

Class R (1,277,187) (2,000,196)

Class R4 (1,902,461) (810,713)

(3,179,648) (2,810,909)

Net increase (decrease) in shares outstanding:

Class R (387,572) (959,162)

Class R4 (596,349) 1,102,505

(983,921) 143,343

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2023

Page 6

Transamerica Stock Index

FINANCIAL HIGHLIGHTS

For a share outstanding during the years indicated: Class R

December 31,

2023

December 31,

2022

December 31,

2021

December 31,

2020

December 31,

2019

Net asset value, beginning of year

$ 13.19 $ 17.23 $ 14.30 $ 12.71 $ 10.26

Investment operations:

(A)

Net investment income (loss)

(B)

0.15 0.14 0.13 0.15 0.16

Net realized and unrealized gain (loss)

3.18 (3.33) 3.82 2.06 2.96

Total investment operations 3.33 (3.19) 3.95 2.21 3.12

Dividends and/or distributions to shareholders:

Net investment income (0.13) (0.14) (0.17) (0.12) (0.20)

Net realized gains

(0.50) (0.71) (0.85) (0.50) (0.47)

Total dividends and/or distributions to shareholders (0.63) (0.85) (1.02) (0.62) (0.67)

Net asset value, end of year $ 15.89 $ 13.19 $ 17.23 $ 14.30 $ 12.71

Total return 25.44% (18.57)% 27.84% 17.80% 30.62%

Ratio and supplemental data:

Net assets end of year (000’s) $ 171,088 $ 147,069 $ 208,632 $ 191,562 $ 204,050

Expenses to average net assets

(A)

Excluding waiver and/or reimbursement and recapture 0.63% 0.63% 0.61% 0.62% 0.62%

Including waiver and/or reimbursement and recapture 0.63%

(C)

0.63%

(C)

0.61% 0.62% 0.62%

Net investment income (loss) to average net assets

(A)

1.01% 0.97% 0.79% 1.22% 1.36%

Portfolio turnover rate of Master Portfolio

10% 13% 6% 5% 3%

(A)

The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Master Portfolio.

(B)

Calculated based on average number of shares outstanding.

(C)

Waiver and/or reimbursement rounds to less than 0.01%.

For a share outstanding during the years indicated: Class R4

December 31,

2023

December 31,

2022

December 31,

2021

December 31,

2020

December 31,

2019

Net asset value, beginning of year

$ 13.18 $ 17.22 $ 14.30 $ 12.71 $ 10.26

Investment operations:

(A)

Net investment income (loss)

(B)

0.20 0.19 0.18 0.20 0.20

Net realized and unrealized gain (loss) 3.19 (3.33) 3.81 2.06 2.96

Total investment operations

3.39 (3.14) 3.99 2.26 3.16

Dividends and/or distributions to shareholders:

Net investment income (0.18) (0.19) (0.22) (0.17) (0.24)

Net realized gains

(0.50) (0.71) (0.85) (0.50) (0.47)

Total dividends and/or distributions to shareholders (0.68) (0.90) (1.07) (0.67) (0.71)

Net asset value, end of year $ 15.89 $ 13.18 $ 17.22 $ 14.30 $ 12.71

Total return 25.95% (18.35)% 28.23% 18.12% 31.14%

Ratio and supplemental data:

Net assets end of year (000’s) $ 157,653 $ 138,670 $ 162,195 $ 171,891 $ 323,914

Expenses to average net assets

(A)

Excluding waiver and/or reimbursement and recapture 0.38% 0.38% 0.37% 0.38% 0.37%

Including waiver and/or reimbursement and recapture 0.30% 0.30% 0.30% 0.30% 0.30%

Net investment income (loss) to average net assets

(A)

1.34% 1.30% 1.11% 1.57% 1.68%

Portfolio turnover rate of Master Portfolio

10% 13% 6% 5% 3%

(A)

The per share amounts and percentages include the Fund’s proportionate share of income and expenses of the Master Portfolio.

(B)

Calculated based on average number of shares outstanding.

The Notes to Financial Statements are an integral part of this report.

Transamerica Funds Annual Report 2023

Page 7

Transamerica Stock Index

NOTES TO FINANCIAL STATEMENTS

At December 31, 2023

1. ORGANIZATION

Transamerica Funds (the “Trust”) is an open-end management investment company registered under the Investment Company Act of

1940, as amended (the “1940 Act”). The Trust applies investment company accounting and reporting guidance. Transamerica Stock

Index (the “Fund”) is a series of the Trust and invests all of its investable assets in the S&P 500 Index Master Portfolio (the “Master

Portfolio”).

The financial statements of the Master Portfolio are included within this report and should be read in conjunction with the Fund’s

financial statements.

This report must be accompanied or preceded by the Fund’s current prospectus, which contains additional information about the Fund,

including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. (“TAM”) serves as investment manager for the Fund pursuant to an investment management

agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund’s

investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

TAM is responsible for all aspects of the day-to-day management of the Fund. TAM may in the future retain one or more sub-advisers

to assist in the management of the Fund.

TAM’s investment management services also include the provision of supervisory and administrative services to the Fund. These

services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical,

recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company (“State Street”), to whom TAM

has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time,

TAM’s supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian’s daily calculation

of the Net Asset Values (“NAV”); shareholder relations functions; compliance services; valuation services; assisting in due diligence and

in the oversight and monitoring of certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of

the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review

of regulatory reporting; supervising and coordinating the Fund’s custodian and dividend disbursing agent and monitoring their services

to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund’s independent public accountants

and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas

and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular

communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in

order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street

for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for

through the management fees payable thereunder. For the year ended December 31, 2023, (i) the expenses paid to State Street for

sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the

expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within

the Statement of Assets and Liabilities.

2. SIGNIFICANT ACCOUNTING POLICIES

In preparing the Fund’s financial statements in accordance with Generally Accepted Accounting Principles in the United States of

America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and

disclosures. The following is a summary of significant accounting policies followed by the Fund.

Investment valuation: The value of the Fund’s investment in the Master Portfolio, reflected within the Statement of Assets and

Liabilities, displays the Fund’s proportional interest in the net assets of the Master Portfolio.

The valuation policy for the underlying securities held by the Master Portfolio is discussed in the Master Portfolio’s Notes to Financial

Statements, which accompany this report.

Security transactions and investment income: The Fund is allocated its proportional share of income and expenses on a daily basis

from its investment in the Master Portfolio. All of the net investment income, as well as the realized and unrealized gains and losses

from the security transactions of the Master Portfolio are allocated pro rata among the investors and recorded by the Fund on a daily

basis.

Transamerica Funds Annual Report 2023

Page 8

Transamerica Stock Index

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2023

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

Multiple class operations, income, and expenses: Income, non-class specific expenses, and realized and unrealized gains and

losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated

non-class specific expenses.

Distributions to shareholders: Distributions are recorded on the ex-dividend date and are determined in accordance with federal

income tax regulations, which may differ from GAAP.

Indemnification: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide

general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims

that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects

the risk of loss to be remote.

3. BORROWINGS AND OTHER FINANCING TRANSACTIONS

Interfund lending: The Fund, along with other funds and portfolios advised by TAM, may participate in an interfund lending program

pursuant to exemptive relief granted by the Securities and Exchange Commission on January 18, 2017. This program allows the Fund

to lend to and borrow from other funds and portfolios advised by TAM. Interfund lending transactions are subject to the conditions of the

exemptive relief which places limits on the amount of lending or borrowing a Fund may participate in under the program. Interest earned

or paid on an interfund lending transaction will be based on the average of certain current market rates. For the year ended

December 31, 2023, the Fund has not utilized the program.

4. RISK FACTORS

Investing in the Fund involves certain key risks related to the Fund’s trading activity. Please reference the Fund’s prospectus for a more

complete discussion of the following risk(s), as well as other risks of investing in the Fund.

Market risk: The market prices of the Fund’s securities or other assets may go up or down, sometimes rapidly or unpredictably, due to

general market conditions, overall economic trends or events, inflation, changes in interest rates, governmental actions or interventions,

actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes or other factors,

political developments, armed conflicts, economic sanctions, cybersecurity events, investor sentiment, public health events such as the

spread of infectious disease, and other factors that may or may not be related to the issuer of the security or other asset. If the market

prices of the Fund’s securities and assets fall, the value of your investment in the Fund could go down.

Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more

countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or

not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and

liquidity of the Fund’s investments may go down.

In recent years, the COVID-19 pandemic, the large expansion of government deficits and debt as a result of government actions to

mitigate the effects of the pandemic, the Russian invasion of Ukraine and the rise of inflation have resulted in extreme volatility in the

global economy and in global financial markets. These events could be prolonged and could continue to adversely affect the value and

liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s

performance.

Passive strategy/index risk: The Fund is managed with a passive investment strategy, attempting to track the performance of an

unmanaged index of securities, regardless of the current or projected performance of the index or of the actual securities comprising the

index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund’s

performance may be less favorable than that of a fund managed using an active investment strategy. The structure and composition of

the index will affect the performance, volatility, and risk of the index and, consequently, the performance, volatility, and risk of the Fund.

Index fund risk: While the Fund seeks to track the performance of the S&P 500

Index (i.e., achieve a high degree of correlation with

the index), the Fund’s return may not match the return of the index. The Fund incurs a number of operating expenses not applicable to

the index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result

of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Fund may attempt to replicate the

index return by investing in fewer than all of the securities in the index, or in some securities not included in the index, potentially

increasing the risk of divergence between the Fund’s return and that of the index.

Transamerica Funds Annual Report 2023

Page 9

Transamerica Stock Index

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2023

5. FEES AND OTHER AFFILIATED TRANSACTIONS

TAM, the Fund’s investment manager, is directly owned by Transamerica Life Insurance Company (“TLIC”) and AUSA Holding, LLC

(“AUSA”), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation

(“Commonwealth”). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is

wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by

shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.

Transamerica Fund Services, Inc. (“TFS”) is the Fund’s transfer agent. Transamerica Capital, Inc. (“TCI”) is the Fund’s distributor/

principal underwriter. TAM, TFS, and TCI are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed

an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund

does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.

As of December 31, 2023, the percentage of the Fund’s interest in the Master Portfolio, including any open receivable or payable, is

0.90%.

As of December 31, 2023, the investment manager and/or other affiliated investment accounts held balances in the Fund as follows:

Account Balance Percentage of Net Assets

$ 314,934,023 95.80%

Investment management fees: TAM serves as the Fund’s investment manager, performing administration as well as investment

advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management

agreement in connection with these services. The Fund has a contractual management fee payable to TAM at an annual rate of 0.07%

of daily average net assets.

Additionally, the Fund incurs its allocated share of the advisory fees based on the interest owned in the corresponding Master Portfolio.

The advisory fees are accrued daily and payable monthly at an annual rate of 0.01% of the Master Portfolio’s daily net assets. The

investment advisory fees allocated from the Master Portfolio are included within the Statement of Operations within net investment

income (loss) allocated from the Master Portfolio, in Expenses.

The Fund pays a management fee to TAM at an effective rate of 0.06% of the Fund’s average daily net assets (which is net of a

voluntary waiver by TAM equal to the Master Portfolio advisory fee allocated to the Fund of 0.01%).

The management fees are reflected in Investment management fees within the Statement of Operations.

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding,

as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities

sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Fund’s

business, exceed the following stated annual operating expense limits to the Fund’s daily average net assets. To the extent an expense

limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in

Expenses waived and/or reimbursed within the Statement of Operations.

Class

Operating

Expense Limit

Operating

Expense Limit

Effective Through

Class R 0.65% May 1, 2024

Class R4 0.30 May 1, 2024

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on

which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does

not cause, on any particular business day of the Fund, the class’s total annual operating expenses (after the recapture is taken into

account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year

ended December 31, 2023 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

Transamerica Funds Annual Report 2023

Page 10

Transamerica Stock Index

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2023

5. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)

For the 36-month period ended, the balances available for recapture by TAM for the Fund are as follows:

Amounts Available

Class 2021 2022 2023 Total

Class R4 $ 128,288 $ 120,475 $ 127,509 $ 376,272

Distribution and service fees: The Trust has a distribution plan (“Distribution Plan”) pursuant to Rule 12b-1 under the 1940 Act.

Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCI as the Fund’s distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCI as compensation for various distribution activities, not as

reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Fund, is authorized

to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund’s shares. The

distribution and service fees are included in Distribution and service fees within the Statement of Operations.

The Fund is authorized under the Distribution Plan to pay fees to TCI based on daily average net assets of each applicable class up to

the following annual rates:

Class Rate

Class R 0.50%

Class R4 0.25

Transfer agent fees: Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on

assets, accounts and transactions relating to the Fund. The Transfer agent fees included within the Statement of Assets and Liabilities

and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please

reference the Fund’s Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the year ended December 31, 2023, transfer agent fees paid and the amounts due to TFS are as follows:

Fees Paid to TFS Fees Due to TFS

$ 11,348 $ 1,032

6. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and

capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue

Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained

assuming examination by tax authorities. The Fund’s tax returns remain subject to examination by the Internal Revenue Service and

state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes.

Management has evaluated the Fund’s tax provisions taken for all open tax years, and has concluded that no provision for income tax

is required in the Fund’s financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in

relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as

U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not

aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially

in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. Therefore, distributions

determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized

gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax

character. The primary permanent differences are due to partnership basis adjustments. These reclassifications have no impact on net

assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as

follows:

Paid-in Capital Total Distributable Earnings

$ (1,374,265) $ 1,374,265

Transamerica Funds Annual Report 2023

Page 11

Transamerica Stock Index

NOTES TO FINANCIAL STATEMENTS (continued)

At December 31, 2023

6. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)

As of December 31, 2023, the approximate cost for U.S. federal income tax purposes, and the aggregate gross/net unrealized

appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows:

Cost

Gross

Appreciation

Gross

(Depreciation)

Net Appreciation

(Depreciation)

$ 51,829,592 $ 277,061,766 $ — $ 277,061,766

As of December 31, 2023, the Fund had no capital loss carryforwards available to offset future realized capital gains. During the year

ended December 31, 2023, the Fund did not have any capital loss carryforwards utilized.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net

Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2023

and 2022 are as follows:

2023 Distributions Paid From: 2022 Distributions Paid From:

Ordinary

Income

Long-Term

Capital Gain Return of Capital

Ordinary

Income

Long-Term

Capital Gain Return of Capital

$ 8,887,132 $ 4,701,457 $ — $ 9,888,507 $ 7,916,739 $ —

As of December 31, 2023, the tax basis components of distributable earnings are as follows:

Undistributed

Ordinary Income

Undistributed

Long-Term

Capital Gain

Capital Loss

Carryforwards

Late Year

Ordinary Loss

Deferral

Other

Temporary

Differences

Net Unrealized

Appreciation

(Depreciation)

$ 1,336,054 $ 581,108 $ — $ — $ 440,868,612 $ 277,061,766

7. REGULATORY UPDATE

The Securities and Exchange Commission (the “SEC”) has adopted rule and form amendments that will result in changes to the design

and delivery of annual and semi-annual reports to shareholders. Beginning in July 2024, shareholder reports will be streamlined to

highlight certain key information. Certain information currently included in shareholder reports, including financial statements, will no

longer appear in shareholder reports but will be available online, delivered free of charge to shareholders upon request, and filed with

the SEC.

