# EDGAR Filing Document

**Accession Number:** 0000787623
**File Stem:** 0001410368-25-027202
**Filing Date:** 2025-11
**Character Count:** 49176
**Document Hash:** b9da0924bce2d7f11b528e06d44f53cb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-027202.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0001410368-25-027202

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRANSAMERICA FUNDS
- **CENTRAL INDEX KEY:** 0000787623

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04556
- **FILM NUMBER:** 251501223

**BUSINESS ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** 720-482-8836

**MAIL ADDRESS:**
- **STREET 1:** 1801 CALIFORNIA STREET
- **STREET 2:** SUITE 5200
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TRANSAMERICA IDEX MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20040301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IDEX MUTUAL FDS
- **DATE OF NAME CHANGE:** 20010504

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** IDEX MUTUAL FUNDS /
- **DATE OF NAME CHANGE:** 20010423

## Series and Classes Contracts Data

### Transamerica Stock Index (Series ID: S000054675)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000171784 | R            | TSTRX           |
| C000171785 | R4           | TSTFX           |

## Nport-Ex

**Transamerica Stock Index**

------

**SCHEDULE OF INVESTMENTS**

**At September 30, 2025**

**(unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Value** |
| **MASTER PORTFOLIO - 100.0%**  | **MASTER PORTFOLIO - 100.0%**  |
| S&P 500 Index Master Portfolio | $308616876 |
| &nbsp;&nbsp; **Total Investments** <br>**(Cost $308,616,876)** | 308616876 |
| **Net Other Assets (Liabilities) - (0.0)%\*** | (146903) |
| **Net Assets - 100.0%** | **$308469973** |

---

**FOOTNOTES TO SCHEDULE OF INVESTMENTS:** 

\* *Percentage rounds to less than 0.1% or (0.1)%.*

**Transamerica Funds**

**Page 1**

------

**Transamerica Stock Index**

------

**NOTES TO SCHEDULE OF INVESTMENTS**

**At September 30, 2025**

**(unaudited)**

**INVESTMENT VALUATION**

Transamerica Stock Index (the "Fund") is a series of the Transamerica Funds.

The value of the Fund's investment in the Master Portfolio, reflected within the Schedule of Investments, displays the Fund's proportional interest in the net assets of the Master Portfolio. At the period ended September 30, 2025, the Fund held a 0.59% ownership interest in the Master Portfolio.

Information regarding the valuation policy for the underlying securities held by the Master Portfolio is discussed in the Master Portfolio's Schedule of Investments, which accompany this report.

**Transamerica Funds**

**Page 2**

------

**SEPTEMBER 30, 2025** 

 **2025 Quarterly Report**<br> **(Unaudited)**<br>

**Master Investment Portfolio** 

● S&P 500 Index Master Portfolio

&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Not FDIC Insured • May Lose Value • No Bank Guarantee** <br>

