# EDGAR Filing Document

**Accession Number:** 0000787623
**File Stem:** 0001193125-23-059207
**Filing Date:** 2023-3
**Character Count:** 262011
**Document Hash:** 530a84bb36fb13b54ad7c451e8b41ccd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-059207.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001193125-23-059207

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TRANSAMERICA FUNDS
- **CENTRAL INDEX KEY:** 0000787623
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04556
- **FILM NUMBER:** 23702040

**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           |

##### [**Table of Contents**](#toc)
As filed with the Securities and Exchange Commission on March 3, 2023

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)

Registrant's Telephone Number, including Area Code: 1-888-233-4339

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

(Name and Address of Agent for Service)

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

Date of reporting period: <u>December</u> <u>31, 2022</u>

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##### [**Table of Contents**](#toc)

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Annual Report is attached.

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##### [**Table of Contents**](#toc)

## TRANSAMERICA FUNDS

## ANNUAL REPORT

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**DECEMBER 31, 2022** 

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![LOGO](g436401g50f26.jpg)

Customer Service: **1-888-233-4339**

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

**www.transamerica.com**![LOGO](g436401g95y56.jpg)

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##### [**Table of Contents**](#toc)
**Table of Contents** 

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| | |
|:---|:---|
|  **[Shareholder Letter](#toc436401_1)** | 1 |
|  **[Manager Commentary](#toc436401_1a)** | 2 |
|  **[Disclosure of Expenses](#toc436401_2)** | 4 |
|  **[Statement of Assets and Liabilities](#toc436401_3)** | 5 |
|  **[Statement of Operations](#toc436401_4)** | 5 |
|  **[Statement of Changes in Net Assets](#toc436401_5)** | 6 |
|  **[Financial Highlights](#toc436401_6)** | 7 |
|  **[Notes to Financial Statements](#toc436401_7)** | 8 |
|  **[Report of Independent Registered Public Accounting Firm](#toc436401_8)** | 14 |
|  **[Supplemental Tax Information](#toc436401_9)** | 15 |
|  **[Management of the Trust](#toc436401_10)** | 16 |
|  **[S&P 500 Index Master Portfolio Annual Report](#toc436401_12)** | Appendix A |
|  **[Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings](#toc436401_13)** | Appendix B |
|  **[Notice of Privacy Policy](#toc436401_14)** | Appendix C |

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***Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. A prospectus contains this and other information; please read it carefully before investing****.* ****

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| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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##### [**Table of Contents**](#toc)
Dear Shareholder,

On behalf of Transamerica Funds, we would like to thank you for your continued support and confidence in our products as we look forward to continuing to serve you and your financial professional in the future. We value the trust you have placed in us.

This annual report is provided to you to show the investments of Transamerica Stock Index (the "Fund") during the fiscal year. The Securities and Exchange Commission requires that annual and semi-annual reports be made available to all investors, and we believe this to be an important part of the investment process. This report provides detailed information about the Fund for the 12-month period ending December 31, 2022.

The year began with stock prices reaching record highs for the major indexes as corporate earnings growth appeared healthy and U.S. Federal Reserve ("Fed") policy remained accommodative. However, as the early months of 2022 passed it became increasingly evident that inflation, having reached multi-decade highs, would be more persistent than originally perceived and would require more forceful actions from the Fed. This, in turn, also brought on fears of slowing economic growth further pressuring the equity and credit markets.

In February 2022, Russia invaded Ukraine and in addition to the humanitarian crises created, concerns of global inflation and international instability also plagued the markets. In March, the Fed raised rates for the first time in more than three years, and as inflation rates continued to rise into the spring it became apparent a far more aggressive tightening cycle was now in process. By June, inflation had reached its highest rate in more than forty years, with the year-over-year increase in the Consumer Price Index exceeding 9%, and the Fed Funds Rate had increased to 1.5% with more rate hikes expected to follow. Long-term rates also jumped considerably higher in June with the 10-year Treasury yield rising to 3.38% by the end of the month, more than double its level at the year's onset.

Additionally pressuring stocks into the summer were fears of a pending economic recession in the year ahead as the combination of continuing Fed rate hikes against an inflationary cycle seemed destined to negatively impact corporate earnings and consumer activity. While first and second quarter gross domestic product ("GDP") reports displayed negative growth, the National Bureau of Economic Research did not declare the economy to be in an official recession due mostly to strong employment growth and positive consumer spending.

The S&P 500<sup>®</sup> Index officially hit bear market territory by the summer (a decline of 20%) and its low for the year during October. As the year concluded, the S&P 500<sup>®</sup> Index experienced its worst calendar year total return since 2008, with the most severe damage shown in previously higher priced technology stocks. Led by energy stocks benefitting from higher oil prices, value stocks meaningfully outperformed growth for the year. By year-end, inflation reports showed some easing, providing encouragement that peak rates may had passed, helping stocks to finish the year above earlier lows.

The Fed finished the year with the Fed Funds Rate of 4.50%, reflecting its most aggressive year of tightening in more than 40 years, and the 10-year Treasury yield finished at 3.88%, over two percentage points higher than where it had started the year. Combined with widening credit spreads, this led to double digit declines for the year in both investment grade and high yield bonds and the largest one-year decline in the Bloomberg US Aggregate Bond Index on record.

As this difficult year closed, investors took some comfort in declining rates of inflation, the prospect of the Fed concluding its rate hike cycle sometime in the year ahead, and a perception that a pending economic slowdown may potentially be manageable for the markets after the second-half of 2022 GDP and employment reports remained strong.

For the one-year period ended December 31, 2022, the S&P 500<sup>®</sup> Index returned -18.11% while the MSCI EAFE Index, representing international developed market equities, returned -14.01%. During the same period, the Bloomberg US Aggregate Bond Index returned -13.01%. Please keep in mind that it is important to maintain a diversified portfolio as investment returns have historically been difficult to predict.

In addition to your active involvement in the investment process, we firmly believe that a financial professional is a key resource to help you build a complete picture of your current and future financial needs. Financial professionals are familiar with the market's history, including long-term returns and volatility of various asset classes. With your financial professional, you can develop an investment program that incorporates factors such as your goals, your investment timeline and your risk tolerance.

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

Sincerely,

![LOGO](g436401g35n89.jpg)

**Marijn Smit** 

**President & Chief Executive Officer** 

**Transamerica Funds**![LOGO](g436401g03a96.jpg)

**Tom Wald, CFA** 

**Chief Investment Officer** 

**Transamerica Funds** 

Bloomberg US Aggregate Bond Index: Measures investment grade, U.S. dollar denominated, fixed-rate taxable bonds, including Treasuries, government-related and corporate securities, as well as both mortgage- and asset-backed securities.

MSCI EAFE Index: A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.

S&P 500<sup>®</sup> Index: A market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange or NASDAQ Stock Market.

*The views expressed in this report reflect those of the portfolio managers only and may not necessarily represent the views of Transamerica Funds. These views are as of the date of this report and subject to change based upon market conditions. These views should not be relied upon as investment advice and are not indicative of trading intent on behalf of Transamerica Funds. Investing involves risk, including potential loss of principal. The performance data presented represents past performance and does not guarantee future results. Indexes are unmanaged and it is not possible to invest directly in an index.* 

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##### [**Table of Contents**](#toc)
**Transamerica Stock Index** 

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**(unaudited)** 

**MARKET ENVIRONMENT** 

U.S. equities, as represented by the S&P 500<sup>®</sup> Index, finished the year ended December 21, 2022, with negative performance of -18.11%. With consumption remaining elevated coming out of 2021, global supply chains struggled to keep pace with consumer demand, resulting in rising prices. The growing concern of inflation was then exacerbated by constrained energy and food markets as a fallout of the Russian-Ukraine conflict. With broadly higher input prices, corporate earnings and outlooks shifted downward on concerns of narrower margins. In response to soaring inflation, central banks across the world rapidly moved to increase interest rates. These moves by the U.S. Federal Reserve ("Fed") and many of its peers added a significant amount of uncertainty into global capital markets.

In the first quarter of 2022, geopolitical tension after the Russian invasion of Ukraine fueled existing concerns over rising inflation, interest rate hikes, and rallying commodity prices. On the other hand, economic data in the U.S. remained strong with robust employment numbers and corporate earnings results. This provided comfort to investors but added to U.S. policy makers challenges. Investors were concerned that the Fed may dampen growth in their efforts to control inflation.

In the second quarter, concerns about high inflation, the growth outlook and U.S. recession fears increased. While the unemployment rate remained low and wage growth strong, consumer sentiment went down as consumers struggled with higher prices and borrowing costs. The increase in expectation of an interest rate hike weighed on U.S. equity market valuations.

In the third quarter, the U.S. equity market rallied in July on a more softened tone from the Fed, suggesting slower rate rises in 2023. The Fed's more hawkish tone later in the quarter, however, reaffirmed its commitment to fighting inflation.

The U.S. equity market rallied over the fourth quarter, despite tighter monetary policy. It posted positive returns in October and November 2022 while contractionary monetary policy targeted a higher inflation rate. The Fed reiterated their plan in December 2022 to continue tightening monetary policy in response to sustained inflation pressures, which dampened equity market performance in December.

**PERFORMANCE** 

For the year ended December 31, 2022, Transamerica Stock Index, Class R4 returned -18.35%. By comparison, its benchmark, the S&P 500<sup>®</sup> Index, returned -18.11%.

**STRATEGY REVIEW** 

For the year ended December 31, 2022, Transamerica Stock Index (the "Fund") underperformed its benchmark, the S&P 500<sup>®</sup> Index ("S&P 500<sup>®</sup>" or "Index").

The Fund invests in securities through the S&P 500 Index Master Portfolio, a master portfolio which is not part of the Transamerica Funds complex, and which is advised by BlackRock Fund Advisors. The Fund seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500<sup>®</sup>. The Fund takes positions in securities that, in combination, should have similar return characteristics as the return of the Index. The Index is designed to provide a comprehensive measure of large-cap stock performance. It is an unmanaged, market capitalization-weighted index composed of large-capitalization U.S. equities.

Sectors within the Index posted mixed returns over the year. Energy, utilities, and consumer staples were among the best performers. Conversely, information technology, consumer discretionary, and communication services were among the worst performers.

The primary drivers of tracking difference between the Fund and the Index during the year were fees and expenses, slight mismatches in security weightings versus the Index, cash and futures drag and transaction costs.

**Jennifer Hsui, CFA** 

**Suzanne Henige, CFA** 

**Paul Whitehead** 

**Amy Whitelaw** 

**Co-Portfolio Managers** 

**BlackRock Fund Advisors** 

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 2** 

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##### [**Table of Contents**](#toc)
**Transamerica Stock Index** 

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**(unaudited)**![LOGO](g436401g13o83.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | **Average Annual Total Return for Periods Ended 12/31/2022** | |
| | **1 Year** | **5 Year** | **10 Year or<br>Since Inception** | **Inception Date** |
|  Class R (NAV) | (18.57)% | 8.77% | 10.31% | 04/21/2017 |
|  Class R4 (NAV) | (18.35)% | 9.09% | 12.23% | 09/11/2000 |
|  S&P 500<sup>®</sup> Index <sup>(A)</sup> | (18.11)% | 9.42% | 12.56% |  |

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<sup>(A)</sup> *The S&P 500<sup>®</sup> Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the NYSE or NASDAQ.* 

The Fund's benchmark is an unmanaged index used as a general measure of market performance. Calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The 10 Year or Since Inception of Fund calculation is based on the previous 10 years or since the inception date of the Fund, whichever is more recent. You cannot invest directly in an index.

**The performance data presented represents past performance and does not guarantee future results. Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance quoted. Please see www.transamerica.com for performance data current to the most recent month-end. Returns include the reinvestment of dividends and capital gains. Fund shares are sold without a sales load. Net asset value (NAV) returns include reinvestment of dividends and capital gains but do not reflect the deduction of any sales charges. There are no sales charges for Class R and R4 shares. Class R shares are available only to eligible retirement plans.** 

Performance figures reflect any fee waivers and/or expense reimbursements by the investment manager and any recapture by the investment manager of previously waived fees and/or reimbursed expenses. Absent any applicable waivers and/or reimbursements, the performance would be lower or higher in the case of any recapture.

Performance results do not include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles and may differ from amounts reported in the Financial Highlights.

An index fund has operating and other expenses while an index does not. As a result, while the Fund will attempt to track the S&P 500<sup>®</sup> as closely as possible, it will tend to underperform the index to some degree over time. If an index fund is properly correlated to its stated index, the Fund will perform poorly when the index performs poorly.

Equity funds invest in equity securities, which include common stock, preferred stock and convertible securities. Because such securities represent ownership in a corporation, they tend to be more volatile than fixed income or debt securities, which do not represent ownership.

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 3** 

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##### [**Table of Contents**](#toc)
**Transamerica Stock Index** 

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**DISCLOSURE OF EXPENSES** 

**(unaudited)** 

**SHAREHOLDER EXPENSES** 

As a shareholder in the Fund, you will bear the ongoing costs (such as the investment advisory fees and other expenses) of managing the corresponding S&P 500 Index Master Portfolio ("Master Portfolio"), in which the Fund invests. You will also bear the cost of operating the Fund (such as management fees, distribution fees, and other expenses).

The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds.

