# EDGAR Filing Document

**Accession Number:** 0000787623
**File Stem:** 0001193125-25-194982
**Filing Date:** 2025-9
**Character Count:** 265988
**Document Hash:** 84c34c9e8a09d0c79908910b3097463f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-194982.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001193125-25-194982

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04556
- **FILM NUMBER:** 251290075

**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           |

?xml version='1.0' encoding='ASCII'? TRANSAMERICA FUNDS

As filed with the Securities and Exchange Commission on September 3, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF

#### REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: <u>811-04556</u>

<u>TRANSAMERICA FUNDS</u> 

(Exact name of registrant as specified in charter)

<u>1801 California St., Suite 5200, Denver, CO 80202</u> 

(Address of principal executive offices) (Zip code)

<u>Dennis P. Gallagher, Esq., 1801 California St., Suite 5200, Denver, CO 80202</u> 

(Name and address of agent for service)

Registrant's telephone number, including area code: 1-888-233-4339

Date of fiscal year end: <u>December 31\*</u>

Date of reporting period: <u>June</u> <u>30, 2025</u>

\* <u>This Form N-CSR pertains to Transamerica Stock Index. The remaining series of the registrant have fiscal year ends of October 31.</u>

------

---

| | |
|:---|:---|
| **Item 1:** | **Report(s) to Shareholders.**  |

---

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![Image](g876538i8a1a8a24061124ec17cf.jpg)

Semi-Annual Shareholder Report

# Transamerica Stock Index

# Class R

## TSTRX
June 30, 2025

## Fund Overview
Transamerica Stock Index (the "Fund") seeks to match the performance of the S&P 500<sup>®</sup> Index. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $33 | 0.65%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. The Fund invests as a feeder fund in the S&P 500 Index Master Portfolio (the Portfolio). The expense table reflects the expenses of both the Fund and the Portfolio. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $291833105 |
| Number of Portfolio Holdings | 1 |
| Portfolio turnover rate of Master Portfolio | 7% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| |
|:---|
| S&P 500 Index Master Portfolio |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> (0.0)<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g876538i5c411d5836afdfe9386c.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the 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, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Stock Index

Class R

![Image](g876538i8a1a8a24061124ec17cf.jpg)

Semi-Annual Shareholder Report

# Transamerica Stock Index

# Class R4

## TSTFX
June 30, 2025

## Fund Overview
Transamerica Stock Index (the "Fund") seeks to match the performance of the S&P 500<sup>®</sup> Index. This semi-annual shareholder report contains important information for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at **888-233-4339**.

## What were the Fund costs for the period?
**Fund Overview Operating Expenses**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R4 | $15 | 0.30%<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized. The Fund invests as a feeder fund in the S&P 500 Index Master Portfolio (the Portfolio). The expense table reflects the expenses of both the Fund and the Portfolio. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $291833105 |
| Number of Portfolio Holdings | 1 |
| Portfolio turnover rate of Master Portfolio | 7% |

---

## What did the Fund invest in?

### Asset Allocations (Percentage of Net Assets)

---

| |
|:---|
| S&P 500 Index Master Portfolio |
| Net Other Assets (Liabilities)<sup>Footnote Reference^</sup> (0.0)<sup>Footnote Reference\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentage rounds to less than 0.1% or (0.1)%. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;The Net Other Assets (Liabilities) category may include, but is not limited to, reverse repurchase agreements, forward foreign currency contracts, futures contracts, swap agreements, written options and swaptions, and cash collateral. |

---

## Additional Information
Additional information about the Fund, including the Fund's prospectus, financial information, holdings, proxy voting information, which is included in the statement of additional information, and other important information can be found on the Fund's website at: transamerica.com/investments/mutual-fund-prospectus or scanning the QR code. The Fund's proxy voting records for the most recent 12-month period ended June 30, updated no later than August 31 of each year, are available at <u>https://www.transamerica.com/financial-pro/investments/prospectus.</u>

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.transamerica.com/investments/mutual-fund-prospectus](g876538i5c411d5836afdfe9386c.jpg)

#### Householding
Every year we provide shareholders informative materials such as the Annual Report, the 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, call a Transamerica Customer Service Representative toll free at **888-233-4339**, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days after receiving your request.

Transamerica Stock Index

Class R4

------

---

| | |
|:---|:---|
| <br> **S&P 500 Index Master Portfolio** | <br> ![LOGO](g876538dsp001a.jpg)  |
| **Semi-Annual Shareholder Report — June 30, 2025**<br>| |

---

This semi-annual shareholder report contains important information about S&P 500 Index Master Portfolio (the "Master Portfolio") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Master Portfolio, which is included within the iShares S&P 500 Index Fund's additional information at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Master Portfolio costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | |
|:---|:---|
|  | **Costs of a $10,000** |
| **Master Portfolio name** | **investment** |
|  S&P 500 Index Master Portfolio | $1 0.01%<sup>(a)</sup> |

---

<sup>(a)</sup> Annualized.

---

| | |
|:---|:---|
|  **Key Master Portfolio statistics** |  |
|  Net Assets | $50123009919 |
|  Number of Portfolio Holdings | 508 |
|  Portfolio Turnover Rate | 7% |

---

#### What did the Master Portfolio invest in?
(as of June 30, 2025)

---

| | |
|:---|:---|
|  **Sector allocation**<br>|  |
|  | <br> *Percent of*  |
|  *Sector<sup>(a)</sup>* <br>| *Net Assets*  |
|  Information Technology | 33 0% |
|  Financials | 14 0 |
|  Consumer Discretionary | 10 3 |
|  Communication Services | 9 7 |
|  Health Care | 9 3 |
|  Industrials | 8 5 |
|  Consumer Staples | 5 5 |
|  Energy | 3 0 |
|  Utilities | 2 4 |
|  Real Estate | 2 0 |
|  Other\* | 2 0 |
|  Short-Term Securities | 0 8 |
|  Liabilities in Excess of Other Assets<br>| (0 5)  |

---

---

| | |
|:---|:---|
|  **Ten largest holdings**<br>|  |
|  | <br> *Percent of*  |
| *Security<sup>(b)</sup>*  | *Net Assets*  |
|  NVIDIA Corp. | 7.3% |
|  Microsoft Corp. | 7.0 |
|  Apple, Inc. | 5 8 |
|  Amazon.com, Inc. | 3 9 |
|  Meta Platforms, Inc., Class A | 3.0 |
|  Broadcom, Inc. | 2.5 |
|  Alphabet, Inc., Class A | 2 0 |
|  Berkshire Hathaway, Inc., Class B | 1.7 |
|  Tesla, Inc. | 1 7 |
|  Alphabet, Inc., Class C<br>| 1.6  |

---

<sup>(a)</sup> For purposes of this report, sector sub-classifications may differ from those utilized by the Master Portfolio for compliance purposes.

<sup>(b)</sup> Excludes short-term securities.

\* Ten largest sectors are presented. Additional sectors are found in Other.

#### Additional information
If you wish to view additional information about the Master Portfolio, including but not limited to financial statements and proxy voting policies and procedures, please visit **blackrock.com/fundreports**. For proxy voting records, visit **blackrock.com/proxyrecords**.

---

| | |
|:---|:---|
| <br>©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of<br> BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. | <br> ![LOGO](g876538page002.jpg) <br>S&P 500 Index Master Portfolio<br>Semi-Annual Shareholder Report — June 30, 2025<br>06/25-SAR |
| <br>©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of<br> BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. | <br> ![LOGO](g876538page002.jpg) <br>S&P 500 Index Master Portfolio<br>Semi-Annual Shareholder Report — June 30, 2025<br>06/25-SAR |
| <br>©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of<br> BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. | <br> ![LOGO](g876538page002.jpg) <br>S&P 500 Index Master Portfolio<br>Semi-Annual Shareholder Report — June 30, 2025<br>06/25-SAR |
| <br>©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of<br> BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. | <br> ![LOGO](g876538page002.jpg) <br>S&P 500 Index Master Portfolio<br>Semi-Annual Shareholder Report — June 30, 2025<br>06/25-SAR |
| <br>©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of<br> BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners. | <br> ![LOGO](g876538page002.jpg) <br>S&P 500 Index Master Portfolio<br>Semi-Annual Shareholder Report — June 30, 2025<br>06/25-SAR |

---

------

(b) Not Applicable.

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.**  |

---

(a) Not applicable for semi-annual reports.

---

| | |
|:---|:---|
| **Item 3:** | **Audit Committee Financial Experts.**  |

---

Not applicable for semi-annual reports.

---

| | |
|:---|:---|
| **Item 4:** | **Principal Accountant Fees and Services**  |

---

Not applicable for semi-annual reports.

---

| | |
|:---|:---|
| **Item 5:** | **Audit Committee of Listed Registrants.**  |

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 6:** | **Investments**  |

---

(a) The Schedule of Investments is included within the Financial Statements filed under Item 7(a) of this Form.

(b) Not applicable.

---

| | |
|:---|:---|
| **Item 7** | **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**  |

---

(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

![](g876538img6119750c1.gif)

------

Transamerica Capital, LLC

**TRANSAMERICA FUNDS**

**SEMI-ANNUAL FINANCIAL STATEMENTS**

*(Includes N-CSR Items 7-11)*

**June 30, 2025**

**Transamerica Stock Index**

Customer Service: **888-233-4339**

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, LLC

**transamerica.com**

------

**Table of Contents**

------

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

---

| | |
|:---|:---|
| **[Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_FSFH-RunningFooter_1)**<br> **[Companies](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_FSFH-RunningFooter_1)**<br>| 1 |
| [Statement of Assets and Liabilities](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_FIN-RunningFooter-125_1) | 2 |
| [Statements of Operations](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_FIN-RunningFooter-125_1) | 2 |
| [Statements of Changes in Net Assets](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_FIN-RunningFooter-125_2) | 3 |
| [Financial Highlights](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_FIHI-RunningFooter-125_1) | 4 |
| [Notes to Financial Statements](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_NTF-RunningFooter-125_1) | 5 |
| **[Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_DWA-RunningFooter-125_1)**<br> **[Companies](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_DWA-RunningFooter-125_1)**<br>| 11 |
| **[Item 9 - Proxy Disclosures for Open-End Management Investment Companies](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_PD-RunningFooter-125_1)** | 12 |
| **[Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_REMUN-RunningFooter-125_1)**<br> **[Investment Companies](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_REMUN-RunningFooter-125_1)**<br>| 13 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_AIAC-RunningFooter-125_1)** | 14 |
| **[S&P 500 Index Master Portfolio](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_APPNDA-RunningFooter-125_1)[Semi-Annual](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_APPNDA-RunningFooter-125_1)[Report](#xx_b2312f02-a71d-43c2-9c88-95ddc7848209_APPNDA-RunningFooter-125_1)** | Appendix A |

---

***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. The prospectus contains this and other information; please read it carefully before investing.***

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

------

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS**

**FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**Page 1**

------

**Transamerica Stock Index**

------

**STATEMENT OF ASSETS AND LIABILITIES**

**At June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Assets:** |  |
| Investment in Master Portfolio, at value | &nbsp;&nbsp; $291936489 |
| Receivables and other assets: |  |
| Shares of beneficial interest sold  | &nbsp;&nbsp; 326728 |
| Due from investment manager | &nbsp;&nbsp; 26527 |
| Due from Master Portfolio | &nbsp;&nbsp; 53030 |
| Prepaid expenses | &nbsp;&nbsp; 6215 |
| Total assets | &nbsp;&nbsp; 292348989 |
| **Liabilities:** |  |
| Payables and other liabilities: |  |
| Shares of beneficial interest redeemed | &nbsp;&nbsp; 379758 |
| Investment management fees | &nbsp;&nbsp; 14382 |
| Distribution and service fees | &nbsp;&nbsp; 81330 |
| Transfer agent fees | &nbsp;&nbsp; 1665 |
| Trustee and CCO fees | &nbsp;&nbsp; 1499 |
| Audit and tax fees  | &nbsp;&nbsp; 9968 |
| Custody and accounting fees | &nbsp;&nbsp; 5857 |
| Legal fees | &nbsp;&nbsp; 2172 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 14069 |
| Other accrued expenses | &nbsp;&nbsp; 5184 |
| Total liabilities | &nbsp;&nbsp; 515884 |
| **Net assets**  | &nbsp;&nbsp; $291833105 |
| **Net assets consist of:** |  |
| Paid-in capital | &nbsp;&nbsp; $(549386835)<br>|
| Total distributable earnings (accumulated losses) | &nbsp;&nbsp; 841219940 |
| **Net assets** | &nbsp;&nbsp; $291833105 |
| **Net assets by class:** |  |
| Class R | &nbsp;&nbsp; $103429033 |
| Class R4 | &nbsp;&nbsp; 188404072 |
| **Shares outstanding:** |  |
| Class R | &nbsp;&nbsp; 5080408 |
| Class R4 | &nbsp;&nbsp; 9263550 |
| **Net asset value per share:** |  |
| Class R | &nbsp;&nbsp; $20.36 |
| Class R4 | 20.34 |

---

**STATEMENT OF OPERATIONS**

**For the period ended June 30, 2025**

**(unaudited)**

---

| | |
|:---|:---|
| **Net investment income (loss) allocated from Master** <br> **Portfolio:**<br>|  |
| Dividend income | &nbsp;&nbsp; $1795212 |
| Interest income | &nbsp;&nbsp; 22006 |
| Net income from securities lending | &nbsp;&nbsp; 1688 |
| Withholding taxes on foreign income | &nbsp;&nbsp; (10085)<br>|
| Expenses | &nbsp;&nbsp; (14684)<br>|
| Fees waived | &nbsp;&nbsp; 1293 |
| Total investment income (loss) | &nbsp;&nbsp; 1795430 |
| **Expenses:** |  |
| Investment management fees | &nbsp;&nbsp; 82866 |
| Distribution and service fees: |  |
| Class R | &nbsp;&nbsp; 257073 |
| Class R4 | &nbsp;&nbsp; 216737 |
| Transfer agent fees: |  |
| Class R | &nbsp;&nbsp; 975 |
| Class R4 | &nbsp;&nbsp; 6502 |
| Trustee and CCO fees | &nbsp;&nbsp; 6324 |
| Audit and tax fees | &nbsp;&nbsp; 10834 |
| Custody and accounting fees | &nbsp;&nbsp; 13759 |
| Legal fees | &nbsp;&nbsp; 10775 |
| Printing and shareholder reports fees | &nbsp;&nbsp; 30572 |
| Registration fees | &nbsp;&nbsp; 27814 |
| Other | &nbsp;&nbsp; 9677 |
| Total expenses before waiver and/or reimbursement and <br> recapture<br>| &nbsp;&nbsp; 673908 |
| Expenses waived and/or reimbursed: |  |
| Class R | &nbsp;&nbsp; (6429)<br>|
| Class R4 | &nbsp;&nbsp; (92500)<br>|
| Recapture of previously waived and/or reimbursed fees: |  |
| Class R | &nbsp;&nbsp; 6054 |
| Class R4 | &nbsp;&nbsp; 98 |
| Net expenses | &nbsp;&nbsp; 581131 |
| **Net investment income (loss)** | &nbsp;&nbsp; 1214299 |
| **Net realized and change in unrealized gain (loss) on** <br> **investments allocated from Master Portfolio:**<br>|  |
| Net realized gain (loss) | &nbsp;&nbsp; 355915 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 15246712 |
| Net realized and change in unrealized gain (loss) | &nbsp;&nbsp; 15602627 |
| **Net increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp; $16816926 |