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) | **S&P 500 Index Master Portfolio** |
| September 30, 2025 | **(Percentages shown are based on Net Assets)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Aerospace & Defense — 2.2%** |  |  |
|  Axon Enterprise, Inc.<sup>(a)(b)</sup>  | 71760 | $51497846 |
|  Boeing Co.<sup>(a)</sup>  | 690301 | 148987665 |
|  General Dynamics Corp. | 232229 | 79190089 |
|  General Electric Co. | 969337 | 291595956 |
|  Howmet Aerospace, Inc. | 366639 | 71945571 |
|  Huntington Ingalls Industries, Inc. | 36487 | 10504972 |
|  L3Harris Technologies, Inc. | 169510 | 51770049 |
|  Lockheed Martin Corp. | 187799 | 93751139 |
|  Northrop Grumman Corp. | 122667 | 74743457 |
|  RTX Corp. | 1223548 | 204736287 |
|  Textron, Inc. | 163640 | 13825944 |
|  TransDigm Group, Inc. | 51909 | 68417100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1160966075 |
|  **Air Freight & Logistics — 0.3%** |  |  |
|  CH Robinson Worldwide, Inc. | 108788 | 14403531 |
|  Expeditors International of Washington, Inc. | 126689 | 15530805 |
|  FedEx Corp. | 198382 | 46780459 |
|  United Parcel Service, Inc., Class B | 667419 | 55749509 |
|  |  | 132464304 |
|  **Automobile Components — 0.0%** |  |  |
|  Aptiv PLC<sup>(a)</sup>  | 201151 | 17343239 |
|  **Automobiles — 2.4%** |  |  |
|  Ford Motor Co. | 3612415 | 43204483 |
|  General Motors Co. | 870285 | 53061276 |
|  Tesla, Inc.<sup>(a)</sup>  | 2565066 | 1140736152 |
|  |  | 1237001911 |
|  **Banks — 3.5%** |  |  |
|  Bank of America Corp. | 6228968 | 321352459 |
|  Citigroup, Inc. | 1682747 | 170798821 |
|  Citizens Financial Group, Inc. | 397412 | 21126422 |
|  Fifth Third Bancorp | 594746 | 26495934 |
|  Huntington Bancshares, Inc. | 1346498 | 23254020 |
|  JPMorgan Chase & Co. | 2513523 | 792840560 |
|  KeyCorp | 851967 | 15923263 |
|  M&T Bank Corp. | 142844 | 28228831 |
|  PNC Financial Services Group, Inc. | 358772 | 72088058 |
|  Regions Financial Corp. | 834534 | 22006662 |
|  Truist Financial Corp. | 1178660 | 53888335 |
|  U.S. Bancorp | 1415009 | 68387385 |
|  Wells Fargo & Co. | 2928234 | 245444574 |
|  |  | 1861835324 |
|  **Beverages — 1.0%** |  |  |
|  Brown-Forman Corp., Class B | 171896 | 4654944 |
|  Coca-Cola Co. | 3540546 | 234809011 |
|  Constellation Brands, Inc., Class A | 130510 | 17575782 |
|  Keurig Dr. Pepper, Inc. | 1243512 | 31721991 |
|  Molson Coors Beverage Co., Class B | 161542 | 7309775 |
|  Monster Beverage Corp.<sup>(a)</sup>  | 643891 | 43340303 |
|  PepsiCo, Inc. | 1251460 | 175755042 |
|  |  | 515166848 |
|  **Biotechnology — 1.6%** |  |  |
|  AbbVie, Inc. | 1614793 | 373889171 |
|  Amgen, Inc. | 491920 | 138819824 |
|  Biogen, Inc.<sup>(a)</sup>  | 134491 | 18839499 |
|  Gilead Sciences, Inc. | 1134210 | 125897310 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Biotechnology (continued)** |  |  |
|  Incyte Corp.<sup>(a)</sup>  | 146959 | $12463593 |
|  Moderna, Inc.<sup>(a)(b)</sup>  | 316532 | 8176021 |
|  Regeneron Pharmaceuticals, Inc. | 93118 | 52357458 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  | 233940 | 91620262 |
|  |  | 822063138 |
|  **Broadline Retail — 3.8%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup>  | 8871309 | 1947873316 |
|  eBay, Inc. | 423095 | 38480490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1986353806 |
|  **Building Products — 0.5%** |  |  |
|  A.O. Smith Corp. | 105329 | 7732202 |
|  Allegion PLC | 80857 | 14339989 |
|  Builders FirstSource, Inc.<sup>(a)</sup>  | 101737 | 12335611 |
|  Carrier Global Corp. | 733690 | 43801293 |
|  Johnson Controls International PLC | 596750 | 65612663 |
|  Lennox International, Inc. | 29620 | 15679643 |
|  Masco Corp. | 193016 | 13586396 |
|  Trane Technologies PLC | 202663 | 85515680 |
|  |  | 258603477 |
|  **Capital Markets — 3.5%** |  |  |
|  Ameriprise Financial, Inc. | 86026 | 42260273 |
|  Bank of New York Mellon Corp. | 644654 | 70241500 |
|  Blackrock, Inc.<sup>(c)</sup>  | 131642 | 153477459 |
|  Blackstone, Inc., Class A | 672637 | 114920031 |
|  Cboe Global Markets, Inc. | 96312 | 23620518 |
|  Charles Schwab Corp. | 1559717 | 148906182 |
|  CME Group, Inc., Class A | 331841 | 89660120 |
|  Coinbase Global, Inc., Class A<sup>(a)</sup>  | 206728 | 69768633 |
|  FactSet Research Systems, Inc. | 34333 | 9836061 |
|  Franklin Resources, Inc. | 275817 | 6379647 |
|  Goldman Sachs Group, Inc. | 276714 | 220361194 |
|  Interactive Brokers Group, Inc., Class A | 403498 | 27764697 |
|  Intercontinental Exchange, Inc. | 522369 | 88008729 |
|  Invesco Ltd. | 420219 | 9639824 |
|  KKR & Co., Inc., Class A | 623139 | 80976913 |
|  Moody's Corp. | 140597 | 66991659 |
|  Morgan Stanley | 1108988 | 176284732 |
|  MSCI, Inc., Class A | 70941 | 40252633 |
|  Nasdaq, Inc. | 414355 | 36649700 |
|  Northern Trust Corp. | 172199 | 23177985 |
|  Raymond James Financial, Inc. | 160864 | 27765126 |
|  Robinhood Markets, Inc., Class A<sup>(a)</sup>  | 707473 | 101295984 |
|  S&P Global, Inc. | 285653 | 139030172 |
|  State Street Corp. | 254884 | 29569093 |
| T. Rowe Price Group, Inc. | 204281 | 20967402 |
|  |  | 1817806267 |
|  **Chemicals — 1.1%** |  |  |
|  Air Products and Chemicals, Inc. | 204384 | 55739605 |
|  Albemarle Corp. | 108311 | 8781856 |
|  CF Industries Holdings, Inc. | 149855 | 13441994 |
|  Corteva, Inc. | 616881 | 41719662 |
|  Dow, Inc. | 659194 | 15115318 |
|  DuPont de Nemours, Inc. | 386723 | 30125722 |
|  Eastman Chemical Co. | 108897 | 6865956 |
|  Ecolab, Inc. | 231858 | 63496632 |
|  International Flavors & Fragrances, Inc. | 235123 | 14469469 |
|  Linde PLC | 428626 | 203597350 |
|  LyondellBasell Industries NV, Class A | 240310 | 11784802 |