The example is based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**ACTUAL EXPENSES** 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If your account is an IRA, your expenses may have included an additional annual fee. The amount of any fee paid during the six-month period can decrease your ending account value.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES** 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Fund's actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. As in the case of the actual expense example, if your account is subject to an IRA fee, the amount of the fee paid through your account would increase the hypothetical expenses you would have paid during the period and decrease the hypothetical ending account value.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the information under the heading "Hypothetical Expenses" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If any of these transaction costs were included, your costs would be higher. The expenses shown in the table do not reflect any fees that may be charged to you by brokers, financial intermediaries, or other financial institutions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Actual Expenses** | **Actual Expenses** | **Hypothetical Expenses <sup>(A)</sup>** | **Hypothetical Expenses <sup>(A)</sup>** | |
| |<br>**Beginning<br>Account Value<br>July 1, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup><br>July 1, 2022 -<br>December 31, 2022** | **Ending<br>Account Value<br>December 31, 2022** | **Expenses Paid<br>During Period <sup>(B)</sup><br>July 1, 2022 -<br>December 31, 2022** |<br>**Net Annualized<br>Expense Ratio <sup>(C) (D)</sup>** |
|  Class R | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1020.40 | $&nbsp;&nbsp;&nbsp;&nbsp;3.16 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.10 | $&nbsp;&nbsp;&nbsp;&nbsp;3.16 | 0.62% |
|  Class R4 | 1000.00 | 1021.50 | 1.53 | 1023.70 | 1.53 | 0.30 |

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(A) *5% return per year before expenses.*

(B) *Expenses are calculated using the Fund's annualized net expense ratios, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).*

(C) *Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and are based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.*

(D) *The net expense ratio reflects the expenses of both the Fund and the Master Portfolio.*

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 4** 

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##### [**Table of Contents**](#toc)
**Transamerica Stock Index** 

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**STATEMENT OF ASSETS AND LIABILITIES**<br> **At December 31, 2022**<br>

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| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in Master Portfolio, at value | $285882548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables and other assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest sold | 180683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from investment manager | 6804 |
|  Total assets | 286071069 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables and other liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to Master Portfolio | 176658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest redeemed | 4025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 14849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees | 93794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 1471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 8422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 15968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees | 6631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 2758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 3449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 3085 |
|  Total liabilities | 332306 |
|  **Net assets** | $285738763 |
|  **Net assets consist of:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $&nbsp;&nbsp;&nbsp;&nbsp;(375258589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (accumulated losses) | 660997352 |
|  **Net assets** | $285738763 |
|  **Net assets by class:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | $147068786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 138669977 |
|  **Shares outstanding:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 11152911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 10519475 |
|  **Net asset value per share:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | $13.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 13.18 |

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**STATEMENT OF OPERATIONS** 

**For the year ended December 31, 2022** 

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| | |
|:---|:---|
|  **Net investment income (loss) allocated from Master Portfolio:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $4968306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 20575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income from securities lending | 5281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withholding taxes on foreign income | (24607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | (33952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived | 4047 |
|  Total investment income (loss) | 4939650 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 186526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 836239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 359070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 3821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 10772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees, CCO and deferred compensation fees | 10576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 30044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody and accounting fees | 27196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 15822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reports fees | 28566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 40265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 19303 |
|  Total expenses before waiver and/or reimbursement and recapture | 1568200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses waived and/or reimbursed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (7076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (120475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recapture of previously waived and/or reimbursed fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 4746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 2050 |
|  Net expenses | 1447445 |
|  **Net investment income (loss)** | 3492205 |
|  **Net realized and change in unrealized gain (loss) on investments allocated from Master Portfolio:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5874426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (76580400) |
|  Net realized and change in unrealized gain (loss) | (70705974) |
|  **Net increase (decrease) in net assets resulting from operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(67213769) |

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

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 5** 

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**Transamerica Stock Index** 

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**STATEMENT OF CHANGES IN NET ASSETS** 

**For the years ended:** 

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
|  **From operations allocated from Master Portfolio:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $3492205 | $3643313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 5874426 | 17990832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (76580400) | 73189592 |
|  Net increase (decrease) in net assets resulting from operations | (67213769) | 94823737 |
|  **Dividends and/or distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (8976983) | (12272650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (8828263) | (10911616) |
|  Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders | (17805246) | (23184266) |
|  **Capital share transactions:** | **Capital share transactions:** | **Capital share transactions:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 5606090 | 8455568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 18442845 | 14170747 |
|  | 24048935 | 22626315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and/or distributions reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 8976983 | 12272650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 8828263 | 10911616 |
|  | 17805246 | 23184266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (29981002) | (41321246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (11942291) | (68754776) |
|  | (41923293) | &nbsp;&nbsp;&nbsp;&nbsp;(110076022) |
|  Net increase (decrease) in net assets resulting from capital share transactions | (69112) | (64265441) |
|  **Net increase (decrease) in net assets** | (85088127) | 7374030 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 370826890 | 363452860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $&nbsp;&nbsp;&nbsp;&nbsp;285738763 | $370826890 |
|  **Capital share transactions - shares:** | **Capital share transactions - shares:** | **Capital share transactions - shares:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 373786 | 523881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 1257734 | 882753 |
|  | 1631520 | 1406634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | 667248 | 735697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 655484 | 655310 |
|  | 1322732 | 1391007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (2000196) | (2546804) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | (810713) | (4145554) |
|  | (2810909) | (6692358) |
|  Net increase (decrease) in shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R | (959162) | (1287226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class R4 | 1102505 | (2607491) |
|  | 143343 | (3894717) |

---

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

---

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| **Transamerica Funds** | **Annual Report 2022** |

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**Page 6** 

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##### [**Table of Contents**](#toc)
**Transamerica Stock Index** 

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**FINANCIAL HIGHLIGHTS** 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R** | **Class R** | **Class R** | **Class R** | **Class R** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of period/year** | $17.23 | $14.30 | $12.71 | $10.26 | $11.25 |
|  **Investment operations: <sup>(A)</sup>** |  |  |  |  |  |
|  Net investment income (loss) <sup>(B)</sup> | 0.14 | 0.13 | 0.15 | 0.16 | 0.16 |
|  Net realized and unrealized gain (loss) | (3.33) | 3.82 | 2.06 | 2.96 | (0.71) |
|  Total investment operations | (3.19) | 3.95 | 2.21 | 3.12 | (0.55) |
|  **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
|  Net investment income | (0.14) | (0.17) | (0.12) | (0.20) | (0.17) |
|  Net realized gains | (0.71) | (0.85) | (0.50) | (0.47) | (0.27) |
|  Total dividends and/or distributions to shareholders | (0.85) | (1.02) | (0.62) | (0.67) | (0.44) |
|  **Net asset value, end of period/year** | $13.19 | $17.23 | $14.30 | $12.71 | $10.26 |
|  **Total return** | (18.57)% | 27.84% | 17.80% | 30.62% | (4.97)% |
|  **Ratio and supplemental data:** |  |  |  |  |  |
|  Net assets end of period/year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;147069 | $&nbsp;&nbsp;&nbsp;&nbsp;208632 | $&nbsp;&nbsp;&nbsp;&nbsp;191562 | $&nbsp;&nbsp;&nbsp;&nbsp;204050 | $&nbsp;&nbsp;&nbsp;&nbsp;196664 |
|  Expenses to average net assets <sup>(A)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.63% | 0.61% | 0.62% | 0.62% | 0.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.63 %<sup>(C)</sup> | 0.61% | 0.62% | 0.62% | 0.60% |
|  Net investment income (loss) to average net assets <sup>(A)</sup> | 0.97% | 0.79% | 1.22% | 1.36% | 1.34% |
|  Portfolio turnover rate of Master Portfolio | 13% | 6% | 5% | 3% | 12% |

---

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

(B) *Calculated based on average number of shares outstanding.* 

(C) *Waiver and/or reimbursement rounds to less than 0.01%.* 

**For a share outstanding during the years indicated:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R4** | **Class R4** | **Class R4** | **Class R4** | **Class R4** |
|  | **December 31,<br>2022** | **December 31,<br>2021** | **December 31,<br>2020** | **December 31,<br>2019** | **December 31,<br>2018** |
|  **Net asset value, beginning of year** | $17.22 | $14.30 | $12.71 | $10.26 | $11.26 |
|  **Investment operations: <sup>(A)</sup>** |  |  |  |  |  |
|  Net investment income (loss) <sup>(B)</sup> | 0.19 | 0.18 | 0.20 | 0.20 | 0.19 |
|  Net realized and unrealized gain (loss) | (3.33) | 3.81 | 2.06 | 2.96 | (0.71) |
|  Total investment operations | (3.14) | 3.99 | 2.26 | 3.16 | (0.52) |
|  **Dividends and/or distributions to shareholders:** |  |  |  |  |  |
|  Net investment income | (0.19) | (0.22) | (0.17) | (0.24) | (0.21) |
|  Net realized gains | (0.71) | (0.85) | (0.50) | (0.47) | (0.27) |
|  Total dividends and/or distributions to shareholders | (0.90) | (1.07) | (0.67) | (0.71) | (0.48) |
|  **Net asset value, end of year** | $13.18 | $17.22 | $14.30 | $12.71 | $10.26 |
|  **Total return** | (18.35)% | 28.23% | 18.12% | 31.14% | (4.72)% |
|  **Ratio and supplemental data:** |  |  |  |  |  |
|  Net assets end of year (000's) | $&nbsp;&nbsp;&nbsp;&nbsp;138670 | $&nbsp;&nbsp;&nbsp;&nbsp;162195 | $&nbsp;&nbsp;&nbsp;&nbsp;171891 | $&nbsp;&nbsp;&nbsp;&nbsp;323914 | $&nbsp;&nbsp;&nbsp;&nbsp;340698 |
|  Expenses to average net assets <sup>(A)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excluding waiver and/or reimbursement and recapture | 0.38% | 0.37% | 0.38% | 0.37% | 0.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Including waiver and/or reimbursement and recapture | 0.30% | 0.30% | 0.30% | 0.30% | 0.30% |
|  Net investment income (loss) to average net assets <sup>(A)</sup> | 1.30% | 1.11% | 1.57% | 1.68% | 1.65% |
|  Portfolio turnover rate of Master Portfolio | 13% | 6% | 5% | 3% | 12% |

---

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

(B) *Calculated based on average number of shares outstanding.* 

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

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|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 7** 

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##### [**Table of Contents**](#toc)
**Transamerica Stock Index** 

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**NOTES TO FINANCIAL STATEMENTS** 

**At December 31, 2022** 

**1. ORGANIZATION** 

Transamerica Funds (the "Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust applies investment company accounting and reporting guidance. Transamerica Stock Index (the "Fund") is a series of the Trust and invests all of its investable assets in the S&P 500 Index Master Portfolio (the "Master Portfolio").

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

This report must be accompanied or preceded by the Fund's current prospectus, which contains additional information about the Fund, including risks, as well as investment objectives and strategies.

Transamerica Asset Management, Inc. ("TAM") serves as investment manager for the Fund pursuant to an investment management agreement. TAM provides continuous and regular investment management services to the Fund. TAM supervises the Fund's investments, conducts its investment program and provides supervisory, compliance and administrative services to the Fund.

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

TAM's investment management services also include the provision of supervisory and administrative services to the Fund. These services include performing certain administrative services for the Fund and supervising and overseeing the administrative, clerical, recordkeeping and bookkeeping services provided to the Fund by State Street Bank and Trust Company ("State Street"), to whom TAM has outsourced the provision of certain sub-administration services. To the extent agreed upon by TAM and the Fund from time to time, TAM's supervisory and administrative services include, but are not limited to: monitoring and verifying the custodian's daily calculation of the Net Asset Values ("NAV"); shareholder relations functions; compliance services; valuation services; assisting in due diligence and in the oversight and monitoring of certain aspects of Fund investments; assisting with Fund combinations and liquidations; oversight of the preparation and filing, and review, of all returns and reports, in connection with federal, state and local taxes; oversight and review of regulatory reporting; supervising and coordinating the Fund's custodian and dividend disbursing agent and monitoring their services to the Fund; assisting the Fund in preparing reports to shareholders; acting as liaison with the Fund's independent public accountants and providing, upon request, analyses, fiscal year summaries and other audit related services; assisting in the preparation of agendas and supporting documents for and minutes of meetings of trustees and committees of trustees; assisting in the preparation of regular communications with the trustees; and providing personnel and office space, telephones and other office equipment as necessary in order for TAM to perform supervisory and administrative services to the Fund. The Fund pays certain fees and expenses to State Street for sub-administration services which are not administrative services covered by the management agreement with TAM or paid for through the management fees payable thereunder. For the year ended December 31, 2022, (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.

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**Page 8** 

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**Transamerica Stock Index** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**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 year ended December 31, 2022, the Fund has not utilized the program.

**4. RISK FACTORS** 

Investing in the Fund involves certain key risks related to the Fund's trading activity. Please reference the Fund's prospectus for a more complete discussion of the following risk(s), as well as other risks of investing in the Fund.

**Market risk:** The market prices of the Fund's securities and other assets may go up or down, sometimes sharply and unpredictably, due to general market conditions, overall economic trends or events, inflation, changes in interest rates, government actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by wars, tariffs, trade disputes or other factors, political developments, investor sentiment, the global and domestic effects of a pandemic or other health emergency, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries, issuers, or geographies. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets. If the value of the Fund's securities and assets fall, the value of your investment will go down. The Fund may experience a substantial or complete loss on any individual security or asset.

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, the imposition of economic sanctions, public health events (such as the spread of infectious disease), wars, terrorism, cybersecurity events, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. In the past decade, financial markets throughout the world have experienced increased volatility and decreased liquidity. These conditions may continue or worsen. 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. Securities markets may also be susceptible to market manipulation or other fraudulent trade practices, which could disrupt the orderly functioning of these markets or adversely affect the value of securities traded in these markets, including the Fund's securities.

The pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in economic downturns throughout the world, severe losses, particularly to some sectors of the economy and individual issuers, and reduced liquidity of many instruments. There also have been significant disruptions to business operations, including business closures; strained healthcare systems; disruptions to supply chains and employee availability; large fluctuations in consumer demand; and widespread uncertainty regarding the duration and long-term effects of the pandemic. Economic downturns may be prolonged, and political and social instability, continued volatility and decreased liquidity in the securities markets may result. Developing or emerging market countries may be more impacted by the pandemic.

The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These and other government intervention into the economy and financial markets may not work as intended. In addition, government actions to mitigate the economic impact of the pandemic have resulted in large expansion of government deficits and debt, the long-term consequences of which are not known. Rates of inflation have recently risen, which could adversely affect economies and markets. The pandemic could continue to adversely affect the value and liquidity of the Fund's investments.