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 2**

------

**Transamerica Stock Index**

------

**STATEMENT OF CHANGES IN NET ASSETS**

**For the period and year ended:**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31, 2024** |
| **From operations allocated from Master Portfolio:** |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $1214299 | &nbsp;&nbsp; $3121216 |
| Net realized gain (loss) | &nbsp;&nbsp; 355915 | &nbsp;&nbsp; 4201587 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 15246712 | &nbsp;&nbsp; 68005467 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 16816926 | &nbsp;&nbsp; 75328270 |
| **Dividends and/or distributions to shareholders:** |  |  |
| Class R | &nbsp;&nbsp; (398509)<br>| &nbsp;&nbsp; (2799717)<br>|
| Class R4 | &nbsp;&nbsp; (1002495)<br>| &nbsp;&nbsp; (4764956)<br>|
| Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | &nbsp;&nbsp; (1401004)<br>| &nbsp;&nbsp; (7564673)<br>|
| **Capital share transactions:** |  |  |
| Proceeds from shares sold: |  |  |
| Class R | &nbsp;&nbsp; 3253908 | &nbsp;&nbsp; 9493385 |
| Class R4 | &nbsp;&nbsp; 11450080 | &nbsp;&nbsp; 22267980 |
|  | &nbsp;&nbsp; 14703988 | &nbsp;&nbsp; 31761365 |
| Dividends and/or distributions reinvested: |  |  |
| Class R | &nbsp;&nbsp; 398509 | &nbsp;&nbsp; 2799717 |
| Class R4 | &nbsp;&nbsp; 1002495 | &nbsp;&nbsp; 4764956 |
|  | &nbsp;&nbsp; 1401004 | &nbsp;&nbsp; 7564673 |
| Cost of shares redeemed: |  |  |
| Class R | &nbsp;&nbsp; (16918385)<br>| &nbsp;&nbsp; (106798042)<br>|
| Class R4 | &nbsp;&nbsp; (16773201)<br>| &nbsp;&nbsp; (35028967)<br>|
|  | &nbsp;&nbsp; (33691586)<br>| &nbsp;&nbsp; (141827009)<br>|
| Net increase (decrease) in net assets resulting from capital share transactions | &nbsp;&nbsp; (17586594)<br>| &nbsp;&nbsp; (102500971)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; (2170672)<br>| &nbsp;&nbsp; (34737374)<br>|
| **Net assets:** |  |  |
| Beginning of period/year | &nbsp;&nbsp; 294003777 | &nbsp;&nbsp; 328741151 |
| End of period/year | &nbsp;&nbsp; $291833105 | &nbsp;&nbsp; $294003777 |
| **Capital share transactions - shares:** |  |  |
| Shares issued: |  |  |
| Class R | &nbsp;&nbsp; 177236 | &nbsp;&nbsp; 527058 |
| Class R4 | &nbsp;&nbsp; 592897 | &nbsp;&nbsp; 1238530 |
|  | &nbsp;&nbsp; 770133 | &nbsp;&nbsp; 1765588 |
| Shares reinvested: |  |  |
| Class R | &nbsp;&nbsp; 20807 | &nbsp;&nbsp; 146663 |
| Class R4 | &nbsp;&nbsp; 52357 | &nbsp;&nbsp; 249092 |
|  | &nbsp;&nbsp; 73164 | &nbsp;&nbsp; 395755 |
| Shares redeemed: |  |  |
| Class R | &nbsp;&nbsp; (872612)<br>| &nbsp;&nbsp; (5684083)<br>|
| Class R4 | &nbsp;&nbsp; (865281)<br>| &nbsp;&nbsp; (1927171)<br>|
|  | &nbsp;&nbsp; (1737893)<br>| &nbsp;&nbsp; (7611254)<br>|
| Net increase (decrease) in shares outstanding: |  |  |
| Class R | &nbsp;&nbsp; (674569)<br>| &nbsp;&nbsp; (5010362)<br>|
| Class R4 | &nbsp;&nbsp; (220027)<br>| &nbsp;&nbsp; (439549)<br>|
|  | &nbsp;&nbsp; (894596)<br>| &nbsp;&nbsp; (5449911)<br>|

---

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 3**

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**Transamerica Stock Index**

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**FINANCIAL HIGHLIGHTS**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class R** | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br>**2024**<br>| **December 31,** <br>**2023**<br>| **December 31,** <br>**2022**<br>| **December 31,** <br>**2021**<br>| **December 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $19.31 | $15.89 | $13.19 | $17.23 | $14.30 | $12.71 |
| **Investment operations:** <sup>(A)</sup> <br>|  |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.06 | 0.13 | 0.15 | 0.14 | 0.13 | 0.15 |
| Net realized and unrealized gain (loss) | 1.07 | 3.71 | 3.18 | (3.33)<br>| 3.82 | 2.06 |
| Total investment operations | 1.13 | 3.84 | 3.33 | (3.19)<br>| 3.95 | 2.21 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.08)<br>| (0.14)<br>| (0.13)<br>| (0.14)<br>| (0.17)<br>| (0.12)<br>|
| Net realized gains |  | (0.28)<br>| (0.50)<br>| (0.71)<br>| (0.85)<br>| (0.50)<br>|
| Total dividends and/or distributions to shareholders | (0.08)<br>| (0.42)<br>| (0.63)<br>| (0.85)<br>| (1.02)<br>| (0.62)<br>|
| **Net asset value, end of period/year** | $20.36 | $19.31 | $15.89 | $13.19 | $17.23 | $14.30 |
| **Total return** | 5.85 %<sup>(C)</sup><br>| 24.24<br> %<br>| 25.44<br> %<br>| (18.57)%<br>| 27.84<br> %<br>| 17.80<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $103429 | $111100 | $171088 | $147069 | $208632 | $191562 |
| Expenses to average net assets <sup>(A)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.65 %<sup>(D)</sup><br>| 0.62<br> %<br>| 0.63<br> %<br>| 0.63<br> %<br>| 0.61<br> %<br>| 0.62<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.65 %<sup>(D)(E)</sup><br>| 0.62<br> %<br>| 0.63 %<sup>(E)</sup><br>| 0.63 %<sup>(E)</sup><br>| 0.61<br> %<br>| 0.62<br> %<br>|
| Net investment income (loss) to average net assets <sup>(A)</sup> <br>| 0.66 %<sup>(D)</sup><br>| 0.75<br> %<br>| 1.01<br> %<br>| 0.97<br> %<br>| 0.79<br> %<br>| 1.22<br> %<br>|
| Portfolio turnover rate of Master Portfolio | 7 %<sup>(C)</sup><br>| 9<br> %<br>| 10<br> %<br>| 13<br> %<br>| 6<br> %<br>| 5<br> %<br>|

---

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

<sup>(A)</sup> *The per share amounts and percentages include the Fund's proportionate share of income and expenses of the Master Portfolio.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

<sup>(E)</sup> *Waiver and/or reimbursement rounds to less than 0.01%.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **For a share outstanding during the period and years** <br> **indicated:**<br>| **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **June 30, 2025** <br>**(unaudited)**<br>| **December 31,** <br>**2024**<br>| **December 31,** <br>**2023**<br>| **December 31,** <br>**2022**<br>| **December 31,** <br>**2021**<br>| **December 31,** <br>**2020**<br>|
| **Net asset value, beginning of period/year** | $19.29 | $15.89 | $13.18 | $17.22 | $14.30 | $12.71 |
| **Investment operations:** <sup>(A)</sup> <br>|  |  |  |  |  |  |
| Net investment income (loss) <sup>(B)</sup> <br>| 0.10 | 0.19 | 0.20 | 0.19 | 0.18 | 0.20 |
| Net realized and unrealized gain (loss) | 1.06 | 3.71 | 3.19 | (3.33)<br>| 3.81 | 2.06 |
| Total investment operations | 1.16 | 3.90 | 3.39 | (3.14)<br>| 3.99 | 2.26 |
| **Dividends and/or distributions to shareholders:** |  |  |  |  |  |  |
| Net investment income | (0.11)<br>| (0.22)<br>| (0.18)<br>| (0.19)<br>| (0.22)<br>| (0.17)<br>|
| Net realized gains |  | (0.28)<br>| (0.50)<br>| (0.71)<br>| (0.85)<br>| (0.50)<br>|
| Total dividends and/or distributions to shareholders | (0.11)<br>| (0.50)<br>| (0.68)<br>| (0.90)<br>| (1.07)<br>| (0.67)<br>|
| **Net asset value, end of period/year** | $20.34 | $19.29 | $15.89 | $13.18 | $17.22 | $14.30 |
| **Total return** | 6.05 % <sup>(C)</sup><br>| 24.61<br> %<br>| 25.95<br> %<br>| (18.35)%<br>| 28.23<br> %<br>| 18.12<br> %<br>|
| **Ratio and supplemental data:** |  |  |  |  |  |  |
| Net assets end of period/year (000's) | $188404 | $182904 | $157653 | $138670 | $162195 | $171891 |
| Expenses to average net assets<sup>(A)</sup> <br>|  |  |  |  |  |  |
| Excluding waiver and/or reimbursement and recapture | 0.41 %<sup>(D)</sup><br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.37<br> %<br>| 0.38<br> %<br>|
| Including waiver and/or reimbursement and recapture | 0.30 %<sup>(D)</sup><br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>| 0.30<br> %<br>|
| Net investment income (loss) to average net assets <sup>(A)</sup> <br>| 1.01 %<sup>(D)</sup><br>| 1.07<br> %<br>| 1.34<br> %<br>| 1.30<br> %<br>| 1.11<br> %<br>| 1.57<br> %<br>|
| Portfolio turnover rate of Master Portfolio | 7 %<sup>(C)</sup><br>| 9<br> %<br>| 10<br> %<br>| 13<br> %<br>| 6<br> %<br>| 5<br> %<br>|

---

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

<sup>(A)</sup> *The per share amounts and percentages include the Fund's proportionate share of income and expenses of the Master Portfolio.*

<sup>(B)</sup> *Calculated based on average number of shares outstanding.*

<sup>(C)</sup> *Not annualized.*

<sup>(D)</sup> *Annualized.*

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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 4**

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**Transamerica Stock Index**

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**NOTES TO FINANCIAL STATEMENTS**

**At June 30, 2025**

**(unaudited)**

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

**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 period ended June 30, 2025, (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.

**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.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 5**

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**Transamerica Stock Index**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

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

**2. SIGNIFICANT ACCOUNTING POLICIES (continued)**

**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 period ended June 30, 2025, the Fund has not utilized the program.

**Line of credit:** Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.

Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.

The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.

The Fund had no amounts outstanding as of June 30, 2025, or at any time during the period then ended.

**4. RISK FACTORS**

Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, 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 factors such as economic 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, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, 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.

The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.

**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

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 6**

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**Transamerica Stock Index**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

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

**4. RISK FACTORS (continued)**

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<sup>®</sup> 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.

**Equity securities risk:** Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.

**Large capitalization companies risk:** The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.

**Management risk:** The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**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, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.

Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. 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 June 30, 2025, the percentage of the Fund's interest in the Master Portfolio, including any open receivable or payable, is 0.58%.

As of June 30, 2025, the investment manager and/or other affiliated investment accounts held balances in the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net** <br> **Assets**<br>|
| $275694734 | 94.47<br> % <br>|

---

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 7**

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**Transamerica Stock Index**

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**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

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

**5. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

**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 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** <br>**Expense Limit**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Operating** <br>**Expense Limit** <br>**Effective Through**<br>|
| Class R | 0.65<br> % <br>| May 1, 2026 |
| Class R4 | 0.30 | May 1, 2026 |

---

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 period ended June 30, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.

For the 36-month period ended June 30, 2025, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Amounts Available** | **Amounts Available** | **Amounts Available** | **Amounts Available** |  |
|  | **2022** <sup>(A)</sup> <br>| **2023** | **2024** | **2025** | **Total** |
| Class R | $— | $— | $— | $375 | $375 |
| Class R4 | 59110 | 127509 | 142761 | 92500 | 421880 |

---

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

<sup>(A)</sup> *For the six-month period of July 1, 2022 through December 31, 2022.*

**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 TCL as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 8**

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**Transamerica Stock Index**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

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

**5. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)**

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 TCL based on daily average net assets of each class up to the following annual rates:

---

| | |
|:---|:---|
| **Class** | **Rate** |
| Class R | 0.50<br> % <br>|
| 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 period ended June 30, 2025, transfer agent fees paid and the amounts due to TFS are as follows:

---

| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $6515 | &nbsp;&nbsp; $1158 |

---

**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.

As of June 30, 2025, 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** <br>**Appreciation**<br>| **Gross** <br>**(Depreciation)**<br>| **Net Appreciation** <br>**(Depreciation)**<br>|
| $0 | &nbsp;&nbsp; $291936489 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $291936489 |

---

**7. OPERATING SEGMENTS**

During the reporting period ended December 31, 2024, the Fund adopted Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations.

An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 9**

------

**Transamerica Stock Index**

------

**NOTES TO FINANCIAL STATEMENTS (continued)**

**At June 30, 2025**

**(unaudited)**

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

**7. OPERATING SEGMENTS (continued)**

form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 10**

------

**Transamerica Stock Index** 

------

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no changes in or disagreements with accountants during the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 11**

------

**Transamerica Stock Index** 

------

**ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

There were no proxy disclosures for the period covered by this report.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 12**

------

**Transamerica Stock Index** 

------

**ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

**(unaudited)**

Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 13**

------

**Transamerica Stock Index** 

------

**ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**(unaudited)**

**MANAGEMENT AGREEMENT — CONTRACT RENEWAL**

At a meeting of the Board of Trustees of Transamerica Funds (the "Trustees" or the "Board") held on June 11-12, 2025, the Board considered the renewal of the management agreement (the "Management Agreement") between Transamerica Asset Management, Inc. ("TAM") and Transamerica Funds, on behalf of Transamerica Stock Index (the "Fund"). The Fund invests in securities through the S&P 500 Index Master Portfolio, an underlying master fund sponsored by BlackRock Fund Advisors (the "Master Fund"), which has the same investment goals and strategies as the Fund.

Following its review and consideration, the Board determined that the terms of the Management Agreement were reasonable and that the renewal of the Management Agreement was in the best interests of the Fund and the shareholders invested in the Fund. The Board, including the independent members of the Board (the "Independent Trustees"), unanimously approved the renewal of the Management Agreement through June 30, 2026.

Prior to reaching their decision, the Trustees requested and received from TAM certain information. They then reviewed such information as they deemed reasonably necessary to evaluate the Management Agreement, including information they had previously received from TAM as part of their regular oversight of the Fund, and knowledge they gained over time through meeting with TAM. Among other materials, the Trustees considered comparative fee, expense and performance information prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of mutual fund performance information, as well as fee, expense and profitability information prepared by TAM. The Board also considered reductions to the Fund's expense limits, if any, that took effect after the last renewal of the Management Agreement. In their review, the Trustees also sought to identify instances in which the Fund's performance, fees, total expenses and/or profitability appeared to be outliers within its respective peer group or other comparative metrics, and sought to understand the reasons for such comparative positions.

In their deliberations, the Independent Trustees met privately without representatives of TAM present and were represented throughout the process by their independent legal counsel. In considering the proposed continuation of the Management Agreement, the Trustees evaluated and weighed a number of considerations that they believed to be relevant in light of the legal advice furnished to them by counsel, including independent legal counsel, and made a decision in the exercise of their own business judgment. They based their decisions on the considerations discussed below, among others, although they did not identify any particular consideration or item of information that was controlling of their decisions, and each Trustee may have attributed different weights to the various factors.

**Nature, Extent and Quality of the Services Provided**

The Board considered the nature, extent and quality of the services provided by TAM to the Fund in the past and the services anticipated to be provided in the future. The Board also considered the investment approach for the Fund; the experience, capability and integrity of TAM's senior management; the financial resources of TAM; TAM's management process; TAM's responsiveness to any questions by the Trustees; and the professional qualifications and compensation program of the portfolio management team.

The Board noted that the investment management and other services provided by TAM include the design, development and ongoing review and evaluation of the Fund and its investment strategy; risk management oversight and analysis; design, development, implementation and ongoing review and evaluation of a process for the valuation of Fund investments; design, development, implementation and ongoing review and evaluation of a compliance program for the Fund; design, development, implementation and ongoing review and evaluation of a process for the voting shares of the Master Fund when voting matters arise; participation in Board meetings and oversight of preparation of materials for the Board, including materials for Board meetings and regular communications with the Board; and oversight of preparation of the Fund's prospectus, statement of additional information, shareholder reports and other disclosure materials and regulatory filings. The Board considered that TAM's investment management services also include the provision of supervisory and administrative services to the Fund. The Board also noted that TAM, as part of the services it provides to all Transamerica mutual funds, including the Fund, oversees the services provided by the funds' custodian, transfer agent, independent accountant and legal counsel and supervises the performance of the recordkeeping and shareholder functions of the funds.

**Investment Performance**

In addition, the Board considered the short- and longer-term performance of the Fund in light of its investment objective, policies and strategies, including relative performance against (i) a peer universe of comparable mutual funds, as prepared by Broadridge, and (ii) the Fund's benchmark, in each case for various trailing periods ended December 31, 2024. Based on these considerations, the Board determined that TAM can provide investment and related services that are appropriate in scope and extent in light of the Fund's investment objectives, policies and strategies and operations, the competitive landscape of the investment company business and investor needs. The Trustees noted that the objective of the Fund, as an index fund, is to track, and not necessarily exceed, its benchmark index, and that unlike the Fund, the index is not subject to any expenses or transaction costs. The Board's conclusions as to the Fund's performance are summarized below. For purposes of its review, the Board generally used the performance of Class R4 Shares. In describing the Fund's performance relative to its peer universe, the summary conclusions characterize performance for the relevant periods in relation to whether it was "above," "below" or "in line with" the peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, performance is described as "above" the median if the Fund's performance ranked anywhere in the first or second quintiles, as

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 14**

------

**Transamerica Stock Index** 

------

**MANAGEMENT AGREEMENT — CONTRACT RENEWAL (continued)**

"below" the median if it ranked anywhere in the fourth or fifth quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise return was somewhat above or somewhat below the precise median return).