Transamerica Funds Annual Report 2023

Page 12

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Trustees of Transamerica Stock Index

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Transamerica Stock Index (the “Portfolio”) (one of the series

constituting Transamerica Funds (the “Trust”)) as of December 31, 2023, and the related statement of operations for the year then

ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of

the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the

financial statements present fairly, in all material respects, the financial position of the Portfolio (one of the series constituting

Transamerica Funds) at December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each

of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity

with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s

financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight

Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal

securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit

to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As

part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of

expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such

opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to

error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence

regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of

December 31, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and

others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant

estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits

provide a reasonable basis for our opinion.

We have served as the auditor of one or more Transamerica investment companies since 1995.

Boston, Massachusetts

February 26, 2024

Transamerica Funds Annual Report 2023

Page 13

Transamerica Stock Index

SUPPLEMENTAL TAX INFORMATION

(unaudited)

For dividends paid during the year ended December 31, 2023, the Fund designated $4,761,870 of qualified dividend income.

For corporate shareholders 49%, investment income (dividend income plus short-term gains, if any) qualifies for the dividends received

deduction.

For tax purposes, the Fund has made a long-term capital gain designations of $4,701,457 for the year ended December 31, 2023.

Transamerica Funds Annual Report 2023

Page 14

Management of the Trust

The Fund is supervised by the Board.

Board Members and Officers

The members of the Board (“Board Members”) and executive officers of the Trust are listed below.

“Interested Board Member” means a Board Member who may be deemed an “interested person” (as that term is defined in the 1940

Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be

referred to herein as “Interested Trustees.” “Independent Board Member” means a Board Member who is not an “interested person” (as

defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

The Board governs the Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced

executives who meet periodically throughout the year to oversee the business affairs of the Fund and the operation of the Fund by its

officers. The Board also reviews the management of the Fund’s assets by the investment manager and its respective sub-adviser.

The Fund is among the funds managed and sponsored by TAM (collectively, “Transamerica Fund Family”). The Transamerica Fund

Family consists of (i) Transamerica Funds (“TF”); (ii) Transamerica Series Trust (“TST”); and (iii) Transamerica ETF Trust (“TET”). The

Transamerica Fund Family consists of 109 funds as of the date of this annual report. With the exception of Mr. Smit, none of the Board

Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

The mailing address of each Board Member is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202.

The Board Members, their age, their positions with the Trust, and their principal occupations for at least the past five years (their titles

may have varied during that period), the number of funds in the Transamerica Fund Family the Board oversees, and other board

memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a

member of the Board.

Name and Age

Position(s)

Held with

Trust

Term of

Office and

Length

of Time

Served*

Principal Occupation(s)

During Past Five Years

Number of

Funds in

Complex

Overseen

by Board

Member

Other

Directorships

Held

By Board

Member During

Past Five

Years

INTERESTED BOARD MEMBERS

Marijn P. Smit

(50)

Chairman

of the

Board,

President

and Chief

Executive

Officer

Since 2014 Chairman of the Board, President

and Chief Executive Officer, TF and

TST (2014 – present);

President and Chief Executive

Officer, Transamerica Asset

Allocation Variable Funds

(“TAAVF”) (2014 – 2023);

Chairman of the Board, TET

(2017 – 2022), President and Chief

Executive Officer, TET

(2017 – present);

Chairman of the Board, President

and Chief Executive Officer,

Transamerica Partners Portfolio

(“TPP”), Transamerica Partners

Funds Group (“TPFG”) and

Transamerica Partners Funds

Group II (“TPFG II”) (2014 – 2018);

109 Director,

Massachusetts

Fidelity Trust

Company

(2014 – 2021);

Director,

Aegon Global

Funds

(2016 – 2022)

Transamerica Funds Annual Report 2023

Page 15

Name and Age

Position(s)

Held with

Trust

Term of

Office and

Length

of Time

Served*

Principal Occupation(s)

During Past Five Years

Number of

Funds in

Complex

Overseen

by Board

Member

Other

Directorships

Held

By Board

Member During

Past Five

Years

INTERESTED BOARD MEMBERS — continued

Marijn P. Smit

(continued)

Director, Chairman of the Board,

President and Chief Executive

Officer, Transamerica Asset

Management, Inc. (“TAM”)

(2014 – present) and Transamerica

Fund Services, Inc. (“TFS”)

(2014 – 2023); Director, Chairman

of the Board and Executive Vice

President, TFS (2023 – present);

Senior Vice President,

Transamerica Retirement Solutions

LLC (2012 – 2020); Trust Officer,

Massachusetts Fidelity Trust

Company (2014 – 2021);

President, Investment Solutions,

Transamerica Investments &

Retirement (2014 – 2016);

Vice President, Transamerica Life

Insurance Company (2010 – 2016);

Vice President, Transamerica

Premier Life Insurance Company

(2010 – 2016);

Senior Vice President,

Transamerica Financial Life

Insurance Company (2013 – 2016);

Senior Vice President,

Transamerica Retirement Advisors,

Inc. (2013 – 2016);

President and Director,

Transamerica Stable Value

Solutions, Inc. (2010 – 2016).

Kent Callahan

(63)

Board

Member

Since 2023 Board Member, TF and TST

(September 2023 – present);

Founder and Chief Executive

Officer, Shamrock Solutions, LLC

(May 2023 – present);

Vice Chairman, Transamerica

Workplace Solutions

(June 2022 – December 2022);

President and Chief Executive

Officer, Transamerica Workplace

Solutions (2020 – 2022);

Senior Managing Director,

Transamerica Workplace Solutions

(2019 – 2020);

President and Chief Executive

Officer, Transamerica Latin America

(2016 – 2019).

109 N/A

Transamerica Funds Annual Report 2023

Page 16

Name and Age

Position(s)

Held with

Trust

Term of

Office and

Length

of Time

Served*

Principal Occupation(s)

During Past Five Years

Number of

Funds in

Complex

Overseen

by Board

Member

Other

Directorships

Held

By Board

Member During

Past Five

Years

INDEPENDENT BOARD MEMBERS

Sandra N. Bane

(71)

Board

Member

Since 2008 Retired (1999 – present);

Board Member, TF and TST

(2008 – present);

Board Member, TAAVF

(2008 – 2023);

Board Member, TPP, TPFG and

TPFG II (2008 – 2018);

Partner, KPMG (1975 – 1999).

109 Big 5 Sporting

Goods

(2002 – 2021);

Southern

Company Gas

(energy services

holding

company)

(2008 – present)

Leo J. Hill

(67)

Lead

Independent

Board

Member

Since 2001 Principal, Advisor Network

Solutions, LLC (business

consulting) (2006 – present);

Board Member, TST

(2001 – present);

Board Member, TF

(2002 – present);

Board Member, TAAVF

(2007 – 2023);

Board Member, TPP, TPFG and

TPFG II (2007 – 2018);

Market President, Nations Bank of

Sun Coast Florida (1998 – 1999);

Chairman, President and Chief

Executive Officer, Barnett Banks

of Treasure Coast Florida

(1994 – 1998);

Executive Vice President and

Senior Credit Officer, Barnett

Banks of Jacksonville, Florida

(1991 – 1994);

Senior Vice President and Senior

Loan Administration Officer,

Wachovia Bank of Georgia

(1976 – 1991).

109 Ameris Bancorp

(2013 – present);

Ameris Bank

(2013 – present)

Kathleen T. Ives

(58)

Board

Member

Since 2021 Board Member, TF and TST

(2021 – present);

Board Member, TAAVF

(2021 – 2023);

Retired (2019 – present);

Senior Vice President & Director of

Internal Audit (2011-2019), Senior

Vice President & Deputy General

Counsel (2008 – 2011), OFI

Global Asset Management, Inc.

109 Junior

Achievement

Rocky Mountain

(non-profit

organization)

(2013 – present);

Institute of

Internal Auditors,

Denver Chapter

(audit

organization)

(2017 – 2021).

Transamerica Funds Annual Report 2023

Page 17

Name and Age

Position(s)

Held with

Trust

Term of

Office and

Length

of Time

Served*

Principal Occupation(s)

During Past Five Years

Number of

Funds in

Complex

Overseen

by Board

Member

Other

Directorships

Held

By Board

Member During

Past Five

Years

INDEPENDENT BOARD MEMBERS — continued

Lauriann C.

Kloppenburg

(63)

Board

Member

Since 2021

Board Member, TF and TST

(2021 – present);

Board Member, TAAVF

(2021 – 2023);

Director, Adams Funds (investment

companies) (2017 – present);

Investment Committee Member,

1911 Office, LLC (family office)

(2017 – Present);

Executive in Residence and

Student Fund Advisory Board

Member, Champlain College

(2016 – present);

Executive in Residence, Bentley

University (2015 – 2017);

Chief Strategy Officer

(2012 – 2013), Chief Investment

Officer – Equity Group

(2004 – 2012), Loomis Sayles &

Company, L.P.

109 Trustees of

Donations to the

Protestant

Episcopal

Church

(non-profit

organization)

(2010 – 2022);

Forte

Foundation

(non-profit

organization)

(2016 – present)

Fredric A. Nelson III

(67)

Board

Member

Since 2017 Board Member, TF and TST

(2017 – present);

Board Member, TAAVF

(2017 – 2023);

Board Member, TPP, TPFG and

TPFG II (2017 – 2018);

Chief Investment Officer (“CIO”),

Commonfund (2011 – 2015);

Vice Chairman, CIO, ING

Investment Management Americas

(2003 – 2009);

Managing Director, Head of U.S.

Equity, JP Morgan Investment

Management (1994 – 2003);

Managing Director, Head of Global

Quantitative Investments Group,

Bankers Trust Global Investment

Management (1981 – 1994).

109 N/A

John E. Pelletier

(59)

Board

Member

Since 2017 Board Member, TF and TST

(2017 – present);

Board Member, TAAVF

(2017 – 2023);

Board Member, TPP, TPFG and

TPFG II (2017 – 2018);

109 N/A

Transamerica Funds Annual Report 2023

Page 18

Name and Age

Position(s)

Held with

Trust

Term of

Office and

Length

of Time

Served*

Principal Occupation(s)

During Past Five Years

Number of

Funds in

Complex

Overseen

by Board

Member

Other

Directorships

Held

By Board

Member During

Past Five

Years

INDEPENDENT BOARD MEMBERS — continued

John E. Pelletier

(continued)

Director, Center for Financial

Literacy, Champlain College

(2010 – present);

Co-Chair, Vermont Financial

Literacy Commission with Vermont

State Treasurer (2015 – 2018);

Chairman, Vermont Universal

Children’s Higher Education

Savings Account Program Advisory

Committee (2015 – 2021);

Founder and Principal, Sterling

Valley Consulting LLC (a financial

services consulting firm)

(2009 – 2017);

Independent Director, The Sentinel

Funds and Sentinel Variable

Products Trust (2013 – 2017);

Chief Legal Officer, Eaton Vance

Corp. (2007 – 2008);

Executive Vice President and Chief

Operating Officer (2004 – 2007),

General Counsel (1997 – 2004),

Natixis Global Associates.

Patricia L. Sawyer

(73)

Board

Member

Since 2007 Retired (2007 – present);

President/Founder, Smith &

Sawyer LLC (management

consulting) (1989 – 2007);

Board Member, TF and TST

(2007 – present);

Board Member, TAAVF

(1993 – 2023);

Board Member, TPP, TPFG and

TPFG II (1993 – 2018);

Trustee, Chair of Finance

Committee and Chair of

Nominating Committee

(1987 – 1996), Bryant University.

109 Honorary

Trustee, Bryant

University

(1996 – present)

John W. Waechter

(72)

Board

Member

Since 2004

Partner, Englander Fischer

(2016 – present) (law firm);

Attorney, Englander Fischer

(2008 – 2015);

Retired (2004 – 2008);

Board Member, TST

(2004 – present);

Board Member, TF

(2005 – present);

109 Board Member,

Operation PAR,

Inc. (non-profit

organization)

(2008 – present);

Board Member,

Boley PAR, Inc.

(non-profit

organization)

(2016 – present)

Transamerica Funds Annual Report 2023

Page 19

Name and Age

Position(s)

Held with

Trust

Term of

Office and

Length

of Time

Served*

Principal Occupation(s)

During Past Five Years

Number of

Funds in

Complex

Overseen

by Board

Member

Other

Directorships

Held

By Board

Member During

Past Five

Years

INDEPENDENT BOARD MEMBERS — continued

John W. Waechter

(continued)

Board Member, TAAVF

(2007 – 2023);

Board Member, TPP, TPFG and

TPFG II (2007 – 2018);

Employee, RBC Dain Rauscher

(securities dealer) (2004); Executive

Vice President, Chief Financial

Officer and Chief Compliance

Officer, William R. Hough & Co.

(securities dealer) (1979 – 2004);

Treasurer, The Hough Group of

Funds (1993 – 2004) (fund

accounting).

Board Member,

Remember

Honor Support,

Inc. (non-profit

organization)

(2013 – 2020);

Board Member,

WRH Income

Properties, Inc.

and WRH

Properties, Inc.

and affiliates

(real estate)

(2014 – present)

* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her

term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

Transamerica Funds Annual Report 2023

Page 20

Officers

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows

information about the officers, including their age, their positions held with the Trust and their principal occupations during the past five

years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or

appointed or until his or her earlier death, resignation or removal.

Name and Age Position

Term of Office

and Length of

Time Served*

Principal Occupation(s) or Employment

During Past Five Years

Marijn P. Smit

(50)

Chairman of the Board,

President and Chief

Executive Officer

Since 2014 See Interested Board Members Table Above.

Timothy Bresnahan

(55)

Assistant Secretary Since 2020 Assistant Secretary, TF and TST (2020 – present);

Assistant Secretary, TAAVF (2020 – 2023);

Chief Legal Officer, Secretary (2021 – present),

Assistant Secretary (2019 – 2021), Secretary

(2019), TET;

Senior Counsel, TAM (2008 – present).