---

3.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued) | **S&P 500 Index Master Portfolio** |
| September 30, 2025 | **(Percentages shown are based on Net Assets)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Chemicals (continued)** |  |  |
|  Mosaic Co. | 295160 | $10236149 |
|  PPG Industries, Inc. | 208203 | 21884217 |
|  Sherwin-Williams Co. | 212128 | 73451441 |
|  |  | 570710173 |
|  **Commercial Services & Supplies — 0.5%** |  |  |
|  Cintas Corp. | 315419 | 64742904 |
|  Copart, Inc.<sup>(a)</sup>  | 809813 | 36417291 |
|  Republic Services, Inc. | 186609 | 42823033 |
|  Rollins, Inc. | 257202 | 15108046 |
|  Veralto Corp. | 230462 | 24569554 |
|  Waste Management, Inc. | 338363 | 74720701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258381529 |
|  **Communications Equipment — 0.9%** |  |  |
|  Arista Networks, Inc.<sup>(a)</sup>  | 942088 | 137271642 |
|  Cisco Systems, Inc. | 3619795 | 247666374 |
|  F5, Inc.<sup>(a)</sup>  | 52820 | 17070896 |
|  Motorola Solutions, Inc. | 151714 | 69377295 |
|  |  | 471386207 |
|  **Construction & Engineering — 0.2%** |  |  |
|  EMCOR Group, Inc. | 40918 | 26577878 |
|  Quanta Services, Inc.<sup>(b)</sup>  | 136178 | 56434887 |
|  |  | 83012765 |
|  **Construction Materials — 0.1%** |  |  |
|  Martin Marietta Materials, Inc. | 55520 | 34993146 |
|  Vulcan Materials Co. | 121949 | 37513951 |
|  |  | 72507097 |
|  **Consumer Finance — 0.6%** |  |  |
|  American Express Co. | 496157 | 164803509 |
|  Capital One Financial Corp. | 584561 | 124265977 |
|  Synchrony Financial | 335835 | 23861077 |
|  |  | 312930563 |
|  **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |  |
|  Costco Wholesale Corp. | 405378 | 375230038 |
|  Dollar General Corp. | 201488 | 20823785 |
|  Dollar Tree, Inc.<sup>(a)(b)</sup>  | 173300 | 16354321 |
|  Kroger Co. | 548879 | 36999934 |
|  Sysco Corp. | 434048 | 35739512 |
|  Target Corp. | 419689 | 37646103 |
|  Walmart, Inc. | 4012152 | 413492385 |
|  |  | 936286078 |
|  **Containers & Packaging — 0.2%** |  |  |
|  Amcor PLC | 2084304 | 17049607 |
|  Avery Dennison Corp. | 72987 | 11836302 |
|  Ball Corp. | 256645 | 12940041 |
|  International Paper Co. | 486245 | 22561768 |
|  Packaging Corp. of America | 81722 | 17809675 |
|  Smurfit WestRock PLC | 461714 | 19655165 |
|  |  | 101852558 |
|  **Distributors — 0.1%** |  |  |
|  Genuine Parts Co. | 127142 | 17621881 |
|  LKQ Corp. | 244023 | 7452463 |
|  Pool Corp. | 30019 | 9307991 |
|  |  | 34382335 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |  |
|  AT&T, Inc. | 6536097 | $184579379 |
|  Verizon Communications, Inc. | 3854101 | 169387739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353967118 |
|  **Electric Utilities — 1.5%** |  |  |
|  Alliant Energy Corp. | 237994 | 16043176 |
|  American Electric Power Co., Inc. | 491153 | 55254712 |
|  Constellation Energy Corp. | 285437 | 93928754 |
|  Duke Energy Corp. | 715332 | 88522335 |
|  Edison International | 354532 | 19598529 |
|  Entergy Corp. | 407681 | 37991792 |
|  Evergy, Inc. | 211153 | 16051851 |
|  Eversource Energy | 337491 | 24009110 |
|  Exelon Corp. | 932811 | 41985823 |
|  FirstEnergy Corp. | 478825 | 21939761 |
|  NextEra Energy, Inc. | 1882380 | 142100866 |
|  NRG Energy, Inc. | 173943 | 28170069 |
|  PG&E Corp. | 2028414 | 30588483 |
|  Pinnacle West Capital Corp. | 110533 | 9910389 |
|  PPL Corp. | 681022 | 25306778 |
|  Southern Co. | 1001131 | 94877185 |
|  Xcel Energy, Inc. | 531671 | 42879266 |
|  |  | 789158879 |
|  **Electrical Equipment — 0.9%** |  |  |
|  AMETEK, Inc. | 211744 | 39807872 |
|  Eaton Corp. PLC | 355855 | 133178734 |
|  Emerson Electric Co. | 511368 | 67081254 |
|  GE Vernova, Inc. | 248837 | 153009871 |
|  Generac Holdings, Inc.<sup>(a)</sup>  | 54235 | 9078939 |
|  Hubbell, Inc. | 49639 | 21360158 |
|  Rockwell Automation, Inc. | 101597 | 35511200 |
|  |  | 459028028 |
|  **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |  |
|  Amphenol Corp., Class A | 1115087 | 137992016 |
|  CDW Corp./DE | 121738 | 19390429 |
|  Corning, Inc. | 708245 | 58097337 |
|  Jabil, Inc. | 99325 | 21570410 |
|  Keysight Technologies, Inc.<sup>(a)</sup>  | 158813 | 27779570 |
|  TE Connectivity PLC | 272184 | 59752554 |
|  Teledyne Technologies, Inc.<sup>(a)</sup>  | 41714 | 24446073 |
|  Trimble, Inc.<sup>(a)</sup>  | 220982 | 18043180 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup>  | 47132 | 14005745 |
|  |  | 381077314 |
|  **Energy Equipment & Services — 0.2%** |  |  |
|  Baker Hughes Co., Class A | 909150 | 44293788 |
|  Halliburton Co. | 757676 | 18638829 |
|  Schlumberger NV | 1359386 | 46722097 |
|  |  | 109654714 |
|  **Entertainment — 1.6%** |  |  |
|  Electronic Arts, Inc. | 205632 | 41475975 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup>  | 145018 | 23695941 |
|  Netflix, Inc.<sup>(a)</sup>  | 388421 | 465685705 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup>  | 156051 | 40317336 |
|  TKO Group Holdings, Inc., Class A | 62222 | 12566355 |
|  Walt Disney Co. | 1643474 | 188177773 |
|  Warner Bros Discovery, Inc., Class A<sup>(a)</sup>  | 2263079 | 44197933 |
|  |  | 816117018 |
|  **Financial Services — 4.0%** |  |  |
|  Apollo Global Management, Inc. | 417809 | 55681405 |