When considering the Fund's performance, which is closely correlated with that of the Master Fund, the Trustees recognized that performance reflects a snapshot of a period as of a specific date, and that consideration of performance data for a different period could generate significantly different performance results. The Trustees also recognized that even longer-term performance can be negatively affected by performance over a short-term period when that short-term performance is significantly below the performance of the comparable benchmark or universe of peer funds.

The Board noted that the performance of Class R4 Shares of the Fund was above the median for its peer universe for the past 1-, 3-, 5- and 10-year periods. The Board also noted that the performance of Class R4 Shares of the Fund was below the benchmark that TAM utilizes to measure performance of the Fund for the past 1-, 3-, 5- and 10-year periods. The Trustees noted that the Fund had acquired the assets and assumed the liabilities of two Transamerica Partners funds on April 21, 2017. As a result of that transaction, and based on published guidance from the staff of the Securities and Exchange Commission, the Fund had assumed the performance history of the performance survivor, Transamerica Partners Institutional Stock Index, effective as of that date in place of its own historical performance record.

**Management Fee and Total Expense Ratio**

The Board considered the management fee and total expense ratio of the Fund, including information provided by Broadridge comparing the management fee and total expense ratio of the Fund to the management fees and total expense ratios of comparable investment companies in both a peer group and broader peer universe compiled by Broadridge. The Board's conclusions as to the Fund's management fee and total expense ratio are summarized below. For purposes of its review, the Board generally used the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R4 Shares. In describing the Fund's management fee and total expense ratio relative to its peer group and peer universe, the summary conclusions characterize management fees and total expense ratios for the relevant periods in relation to whether they were "above," "below" or "in line with" the peer group or peer universe median and do so using quintile rankings prepared by Broadridge. For simplicity, management fees and total expense ratios are described as "above" the median if the Fund's management fee or total expense ratio ranked anywhere in the fourth or fifth quintiles, as "below" the median if it ranked anywhere in the first or second quintiles, or "in line with" the median if it ranked anywhere in the third quintile (i.e., even if its precise management fee or total expense ratio was somewhat above or somewhat below the precise median management fee or total expense ratio).

The Board noted that the Fund's contractual management fee was below the medians for its peer group and peer universe and that the actual total expenses (i.e., expenses reflecting any waivers and/or reimbursements) of Class R4 Shares of the Fund were in line with the median for its peer group and above the median for its peer universe. The Trustees also considered that TAM has entered into an expense limitation arrangement with the Fund, which may result in TAM waiving fees for the benefit of shareholders.

On the basis of these considerations, together with the other information it considered, the Board determined that the management fee to be received by TAM under the Management Agreement is reasonable in light of the services provided.

**Cost of Services Provided and Level of Profitability**

The Board reviewed information provided by TAM about the cost of providing fund management services, as well as the costs of the provision of administration, transfer agency and other services, to the Fund and to Transamerica Funds as a whole by TAM and its affiliates. The Board considered the profitability of TAM and its affiliates in providing these services for the Fund and Transamerica Funds as a whole. The Trustees recognized the competitiveness of the mutual fund industry and the importance of an investment adviser's long-term profitability, including for maintaining management stability and accountability.

The Board also considered the allocation methodology used for calculating the profitability of TAM and its affiliates. The Board noted that the revenue and expense allocation methodology used by TAM to estimate its profitability with respect to its relationship with the Fund had been reviewed previously by an independent consultant. The Trustees considered that TAM reported that it had not made material changes to this methodology, and that the methodology had been applied consistently for the Fund.

Based on this information, the Board determined that the profitability of TAM and its affiliates from their relationships with the Fund was not excessive.

**Economies of Scale**

The Board considered economies of scale with respect to the management of the Fund, whether the Fund had appropriately benefited from any economies of scale and whether there was the potential for realization of any future economies of scale. The Board also considered the existence of economies of scale with respect to management of the Transamerica mutual funds overall and the extent to which the Fund benefited from any economies of scale. The Board recognized that, as the Fund's assets increase, any economies of scale realized by TAM may not directly correlate with any economies of scale that might be realized by the Fund. The Board considered the Fund's management fee schedule and also considered the extent to which TAM shared economies of scale, if any, with the Fund through its undertakings to limit or reimburse Fund expenses and to invest in maintaining and developing its capabilities and services. The Trustees

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 15**

------

**Transamerica Stock Index** 

------

**MANAGEMENT AGREEMENT — CONTRACT RENEWAL (continued)**

noted that the Fund's management fee schedule does not contain breakpoints and determined that, based on all of the information provided, breakpoints were not warranted at this time. The Trustees concluded that the Fund's existing fee structure reflected an appropriate sharing of any efficiencies or economies of scale to date and noted that they will have the opportunity to periodically reexamine the appropriateness of the management fee payable to TAM in light of any economies of scale experienced in the future.

**Benefits to TAM and/or its Affiliates from their Relationships with the Fund**

The Board considered other benefits derived by TAM and/or its affiliates from their relationships with the Fund. The Board noted that TAM does not receive benefits from research obtained with commissions paid to broker-dealers for portfolio transactions (commonly referred to as "soft dollars") as a result of its relationship with the Fund.

**Other Considerations**

The Board noted that TAM has made a substantial commitment to the recruitment and retention of high-quality personnel and maintains the financial, compliance and operational resources reasonably necessary to manage the Fund in a professional manner that is consistent with the best interests of the Fund and its shareholders. In this regard, the Board favorably considered the procedures and policies TAM has in place to enforce compliance with applicable laws and regulations. The Board also noted that TAM has made an entrepreneurial commitment and undertaken certain business risks with respect to the management and success of the Fund.

**Conclusion**

After consideration of the factors described above, as well as other factors, the Trustees, including the Independent Trustees, concluded that the renewal of the Management Agreement was in the best interests of the Fund and its shareholders and voted to approve the renewal of the Management Agreement.

**Transamerica Funds**

**Semi-Annual Financial Statements 2025**

**Page 16**

------

**Appendix A**

**S&P 500 Index Master Portfolio**

------

---

| | |
|:---|:---|
| ![LOGO](g876538dsp001a.jpg)  | **JUNE 30, 2025** |

---

---

| | |
|:---|:---|
| ![LOGO](g876538dsp001b.jpg)  | **2025 Semi-Annual Financial**<br> **Statements and Additional**<br> **Information (Unaudited)** |

---

#### BlackRock Funds III
• iShares S&P 500 Index Fund

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

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

------

**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
|  [Derivative Financial Instruments](#finsp876538_1) | 3 |
|  [Fund Statement of Assets and Liabilities](#finsp876538_2) | 4 |
|  [Fund Statement of Operations](#finsp876538_3) | 6 |
|  [Fund Statements of Changes in Net Assets](#finsp876538_4) | 7 |
|  [Fund Financial Highlights](#finsp876538_5) | 8 |
|  [Fund Notes to Financial Statements](#finsp876538_6) | 14 |
|  [Master Portfolio Schedule of Investments](#finsp876538_7) | 18 |
|  [Master Portfolio Statement of Assets and Liabilities](#finsp876538_8) | 26 |
|  [Master Portfolio Statement of Operations](#finsp876538_9) | 27 |
|  [Master Portfolio Statements of Changes in Net Assets](#finsp876538_10) | 28 |
|  [Master Portfolio Financial Highlights](#finsp876538_11) | 29 |
|  [Master Portfolio Notes to Financial Statements](#finsp876538_12) | 30 |
|  [Additional Information](#finsp876538_13) | 37 |
|  [Disclosure of Investment Advisory Agreement](#finsp876538_14) | 39 |
|  [Glossary of Terms Used in these Financial Statements](#finsp876538_15) | 42 |

---

2.0 ------

---

| | |
|:---|:---|
| Derivative Financial Instruments | **iShares S&P 500 Index Fund** |

---

The S&P 500 Index Master Portfolio (the "Master Portfolio") may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Master Portfolio must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Master Portfolio's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Master Portfolio can realize on an investment and/or may result in lower distributions paid to shareholders. The Master Portfolio's investments in these instruments, if any, are discussed in detail in the Master Portfolio Notes to Financial Statements.

D E R I V A T I V E F I N A N C I A L I N S T R U M E N T S 3

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

---

| | |
|:---|:---|
|  | iShares<br> S&P 500<br> Index Fund |
|  **ASSETS** |  |
|  Investments, at value — Master Portfolio | $49548467850 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 99070377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Withdrawals from the Master Portfolio | 9003369 |
|  Total assets | 49656541596 |
|  **LIABILITIES** |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration fees | 1237726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital gains distributions | 5066753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares redeemed | 108073746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income dividend distributions | 30914381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 5715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service and distribution fees | 1154258 |
|  Total liabilities | 146452579 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $49510089017 |
|  **NET ASSETS CONSIST OF** |  |
|  Paid-in capital | $18615889268 |
|  Accumulated earnings | 30894199749 |
|  NET ASSETS | $49510089017 |

---

4 2 0 2 5 B L A C K R O C K S E M I - A N N U A L FI N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Statement of Assets and Liabilities (unaudited) (continued)

June 30, 2025

---

| | |
|:---|:---|
|  | iShares<br> S&P 500<br> Index Fund |
|  **NET ASSET VALUE** |  |
|  **Institutional** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $6609922665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 9108317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $725.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value | No par value |
|  **Service** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $847706583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 1168378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $725.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value | No par value |
|  **Investor A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $3286717296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 4529899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $725.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value | No par value |
|  **Investor P** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $2002663376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 2762899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $724.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value | No par value |
|  **Class G** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $17878180218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 24629982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $725.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value | No par value |
|  **Class K** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets | $18884898879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 26016426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value | $725.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares authorized | Unlimited |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Par value | No par value |

---

*See notes to financial statements.* 

F U N D S T A T E M E N T O F A S S E T S A N D L I A B I L I T I E S 5

------

Statement of Operations (unaudited)

Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  | iShares<br> S&P 500<br> Index Fund |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income allocated from the Master Portfolio: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $295374037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 5962443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 234470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 280411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (1675254) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | (2430605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived | 213971 |
|  Total investment income | 297959473 |
|  FUND EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administration — class specific | 7191491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service — class specific | 6777679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 5709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 9385 |
|  Total expenses | 13984264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Administrator | (5709) |
|  Total expenses after fees waived and/or reimbursed | 13978555 |
|  Net investment income | 283980918 |
|  **REALIZED AND UNREALIZED GAIN (LOSS) ALLOCATED FROM THE MASTER PORTFOLIO** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (243274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 48029621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 8434904 |
|  | 56221251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 2704430431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (45418502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 5765042 |
|  | 2664776971 |
|  Net realized and unrealized gain | 2720998222 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $3004979140 |

---

*See notes to financial statements.* 

6 2 0 2 5 B L A C K R O C K S E M I - A N N U A L FI N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | iShares S&P 500 Index Fund | iShares S&P 500 Index Fund |
|  | Six Months Ended<br>06/30/25<br>(unaudited) | Year Ended<br>12/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $283980918 | $540213865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 56221251 | 80168215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2664776971 | 8416695698 |
|  Net increase in net assets resulting from operations | 3004979140 | 9037077778 |
|  **DISTRIBUTIONS TO SHAREHOLDERS<sup>(a)</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional | (40195301) | (88012555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | (4672149) | (10200602) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor A | (16212377) | (36082569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor P | (9877151) | (21173036) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class G | (113959395) | (212620915) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class K | (121379729) | (251672173) |
|  Decrease in net assets resulting from distributions to shareholders | (306296102) | (619761850) |
|  **CAPITAL SHARE TRANSACTIONS** |  |  |
|  Net increase in net assets derived from capital share transactions | 924203291 | 2004497522 |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 3622886329 | 10421813450 |
|  Beginning of period | 45887202688 | 35465389238 |
|  End of period | $49510089017 | $45887202688 |

---

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.* 

F U N D S T A T E M E N T S O F C H A N G E S I N N E T A S S E T S 7

------

Financial Highlights

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares S&P 500 Index Fund | iShares S&P 500 Index Fund | iShares S&P 500 Index Fund | iShares S&P 500 Index Fund | iShares S&P 500 Index Fund | iShares S&P 500 Index Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Six Months Ended<br>06/30/25<br>(unaudited) | Year Ended<br>12/31/24 | Year Ended<br>12/31/23 | Year Ended<br>12/31/22 | Year Ended<br>12/31/21 | Year Ended<br>12/31/20 |
|  **Net asset value, beginning of period** | $687.93 | $558.73 | $449.87 | $560.36 | $444.18 | $382.63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 4.11 | 8.07 | 7.75 | 7.27 | 6.59 | 6.59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 38.08 | 130.38 | 109.17 | (109.03) | 119.44 | 62.05 |
|  Net increase (decrease) from investment operations | 42.19 | 138.45 | 116.92 | (101.76) | 126.03 | 68.64 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (4.04) | (8.15) | (7.70) | (7.25) | (6.65) | (6.60) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.38) | (1.10) | (0.36) | (1.48) | (3.20) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.00)<sup>(c)</sup> |  |  |
|  Total distributions | (4.42) | (9.25) | (8.06) | (8.73) | (9.85) | (7.09) |
|  **Net asset value, end of period** | $725.70 | $687.93 | $558.73 | $449.87 | $560.36 | $444.18 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 6.16 %<sup>(e)</sup> | 24.86% | 26.16% | (18.18)% | 28.56% | 18.34% |
|  **Ratios to Average Net Assets<sup>(f)(g)(h)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.10 %<sup>(i)</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Total expenses after fees waived and/or reimbursed | 0.10 %<sup>(i)</sup> | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
|  Net investment income | 1.22 %<sup>(i)</sup> | 1.27% | 1.54% | 1.51% | 1.30% | 1.73% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $6609923 | $6153378 | $5496007 | $4569115 | $5536376 | $4143093 |
|  Portfolio turnover rate of the Master Portfolio | 7% | 9% | 10% | 13% | 6% | 5% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share. 

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

*See notes to financial statements.* 

8 2 0 2 5 B L A C K R O C K S E M I - A N N U A L FI N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) |
|  | Service | Service | Service | Service | Service | Service |
|  | Six Months Ended<br>06/30/25<br>(unaudited) | Year Ended<br>12/31/24 | Year Ended<br>12/31/23 | Year Ended<br>12/31/22 | Year Ended<br>12/31/21 | Year Ended<br>12/31/20 |
|  **Net asset value, beginning of period** | $687.79 | $558.64 | $449.82 | $560.30 | $444.13 | $382.60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 3.69 | 7.31 | 7.16 | 6.68 | 5.98 | 6.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 38.07 | 130.33 | 109.13 | (108.99) | 119.41 | 62.12 |
|  Net increase (decrease) from investment operations | 41.76 | 137.64 | 116.29 | (102.31) | 125.39 | 68.22 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (3.63) | (7.39) | (7.11) | (6.69) | (6.02) | (6.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.38) | (1.10) | (0.36) | (1.48) | (3.20) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.00)<sup>(c)</sup> |  |  |
|  Total distributions | (4.01) | (8.49) | (7.47) | (8.17) | (9.22) | (6.69) |
|  **Net asset value, end of period** | $725.54 | $687.79 | $558.64 | $449.82 | $560.30 | $444.13 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 6.10 %<sup>(e)</sup> | 24.71% | 26.00% | (18.28)% | 28.40% | 18.21% |
|  **Ratios to Average Net Assets<sup>(f)(g)(h)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.22 %<sup>(i)</sup> | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% |
|  Total expenses after fees waived and/or reimbursed | 0.22 %<sup>(i)</sup> | 0.22% | 0.22% | 0.22% | 0.22% | 0.22% |
|  Net investment income | 1.09 %<sup>(i)</sup> | 1.15% | 1.42% | 1.39% | 1.19% | 1.58% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $847707 | $810398 | $696820 | $494070 | $523050 | $584228 |
|  Portfolio turnover rate of the Master Portfolio | 7% | 9% | 10% | 13% | 6% | 5% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share. 