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**Page 9** 

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**Transamerica Stock Index** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

**4. RISK FACTORS (continued)** 

*Europe:* A number of countries in Europe have experienced severe economic and financial difficulties; and financial markets in Europe and elsewhere have experienced extreme volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within or outside Europe. Responses to the financial problems by European governments, central banks and others may not work, may result in conflicts and social unrest and may limit future growth and economic recovery or have other unintended consequences. In January, 2020, through "Brexit," the United Kingdom withdrew from the European Union. The ramifications of Brexit are unknown, and the implications of possible political, regulatory, economic, and market outcomes could be significant. The United Kingdom has one of the largest economies in Europe and is a major trading partner with European Union countries and the United States. Brexit may create additional and substantial economic stresses for the United Kingdom, including a contraction of the United Kingdom's economy, decreased trade, capital outflows, devaluation of the British pound, and a decrease in business and consumer spending and investment. The negative impact on not only the United Kingdom and European Union economies but also the broader global economy could be significant. A number of countries in Europe have suffered terror attacks, and additional attacks may occur in the future. Europe has also been struggling with mass migration from the Middle East, Eastern Europe and Africa. The ultimate effects of these events and other socio-political or geopolitical issues could profoundly affect global economies and markets. Whether or not the Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could negatively affect the value and liquidity of the Fund's investments.

*Additional Market Disruption:* Russia's invasion of Ukraine in February, 2022, the resulting responses by the United States and other countries, and the potential for wider conflict, have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals, and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian issuers, and may adversely affect companies with economic or financial exposure to Russia and Russian issuers. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. These events may result in further and significant market disruptions and may adversely affect regional and global economies including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Fund invests in securities of issuers located in Russia, Ukraine and adjacent countries or with significant exposure to issuers in these countries, these events could negatively affect the value and liquidity of the Fund's investments.

**Passive strategy/index risk:** The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the index or of the actual securities comprising the index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's performance may be less favorable than that of a fund managed using an active investment strategy. The structure and composition of the index will affect the performance, volatility, and risk of the index and, consequently, the performance, volatility, and risk of the Fund.

**Index fund risk:** While the Fund seeks to track the performance of the S&P 500<sup>®</sup> (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.

**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 NV. 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 NV, a Netherlands corporation, and a publicly traded international insurance group.

Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, Inc. ("TCI") is the Fund's distributor/principal underwriter. TAM, TFS, and TCI are affiliates of Aegon NV.

Certain officers and trustees of the Fund are also officers and/or trustees of TAM, TFS and TCI. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee, CCO and deferred compensation fees within the Statement of Operations.

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**Page 10** 

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**Transamerica Stock Index** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

As of December 31, 2022, the percentage of the Fund's interest in the Master Portfolio, including any open receivable or payable, is 0.97%.

As of December 31, 2022, the investment manager and/or other affiliated investment accounts held balances in the Fund as follows:

---

| | |
|:---|:---|
| **Account Balance** | **Percentage of Net Assets** |
| $273309127 | 95.65% |

---

**Investment management fees:** TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement in connection with these services. The Fund has a contractual management fee payable to TAM at an annual rate of 0.07% of daily average net assets.

Additionally, the Fund incurs its allocated share of the advisory fees based on the interest owned in the corresponding Master Portfolio. The advisory fees are accrued daily and payable monthly at an annual rate of 0.01% of the Master Portfolio's daily net assets. The investment advisory fees allocated from the Master Portfolio are included within the Statement of Operations within net investment income (loss) allocated from the Master Portfolio, in Expenses.

The Fund pays a management fee to TAM at an effective rate of 0.06% of the Fund's average daily net assets (which is net of a voluntary waiver by TAM equal to the Master Portfolio advisory fee allocated to the Fund of 0.01%).

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

TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses, reorganization expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. 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** | **Operating<br>Expense Limit**<br> **Effective Through** |
|  Class R | 0.65% | May 1, 2023 |
|  Class R4 | 0.30 | May 1, 2023 |

---

TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2022 are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.

As of December 31, 2022, the balances available for recapture by TAM for the Fund are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Amounts Available** | **Amounts Available** | **Amounts Available** | |
| <br>**Class** | **2020** | **2021** | **2022** |<br>**Total** |
|  Class R | $— | $— | $— | $— |
|  Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;197475 | &nbsp;&nbsp;&nbsp;&nbsp;128288 | &nbsp;&nbsp;&nbsp;&nbsp;120475 | &nbsp;&nbsp;&nbsp;&nbsp;446238 |

---

**Distribution and service fees:** The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCI as the Fund's distributor.

The Distribution Plan requires the Fund to pay distribution fees to TCI as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCI, on behalf of the Fund, is authorized to pay various service providers, as direct payment for expenses incurred in connection with distribution of the Fund's shares. The distribution and service fees are included in Distribution and service fees within the Statement of Operations.

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**Page 11** 

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**Transamerica Stock Index** 

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

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

---

| | |
|:---|:---|
| **Class** | **Rate** |
|  Class R | 0.50% |
|  Class R4 | 0.25 |

---

**Transfer agent fees:** Pursuant to a transfer agency agreement, as amended, the Fund pays TFS a fee for providing services based on assets, accounts and transactions relating to the Fund. The Transfer agent fees included within the Statement of Assets and Liabilities and Statement of Operations represent fees paid to TFS, and other unaffiliated parties providing transfer agent related services. Please reference the Fund's Prospectus and Statement of Additional Information for a more complete discussion on transfer agent fees.

For the year ended December 31, 2022, transfer agent fees paid and the amounts due to TFS are as follows:

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| | |
|:---|:---|
| **Fees Paid to TFS** | **Fees Due to TFS** |
| $10773 | $898 |

---

**Deferred compensation plan:** Effective September 23, 2021, the Board has approved the termination of the deferred compensation plan. Payments will be made to applicable current and former Board members consistent with Section 409A of the Code. Under a non-qualified deferred compensation plan effective January 1, 1996, as amended and restated January 1, 2010, available to the trustees, compensation may be deferred that would otherwise be payable by the Trust to an independent trustee on a current basis for services rendered as trustee. Deferred compensation amounts will accumulate based on the value of the investment option, as elected by the trustee. Balances pursuant to deferred compensation plan are recorded in Trustees, Chief Compliance Officer ("CCO") and deferred compensation fees within the Statement of Assets and Liabilities. For the year ended December 31, 2022, amounts included in Trustees, CCO and deferred compensation fees within the Statement of Operations reflect total compensation paid to the independent Board members.

**6. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS** 

The Fund has not made any provision for federal income or excise taxes due to its policy to distribute all of its taxable income and capital gains to its shareholders and otherwise qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. The Fund's tax returns remain subject to examination by the Internal Revenue Service and state tax authorities three years from the date of filing for federal purposes and four years from the date of filing for state purposes. Management has evaluated the Fund's tax provisions taken for all open tax years, and has concluded that no provision for income tax is required in the Fund's financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in relation to interest and penalties expense in Other within the Statement of Operations. The Fund identifies its major tax jurisdictions as U.S. Federal, the state of Colorado, and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Distributions are determined in accordance with income tax regulations, which may differ from GAAP. Therefore, distributions determined in accordance with tax regulations may differ significantly in amount or character from net investment income and realized gains for financial reporting purposes. Financial reporting records are adjusted for permanent book/tax differences to reflect tax character. The primary permanent differences are due to partnership basis adjustments. These reclassifications have no impact on net assets or results of operations. Financial records are not adjusted for temporary differences. These permanent reclassifications are as follows:

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| | |
|:---|:---|
| **Paid-in Capital** | **Total Distributable Earnings** |
| $(5839326) | $5839326 |

---

As of December 31, 2022, 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:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Gross<br>Appreciation** | **Gross<br>(Depreciation)** | **Net Appreciation<br>(Depreciation)** |
| $65511947 | $220370601 | $— | $220370601 |

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**NOTES TO FINANCIAL STATEMENTS (continued)** 

**At December 31, 2022** 

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

As of December 31, 2022, the Fund had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2022, the Fund did not have any capital loss carryforwards utilized or expired.

The tax character of distributions paid may differ from the character of distributions shown within the Statement of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes. The tax character of distributions paid during 2022 and 2021 are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2022 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** | **2021 Distributions Paid From:** |
| **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** | **Ordinary<br>Income** | **Long-Term<br>Capital Gain** | **Return of Capital** |
| $9888507 | $7916739 | $— | $10209614 | $12974652 | $— |

---

As of December 31, 2022, the tax basis components of distributable earnings are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Undistributed**<br>**Ordinary Income** | **Undistributed**<br> **Long-Term**<br> **Capital Gain** | **Capital Loss**<br> **Carryforwards** | **Late Year<br>Ordinary Loss**<br> **Deferral** | **Other**<br>**Temporary**<br> **Differences** | **Net Unrealized**<br> **Appreciation<br>(Depreciation)** |
| $1051811 | $258336 | $— | $— | $439316604 | $220370601 |

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

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

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Transamerica Stock Index (the "Fund") (one of the portfolios constituting Transamerica Funds (the "Trust")) as of December 31, 2022, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the portfolios constituting Transamerica Funds) at December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g436401ernst_young.jpg)

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

Boston, Massachusetts

February 27, 2023

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**SUPPLEMENTAL TAX INFORMATION** 

**(unaudited)** 

For dividends paid during the year ended December 31, 2022, the Fund designated $4,702,817 of qualified dividend income.

For corporate shareholders 43%, investment income (dividend income plus short-term gains, if any) qualifies for the dividends received deduction.

For tax purposes, the Fund has made a long-term capital gain designations of $7,916,739 for the year ended December 31, 2022.

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**Management of the Trust** 

Each of the funds is supervised by the Board.

**Board Members and Officers** 

**(unaudited)** 

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

"Interested Board Member" means a board member who may be deemed an "interested person" (as that term is defined in the 1940 Act) of the Trust because of his current or former service with TAM or an affiliate of TAM. Interested Board Members may also be referred to herein as "Interested Trustees." "Independent Board Member" means a Board Member who is not an "interested person" (as defined under the 1940 Act) of the Trust and may also be referred to herein as an "Independent Trustee."

The Board governs the Fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of the Fund and the operation of the Fund by its officers. The Board also reviews the management of the Fund's assets by the investment manager and its respective sub-adviser.

The Fund is among the funds managed and sponsored by TAM (collectively, "Transamerica Fund Family"). The Transamerica Fund Family consists of (i) Transamerica Funds ("TF"); (ii) Transamerica Series Trust ("TST"); (iii) Transamerica ETF Trust ("TET"); and (iv) Transamerica Asset Allocation Variable Funds ("TAAVF"). The Transamerica Fund Family consists of 107 funds as of the date of this shareholder report. With the exception of Mr. Smit, none of the Board Members serve on the board of trustees of TET. TET is overseen by a separate board of trustees.

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

The Board Members, their birth year, their positions with the Trust, and their principal occupations for at least the past five years (their titles may have varied during that period), the number of funds in the Transamerica Fund Family the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Birth Year** | **Position(s)**<br> **Held with <br>Trust** | **Term of <br>Office and<br>Length <br>of Time <br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in <br>Complex <br>Overseen<br>by Board <br>Member** | **Other <br>Directorships<br>Held <br>By Board<br>Member During<br>Past Five<br>Years**  |
| &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS** |
| &nbsp;&nbsp;&nbsp; Marijn P. Smit<br> (1973) | Chairman of the Board, President and Chief Executive Officer | Since 2014 | Chairman of the Board, President and Chief Executive Officer, TF, TST and TAAVF (2014 – present);<br>Chairman of the Board, President and Chief Executive Officer, TET (2017 – present);<br>Chairman of the Board, President and Chief Executive Officer, Transamerica Partners Portfolio ("TPP"), Transamerica Partners Funds Group ("TPFG") and Transamerica Partners Funds Group II ("TPFG II") (2014 – 2018);<br>Director, Chairman of the Board, President and Chief Executive Officer, Transamerica Asset Management, Inc. ("TAM") and Transamerica Fund Services, Inc. ("TFS") (2014 – present);<br>| 107 | Director,<br>Massachusetts<br>Fidelity Trust<br>Company<br> (2014 – 2021);Director, Aegon<br>Global Funds<br>(2016 – present) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Birth Year** | **Position(s)**<br> **Held with <br>Trust** | **Term of <br>Office and<br>Length <br>of Time <br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in <br>Complex <br>Overseen<br>by Board <br>Member** | **Other <br>Directorships<br>Held <br>By Board<br>Member During<br>Past Five<br>Years** |
| &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INTERESTED BOARD MEMBERS — continued** |
| &nbsp;&nbsp;&nbsp; Marijn P. Smit<br> (continued) |  |  | Senior Vice President, Transamerica Retirement Solutions LLC (2012 – 2020); Trust Officer, Massachusetts Fidelity Trust Company (2014 – 2021);<br>President, Investment Solutions, Transamerica Investments & Retirement (2014 – 2016);<br>Vice President, Transamerica Life Insurance Company (2010 – 2016);<br>Vice President, Transamerica Premier Life Insurance Company (2010 – 2016);<br>Senior Vice President, Transamerica Financial Life Insurance Company (2013 – 2016);<br>Senior Vice President, Transamerica Retirement Advisors, Inc. (2013 – 2016) and President and Director, Transamerica Stable Value Solutions, Inc. (2010 – 2016). |  |  |
| &nbsp;&nbsp;&nbsp; Alan F. Warrick<br> (1948) | Board Member | Since 2012 | Board Member, TF, TST and TAAVF (2012 – present);<br>Board Member, TPP, TPFG and TPFG II (2012 – 2018);<br>Senior Advisor, Lovell Minnick Equity Partners (2010 – present);<br>and Retired (2010). | 110 | N/A |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Sandra N. Bane<br> (1952) | Board Member | Since 2008 | Retired (1999 – present);<br>Board Member, TF, TST and TAAVF (2008 – present);<br>Board Member, TPP, TPFG and TPFG II (2008 – 2018); and<br>Partner, KPMG (1975 – 1999). | 110 | Big 5 Sporting<br>Goods<br>(2002 – 2021);<br>Southern<br>Company Gas<br>(energy services<br>holding<br>company)<br>(2008 – present) |
| &nbsp;&nbsp;&nbsp; Leo J. Hill<br> (1956) | Lead Independent Board Member | Since 2002 | Principal, Advisor Network Solutions, LLC (business consulting) (2006 – present);<br>Board Member, TST (2001 – present);<br>Board Member, TF (2002 – present);<br>| 110 | Ameris Bancorp<br>(2013 – present);<br>Ameris Bank<br>(2013 – present) |