Joshua Durham

(50)

Vice President and Chief

Operating Officer

Since 2022 Vice President and Chief Operating Officer, TF and

TST (2022 – present);

Vice President and Chief Operating Officer, TAAVF

(2022 – 2023);

Director, Senior Vice President, and Chief

Operating Officer, TAM (2022 – present) and TFS

(2022 – 2023); Director, President and Chief

Executive Officer, TFS (2023 – present);

Vice President, TAG Resources, LLC

(2022 – present);

Vice President, Transamerica Retirement Solutions,

LLC (2017 – present);

Vice President, Transamerica Casualty Insurance

Company (2016 – 2022);

Vice President (2004 – 2007 and 2012 – 2022),

Responsible Officer (2017 – 2022), Transamerica

Financial Life Insurance Company;

Vice President (2004 – 2007 and 2010 – 2022),

Responsible Officer (2016 – 2022) Transamerica

Life Insurance Company;

Chief Administrative Officer (2014 – 2016) and

Senior Vice President (2009 – 2020), Transamerica

Stable Value Solutions Inc.;

Vice President, Transamerica Premier Life

Insurance Company (2010 – 2020);

Vice President, Transamerica Advisors Life

Insurance Company (2016 – 2019).

Dennis P. Gallagher

(53)

Chief Legal Officer and

Secretary

Since 2021;

2006 – 2014

Chief Legal Officer and Secretary, TF and TST

(2021 – present and 2006 – 2014);

Chief Legal Officer and Secretary, TAAVF

(2021 – 2023 and 2006 – 2014);

Chief Legal Officer and Assistant Secretary, TAM

(2022 – present);

Transamerica Funds Annual Report 2023

Page 21

Name and Age Position

Term of Office

and Length of

Time Served*

Principal Occupation(s) or Employment

During Past Five Years

Dennis P. Gallagher

(continued)

Associate General Counsel/Lead Attorney, TAM,

Mutual Funds and Latin American Operations

(2017 – 2021);

Associate General Counsel/Chief Legal Officer,

Latin American Operations and International Funds

(2014 – 2017);

Director, Senior Vice President, General Counsel,

Operations and Secretary, TAM (2006 – 2014);

Director, Senior Vice President, General Counsel,

Chief Administrative Officer and Secretary, TFS

(2006 – 2014);

Chairman of the Board, Aegon Global Funds

(2013 – 2022);

Board Member, Mongeral Aegon Seguros e

Previdencia SA (2017 – 2022);

Assistant Secretary, TF, TST, TET and TAAVF

(2019);

Vice President, General Counsel and Secretary,

TPP, TPFG and TPFG II (2007 – 2014);

Assistant Vice President, TCI (2007 – 2014).

Molly Possehl

(45)

Anti-Money Laundering

Officer

Since 2019 Anti-Money Laundering Officer, TF, TST and TET

(2019 – present);

Anti-Money Laundering Officer, TAAVF

(2019 – 2023);

Assistant General Counsel, Transamerica Life

Insurance Company/Aegon USA (2013 – present);

Anti-Money Laundering Compliance Officer and

Fraud Officer, Transamerica Life Insurance

Company/Aegon USA (2015 – present).

Francine J. Rosenberger

(56)

Chief Compliance Officer Since 2019 Chief Compliance Officer, TF, TST and TET

(2019 – present);

Chief Compliance Officer, TAAVF (2019 – 2023);

Co-Derivatives Risk Manager, TF and TST

(2021 – present);

Co-Derivatives Risk Manager, TAAVF

(2021 – 2023);

Chief Compliance Officer (2019 – present), TAM;

(2022 – present), TFS;

General Counsel, Corporate Secretary and Fund

Chief Compliance Officer, Steben & Company, Inc.

(2013 – 2019).

Christopher A. Staples,

CFA

(53)

Vice President and Chief

Investment Officer,

Advisory Services

Since 2005 Vice President and Chief Investment Officer,

Advisory Services, TF and TST (2007 – present);

Vice President and Chief Investment Officer, TET

(2017 – present);

Vice President and Chief Investment Officer,

Advisory Services, TAAVF (2007 – 2023);

Transamerica Funds Annual Report 2023

Page 22

Name and Age Position

Term of Office

and Length of

Time Served*

Principal Occupation(s) or Employment

During Past Five Years

Christopher A. Staples,

CFA

(continued)

Vice President and Chief Investment Officer,

Advisory Services, TPP, TPFG and TPFG II

(2007 – 2018);

Director (2005 – 2019), Senior Vice President

(2006 – present), Senior Director, Investments

(2016 – present), Chief Investment Officer, Advisory

Services (2012 – 2016) and Lead Portfolio Manager

(2007 – present), TAM;

Director, TFS (2005 – 2019);

Trust Officer, Massachusetts Fidelity Trust

Company (2010 – 2022);

Registered Representative (2007 – 2016),

Transamerica Capital, Inc. (“TCI”);

Registered Representative, TFA (2005 – present).

Vincent J. Toner

(53)

Vice President and

Treasurer

Since 2014 Vice President and Treasurer, TF and TST

(2014 – present),

Vice President and Treasurer, TAAVF

(2014 – 2023),

Vice President and Treasurer (2017 – present), Vice

President, Principal Financial Officer and Treasurer

(2020 – present), TET;

Vice President and Treasurer, TPP, TPFG and

TPFG II (2014 – 2018);

Vice President (2016 – present), Treasurer

(2016 – 2019), Vice President, Administration and

Treasurer (2014 – 2016), TAM;

Vice President, Administration and Treasurer

(2014 – 2019), Senior Vice President

(2019 – present), TFS;

Vice President (2016 – present), TCI;

Trust Officer (2015 – present), Massachusetts

Fidelity Trust Company.

Thomas R. Wald, CFA

(63)

Vice President and Chief

Investment Officer

Since 2014 Chief Investment Officer, TF and TST

(2014 – present); TET (2017 – present);

Chief Investment Officer, TAAVF (2014 – 2023);

Chief Investment Officer, TPP, TPFG and TPFG II

(2014 – 2018);

Director (2017 – 2020), Akaan Transamerica, S.A.

de C.V., Sociedad Operadora de Fondos de

Inversión;

Chief Investment Officer, Transamerica

Investments & Retirement (2014 – 2020);

Senior Vice President and Chief Investment Officer,

TAM (2014 – present);

Director, TFS (2019 – present);

Trust Officer, Massachusetts Fidelity Trust

Company (2015 – 2022).

* Elected and serves at the pleasure of the Board of the Trust.

Transamerica Funds Annual Report 2023

Page 23

Appendix A

S&P 500 Index Master Portfolio

TEN LARGEST HOLDINGS

Security

Percent of

Net Assets

Apple, Inc.

..............................................................

6.9%

Microsoft Corp.

..........................................................

6.9

Amazon.com, Inc.

.......................................................

3.4

NVIDIA Corp.

............................................................

3.0

Alphabet, Inc., Class A

...................................................

2.1

Meta Platforms, Inc., Class A

.............................................

1.9

Alphabet, Inc., Class C

..................................................

1.7

Tesla, Inc.

...............................................................

1.7

Berkshire Hathaway, Inc., Class B

........................................

1.6

JPMorgan Chase & Co.

..................................................

1.2

SECTOR ALLOCATION

Sector

(a)

Percent of

Net Assets

Information Technology

..................................................

28.5%

Financials

...............................................................

12.8

Health Care

.............................................................

12.4

Consumer Discretionary

.................................................

10.7

Industrials

...............................................................

8.7

Communication Services

................................................

8.5

Consumer Staples

.......................................................

6.1

Energy

..................................................................

3.8

Real Estate

.............................................................

2.5

Materials

................................................................

2.4

Utilities

..................................................................

2.3

Investment Companies

..................................................

0.6

Short-Term Securities

....................................................

0.8

Liabilities in Excess of Other Assets

......................................

(0.1)

(a)

For S&P 500 Index Master Portfolio (the “Master Portfolio”) compliance purposes, the Master Portfolio’s sector classifications refer to one or more of the sector subclassifications used by one

or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine

such sector sub-classifications for reporting ease.

Master Portfolio Information as of December 31, 2023 S&P 500 Index Master Portfolio

M ASTER P ORTFOLIO I NFORMATION 1

Security Shares Value

Common Stocks

Aerospace & Defense — 1.6%

Axon Enterprise, Inc.

(a)

............................

62,495 $ 16,144,333

Boeing Co.

(a)

.....................................

503,306 131,191,742

General Dynamics Corp.

..........................

201,164 52,236,256

Howmet Aerospace, Inc.

(b)

........................

347,601 18,812,166

Huntington Ingalls Industries, Inc.

..................

35,040 9,097,786

L3Harris Technologies, Inc.

........................

168,092 35,403,537

Lockheed Martin Corp.

............................

196,002 88,835,947

Northrop Grumman Corp.

.........................

126,243 59,099,398

RTX Corp.

........................................

1,276,366 107,393,435

Textron, Inc.

......................................

176,036 14,156,815

TransDigm Group, Inc.

............................

48,983 49,551,203

581,922,618

Air Freight & Logistics — 0.5%

CH Robinson Worldwide, Inc.

......................

103,358 8,929,098

Expeditors International of Washington, Inc.

........

131,443 16,719,550

FedEx Corp.

......................................

205,392 51,958,014

United Parcel Service, Inc., Class B

................

642,014 100,943,861

178,550,523

Automobile Components — 0.1%

Aptiv PLC

(a)

......................................

251,920 22,602,263

BorgWarner, Inc.

..................................

208,912 7,489,495

30,091,758

Automobiles — 1.9%

Ford Motor Co.

...................................

3,498,879 42,651,335

General Motors Co.

(b)

.............................

1,212,535 43,554,257

Tesla, Inc.

(a)

......................................

2,451,127 609,056,037

695,261,629

Banks — 3.2%

Bank of America Corp.

............................

6,111,486 205,773,734

Citigroup, Inc.

.....................................

1,709,344 87,928,655

Citizens Financial Group, Inc.

.....................

419,751 13,910,548

Comerica, Inc.

....................................

117,856 6,577,543

Fifth Third Bancorp

................................

605,140 20,871,279

Huntington Bancshares, Inc.

.......................

1,286,805 16,368,160

JPMorgan Chase & Co.

...........................

2,566,230 436,515,723

KeyCorp.

.........................................

831,798 11,977,891

M&T Bank Corp.

..................................

147,664 20,241,781

PNC Financial Services Group, Inc.

................

353,795 54,785,156

Regions Financial Corp.

...........................

833,982 16,162,571

Truist Financial Corp.

.............................

1,183,321 43,688,211

U.S. Bancorp

.....................................

1,382,092 59,816,942

Wells Fargo & Co.

................................

3,223,658 158,668,447

Zions Bancorp NA

................................

128,196 5,623,958

1,158,910,599

Beverages — 1.5%

Brown-Forman Corp., Class B

.....................

162,610 9,285,031

Coca-Cola Co.

....................................

3,454,643 203,582,112

Constellation Brands, Inc., Class A

.................

143,387 34,663,807

Keurig Dr. Pepper, Inc.

............................

894,106 29,791,612

Molson Coors Beverage Co., Class B

..............

164,962 10,097,324

Monster Beverage Corp.

(a)

........................

660,571 38,055,496

PepsiCo, Inc.

.....................................

1,221,918 207,530,553

533,005,935

Biotechnology — 2.0%

AbbVie, Inc.

......................................

1,566,739 242,797,543

Amgen, Inc.

......................................

474,803 136,752,760

Security Shares Value

Biotechnology (continued)

Biogen, Inc.

(a)

.....................................

127,502 $ 32,993,693

Gilead Sciences, Inc.

..............................

1,106,021 89,598,761

Incyte Corp.

(a)

....................................

163,912 10,292,035

Moderna, Inc.

(a)(b)

.................................

295,905 29,427,752

Regeneron Pharmaceuticals, Inc.

(a)

................

94,748 83,216,221

Vertex Pharmaceuticals, Inc.

(a)

....................

229,097 93,217,278

718,296,043

Broadline Retail — 3.5%

Amazon.com, Inc.

(a)

...............................

8,072,325 1,226,509,061

eBay, Inc.

........................................

460,695 20,095,516

Etsy, Inc.

(a)

.......................................

109,329 8,861,115

1,255,465,692

Building Products — 0.5%

A O Smith Corp.

..................................

112,403 9,266,503

Allegion PLC

.....................................

78,014 9,883,594

Builders FirstSource, Inc.

(a)

........................

109,537 18,286,107

Carrier Global Corp.

...............................

744,760 42,786,462

Johnson Controls International PLC

................

604,964 34,870,125

Masco Corp.

......................................

199,903 13,389,503

Trane Technologies PLC

..........................

201,336 49,105,850

177,588,144

Capital Markets — 3.0%

Ameriprise Financial, Inc.

..........................

89,828 34,119,369

Bank of New York Mellon Corp.

....................

682,675 35,533,234

BlackRock, Inc.

(c)

.................................

124,576 101,130,797

Blackstone, Inc., Class A

..........................

630,008 82,480,647

Cboe Global Markets, Inc.

.........................

93,778 16,745,000

Charles Schwab Corp.

............................

1,319,918 90,810,358

CME Group, Inc., Class A

.........................

319,328 67,250,477

FactSet Research Systems, Inc.

...................

33,902 16,172,949

Franklin Resources, Inc.

..........................

250,718 7,468,889

Goldman Sachs Group, Inc.

.......................

289,476 111,671,157

Intercontinental Exchange, Inc.

....................

508,035 65,246,935

Invesco Ltd.

......................................

395,466 7,055,113

MarketAxess Holdings, Inc.

........................

32,636 9,557,453

Moody’s Corp.

....................................

140,080 54,709,645

Morgan Stanley

...................................

1,121,833 104,610,927

MSCI, Inc., Class A

...............................

70,309 39,770,286

Nasdaq, Inc.

......................................

301,293 17,517,175

Northern Trust Corp.

..............................

183,975 15,523,810

Raymond James Financial, Inc.

....................

167,047 18,625,740

S&P Global, Inc.

..................................

288,840 127,239,797

State Street Corp.

.................................

273,917 21,217,611

T Rowe Price Group, Inc.

..........................

199,343 21,467,248

1,065,924,617

Chemicals — 1.6%

Air Products and Chemicals, Inc.

..................

197,190 53,990,622

Albemarle Corp.

..................................

105,109 15,186,148

Celanese Corp., Class A

..........................

88,774 13,792,816

CF Industries Holdings, Inc.

.......................

171,482 13,632,819

Corteva, Inc.

......................................

624,444 29,923,357

Dow, Inc.

.........................................

625,168 34,284,213

DuPont de Nemours, Inc.

..........................

381,731 29,366,566

Eastman Chemical Co.

............................

104,899 9,422,028

Ecolab, Inc.

.......................................

225,470 44,721,975

FMC Corp.