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

*See notes to financial statements.* 

F U N D F I N A N C I A L H I G H L I G H T S 9

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Six Months Ended<br>06/30/25<br>(unaudited) | Year Ended<br>12/31/24 | Year Ended<br>12/31/23 | Year Ended<br>12/31/22 | Year Ended<br>12/31/21 | Year Ended<br>12/31/20 |
|  **Net asset value, beginning of period** | $687.82 | $558.70 | $449.87 | $560.31 | $444.11 | $382.52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 3.24 | 6.50 | 6.48 | 6.03 | 5.32 | 5.66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 38.08 | 130.29 | 109.15 | (108.95) | 119.41 | 62.03 |
|  Net increase (decrease) from investment operations | 41.32 | 136.79 | 115.63 | (102.92) | 124.73 | 67.69 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (3.20) | (6.57) | (6.44) | (6.04) | (5.33) | (5.61) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.38) | (1.10) | (0.36) | (1.48) | (3.20) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.00)<sup>(c)</sup> |  |  |
|  Total distributions | (3.58) | (7.67) | (6.80) | (7.52) | (8.53) | (6.10) |
|  **Net asset value, end of period** | $725.56 | $687.82 | $558.70 | $449.87 | $560.31 | $444.11 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 6.03 %<sup>(e)</sup> | 24.55% | 25.84% | (18.39)% | 28.23% | 18.04% |
|  **Ratios to Average Net Assets<sup>(f)(g)(h)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.35 %<sup>(i)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
|  Total expenses after fees waived and/or reimbursed | 0.35 %<sup>(i)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
|  Net investment income | 0.96 %<sup>(i)</sup> | 1.02% | 1.29% | 1.25% | 1.06% | 1.49% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $3286717 | $3203535 | $2651885 | $2216470 | $2806390 | $2579349 |
|  Portfolio turnover rate of the Master Portfolio | 7% | 9% | 10% | 13% | 6% | 5% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share. 

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

*See notes to financial statements.* 

10 2 0 2 5 B L A C K R O C K S E M I - A N N U A L FI N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) |
|  | Investor P | Investor P | Investor P | Investor P | Investor P | Investor P |
|  | Six Months Ended<br>06/30/25<br>(unaudited) | Year Ended<br>12/31/24 | Year Ended<br>12/31/23 | Year Ended<br>12/31/22 | Year Ended<br>12/31/21 | Year Ended<br>12/31/20 |
|  **Net asset value, beginning of period** | $687.15 | $558.16 | $449.44 | $559.78 | $443.73 | $382.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 3.24 | 6.49 | 6.48 | 6.02 | 5.32 | 5.64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 38.04 | 130.17 | 109.04 | (108.84) | 119.30 | 62.00 |
|  Net increase (decrease) from investment operations | 41.28 | 136.66 | 115.52 | (102.82) | 124.62 | 67.64 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (3.21) | (6.57) | (6.44) | (6.04) | (5.37) | (5.64) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.38) | (1.10) | (0.36) | (1.48) | (3.20) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.00)<sup>(c)</sup> |  |  |
|  Total distributions | (3.59) | (7.67) | (6.80) | (7.52) | (8.57) | (6.13) |
|  **Net asset value, end of period** | $724.84 | $687.15 | $558.16 | $449.44 | $559.78 | $443.73 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 6.03 %<sup>(e)</sup> | 24.55% | 25.84% | (18.40)% | 28.23% | 18.05% |
|  **Ratios to Average Net Assets<sup>(f)(g)(h)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.35 %<sup>(i)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
|  Total expenses after fees waived and/or reimbursed | 0.35 %<sup>(i)</sup> | 0.35% | 0.35% | 0.35% | 0.35% | 0.35% |
|  Net investment income | 0.96 %<sup>(i)</sup> | 1.02% | 1.29% | 1.25% | 1.05% | 1.48% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $2002663 | $1899610 | $1557633 | $1288233 | $1667178 | $1387865 |
|  Portfolio turnover rate of the Master Portfolio | 7% | 9% | 10% | 13% | 6% | 5% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share. 

<sup>(d)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

*See notes to financial statements.* 

F U N D F I N A N C I A L H I G H L I G H T S 11

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) |
|  | Class G | Class G | Class G | Class G | Class G | Class G |
|  | Six Months Ended<br>06/30/25<br>(unaudited) | Year Ended<br>12/31/24 | Year Ended<br>12/31/23 | Year Ended<br>12/31/22 | Year Ended<br>12/31/21 | Year Ended<br>12/31/20 |
|  **Net asset value, beginning of period** | $688.08 | $558.84 | $449.94 | $560.47 | $444.26 | $382.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  | 4.39 | 8.67 | 8.18 | 7.68 | 7.04 | 6.93 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 38.11 | 130.39 | 109.22 | (109.05) | 119.45 | 62.05 |
|  Net increase (decrease) from investment operations | 42.50 | 139.06 | 117.40 | (101.37) | 126.49 | 68.98 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (4.33) | (8.72) | (8.14) | (7.68) | (7.08) | (6.94) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain | (0.38) | (1.10) | (0.36) | (1.48) | (3.20) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  | (0.00)<sup>(c)</sup> |  |  |
|  Total distributions | (4.71) | (9.82) | (8.50) | (9.16) | (10.28) | (7.43) |
|  **Net asset value, end of period** | $725.87 | $688.08 | $558.84 | $449.94 | $560.47 | $444.26 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |
|  Based on net asset value | 6.21 %<sup>(e)</sup> | 24.96% | 26.26% | (18.12)% | 28.67% | 18.45% |
|  **Ratios to Average Net Assets<sup>(f)(g)(h)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.01 %<sup>(i)</sup> | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
|  Total expenses after fees waived and/or reimbursed | 0.01 %<sup>(i)</sup> | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
|  Net investment income | 1.30 %<sup>(i)</sup> | 1.36% | 1.63% | 1.60% | 1.39% | 1.82% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $17878180 | $15594421 | $11417572 | $9828084 | $10447837 | $7378823 |
|  Portfolio turnover rate of the Master Portfolio | 7% | 9% | 10% | 13% | 6% | 5% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share. 

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

*See notes to financial statements.* 

12 2 0 2 5 B L A C K R O C K S E M I - A N N U A L FI N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | $| $— | $— | $— | $— | $— | $— |
|  | | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) | iShares S&P 500 Index Fund (continued) |
|  | | Class K | Class K | Class K | Class K | Class K | Class K |
|  | Six Months Ended<br>06/30/25<br>(unaudited) | Six Months Ended<br>06/30/25<br>(unaudited) | Year Ended<br>12/31/24 | Year Ended<br>12/31/23 | Year Ended<br>12/31/22 | Year Ended<br>12/31/21 | Year Ended<br>12/31/20 |
|  **Net asset value, beginning of period** |  | $688.09 | $558.86 | $449.96 | $560.49 | $444.27 | $382.72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(a)</sup>  |  | 4.33 | 8.55 | 8.10 | 7.58 | 6.94 | 6.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) |  | 38.11 | 130.39 | 109.21 | (109.04) | 119.47 | 62.05 |
|  Net increase (decrease) from investment operations |  | 42.44 | 138.94 | 117.31 | (101.46) | 126.41 | 68.91 |
|  **Distributions<sup>(b)</sup>**  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income |  | (4.27) | (8.61) | (8.05) | (7.59) | (6.99) | (6.87) |
| &nbsp;&nbsp;&nbsp;&nbsp; From net realized gain |  | (0.38) | (1.10) | (0.36) | (1.48) | (3.20) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp; Return of capital |  |  |  |  | (0.00)<sup>(c)</sup> |  |  |
|  Total distributions |  | (4.65) | (9.71) | (8.41) | (9.07) | (10.19) | (7.36) |
|  **Net asset value, end of period** |  | $725.88 | $688.09 | $558.86 | $449.96 | $560.49 | $444.27 |
|  **Total Return<sup>(d)</sup>**  |  |  |  |  |  |  |  |
|  Based on net asset value |  | 6.20 %<sup>(e)</sup> | 24.94% | 26.24% | (18.13)% | 28.65% | 18.42% |
|  **Ratios to Average Net Assets<sup>(f)(g)(h)</sup>**  |  |  |  |  |  |  |  |
|  Total expenses |  | 0.03 %<sup>(i)</sup> | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
|  Total expenses after fees waived and/or reimbursed |  | 0.03 %<sup>(i)</sup> | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |
|  Net investment income |  | 1.28 %<sup>(i)</sup> | 1.34% | 1.61% | 1.57% | 1.37% | 1.80% |
|  **Supplemental Data** |  |  |  |  |  |  |  |
|  Net assets, end of period (000) |  | $18884899 | $18225861 | $13645473 | $10664731 | $12887257 | $10359743 |
|  Portfolio turnover rate of the Master Portfolio |  | 7% | 9% | 10% | 13% | 6% | 5% |

---

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Amount is greater than $(0.005) per share. 

<sup>(d)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(e)</sup> Not annualized.

<sup>(f)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

<sup>(g)</sup> Includes the Fund's share of the Master Portfolio's allocated fees waived of less than 0.01%. 

<sup>(h)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(i)</sup> Annualized.

*See notes to financial statements.* 

F U N D F I N A N C I A L H I G H L I G H T S 13

------

Notes to Financial Statements (unaudited)

*1. ORGANIZATION* 

BlackRock Funds III (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust. iShares S&P 500 Index Fund (the "Fund") is a series of the Trust. The Fund is classified as diversified.

The Fund seeks to achieve its investment objective by investing all of its assets in S&P 500 Index Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio ("MIP") and an affiliate of the Trust, which has the same investment objective and strategies as the Fund. The value of the Fund's investment in the Master Portfolio reflects the Fund's proportionate interest in the net assets of the Master Portfolio. The performance of the Fund is directly affected by the performance of the Master Portfolio. At June 30, 2025, the percentage of the Master Portfolio owned by the Fund was 98.8%. The financial statements of the Master Portfolio, including the Schedule of Investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional, Service and Class K Shares are sold only to certain eligible investors. Service, Investor A and Investor P Shares bear certain expenses related to shareholder servicing of such shares. Investor A Shares are generally available through financial intermediaries. Investor P Shares are only available through registered representatives of an insurance company's broker-dealer that has entered into an agreement with the Fund's distributor to offer such shares. Class G Shares are available only to investors on eligible platforms. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures.

---

| | | | |
|:---|:---|:---|:---|
| Share Class | Initial Sales Charge | CDSC | Conversion Privilege |
|  Institutional, Service, Investor A, Class K and Class G Shares | No | No |  |
|  Investor P Shares | Yes | No <sup>(a)</sup> |  |

---

<sup>(a)</sup> Investor P Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

The Board of Trustees of the Trust and Board of Trustees of MIP are referred to throughout this report as the "Board" and the members are referred to as "Trustees."

The Fund, 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 Fund 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, contributions to and withdrawals from the Master Portfolio are accounted for on a trade date basis. The Fund records its proportionate share of the Master Portfolio's income, expenses and realized and unrealized gains and losses on a daily basis. Realized and unrealized gains and losses are adjusted utilizing partnership tax allocation rules. In addition, the Fund accrues its own expenses. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Foreign Taxes:** The Fund 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 Fund invests. These foreign taxes, if any, are paid by the Fund 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 June 30, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund 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.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**Distributions:** Distributions from net investment income are declared daily and paid quarterly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Indemnifications:** In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund's maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

14 2 0 2 5 B L A C K R O C K S E M I - A N N U A L FI N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (unaudited) (continued)

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by BlackRock Advisors, LLC ("BAL" or the "Administrator"), are prorated among those funds on the basis of relative net assets or other appropriate methods.

**Segment Reporting:** The Chief Financial Officer acts as the Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

*3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS* 

**Investment Valuation Policies:** The Fund's policy is to value its financial instruments at fair value. The Fund records its investment in the Master Portfolio at fair value based on the Fund's proportionate interest in the net assets of the Master Portfolio. Valuation of securities held by the Master Portfolio is discussed in Note 3 of the Master Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

*4. ADMINISTRATION AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES* 

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with BAL, an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock"), to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Fund'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 Fund. BAL may delegate certain of its administration duties to sub-administrators. BAL is entitled to receive for these administrative services an annual fee based on the average daily net assets of the Fund as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional | Service | Investor A | Investor P | Class G | Class K |
|  Administration fees - class specific | 0.09% | 0.06% | 0.09% | 0.09% | 0.0025% | 0.02% |

---

From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Fund and, accordingly, have a favorable impact on its performance.

The fees and expenses of the Trust's trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), counsel to the Independent Trustees and the Fund's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Fund. BAL has contractually agreed to reimburse the Fund or provide an offsetting credit against the administration fees paid by the Fund in an amount equal to these independent expenses through June 30, 2026. The amount waived is included in fees waived and/or reimbursed by the Administrator in the Statement of Operations. For the six months ended June 30, 2025, the amount waived was $5,709.

For the six months ended June 30, 2025, the following table shows the class specific administration fees borne directly by each share class of the Fund:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Institutional | Service | Investor A | Investor P | Class G | Class K | Total |
|  Administration fees — class specific | $2745159 | $238660 | $1388024 | $837147 | $200757 | $1781744 | $7191491 |

---

**Service Fees:** The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Administrator. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

---

| | |
|:---|:---|
| Share Class | Service Fees |
|  Service | 0.15% |
|  Investor A | 0.25 |
|  Investor P | 0.25 |

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing to the Fund. The ongoing service fee compensates BRIL and each broker-dealer for providing shareholder servicing related services to shareholders.

For the six months ended June 30, 2025, the following table shows the class specific service fees borne directly by each share class of the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Service | Investor A | Investor P | Total |
|  Service fees — class specific | $596650 | $3855622 | $2325407 | $6777679 |

---

**Other Fees:** For the six months ended June 30, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor P Shares for a total of $98,832.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), the Fund could 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 Fund's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

F U N D N O T E S T O F I N A N C I A L S T A T E M E N T S 15

------

Notes to Financial Statements (unaudited) (continued)

During the period ended March 3, 2025, the Fund did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.

*5. INCOME TAX INFORMATION* 

It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

The Fund 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 Fund'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 Fund'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 Fund as of June 30, 2025, 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 Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Fund's NAV.

*6. CAPITAL SHARE TRANSACTIONS* 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six Months Ended<br> 06/30/25 | Six Months Ended<br> 06/30/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| Fund Name / Share Class | Shares | Amounts | Shares | Amounts |
|  iShares S&P 500 Index Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2101515 | $1416309414 | 2441504 | $1531339574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 56720 | 39405423 | 130509 | 86186341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1994632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1334874773) | (3463822) | (2234976503) |
|  | 163603 | $120840064 | (891809) | $(617450588) |
| &nbsp;&nbsp;&nbsp;&nbsp; Service |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 104949 | $71307420 | 160593 | $101574099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 6667 | 4630763 | 15293 | 10109448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (121506) | (82903294) | (244962) | (155643013) |
|  | (9890) | $(6965111) | (69076) | $(43959466) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor A |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 357820 | $242548082 | 816451 | $517651793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 21972 | 15284063 | 51400 | 34012992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (507423) | (344869503) | (956822) | (608553056) |
|  | (127631) | $(87037358) | (88971) | $(56888271) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor P |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 144219 | $97433048 | 270564 | $171682131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 14208 | 9874997 | 32017 | 21168515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (160012) | (108296709) | (328745) | (207743615) |
|  | (1585) | $(988664) | (26164) | $(14892969) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class G |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3859463 | $2544622583 | 4950045 | $3163424359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 163971 | 113959394 | 320764 | 212620914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2057078) | (1402511703) | (3037972) | (1916217465) |
|  | 1966356 | $1256070274 | 2232837 | $1459827808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class K |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3352790 | $2258948741 | 7140479 | $4503592369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions | 163227 | 113330111 | 354588 | 234963747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3987014) | (2729994766) | (5424428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3460695108) |
|  | (470997) | $(357715914) | 2070639 | $1277861008 |
|  | 1519856 | $924203291 | 3227456 | $2004497522 |

---

16 2 0 2 5 B L A C K R O C K S E M I - A N N U A L FI N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

Notes to Financial Statements (unaudited) (continued)

As of June 30, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Fund, were as follows:

---

| | |
|:---|:---|
| Fund Name | Investor P |
|  iShares S&P 500 Index Fund | 589 |

---

*7. SUBSEQUENT EVENTS* 

Management has evaluated the impact of all subsequent events on the Fund 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.