---

M A S T E R P O R T F O L I O S C H E D U L E O F I N V E S T M E N T S 4

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued) | **S&P 500 Index Master Portfolio** |
| September 30, 2025 | **(Percentages shown are based on Net Assets)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Financial Services (continued)** |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup>  | 1676199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842692285 |
|  Block, Inc., Class A<sup>(a)</sup>  | 499469 | 36096625 |
|  Corpay, Inc.<sup>(a)</sup>  | 65175 | 18774311 |
|  Fidelity National Information Services, Inc. | 484748 | 31964283 |
|  Fiserv, Inc.<sup>(a)</sup>  | 496893 | 64064415 |
|  Global Payments, Inc. | 224988 | 18692003 |
|  Jack Henry & Associates, Inc. | 65638 | 9775467 |
|  Mastercard, Inc., Class A | 754574 | 429209237 |
|  PayPal Holdings, Inc.<sup>(a)</sup>  | 873302 | 58563632 |
|  Visa, Inc., A Shares | 1552749 | 530077454 |
|  |  | 2095591117 |
|  **Food Products — 0.5%** |  |  |
|  Archer-Daniels-Midland Co. | 439711 | 26268335 |
|  Bunge Global SA | 121411 | 9864644 |
|  Campbell's Co. | 184501 | 5826542 |
|  Conagra Brands, Inc. | 428805 | 7851420 |
|  General Mills, Inc. | 483499 | 24378020 |
|  Hershey Co. | 137089 | 25642497 |
|  Hormel Foods Corp. | 265222 | 6561592 |
|  J.M. Smucker Co. | 96634 | 10494452 |
|  Kellanova | 246792 | 20241880 |
|  Kraft Heinz Co. | 758718 | 19757017 |
|  Lamb Weston Holdings, Inc. | 132939 | 7721097 |
|  McCormick & Co., Inc. | 233198 | 15603278 |
|  Mondelez International, Inc., Class A | 1179935 | 73710539 |
|  Tyson Foods, Inc., Class A | 267818 | 14542517 |
|  |  | 268463830 |
|  **Gas Utilities — 0.0%** |  |  |
|  Atmos Energy Corp. | 145784 | 24892618 |
|  **Ground Transportation — 0.9%** |  |  |
|  CSX Corp. | 1697384 | 60274106 |
|  JB Hunt Transport Services, Inc. | 71067 | 9535059 |
|  Norfolk Southern Corp. | 205080 | 61608083 |
|  Old Dominion Freight Line, Inc. | 170546 | 24009466 |
|  Uber Technologies, Inc.<sup>(a)</sup>  | 1906261 | 186756390 |
|  Union Pacific Corp. | 542092 | 128134286 |
|  |  | 470317390 |
|  **Health Care Equipment & Supplies — 2.0%** |  |  |
|  Abbott Laboratories | 1590937 | 213090102 |
|  Align Technology, Inc.<sup>(a)</sup>  | 56792 | 7111494 |
|  Baxter International, Inc. | 484238 | 11026099 |
|  Becton Dickinson & Co. | 264380 | 49484005 |
|  Boston Scientific Corp.<sup>(a)</sup>  | 1353445 | 132136835 |
|  Cooper Cos., Inc.<sup>(a)</sup>  | 182897 | 12539418 |
|  Dexcom, Inc.<sup>(a)</sup>  | 362174 | 24370689 |
|  Edwards Lifesciences Corp.<sup>(a)</sup>  | 541313 | 42097912 |
|  GE HealthCare Technologies, Inc.<sup>(a)</sup>  | 421182 | 31630768 |
|  Hologic, Inc.<sup>(a)</sup>  | 204261 | 13785575 |
|  IDEXX Laboratories, Inc.<sup>(a)(b)</sup>  | 72255 | 46162997 |
|  Insulet Corp.<sup>(a)</sup>  | 64441 | 19894870 |
|  Intuitive Surgical, Inc.<sup>(a)</sup>  | 327680 | 146548326 |
|  Medtronic PLC | 1171192 | 111544326 |
|  ResMed, Inc. | 135142 | 36992420 |
|  Solventum Corp.<sup>(a)</sup>  | 131883 | 9627459 |
|  STERIS PLC | 91043 | 22527680 |
|  Stryker Corp. | 314339 | 116201698 |
|  Zimmer Biomet Holdings, Inc. | 182436 | 17969946 |
|  |  | 1064742619 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Health Care Providers & Services — 1.6%** |  |  |
|  Cardinal Health, Inc. | 220075 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34542972 |
|  Cencora, Inc. | 177222 | 55387192 |
|  Centene Corp.<sup>(a)</sup>  | 426493 | 15217270 |
|  Cigna Group | 242769 | 69978164 |
|  CVS Health Corp. | 1164783 | 87812990 |
|  DaVita, Inc.<sup>(a)</sup>  | 30788 | 4090802 |
|  Elevance Health, Inc. | 204882 | 66201472 |
|  HCA Healthcare, Inc. | 149724 | 63812369 |
|  Henry Schein, Inc.<sup>(a)</sup>  | 94222 | 6253514 |
|  Humana, Inc. | 110981 | 28873927 |
|  Labcorp Holdings, Inc. | 76981 | 22098166 |
|  McKesson Corp. | 113698 | 87836253 |
|  Molina Healthcare, Inc.<sup>(a)(b)</sup>  | 51216 | 9800694 |
|  Quest Diagnostics, Inc. | 102406 | 19516535 |
|  UnitedHealth Group, Inc. | 827868 | 285862820 |
|  Universal Health Services, Inc., Class B | 52654 | 10764584 |
|  |  | 868049724 |
|  **Health Care REITs — 0.3%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 143991 | 12000210 |
|  Healthpeak Properties, Inc. | 628417 | 12034186 |
|  Ventas, Inc. | 417414 | 29214806 |
|  Welltower, Inc. | 611367 | 108908917 |
|  |  | 162158119 |
|  **Hotel & Resort REITs — 0.0%** |  |  |
|  Host Hotels & Resorts, Inc. | 570462 | 9709263 |
|  **Hotels, Restaurants & Leisure — 1.9%** |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup>  | 390772 | 47447536 |
|  Booking Holdings, Inc. | 29626 | 159958773 |
|  Carnival Corp.<sup>(a)</sup>  | 972983 | 28128939 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup>  | 1221607 | 47874778 |
|  Darden Restaurants, Inc. | 107582 | 20479309 |
|  Domino's Pizza, Inc. | 28550 | 12325320 |
|  DoorDash, Inc., Class A<sup>(a)</sup>  | 338371 | 92033528 |
|  Expedia Group, Inc. | 106388 | 22740435 |
|  Hilton Worldwide Holdings, Inc. | 214559 | 55665187 |
|  Las Vegas Sands Corp. | 282357 | 15187983 |
|  Marriott International, Inc., Class A | 205199 | 53442028 |
|  McDonald's Corp. | 652298 | 198226839 |
|  MGM Resorts International<sup>(a)(b)</sup>  | 184318 | 6388462 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup>  | 409414 | 10083867 |
|  Royal Caribbean Cruises Ltd. | 230717 | 74655407 |
|  Starbucks Corp. | 1034643 | 87530798 |
|  Wynn Resorts Ltd.<sup>(b)</sup>  | 81473 | 10450542 |
|  Yum! Brands, Inc. | 255961 | 38906072 |
|  |  | 981525803 |
|  **Household Durables — 0.3%** |  |  |
|  DR Horton, Inc. | 254031 | 43050633 |
|  Garmin Ltd. | 142030 | 34970627 |
|  Lennar Corp., Class A | 205073 | 25847401 |
|  Mohawk Industries, Inc.<sup>(a)</sup>  | 47153 | 6078965 |
|  NVR, Inc.<sup>(a)</sup>  | 2602 | 20906185 |
|  PulteGroup, Inc. | 177439 | 23445015 |
|  |  | 154298826 |
|  **Household Products — 0.9%** |  |  |
|  Church & Dwight Co., Inc. | 224966 | 19713771 |
|  Clorox Co. | 114557 | 14124878 |
|  Colgate-Palmolive Co. | 734193 | 58691388 |