.......................................

108,860 6,863,623

International Flavors & Fragrances, Inc.

............

226,856 18,368,530

Linde PLC

........................................

430,417 176,776,566

LyondellBasell Industries NV, Class A

..............

227,611 21,641,254

Schedule of Investments

December 31, 2023

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

2 2023 B LACKR OCK A NNUAL R EPORT TO S HAREHOLDERS

Security Shares Value

Chemicals (continued)

Mosaic Co.

.......................................

294,232 $ 10,512,909

PPG Industries, Inc.

...............................

209,312 31,302,610

Sherwin-Williams Co.

.............................

209,997 65,498,064

575,284,100

Commercial Services & Supplies — 0.6%

Cintas Corp.

......................................

76,830 46,302,368

Copart, Inc.

(a)

.....................................

771,913 37,823,737

Republic Services, Inc.

............................

182,738 30,135,324

Rollins, Inc.

.......................................

249,230 10,883,874

Veralto Corp.

.....................................

194,675 16,013,965

Waste Management, Inc.

..........................

327,190 58,599,729

199,758,997

Communications Equipment — 0.8%

Arista Networks, Inc.

(a)

............................

222,638 52,433,475

Cisco Systems, Inc.

...............................

3,595,500 181,644,660

F5, Inc.

(a)

.........................................

52,708 9,433,678

Juniper Networks, Inc.

............................

285,609 8,419,753

Motorola Solutions, Inc.

...........................

148,287 46,427,177

298,358,743

Construction & Engineering — 0.1%

Quanta Services, Inc.

.............................

129,091 27,857,838

Construction Materials — 0.2%

Martin Marietta Materials, Inc.

.....................

54,916 27,398,141

Vulcan Materials Co.

..............................

118,085 26,806,476

54,204,617

Consumer Finance — 0.5%

American Express Co.

............................

511,034 95,737,110

Capital One Financial Corp.

.......................

338,745 44,416,245

Discover Financial Services

.......................

222,486 25,007,426

Synchrony Financial

..............................

371,660 14,193,695

179,354,476

Consumer Staples Distribution & Retail — 1.8%

Costco Wholesale Corp.

..........................

393,359 259,648,409

Dollar General Corp.

..............................

194,697 26,469,057

Dollar Tree, Inc.

(a)

.................................

186,074 26,431,812

Kroger Co.

.......................................

586,865 26,825,599

Sysco Corp.

......................................

448,741 32,816,429

Target Corp.

......................................

409,905 58,378,670

Walgreens Boots Alliance, Inc.

.....................

636,795 16,626,717

Walmart, Inc.

.....................................

1,266,852 199,719,218

646,915,911

Containers & Packaging — 0.2%

Amcor PLC

.......................................

1,307,745 12,606,662

Avery Dennison Corp.

.............................

71,618 14,478,295

Ball Corp.

........................................

280,009 16,106,118

International Paper Co.

............................

307,507 11,116,378

Packaging Corp. of America

.......................

79,912 13,018,464

Westrock Co.

.....................................

227,768 9,456,927

76,782,844

Distributors — 0.1%

Genuine Parts Co.

................................

124,814 17,286,739

LKQ Corp.

........................................

238,064 11,377,079

Pool Corp.

........................................

34,707 13,838,028

42,501,846

Security Shares Value

DiversifiedTelecommunication Services — 0.7%

AT&T, Inc.

........................................

6,345,790 $ 106,482,356

Verizon Communications, Inc.

.....................

3,731,704 140,685,241

247,167,597

Electric Utilities — 1.5%

Alliant Energy Corp.

...............................

224,604 11,522,185

American Electric Power Co., Inc.

..................

457,682 37,172,932

Constellation Energy Corp.

........................

285,624 33,386,589

Duke Energy Corp.

...............................

684,117 66,386,714

Edison International

...............................

340,675 24,354,856

Entergy Corp.

.....................................

186,928 18,915,244

Evergy, Inc.

.......................................

204,148 10,656,526

Eversource Energy

...............................

310,250 19,148,630

Exelon Corp.

.....................................

884,475 31,752,652

FirstEnergy Corp.

.................................

458,618 16,812,936

NextEra Energy, Inc.

..............................

1,796,344 109,109,935

NRG Energy, Inc.

.................................

203,628 10,527,568

PG&E Corp.

......................................

1,857,648 33,493,393

Pinnacle West Capital Corp.

.......................

100,706 7,234,719

PPL Corp.

........................................

655,088 17,752,885

Southern Co.

.....................................

968,021 67,877,633

Xcel Energy, Inc.

..................................

490,175 30,346,734

546,452,131

Electrical Equipment — 0.6%

AMETEK, Inc.

....................................

205,105 33,819,764

Eaton Corp. PLC

..................................

354,171 85,291,460

Emerson Electric Co.

..............................

507,583 49,403,053

Generac Holdings, Inc.

(a)

..........................

56,265 7,271,689

Hubbell, Inc.

......................................

47,293 15,556,087

Rockwell Automation, Inc.

.........................

102,257 31,748,753

223,090,806

Electronic Equipment, Instruments & Components — 0.6%

Amphenol Corp., Class A

..........................

529,575 52,496,770

CDW Corp.

.......................................

119,139 27,082,677

Corning, Inc.

......................................

683,388 20,809,165

Jabil, Inc.

.........................................

113,572 14,469,073

Keysight Technologies, Inc.

(a)

......................

158,740 25,253,947

TE Connectivity Ltd.

..............................

276,445 38,840,522

Teledyne Technologies, Inc.

(a)

.....................

41,838 18,671,881

Trimble, Inc.

(a)

....................................

220,696 11,741,027

Zebra Technologies Corp., Class A

(a)

..............

45,627 12,471,228

221,836,290

Energy Equipment & Services — 0.4%

Baker Hughes Co., Class A

........................

897,461 30,675,217

Halliburton Co.

....................................

798,937 28,881,573

Schlumberger NV

.................................

1,261,512 65,649,084

125,205,874

Entertainment — 1.2%

Electronic Arts, Inc.

...............................

219,103 29,975,482

Live Nation Entertainment, Inc.

(a)(b)

................

126,007 11,794,255

Netflix, Inc.

(a)

.....................................

388,511 189,158,236

Take-Two Interactive Software, Inc.

(a)

..............

140,335 22,586,918

Walt Disney Co.

..................................

1,624,198 146,648,837

Warner Bros Discovery, Inc., Class A

(a)(b)

..........

1,972,734 22,449,713

422,613,441

Financial Services — 4.1%

Berkshire Hathaway, Inc., Class B

(a)

...............

1,615,045 576,021,950

Fidelity National Information Services, Inc.

.........

520,598 31,272,322

Fiserv, Inc.

(a)

......................................

532,761 70,771,971

Schedule of Investments (continued)

December 31, 2023

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

ASTER P ORTFOLIO S CHEDULE OF I NVESTMENTS 3

Security Shares Value

Financial Services (continued)

FleetCor Technologies, Inc.

(a)

......................

64,093 $ 18,113,323

Global Payments, Inc.

.............................

231,070 29,345,890

Jack Henry & Associates, Inc.

.....................

64,027 10,462,652

Mastercard, Inc., Class A

..........................

735,061 313,510,867

PayPal Holdings, Inc.

(a)

...........................

957,021 58,770,659

Visa, Inc., Class A

................................

1,414,929 368,376,765

1,476,646,399

Food Products — 0.9%

Archer-Daniels-Midland Co.

.......................

476,624 34,421,785

Bunge Global SA

.................................

128,966 13,019,118

Campbell Soup Co.

...............................

174,853 7,558,895

Conagra Brands, Inc.

.............................

424,704 12,172,017

General Mills, Inc.

.................................

520,021 33,874,168

Hershey Co.

......................................

133,183 24,830,638

Hormel Foods Corp.

..............................

255,218 8,195,050

J M Smucker Co.

.................................

94,176 11,901,963

Kellanova

........................................

229,914 12,854,492

Kraft Heinz Co.

...................................

709,622 26,241,822

Lamb Weston Holdings, Inc.

.......................

129,112 13,955,716

McCormick & Co., Inc.

............................

223,165 15,268,949

Mondelez International, Inc., Class A

...............

1,207,571 87,464,368

Tyson Foods, Inc., Class A

........................

253,782 13,640,782

315,399,763

Gas Utilities — 0.0%

Atmos Energy Corp.

..............................

131,515 15,242,588

Ground Transportation — 1.1%

CSX Corp.

........................................

1,754,131 60,815,722

JB Hunt Transport Services, Inc.

...................

72,560 14,493,134

Norfolk Southern Corp.

............................

201,767 47,693,683

Old Dominion Freight Line, Inc.

....................

79,699 32,304,396

Uber Technologies, Inc.

(a)

.........................

1,826,676 112,468,441

Union Pacific Corp.

...............................

540,982 132,875,999

400,651,375

Health Care Equipment & Supplies — 2.5%

Abbott Laboratories

...............................

1,540,386 169,550,287

Align Technology, Inc.

(a)

...........................

63,258 17,332,692

Baxter International, Inc.

..........................

450,067 17,399,590

Becton Dickinson & Co.

...........................

257,514 62,789,639

Boston Scientific Corp.

(a)

..........................

1,299,713 75,136,409

Cooper Cos., Inc.

(b)

...............................

44,000 16,651,360

DENTSPLY SIRONA, Inc.

.........................

182,492 6,494,890

Dexcom, Inc.

(a)(b)

.................................

344,389 42,735,231

Edwards Lifesciences Corp.

(a)(b)

...................

535,886 40,861,308

GE HealthCare, Inc.

(a)(b)

..........................

347,213 26,846,509

Hologic, Inc.

(a)

....................................

217,692 15,554,093

IDEXX Laboratories, Inc.

(a)(b)

......................

73,830 40,979,341

Insulet Corp.

(a)(b)

..................................

62,053 13,464,260

Intuitive Surgical, Inc.

(a)

...........................

311,879 105,215,499

Medtronic PLC

....................................

1,181,597 97,339,961

ResMed, Inc.

.....................................

130,585 22,463,232

STERIS PLC

.....................................

87,676 19,275,569

Stryker Corp.

.....................................

300,027 89,846,085

Teleflex, Inc.

(b)

....................................

41,424 10,328,660

Zimmer Biomet Holdings, Inc.

.....................

185,964 22,631,819

912,896,434

Health Care Providers & Services — 2.8%

Cardinal Health, Inc.

..............................

218,780 22,053,024

Cencora, Inc.

.....................................

146,956 30,181,823

Centene Corp.

(a)

..................................

474,188 35,189,492

Security Shares Value

Health Care Providers & Services (continued)

Cigna Group

......................................

259,747 $ 77,781,239

CVS Health Corp.

.................................

1,140,093 90,021,743

DaVita, Inc.

(a)

.....................................

45,877 4,806,075

Elevance Health, Inc.

.............................

209,172 98,637,148

HCA Healthcare, Inc.

..............................

175,818 47,590,416

Henry Schein, Inc.

(a)(b)

............................

115,839 8,770,171

Humana, Inc.

.....................................

109,986 50,352,691

Laboratory Corp. of America Holdings

..............

75,362 17,129,029

McKesson Corp.

..................................

118,114 54,684,420

Molina Healthcare, Inc.

(a)

..........................

51,814 18,720,916

Quest Diagnostics, Inc.

............................

99,749 13,753,392

UnitedHealth Group, Inc.

..........................

821,018 432,241,346

Universal Health Services, Inc., Class B

............

55,227 8,418,804

1,010,331,729

Health Care REITs — 0.2%

Healthpeak Properties, Inc.

........................

486,194 9,626,641

Ventas, Inc.

.......................................

357,613 17,823,432

Welltower, Inc.

....................................

490,027 44,185,735

71,635,808

Hotel & Resort REITs — 0.0%

Host Hotels & Resorts, Inc.

........................

632,439 12,313,587

Hotels, Restaurants & Leisure — 2.1%

Airbnb, Inc., Class A

(a)(b)

..........................

378,622 51,545,599

Booking Holdings, Inc.

(a)

..........................

30,970 109,857,403

Caesars Entertainment, Inc.

(a)

.....................

187,957 8,811,424

Carnival Corp.

(a)

..................................

895,273 16,598,361

Chipotle Mexican Grill, Inc.

(a)

......................

24,488 56,003,077

Darden Restaurants, Inc.

..........................

107,426 17,650,092

Domino’s Pizza, Inc.

..............................

31,190 12,857,454

Expedia Group, Inc.

(a)

.............................

118,347 17,963,891

Hilton Worldwide Holdings, Inc.

(b)

..................

227,631 41,449,329

Las Vegas Sands Corp.

...........................

292,143 14,376,357

Marriott International, Inc., Class A

.................

218,986 49,383,533

McDonald’s Corp.

.................................

643,856 190,909,743

MGM Resorts International

........................

249,482 11,146,856

Norwegian Cruise Line Holdings Ltd.

(a)(b)

...........

369,502 7,404,820

Royal Caribbean Cruises Ltd.

(a)

....................

209,200 27,089,308

Starbucks Corp.

..................................

1,016,711 97,614,423

Wynn Resorts Ltd.

................................

86,072 7,842,020

Yum! Brands, Inc.

.................................

248,981 32,531,857

771,035,547

Household Durables — 0.4%

D.R. Horton, Inc.

..................................

267,509 40,656,018

Garmin Ltd.

.......................................

136,122 17,497,122

Lennar Corp., Class A

.............................

221,964 33,081,515

Mohawk Industries, Inc.

(a)

.........................

47,669 4,933,741

NVR, Inc.

(a)

.......................................

2,822 19,755,270

PulteGroup, Inc.

..................................

191,375 19,753,727

Whirlpool Corp.

...................................

48,323 5,884,292

141,561,685

Household Products — 1.2%

Church & Dwight Co., Inc.

.........................

218,674 20,677,813

Clorox Co.

........................................

110,050 15,692,030

Colgate-Palmolive Co.

............................

733,811 58,492,075

Kimberly-Clark Corp.

..............................

300,602 36,526,149

Procter & Gamble Co.

.............................

2,092,456 306,628,502

438,016,569

Schedule of Investments (continued)

December 31, 2023

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

4 2023 B LACKR OCK A NNUAL R EPORT TO S HAREHOLDERS

Security Shares Value

Independent Power and Renewable Electricity Producers — 0.0%

AES Corp.

........................................

595,133 $ 11,456,310

Industrial Conglomerates — 0.8%

3M Co.

...........................................

490,129 53,580,902

General Electric Co.

..............................

966,096 123,302,833

Honeywell International, Inc.

.......................

585,190 122,720,195

299,603,930

Industrial REITs — 0.3%

Prologis, Inc.

.....................................

820,063 109,314,398

Insurance — 2.0%

Aflac, Inc.