F U N D N O T E S T O F I N A N C I A L S T A T E M E N T S 17

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
| **Aerospace & Defense — 2.2%** |  |  |
|  Axon Enterprise, Inc.<sup>(a)</sup>  | 69556 | $57588195 |
|  Boeing Co.<sup>(a)</sup>  | 717555 | 150349299 |
|  General Dynamics Corp. | 239618 | 69886986 |
|  General Electric Co. | 1014344 | 261082002 |
|  Howmet Aerospace, Inc. | 383974 | 71469081 |
|  Huntington Ingalls Industries, Inc. | 38459 | 9286310 |
|  L3Harris Technologies, Inc. | 179033 | 44908638 |
|  Lockheed Martin Corp. | 198347 | 91862429 |
|  Northrop Grumman Corp. | 128690 | 64342426 |
|  RTX Corp. | 1270756 | 185555791 |
|  Textron, Inc.<sup>(b)</sup>  | 169946 | 13644964 |
|  TransDigm Group, Inc. | 53656 | 81591460 |
|  |  | 1101567581 |
| **Air Freight & Logistics — 0.3%** |  |  |
|  CH Robinson Worldwide, Inc. | 112964 | 10838896 |
|  Expeditors International of Washington, Inc. | 130922 | 14957838 |
|  FedEx Corp. | 209673 | 47660770 |
|  United Parcel Service, Inc., Class B | 700007 | 70658707 |
|  |  | 144116211 |
| **Automobile Components — 0.0%** |  |  |
|  Aptiv PLC<sup>(a)</sup>  | 208150 | 14199993 |
| **Automobiles — 1.9%** |  |  |
|  Ford Motor Co. | 3700747 | 40153105 |
|  General Motors Co. | 919133 | 45230535 |
|  Tesla, Inc.<sup>(a)</sup>  | 2665475 | 846714788 |
|  |  | 932098428 |
| **Banks — 3.6%** |  |  |
|  Bank of America Corp. | 6232941 | 294942768 |
|  Citigroup, Inc. | 1776584 | 151222830 |
|  Citizens Financial Group, Inc. | 407899 | 18253480 |
|  Fifth Third BanCorp. | 629678 | 25898656 |
|  Huntington Bancshares, Inc. | 1376975 | 23078101 |
|  JPMorgan Chase & Co. | 2643467 | 766367518 |
|  KeyCorp. | 942811 | 16423768 |
|  M&T Bank Corp. | 153453 | 29768347 |
|  PNC Financial Services Group, Inc. | 376262 | 70142762 |
|  Regions Financial Corp. | 854686 | 20102215 |
|  Truist Financial Corp. | 1245630 | 53549634 |
|  U.S. BanCorp. | 1481992 | 67060138 |
|  Wells Fargo & Co. | 3095369 | 248000964 |
|  |  | 1784811181 |
| **Beverages — 1.1%** |  |  |
|  Brown-Forman Corp., Class B | 171896 | 4625721 |
|  Coca-Cola Co. | 3684558 | 260682478 |
|  Constellation Brands, Inc., Class A | 144944 | 23579490 |
|  Keurig Dr. Pepper, Inc. | 1290800 | 42673848 |
|  Molson Coors Beverage Co., Class B | 161542 | 7768555 |
|  Monster Beverage Corp.<sup>(a)</sup>  | 668486 | 41873963 |
|  PepsiCo, Inc. | 1304168 | 172202343 |
|  |  | 553406398 |
| **Biotechnology — 1.6%** |  |  |
|  AbbVie, Inc. | 1680198 | 311878353 |
|  Amgen, Inc. | 511465 | 142806143 |
|  Biogen, Inc.<sup>(a)</sup>  | 138144 | 17349505 |
|  Gilead Sciences, Inc. | 1183222 | 131183823 |
|  Incyte Corp.<sup>(a)</sup>  | 153646 | 10463292 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Biotechnology (continued)** |  |  |
|  Moderna, Inc.<sup>(a)(b)</sup>  | 333246 | $9194257 |
|  Regeneron Pharmaceuticals, Inc | 99279 | 52121475 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  | 244265 | 108746778 |
|  |  | 783743626 |
| **Broadline Retail — 4.0%** |  |  |
|  Amazon.com, Inc.<sup>(a)</sup>  | 8987439 | 1971754242 |
|  eBay, Inc. | 440716 | 32815714 |
|  |  | 2004569956 |
| **Building Products — 0.6%** |  |  |
|  A O Smith Corp. | 112403 | 7370265 |
|  Allegion PLC | 80857 | 11653111 |
|  Builders FirstSource, Inc.<sup>(a)</sup>  | 105469 | 12307178 |
|  Carrier Global Corp. | 762218 | 55786735 |
|  Johnson Controls International PLC | 625933 | 66111043 |
|  Lennox International, Inc. | 30444 | 17451719 |
|  Masco Corp. | 199903 | 12865757 |
|  Trane Technologies PLC | 212069 | 92761101 |
|  |  | 276306909 |
| **Capital Markets — 3.4%** |  |  |
|  Ameriprise Financial, Inc. | 91033 | 48587043 |
|  Bank of New York Mellon Corp. | 680519 | 62002086 |
|  Blackrock, Inc.<sup>(c)</sup>  | 138524 | 145346307 |
|  Blackstone, Inc., Class A | 694039 | 103814354 |
|  Cboe Global Markets, Inc. | 98357 | 22937836 |
|  Charles Schwab Corp. | 1624599 | 148228413 |
|  CME Group, Inc., Class A | 342770 | 94474267 |
|  Coinbase Global, Inc., Class A<sup>(a)(b)</sup>  | 200819 | 70385051 |
|  FactSet Research Systems, Inc. | 35693 | 15964765 |
|  Franklin Resources, Inc. | 295545 | 7048748 |
|  Goldman Sachs Group, Inc. | 291866 | 206568162 |
|  Intercontinental Exchange, Inc. | 545632 | 100107103 |
|  Invesco Ltd. | 420219 | 6626854 |
|  KKR & Co., Inc., Class A | 645788 | 85909178 |
|  MarketAxess Holdings, Inc. | 35517 | 7932367 |
|  Moody's Corp. | 147125 | 73796429 |
|  Morgan Stanley | 1175038 | 165515853 |
|  MSCI, Inc., Class A | 73595 | 42445180 |
|  Nasdaq, Inc. | 393194 | 35159407 |
|  Northern Trust Corp. | 184019 | 23331769 |
|  Raymond James Financial, Inc. | 173210 | 26565218 |
|  S&P Global, Inc. | 298581 | 157438775 |
|  State Street Corp. | 273239 | 29056235 |
|  T Rowe Price Group, Inc. | 209174 | 20185291 |
|  |  | 1699426691 |
| **Chemicals — 1.2%** |  |  |
|  Air Products and Chemicals, Inc. | 211452 | 59642151 |
|  Albemarle Corp. | 115941 | 7266023 |
|  CF Industries Holdings, Inc. | 154882 | 14249144 |
|  Corteva, Inc. | 651768 | 48576269 |
|  Dow, Inc. | 676296 | 17908318 |
|  DuPont de Nemours, Inc. | 400536 | 27472764 |
|  Eastman Chemical Co. | 108897 | 8130250 |
|  Ecolab, Inc. | 239632 | 64566446 |
|  International Flavors & Fragrances, Inc. | 242173 | 17811824 |
|  Linde PLC | 447751 | 210075814 |
|  LyondellBasell Industries NV, Class A | 240310 | 13904337 |
|  Mosaic Co. | 295160 | 10767437 |

---

18 2 0 2 5 B L A C K R O C K S E M I - A N N U A L FI N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Chemicals —(continued)** |  |  |
|  PPG Industries, Inc. | 217012 | $24685115 |
|  Sherwin-Williams Co. | 219301 | 75299191 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600355083 |
| **Commercial Services & Supplies — 0.6%** |  |  |
|  Cintas Corp. | 326096 | 72677016 |
|  Copart, Inc.<sup>(a)(b)</sup>  | 841220 | 41278665 |
|  Republic Services, Inc. | 193009 | 47597949 |
|  Rollins, Inc. | 266033 | 15009582 |
|  Veralto Corp. | 235311 | 23754645 |
|  Waste Management, Inc. | 349408 | 79951539 |
|  |  | 280269396 |
| **Communications Equipment — 0.9%** |  |  |
|  Arista Networks, Inc.<sup>(a)</sup>  | 979596 | 100222467 |
|  Cisco Systems, Inc. | 3784141 | 262543703 |
|  F5, Inc.<sup>(a)</sup>  | 54418 | 16016306 |
|  Juniper Networks, Inc. | 320251 | 12787622 |
|  Motorola Solutions, Inc. | 158770 | 66756434 |
|  |  | 458326532 |
| **Construction & Engineering — 0.1%** |  |  |
|  Quanta Services, Inc.<sup>(b)</sup>  | 141761 | 53596999 |
| **Construction Materials — 0.1%** |  |  |
|  Martin Marietta Materials, Inc. | 57227 | 31415334 |
|  Vulcan Materials Co. | 125552 | 32746473 |
|  |  | 64161807 |
| **Consumer Finance — 0.6%** |  |  |
|  American Express Co. | 526455 | 167928616 |
|  Capital One Financial Corp. | 608532 | 129471268 |
|  Synchrony Financial | 363908 | 24287220 |
|  |  | 321687104 |
| **Consumer Staples Distribution & Retail — 2.0%** |  |  |
|  Costco Wholesale Corp. | 422030 | 417784378 |
|  Dollar General Corp. | 210439 | 24070013 |
|  Dollar Tree, Inc.<sup>(a)</sup>  | 188848 | 18703506 |
|  Kroger Co. | 585632 | 42007383 |
|  Sysco Corp. | 459550 | 34806317 |
|  Target Corp. | 434369 | 42850502 |
|  Walgreens Boots Alliance, Inc. | 693736 | 7964089 |
|  Walmart, Inc. | 4109628 | 401839426 |
|  |  | 990025614 |
| **Containers & Packaging — 0.2%** |  |  |
|  Amcor PLC | 2194472 | 20167198 |
|  Avery Dennison Corp. | 75759 | 13293432 |
|  Ball Corp. | 265212 | 14875741 |
|  International Paper Co. | 497110 | 23279661 |
|  Packaging Corp. of America | 84340 | 15893873 |
|  Smurfit WestRock PLC | 472221 | 20376336 |
|  |  | 107886241 |
| **Distributors — 0.1%** |  |  |
|  Genuine Parts Co. | 130816 | 15869289 |
|  LKQ Corp. | 244023 | 9031291 |
|  Pool Corp. | 36020 | 10499110 |
|  |  | 35399690 |
| **Diversified Telecommunication Services —<br>0.7%** |  |  |
|  AT&T, Inc. | 6844437 | 198078007 |
|  Verizon Communications, Inc. | 4010248 | 173523431 |
|  |  | 371601438 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Electric Utilities — 1.5%** |  |  |
|  Alliant Energy Corp. | 246036 | $14877797 |
|  American Electric Power Co., Inc. | 506930 | 52599057 |
|  Constellation Energy Corp. | 299275 | 96593999 |
|  Duke Energy Corp. | 742357 | 87598126 |
|  Edison International | 363655 | 18764598 |
|  Entergy Corp. | 407681 | 33886445 |
|  Evergy, Inc. | 218226 | 15042318 |
|  Eversource Energy | 352978 | 22456460 |
|  Exelon Corp. | 955674 | 41495365 |
|  FirstEnergy Corp. | 491188 | 19775229 |
|  NextEra Energy, Inc. | 1958164 | 135935745 |
|  NRG Energy, Inc. | 186908 | 30013687 |
|  PG&E Corp. | 2098477 | 29252769 |
|  Pinnacle West Capital Corp. | 110533 | 9889387 |
|  PPL Corp. | 709674 | 24050852 |
|  Southern Co. | 1048182 | 96254553 |
|  Xcel Energy, Inc. | 545940 | 37178514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765664901 |
| **Electrical Equipment — 0.9%** |  |  |
|  AMETEK, Inc. | 219908 | 39794552 |
|  Eaton Corp. PLC | 372204 | 132873106 |
|  Emerson Electric Co. | 535048 | 71337950 |
|  GE Vernova, Inc. | 259615 | 137375277 |
|  Generac Holdings, Inc.<sup>(a)</sup>  | 56807 | 8135330 |
|  Hubbell, Inc. | 50828 | 20758664 |
|  Rockwell Automation, Inc. | 107500 | 35708275 |
|  |  | 445983154 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |  |
|  Amphenol Corp., Class A | 1150567 | 113618491 |
|  CDW Corp./DE | 124610 | 22254100 |
|  Corning, Inc. | 732913 | 38543894 |
|  Jabil, Inc. | 101569 | 22152199 |
|  Keysight Technologies, Inc.<sup>(a)</sup>  | 164952 | 27029035 |
|  Ralliant Corp.<sup>(a)</sup>  | 108045 | 5239102 |
|  TE Connectivity PLC | 283499 | 47817776 |
|  Teledyne Technologies, Inc.<sup>(a)</sup>  | 44525 | 22810603 |
|  Trimble, Inc.<sup>(a)</sup>  | 227216 | 17263872 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup>  | 48675 | 15009423 |
|  |  | 331738495 |
| **Energy Equipment & Services — 0.2%** |  |  |
|  Baker Hughes Co., Class A | 943712 | 36181918 |
|  Halliburton Co. | 826038 | 16834654 |
|  Schlumberger NV | 1300316 | 43950681 |
|  |  | 96967253 |
| **Entertainment — 1.8%** |  |  |
|  Electronic Arts, Inc. | 218157 | 34839673 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup>  | 151555 | 22927241 |
|  Netflix, Inc.<sup>(a)</sup>  | 404802 | 542082502 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup>  | 156051 | 37896985 |
|  TKO Group Holdings, Inc., Class A | 65096 | 11844217 |
|  Walt Disney Co. | 1710011 | 212058464 |
|  Warner Bros Discovery, Inc., Class A<sup>(a)(b)</sup>  | 2158971 | 24741808 |
|  |  | 886390890 |
| **Financial Services — 4.3%** |  |  |
|  Apollo Global Management, Inc. | 428268 | 60758381 |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup>  | 1744244 | 847301408 |
|  Corpay, Inc.<sup>(a)</sup>  | 66725 | 22140689 |
|  Fidelity National Information Services, Inc. | 498785 | 40606087 |
|  Fiserv, Inc.<sup>(a)</sup>  | 527195 | 90893690 |
|  Global Payments, Inc. | 231251 | 18509330 |