---

5.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued) | **S&P 500 Index Master Portfolio** |
| September 30, 2025 | **(Percentages shown are based on Net Assets)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Household Products (continued)** |  |  |  |
|  Kimberly-Clark Corp. | 306850 | $| 38153729 |
|  Procter & Gamble Co. | 2141138 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328985854 |
|  |  |  | 459669620 |
|  **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  AES Corp. | 654933 |  | 8618918 |
|  Vistra Corp. | 291129 |  | 57037994 |
|  |  |  | 65656912 |
|  **Industrial Conglomerates — 0.4%** |  |  |  |
|  3M Co. | 486872 |  | 75552797 |
|  Honeywell International, Inc. | 580353 |  | 122164306 |
|  |  |  | 197717103 |
|  **Industrial REITs — 0.2%** |  |  |  |
|  Prologis, Inc. | 845784 |  | 96859184 |
|  **Insurance — 1.8%** |  |  |  |
|  Aflac, Inc. | 439995 |  | 49147442 |
|  Allstate Corp. | 239071 |  | 51316590 |
|  American International Group, Inc. | 506410 |  | 39773441 |
|  Aon PLC, Class A | 198636 |  | 70829625 |
|  Arch Capital Group Ltd. | 347655 |  | 31542738 |
|  Arthur J Gallagher & Co. | 236297 |  | 73190633 |
|  Assurant, Inc. | 45724 |  | 9903818 |
|  Brown & Brown, Inc.<sup>(b)</sup>  | 256365 |  | 24044473 |
|  Chubb Ltd. | 338928 |  | 95662428 |
|  Cincinnati Financial Corp. | 142568 |  | 22540001 |
|  Erie Indemnity Co., Class A | 22524 |  | 7166236 |
|  Everest Group Ltd. | 39262 |  | 13750730 |
|  Globe Life, Inc. | 77250 |  | 11044433 |
|  Hartford Insurance Group, Inc. | 253725 |  | 33844378 |
|  Loews Corp. | 159174 |  | 15979478 |
|  Marsh & McLennan Cos., Inc. | 448648 |  | 90416031 |
|  MetLife, Inc. | 506796 |  | 41744787 |
|  Principal Financial Group, Inc. | 190497 |  | 15794106 |
|  Progressive Corp. | 535847 |  | 132327417 |
|  Prudential Financial, Inc. | 317015 |  | 32887136 |
|  Travelers Cos., Inc. | 205793 |  | 57461521 |
|  W.R. Berkley Corp. | 277622 |  | 21271398 |
|  Willis Towers Watson PLC | 87618 |  | 30267638 |
|  |  |  | 971906478 |
|  **Interactive Media & Services — 7.2%** |  |  |  |
|  Alphabet, Inc., Class A | 5317263 |  | 1292626635 |
|  Alphabet, Inc., Class C | 4268618 |  | 1039621914 |
|  Match Group, Inc. | 205662 |  | 7263982 |
|  Meta Platforms, Inc., Class A | 1982627 |  | 1456001616 |
|  |  |  | 3795514147 |
|  **IT Services — 0.9%** |  |  |  |
|  Accenture PLC, Class A | 569344 |  | 140400230 |
|  Akamai Technologies, Inc.<sup>(a)</sup>  | 124802 |  | 9455000 |
|  Cognizant Technology Solutions Corp., Class A | 458247 |  | 30734626 |
|  EPAM Systems, Inc.<sup>(a)</sup>  | 52558 |  | 7925221 |
|  Gartner, Inc.<sup>(a)(b)</sup>  | 67668 |  | 17787887 |
|  GoDaddy, Inc., Class A<sup>(a)</sup>  | 123634 |  | 16916840 |
|  International Business Machines Corp. | 851492 |  | 240256983 |
|  VeriSign, Inc. | 74702 |  | 20884438 |
|  |  |  | 484361225 |
|  **Leisure Products — 0.0%** |  |  |  |
|  Hasbro, Inc. | 122350 |  | 9280248 |
|  **Life Sciences Tools & Services — 0.8%** |  |  |  |
|  Agilent Technologies, Inc. | 262874 |  | 33739878 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Life Sciences Tools & Services (continued)** |  |  |
|  Bio-Techne Corp. | 141448 | $7868752 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup>  | 45617 | 7137236 |
|  Danaher Corp. | 581772 | 115342117 |
|  IQVIA Holdings, Inc.<sup>(a)(b)</sup>  | 152861 | 29034418 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup>  | 18539 | 22758662 |
|  Revvity, Inc. | 107107 | 9387929 |
|  Thermo Fisher Scientific, Inc. | 345171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167414838 |
|  Waters Corp.<sup>(a)</sup>  | 55028 | 16497945 |
|  West Pharmaceutical Services, Inc. | 66235 | 17375427 |
|  |  | 426557202 |
|  **Machinery — 1.5%** |  |  |
|  Caterpillar, Inc. | 428232 | 204330899 |
|  Cummins, Inc. | 125130 | 52851158 |
|  Deere & Co. | 230231 | 105275427 |
|  Dover Corp. | 126158 | 21046939 |
|  Fortive Corp. | 314768 | 15420484 |
|  IDEX Corp. | 68305 | 11117322 |
|  Illinois Tool Works, Inc. | 241718 | 63030386 |
|  Ingersoll Rand, Inc.<sup>(b)</sup>  | 330610 | 27314998 |
|  Nordson Corp. | 49068 | 11135983 |
|  Otis Worldwide Corp. | 351943 | 32178148 |
|  PACCAR, Inc. | 483040 | 47492493 |
|  Parker-Hannifin Corp. | 117583 | 89145551 |
|  Pentair PLC | 150906 | 16714349 |
|  Snap-on, Inc. | 48128 | 16677796 |
|  Stanley Black & Decker, Inc. | 142291 | 10576490 |
|  Westinghouse Air Brake Technologies Corp. | 157421 | 31558188 |
|  Xylem, Inc./New York | 224816 | 33160360 |
|  |  | 789026971 |
|  **Media — 0.4%** |  |  |
|  Charter Communications, Inc., Class A<sup>(a)(b)</sup>  | 83459 | 22959988 |
|  Comcast Corp., Class A | 3366377 | 105771566 |
|  Fox Corp., Class A | 196747 | 12406866 |
|  Fox Corp., Class B | 124511 | 7133235 |
|  Interpublic Group of Cos., Inc. | 339491 | 9475194 |
|  News Corp., Class A | 352059 | 10811732 |
|  News Corp., Class B | 99007 | 3420692 |
|  Omnicom Group, Inc. | 179017 | 14595256 |
|  Paramount Skydance Corp., Class B<sup>(b)</sup>  | 287123 | 5432367 |
|  Trade Desk, Inc., Class A<sup>(a)(b)</sup>  | 410022 | 20095178 |
|  |  | 212102074 |
|  **Metals & Mining — 0.3%** |  |  |
|  Freeport-McMoRan, Inc. | 1318925 | 51728239 |
|  Newmont Corp. | 1004082 | 84654153 |
|  Nucor Corp. | 212455 | 28772781 |
|  Steel Dynamics, Inc. | 126338 | 17615307 |
|  |  | 182770480 |
|  **Multi-Utilities — 0.6%** |  |  |
|  Ameren Corp. | 247902 | 25876011 |
|  CenterPoint Energy, Inc. | 603809 | 23427789 |
|  CMS Energy Corp. | 273405 | 20029650 |
|  Consolidated Edison, Inc. | 329383 | 33109579 |
|  Dominion Energy, Inc. | 789781 | 48310904 |
|  DTE Energy Co. | 185564 | 26244317 |
|  NiSource, Inc. | 429563 | 18600078 |
|  Public Service Enterprise Group, Inc. | 450798 | 37623601 |
|  Sempra | 603036 | 54261179 |
|  WEC Energy Group, Inc. | 293749 | 33660698 |
|  |  | 321143806 |