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Birth Year** | **Position(s)**<br> **Held with <br>Trust** | **Term of <br>Office and<br>Length <br>of Time <br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in <br>Complex <br>Overseen<br>by Board <br>Member** | **Other <br>Directorships<br>Held <br>By Board<br>Member During<br>Past Five<br>Years** |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | | | |
| &nbsp;&nbsp;&nbsp; Leo J. Hill<br> (continued) |  |  | <br> Board Member, TAAVF (2007 – present);<br>Board Member, TPP, TPFG and TPFG II (2007 – 2018);<br>Market President, Nations Bank of Sun Coast Florida (1998 – 1999);<br>Chairman, President and Chief Executive Officer, Barnett Banks of Treasure Coast Florida (1994 – 1998);<br>Executive Vice President and Senior Credit Officer, Barnett Banks of Jacksonville, Florida (1991 – 1994);<br>and Senior Vice President and Senior Loan Administration Officer, Wachovia Bank of Georgia (1976 – 1991). |  |  |
| &nbsp;&nbsp;&nbsp; Kathleen T. Ives<br> (1965) | Board Member | Since 2021 | Board Member, TF, TST and TAAVF (2021 – present);<br>Retired (2019 – present);<br>Senior Vice President & Director of Internal Audit (2011 – 2019), Senior Vice President & Deputy General Counsel (2008 – 2011), OFI Global Asset Management, Inc. | 110 | Junior<br>Achievement<br>Rocky Mountain<br>(non-profit<br>organization)<br>(2013 – present);<br>Institute of<br>Internal Auditors,<br>Denver Chapter<br>(audit<br>organization)<br>(2017 – 2021). |
| &nbsp;&nbsp;&nbsp; Lauriann C. Kloppenburg<br> (1960) | Board Member | Since 2021 | Board Member, TF, TST and TAAVF (2021 – present);<br>Director, Adams Funds (investment companies) (2017 – present);<br>Investment Committee Member, 1911 Office, LLC (family office) (2017 – Present);<br>Executive in Residence and Student Fund Advisory Board Member, Champlain College (2016 – present);<br>Executive in Residence, Bentley University (2015 – 2017);<br>Chief Strategy Officer (2012 – 2013), Chief Investment Officer – Equity Group (2004 – 2012), Loomis Sayles & Company, L.P. | 110 | Trustees of<br>Donations to the<br>Protestant<br>Episcopal<br>Church<br>(non-profit<br>organization)<br>(2010 – present);<br>Forte<br>Foundation<br>(non-profit<br>organization)<br>(2016 – present) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Birth Year** | **Position(s)**<br> **Held with <br>Trust** | **Term of <br>Office and<br>Length <br>of Time <br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in <br>Complex <br>Overseen<br>by Board <br>Member** | **Other <br>Directorships<br>Held <br>By Board<br>Member During<br>Past Five<br>Years**  |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | | | |
| &nbsp;&nbsp;&nbsp; Fredric A. Nelson III<br> (1957) | Board Member | Since 2017 | Board Member, TF, TST and TAAVF (2017 – present);<br>Board Member, TPP, TPFG and TPFG II (2017 – 2018);<br>Chief Investment Officer ("CIO"), Commonfund (2011 – 2015);<br>Vice Chairman, CIO, ING Investment Management Americas (2003 – 2009);<br>Managing Director, Head of U.S. Equity, JP Morgan Investment Management (1994 – 2003);<br>and Managing Director, Head of Global Quantitative Investments Group, Bankers Trust Global Investment Management (1981 – 1994). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | N/A |
| &nbsp;&nbsp;&nbsp; John E. Pelletier<br> (1964) | Board Member | Since 2017 | Board Member, TF, TST and TAAVF (2017 – present);<br>Board Member, TPP, TPFG and TPFG II (2017 – 2018);<br>Director, Center for Financial Literacy, Champlain College (2010 – present);<br>Co-Chair, Vermont Financial Literacy Commission with Vermont State Treasurer (2015 – 2018);<br>Chairman, Vermont Universal Children's Higher Education Savings Account Program Advisory Committee (2015 – 2021);<br>Founder and Principal, Sterling Valley Consulting LLC (a financial services consulting firm) (2009 – 2017);<br>Independent Director, The Sentinel Funds and Sentinel Variable Products Trust (2013 – 2017);<br>Chief Legal Officer, Eaton Vance Corp. (2007 – 2008);<br>and Executive Vice President and Chief Operating Officer (2004 – 2007), General Counsel (1997 – 2004), Natixis Global Associates. | 110 | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Name and Birth Year** | **Position(s)**<br> **Held with <br>Trust** | **Term of <br>Office and<br>Length <br>of Time <br>Served\*** | **Principal Occupation(s) <br>During Past Five Years** | **Number of<br>Funds in <br>Complex <br>Overseen<br>by Board <br>Member** | **Other <br>Directorships<br>Held <br>By Board<br>Member During<br>Past Five<br>Years** |
| &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | &nbsp;&nbsp;&nbsp; **INDEPENDENT BOARD MEMBERS — continued** | | | |
| &nbsp;&nbsp;&nbsp;Patricia L. Sawyer <br>(1950) | Board Member | Since 2007 | Retired (2007 – present);<br>President/Founder, Smith & Sawyer LLC (management consulting) (1989 – 2007);<br>Board Member, TF and TST (2007 – present);<br>Board Member, TAAVF (1993 – present);<br>Board Member, TPP, TPFG and TPFG II (1993 – 2018);<br>and Trustee, Chair of Finance Committee and Chair of Nominating Committee (1987 – 1996), Bryant University. | 110 | Honorary<br>Trustee, Bryant<br>University<br>(1996 – present) |
| &nbsp;&nbsp;&nbsp;John W. Waechter <br>(1952) | Board Member | Since 2005 | Partner, Englander Fischer (2016 – present) (law firm);<br>Attorney, Englander Fischer (2008 – 2015);<br>Retired (2004 – 2008);<br>Board Member, TST (2004 – present);<br>Board Member, TF (2005 – present);<br>Board Member, TAAVF (2007 – present);<br>Board Member, TPP, TPFG and TPFG II (2007 – 2018);<br>Employee, RBC Dain Rauscher (securities dealer) (2004); Executive Vice President, Chief Financial Officer and Chief Compliance Officer, William R. Hough & Co. (securities dealer) (1979 – 2004);<br>and Treasurer, The Hough Group of Funds (1993 – 2004) (fund accounting). | 110 | Board Member,<br>Operation PAR,<br>Inc. (non-profit<br>organization)<br>(2008 – present);<br>Board Member,<br>Boley PAR, Inc.<br>(non-profit<br>organization)<br>(2016 – present)<br>Board Member,<br>Remember<br>Honor Support,<br>Inc. (non-profit<br>organization)<br>(2013 – 2020);<br>Board Member,<br>WRH Income<br>Properties, Inc.<br>and WRH<br>Properties, Inc.<br>(real estate)<br>(2014 – present) |

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\* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust's Declaration of Trust.

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**Officers** 

The mailing address of each officer is c/o Secretary, 1801 California Street, Suite 5200, Denver, CO 80202. The following table shows information about the officers, including birth year, their positions held with the Trust and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name and**<br> **Birth Year** | **Position** | **Term of Office <br>and Length of <br>Time Served\*** | **Principal Occupation(s) or Employment During<br>Past Five Years** |
| &nbsp;&nbsp;&nbsp;Marijn P. Smit <br>(1973) | Chairman of the Board, President and Chief Executive Officer | Since 2014 | See Interested Board Members Table Above. |
| &nbsp;&nbsp;&nbsp;Timothy Bresnahan <br>(1968) | Assistant Secretary | Since 2020 | Assistant Secretary, TF, TST and TAAVF (2020 – present);<br>Chief Legal Officer, Secretary (2021 – present), Assistant Secretary (2019 – 2021), Secretary (2019), TET;<br>and Senior Counsel, TAM (2008 – present). |
| &nbsp;&nbsp;&nbsp;Joshua Durham <br>(1973) | Vice President and Chief Operating Officer | Since 2022 | Vice President and Chief Operating Officer, TF, TST and TAAVF (2022 – present);<br>Director, Senior Vice President, and Chief Operating Officer TAM and TFS (2022 – present);<br>Vice President, TAG Resources, LLC (2022 – present);<br>Vice President, Transamerica Retirement Solutions, LLC (2017 – present);<br>Vice President, Transamerica Casualty Insurance Company (2016 – 2022);<br>Vice President (2004 – 2007 and 2012 – 2022), Responsible Officer (2017 – 2022), Transamerica Financial Life Insurance Company;<br>Vice President (2004 – 2007 and 2010 – 2022), Responsible Officer (2016 – 2022) Transamerica Life Insurance Company;<br>Chief Administrative Officer (2014 – 2016) and Senior Vice President (2009 – 2020), Transamerica Stable Value Solutions Inc.;<br>Vice President, Transamerica Premier Life Insurance Company (2010 – 2020);<br>and Vice President, Transamerica Advisors Life Insurance Company (2016 – 2019). |
| &nbsp;&nbsp;&nbsp;Dennis P. Gallagher <br>(1970) | Chief Legal Officer and Secretary | Since 2021; <br>2006 – 2014 | Chief Legal Officer and Secretary, TF, TST and TAAVF (2021 – present and 2006 – 2014); Assistant Secretary, TF, TST, TET and TAAVF (2019);<br>Associate General Counsel, TAM, Mutual Funds and Latin American Operations (2017 – 2021);<br>Associate General Counsel, Chief Legal Officer, Latin American Operations and International Funds (2014 – 2017);<br>Chairman of the Board, Aegon Global Funds<br>(2013 – present);<br>|

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name and**<br> **Birth Year** | **Position** | **Term of Office <br>and Length of <br>Time Served\*** | **Principal Occupation(s) or Employment During<br>Past Five Years** |
| &nbsp;&nbsp;&nbsp; Dennis P. Gallagher<br> (continued) |  |  | <br> Director, Mongeral Aegon Seguros e Previdencia SA (2017 – present);<br>Vice President, General Counsel and Secretary, TPP, TPFG and TPFG II (2007 – 2014);<br>Assistant Vice President, TCI (2007 – 2014);<br>Chief Legal Officer and Assistant Secretary, TAM (2022 – present); Director, Senior Vice President, General Counsel, Operations and Secretary, TAM (2006 – 2014);<br>and Director, Senior Vice President, General Counsel, Chief Administrative Officer and Secretary, TFS (2006 – 2014). |
| &nbsp;&nbsp;&nbsp;Molly Possehl <br>(1978) | Anti-Money Laundering Officer | Since 2019 | Anti-Money Laundering Officer, TF, TST, TET and TAAVF (2019 – present);<br>Assistant General Counsel, Transamerica Life Insurance Company/Aegon USA (2013 – present);<br>and Anti-Money Laundering Compliance Officer and Fraud Officer, Transamerica Life Insurance Company/Aegon USA (2015 – present). |
| &nbsp;&nbsp;&nbsp;Francine J. Rosenberger <br>(1967) | Chief Compliance Officer | Since 2019 | Chief Compliance Officer, TF, TST, TET and TAAVF (2019 – present);<br>Derivatives Risk Manager, TF, TST and TAAVF (2021 – present);<br>Chief Compliance Officer (2019 – present), TAM;<br>and TFS General Counsel, Corporate Secretary and Fund Chief Compliance Officer, Steben & Company, Inc. (2013 – 2019). |
| &nbsp;&nbsp;&nbsp;Christopher A. Staples, CFA <br>(1970) | Vice President and Chief Investment Officer, Advisory Services | Since 2005 | Vice President and Chief Investment Officer, Advisory Services, TF and TST (2007 – present);<br>Vice President and Chief Investment Officer, TET (2017 – present);<br>Vice President and Chief Investment Officer, Advisory Services, TAAVF (2007 – present);<br>Vice President and Chief Investment Officer, Advisory Services, TPP, TPFG and TPFG II (2007 – 2018);<br>Director (2005 – 2019), Senior Vice President (2006 –present), Senior Director, Investments (2016 – present), Chief Investment Officer, Advisory Services (2012 – 2016) and Lead Portfolio Manager (2007 – present), TAM;<br>Director, TFS (2005 – 2019);<br>Trust Officer, Massachusetts Fidelity Trust Company (2010 – present);<br>Registered Representative (2007 – 2016), Transamerica Capital, Inc. ("TCI");<br>and Registered Representative, TFA (2005 – present). |

---

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| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 22** 

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##### [**Table of Contents**](#toc)