---

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 19

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Financial Services (continued)** |  |  |
|  Jack Henry & Associates, Inc. | 68758 | $12388129 |
|  Mastercard, Inc., Class A | 771551 | 433565369 |
|  PayPal Holdings, Inc.<sup>(a)</sup>  | 929743 | 69098500 |
|  Visa, Inc., Class A | 1627484 | 577838194 |
|  |  | 2173099777 |
| **Food Products — 0.6%** |  |  |
|  Archer-Daniels-Midland Co. | 456985 | 24119668 |
|  Bunge Global SA | 127571 | 10241400 |
|  Conagra Brands, Inc. | 455522 | 9324535 |
|  General Mills, Inc. | 524063 | 27151704 |
|  Hershey Co. | 139780 | 23196491 |
|  Hormel Foods Corp. | 281095 | 8503124 |
|  J.M. Smucker Co. | 101205 | 9938331 |
|  Kellanova | 253106 | 20129520 |
|  Kraft Heinz Co. | 816670 | 21086420 |
|  Lamb Weston Holdings, Inc. | 132939 | 6892887 |
|  McCormick & Co., Inc. | 240072 | 18202259 |
|  Mondelez International, Inc., Class A | 1230366 | 82975883 |
|  The Campbell's Co. | 184501 | 5654956 |
|  Tyson Foods, Inc., Class A | 276782 | 15483185 |
|  |  | 282900363 |
| **Gas Utilities — 0.0%** |  |  |
|  Atmos Energy Corp. | 152085 | 23437819 |
| **Ground Transportation — 0.9%** |  |  |
|  CSX Corp. | 1795892 | 58599956 |
|  JB Hunt Transport Services, Inc. | 74597 | 10712129 |
|  Norfolk Southern Corp. | 214442 | 54890719 |
|  Old Dominion Freight Line, Inc. | 176868 | 28705676 |
|  Uber Technologies, Inc.<sup>(a)(b)</sup>  | 1989113 | 185584243 |
|  Union Pacific Corp. | 568318 | 130758606 |
|  |  | 469251329 |
| **Health Care Equipment & Supplies — 2.3%** |  |  |
|  Abbott Laboratories | 1654927 | 225086621 |
|  Align Technology, Inc.<sup>(a)(b)</sup>  | 64605 | 12231665 |
|  Baxter International, Inc. | 484238 | 14662727 |
|  Becton Dickinson & Co. | 272620 | 46958795 |
|  Boston Scientific Corp.<sup>(a)</sup>  | 1409931 | 151440689 |
|  Cooper Cos., Inc.<sup>(a)</sup>  | 189981 | 13519048 |
|  Dexcom, Inc.<sup>(a)</sup>  | 374363 | 32678146 |
|  Edwards Lifesciences Corp.<sup>(a)</sup>  | 560731 | 43854771 |
|  GE HealthCare Technologies, Inc. | 434760 | 32202673 |
|  Hologic, Inc.<sup>(a)</sup>  | 211755 | 13797956 |
|  IDEXX Laboratories, Inc.<sup>(a)(b)</sup>  | 76497 | 41028401 |
|  Insulet Corp.<sup>(a)</sup>  | 67572 | 21229771 |
|  Intuitive Surgical, Inc.<sup>(a)</sup>  | 341194 | 185408231 |
|  Medtronic PLC | 1219952 | 106343216 |
|  ResMed, Inc. | 138859 | 35825622 |
|  Solventum Corp.<sup>(a)(b)</sup>  | 131883 | 10002007 |
|  STERIS PLC | 93190 | 22386102 |
|  Stryker Corp. | 327163 | 129435498 |
|  Zimmer Biomet Holdings, Inc. | 187650 | 17115556 |
|  |  | 1155207495 |
| **Health Care Providers & Services — 1.8%** |  |  |
|  Cardinal Health, Inc. | 226705 | 38086440 |
|  Cencora, Inc. | 164084 | 49200588 |
|  Centene Corp.<sup>(a)</sup>  | 473890 | 25722749 |
|  Cigna Group | 253859 | 83920708 |
|  CVS Health Corp. | 1206134 | 83199123 |
|  DaVita, Inc.<sup>(a)</sup>  | 38704 | 5513385 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Health Care Providers & Services (continued)** |  |  |
|  Elevance Health, Inc. | 214693 | $83506989 |
|  HCA Healthcare, Inc. | 165592 | 63438295 |
|  Henry Schein, Inc.<sup>(a)</sup>  | 115668 | 8449547 |
|  Humana, Inc. | 114696 | 28040878 |
|  Labcorp Holdings, Inc. | 78854 | 20699964 |
|  McKesson Corp. | 119006 | 87205217 |
|  Molina Healthcare, Inc.<sup>(a)</sup>  | 51216 | 15257246 |
|  Quest Diagnostics, Inc. | 105223 | 18901208 |
|  UnitedHealth Group, Inc. | 862869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269189242 |
|  Universal Health Services, Inc., Class B | 55381 | 10032268 |
|  |  | 890363847 |
| **Health Care REITs — 0.3%** |  |  |
|  Alexandria Real Estate Equities, Inc. | 150651 | 10941782 |
|  Healthpeak Properties, Inc. | 656355 | 11492776 |
|  Ventas, Inc. | 417414 | 26359694 |
|  Welltower, Inc. | 582829 | 89598303 |
|  |  | 138392555 |
| **Hotel & Resort REITs — 0.0%** |  |  |
|  Host Hotels & Resorts, Inc. | 660984 | 10152714 |
| **Hotels, Restaurants & Leisure — 2.1%** |  |  |
|  Airbnb, Inc., Class A<sup>(a)</sup>  | 410539 | 54330731 |
|  Booking Holdings, Inc. | 30952 | 179188557 |
|  Caesars Entertainment, Inc.<sup>(a)(b)</sup>  | 195763 | 5557712 |
|  Carnival Corp.<sup>(a)</sup>  | 1006853 | 28312706 |
|  Chipotle Mexican Grill, Inc.<sup>(a)</sup>  | 1281609 | 71962345 |
|  Darden Restaurants, Inc. | 112338 | 24486314 |
|  Domino's Pizza, Inc. | 33036 | 14886022 |
|  DoorDash, Inc., Class A<sup>(a)</sup>  | 325004 | 80116736 |
|  Expedia Group, Inc. | 116150 | 19592182 |
|  Hilton Worldwide Holdings, Inc. | 226100 | 60219474 |
|  Las Vegas Sands Corp. | 321475 | 13987377 |
|  Marriott International, Inc., Class A | 215495 | 58875389 |
|  McDonald's Corp. | 680137 | 198715627 |
|  MGM Resorts International<sup>(a)</sup>  | 197207 | 6781949 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup>  | 409414 | 8302916 |
|  Royal Caribbean Cruises Ltd. | 237353 | 74324718 |
|  Starbucks Corp. | 1080941 | 99046624 |
|  Wynn Resorts Ltd. | 86072 | 8062364 |
|  Yum! Brands, Inc. | 265993 | 39414843 |
|  |  | 1046164586 |
| **Household Durables — 0.3%** |  |  |
|  D.R. Horton, Inc. | 264299 | 34073427 |
|  Garmin Ltd. | 146497 | 30576854 |
|  Lennar Corp., Class A | 220853 | 24428550 |
|  Mohawk Industries, Inc.<sup>(a)</sup>  | 51704 | 5420647 |
|  NVR, Inc.<sup>(a)</sup>  | 2795 | 20642920 |
|  PulteGroup, Inc. | 189567 | 19991736 |
|  |  | 135134134 |
| **Household Products — 1.0%** |  |  |
|  Church & Dwight Co., Inc. | 235414 | 22625640 |
|  Clorox Co. | 118503 | 14228655 |
|  Colgate-Palmolive Co. | 770869 | 70071992 |
|  Kimberly-Clark Corp. | 315338 | 40653375 |
|  Procter & Gamble Co. | 2230122 | 355303037 |
|  |  | 502882699 |

---

20 2 0 2 5 B L A C K R O C K S E M I - A N N U A L FI N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **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. | 692365 | $7283680 |
|  Vistra Corp. | 324393 | 62870607 |
|  |  | 70154287 |
| **Industrial Conglomerates — 0.4%** |  |  |
|  3M Co. | 511217 | 77827676 |
|  Honeywell International, Inc. | 611318 | 142363736 |
|  |  | 220191412 |
| **Industrial REITs — 0.2%** |  |  |
|  Prologis, Inc. | 882151 | 92731713 |
| **Insurance — 2.1%** |  |  |
|  Aflac, Inc. | 465171 | 49056934 |
|  Allstate Corp. | 251835 | 50696904 |
|  American International Group, Inc. | 550972 | 47157693 |
|  Aon PLC, Class A | 205402 | 73279218 |
|  Arch Capital Group Ltd. | 353301 | 32168056 |
|  Arthur J Gallagher & Co. | 243329 | 77894479 |
|  Assurant, Inc. | 48062 | 9491764 |
|  Brown & Brown, Inc. | 266254 | 29519581 |
|  Chubb Ltd. | 354488 | 102702263 |
|  Cincinnati Financial Corp. | 149249 | 22226161 |
|  Erie Indemnity Co., Class A | 23930 | 8298685 |
|  Everest Group Ltd. | 40722 | 13839372 |
|  Globe Life, Inc. | 77250 | 9601403 |
|  Hartford Insurance Group, Inc. | 269620 | 34206689 |
|  Loews Corp. | 164504 | 15078437 |
|  Marsh & McLennan Cos., Inc. | 469838 | 102725380 |
|  MetLife, Inc. | 539080 | 43352814 |
|  Principal Financial Group, Inc. | 196636 | 15618797 |
|  Progressive Corp. | 557615 | 148805139 |
|  Prudential Financial, Inc. | 336552 | 36159147 |
|  Travelers Cos., Inc. | 215509 | 57657278 |
|  W.R. Berkley Corp. | 284739 | 20919774 |
|  Willis Towers Watson PLC | 93882 | 28774833 |
|  |  | 1029230801 |
| **Interactive Media & Services — 6.6%** |  |  |
|  Alphabet, Inc., Class A | 5535968 | 975603641 |
|  Alphabet, Inc., Class C | 4465624 | 792157041 |
|  Match Group, Inc. | 233169 | 7202591 |
|  Meta Platforms, Inc., Class A | 2065190 | 1524296087 |
|  |  | 3299259360 |
| **IT Services — 1.1%** |  |  |
|  Accenture PLC, Class A | 595474 | 177981224 |
|  Akamai Technologies, Inc.<sup>(a)</sup>  | 138286 | 11029691 |
|  Cognizant Technology Solutions Corp., Class A | 471436 | 36786151 |
|  EPAM Systems, Inc.<sup>(a)</sup>  | 55335 | 9784335 |
|  Gartner, Inc.<sup>(a)</sup>  | 73032 | 29520995 |
|  GoDaddy, Inc., Class A<sup>(a)</sup>  | 134248 | 24172695 |
|  International Business Machines Corp. | 884558 | 260750007 |
|  VeriSign, Inc. | 76415 | 22068652 |
|  |  | 572093750 |
| **Leisure Products — 0.0%** |  |  |
|  Hasbro, Inc. | 122350 | 9031877 |
| **Life Sciences Tools & Services — 0.8%** |  |  |
|  Agilent Technologies, Inc. | 271229 | 32007734 |
|  Bio-Techne Corp. | 150908 | 7764217 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup>  | 45617 | 6921467 |
|  Danaher Corp. | 605862 | 119681980 |
|  IQVIA Holdings, Inc.<sup>(a)</sup>  | 155925 | 24572221 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Life Sciences Tools & Services (continued)** |  |  |
|  Mettler-Toledo International, Inc.<sup>(a)(b)</sup>  | 19755 | $23206594 |
|  Revvity, Inc. | 112684 | 10898796 |
|  Thermo Fisher Scientific, Inc. | 359071 | 145588928 |
|  Waters Corp.<sup>(a)</sup>  | 56450 | 19703308 |
|  West Pharmaceutical Services, Inc. | 68328 | 14950166 |
|  |  | 405295411 |
| **Machinery — 1.5%** |  |  |
|  Caterpillar, Inc. | 447362 | 173670402 |
|  Cummins, Inc. | 130606 | 42773465 |
|  Deere & Co. | 240096 | 122086415 |
|  Dover Corp. | 131694 | 24130292 |
|  Fortive Corp. | 324135 | 16897158 |
|  IDEX Corp. | 71398 | 12535347 |
|  Illinois Tool Works, Inc. | 253618 | 62707050 |
|  Ingersoll Rand, Inc.<sup>(b)</sup>  | 385379 | 32055825 |
|  Nordson Corp. | 51320 | 11001468 |
|  Otis Worldwide Corp. | 374276 | 37060810 |
|  PACCAR, Inc. | 498220 | 47360793 |
|  Parker-Hannifin Corp. | 121426 | 84812418 |
|  Pentair PLC | 155729 | 15987139 |
|  Snap-on, Inc. | 49689 | 15462223 |
|  Stanley Black & Decker, Inc. | 149224 | 10109926 |
|  Westinghouse Air Brake Technologies Corp. | 162428 | 34004302 |
|  Xylem, Inc. | 232194 | 30036616 |
|  |  | 772691649 |
| **Media — 0.5%** |  |  |
|  Charter Communications, Inc., Class A<sup>(a)(b)</sup>  | 90531 | 37009978 |
|  Comcast Corp., Class A | 3542506 | 126432039 |
|  Fox Corp., Class A | 205738 | 11529558 |
|  Fox Corp., Class B | 124511 | 6428503 |
|  Interpublic Group of Cos., Inc. | 359089 | 8790499 |
|  News Corp., Class A | 352059 | 10463193 |
|  News Corp., Class B | 113616 | 3898165 |
|  Omnicom Group, Inc. | 185652 | 13355805 |
|  Paramount Global, Class B<sup>(b)</sup>  | 589637 | 7606317 |
|  |  | 225514057 |
| **Metals & Mining — 0.3%** |  |  |
|  Freeport-McMoRan, Inc. | 1366110 | 59220868 |
|  Newmont Corp. | 1064026 | 61990155 |
|  Nucor Corp. | 219490 | 28432735 |
|  Steel Dynamics, Inc. | 130343 | 16685207 |
|  |  | 166328965 |
| **Multi-Utilities — 0.6%** |  |  |
|  Ameren Corp. | 258145 | 24792246 |
|  CenterPoint Energy, Inc. | 630498 | 23164496 |
|  CMS Energy Corp. | 287618 | 19926175 |
|  Consolidated Edison, Inc. | 329383 | 33053584 |
|  Dominion Energy, Inc. | 807250 | 45625770 |
|  DTE Energy Co. | 197028 | 26098329 |
|  NiSource, Inc. | 454216 | 18323073 |
|  Public Service Enterprise Group, Inc. | 475146 | 39997790 |
|  Sempra | 603036 | 45692038 |
|  WEC Energy Group, Inc. | 303228 | 31596358 |
|  |  | 308269859 |
| **Office REITs — 0.0%** |  |  |
|  BXP, Inc. | 141672 | 9558610 |
| **Oil, Gas & Consumable Fuels — 2.8%** |  |  |
|  APA Corp. | 349293 | 6388569 |
|  Chevron Corp. | 1544884 | 221211940 |