........................................

472,045 38,943,713

Allstate Corp.

.....................................

232,474 32,541,711

American International Group, Inc.

.................

622,266 42,158,522

Aon PLC, Class A

.................................

177,724 51,721,238

Arch Capital Group Ltd.

(a)(b)

.......................

332,587 24,701,236

Arthur J Gallagher & Co.

..........................

191,296 43,018,644

Assurant, Inc.

.....................................

45,723 7,703,868

Brown & Brown, Inc.

..............................

209,211 14,876,994

Chubb Ltd.

.......................................

364,588 82,396,888

Cincinnati Financial Corp.

.........................

139,406 14,422,945

Everest Group Ltd.

................................

38,527 13,622,377

Globe Life, Inc.

...................................

77,281 9,406,643

Hartford Financial Services Group, Inc.

............

266,981 21,459,933

Loews Corp.

......................................

164,345 11,436,769

Marsh & McLennan Cos., Inc.

.....................

438,457 83,074,448

MetLife, Inc.

......................................

551,911 36,497,874

Principal Financial Group, Inc.

.....................

197,638 15,548,181

Progressive Corp.

.................................

519,570 82,757,110

Prudential Financial, Inc.

..........................

319,190 33,103,195

Travelers Cos., Inc.

...............................

203,451 38,755,381

W.R. Berkley Corp.

...............................

180,810 12,786,883

Willis Towers Watson PLC

.........................

91,637 22,102,844

733,037,397

Interactive Media & Services

(a)

— 5.7%

Alphabet, Inc., Class A

............................

5,253,167 733,814,898

Alphabet, Inc., Class C

............................

4,421,208 623,080,843

Match Group, Inc.

.................................

247,150 9,020,975

Meta Platforms, Inc., Class A

......................

1,970,254 697,391,106

2,063,307,822

IT Services — 1.2%

Accenture PLC, Class A

...........................

557,106 195,494,066

Akamai Technologies, Inc.

(a)

.......................

135,090 15,987,902

Cognizant Technology Solutions Corp., Class A

....

449,145 33,923,922

EPAM Systems, Inc.

(a)

............................

51,513 15,316,875

Gartner, Inc.

(a)

....................................

69,192 31,213,203

International Business Machines Corp.

.............

808,652 132,255,035

VeriSign, Inc.

(a)

...................................

79,744 16,424,074

440,615,077

Leisure Products — 0.0%

Hasbro, Inc.

......................................

115,908 5,918,262

Life Sciences Tools & Services — 1.4%

Agilent Technologies, Inc.

.........................

259,718 36,108,594

Bio-Rad Laboratories, Inc., Class A

(a)

..............

18,560 5,992,838

Bio-Techne Corp.

.................................

138,783 10,708,496

Charles River Laboratories International, Inc.

(a)(b)

...

44,912 10,617,197

Danaher Corp.

....................................

583,302 134,941,085

Illumina, Inc.

(a)

....................................

141,756 19,738,105

IQVIA Holdings, Inc.

(a)(b)

..........................

162,824 37,674,217

Mettler-Toledo International, Inc.

(a)

.................

19,453 23,595,711

Security Shares Value

Life Sciences Tools & Services (continued)

Revvity, Inc.

......................................

110,325 $ 12,059,626

Thermo Fisher Scientific, Inc.

......................

342,587 181,841,754

Waters Corp.

(a)

...................................

52,528 17,293,793

West Pharmaceutical Services, Inc.

................

65,644 23,114,565

513,685,981

Machinery — 1.8%

Caterpillar, Inc.

...................................

452,827 133,887,359

Cummins, Inc.

....................................

125,990 30,183,424

Deere & Co.

......................................

237,751 95,069,492

Dover Corp.

......................................

124,313 19,120,583

Fortive Corp.

.....................................

313,634 23,092,871

IDEX Corp.

.......................................

67,191 14,587,838

Illinois Tool Works, Inc.

............................

244,258 63,980,941

Ingersoll Rand, Inc.

...............................

359,199 27,780,451

Nordson Corp.

....................................

48,026 12,686,548

Otis Worldwide Corp.

.............................

365,941 32,740,741

PACCAR, Inc.

....................................

464,583 45,366,530

Parker-Hannifin Corp.

.............................

113,882 52,465,437

Pentair PLC

......................................

145,367 10,569,635

Snap-on, Inc.

.....................................

47,030 13,584,145

Stanley Black & Decker, Inc.

.......................

134,025 13,147,853

Westinghouse Air Brake Technologies Corp.

.......

159,202 20,202,734

Xylem, Inc./New York

.............................

213,875 24,458,745

632,925,327

Media — 0.7%

Charter Communications, Inc., Class A

(a)(b)

.........

89,286 34,703,682

Comcast Corp., Class A

...........................

3,564,515 156,303,983

Fox Corp., Class A

................................

225,462 6,689,458

Fox Corp., Class B

................................

113,463 3,137,252

Interpublic Group of Cos., Inc.

.....................

342,111 11,166,503

News Corp., Class A

..............................

337,277 8,280,150

News Corp., Class B

..............................

99,061 2,547,849

Omnicom Group, Inc.

.............................

175,591 15,190,377

Paramount Global, Class B

........................

428,569 6,338,536

244,357,790

Metals & Mining — 0.4%

Freeport-McMoRan, Inc.

..........................

1,273,524 54,213,917

Newmont Corp.

...................................

1,015,489 42,031,090

Nucor Corp.

......................................

218,221 37,979,183

Steel Dynamics, Inc.

..............................

138,383 16,343,032

150,567,222

Multi-Utilities — 0.7%

Ameren Corp.

....................................

231,618 16,755,246

CenterPoint Energy, Inc.

..........................

560,965 16,026,770

CMS Energy Corp.

................................

259,272 15,055,925

Consolidated Edison, Inc.

.........................

306,551 27,886,945

Dominion Energy, Inc.

.............................

743,356 34,937,732

DTE Energy Co.

..................................

183,012 20,178,903

NiSource, Inc.

....................................

362,317 9,619,516

Public Service Enterprise Group, Inc.

..............

443,585 27,125,223

Sempra

..........................................

559,226 41,790,959

WEC Energy Group, Inc.

..........................

280,526 23,611,873

232,989,092

Office REITs — 0.1%

Alexandria Real Estate Equities, Inc.

...............

138,401 17,545,095

Boston Properties, Inc.

............................

129,325 9,074,735

26,619,830

Oil, Gas & Consumable Fuels — 3.5%

APA Corp.

........................................

273,082 9,798,182

Schedule of Investments (continued)

December 31, 2023

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

ASTER P ORTFOLIO S CHEDULE OF I NVESTMENTS 5

Security Shares Value

Oil, Gas & Consumable Fuels (continued)

Chevron Corp.

....................................

1,558,380 $ 232,447,961

ConocoPhillips

....................................

1,054,014 122,339,405

Coterra Energy, Inc.

...............................

673,491 17,187,490

Devon Energy Corp.

..............................

569,422 25,794,817

Diamondback Energy, Inc.

.........................

158,903 24,642,677

EOG Resources, Inc.

.............................

516,842 62,512,040

EQT Corp.

........................................

321,423 12,426,213

Exxon Mobil Corp.

................................

3,555,675 355,496,386

Hess Corp.

.......................................

245,738 35,425,590

Kinder Morgan, Inc.

...............................

1,722,845 30,390,986

Marathon Oil Corp.

................................

538,304 13,005,425

Marathon Petroleum Corp.

........................

337,041 50,003,403

Occidental Petroleum Corp.

.......................

589,900 35,222,929

ONEOK, Inc.

.....................................

517,730 36,355,001

Phillips 66

........................................

390,531 51,995,297

Pioneer Natural Resources Co.

....................

206,947 46,538,241

Targa Resources Corp.

............................

198,824 17,271,841

Valero Energy Corp.

..............................

302,207 39,286,910

Williams Cos., Inc.

................................

1,081,063 37,653,424

1,255,794,218

Passenger Airlines — 0.2%

American Airlines Group, Inc.

(a)

....................

580,675 7,978,474

Delta Air Lines, Inc.

...............................

572,882 23,047,043

Southwest Airlines Co.

............................

529,370 15,288,206

United Airlines Holdings, Inc.

(a)

....................

291,492 12,026,960

58,340,683

Personal Care Products — 0.2%

Estee Lauder Cos., Inc., Class A

...................

206,747 30,236,749

Kenvue, Inc.

......................................

1,532,972 33,004,887

63,241,636

Pharmaceuticals — 3.7%

Bristol-Myers Squibb Co.

..........................

1,806,171 92,674,634

Catalent, Inc.

(a)

...................................

159,343 7,159,281

Eli Lilly & Co.

.....................................

707,817 412,600,686

Johnson & Johnson

...............................

2,137,467 335,026,577

Merck & Co., Inc.

.................................

2,252,423 245,559,155

Pfizer, Inc.

........................................

5,011,620 144,284,540

Viatris, Inc.

.......................................

1,057,404 11,451,685

Zoetis, Inc., Class A

...............................

408,599 80,645,185

1,329,401,743

Professional Services — 0.7%

Automatic Data Processing, Inc.

...................

365,699 85,196,896

Broadridge Financial Solutions, Inc.

................

104,976 21,598,812

Ceridian HCM Holding, Inc.

(a)

......................

136,503 9,162,081

Equifax, Inc.

......................................

109,097 26,978,597

Jacobs Solutions, Inc.

.............................

111,910 14,525,918

Leidos Holdings, Inc.

..............................

122,071 13,212,965

Paychex, Inc.

.....................................

285,345 33,987,443

Paycom Software, Inc.

............................

43,068 8,903,017

Robert Half, Inc.

..................................

94,394 8,299,121

Verisk Analytics, Inc.

..............................

128,947 30,800,280

252,665,130

Real Estate Management & Development

(a)(b)

— 0.2%

CBRE Group, Inc., Class A

........................

270,552 25,185,686

CoStar Group, Inc.

................................

363,087 31,730,173

56,915,859

Residential REITs — 0.3%

AvalonBay Communities, Inc.

......................

126,320 23,649,630

Camden Property Trust

...........................

94,755 9,408,224

Security Shares Value

Residential REITs (continued)

Equity Residential

.................................

306,547 $ 18,748,415

Essex Property Trust, Inc.

.........................

57,043 14,143,241

Invitation Homes, Inc.

.............................

511,243 17,438,499

Mid-America Apartment Communities, Inc.

.........

102,852 13,829,480

UDR, Inc.

.........................................

269,399 10,315,288

107,532,777

Retail REITs — 0.3%

Federal Realty Investment Trust

...................

63,401 6,533,473

Kimco Realty Corp.

...............................

545,873 11,632,554

Realty Income Corp.

..............................

629,154 36,126,023

Regency Centers Corp.

...........................

146,221 9,796,807

Simon Property Group, Inc.

........................

290,591 41,449,900

105,538,757

Semiconductors & Semiconductor Equipment — 8.0%

Advanced Micro Devices, Inc.

(a)

...................

1,434,146 211,407,462

Analog Devices, Inc.

..............................

445,082 88,375,482

Applied Materials, Inc.

.............................

745,399 120,806,816

Broadcom, Inc.

...................................

389,321 434,579,566

Enphase Energy, Inc.

(a)

...........................

121,185 16,013,386

First Solar, Inc.

(a)(b)

...............................

94,828 16,336,968

Intel Corp.

........................................

3,717,466 186,802,666

KLA Corp.

........................................

121,359 70,545,987

Lam Research Corp.

..............................

116,986 91,630,454

Microchip Technology, Inc.

........................

484,011 43,648,112

Micron Technology, Inc.

...........................

972,242 82,971,132

Monolithic Power Systems, Inc.

....................

42,410 26,751,380

NVIDIA Corp.

.....................................

2,192,489 1,085,764,403

NXP Semiconductors NV

..........................

229,016 52,600,395

ON Semiconductor Corp.

(a)(b)

......................

380,020 31,743,071

Qorvo, Inc.

(a)

.....................................

87,017 9,798,984

QUALCOMM, Inc.

................................

990,614 143,272,503

Skyworks Solutions, Inc.

..........................

141,660 15,925,417

Teradyne, Inc.

(b)

..................................

136,880 14,854,218

Texas Instruments, Inc.

............................

805,953 137,382,748

2,881,211,150

Software — 10.6%

Adobe, Inc.

(a)

.....................................

404,590 241,378,394

ANSYS, Inc.

(a)

....................................

77,188 28,009,981

Autodesk, Inc.

(a)

..................................

189,963 46,252,191

Cadence Design Systems, Inc.

(a)

..................

241,254 65,710,352

Fair Isaac Corp.

(a)

.................................

22,092 25,715,309

Fortinet, Inc.

(a)

....................................

574,002 33,596,337

Gen Digital, Inc.

..................................

500,105 11,412,396

Intuit, Inc.

.........................................

248,594 155,378,708

Microsoft Corp.

...................................

6,595,009 2,479,987,184

Oracle Corp.

......................................

1,397,397 147,327,566

Palo Alto Networks, Inc.

(a)

.........................

271,491 80,057,266

PTC, Inc.

(a)

.......................................

105,482 18,455,131

Roper Technologies, Inc.

..........................

94,722 51,639,593

Salesforce, Inc.

(a)

.................................

864,568 227,502,424

ServiceNow, Inc.

(a)

................................

181,080 127,931,209

Synopsys, Inc.

(a)(b)

................................

135,064 69,545,804

Tyler Technologies, Inc.

(a)

.........................

37,092 15,508,907

3,825,408,752

Specialized REITs — 1.1%

American Tower Corp.

............................

413,782 89,327,258

Crown Castle, Inc.

................................

385,376 44,391,461

Digital Realty Trust, Inc.

...........................

268,765 36,170,394

Equinix, Inc.

......................................

83,053 66,890,056

Extra Space Storage, Inc.

.........................

187,845 30,117,189

Schedule of Investments (continued)

December 31, 2023

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

6 2023 B LACKR OCK A NNUAL R EPORT TO S HAREHOLDERS

Security Shares Value

Specialized REITs (continued)

Iron Mountain, Inc.

................................

259,383 $ 18,151,622

Public Storage

....................................

139,435 42,527,675

SBA Communications Corp.

.......................

96,325 24,436,689

VICI Properties, Inc.

..............................

900,684 28,713,806

Weyerhaeuser Co.

................................

649,675 22,589,200

403,315,350

Specialty Retail — 2.0%

AutoZone, Inc.

(a)(b)

................................

15,653 40,472,553

Bath & Body Works, Inc.

..........................

198,415 8,563,591

Best Buy Co., Inc.

.................................

172,602 13,511,285

CarMax, Inc.

(a)(b)

..................................

140,609 10,790,335

Home Depot, Inc.