---

M A S T E R P O R T F O L I O S C H E D U L E O F I N V E S T M E N T S 6

------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued) | **S&P 500 Index Master Portfolio** |
| September 30, 2025 | **(Percentages shown are based on Net Assets)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Office REITs — 0.0%** |  |  |
|  BXP, Inc. | 134395 | $9990924 |
|  **Oil, Gas & Consumable Fuels — 2.6%** |  |  |
|  APA Corp. | 324572 | 7880608 |
|  Chevron Corp. | 1759213 | 273188187 |
|  ConocoPhillips | 1141646 | 107988295 |
|  Coterra Energy, Inc. | 705210 | 16678217 |
|  Devon Energy Corp. | 570165 | 19989985 |
|  Diamondback Energy, Inc. | 172285 | 24653983 |
|  EOG Resources, Inc. | 502839 | 56378309 |
|  EQT Corp. | 548657 | 29863401 |
|  Expand Energy Corp. | 200505 | 21301651 |
|  Exxon Mobil Corp. | 3896992 | 439385848 |
|  Kinder Morgan, Inc. | 1782423 | 50460395 |
|  Marathon Petroleum Corp. | 277902 | 53562831 |
|  Occidental Petroleum Corp. | 647937 | 30615023 |
|  ONEOK, Inc. | 576231 | 42047576 |
|  Phillips 66 | 368089 | 50067466 |
|  Targa Resources Corp. | 199165 | 33368104 |
|  Texas Pacific Land Corp. | 17151 | 16012860 |
|  Valero Energy Corp. | 283202 | 48217973 |
|  Williams Cos., Inc. | 1122050 | 71081867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1392742579 |
|  **Passenger Airlines — 0.1%** |  |  |
|  Delta Air Lines, Inc. | 586839 | 33303113 |
|  Southwest Airlines Co. | 480069 | 15319002 |
|  United Airlines Holdings, Inc.<sup>(a)</sup>  | 292376 | 28214284 |
|  |  | 76836399 |
|  **Personal Care Products — 0.1%** |  |  |
|  Estee Lauder Cos., Inc., Class A | 213842 | 18843757 |
|  Kenvue, Inc. | 1780477 | 28897142 |
|  |  | 47740899 |
|  **Pharmaceuticals — 2.7%** |  |  |
|  Bristol-Myers Squibb Co. | 1872732 | 84460213 |
|  Eli Lilly & Co. | 725158 | 553295554 |
|  Johnson & Johnson | 2201439 | 408190820 |
|  Merck & Co., Inc. | 2283199 | 191628892 |
|  Pfizer, Inc. | 5197106 | 132422261 |
|  Viatris, Inc. | 1077378 | 10666042 |
|  Zoetis, Inc., Class A | 409032 | 59849562 |
|  |  | 1440513344 |
|  **Professional Services — 0.6%** |  |  |
|  Automatic Data Processing, Inc. | 370246 | 108667201 |
|  Broadridge Financial Solutions, Inc. | 104979 | 25002848 |
|  Dayforce, Inc.<sup>(a)(b)</sup>  | 149647 | 10309182 |
|  Equifax, Inc. | 113878 | 29213123 |
|  Jacobs Solutions, Inc. | 110662 | 16583807 |
|  Leidos Holdings, Inc. | 119286 | 22540283 |
|  Paychex, Inc. | 293991 | 37266299 |
|  Paycom Software, Inc. | 44828 | 9330500 |
|  Verisk Analytics, Inc. | 129074 | 32463402 |
|  |  | 291376645 |
|  **Real Estate Management & Development<sup>(a)</sup> — 0.1%** |  |  |
|  CBRE Group, Inc., Class A<sup>(b)</sup>  | 269354 | 42439416 |
|  CoStar Group, Inc. | 389138 | 32831573 |
|  |  | 75270989 |
|  **Residential REITs — 0.2%** |  |  |
|  AvalonBay Communities, Inc. | 129937 | 25099930 |
|  Camden Property Trust | 98209 | 10486757 |
|  Equity Residential | 317431 | 20547309 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Residential REITs (continued)** |  |  |  |
|  Essex Property Trust, Inc. | 59973 | $| 16052373 |
|  Invitation Homes, Inc. | 519096 |  | 15225086 |
|  Mid-America Apartment Communities, Inc. | 107620 |  | 15037743 |
|  UDR, Inc. | 278417 |  | 10373817 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112823015 |
|  **Retail REITs — 0.3%** |  |  |  |
|  Federal Realty Investment Trust | 70241 |  | 7116116 |
|  Kimco Realty Corp. | 633005 |  | 13831159 |
|  Realty Income Corp. | 832076 |  | 50581900 |
|  Regency Centers Corp. | 151604 |  | 11051931 |
|  Simon Property Group, Inc. | 298437 |  | 56007672 |
|  |  |  | 138588778 |
|  **Semiconductors & Semiconductor Equipment — 13.6%** | **Semiconductors & Semiconductor Equipment — 13.6%** | **Semiconductors & Semiconductor Equipment — 13.6%** | **Semiconductors & Semiconductor Equipment — 13.6%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup>  | 1483426 |  | 240003493 |
|  Analog Devices, Inc. | 453004 |  | 111303083 |
|  Applied Materials, Inc. | 733556 |  | 150188255 |
|  Broadcom, Inc. | 4299397 |  | 1418414064 |
|  First Solar, Inc.<sup>(a)(b)</sup>  | 98251 |  | 21667293 |
|  Intel Corp. | 4017262 |  | 134779140 |
|  KLA Corp. | 120624 |  | 130105046 |
|  Lam Research Corp. | 1156892 |  | 154907839 |
|  Microchip Technology, Inc. | 492977 |  | 31658983 |
|  Micron Technology, Inc. | 1022981 |  | 171165181 |
|  Monolithic Power Systems, Inc. | 43974 |  | 40484223 |
|  NVIDIA Corp. | 22303801 |  | 4161443191 |
|  NXP Semiconductors NV | 229281 |  | 52214162 |
|  ON Semiconductor Corp.<sup>(a)</sup>  | 368877 |  | 18189325 |
|  QUALCOMM, Inc. | 985868 |  | 164009000 |
|  Skyworks Solutions, Inc. | 136217 |  | 10485985 |
|  Teradyne, Inc. | 146728 |  | 20195642 |
|  Texas Instruments, Inc. | 831033 |  | 152685693 |
|  |  |  | 7183899598 |
|  **Software — 11.3%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup>  | 387757 |  | 136781282 |
|  AppLovin Corp., Class A<sup>(a)</sup>  | 247462 |  | 177811345 |
|  Autodesk, Inc.<sup>(a)</sup>  | 196565 |  | 62442804 |
|  Cadence Design Systems, Inc.<sup>(a)</sup>  | 248398 |  | 87252281 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)(b)</sup>  | 227143 |  | 111386384 |
|  Datadog, Inc., Class A<sup>(a)</sup>  | 292994 |  | 41722346 |
|  Fair Isaac Corp.<sup>(a)(b)</sup>  | 21850 |  | 32699180 |
|  Fortinet, Inc.<sup>(a)</sup>  | 588076 |  | 49445430 |
|  Gen Digital, Inc. | 501822 |  | 14246727 |
|  Intuit, Inc. | 254983 |  | 174130441 |
|  Microsoft Corp. | 6794584 |  | 3519254783 |
|  Oracle Corp. | 1514841 |  | 426033883 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup>  | 2078881 |  | 379229472 |
|  Palo Alto Networks, Inc.<sup>(a)(b)</sup>  | 610367 |  | 124282929 |
|  PTC, Inc.<sup>(a)</sup>  | 110124 |  | 22357374 |
|  Roper Technologies, Inc. | 98783 |  | 49262094 |
|  Salesforce, Inc. | 873870 |  | 207107190 |
|  ServiceNow, Inc.<sup>(a)</sup>  | 190826 |  | 175613351 |
|  Synopsys, Inc.<sup>(a)</sup>  | 170438 |  | 84092405 |
|  Tyler Technologies, Inc.<sup>(a)(b)</sup>  | 39833 |  | 20839032 |
|  Workday, Inc., Class A<sup>(a)</sup>  | 195879 |  | 47153952 |
|  |  |  | 5943144685 |
|  **Specialized REITs — 0.8%** |  |  |  |
|  American Tower Corp. | 430928 |  | 82876073 |
|  Crown Castle, Inc. | 399309 |  | 38529325 |
|  Digital Realty Trust, Inc. | 291969 |  | 50475601 |
|  Equinix, Inc. | 89270 |  | 69919835 |
|  Extra Space Storage, Inc. | 195314 |  | 27527555 |