---

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 21

------

---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Oil, Gas & Consumable Fuels (continued)** |  |  |
|  ConocoPhillips | 1200801 | $107759882 |
|  Coterra Energy, Inc. | 705210 | 17898230 |
|  Devon Energy Corp. | 613848 | 19526505 |
|  Diamondback Energy, Inc. | 179354 | 24643240 |
|  EOG Resources, Inc. | 521773 | 62409269 |
|  EQT Corp. | 567276 | 33083536 |
|  Expand Energy Corp. | 200505 | 23447055 |
|  Exxon Mobil Corp. | 4099660 | 441943348 |
|  Hess Corp. | 262765 | 36403463 |
|  Kinder Morgan, Inc. | 1837923 | 54034936 |
|  Marathon Petroleum Corp. | 293697 | 48786009 |
|  Occidental Petroleum Corp. | 647937 | 27219833 |
|  ONEOK, Inc. | 595429 | 48604869 |
|  Phillips 66 | 387553 | 46235073 |
|  Targa Resources Corp. | 207979 | 36204984 |
|  Texas Pacific Land Corp. | 18168 | 19192493 |
|  Valero Energy Corp. | 297701 | 40016968 |
|  Williams Cos., Inc. | 1167216 | 73312837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388323039 |
| **Passenger Airlines — 0.1%** |  |  |
|  Delta Air Lines, Inc. | 614050 | 30198979 |
|  Southwest Airlines Co. | 544792 | 17673052 |
|  United Airlines Holdings, Inc.<sup>(a)(b)</sup>  | 314093 | 25011226 |
|  |  | 72883257 |
| **Personal Care Products — 0.1%** |  |  |
|  Estee Lauder Cos., Inc., Class A | 225191 | 18195433 |
|  Kenvue, Inc. | 1827841 | 38256712 |
|  |  | 56452145 |
| **Pharmaceuticals — 2.8%** |  |  |
|  Bristol-Myers Squibb Co. | 1930999 | 89385944 |
|  Eli Lilly & Co. | 748232 | 583269291 |
|  Johnson & Johnson | 2288650 | 349591287 |
|  Merck & Co., Inc. | 2388486 | 189072552 |
|  Pfizer, Inc. | 5421303 | 131412385 |
|  Viatris, Inc. | 1131153 | 10101196 |
|  Zoetis, Inc., Class A | 423481 | 66041862 |
|  |  | 1418874517 |
| **Professional Services — 0.6%** |  |  |
|  Automatic Data Processing, Inc. | 386113 | 119077249 |
|  Broadridge Financial Solutions, Inc. | 111252 | 27037574 |
|  Dayforce, Inc.<sup>(a)(b)</sup>  | 149647 | 8288947 |
|  Equifax, Inc. | 117889 | 30576870 |
|  Jacobs Solutions, Inc. | 114192 | 15010538 |
|  Leidos Holdings, Inc. | 122346 | 19301305 |
|  Paychex, Inc. | 304580 | 44304207 |
|  Paycom Software, Inc. | 44828 | 10373199 |
|  Verisk Analytics, Inc. | 134251 | 41819187 |
|  |  | 315789076 |
| **Real Estate Management & Development<sup>(a)</sup> — 0.1%** | **Real Estate Management & Development<sup>(a)</sup> — 0.1%** |  |
|  CBRE Group, Inc., Class A | 279266 | 39130752 |
|  CoStar Group, Inc. | 400659 | 32212984 |
|  |  | 71343736 |
| **Residential REITs — 0.2%** |  |  |
|  AvalonBay Communities, Inc. | 135065 | 27485728 |
|  Camden Property Trust | 102602 | 11562219 |
|  Equity Residential | 324892 | 21926961 |
|  Essex Property Trust, Inc. | 61711 | 17488898 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Residential REITs (continued)** |  |  |
|  Invitation Homes, Inc. | 535630 | $17568664 |
|  Mid-America Apartment Communities, Inc. | 111136 | 16449239 |
|  UDR, Inc. | 290551 | 11863197 |
|  |  | 124344906 |
| **Retail REITs — 0.3%** |  |  |
|  Federal Realty Investment Trust | 75675 | 7188368 |
|  Kimco Realty Corp. | 656566 | 13801017 |
|  Realty Income Corp. | 832076 | 47935899 |
|  Regency Centers Corp. | 158749 | 11307691 |
|  Simon Property Group, Inc. | 291341 | 46835979 |
|  |  | 127068954 |
| **Semiconductors & Semiconductor Equipment — 12.7%** | **Semiconductors & Semiconductor Equipment — 12.7%** |  |
|  Advanced Micro Devices, Inc.<sup>(a)</sup>  | 1542275 | 218848823 |
|  Analog Devices, Inc. | 471771 | 112290933 |
|  Applied Materials, Inc. | 772792 | 141475032 |
|  Broadcom, Inc. | 4472481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232839388 |
|  Enphase Energy, Inc.<sup>(a)(b)</sup>  | 124399 | 4932420 |
|  First Solar, Inc.<sup>(a)(b)</sup>  | 103606 | 17150937 |
|  Intel Corp. | 4142277 | 92787005 |
|  KLA Corp. | 125787 | 112672447 |
|  Lam Research Corp. | 1216694 | 118432994 |
|  Microchip Technology, Inc. | 514501 | 36205435 |
|  Micron Technology, Inc. | 1061896 | 130878682 |
|  Monolithic Power Systems, Inc. | 45244 | 33090557 |
|  NVIDIA Corp. | 23197379 | 3664953907 |
|  NXP Semiconductors NV | 241630 | 52793739 |
|  ON Semiconductor Corp.<sup>(a)</sup>  | 398283 | 20874012 |
|  QUALCOMM, Inc. | 1043644 | 166210744 |
|  Skyworks Solutions, Inc. | 143523 | 10695334 |
|  Teradyne, Inc. | 150886 | 13567669 |
|  Texas Instruments, Inc | 864136 | 179411916 |
|  |  | 6360111974 |
| **Software — 11.4%** |  |  |
|  Adobe, Inc.<sup>(a)</sup>  | 405400 | 156841152 |
|  ANSYS, Inc.<sup>(a)</sup>  | 83752 | 29415377 |
|  Autodesk, Inc.<sup>(a)</sup>  | 203504 | 62998733 |
|  Cadence Design Systems, Inc.<sup>(a)</sup>  | 259717 | 80031794 |
|  Crowdstrike Holdings, Inc., Class A<sup>(a)</sup>  | 235632 | 120009734 |
|  Fair Isaac Corp.<sup>(a)</sup>  | 23154 | 42324586 |
|  Fortinet, Inc.<sup>(a)</sup>  | 604291 | 63885645 |
|  Gen Digital, Inc. | 518802 | 15252779 |
|  Intuit, Inc. | 265919 | 209445782 |
|  Microsoft Corp. | 7069816 | 3516597177 |
|  Oracle Corp. | 1547080 | 338238100 |
|  Palantir Technologies, Inc., Class A<sup>(a)</sup>  | 2023322 | 275819255 |
|  Palo Alto Networks, Inc.<sup>(a)(b)</sup>  | 629788 | 128879816 |
|  PTC, Inc.<sup>(a)(b)</sup>  | 115443 | 19895447 |
|  Roper Technologies, Inc. | 102767 | 58252446 |
|  Salesforce, Inc. | 912649 | 248870256 |
|  ServiceNow, Inc.<sup>(a)</sup>  | 197069 | 202602697 |
|  Synopsys, Inc.<sup>(a)</sup>  | 146868 | 75296286 |
|  Tyler Technologies, Inc.<sup>(a)(b)</sup>  | 40690 | 24122660 |
|  Workday, Inc., Class A<sup>(a)</sup>  | 205231 | 49255440 |
|  |  | 5718035162 |
| **Specialized REITs — 0.9%** |  |  |
|  American Tower Corp. | 444842 | 98318979 |
|  Crown Castle, Inc. | 414031 | 42533405 |
|  Digital Realty Trust, Inc. | 300963 | 52466880 |

---

22 2 0 2 5 B L A C K R O C K S E M I - A N N U A L FI N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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---

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

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Specialized REITs (continued)** |  |  |
|  Equinix, Inc. | 93112 | $74067803 |
|  Extra Space Storage, Inc. | 202326 | 29830945 |
|  Iron Mountain, Inc. | 279466 | 28664827 |
|  Public Storage | 149973 | 44005078 |
|  SBA Communications Corp. | 102224 | 24006284 |
|  VICI Properties, Inc. | 1002475 | 32680685 |
|  Weyerhaeuser Co. | 691895 | 17774782 |
|  |  | 444349668 |
| **Specialty Retail — 1.7%** |  |  |
|  AutoZone, Inc.<sup>(a)</sup>  | 15913 | 59072716 |
|  Best Buy Co., Inc. | 181382 | 12176174 |
|  CarMax, Inc.<sup>(a)</sup>  | 145586 | 9784835 |
|  Home Depot, Inc. | 945422 | 346629522 |
|  Lowe's Cos., Inc. | 532391 | 118121591 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup>  | 811910 | 73177448 |
|  Ross Stores, Inc. | 312786 | 39905238 |
|  TJX Cos., Inc. | 1062004 | 131146874 |
|  Tractor Supply Co. | 508631 | 26840458 |
|  Ulta Beauty, Inc.<sup>(a)(b)</sup>  | 43162 | 20192047 |
|  Williams-Sonoma, Inc. | 117667 | 19223258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856270161 |
| **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** |  |
|  Apple, Inc. | 14206918 | 2914833366 |
|  Dell Technologies, Inc., Class C | 286401 | 35112762 |
|  Hewlett Packard Enterprise Co. | 1263898 | 25846714 |
|  HP, Inc. | 906957 | 22184168 |
|  NetApp, Inc. | 192363 | 20496278 |
|  Seagate Technology Holdings PLC | 203910 | 29430330 |
|  Super Micro Computer, Inc.<sup>(a)(b)</sup>  | 478766 | 23464322 |
|  Western Digital Corp. | 329823 | 21105374 |
|  |  | 3092473314 |
| **Textiles, Apparel & Luxury Goods — 0.3%** |  |  |
|  Deckers Outdoor Corp.<sup>(a)</sup>  | 144294 | 14872383 |
|  Lululemon Athletica, Inc.<sup>(a)</sup>  | 104739 | 24883892 |
|  NIKE, Inc., Class B | 1120608 | 79607992 |
|  Ralph Lauren Corp., Class A | 38680 | 10609150 |
|  Tapestry, Inc. | 199740 | 17539169 |
|  |  | 147512586 |
| **Tobacco — 0.7%** |  |  |
|  Altria Group, Inc. | 1602246 | 93939683 |
|  Philip Morris International, Inc. | 1480555 | 269653482 |
|  |  | 363593165 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
| **Trading Companies & Distributors — 0.3%** |  |  |
|  Fastenal Co. | 1090318 | $45793356 |
|  United Rentals, Inc. | 61827 | 46580462 |
|  WW Grainger, Inc. | 41792 | 43473710 |
|  |  | 135847528 |
| **Water Utilities — 0.1%** |  |  |
|  American Water Works Co., Inc. | 185289 | 25775553 |
| **Wireless Telecommunication Services — 0.2%** |  |  |
|  T-Mobile U.S., Inc. | 453614 | 108078072 |
|  **Total Common Stocks — 99.6%<br>(Cost: $17,597,019,993)** |  | 49938767453 |
|  **Investment Companies** |  |  |
| **Capital Markets — 0.1%** |  |  |
|  iShares Core S&P 500 ETF<sup>(c)</sup>  | 69969 | 43443752 |
|  **Total Investment Companies — 0.1%<br>(Cost: $30,792,207)** |  | 43443752 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $17,627,812,200)** |  | 49982211205 |
|  **Short-Term Securities** |  |  |
| **Money Market Funds — 0.8%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.47%<sup>(c)(d)(e)</sup>  | 252270031 | 252370939 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.30%<sup>(c)(d)(e)</sup>  | 114394303 | 114394303 |
|  **Total Short-Term Securities — 0.8%<br>(Cost: $366,703,310)** |  | 366765242 |
|  **Total Investments — 100.5%<br>(Cost: $17,994,515,510)** |  | 50348976447 |
|  **Liabilities in Excess of Other Assets — (0.5)%** |  | (225966528) |
|  **Net Assets — 100.0%** |  | $50123009919 |

---

<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 OF I N V E S T M E N T S 23

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---

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

---

#### Affiliates
Investments in issuers considered to be affiliate(s) of the Master Portfolio during the six months ended June 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>06/30/25 | *Shares*<br> *Held at*<br> *06/30/25* | Income | Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $196905512 | $55494182 <sup>(a)</sup> | $— | $(28913) | $158 | $252370939 | 252270031 | $283703 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 120252759 |  | (5858456)<sup>(a)</sup> |  |  | 114394303 | 114394303 | 3432588 |  |
|  Blackrock, Inc. | 138023886 | 5410155 | (2008641) | (61577) | 3982484 | 145346307 | 138524 | 1425555 |  |
|  iShares Core S&P 500 ETF | 299532746 | 1928627386 | (2183465625) | 48677041 | (49927796) | 43443752 | 69969 | 1173438 |  |
|  |  |  |  | $48586551 | $(45945154) | $555555301 |  | $6315284 | $— |

---

<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 | 447 | 09/19/25 | $139771 | $4147641 |

---

#### 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<br>Contracts | Credit<br> Contracts | Equity<br>Contracts | Foreign<br>Currency<br> Exchange<br>Contracts | Interest<br>Rate<br> Contracts | Other<br> Contracts | Total |
|  **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts<sup>(a)</sup>  | $— | $— | $4147641 | $— | $— | $— | $4147641 |

---

<sup>(a)</sup> 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 June 30, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Commodity<br>Contracts | Credit<br> Contracts | Equity<br>Contracts | Foreign<br>Currency<br> Exchange<br>Contracts | Interest<br>Rate<br> Contracts | Other<br> Contracts | Total |
|  **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $8525873 | $— | $— | $— | $8525873 |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $5828175 | $— | $— | $— | $5828175 |

---

#### Average Quarterly Balances of Outstanding Derivative Financial Instruments

---

| | |
|:---|:---|
|  Futures contracts: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Average notional value of contracts — long | $174470782 |

---

24 2 0 2 5 B L A C K R O C K S E M I - A N N U A L FI N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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---

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

---

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 at the measurement date. 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 | $49938767453 | $— | $— | $49938767453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 43443752 |  |  | 43443752 |
| &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 | 366765242 |  |  | 366765242 |
|  | $50348976447 | $— | $— | $50348976447 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $4147641 | $— | $— | $4147641 |

---

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

*See notes to financial statements.* 

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 25

------

Statement of Assets and Liabilities (unaudited)

June 30, 2025

---

| | |
|:---|:---|
|  | S&P 500 Index<br> Master Portfolio |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $49793421146 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 555555301 |
|  Cash | 294011 |
|  Cash pledged for futures contracts | 9724000 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 46707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 24841842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 282608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 670494 |
|  Prepaid expenses | 25524 |
|  Total assets | 50384861633 |
|  **LIABILITIES** |  |
|  Collateral on securities loaned | 252332182 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Withdrawals to investors | 9003369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 397089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 56740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 62334 |
|  Total liabilities | 261851714 |
|  **Commitments and contingent liabilities** |  |
|  NET ASSETS | $50123009919 |
|  **NET ASSETS CONSIST OF** |  |
|  Investors' capital | $17764401341 |
|  Net unrealized appreciation (depreciation) | 32358608578 |
|  NET ASSETS | $50123009919 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $17540453646 |
|  <sup>(b)</sup> Securities loaned, at value | $251404164 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $454061864 |

---

*See notes to financial statements.* 

26 2 0 2 5 B L A C K R O C K S E M I - A N N U A L FI N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Statement of Operations (unaudited)

Six Months Ended June 30, 2025

---

| | |
|:---|:---|
|  | S&P 500 Index<br>Master Portfolio |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $298762656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 6031581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest — unaffiliated | 237227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 283703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (1694921) |
|  Total investment income | 303620246 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 2313008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees | 131956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 14255 |
|  Total expenses | 2459219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (216491) |
|  Total expenses after fees waived and/or reimbursed | 2242728 |
|  Net investment income | 301377518 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (210146) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | 48586551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 8525873 |
|  | 56902278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | 2734623702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (45945154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 5828175 |
|  | 2694506723 |
|  Net realized and unrealized gain | 2751409001 |
|  NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $3052786519 |

---

*See notes to financial statements.* 

M A S T E R P O R T F O L I O S T A T E M E N T O F O P E R A T I O N S 27

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio |
|  | Six Months Ended<br> 06/30/25<br> (unaudited) | Year Ended<br> 12/31/24 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $301377518 | $575273596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 56902278 | 85066881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 2694506723 | 8536342561 |
|  Net increase in net assets resulting from operations | 3052786519 | 9196683038 |
|  **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from contributions | 6663552598 | 10050282417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of withdrawals | (6045234429) | (8821440872) |
|  Net increase in net assets derived from capital transactions | 618318169 | 1228841545 |
|  *NET ASSETS* |  |  |
|  Total increase in net assets | 3671104688 | 10425524583 |
|  Beginning of period | 46451905231 | 36026380648 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;50123009919 | $46451905231 |

---

*See notes to financial statements.* 

28 2 0 2 5 B L A C K R O C K S E M I - A N N U A L FI N A N C I A L S T A T E M E N T S A N D A D D I T I O N A L I N F O R M A T I O N

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Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio |
|  | Six Months Ended<br>06/30/25<br>(unaudited) | Year Ended<br>12/31/24 | Year Ended<br>12/31/23 | Year Ended<br>12/31/22 | Year Ended<br>12/31/21 | Year Ended<br>12/31/20 |
|  **Total Return** |  |  |  |  |  |  |
|  Total return | 6.20 %<sup>(a)</sup> | 24.94% | 26.24% | (18.13)% | 28.65% | 18.42% |
|  **Ratios to Average Net Assets<sup>(b)</sup>**  |  |  |  |  |  |  |
|  Total expenses | 0.01 %<sup>(c)</sup> | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
|  Total expenses after fees waived and/or reimbursed | 0.01 %<sup>(c)</sup> | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
|  Net investment income | 1.30 %<sup>(c)</sup> | 1.36% | 1.63% | 1.60% | 1.39% | 1.82% |
|  **Supplemental Data** |  |  |  |  |  |  |
|  Net assets, end of period (000) | $50123010 | $46451905 | $36026381 | $29544845 | $34489286 | $26992973 |
|  Portfolio turnover rate | 7% | 9% | 10% | 13% | 6% | 5% |

---

<sup>(a)</sup> Not annualized.

<sup>(b)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

<sup>(c)</sup> Annualized.

*See notes to financial statements.* 

M A S T E R P O R T F O L I O F I N A N C I A L H I G H L I G H T S 29

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Notes to Financial Statements (unaudited)

*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 June 30, 2025, 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.

**Cash:** The Master Portfolio may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Master Portfolio may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Master Portfolio is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

**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.

**Segment Reporting:** The Chief Financial Officer acts as the Master Portfolio's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Master Portfolio. The CODM has concluded that the Master Portfolio operates as a single operating segment since the Master Portfolio has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Master Portfolio's financial statements.

*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

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Notes to Financial Statements (unaudited) (continued)

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.

**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 trade or 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 trade or 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 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 occurs after 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 as of the measurement date.

**Fair Value Hierarchy:** 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:

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

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

• 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.

*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

M A S T E R P O R T F O L I O N O T E S T O F I N A N C I A L S T A T E M E N T S 31

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Notes to Financial Statements (unaudited) (continued)

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.