.................................

887,718 307,638,673

Lowe’s Cos., Inc.

.................................

512,281 114,008,137

O’Reilly Automotive, Inc.

(a)(b)

......................

52,516 49,894,401

Ross Stores, Inc.

.................................

302,590 41,875,430

TJX Cos., Inc.

....................................

1,020,118 95,697,270

Tractor Supply Co.

................................

96,801 20,815,119

Ulta Beauty, Inc.

(a)

................................

43,548 21,338,084

724,604,878

Technology Hardware, Storage & Peripherals — 7.2%

Apple, Inc.

........................................

12,977,209 2,498,502,049

Hewlett Packard Enterprise Co.

....................

1,149,509 19,518,663

HP, Inc.

...........................................

770,722 23,191,025

NetApp, Inc.

......................................

187,362 16,517,834

Seagate Technology Holdings PLC

................

170,763 14,578,037

Western Digital Corp.

(a)

...........................

284,344 14,891,095

2,587,198,703

Textiles, Apparel & Luxur y Goods — 0.5%

Lululemon Athletica, Inc.

(a)

........................

102,805 52,563,169

NIKE, Inc., Class B

...............................

1,087,433 118,062,601

Ralph Lauren Corp., Class A

......................

34,392 4,959,326

Tapestry, Inc.

.....................................

200,026 7,362,957

VF Corp.

.........................................

285,714 5,371,423

188,319,476

Tobacco — 0.5%

Altria Group, Inc.

..................................

1,575,228 63,544,697

Philip Morris International, Inc.

.....................

1,377,935 129,636,125

193,180,822

Trading Companies & Distributors — 0.3%

Fastenal Co.

......................................

507,575 32,875,633

Security Shares Value

Trading Companies & Distributors (continued)

United Rentals, Inc.

...............................

60,686 $ 34,798,566

WW Grainger, Inc.

................................

39,520 32,749,829

100,424,028

Water Utilities — 0.1%

American Water Works Co., Inc.

...................

173,010 22,835,590

Wireless Telecommunication Services — 0.2%

T-Mobile U.S., Inc.

................................

451,684 72,418,496

Total Common Stocks — 98.7%

(Cost: $14,450,053,546)

..........................................

35,540,881,039

Investment Companies

Equity Funds — 0.6%

iShares Core S&P 500 ETF

(c)

.....................

480,032 229,277,684

Total Investment Companies — 0.6%

(Cost: $193,523,401)

..............................................

229,277,684

Total Long-Term Investments — 99.3%

(Cost: $14,643,576,947)

..........................................

35,770,158,723

Short-Term Securities

Money Market Funds — 0.8%

BlackRock Cash Funds: Institutional, SL Agency

Shares, 5.54%

(c)(d)(e)

...........................

213,402,184 213,530,225

BlackRock Cash Funds: Treasury, SL Agency

Shares, 5.33%

(c)(d)

.............................

84,851,864 84,851,864

Total Short-Term Securities — 0.8%

(Cost: $298,271,635)

..............................................

298,382,089

Total Investments — 100.1%

(Cost: $14,941,848,582)

..........................................

36,068,540,812

Liabilities in Excess of Other Assets — (0.1)%

......................

(42,160,164)

Net Assets — 100.0%

...............................................

$ 36,026,380,648

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan.

(c)

Affiliate of the Master Portfolio.

(d)

Annualized 7-day yield as of period end.

(e)

All or a portion of this security was purchased with the cash collateral from loaned

securities.

For Master Portfolio compliance purposes, the Master Portfolio’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely

recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may

combine such industry sub-classifications for reporting ease.

Schedule of Investments (continued)

December 31, 2023

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

ASTER P ORTFOLIO S CHEDULE OF I NVESTMENTS 7

Affiliates

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the year ended December 31, 2023 for purposes of Section 2(a)(3) of the Investment Company

Act of 1940, as amended, were as follows:

Affiliated Issuer

Value at

12/31/22

Purchases

at Cost

Proceeds

from Sale

Net

Realized

Gain (Loss)

Change in

Unrealized

Appreciation

(Depreciation)

Value at

12/31/23

Held at

12/31/23 Income

Capital Gain

Distributions

from

Underlying

Funds

BlackRock Cash Funds: Institutional, SL

Agency Shares

.......................

$ 304,198,748 $ — $ (90,712,273)

(a)

$ 66,303 $ (22,553) $ 213,530,225

213,402,184

$ 530,599

(b)

$—

BlackRock Cash Funds: Treasury, SL

Agency Shares

.......................

113,361,188 — (28,509,324)

(a)

— — 84,851,864

84,851,864

5,310,052 —

BlackRock, Inc.

.........................

97,239,626 1,761,199 (10,597,099) 545,813 12,181,258 101,130,797

124,576

2,689,555 —

iShares Core S&P 500 ETF

.............

195,527,543 1,919,111,389 (1,946,438,546) 30,910,729 30,166,569 229,277,684 480,032 4,641,118 —

$ 31,522,845 $ 42,325,274 $ 628,790,570 $ 13,171,324 $ —

(a)

Represents net amount purchased (sold).

(b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other

payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount (000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

S&P 500 E-Mini Index

..................................................................................

1,396 03/15/24 $ 336,436 $ 1,067,064

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts Total

Assets — Derivative Financial Instruments

Futures contracts

Unrealized appreciation on futures contracts

(a)

......................

$ — $ — $ 1,067,064 $ — $ — $ — $ 1,067,064

(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Master Portfolio Schedule of Investments. In the

Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in

net unrealized appreciation (depreciation).

For the period ended December 31, 2023, the effect of derivative financial instruments in the Statement of Operations was as follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts Total

Net Realized Gain (Loss) from:

Futures contracts

...................................................

$ — $ — $ 19,611,777 $ — $ — $ — $ 19,611,777

Net Change in Unrealized Appreciation (Depreciation) on:

Futures contracts

...................................................

$ — $ — $ 1,530,752 $ — $ — $ — $ 1,530,752

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:

Average notional value of contracts — long

....................................................................................................................

$173,897,184

Schedule of Investments (continued)

December 31, 2023

S&P 500 Index Master Portfolio

2023 B LACKR OCK A NNUAL R EPORT TO S HAREHOLDERS

For more information about the Master Portfolio’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Master Portfolio’s policy regarding

valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Master Portfolio’s financial instruments categorized in the fair value hierarchy. The breakdown of the Master Portfolio’s financial instruments

into major categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total

Assets

Investments

Long-Term Investments

Common Stocks

..........................................................

$ 35,540,881,039 $ — $ — $ 35,540,881,039

Investment Companies

....................................................

229,277,684 — — 229,277,684

Short-Term Securities

Money Market Funds

......................................................

298,382,089 — — 298,382,089

$ 36,068,540,812 $ — $ — $ 36,068,540,812

Derivative Financial Instruments

(a)

Assets

Equity Contracts

.............................................................

$ 1,067,064 $ — $ — $ 1,067,064

(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

Schedule of Investments (continued)

December 31, 2023

S&P 500 Index Master Portfolio

M ASTER P ORTFOLIO S CHEDULE OF I NVESTMENTS 9

S&P 500 Index

Master Portfolio

ASSETS

Investments, at value — unaffiliated

(a)(b)

...............................................................................................................................

$ 35,439,750,242

Investments, at value — affiliated

(c)

....................................................................................................................................

628,790,570

Cash

.................................................................................................................................................................

140,360

Cash pledged for futures contracts

....................................................................................................................................

4,374,000

Receivables:

Investments sold

...................................................................................................................................................

248,857,478

Securities lending income — affiliated

...............................................................................................................................

41,555

Dividends — unaffiliated

............................................................................................................................................

32,761,336

Dividends — affiliated

..............................................................................................................................................

366,438

Variation margin on futures contracts

................................................................................................................................

1,226

Prepaid expenses

....................................................................................................................................................

24,677

Total assets

..........................................................................................................................................................

36,355,107,882

LIABILITIES

Collateral on securities loaned

.........................................................................................................................................

213,354,032

Payables:

Investments purchased

.............................................................................................................................................

24,848,169

Withdrawals to investors

............................................................................................................................................

90,070,442

Investment advisory fees

...........................................................................................................................................

292,193

Trustees’ fees

......................................................................................................................................................

66,998

Professional fees

..................................................................................................................................................

95,400

Total liabilities

........................................................................................................................................................

328,727,234

Commitments and contingent liabilities

NET ASSETS

........................................................................................................................................................

$ 36,026,380,648

NET ASSETS CONSIST OF

Investors’ capital

......................................................................................................................................................

$ 14,898,621,354

Net unrealized appreciation (depreciation)

.............................................................................................................................

21,127,759,294

NET ASSETS

........................................................................................................................................................

$ 36,026,380,648

(a)

Investments, at cost — unaffiliated

.................................................................................................................................

$ 14,406,464,693

(b)

Securities loaned, at value

.........................................................................................................................................

$ 207,091,995

(c)

Investments, at cost — affiliated

...................................................................................................................................

$ 535,383,889

See notes to financial statements.

Statement of Assets and Liabilities

December 31, 2023

10 2023 B LACKR OCK A NNUAL R EPORT TO S HAREHOLDERS

S&P 500 Index

Master Portfolio

INVESTMENT INCOME

Dividends — unaffiliated

............................................................................................................................................

$ 529,735,702

Dividends — affiliated

...............................................................................................................................................

12,640,725

Interest — unaffiliated

...............................................................................................................................................

301,777

Securities lending income — affiliated — net

.........................................................................................................................

530,599

Foreign taxes withheld

..............................................................................................................................................

(2,678,121)

Total investment income

...............................................................................................................................................

540,530,682

EXPENSES

Investment advisory

................................................................................................................................................

3,294,787

Trustees

...........................................................................................................................................................

258,986

Professional

........................................................................................................................................................

30,000

Total expenses

........................................................................................................................................................

3,583,773

Less:

Fees waived and/or reimbursed by the Manager

...................................................................................................................

(389,289)

Total expenses after fees waived and/or reimbursed

....................................................................................................................

3,194,484

Net investment income

................................................................................................................................................

537,336,198

REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain from:

Investments — unaffiliated

.......................................................................................................................................

25,896,977

Investments — affiliated

..........................................................................................................................................

31,522,845

Futures contracts

................................................................................................................................................

19,611,777

77,031,599

Net change in unrealized appreciation (depreciation) on:

Investments — unaffiliated

.......................................................................................................................................

7,031,638,258

Investments — affiliated

..........................................................................................................................................

42,325,274

Futures contracts

................................................................................................................................................

1,530,752

7,075,494,284

Net realized and unrealized gain

.......................................................................................................................................

7,152,525,883

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

...................................................................................................

$ 7,689,862,081

See notes to financial statements.

Statement of Operations

Year Ended December 31, 2023

M ASTER P ORTFOLIO F INANCIAL S TATEMENTS 11

S&P 500 Index Master Portfolio

Year Ended

12/31/23

Year Ended

12/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS

Net investment income

.....................................................................................................................

$ 537,336,198 $ 487,090,874

Net realized gain (loss)

.....................................................................................................................

77,031,599 (65,760,923)

Net change in unrealized appreciation (depreciation)

.........................................................................................

7,075,494,284 (6,648,362,451)

Net increase (decrease) in net assets resulting from operations

.................................................................................

7,689,862,081 (6,227,032,500)

CAPITAL TRANSACTIONS

Proceeds from contributions

................................................................................................................

7,389,545,731 8,816,188,759

Value of withdrawals

........................................................................................................................

(8,597,872,533) (7,533,596,462)

Net increase (decrease) in net assets derived from capital transactions

..........................................................................

(1,208,326,802) 1,282,592,297

NET ASSETS

Total increase (decrease) in net assets

.........................................................................................................

6,481,535,279 (4,944,440,203)

Beginning of year

.............................................................................................................................

29,544,845,369 34,489,285,572

End of year

...................................................................................................................................

$ 36,026,380,648 $ 29,544,845,369

See notes to financial statements.

Statements of Changes in Net Assets

12 2023 B LACKR OCK A NNUAL R EPORT TO S HAREHOLDERS

S&P 500 Index Master Portfolio

Year Ended

12/31/23

Year Ended

12/31/22

Year Ended

12/31/21

Year Ended

12/31/20

Year Ended

12/31/19

Total Return

Total return

.................................................................................

26.24% (18.13)% 28.65% 18.42% 31.44%

Ratios to Average Net Assets

(a)

Total expenses

..............................................................................

0.01% 0.01% 0.01% 0.01% 0.03%

Total expenses after fees waived and/or reimbursed

..........................................

0.01% 0.01% 0.01% 0.01% 0.02%

Net investment income

......................................................................

1.63% 1.60% 1.39% 1.82% 1.95%

Supplemental Data

Net assets, end of year (000)

................................................................

$ 36,026,381 $ 29,544,845 $ 34,489,286 $ 26,992,973 $ 23,207,958

Portfolio turnover rate

.......................................................................

10% 13% 6% 5% 3%

(a)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

Financial Highlights

M ASTER P ORTFOLIO F INANCIAL H IGHLIGHTS 13

1. ORGANIZATION

Master Investment Portfolio (“MIP”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

MIP is organized as a Delaware statutory trust. S&P 500 Index Master Portfolio (the “Master Portfolio”) is a series of MIP. The Master Portfolio is classified as diversified.

The Master Portfolio, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, is included in

a complex of funds referred to as the BlackRock Multi-Asset Complex.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require

management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and

liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results

could differ from those estimates. The Master Portfolio is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable

to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed.

Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are

recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. Dividends from foreign securities where the ex-dividend

dates may have passed are subsequently recorded when the Master Portfolio is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at

various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment

trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and

discounts on debt securities, is recognized daily on an accrual basis.

Foreign Taxes: The Master Portfolio may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or

certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in

which the Master Portfolio invests. These foreign taxes, if any, are paid by the Master Portfolio and are reflected in its Statement of Operations as follows: foreign taxes

withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes

on stock dividends are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions

are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2023, if any, are disclosed in the Statement of Assets

and Liabilities.

The Master Portfolio files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Master Portfolio may record a reclaim

receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operations

includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Master Portfolio may be required to deliver/deposit cash and/or securities to/with an exchange,

or broker-dealer or custodian as collateral for certain investments.

Indemnifications: In the normal course of business, the Master Portfolio enters into contracts that contain a variety of representations that provide general indemnification.

The Master Portfolio’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Master Portfolio, which cannot be

predicted with any certainty.