---

7.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued) | **S&P 500 Index Master Portfolio** |
| September 30, 2025 | **(Percentages shown are based on Net Assets)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Specialized REITs (continued)** |  |  |  |
|  Iron Mountain, Inc. | 264202 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26932752 |
|  Public Storage | 144681 |  | 41791107 |
|  SBA Communications Corp. | 100105 |  | 19355302 |
|  VICI Properties, Inc. | 971833 |  | 31691474 |
|  Weyerhaeuser Co. | 672914 |  | 16681538 |
|  |  |  | 405780562 |
|  **Specialty Retail — 1.8%** |  |  |  |
|  AutoZone, Inc.<sup>(a)</sup>  | 15373 |  | 65953860 |
|  Best Buy Co., Inc. | 174647 |  | 13206806 |
|  CarMax, Inc.<sup>(a)</sup>  | 137184 |  | 6155446 |
|  Home Depot, Inc. | 909454 |  | 368501666 |
|  Lowe's Cos., Inc. | 512166 |  | 128712438 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup>  | 775603 |  | 83617759 |
|  Ross Stores, Inc. | 302024 |  | 46025437 |
|  TJX Cos., Inc. | 1019774 |  | 147398134 |
|  Tractor Supply Co. | 491033 |  | 27925047 |
|  Ulta Beauty, Inc.<sup>(a)</sup>  | 41191 |  | 22521179 |
|  Williams-Sonoma, Inc. | 109476 |  | 21397084 |
|  |  |  | 931414856 |
|  **Technology Hardware, Storage & Peripherals — 7.0%** | **Technology Hardware, Storage & Peripherals — 7.0%** | **Technology Hardware, Storage & Peripherals — 7.0%** | **Technology Hardware, Storage & Peripherals — 7.0%** |
|  Apple, Inc. | 13565455 |  | 3454171807 |
|  Dell Technologies, Inc., Class C | 274339 |  | 38893040 |
|  Hewlett Packard Enterprise Co. | 1215797 |  | 29859974 |
|  HP, Inc. | 868302 |  | 23643864 |
|  NetApp, Inc. | 179206 |  | 21228743 |
|  Seagate Technology Holdings PLC | 194104 |  | 45820190 |
|  Super Micro Computer, Inc.<sup>(a)(b)</sup>  | 455834 |  | 21852682 |
|  Western Digital Corp. | 313469 |  | 37635088 |
|  |  |  | 3673105388 |
|  **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |  |
|  Deckers Outdoor Corp.<sup>(a)</sup>  | 139577 |  | 14148920 |
|  Lululemon Athletica, Inc.<sup>(a)(b)</sup>  | 102634 |  | 18261668 |
|  NIKE, Inc., Class B | 1089705 |  | 75985130 |
|  Ralph Lauren Corp., Class A | 33662 |  | 10555057 |
|  Tapestry, Inc. | 189456 |  | 21450208 |
|  |  |  | 140400983 |
|  **Tobacco — 0.6%** |  |  |  |
|  Altria Group, Inc. | 1535572 |  | 101439886 |
|  Philip Morris International, Inc. | 1422863 |  | 230788379 |
|  |  |  | 332228265 |
|  **Trading Companies & Distributors — 0.3%** |  |  |  |
|  Fastenal Co. | 1057601 |  | 51864753 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
|  United Rentals, Inc. | 58813 | $56146419 |
|  WW Grainger, Inc. | 40311 | 38414770 |
|  |  | 146425942 |
|  **Water Utilities — 0.0%** |  |  |
|  American Water Works Co., Inc. | 178241 | 24809365 |
|  **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
|  T-Mobile U.S., Inc. | 439625 | 105237433 |
|  **Total Common Stocks — 99.1%<br>(Cost: $15,879,398,826)** |  | 52144702173 |
|  **Investment Companies** |  |  |
|  **Capital Markets — 0.7%** |  |  |
|  iShares Core S&P 500 ETF<sup>(c)</sup>  | 549112 | 367520662 |
|  **Total Investment Companies — 0.7%<br>(Cost: $351,316,675)** |  | 367520662 |
|  **Total Long-Term Investments — 99.8%<br>(Cost: $16,230,715,501)** |  | 52512222835 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 0.7%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency<br>Shares, 4.26%<sup>(c)(d)(e)</sup>  | 282700519 | 282841870 |
|  BlackRock Cash Funds: Treasury, SL Agency<br>Shares, 4.09%<sup>(c)(d)</sup>  | 101974493 | 101974493 |
|  **Total Short-Term Securities — 0.7%<br>(Cost: $384,758,081)** |  | 384816363 |
|  **Total Investments — 100.5%<br>(Cost: $16,615,473,582)** |  | 52897039198 |
|  **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (259892650) |
|  **Net Assets — 100.0%** |  | $52637146548 |