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name and**<br> **Birth Year** | **Position** | **Term of Office <br>and Length of <br>Time Served\*** | **Principal Occupation(s) or Employment During<br>Past Five Years** |
| &nbsp;&nbsp;&nbsp;Vincent J. Toner <br>(1970) | Vice President and Treasurer | Since 2014 | Vice President and Treasurer, TF, TST and TAAVF (2014 – present), Vice President and Treasurer (2017 – present), Vice President, Principal Financial Officer and Treasurer (2020 – present), TET;<br>Vice President and Treasurer, TPP, TPFG and TPFG II (2014 – 2018);<br>Vice President (2016 – present), Treasurer (2016 – 2019), Vice President, Administration and Treasurer (2014 – 2016), TAM;<br>Vice President, Administration and Treasurer (2014 – 2019), Senior Vice President (2019 – present), TFS;<br>Vice President (2016 – present), TCI;<br>and Trust Officer (2015 – present), Massachusetts Fidelity Trust Company.<br>|
| &nbsp;&nbsp;&nbsp;Thomas R. Wald, CFA <br>(1960) | Vice President and Chief Investment Officer | Since 2014 | Chief Investment Officer, TF, TST and TAAVF (2014 – present); TET (2017 – present);<br>Chief Investment Officer, TPP, TPFG and TPFG II (2014 – 2018);<br>Director (2017 – 2020), Akaan Transamerica, S.A. de C.V., Sociedad Operadora de Fondos de Inversión;<br>Chief Investment Officer, Transamerica Investments & Retirement (2014 – 2020);<br>Senior Vice President and Chief Investment Officer, TAM (2014 – present);<br>Director, TFS (2019 – present); and<br>Trust Officer, Massachusetts Fidelity Trust Company (2015 – present). |

---

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

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| | |
|:---|:---|
| **Transamerica Funds** | **Annual Report 2022** |

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**Page 23** 

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##### [**Table of Contents**](#toc)
**Appendix A** 

## S&P 500 Index Master Portfolio

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Master Portfolio Information as of December 31, 2022 | **S&P 500 Index Master Portfolio** |

---

---

| | |
|:---|:---|
| **TEN LARGEST HOLDINGS** | **TEN LARGEST HOLDINGS** |
| *Security* | *Percent of<br>Net Assets* |
|  Apple, Inc. | 6.0% |
|  Microsoft Corp. | 5.5 |
|  Amazon.com, Inc. | 2.3 |
|  Berkshire Hathaway, Inc., Class B | 1.7 |
|  Alphabet, Inc., Class A | 1.6 |
|  UnitedHealth Group, Inc. | 1.5 |
|  Alphabet, Inc., Class C | 1.5 |
|  Johnson & Johnson | 1.4 |
|  Exxon Mobil Corp. | 1.4 |
|  JPMorgan Chase & Co. | 1.2 |

---

---

| | |
|:---|:---|
| **SECTOR ALLOCATION** | **SECTOR ALLOCATION** |
| *Sector<sup>(a)</sup>* | *Percent of<br>Net Assets* |
|  Information Technology | 25.5% |
|  Health Care | 15.7 |
|  Financials | 11.5 |
|  Consumer Discretionary | 9.7 |
|  Industrials | 8.6 |
|  Communication Services | 7.2 |
|  Consumer Staples | 7.1 |
|  Energy | 5.2 |
|  Utilities | 3.1 |
|  Materials | 2.7 |
|  Real Estate | 2.7 |
|  Investment Companies | 0.7 |
|  Short-Term Securities | 1.4 |
|  Liabilities in Excess of Other Assets | (1.1) |

---

<sup>(a)</sup> For S&P 500 Index Master Portfolio (the "Master Portfolio") compliance purposes, the Master Portfolio's sector classifications refer to one or more of the sector subclassifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such sector sub-classifications for reporting ease. 

M A S T E R P O R T F O L I O I N F O R M A T I O N 1

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Schedule of Investments | **S&P 500 Index Master Portfolio** |
| December 31, 2022 | **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Common Stocks** |  |  |
|  **Aerospace & Defense — 1.9%** |  |  |
|  Boeing Co.<sup>(a)</sup>  | 508028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96774254 |
|  General Dynamics Corp. | 204768 | 50804988 |
|  Howmet Aerospace, Inc. | 336170 | 13248460 |
|  Huntington Ingalls Industries, Inc. | 36612 | 8445656 |
|  L3Harris Technologies, Inc. | 174560 | 36345138 |
|  Lockheed Martin Corp. | 212352 | 103307125 |
|  Northrop Grumman Corp. | 132361 | 72217485 |
|  Raytheon Technologies Corp. | 1343846 | 135620938 |
|  Textron, Inc. | 190018 | 13453274 |
|  TransDigm Group, Inc. | 46632 | 29361839 |
|  |  | 559579157 |
|  **Air Freight & Logistics — 0.6%** |  |  |
|  CH Robinson Worldwide, Inc.<sup>(b)</sup>  | 107165 | 9812027 |
|  Expeditors International of Washington, Inc. | 144881 | 15056034 |
|  FedEx Corp. | 218135 | 37780982 |
|  United Parcel Service, Inc., Class B | 666095 | 115793955 |
|  |  | 178442998 |
|  **Airlines<sup>(a)</sup> — 0.2%** |  |  |
|  Alaska Air Group, Inc.<sup>(b)</sup>  | 117159 | 5030807 |
|  American Airlines Group, Inc.<sup>(b)</sup>  | 585790 | 7451249 |
|  Delta Air Lines, Inc. | 580557 | 19077103 |
|  Southwest Airlines Co. | 537016 | 18081329 |
|  United Airlines Holdings, Inc. | 296024 | 11160105 |
|  |  | 60800593 |
|  **Auto Components — 0.1%** |  |  |
|  Aptiv PLC<sup>(a)(b)</sup>  | 245210 | 22836407 |
|  BorgWarner, Inc. | 218526 | 8795672 |
|  |  | 31632079 |
|  **Automobiles — 1.3%** |  |  |
|  Ford Motor Co. | 3596203 | 41823841 |
|  General Motors Co. | 1293432 | 43511053 |
|  Tesla, Inc.<sup>(a)</sup>  | 2443651 | 301008930 |
|  |  | 386343824 |
|  **Banks — 3.8%** |  |  |
|  Bank of America Corp. | 6362530 | 210726994 |
|  Citigroup, Inc. | 1762692 | 79726559 |
|  Citizens Financial Group, Inc. | 453139 | 17840082 |
|  Comerica, Inc. | 117856 | 7878674 |
|  Fifth Third Bancorp | 622692 | 20430525 |
|  First Republic Bank | 165544 | 20178158 |
|  Huntington Bancshares, Inc. | 1305269 | 18404293 |
|  JPMorgan Chase & Co. | 2669073 | 357922689 |
|  KeyCorp | 846467 | 14745455 |
|  M&T Bank Corp. | 159106 | 23079916 |
|  PNC Financial Services Group, Inc. | 367190 | 57993989 |
|  Regions Financial Corp. | 845683 | 18232926 |
|  Signature Bank | 58578 | 6749357 |
|  SVB Financial Group<sup>(a)</sup>  | 54022 | 12432623 |
|  Truist Financial Corp. | 1207213 | 51946375 |
|  U.S. Bancorp | 1230748 | 53672920 |
|  Wells Fargo & Co. | 3452235 | 142542783 |
|  Zions Bancorp NA | 137643 | 6766530 |
|  |  | 1121270848 |
|  **Beverages — 1.9%** |  |  |
|  Brown-Forman Corp., Class B | 165482 | 10868858 |
|  Coca-Cola Co. | 3542445 | 225334926 |
|  Constellation Brands, Inc., Class A | 146199 | 33881618 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Beverages (continued)** |  |  |
|  Keurig Dr. Pepper, Inc. | 768975 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27421649 |
|  Molson Coors Beverage Co., Class B | 172881 | 8906829 |
|  Monster Beverage Corp.<sup>(a)</sup>  | 351162 | 35653478 |
|  PepsiCo, Inc. | 1256081 | 226923593 |
|  |  | 568990951 |
|  **Biotechnology — 2.5%** |  |  |
|  AbbVie, Inc. | 1609228 | 260067337 |
|  Amgen, Inc. | 486866 | 127870486 |
|  Biogen, Inc.<sup>(a)</sup>  | 132346 | 36649254 |
|  Gilead Sciences, Inc. | 1140749 | 97933302 |
|  Incyte Corp.<sup>(a)</sup>  | 169464 | 13611348 |
|  Moderna, Inc.<sup>(a)</sup>  | 300798 | 54029337 |
|  Regeneron Pharmaceuticals, Inc.<sup>(a)</sup>  | 97559 | 70387843 |
|  Vertex Pharmaceuticals, Inc.<sup>(a)</sup>  | 233416 | 67405873 |
|  |  | 727954780 |
|  **Building Products — 0.4%** |  |  |
|  A O Smith Corp.<sup>(b)</sup>  | 117189 | 6707898 |
|  Allegion PLC | 79067 | 8322593 |
|  Carrier Global Corp. | 768584 | 31704090 |
|  Johnson Controls International PLC | 628013 | 40192832 |
|  Masco Corp. | 206583 | 9641229 |
|  Trane Technologies PLC | 211437 | 35540445 |
|  |  | 132109087 |
|  **Capital Markets — 3.1%** |  |  |
|  Ameriprise Financial, Inc.<sup>(b)</sup>  | 96884 | 30166771 |
|  Bank of New York Mellon Corp. | 672768 | 30624399 |
|  BlackRock, Inc.<sup>(c)</sup>  | 137222 | 97239626 |
|  Cboe Global Markets, Inc. | 97578 | 12243112 |
|  Charles Schwab Corp. | 1389747 | 115710335 |
|  CME Group, Inc., Class A | 327137 | 55011358 |
|  FactSet Research Systems, Inc. | 34598 | 13881063 |
|  Franklin Resources, Inc. | 254123 | 6703765 |
|  Goldman Sachs Group, Inc. | 308300 | 105864054 |
|  Intercontinental Exchange, Inc. | 508348 | 52151421 |
|  Invesco Ltd. | 403742 | 7263319 |
|  MarketAxess Holdings, Inc. | 34777 | 9698957 |
|  Moody's Corp. | 143848 | 40078930 |
|  Morgan Stanley | 1200194 | 102040494 |
|  MSCI, Inc. | 73457 | 34169993 |
|  Nasdaq, Inc.<sup>(b)</sup>  | 309612 | 18994696 |
|  Northern Trust Corp.<sup>(b)</sup>  | 189313 | 16752307 |
|  Raymond James Financial, Inc. | 175801 | 18784337 |
|  S&P Global, Inc.<sup>(b)</sup>  | 303170 | 101543760 |
|  State Street Corp. | 332717 | 25808858 |
|  T Rowe Price Group, Inc. | 204367 | 22288265 |
|  |  | 917019820 |
|  **Chemicals — 1.9%** |  |  |
|  Air Products & Chemicals, Inc. | 201870 | 62228446 |
|  Albemarle Corp.<sup>(b)</sup>  | 107065 | 23218116 |
|  Celanese Corp. | 91453 | 9350155 |
|  CF Industries Holdings, Inc. | 180343 | 15365223 |
|  Corteva, Inc. | 655008 | 38501370 |
|  Dow, Inc. | 640717 | 32285730 |
|  DuPont de Nemours, Inc. | 455895 | 31288074 |
|  Eastman Chemical Co. | 109209 | 8893981 |
|  Ecolab, Inc. | 226421 | 32957841 |
|  FMC Corp. | 115005 | 14352624 |
|  International Flavors & Fragrances, Inc. | 230742 | 24190991 |
|  Linde PLC<sup>(a)</sup>  | 450094 | 146811661 |
|  LyondellBasell Industries NV, Class A | 230284 | 19120480 |