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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Securities<br>Loaned at Value | Cash Collateral<br>Received<br><sup>(a)</sup> |  | Net<br>Amount | <br><sup>(b)</sup> |
|  Barclays Bank PLC | $1796833 | $(1796833) | $– | $— |  |
|  BNP Paribas SA | 14240457 | (14240457) | – |  |  |
|  BofA Securities, Inc. | 3316609 | (3316334) | – | 275 |  |
|  Citigroup Global Markets, Inc. | 34036877 | (34036877) | – |  |  |
|  Goldman Sachs & Co. LLC | 19716628 | (19716628) | – |  |  |
|  HSBC Bank PLC | 8727972 | (8727972) | – |  |  |
|  J.P. Morgan Securities LLC | 23940291 | (23940291) | – |  |  |
|  Morgan Stanley | 419030 | (419030) | – |  |  |
|  SG Americas Securities LLC | 724633 | (724633) | – |  |  |
|  UBS AG | 24933322 | (24933322) | – |  |  |
|  UBS Securities LLC | 12230718 | (12230718) | – |  |  |
|  Wells Fargo Bank N.A | 105313544 | (105313544) | – |  |  |
|  Wells Fargo Securities LLC | 2007250 | (2007250) | – |  |  |
|  | $251404164 | $(251403889) | $– | $275 |  |

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<sup>(a)</sup> 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. 

<sup>(b)</sup> The market value of the loaned securities is determined as of June 30, 2025. Additional collateral is delivered to the Master Portfolio on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty. 

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 Finance, Inc.. BlackRock Finance, Inc.'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 the 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 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.

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Notes to Financial Statements (unaudited) (continued)

*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"), BAL 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 may delegate certain of its administration duties to sub-administrators.

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 Master Portfolio in an amount equal to the independent expenses through June 30, 2026. 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 six months ended June 30, 2025, the amount waived was $146,211.

**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, 2026. 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 six months ended June 30, 2025, the amounts waived were $55,999.

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, 2026. 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 six months ended June 30, 2025, the Manager waived $14,281 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 for 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. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Master Portfolio retains a portion of the securities lending income and remits the 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 specified thresholds, 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 84% 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.

M A S T E R P O R T F O L I O N O T E S T O F I N A N C I A L S T A T E M E N T S 33

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Notes to Financial Statements (unaudited) (continued)

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 six months ended June 30, 2025, the Master Portfolio paid BTC $118,570 for securities lending agent services.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Master Portfolio could 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. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

During the period ended March 3, 2025, 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 six months ended June 30, 2025, 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:

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| | | | |
|:---|:---|:---|:---|
| Master Portfolio Name | Purchases | Sales | Net Realized<br>Gain (Loss) |
|  S&P 500 Index Master Portfolio | $145849105 | $112922951 | $(16654429) |

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*7. PURCHASES AND SALES* 

For the six months ended June 30, 2025, purchases and sales of investments, excluding short-term securities, were $4,048,190,930 and $3,154,715,251, 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 June 30, 2025, 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. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect which may impact the Master Portfolio's NAV.

As of June 30, 2025, 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| Master Portfolio Name | Tax Cost | Gross Unrealized<br>Appreciation | Gross Unrealized<br>Depreciation | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  S&P 500 Index Master Portfolio | $17879644283 | $33223729201 | $(750249396) | $32473479805 |

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*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, $2.40 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 2026 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 six months ended June 30, 2025, the Master Portfolio did not borrow under the credit agreement.

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Notes to Financial Statements (unaudited) (continued)

*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, tariffs 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 mandatory and 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. The Master Portfolio's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

**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 Master 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.

M A S T E R P O R T F O L I O N O T E S T O F I N A N C I A L S T A T E M E N T S 35

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Notes to Financial Statements (unaudited) (continued)

*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.

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Additional Information

#### Changes in and Disagreements with Accountants
Not applicable.

#### Proxy Results
Not applicable.

#### Remuneration Paid to Trustees, Officers, and Others
Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Fund/Master Portfolio for the Fund's/Master Portfolio's allocable portion of the fees and expenses of the independent trustees of the Trust and MIP, counsel to such independent trustees and the independent registered public accounting firm.

#### General Information
Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund/Master Portfolio may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund/Master Portfolio and does not, and is not intended to, incorporate BlackRock's website in this report.

#### Electronic Delivery
Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

#### Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:
Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

#### Shareholders Who Hold Accounts Directly with BlackRock:
1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

#### BlackRock's Mutual Fund Family
BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

#### Shareholder Privileges

#### Account Information
Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

#### Automatic Investment Plans
Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

#### Systematic Withdrawal Plans
Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

#### Retirement Plans
Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

A D D I T I O N A L I N F O R M A T I O N 37

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Additional Information (continued)

#### Fund and/or MIP Service Providers

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| | |
|:---|:---|
|  **Investment Adviser** | Distributor |
|  BlackRock Fund Advisors | BlackRock Investments, LLC |
|  San Francisco, CA 94105 | New York, NY 10001 |
|  **Administrator** | Independent Registered Public Accounting Firm |
|  BlackRock Advisors, LLC | PricewaterhouseCoopers LLP |
|  Wilmington, DE 19809 | Philadelphia, PA 19103 |
|  **Accounting Agent and Custodian** | Legal Counsel |
|  State Street Bank and Trust Company | Sidley Austin LLP |
|  Boston, MA 02114 | New York, NY 10019 |
|  **Transfer Agent** | Address of the Trust/MIP |
|  BNY Mellon Investment Servicing (US) Inc. | 400 Howard Street |
|  Wilmington, DE 19809 | San Francisco, CA 94105 |

---

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Disclosure of Investment Advisory Agreement

The Board of Trustees of Master Investment Portfolio (the "Master Portfolio") met on April 22, 2025 (the "April Meeting") and May 20-21, 2025 (the "May Meeting") to consider the approval to continue the investment advisory agreement (the "Agreement") between the Master Portfolio, on behalf of S&P 500 Index Master Portfolio (the "Master Fund") and BlackRock Fund Advisors (the "Manager" or "BlackRock"), the Master Portfolio's investment advisor. iShares S&P 500 Index Fund (the "Feeder Fund"), a series of BlackRock Funds III (the "Feeder Trust"), is a "feeder" fund that invests all of its investable assets in the Master Fund. Accordingly, the Board of Trustees of the Feeder Trust also considered the approval of the Agreement with respect to the Master Fund. For simplicity: (a) the Board of Trustees of the Master Portfolio and the Board of Trustees of the Feeder Trust are referred to herein collectively as the "Board", and the members are referred to as "Board Members"; (b) the shareholders of the Feeder Fund and the interest holders of the Master Fund are referred to as "shareholders"; and (c) the Master Fund and the Feeder Fund are referred to herein together as the "Fund".

#### The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the "1940 Act"), the Board considers the approval of the continuation of the Agreement for the Master Portfolio on an annual basis. The Board Members who are not "interested persons" of the Master Portfolio, as defined in the 1940 Act, are considered independent Board Members (the "Independent Board Members"). The Board's consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock's various services to the Master Portfolio, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, as well as numerous ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also held the April Meeting to consider specific information regarding the renewal of the Agreement. In considering the renewal of the Agreement, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock's personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund's service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock's management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Master Fund, the Feeder Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management's and portfolio managers' investment performance analyses, and the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) the Fund's operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund's investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock's and the Fund's adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as applicable; (g) BlackRock's and other service providers' internal controls and risk and compliance oversight mechanisms; (h) BlackRock's implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock's implementation of the Fund's valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund ("ETF"), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage; and (m) periodic updates on BlackRock's business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), based on either a Lipper Classification or Morningstar category, regarding fees and expenses of the Fund, as applicable, as compared with a peer group of funds as determined by Broadridge ("Expense Peers"), and the investment performance of the Fund as compared with a peer group of funds ("Performance Peers"); (b) information on the composition of the Expense Peers and Performance Peers, and a description of Broadridge's methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Feeder Fund's shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock's, the Fund's operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement, and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting, and such responses were reviewed by the Board Members.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund's fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock's relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock's services related to the valuation and pricing of portfolio holdings of the Master Fund. The Board noted the willingness of BlackRock's

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T 39

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Disclosure of Investment Advisory Agreement (continued)

personnel to engage in open, candid discussions with the Board. The Board evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board's decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

*A. Nature, Extent and Quality of the Services Provided by BlackRock* 

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared the Fund's performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock's senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund's portfolio management team discussing the Fund's performance and the Fund's investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of the Fund's portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of certain trading, portfolio management, operations and/or information systems owned by BlackRock; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock's overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock's Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock's compensation structure with respect to the Master Fund's portfolio management team and BlackRock's ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third party service providers including, among others, the custodian, fund accountant, transfer agent, and auditor for the Fund, as applicable; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Feeder Fund's distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock's fund administration, shareholder services, and legal and compliance departments and considered BlackRock's policies and procedures for assuring compliance with applicable laws and regulations. The Board also considered the operation of BlackRock's business continuity plans.

*B. The Investment Performance of the Fund* 

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. The Board noted that the Feeder Fund's investment results correspond directly to the investment results of the Master Fund. The Board was provided with Fund performance reporting and analysis, relative to applicable performance metrics, by BlackRock throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was also provided with reports independently prepared by Broadridge, which included an analysis of the Fund's performance as of December 31, 2024, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers and the performance of the Fund as compared with its benchmark. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for the one-year period reported, the Fund's net performance was below the tolerance range of its benchmark. The Board noted that BlackRock believes that net performance relative to the benchmark is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund's below tolerance performance relative to its benchmark over the period. The Board was informed that, among other things, the Fund's underperformance relative to its benchmark and breach of its lower tolerance, was the impact of post-notified flows which detracted from the Fund's performance. Post-notified activity is a source of performance variation because the flow of information is received after the close of the effective date of the activity introducing either a drag on or a boost to performance.

*C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund* 

The Board, including the Independent Board Members, reviewed the Fund's contractual management fee rate compared with those of the Fund's Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund's total expense ratio, as well as the Fund's actual management fee rate, to those of the Fund's Expense Peers. The total expense ratio represents a fund's total net operating expenses, including any 12b-1 or non 12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in

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Disclosure of Investment Advisory Agreement (continued)

the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board also noted that while it found the expense comparison provided by Broadridge generally useful, it recognized that the comparison is subject to Broadridge's defined peer selection criteria and methodology. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board reviewed BlackRock's profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock's estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2024 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock's estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock's assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized the limitations of calculating and comparing profitability at the individual fund level.

The Board received and reviewed statements relating to BlackRock's financial condition. The Board reviewed BlackRock's overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of BlackRock's technology business, BlackRock's expense management, and the relative product mix. The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock's commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Fund's contractual management fee rate ranked in the first quartile, and that the actual management fee rate and the Fund's total expense ratio each ranked in the first quartile relative to the Fund's Expense Peers. The Board also noted that BlackRock and its affiliates have contractually agreed to reimburse or otherwise compensate the Fund for certain other fees and expenses.

*D. Economies of Scale* 

The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the Fund's asset levels and whether the current fee schedule was appropriate.

*E. Other Factors Deemed Relevant by the Board Members* 

The Board, including the Independent Board Members, also took into account other ancillary or "fall-out" benefits that BlackRock or its affiliates may derive from BlackRock's respective relationships with the Fund, both tangible and intangible, such as BlackRock's ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock's profile in the investment advisory community, and the engagement of BlackRock's affiliates as service providers to the Fund, including for administrative, distribution, securities lending and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock's overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock's brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the mutual fund marketplace, and that shareholders are able to redeem their Feeder Fund shares if they believe that the Fund's fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Conclusion
At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board's year-long deliberative process, the Board of the Master Portfolio, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Master Portfolio, on behalf of the Master Fund for a one-year term ending June 30, 2026. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board of the Master Portfolio, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Master Fund and its shareholders. The Board of the Feeder Trust, including the Independent Board Members, also considered the continuation of the Agreement with respect to the Master Fund and found the Agreement to be satisfactory. In arriving at its decision to approve the Agreement, the Board of the Master Portfolio did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.

D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T 41

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Glossary of Terms Used in these Financial Statements

#### Portfolio Abbreviation

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

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### Want to know more?
blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

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| ![LOGO](g876538dsp044a.jpg) | ![LOGO](g876538dsp044b.jpg) |

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(b) The registrant's Financial Highlights are filed under Item 7(a) of this Form.

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| | |
|:---|:---|
| **Item 8:** | **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**  |

---

There were no changes in or disagreements with accountants during the period covered by this report.

---

| | |
|:---|:---|
| **Item 9:** | **Proxy Disclosures for Open-End Management Investment Companies.**  |

---

There are no proxy disclosures for Transamerica Stock Index.

---

| | |
|:---|:---|
| **Item 10:** | **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**  |

---

Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies is included within the Financial Statements filed under Item 7(a) of this Form.

---

| | |
|:---|:---|
| **Item 11:** | **Statement Regarding Basis for Approval of Investment Advisory Contract.**  |

---

The registrant's Statements Regarding Basis for Approval of Investment Management Contract is included within the Financial Statements filed under Item 7(a) of this Form.

------

---

| | |
|:---|:---|
| **Item 12:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**  |

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 13:** | **Portfolio Managers of Closed-End Management Investment Companies.**  |

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 14:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**  |

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 15:** | **Submission of Matters to a Vote of Security Holders.**  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees that have been implemented since the registrant last provided disclosure in response to the requirements of this Item.

---

| | |
|:---|:---|
| **Item 16:** | **Controls and Procedures.**  |

---

(a) The registrant's principal executive officer and principal financial officer have evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report and have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are appropriately designed to ensure that information required to be disclosed by the registrant in the reports that it files on Form N-CSR is (a) accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| **Item 17:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**  |

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 18:** | **Recovery of Erroneously Awarded Compensation.**  |

---

Not applicable to the registrant.

---

| | |
|:---|:---|
| **Item 19:** | **Exhibits.**  |

---

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Not applicable for semi-annual reports.

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.

Not applicable to the registrant.

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(3) | [A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)) is attached hereto.](d876538dex99cert.htm)  |

---

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940, as amended (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(a)(5) Change in the registrant's independent public accountant.

Not applicable.

(b) [The certification by the registrant's principal executive officer and principal financial officer as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto. The certification furnished pursuant to this paragraph is not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the registrant specifically incorporates it by reference.](d876538dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Transamerica Funds | Transamerica Funds |
| (Registrant) | (Registrant) |
| By: | /s/ Marijn P. Smit |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | September 3, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Marijn P. Smit |
|  | Marijn P. Smit |
|  | President and Chief Executive Officer |
|  | (Principal Executive Officer) |
| Date: | September 3, 2025 |
| By: | /s/ Kari Seabrands |
|  | Kari Seabrands |
|  | Treasurer<br> (Principal Financial Officer and<br> Principal Accounting Officer) |
| Date: | September 3, 2025 |

---

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| Exhibit No. | Description of Exhibit |
| &nbsp;&nbsp; 19(a)(3) | [Section 302 N-CSR Certification of Principal Executive Officer](d876538dex99cert.htm) |
| &nbsp;&nbsp; 19(a)(3) | [Section 302 N-CSR Certification of Principal Financial Officer](d876538dex99cert.htm) |
| &nbsp;&nbsp; 19(b) | [Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer](d876538dex99906cert.htm) |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**Section 302 N-CSR Certification of Principal Executive Officer** 

TRANSAMERICA FUNDS

FOR THE PERIOD ENDED JUNE 30, 2025

FORM N-CSR CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Marijn P. Smit, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Transamerica Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and
the audit committee of the registrant's Board of Trustees (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: September 3, 2025 | By: | /s/ Marijn P. Smit |
|  |  | Marijn P. Smit |
|  | Title: | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

------

**Exhibit 19(a)(3)** 

**Section 302 N-CSR Certification of Principal Financial Officer** 

TRANSAMERICA FUNDS

FOR THE PERIOD ENDED JUNE 30, 2025

FORM N-CSR CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Kari Seabrands, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Transamerica Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and
the audit committee of the registrant's Board of Trustees (or persons performing equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: September 3, 2025 | By: | /s/ Kari Seabrands |
|  |  | Kari Seabrands |
|  | Title: | Treasurer<br> (Principal Financial Officer and Principal<br> Accounting Officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer** 

TRANSAMERICA FUNDS

FOR THE PERIOD ENDED JUNE 30, 2025

FORM N-CSR CERTIFICATION

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Transamerica Funds (the "Trust") on Form N-CSR for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof, each of the undersigned hereby certifies that, to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Trust.

---

| | | |
|:---|:---|:---|
| /s/ Marijn P. Smit | Date: | September 3, 2025 |
| Marijn P. Smit |  |  |
| President and Chief Executive Officer |  |  |
| (Principal Executive Officer) |  |  |
| /s/ Kari Seabrands | Date: | September 3, 2025 |
| Kari Seabrands |  |  |
| Treasurer<br> (Principal Financial Officer and Principal<br> Accounting Officer) |  |  |

---

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the registrant and will be retained by the registrant and furnished to the Securities and Exchange Commission or its staff upon request.