---

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan.

<sup>(c)</sup> Affiliate of the Master Portfolio.

<sup>(d)</sup> Annualized 7-day yield as of period end.

<sup>(e)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities.

For purposes of this report, industry and sector sub-classifications may differ from those utilized by the Master Portfolio for compliance purposes.

M A S T E R P O R T F O L I O S C H E D U L E O F I N V E S T M E N T S 8

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| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued) | **S&P 500 Index Master Portfolio** |
| September 30, 2025 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the period ended September 30, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at*<br> *12/31/24* | *Purchases*<br> *at Cost* | *Proceeds*<br> *from Sales* | *Net*<br> *Realized*<br> *Gain (Loss)* | *Change in*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* | *Value at*<br> *09/30/25* | *Shares*<br> *Held at*<br> *09/30/25* | *Income* | *Capital Gain*<br> *Distributions*<br> *from*<br> *Underlying*<br> *Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $196905512 | $85981456 <sup>(a)</sup> | $— | $(41605) | $(3493) | $282841870 | 282700519 | $1219929 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 120252759 |  | (18278266)<sup>(a)</sup> |  |  | 101974493 | 101974493 | 5419902 |  |
|  Blackrock, Inc. | 138023886 | 5410155 | (9698479) | 720188 | 19021709 | 153477459 | 131642 | 2125008 |  |
|  iShares Core S&P 500 ETF | 299532746 | 2276236019 | (2218441469) | 56568720 | (46375354) | 367520662 | 549112 | 1740377 |  |
|  |  |  |  | $57247303 | $(27357138) | $905814484 |  | $10505216 | $— |

---

<sup>(a)</sup> Represents net amount purchased (sold). 

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral investment fees, and other payments to and from borrowers of securities.

**Derivative Financial Instruments Outstanding as of Period End** 

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts* | *Expiration*<br> *Date* | *Notional*<br> *Amount (000)* | *Value/*<br> *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
|  Long Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500 E-Mini Index | 321 | 12/19/25 | $108157 | $1026998 |

---

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments at the measurement date. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – Unadjusted price quotations in active markets/exchanges that the Master Portfolio has the
ability to access for identical assets or liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the
asset or liability, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Inputs that are unobservable and significant to the entire fair value measurement for the
asset or liability (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. For information about the Master Portfolio's policy regarding valuation of financial instruments, refer to its most recent 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 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $52144702173 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $52144702173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 367520662 |  |  | 367520662 |

---

9.0 ------

---

| | |
|:---|:---|
| Schedule of Investments (unaudited) (continued) | **S&P 500 Index Master Portfolio** |
| September 30, 2025 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | $384816363 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $384816363 |
|  | $52897039198 | $— | $— | $52897039198 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $1026998 | $— | $— | $1026998 |

---

<sup>(a)</sup> Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

**Portfolio Abbreviation** 

---

| | |
|:---|:---|
| ETF | Exchange-Traded Fund |
| MSCI | Morgan Stanley Capital International |
| S&P | Standard & Poor's |

---

M A S T E R P O R T F O L I O S C H E D U L E O F I N V E S T M E N T S 10

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** TRANSAMERICA FUNDS

- **b. Investment Company Act file number:** 811-04556

- **c. CIK number of Registrant:** 0000787623

- **d. LEI of Registrant:** 54930088ZHZE1VMYEY52

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1801 CALIFORNIA STREET

  - **City:** DENVER

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80202

  - **Telephone number:** 720-493-4256

**Item A.2. Information about the Series.**

- **a. Name of Series:** Transamerica Stock Index

- **b. EDGAR series identifier (if any):** S000054675

- **c. LEI of Series:** 5493002Z4Q5PBLUBXB94

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $308431580.48

**Total Liabilities:** $147418.43

**Net Assets:** $308284162.05

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000171785 | 2.21%                | 2.02%                | 3.61%                |
| Class ID C000171784 | 2.16%                | 2.02%                | 3.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $0.00                                      |

### Schedule of Portfolio Investments

| Name                        | Title                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   | Fair Value Level   | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| MASTER INVESTMENT PORTFOLIO | S&P 500 Index Master Portfolio | CUSIP: 000000000<br>LEI: 5493004HQXF0DFT60U28 | Long             | EC               | RF                | US        |    506537 | NS      | $308431065.15 | 100.05%           |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

**Name of Applicant:** TRANSAMERICA FUNDS

**Signature:** Kari Seabrands

**Name of Signer:** Kari Seabrands

**Title:** Treasurer