---

2 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Schedule of Investments (continued) | **S&P 500 Index Master Portfolio** |
| December 31, 2022 | **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Chemicals (continued)** |  |  |  |
|  Mosaic Co. | 312487 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13708805 |
|  PPG Industries, Inc. | 212686 |  | 26743138 |
|  Sherwin-Williams Co. | 214725 |  | 50960684 |
|  |  |  | 549977319 |
|  **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
|  Cintas Corp. | 78524 |  | 35463009 |
|  Copart, Inc.<sup>(a)</sup>  | 387194 |  | 23576243 |
|  Republic Services, Inc. | 186337 |  | 24035609 |
|  Rollins, Inc. | 207904 |  | 7596812 |
|  Waste Management, Inc.<sup>(b)</sup>  | 342341 |  | 53706456 |
|  |  |  | 144378129 |
|  **Communications Equipment — 0.9%** |  |  |  |
|  Arista Networks, Inc.<sup>(a)</sup>  | 223067 |  | 27069180 |
|  Cisco Systems, Inc. | 3738161 |  | 178085990 |
|  F5, Inc.<sup>(a)</sup>  | 53572 |  | 7688118 |
|  Juniper Networks, Inc. | 298689 |  | 9546100 |
|  Motorola Solutions, Inc. | 152225 |  | 39229905 |
|  |  |  | 261619293 |
|  **Construction & Engineering — 0.1%** |  |  |  |
|  Quanta Services, Inc. | 130356 |  | 18575730 |
|  **Construction Materials — 0.1%** |  |  |  |
|  Martin Marietta Materials, Inc. | 56452 |  | 19079083 |
|  Vulcan Materials Co. | 120321 |  | 21069410 |
|  |  |  | 40148493 |
|  **Consumer Finance — 0.5%** |  |  |  |
|  American Express Co. | 545905 |  | 80657464 |
|  Capital One Financial Corp. | 350354 |  | 32568908 |
|  Discover Financial Services | 247236 |  | 24187098 |
|  Synchrony Financial | 410182 |  | 13478580 |
|  |  |  | 150892050 |
|  **Containers & Packaging — 0.3%** |  |  |  |
|  Amcor PLC | 1352352 |  | 16106512 |
|  Avery Dennison Corp. | 73900 |  | 13375900 |
|  Ball Corp. | 283963 |  | 14521868 |
|  International Paper Co. | 330052 |  | 11429701 |
|  Packaging Corp. of America | 85537 |  | 10941038 |
|  Sealed Air Corp.<sup>(b)</sup>  | 133957 |  | 6681775 |
|  Westrock Co. | 227684 |  | 8005369 |
|  |  |  | 81062163 |
|  **Distributors — 0.2%** |  |  |  |
|  Genuine Parts Co. | 128003 |  | 22209801 |
|  LKQ Corp. | 231034 |  | 12339526 |
|  Pool Corp.<sup>(b)</sup>  | 36153 |  | 10930136 |
|  |  |  | 45479463 |
|  **Diversified Financial Services — 1.7%** |  |  |  |
|  Berkshire Hathaway, Inc., Class B<sup>(a)</sup>  | 1640324 |  | 506696084 |
|  **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |  |  |
|  AT&T, Inc. | 6485711 |  | 119401939 |
|  Lumen Technologies, Inc. | 868348 |  | 4532777 |
|  Verizon Communications, Inc. | 3822360 |  | 150600984 |
|  |  |  | 274535700 |
|  **Electric Utilities — 2.1%** |  |  |  |
|  Alliant Energy Corp. | 227585 |  | 12564968 |
|  American Electric Power Co., Inc. | 468333 |  | 44468218 |
|  Constellation Energy Corp. | 296360 |  | 25549196 |
|  Duke Energy Corp. | 700785 |  | 72173847 |
|  Edison International | 345218 |  | 21962769 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Electric Utilities (continued)** |  |  |  |
|  Entergy Corp. | 184105 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20711812 |
|  Evergy, Inc. | 208077 |  | 13094286 |
|  Eversource Energy | 313551 |  | 26288116 |
|  Exelon Corp. | 905553 |  | 39147056 |
|  FirstEnergy Corp. | 491288 |  | 20604619 |
|  NextEra Energy, Inc.<sup>(b)</sup>  | 1809156 |  | 151245441 |
|  NRG Energy, Inc. | 216695 |  | 6895235 |
|  PG&E Corp.<sup>(a)(b)</sup>  | 1457153 |  | 23693308 |
|  Pinnacle West Capital Corp. | 101647 |  | 7729238 |
|  PPL Corp. | 674518 |  | 19709416 |
|  Southern Co. | 991151 |  | 70778093 |
|  Xcel Energy, Inc. | 499491 |  | 35019314 |
|  |  |  | 611634932 |
|  **Electrical Equipment — 0.6%** |  |  |  |
|  AMETEK, Inc. | 207781 |  | 29031161 |
|  Eaton Corp. PLC | 362512 |  | 56896258 |
|  Emerson Electric Co. | 538341 |  | 51713037 |
|  Generac Holdings, Inc.<sup>(a)(b)</sup>  | 58692 |  | 5907937 |
|  Rockwell Automation, Inc. | 104493 |  | 26914262 |
|  |  |  | 170462655 |
|  **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
|  Amphenol Corp., Class A | 542182 |  | 41281737 |
|  CDW Corp. | 122403 |  | 21858728 |
|  Corning, Inc. | 688556 |  | 21992479 |
|  Keysight Technologies, Inc.<sup>(a)</sup>  | 163103 |  | 27902030 |
|  TE Connectivity Ltd. | 291892 |  | 33509202 |
|  Teledyne Technologies, Inc.<sup>(a)(b)</sup>  | 42839 |  | 17131744 |
|  Trimble, Inc.<sup>(a)</sup>  | 223646 |  | 11307542 |
|  Zebra Technologies Corp., Class A<sup>(a)</sup>  | 47349 |  | 12140757 |
|  |  |  | 187124219 |
|  **Energy Equipment & Services — 0.4%** |  |  |  |
|  Baker Hughes Co. | 915696 |  | 27040503 |
|  Halliburton Co. | 828836 |  | 32614696 |
|  Schlumberger Ltd. | 1287302 |  | 68819165 |
|  |  |  | 128474364 |
|  **Entertainment — 1.3%** |  |  |  |
|  Activision Blizzard, Inc. | 648382 |  | 49633642 |
|  Electronic Arts, Inc. | 241406 |  | 29494985 |
|  Live Nation Entertainment, Inc.<sup>(a)</sup>  | 130925 |  | 9130709 |
|  Netflix, Inc.<sup>(a)</sup>  | 404748 |  | 119352090 |
|  Take-Two Interactive Software, Inc.<sup>(a)</sup>  | 141989 |  | 14785315 |
|  Walt Disney Co.<sup>(a)(b)</sup>  | 1659252 |  | 144155814 |
|  Warner Bros Discovery, Inc., Class A<sup>(a)</sup>  | 1999372 |  | 18954047 |
|  |  |  | 385506602 |
|  **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** |
|  Alexandria Real Estate Equities, Inc. | 135351 |  | 19716580 |
|  American Tower Corp. | 423753 |  | 89776311 |
|  AvalonBay Communities, Inc. | 126555 |  | 20441164 |
|  Boston Properties, Inc. | 129325 |  | 8739783 |
|  Camden Property Trust | 97493 |  | 10907517 |
|  Crown Castle, Inc. | 394158 |  | 53463591 |
|  Digital Realty Trust, Inc. | 262877 |  | 26358677 |
|  Equinix, Inc. | 82896 |  | 54299367 |
|  Equity Residential | 309475 |  | 18259025 |
|  Essex Property Trust, Inc. | 59575 |  | 12625134 |
|  Extra Space Storage, Inc. | 121198 |  | 17837922 |
|  Federal Realty Investment Trust | 67063 |  | 6776046 |
|  Healthpeak Properties, Inc. | 491148 |  | 12313080 |
|  Host Hotels & Resorts, Inc. | 655790 |  | 10525429 |
|  Invitation Homes, Inc. | 524791 |  | 15554805 |

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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 3

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Schedule of Investments (continued) | **S&P 500 Index Master Portfolio** |
| December 31, 2022 | **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** | **Equity Real Estate Investment Trusts (REITs) (continued)** |
|  Iron Mountain, Inc. | 262161 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13068726 |
|  Kimco Realty Corp. | 565139 |  | 11969644 |
|  Mid-America Apartment Communities, Inc. | 105820 |  | 16612682 |
|  Prologis, Inc. | 840292 |  | 94726117 |
|  Public Storage | 144028 |  | 40355205 |
|  Realty Income Corp. | 563686 |  | 35754603 |
|  Regency Centers Corp. | 140786 |  | 8799125 |
|  SBA Communications Corp.<sup>(b)</sup>  | 97725 |  | 27393295 |
|  Simon Property Group, Inc. | 298893 |  | 35113950 |
|  UDR, Inc. | 274319 |  | 10624375 |
|  Ventas, Inc. | 359643 |  | 16201917 |
|  VICI Properties, Inc. | 881221 |  | 28551560 |
|  Vornado Realty Trust | 145493 |  | 3027709 |
|  Welltower, Inc. | 423857 |  | 27783826 |
|  Weyerhaeuser Co. | 670040 |  | 20771240 |
|  |  |  | 768348405 |
|  **Food & Staples Retailing — 1.5%** |  |  |  |
|  Costco Wholesale Corp. | 403162 |  | 184043453 |
|  Kroger Co. | 589337 |  | 26272644 |
|  Sysco Corp. | 464696 |  | 35526009 |
|  Walgreens Boots Alliance, Inc. | 649228 |  | 24255158 |
|  Walmart, Inc. | 1284972 |  | 182196180 |
|  |  |  | 452293444 |
|  **Food Products — 1.2%** |  |  |  |
|  Archer-Daniels-Midland Co. | 500125 |  | 46436606 |
|  Campbell Soup Co. | 184464 |  | 10468332 |
|  Conagra Brands, Inc. | 437146 |  | 16917550 |
|  General Mills, Inc. | 542982 |  | 45529041 |
|  Hershey Co. | 132926 |  | 30781674 |
|  Hormel Foods Corp. | 264660 |  | 12055263 |
|  J M Smucker Co. | 97657 |  | 15474728 |
|  Kellogg Co. | 231570 |  | 16497047 |
|  Kraft Heinz Co. | 720911 |  | 29348287 |
|  Lamb Weston Holdings, Inc. | 132469 |  | 11837430 |
|  McCormick & Co., Inc. | 226760 |  | 18796136 |
|  Mondelez International, Inc., Class A | 1247417 |  | 83140343 |
|  Tyson Foods, Inc., Class A | 263622 |  | 16410470 |
|  |  |  | 353692907 |
|  **Gas Utilities — 0.1%** |  |  |  |
|  Atmos Energy Corp. | 126610 |  | 14189183 |
|  **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
|  Abbott Laboratories | 1587386 |  | 174279109 |
|  Align Technology, Inc.<sup>(a)</sup>  | 66161 |  | 13953355 |
|  Baxter International, Inc. | 457033 |  | 23294972 |
|  Becton Dickinson and Co. | 259570 |  | 66008651 |
|  Boston Scientific Corp.<sup>(a)</sup>  | 1302980 |  | 60288885 |
|  Cooper Cos., Inc.<sup>(b)</sup>  | 44652 |  | 14765077 |
|  Dentsply Sirona, Inc. | 193068 |  | 6147285 |
|  Dexcom, Inc.<sup>(a)(b)</sup>  | 351657 |  | 39821639 |
|  Edwards Lifesciences Corp.<sup>(a)(b)</sup>  | 565119 |  | 42163529 |
|  Hologic, Inc.<sup>(a)</sup>  | 225950 |  | 16903319 |
|  IDEXX Laboratories, Inc.<sup>(a)</sup>  | 76061 |  | 31029846 |
|  Intuitive Surgical, Inc.<sup>(a)</sup>  | 321729 |  | 85370790 |
|  Medtronic PLC | 1209321 |  | 93988428 |
|  ResMed, Inc. | 132523 |  | 27582012 |
|  STERIS PLC<sup>(b)</sup>  | 90921 |  | 16792199 |
|  Stryker Corp. | 306452 |  | 74924449 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |  |  |
|  Teleflex, Inc. | 43227 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10790756 |
|  Zimmer Biomet Holdings, Inc. | 190974 |  | 24349185 |
|  |  |  | 822453486 |
|  **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** |
|  AmerisourceBergen Corp. | 147401 |  | 24425820 |
|  Cardinal Health, Inc. | 238652 |  | 18345179 |
|  Centene Corp.<sup>(a)</sup>  | 515535 |  | 42279025 |
|  Cigna Corp. | 277701 |  | 92013449 |
|  CVS Health Corp. | 1194868 |  | 111349749 |
|  DaVita, Inc.<sup>(a)(b)</sup>  | 49430 |  | 3690938 |
|  Elevance Health, Inc. | 218436 |  | 112051115 |
|  HCA Healthcare, Inc. | 193044 |  | 46322838 |
|  Henry Schein, Inc.<sup>(a)(b)</sup>  | 125852 |  | 10051799 |
|  Humana, Inc. | 115183 |  | 58995581 |
|  Laboratory Corp. of America Holdings | 80663 |  | 18994523 |
|  McKesson Corp. | 129091 |  | 48424616 |
|  Molina Healthcare, Inc.<sup>(a)</sup>  | 52923 |  | 17476233 |
|  Quest Diagnostics, Inc. | 103685 |  | 16220482 |
|  UnitedHealth Group, Inc. | 851337 |  | 451361851 |
|  Universal Health Services, Inc., Class B<sup>(b)</sup>  | 58270 |  | 8209660 |
|  |  |  | 1080212858 |
|  **Hotels, Restaurants & Leisure — 2.0%** |  |  |  |
|  Booking Holdings, Inc.<sup>(a)</sup>  | 35314 |  | 71167598 |
|  Caesars Entertainment, Inc.<sup>(a)</sup>  | 194060 |  | 8072896 |
|  Carnival Corp.<sup>(a)(b)</sup>  | 898245 |  | 7239855 |
|  Chipotle Mexican Grill, Inc.<sup>(a)(b)</sup>  | 25328 |  | 35142347 |
|  Darden Restaurants, Inc. | 112171 |  | 15516614 |
|  Domino's Pizza, Inc. | 32684 |  | 11321738 |
|  Expedia Group, Inc.<sup>(a)</sup>  | 137600 |  | 12053760 |
|  Hilton Worldwide Holdings, Inc. | 246229 |  | 31113496 |
|  Las Vegas Sands Corp.<sup>(a)(b)</sup>  | 299226 |  | 14383794 |
|  Marriott International, Inc., Class A | 244957 |  | 36471648 |
|  McDonald's Corp. | 666814 |  | 175725493 |
|  MGM Resorts International | 297744 |  | 9983356 |
|  Norwegian Cruise Line Holdings Ltd.<sup>(a)(b)</sup>  | 388617 |  | 4756672 |
|  Royal Caribbean Cruises Ltd.<sup>(a)</sup>  | 201766 |  | 9973293 |
|  Starbucks Corp. | 1044303 |  | 103594858 |
|  Wynn Resorts Ltd.<sup>(a)(b)</sup>  | 94780 |  | 7816507 |
|  Yum! Brands, Inc. | 256455 |  | 32846756 |
|  |  |  | 587180681 |
|  **Household Durables — 0.3%** |  |  |  |
|  D.R. Horton, Inc. | 287799 |  | 25654403 |
|  Garmin Ltd. | 139008 |  | 12829048 |
|  Lennar Corp., Class A | 231595 |  | 20959347 |
|  Mohawk Industries, Inc.<sup>(a)</sup>  | 47669 |  | 4872725 |
|  Newell Brands, Inc. | 341632 |  | 4468547 |
|  NVR, Inc.<sup>(a)</sup>  | 2735 |  | 12615406 |
|  PulteGroup, Inc. | 212784 |  | 9688056 |
|  Whirlpool Corp. | 48886 |  | 6915414 |
|  |  |  | 98002946 |
|  **Household Products — 1.6%** |  |  |  |
|  Church & Dwight Co., Inc. | 220160 |  | 17747098 |
|  Clorox Co. | 112871 |  | 15839187 |
|  Colgate-Palmolive Co. | 759172 |  | 59815162 |
|  Kimberly-Clark Corp. | 307914 |  | 41799325 |
|  Procter & Gamble Co. | 2157425 |  | 326979333 |
|  |  |  | 462180105 |