Other: Expenses directly related to the Master Portfolio are charged to the Master Portfolio. Other operating expenses shared by several funds, including other funds managed

by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Master Portfolio’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that

the Master Portfolio is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an

asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of MIP (the “Board”) has approved the

designation of the Master Portfolio’s Manager as the valuation designee for the Master Portfolio. The Master Portfolio determines the fair values of its financial instruments

using various independent dealers or pricing services under the Manager’s policies. If a security’s market price is not readily available or does not otherwise accurately

represent the fair value of the security, the security will be valued in accordance with the Manager’s policies and procedures as reflecting fair value. The Manager has formed

a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other

BlackRock pricing committees.

Notes to Financial Statements

14 2023 B LACKR OCK A NNUAL R EPORT TO S HAREHOLDERS

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Master Portfolio’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily

traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask

(short positions) price.

• Exchange-traded funds (“ETFs”) and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the

exchange where the stock is primarily traded. ETFs and closed-end funds traded on a recognized exchange for which there were no sales on that day may be valued

at the last available bid (long positions) or ask (short positions) price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published net asset value (“NAV”).

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each

business day, the Master Portfolio uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”).

The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that

application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not

available, the investment will be valued by the Valuation Committee in accordance with the Manager’s policies and procedures as reflecting fair value (“Fair Valued

Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation

techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value.

When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Master Portfolio might reasonably expect to receive or

pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the

Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value

hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Master Portfolio has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or

similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield

curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation

Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to

unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The

inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is

determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable

inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or

funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the

pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: The Master Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and

maintains with the Master Portfolio collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The

initial collateral received by the Master Portfolio is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges

and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan.

The market value of the loaned securities is determined at the close of each business day of the Master Portfolio and any additional required collateral is delivered to the Master

Portfolio, or excess collateral returned by the Master Portfolio, on the next business day. During the term of the loan, the Master Portfolio is entitled to all distributions made on

or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower,

after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock

Institutional Trust Company, N.A. (“BTC”), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the

Master Portfolio, except in the event of borrower default. The securities on loan, if any, are disclosed in the Master Portfolio’s Schedule of Investments. The market value of any

securities on loan and the value of related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value –

unaffiliated and collateral on securities loaned, respectively.

Notes to Financial Statements (continued)

M ASTER P ORTFOLIO N OTES TO F INANCIAL S TATEMENTS 15

Securities lending transactions are entered into by the Master Portfolio under Master Securities Lending Agreements (each, an “MSLA”), which provide the right, in the event

of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional

collateral. In the event that a borrower defaults, the Master Portfolio, as lender, would offset the market value of the collateral received against the market value of the securities

loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party.

However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA

counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Master Portfolio can

reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are

extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting

party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the Master Portfolio’s securities on loan by counterparty which are subject to offset under an MSLA:

Counterparty

Securities

Loaned at Value

Cash Collateral

Received

(a)

Non-Cash Collateral

Received, at Fair Value

(a)

Net

Amount

Barclays Bank PLC

...................................................................................

$ 8,572,379 $ (8,572,379) $ — $ —

Barclays Capital, Inc.

.................................................................................

3,576,591 (3,576,591) — —

BNP Paribas SA

......................................................................................

18,075,603 (18,075,603) — —

BofA Securities, Inc.

..................................................................................

2,597,783 (2,597,783) — —

Citadel Clearing LLC

.................................................................................

1,714,616 (1,714,616) — —

Citigroup Global Markets, Inc.

.........................................................................

1,233,967 (1,233,967) — —

Goldman Sachs & Co. LLC

...........................................................................

7,687,216 (7,687,216) — —

HSBC Bank PLC

.....................................................................................

16,336,576 (16,336,576) — —

J.P. Morgan Securities LLC

...........................................................................

16,638,203 (16,638,203) — —

Jefferies LLC

.........................................................................................

971,168 (971,168) — —

Natixis SA

...........................................................................................

343,125 (343,125) — —

RBC Capital Markets LLC

.............................................................................

58,428,446 (58,428,446) — —

Scotia Capital (USA), Inc.

.............................................................................

8,172,718 (8,172,718) — —

Scotia Capital, Inc.

...................................................................................

43,554,257 (43,554,257) — —

SG Americas Securities LLC

..........................................................................

4,970,600 (4,970,600) — —

Toronto-Dominion Bank

...............................................................................

12,646,219 (12,646,219) — —

Virtu Americas LLC

...................................................................................

1,028,356 (1,028,356) — —

Wells Fargo Bank N.A.

...............................................................................

370,446 (370,446) — —

Wells Fargo Securities LLC

...........................................................................

173,726 (173,726) — —

$ 207,091,995 $ (207,091,995) $ — $ —

(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Master Portfolio is disclosed in the

Master Portfolio’s Statement of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these

risks, the Master Portfolio benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the

securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Master Portfolio could incur a loss

if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls

below the value of the original cash collateral received. Such losses are borne entirely by the Master Portfolio.

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Master Portfolio engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Master Portfolio and/or to manage its

exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative

financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter

(“OTC”).

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value

of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Master Portfolio and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified

price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by

payment of a cash amount on the settlement date. Upon entering into a futures contract, the Master Portfolio is required to deposit initial margin with the broker in the form of

cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the

life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the

Statement of Assets and Liabilities. Pursuant to the contract, the Master Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation

in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or

payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal

Notes to Financial Statements (continued)

16 2023 B LACKR OCK A NNUAL R EPORT TO S HAREHOLDERS

to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves

the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory: MIP, on behalf of the Master Portfolio, entered into an Investment Advisory Agreement with the Manager, the Master Portfolio’s investment adviser and

an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of the Master Portfolio’s portfolio

and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Master Portfolio.

For such services, the Master Portfolio pays the Manager a monthly fee at an annual rate equal to 0.01% of the average daily value of the Master Portfolio’s net assets.

Administration: MIP, on behalf of the Master Portfolio, entered into an Administration Agreement with BlackRock Advisors, LLC (“BAL”), which has agreed to provide general

administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Master Portfolio’s ordinary operating expenses,

excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and

certain other expenses which are borne by the Master Portfolio.

BAL is not entitled to compensation for providing administrative services to the Master Portfolio, for so long as BAL (or an affiliate) is entitled to compensation for providing

administrative services to corresponding feeder funds that invest substantially all of their assets in the Master Portfolio, or BAL (or an affiliate) receives investment advisory

fees from the Master Portfolio.

The fees and expenses of the Master Portfolio’s trustees who are not “interested persons” of MIP, as defined in the 1940 Act (“Independent Trustees”), counsel to the

Independent Trustees and the Master Portfolio’s independent registered public accounting firm (together, the “independent expenses”) are paid directly by the Master Portfolio.

BFA has contractually agreed to reimburse the Master Portfolio or provide an offsetting credit against the investment advisory fees paid by the Maste r Portfolio in an amount

equal to the independent expenses through June 30, 2024. If the Master Portfolio does not pay administration fees, BAL agrees to cap the expenses of the Master Portfolio at

the rate at which it pays an investment advisory fee to BFA. The amount waived is included in fees waived and/or reimbursed by the Manager in the Statement of Operations.

For the year ended December 31, 2023, the amount waived was $288,986.

Expense Waivers and Reimbursements: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Master

Portfolio pays to the Manager indirectly through its investment in affiliated money market funds (the “affiliated money market fund waiver”) through June 30, 2024. The

contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the

Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2023, the

amounts waived were $74,744.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Master Portfolio’s assets invested in affiliated equity and

fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2024. The contractual agreement may be

terminated upon 90 days’ notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount

is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2023, the Manager waived $25,559 in

investment advisory fees pursuant to this arrangement.

Securities Lending: The U.S. Securities and Exchange Commission (“SEC”) has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as

securities lending agent for the Master Portfolio, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities

lending, including any custodial costs. The Master Portfolio is responsible for fees in connection with the investment of cash collateral received f or securities on loan (the

“collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the

Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the

Master Portfolio bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The

money market fund in which the cash collateral has been invested may impose a discretionary liquidity fee of up to 2% of the value redeemed, if such fee is determined to be

in the best interests of such money market fund.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities,

and less the collateral investment fees. The Master Portfolio retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its

services as securities lending agent.

Pursuant to the current securities lending agreement, the Master Portfolio retains 81% of securities lending income (which excludes collateral investment fees), and this

amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar

year exceeds a specified threshold, the Master Portfolio, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending

income in an amount equal to 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total

of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Master Portfolio is shown as securities lending income — affiliated — net in the Statement of Operations. For the year

ended December 31, 2023, the Master Portfolio paid BTC $206,514 for securities lending agent services.

Notes to Financial Statements (continued)

M ASTER P ORTFOLIO N OTES TO F INANCIAL S TATEMENTS 17

Interfund Lending: In accordance with an exemptive order (the “Order”) from the SEC, the Master Portfolio may participate in a joint lending and borrowing facility for

temporary purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Master Portfolio’s

investment policies and restrictions. The Master Portfolio is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund

Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any

lower threshold provided for by the fund’s investment restrictions). If a borrowing BlackRock fund’s total outstanding borrowings exceed 10% of its total assets, each of its

outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency

purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate,

as calculated according to a formula established by the Board.

During the year ended December 31, 2023, the Master Portfolio did not participate in the Interfund Lending Program.

Trustees and Officers: Certain trustees and/or officers of the Master Portfolio are directors and/or officers of BlackRock or its affiliates.

Other Transactions: The Master Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common

investment adviser, common officers, or common trustees. For the year ended December 31, 2023, the purchase and sale transactions and any net realized gains (losses) with

affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

Master Portfolio Name Purchases Sales

Net Realized

Gain (Loss)

S&P 500 Index Master Portfolio

..................................................................................................

$ 317,564,780 $ 427,044,084 $ (65,670,115)

7. PURCHASES AND SALES

For the year ended December 31, 2023, purchases and sales of investments, excluding short-term securities, were $3,285,766,364 and $4,093,163,573, respectively.

8. INCOME TAX INFORMATION

The Master Portfolio is classified as a partnership for U.S. federal income tax purposes. As such, each investor in the Master Portfolio is treated as the owner of its

proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provision is

required. It is intended that the Master Portfolio’s assets will be managed so an investor in the Master Portfolio can satisfy the requirements of Subchapter M of the Internal

Revenue Code of 1986, as amended.

The Master Portfolio files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Master

Portfolio’s U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Master Portfolio’s state and local tax

returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Master Portfolio as of December 31, 2023, inclusive of the open tax return years, and does not

believe that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio’s financial statements.

As of December 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal

income tax purposes were as follows:

Master Portfolio Name Tax Cost

Gross Unrealized

Appreciation

Gross Unrealized

Depreciation

Net Unrealized

Appreciation

(Depreciation)

S&P 500 Index Master Portfolio

..........................................................

$ 14,829,138,667 $ 22,015,832,274 $ (776,430,129) $ 21,239,402,145

9. BANK BORROWINGS

MIP, on behalf of the Master Portfolio, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.50 billion credit

agreement with a group of lenders. Under this agreement, the Master Portfolio may borrow to fund shareholder redemptions. Excluding commitments designated for certain

individual funds, the Participating Funds, including the Master Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to

asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts

and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per

annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple

Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement

expires in April 2024 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and

relative net assets of Participating Funds. During the year ended December 31, 2023, the Master Portfolio did not borrow under the credit agreement.

Notes to Financial Statements (continued)

18 2023 B LACKR OCK A NNUAL R EPORT TO S HAREHOLDERS

10. PRINCIPAL RISKS

In the normal course of business, the Master Portfolio invests in securities or other instruments and may enter into certain transactions, and such activities subject the Master

Portfolio to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other

instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political

and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or

global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the

Master Portfolio and its investments. The Master Portfolio’s prospectus provides details of the risks to which the Master Portfolio is subject.

The Manager uses an indexing approach to try to achieve the Master Portfolio’s investment objective. The Master Portfolio is not actively managed, and the Manager generally

does not attempt to take defensive positions under any market conditions, including declining markets.

The Master Portfolio may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00,

which may be subject to discretionary liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due

to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries.

The Master Portfolio may invest in illiquid investments. An illiquid investment is any investment that the Master Portfolio reasonably expects cannot be sold or disposed of in

current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Master Portfolio may

experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended

periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Master

Portfolio’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of

the Master Portfolio may lose value, regardless of the individual results of the securities and other instruments in which the Master Portfolio invests.

Counterparty Credit Risk: The Master Portfolio may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments

related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The M aster Portfolio manages

counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by

monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Master Portfolio to market, issuer and counterparty credit risks, consist

principally of financial instruments and receivables due from counterparties. The extent of the Master Portfolio’s exposure to market, issuer and counterparty credit risks with

respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Master Portfolio.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying

instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Master Portfolio since the exchange or clearinghouse, as counterparty to such instruments,

guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse.

While offset rights may exist under applicable law, the Master Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a

default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing

broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or

goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated

on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Master Portfolio.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular

investment will have a material impact on the NAV of a fund. The investment concentrations within the Master Portfolio’s portfolio are disclosed in its Schedule of Investments.

The Master Portfolio invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this

manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Master Portfolio and could

affect the income from, or the value or liquidity of, the Master Portfolio’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

The Master Portfolio invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade

regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges.

Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain

securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future

economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt

ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries

deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these

trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Master Portfolio invests.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited

period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the

fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

Notes to Financial Statements (continued)

M ASTER P ORTFOLIO N OTES TO F INANCIAL S TATEMENTS 19

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Master Portfolio through the date the financial statements were issued and has determined that there

were no subsequent events requiring adjustment or additional disclosure in the financial statements.

Notes to Financial Statements (continued)

20 2023 B LACKR OCK A NNUAL R EPORT TO S HAREHOLDERS

To the Board of Trustees of

Master Investment Portfolio and Investors of S&P 500 Index Master Portfolio

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of S&P 500 Index Master Portfolio (one of the series constituting

Master Investment Portfolio, referred to hereafter as the "Master Portfolio") as of December 31, 2023, the related statement of operations for the year ended December 31,

2023, the statement of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each

of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all

material respects, the financial position of the Master Portfolio as of December 31, 2023, the results of its operations for the year then ended, the changes in its net assets for

each of the two years in the period ended December 31, 2023 and the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with

accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Master Portfolio’s management. Our responsibility is to express an opinion on the Master Portfolio’s financial

statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required

to be independent with respect to the Master Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and

Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain

reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures

that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also

included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our

audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 14, 2024

We have served as the auditor of one or more BlackRock investment companies since 2000.