---

4 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Schedule of Investments (continued) | **S&P 500 Index Master Portfolio** |
| December 31, 2022 | **(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. | 608757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17507852 |
|  **Industrial Conglomerates — 0.9%** |  |  |
|  3M Co. | 503870 | 60424090 |
|  General Electric Co.<sup>(b)</sup>  | 998025 | 83624515 |
|  Honeywell International, Inc. | 613159 | 131399974 |
|  |  | 275448579 |
|  **Insurance — 2.4%** |  |  |
|  Aflac, Inc. | 515142 | 37059316 |
|  Allstate Corp. | 241453 | 32741027 |
|  American International Group, Inc. | 676425 | 42777117 |
|  Aon PLC, Class A | 188323 | 56523265 |
|  Arch Capital Group Ltd.<sup>(a)</sup>  | 334987 | 21030484 |
|  Arthur J Gallagher & Co. | 191964 | 36192893 |
|  Assurant, Inc. | 47910 | 5991625 |
|  Brown & Brown, Inc. | 216073 | 12309679 |
|  Chubb Ltd. | 377870 | 83358122 |
|  Cincinnati Financial Corp. | 145070 | 14853717 |
|  Everest Re Group Ltd. | 35420 | 11733583 |
|  Globe Life, Inc. | 83336 | 10046155 |
|  Hartford Financial Services Group, Inc. | 292462 | 22177393 |
|  Lincoln National Corp. | 142833 | 4387830 |
|  Loews Corp. | 183967 | 10730795 |
|  Marsh & McLennan Cos., Inc. | 454180 | 75157706 |
|  MetLife, Inc. | 600030 | 43424171 |
|  Principal Financial Group, Inc.<sup>(b)</sup>  | 207172 | 17385874 |
|  Progressive Corp. | 532359 | 69052286 |
|  Prudential Financial, Inc. | 336681 | 33486292 |
|  Travelers Cos., Inc. | 213355 | 40001929 |
|  W R Berkley Corp. | 187309 | 13593014 |
|  Willis Towers Watson PLC | 99525 | 24341825 |
|  |  | 718356098 |
|  **Interactive Media & Services<sup>(a)</sup> — 3.9%** |  |  |
|  Alphabet, Inc., Class A | 5437945 | 479789887 |
|  Alphabet, Inc., Class C | 4820516 | 427724385 |
|  Match Group, Inc. | 259464 | 10765161 |
|  Meta Platforms, Inc., Class A | 2047238 | 246364621 |
|  |  | 1164644054 |
|  **Internet & Direct Marketing Retail — 2.4%** | **Internet & Direct Marketing Retail — 2.4%** | **Internet & Direct Marketing Retail — 2.4%** |
|  Amazon.com, Inc.<sup>(a)</sup>  | 8066795 | 677610780 |
|  eBay, Inc. | 497210 | 20619299 |
|  Etsy, Inc.<sup>(a)(b)</sup>  | 115093 | 13785839 |
|  |  | 712015918 |
|  **IT Services — 4.4%** |  |  |
|  Accenture PLC, Class A | 573638 | 153069564 |
|  Akamai Technologies, Inc.<sup>(a)</sup>  | 143866 | 12127904 |
|  Automatic Data Processing, Inc. | 378182 | 90332553 |
|  Broadridge Financial Solutions, Inc. | 107449 | 14412134 |
|  Cognizant Technology Solutions Corp., Class A | 468625 | 26800664 |
|  DXC Technology Co.<sup>(a)</sup>  | 212880 | 5641320 |
|  EPAM Systems, Inc.<sup>(a)</sup>  | 52068 | 17064766 |
|  Fidelity National Information Services, Inc. | 540225 | 36654266 |
|  Fiserv, Inc.<sup>(a)</sup>  | 578143 | 58432913 |
|  FleetCor Technologies, Inc.<sup>(a)</sup>  | 68149 | 12517608 |
|  Gartner, Inc.<sup>(a)</sup>  | 71585 | 24062582 |
|  Global Payments, Inc. | 246179 | 24450498 |
|  International Business Machines Corp. | 822027 | 115815384 |
|  Jack Henry & Associates, Inc. | 66175 | 11617683 |
|  Mastercard, Inc., Class A | 772842 | 268740349 |
|  Paychex, Inc. | 292419 | 33791940 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **IT Services (continued)** |  |  |
|  PayPal Holdings, Inc.<sup>(a)</sup>  | 1037905 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73919594 |
|  VeriSign, Inc.<sup>(a)</sup>  | 84410 | 17341190 |
|  Visa, Inc., Class A | 1488105 | 309168695 |
|  |  | 1305961607 |
|  **Leisure Products — 0.0%** |  |  |
|  Hasbro, Inc. | 116181 | 7088203 |
|  **Life Sciences Tools & Services — 1.9%** |  |  |
|  Agilent Technologies, Inc. | 269522 | 40333967 |
|  Bio-Rad Laboratories, Inc., Class A<sup>(a)</sup>  | 19866 | 8353454 |
|  Bio-Techne Corp. | 143852 | 11922454 |
|  Charles River Laboratories International, Inc.<sup>(a)</sup>  | 46558 | 10144988 |
|  Danaher Corp. | 595874 | 158156877 |
|  Illumina, Inc.<sup>(a)</sup>  | 143492 | 29014082 |
|  IQVIA Holdings, Inc.<sup>(a)</sup>  | 170153 | 34862648 |
|  Mettler-Toledo International, Inc.<sup>(a)</sup>  | 20370 | 29443817 |
|  PerkinElmer, Inc. | 114240 | 16018733 |
|  Thermo Fisher Scientific, Inc. | 356586 | 196368344 |
|  Waters Corp.<sup>(a)</sup>  | 54191 | 18564753 |
|  West Pharmaceutical Services, Inc. | 67210 | 15817874 |
|  |  | 569001991 |
|  **Machinery — 1.9%** |  |  |
|  Caterpillar, Inc. | 473791 | 113501372 |
|  Cummins, Inc.<sup>(b)</sup>  | 128825 | 31213009 |
|  Deere & Co. | 250053 | 107212724 |
|  Dover Corp. | 127781 | 17302825 |
|  Fortive Corp. | 321926 | 20683746 |
|  IDEX Corp. | 68839 | 15718009 |
|  Illinois Tool Works, Inc. | 254498 | 56065909 |
|  Ingersoll Rand, Inc. | 366262 | 19137190 |
|  Nordson Corp. | 49465 | 11758820 |
|  Otis Worldwide Corp. | 384210 | 30087485 |
|  PACCAR, Inc. | 317634 | 31436237 |
|  Parker-Hannifin Corp. | 117163 | 34094433 |
|  Pentair PLC | 150378 | 6764002 |
|  Snap-on, Inc. | 48648 | 11115582 |
|  Stanley Black & Decker, Inc. | 134067 | 10071113 |
|  Westinghouse Air Brake Technologies Corp. | 165252 | 16493802 |
|  Xylem, Inc.<sup>(b)</sup>  | 163075 | 18031203 |
|  |  | 550687461 |
|  **Media — 0.8%** |  |  |
|  Charter Communications, Inc., Class A<sup>(a)</sup>  | 97792 | 33161267 |
|  Comcast Corp., Class A | 3927524 | 137345514 |
|  DISH Network Corp., Class A<sup>(a)(b)</sup>  | 234973 | 3299021 |
|  Fox Corp., Class A | 278201 | 8448964 |
|  Fox Corp., Class B | 124777 | 3549906 |
|  Interpublic Group of Cos., Inc. | 359717 | 11982173 |
|  News Corp., Class A | 353668 | 6436758 |
|  News Corp., Class B | 114231 | 2106420 |
|  Omnicom Group, Inc. | 185395 | 15122670 |
|  Paramount Global, Class B<sup>(b)</sup>  | 463480 | 7823542 |
|  |  | 229276235 |
|  **Metals & Mining — 0.4%** |  |  |
|  Freeport-McMoRan, Inc. | 1302333 | 49488654 |
|  Newmont Corp. | 724983 | 34219197 |
|  Nucor Corp. | 233563 | 30785939 |
|  Steel Dynamics, Inc. | 151888 | 14839458 |
|  |  | 129333248 |

---

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 5

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Schedule of Investments (continued) | **S&P 500 Index Master Portfolio** |
| December 31, 2022 | **(Percentages shown are based on Net Assets)** |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Multiline Retail — 0.5%** |  |  |
|  Dollar General Corp. | 206627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50881899 |
|  Dollar Tree, Inc.<sup>(a)</sup>  | 192863 | 27278543 |
|  Target Corp. | 419033 | 62452678 |
|  |  | 140613120 |
|  **Multi-Utilities — 0.9%** |  |  |
|  Ameren Corp. | 234237 | 20828354 |
|  CenterPoint Energy, Inc. | 569737 | 17086413 |
|  CMS Energy Corp. | 262644 | 16633245 |
|  Consolidated Edison, Inc. | 324232 | 30902552 |
|  Dominion Energy, Inc. | 758542 | 46513795 |
|  DTE Energy Co. | 175345 | 20608298 |
|  NiSource, Inc. | 375260 | 10289629 |
|  Public Service Enterprise Group, Inc. | 451497 | 27663221 |
|  Sempra Energy | 286393 | 44259174 |
|  WEC Energy Group, Inc. | 286040 | 26819110 |
|  |  | 261603791 |
|  **Oil, Gas & Consumable Fuels — 4.7%** |  |  |
|  APA Corp. | 296215 | 13827316 |
|  Chevron Corp. | 1619592 | 290700568 |
|  ConocoPhillips | 1134449 | 133864982 |
|  Coterra Energy, Inc. | 717837 | 17637255 |
|  Devon Energy Corp. | 596876 | 36713843 |
|  Diamondback Energy, Inc. | 160876 | 22004619 |
|  EOG Resources, Inc. | 533387 | 69084284 |
|  EQT Corp. | 335322 | 11343943 |
|  Exxon Mobil Corp. | 3749381 | 413556724 |
|  Hess Corp. | 254262 | 36059437 |
|  Kinder Morgan, Inc. | 1810850 | 32740168 |
|  Marathon Oil Corp. | 578179 | 15651306 |
|  Marathon Petroleum Corp. | 426679 | 49661169 |
|  Occidental Petroleum Corp.<sup>(b)</sup>  | 661996 | 41699128 |
|  ONEOK, Inc. | 404436 | 26571445 |
|  Phillips 66 | 430294 | 44785000 |
|  Pioneer Natural Resources Co. | 217222 | 49611333 |
|  Targa Resources Corp. | 205339 | 15092417 |
|  Valero Energy Corp. | 356565 | 45233836 |
|  Williams Cos., Inc. | 1111805 | 36578384 |
|  |  | 1402417157 |
|  **Personal Products — 0.2%** |  |  |
|  Estee Lauder Cos., Inc., Class A | 211156 | 52389915 |
|  **Pharmaceuticals — 4.8%** |  |  |
|  Bristol-Myers Squibb Co. | 1943397 | 139827414 |
|  Catalent, Inc.<sup>(a)</sup>  | 166156 | 7478682 |
|  Eli Lilly & Co. | 717784 | 262594098 |
|  Johnson & Johnson | 2380281 | 420476639 |
|  Merck & Co., Inc. | 2305659 | 255812866 |
|  Organon & Co. | 229346 | 6405634 |
|  Pfizer, Inc. | 5108068 | 261737404 |
|  Viatris, Inc. | 1097456 | 12214685 |
|  Zoetis, Inc. | 426076 | 62441438 |
|  |  | 1428988860 |
|  **Professional Services — 0.4%** |  |  |
|  CoStar Group, Inc.<sup>(a)</sup>  | 362069 | 27980692 |
|  Equifax, Inc.<sup>(b)</sup>  | 110779 | 21531007 |
|  Jacobs Solutions, Inc. | 116520 | 13990557 |
|  Leidos Holdings, Inc. | 123695 | 13011477 |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Professional Services (continued)** |  |  |  |
|  Robert Half International, Inc.<sup>(b)</sup>  | 99063 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7313821 |
|  Verisk Analytics, Inc. | 142058 |  | 25061872 |
|  |  |  | 108889426 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
|  CBRE Group, Inc., Class A<sup>(a)</sup>  | 287647 |  | 22137313 |
|  **Road & Rail — 0.9%** |  |  |  |
|  CSX Corp. | 1914077 |  | 59298105 |
|  JB Hunt Transport Services, Inc. | 74860 |  | 13052590 |
|  Norfolk Southern Corp. | 210775 |  | 51939176 |
|  Old Dominion Freight Line, Inc.<sup>(b)</sup>  | 82953 |  | 23540402 |
|  Union Pacific Corp. | 559728 |  | 115902877 |
|  |  |  | 263733150 |
|  **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** |
|  Advanced Micro Devices, Inc.<sup>(a)</sup>  | 1469270 |  | 95164618 |
|  Analog Devices, Inc. | 468268 |  | 76810000 |
|  Applied Materials, Inc. | 783243 |  | 76272203 |
|  Broadcom, Inc. | 367534 |  | 205499285 |
|  Enphase Energy, Inc.<sup>(a)</sup>  | 123589 |  | 32746141 |
|  First Solar, Inc.<sup>(a)</sup>  | 90262 |  | 13520345 |
|  Intel Corp. | 3737066 |  | 98770654 |
|  KLA Corp. | 129159 |  | 48696818 |
|  Lam Research Corp. | 124667 |  | 52397540 |
|  Microchip Technology, Inc. | 504142 |  | 35415976 |
|  Micron Technology, Inc. | 989782 |  | 49469304 |
|  Monolithic Power Systems, Inc. | 40785 |  | 14421984 |
|  NVIDIA Corp.<sup>(b)</sup>  | 2266948 |  | 331291781 |
|  NXP Semiconductors NV | 235922 |  | 37282754 |
|  ON Semiconductor Corp.<sup>(a)</sup>  | 392104 |  | 24455527 |
|  Qorvo, Inc.<sup>(a)</sup>  | 94933 |  | 8604727 |
|  Qualcomm, Inc. | 1022096 |  | 112369234 |
|  Skyworks Solutions, Inc. | 147286 |  | 13422173 |
|  SolarEdge Technologies, Inc.<sup>(a)</sup>  | 50529 |  | 14313350 |
|  Teradyne, Inc.<sup>(b)</sup>  | 142480 |  | 12445628 |
|  Texas Instruments, Inc. | 826273 |  | 136516825 |
|  |  |  | 1489886867 |
|  **Software — 8.3%** |  |  |  |
|  Adobe, Inc.<sup>(a)</sup>  | 423255 |  | 142438005 |
|  ANSYS, Inc.<sup>(a)</sup>  | 78802 |  | 19037775 |
|  Autodesk, Inc.<sup>(a)</sup>  | 198014 |  | 37002876 |
|  Cadence Design Systems, Inc.<sup>(a)</sup>  | 249661 |  | 40105543 |
|  Ceridian HCM Holding, Inc.<sup>(a)(b)</sup>  | 140965 |  | 9042905 |
|  Fortinet, Inc.<sup>(a)</sup>  | 597872 |  | 29229962 |
|  Gen Digital, Inc. | 527781 |  | 11310347 |
|  Intuit, Inc. | 256732 |  | 99925229 |
|  Microsoft Corp. | 6787782 |  | 1627845879 |
|  Oracle Corp. | 1382521 |  | 113007267 |
|  Paycom Software, Inc.<sup>(a)</sup>  | 44246 |  | 13729976 |
|  PTC, Inc.<sup>(a)</sup>  | 96012 |  | 11525281 |
|  Roper Technologies, Inc.<sup>(b)</sup>  | 96647 |  | 41760202 |
|  Salesforce, Inc.<sup>(a)</sup>  | 905597 |  | 120073106 |
|  ServiceNow, Inc.<sup>(a)</sup>  | 183850 |  | 71383440 |
|  Synopsys, Inc.<sup>(a)</sup>  | 139361 |  | 44496574 |
|  Tyler Technologies, Inc.<sup>(a)</sup>  | 38201 |  | 12316384 |
|  |  |  | 2444230751 |
|  **Specialty Retail — 2.4%** |  |  |  |
|  Advance Auto Parts, Inc. | 54557 |  | 8021516 |
|  AutoZone, Inc.<sup>(a)</sup>  | 17281 |  | 42618057 |
|  Bath & Body Works, Inc. | 208330 |  | 8779026 |