Report of Independent Registered Public Accounting Firm

M ASTER P ORTFOLIO R EPORT OF I NDEPENDENT R EGISTERED P UBLIC A CCOUNTING F IRM 21

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), BlackRock Funds III and Master Investment Portfolio (the

“Trusts”) have adopted and implemented a liquidity risk management program (the “Program”) for iShares S&P 500 Index Fund and S&P 500 Index Master Portfolio (the

“Funds”), each a series of the respective Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trusts, on behalf of the Funds, met on November 16-17, 2023 (the “Meeting”) to review the Program. The Board previously

appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain BlackRock funds, as the program administrator for each

Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the

Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness

of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the

“Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity

buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each

Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including th e imposition of capital

controls in certain countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s

liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the

Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure with a focus on funds withmore

significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification

methodology by taking issuer position sizes into account. Where a fund participated in borrowings for investment purposes (such as tender option bonds or reverse

repurchase agreements), such borrowings were factored into the Program’s calculation of a fund’s liquidity bucketing. A fund’s derivative exposure was also

considered in such calculation.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period,

the Committee reviewed historical redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size

utilized for liquidity classifications. Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee

may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be

available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered the terms of the credit facility committed to each

Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the

aggregate commitment amount is specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V, and BlackRock Floating

Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the funds, such as the ability to use

reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification

methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is

operating as intended and is effective in implementing the requirements of the Liquidity Rule.

Statement Regarding Liquidity Risk Management Program

22 2023 B LACKR OCK A NNUAL R EPORT TO S HAREHOLDERS

Independent Trustees

(a)

Name

Year of Birth

(b)

Position(s) Held

(Length of Service)

(c)

Principal Occupation(s) During Past 5 Years

Number of BlackRock-Advised

Registered Investment Companies

(“RICs”) Consisting of Investment

Portfolios (“Portfolios”) Overseen

Public Company

and Other

Investment

Company

Directorships Held

During

Past 5 Years

Mark Stalnecker

1951

Chair of the Board

(Since 2019) and

Trustee

(Since 2015)

Chief Investment Officer, University of Delaware from

1999 to 2013; Trustee and Chair of the Finance and

Investment Committees, Winterthur Museum and Country

Estate from 2005 to 2016; Member of the Investment

Committee, Delaware Public Employees’ Retirement

System since 2002; Member of the Investment Committee,

Christiana Care Health System from 2009 to 2017;

Member of the Investment Committee, Delaware

Community Foundation from 2013 to 2014; Director and

Chair of the Audit Committee, SEI Private Trust Co. from

2001 to 2014.

28 RICs consisting of 166 Portfolios None

Susan J. Carter

1956

Trustee

(Since 2016)

Trustee, Financial Accounting Foundation from 2017 to

2021; Advisory Board Member, Center for Private Equity

and Entrepreneurship at Tuck School of Business from

1997 to 2021; Director, Pacific Pension Institute from

2014 to 2018; Senior Advisor, Commonfund Capital, Inc.

(“CCI”) (investment adviser) in 2015; Chief Executive

Officer, CCI from 2013 to 2014; President & Chief

Executive Officer, CCI from 1997 to 2013; Advisory Board

Member, Girls Who Invest from 2015 to 2018 and Board

Member thereof from 2018 to 2022; Advisory Board

Member, Bridges Fund Management from 2016 to 2018;

Practitioner Advisory Board Member, Private Capital

Research Institute ("PCRI") since 2017; Lecturer in the

Practice of Management, Yale School of Management

since 2019; Advisor to Finance Committee, Altman

Foundation since 2020; Investment Committee Member,

Tostan since 2021; Member of the President’s Counsel,

Commonfund since 2023.

28 RICs consisting of 166 Portfolios None

Collette Chilton

1958

Trustee

(Since 2015)

Senior advisor, Insignia since 2024; Chief Investment

Officer, Williams College from 2006 to 2023; Chief

Investment Officer, Lucent Asset Management Corporation

from 1998 to 2006; Director, Boys and Girls Club of Boston

since 2017; Director, B1 Capital since 2018; Director,

David and Lucile Packard Foundation since 2020.

28 RICs consisting of 166 Portfolios None

Neil A. Cotty

1954

Trustee

(Since 2016)

Bank of America Corporation from 1996 to 2015, serving in

various senior finance leadership roles, including Chief

Accounting Officer from 2009 to 2015, Chief Financial

Officer of Global Banking, Markets and Wealth

Management from 2008 to 2009, Chief Accounting Officer

from 2004 to 2008, Chief Financial Officer of Consumer

Bank from 2003 to 2004, Chief Financial Officer of Global

Corporate Investment Bank from 1999 to 2002.

28 RICs consisting of 166 Portfolios None

Lena G. Goldberg

1949

Trustee

(Since 2019)

Director, Pioneer Public Interest Law Center since 2023;

Director, Charles Stark Draper Laboratory, Inc. from

2013 to 2021; Senior Lecturer, Harvard Business School

from 2008 to 2021; FMR LLC/Fidelity Investments

(financial services) from 1996 to 2008, serving in various

senior roles including Executive Vice President - Strategic

Corporate Initiatives and Executive Vice President and

General Counsel; Partner, Sullivan & Worcester LLP from

1985 to 1996 and Associate thereof from 1979 to 1985.

28 RICs consisting of 166 Portfolios None

Trustee and Officer Information

T RUSTEE AND O FFICER I NFORMATION 23

Independent Trustees

(a)

(continued)

Name

Year of Birth

(b)

Position(s) Held

(Length of Service)

(c)

Principal Occupation(s) During Past 5 Years

Number of BlackRock-Advised

Registered Investment Companies

(“RICs”) Consisting of Investment

Portfolios (“Portfolios”) Overseen

Public Company

and Other

Investment

Company

Directorships Held

During

Past 5 Years

Henry R. Keizer

1956

Trustee

(Since 2019)

Director, Park Indemnity Ltd. (captive insurer) from 2010 to

2022.

28 RICs consisting of 166 Portfolios GrafTech

International Ltd.

(materials

manufacturing);

Sealed Air Corp.

(packaging); WABCO

(commercial vehicle

safety systems) from

2015 to 2020; Hertz

Global Holdings (car

rental) from 2015 to

2021.

Cynthia A. Montgomery

1952

Trustee

(Since 2009)

Professor, Harvard Business School since 1989. 28 RICs consisting of 166 Portfolios None

Donald C. Opatrny

1952

Trustee

(Since 2019)

Chair of the Board of Phoenix Art Museum since 2022 and

Trustee thereof since 2018; Chair of the Investment

Committee of The Arizona Community Foundation since

2022 and Trustee thereof since 2020; Director, Athena

Capital Advisors LLC (investment management firm) from

2013 to 2020; Trustee, Vice Chair, Member of the

Executive Committee and Chair of the Investment

Committee, Cornell University from 2004 to 2019; Member

of Affordable Housing Supply Board of Jackson, Wyoming

from 2017 to 2022; Member, Investment Funds

Committee, State of Wyoming from 2017 to 2023; Trustee,

Artstor (a Mellon Foundation affiliate) from 2010 to 2015;

Member of the Investment Committee, Mellon Foundation

from 2009 to 2015; President, Trustee and Member of the

Investment Committee, The Aldrich Contemporary Art

Museum from 2007 to 2014; Trustee and Chair of the

Investment Committee, Community Foundation of Jackson

Hole since 2014.

28 RICs consisting of 166 Portfolios None

Kenneth L. Urish

1951

Trustee

(Since 2009)

Managing Partner, Urish Popeck & Co., LLC (certified

public accountants and consultants) since 1976; Past-

Chairman of the Professional Ethics Committee of the

Pennsylvania Institute of Certified Public Accountants and

Committee Member thereof since 2007; Member of

External Advisory Board, The Pennsylvania State

University Accounting Department since 2001, Emeritus

since 2022; Principal, UP Strategic Wealth Investment

Advisors, LLC since 2013; Trustee, The Holy Family

Institute from 2001 to 2010; President and Trustee,

Pittsburgh Catholic Publishing Associates from 2003 to

2008; Director, Inter-Tel from 2006 to 2007; Member,

Advisory Board, ESG Competent Boards since 2020.

28 RICs consisting of 166 Portfolios None

Claire A. Walton

1957

Trustee

(Since 2016)

Advisory Board Member, Grossman School of Business at

the University of Vermont since 2023; Advisory Board

Member, Scientific Financial Systems since 2022; General

Partner of Neon Liberty Capital Management, LLC from

2003 to 2023; Chief Operating Officer and Chief Financial

Officer of Liberty Square Asset Management, LP from

1998 to 2015; Director, Boston Hedge Fund Group from

2009 to 2018; Director, Massachusetts Council on

Economic Education from 2013 to 2015; Director,

Woodstock Ski Runners from 2013 to 2022.

28 RICs consisting of 166 Portfolios None

Trustee and Officer Information (continued)

24 2023 B LACKR OCK A NNUAL R EPORT TO S HAREHOLDERS

Interested Trustees

(a)(d)

Name

Year of Birth

(b)

Position(s) Held

(Length of Service)

(c)

Principal Occupation(s) During Past 5 Years

Number of BlackRock-Advised

(“RICs”) Consisting of Investment

Portfolios (“Portfolios”) Overseen

Public Company

and Other

Investment

Company

Directorships

Held During

Past 5 Y ears

Robert Fairbairn

1965

Trustee

(Since 2018)

Vice Chairman of BlackRock, Inc. since 2019; Member of

BlackRock’s Global Executive and Global Operating

Committees; Co-Chair of BlackRock’s Human Capital

Committee; Senior Managing Director of BlackRock, Inc.

from 2010 to 2019; oversaw BlackRock’s Strategic Partner

Program and Strategic Product Management Group from

2012 to 2019; Member of the Board of Managers of

BlackRock Investments, LLC from 2011 to 2018; Global

Head of BlackRock’s Retail and iShares businesses from

2012 to 2016.

97 RICs consisting of 268 Portfolios None

John M. Perlowski

(e)

1964

Trustee

(Since 2015)

President and Chief

Executive Officer

(Since 2010)

Managing Director of BlackRock, Inc. since 2009; Head of

BlackRock Global Accounting and Product Services since

2009; Advisory Director of Family Resource Network

(charitable foundation) since 2009.

99 RICs consisting of 270 Portfolios None

(a)

The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

(b)

Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of

Independent Trustees on a case-by-case basis, as appropriate.

(c)

In connection with the acquisition of Barclays Global Investors by BlackRock, Inc. in December 2009, certain Independent Trustees were elected to the Board. Furthermore, effective January 1,

2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee

joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds or legacy BlackRock funds as follows: Cynthia A. Montgomery, 1994;

Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016; Donald C. Opatrny, 2015.

(d)

Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust/MIP based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr.

Perlowski are also board members of the BlackRock Fixed-Income Complex.

(e)

Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

Officers Who Are Not Trustees

(a)

Name

Year of Birth

(b)

Position(s) Held

(Length of Service) Principal Occupation(s) During Past 5 Years

Roland Villacorta

1971

Vice President

(Since 2022)

Managing Director of BlackRock, Inc. since 2022; Head of Global Cash Management and Head of Securities Lending

within BlackRock’s Portfolio Management Group since 2022; Member of BlackRock’s Global Operating Committee since

2022; Head of Portfolio Management in BlackRock’s Financial Markets Advisory Group within BlackRock Solutions from

2008 to 2015; Co-Head of BlackRock Solutions’ Portfolio Analytics Group; previously Mr. Villacorta was Co-Head of Fixed

Income within BlackRock’s Risk & Quantitative Analysis Group.

Jennifer McGovern

1977

Vice President

(Since 2014)

Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product

Development and Governance for BlackRock’s Global Product Group since 2019; Head of Product Structure and Oversight

for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019.

Trent Walker

1974

Chief Financial Officer

(Since 2021)

Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019;

Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to

2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity

Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end

funds.

Jay M. Fife

1970

Treasurer

(Since 2009)

Managing Director of BlackRock, Inc. since 2007.

Aaron Wasserman

1974

Chief Compliance Officer

(Since 2023)

Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the

BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy

Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-

Income Complex and the iShares Complex from 2014 to 2023.

Lisa Belle

1968

Anti-Money Laundering

Compliance Officer

(Since 2019)

Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP

Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays

Wealth Americas from 2010 to 2012.

Trustee and Officer Information (continued)

T RUSTEE AND O FFICER I NFORMATION 25

Officers Who Are Not Trustees

(a)

(continued)

Name

Year of Birth

(b)

Position(s) Held

(Length of Service) Principal Occupation(s) During Past 5 Years

Janey Ahn

1975

Secretary

(Since 2019)

Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.

(a)

The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

(b)

Officers of the Trust/MIP serve at the pleasure of the Board.

Further information about Trust’s/MIP’s Trustees and Officers is available in the Trust’s/MIP’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer of the Trust/MIP.

Trustee and Officer Information (continued)

26 2023 B LACKR OCK A NNUAL R EPORT TO S HAREHOLDERS

Portfolio Abbreviation

ETF Exchange-Traded Fund

MSCI Morgan Stanley Capital International

S&P Standard & Poor’s

Glossary of Terms Used in this Report

G LOSSARY OF T ERMS U SED IN T HIS R EPORT 27

Appendix B

PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS

(unaudited)

A description of Transamerica Funds’ proxy voting policies and procedures is available in the Statements of Additional Information of

the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission’s

(“SEC”) website at http://www.sec.gov.

In addition, Funds are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended

June 30th, no later than August 31st of each year. The Form is available without charge: (1) on the Transamerica Funds website at

https://www.transamerica.com/sites/default/files/files/e070d/TF%20NPX%202021.pdf and (2) on the SEC’s website at

http://www.sec.gov.

Each fiscal quarter, the Transamerica Funds except Transamerica Government Money Market, and the Master Portfolio will file with the

SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Funds’ holdings as of the end of the third month of

every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at http://www.sec.gov within 60 days

of the end of the fiscal quarter.

You may also visit the Trust’s website at www.transamerica.com for this and other information about the Funds and the Trust.

Important Notice Regarding Delivery of Shareholder Documents

Every year we provide shareholders informative materials such as Transamerica Funds’ Annual Report, Semi-Annual Report,

Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica

Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. We

will continue to do this unless you tell us not to. To elect to receive individual mailings, simply call a Transamerica Customer Service

Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days.

Appendix C

NOTICE OF PRIVACY POLICY

(unaudited)

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use

“nonpublic personal information” in connection with providing our customers with a broad range of financial products and services as

effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

What Information We Collect and From Whom We Collect It

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption

history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

What Information We Disclose and To Whom We Disclose It

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent,

except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or

companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We

will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the

services for which we have hired them.

Our Security Procedures

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to

assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic

personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m.

Eastern Time.

Note: This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our

funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

In an effort to reduce paper mailings and conserve natural resources, we encourage you to

visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by

Transamerica Capital, Inc., Member of FINRA

Transamerica Capital, Inc.

1801 California St., Suite 5200

Denver, CO 80202

Visit: transamerica.com

888-233-4339

3301282 12/23