---

6 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Schedule of Investments (continued) | **S&P 500 Index Master Portfolio** |
| December 31, 2022 | **(Percentages shown are based on Net Assets)** |

---

---

| | | | |
|:---|:---|:---|:---|
| *Security* | *Shares* | *Value* | *Value* |
|  **Specialty Retail (continued)** |  |  |  |
|  Best Buy Co., Inc. | 184618 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14808210 |
|  CarMax, Inc.<sup>(a)(b)</sup>  | 143103 |  | 8713542 |
|  Home Depot, Inc. | 932022 |  | 294388469 |
|  Lowe's Cos., Inc. | 565099 |  | 112590325 |
|  O'Reilly Automotive, Inc.<sup>(a)</sup>  | 56971 |  | 48085233 |
|  Ross Stores, Inc. | 319841 |  | 37123945 |
|  TJX Cos., Inc. | 1057047 |  | 84140941 |
|  Tractor Supply Co. | 100461 |  | 22600711 |
|  Ulta Beauty, Inc.<sup>(a)</sup>  | 47022 |  | 22056609 |
|  |  |  | 703926584 |
|  **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** |
|  Apple, Inc. | 13614100 |  | 1768880013 |
|  Hewlett Packard Enterprise Co. | 1185109 |  | 18914340 |
|  HP, Inc. | 805929 |  | 21655312 |
|  NetApp, Inc. | 200639 |  | 12050378 |
|  Seagate Technology Holdings PLC<sup>(b)</sup>  | 176010 |  | 9259886 |
|  Western Digital Corp.<sup>(a)</sup>  | 286151 |  | 9028064 |
|  |  |  | 1839787993 |
|  **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
|  NIKE, Inc., Class B | 1150111 |  | 134574488 |
|  Ralph Lauren Corp. | 37193 |  | 3930185 |
|  Tapestry, Inc. | 219376 |  | 8353838 |
|  VF Corp. | 305300 |  | 8429333 |
|  |  |  | 155287844 |
|  **Tobacco — 0.7%** |  |  |  |
|  Altria Group, Inc. | 1639015 |  | 74919376 |
|  Philip Morris International, Inc. | 1410877 |  | 142794861 |
|  |  |  | 217714237 |
|  **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |  |  |
|  Fastenal Co. | 520118 |  | 24611984 |
|  United Rentals, Inc.<sup>(a)(b)</sup>  | 63522 |  | 22576989 |
|  W.W.Grainger, Inc.<sup>(b)</sup>  | 40977 |  | 22793456 |
|  |  |  | 69982429 |
|  **Water Utilities — 0.1%** |  |  |  |
|  American Water Works Co., Inc.<sup>(b)</sup>  | 164527 |  | 25077205 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Shares* | *Value* |
|  **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
|  T-Mobile U.S., Inc.<sup>(a)</sup>  | 543698 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76117720 |
|  **Total Common Stocks — 99.0%<br>(Cost: $15,214,362,979)** | **Total Common Stocks — 99.0%<br>(Cost: $15,214,362,979)** | 29261370956 |
|  **Investment Companies** |  |  |
|  **Equity Funds — 0.7%** |  |  |
|  iShares Core S&P 500 ETF<sup>(c)</sup>  | 508908 | 195527543 |
|  **Total Investment Companies — 0.7%<br>(Cost: $189,939,829)** | **Total Investment Companies — 0.7%<br>(Cost: $189,939,829)** | 195527543 |
|  **Total Long-Term Investments — 99.7%<br>(Cost: $15,404,302,808)** | **Total Long-Term Investments — 99.7%<br>(Cost: $15,404,302,808)** | 29456898499 |
|  **Short-Term Securities** |  |  |
|  **Money Market Funds — 1.4%** |  |  |
|  BlackRock Cash Funds: Institutional, SL Agency Shares, 4.53%<sup>(c)(d)(e)</sup>  | 304107516 | 304198748 |
|  BlackRock Cash Funds: Treasury, SL Agency Shares, 4.12%<sup>(c)(d)</sup>  | 113361188 | 113361188 |
|  **Total Short-Term Securities — 1.4%<br>(Cost: $417,426,929)** | **Total Short-Term Securities — 1.4%<br>(Cost: $417,426,929)** | 417559936 |
|  **Total Investments — 101.1%<br>(Cost: $15,821,729,737)** | **Total Investments — 101.1%<br>(Cost: $15,821,729,737)** | 29874458435 |
|  **Liabilities in Excess of Other Assets — (1.1)%** | **Liabilities in Excess of Other Assets — (1.1)%** | (329613066) |
|  **Net Assets — 100.0%** |  | $29544845369 |

---

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

<sup>(b)</sup> All or a portion of this security is on loan. (c) 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 Master Portfolio compliance purposes, the Master Portfolio's industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

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 7

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Schedule of Investments (continued) | **S&P 500 Index Master Portfolio** |
| December 31, 2022 |  |

---

**Affiliates** 

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the year ended December 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at<br>12/31/21* | *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>12/31/22* | *Shares*<br> *Held at<br>12/31/22* | *Income* | *Capital Gain<br>Distributions<br>from<br>Underlying<br>Funds* |
|  BlackRock Cash Funds: Institutional, SL Agency Shares | $129540046 | $174660838 <sup>(a)</sup> | $— | $(119553) | $117417 | $304198748 | 304107516 | $529751 <sup>(b)</sup> | $— |
|  BlackRock Cash Funds: Treasury, SL Agency Shares | 190825864 |  | (77464676)<sup>(a)</sup> |  |  | 113361188 | 113361188 | 1995867 |  |
|  BlackRock, Inc. | 110121726 | 11473824 | (599256) | (183383) | (23573285) | 97239626 | 137222 | 2464688 |  |
|  iShares Core S&P 500 ETF | 433216628 | 2954719505 | (3164439205) | (7337546) | (20631839) | 195527543 | 508908 | 3060996 |  |
|  |  |  |  | $(7640482) | $(44087707) | $710327105 |  | $8051302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of<br>Contracts* | *Expiration<br>Date* | *Notional<br>Amount (000)* | *Value/<br>Unrealized<br>Appreciation<br>(Depreciation)* |
|  Long Contracts<br>S&P 500 E-Mini Index | 560 | 03/17/23 | $108108 | $(463688) |

---

**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* |
|  **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
|  Futures contracts<br>Unrealized depreciation on futures contracts<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $463688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $463688 |

---

<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 December 31, 2022, 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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(5630594) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $(5630594) |
|  **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
|  Futures contracts | $— | $— | $(7380878) | $— | $— | $— | $(7380878) |

---

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

---

| | |
|:---|:---|
|  Futures contracts:<br>Average notional value of contracts — long | $139746994 |

---

8 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| Schedule of Investments (continued) | **S&P 500 Index Master Portfolio** |
| December 31, 2022 |  |

---

For more information about the Master Portfolio's investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

**Fair Value Hierarchy as of Period End** 

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Master Portfolio's policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Master Portfolio's financial instruments categorized in the fair value hierarchy. The breakdown of the Master Portfolio's financial instruments into major categories is disclosed in the Schedule of Investments above.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
|  Assets |  |  |  |  |
| &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 | $29261370956 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $29261370956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Companies | 195527543 |  |  | 195527543 |
| &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 | 417559936 |  |  | 417559936 |
|  | $29874458435 | $— | $— | $29874458435 |
|  Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Contracts | $(463688) | $— | $— | $(463688) |

---

<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 9

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##### [**Table of Contents**](#toc)
Statement of Assets and Liabilities

December 31, 2022

---

| | |
|:---|:---|
| | S&P 500 Index<br>Master Portfolio |
|  **ASSETS** |  |
|  Investments, at value — unaffiliated<sup>(a)(b)</sup>  | $29164131330 |
|  Investments, at value — affiliated<sup>(c)</sup>  | 710327105 |
|  Cash | 130560 |
|  Cash pledged for futures contracts | 9517800 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated | 65956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | 25181704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 265453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 5456 |
|  Total assets | 29909625364 |
|  **LIABILITIES** |  |
|  Collateral on securities loaned | 304066304 |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Withdrawals to investors | 59459673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 250499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 61888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 110499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 831132 |
|  Total liabilities | 364779995 |
|  NET ASSETS | $29544845369 |
|  **NET ASSETS CONSIST OF** |  |
|  Investors' capital | $15492580359 |
|  Net unrealized appreciation (depreciation) | 14052265010 |
|  NET ASSETS | $29544845369 |
|  <sup>(a)</sup> Investments, at cost — unaffiliated | $15162484039 |
|  <sup>(b)</sup> Securities loaned, at value | $296259268 |
|  <sup>(c)</sup> Investments, at cost — affiliated | $659245698 |

---

*See notes to financial statements.* 

10 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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##### [**Table of Contents**](#toc)
Statement of Operations

Year Ended December 31, 2022

---

| | |
|:---|:---|
| | S&P 500 Index<br>Master Portfolio |
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — unaffiliated | $484410508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends — affiliated | 7522935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income — affiliated — net | 528367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign taxes withheld | (2434029) |
|  Total investment income | 490027781 |
|  EXPENSES |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory | 3053035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees | 247024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional | 29992 |
|  Total expenses | 3330051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees waived and/or reimbursed by the Manager | (393144) |
|  Total expenses after fees waived and/or reimbursed | 2936907 |
|  Net investment income | 487090874 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (52489847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (7640482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (5630594) |
|  | (65760923) |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated | (6596893866) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated | (44087707) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (7380878) |
|  | (6648362451) |
|  Net realized and unrealized loss | (6714123374) |
|  NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | $(6227032500) |

---

*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 S T A T E M E N T S 11

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##### [**Table of Contents**](#toc)
Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | S&P 500 Index Master Portfolio | S&P 500 Index Master Portfolio |
| | Year Ended<br>12/31/22 | Year Ended<br>12/31/21 |
|  *INCREASE (DECREASE) IN NET ASSETS* |  |  |
|  **OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $487090874 | $429887939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | (65760923) | 297816671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (6648362451) | 7008302074 |
|  Net increase (decrease) in net assets resulting from operations | (6227032500) | 7736006684 |
|  **CAPITAL TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from contributions | 8816188759 | 7697627774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Value of withdrawals | (7533596462) | (7937321540) |
|  Net increase (decrease) in net assets derived from capital transactions | 1282592297 | (239693766) |
|  *NET ASSETS* |  |  |
|  Total increase (decrease) in net assets | (4944440203) | 7496312918 |
|  Beginning of year | 34489285572 | 26992972654 |
|  End of year | $29544845369 | $34489285572 |

---

*See notes to financial statements.* 

12 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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##### [**Table of Contents**](#toc)
Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 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 |
| | Year Ended<br>12/31/22 | Year Ended<br>12/31/21 | Year Ended<br>12/31/20 | Year Ended<br>12/31/19 | Year Ended<br>12/31/18 |
|  **Total Return** |  |  |  |  |  |
|  Total return | (18.13)% | 28.65% | 18.42% | 31.44% | (4.38)% |
|  **Ratios to Average Net Assets<sup>(a)</sup>**  |  |  |  |  |  |
|  Total expenses | 0.01% | 0.01% | 0.01% | 0.03% | 0.04% |
|  Total expenses after fees waived and/or reimbursed | 0.01% | 0.01% | 0.01% | 0.02% | 0.04% |
|  Net investment income | 1.60% | 1.39% | 1.82% | 1.95% | 1.92% |
|  **Supplemental Data** |  |  |  |  |  |
|  Net assets, end of year (000) | $29544845 | $34489286 | $26992973 | $23207958 | $17256929 |
|  Portfolio turnover rate | 13% | 6% | 5% | 3% | 12% |

---

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

*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 13

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##### [**Table of Contents**](#toc)
Notes to Financial Statements

***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.

**Foreign Taxes:** The Master Portfolio may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Master Portfolio invests. These foreign taxes, if any, are paid by the Master Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2022, if any, are disclosed in the Statement of Assets and Liabilities.

The Master Portfolio files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Master Portfolio may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction's applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

**Collateralization:** If required by an exchange or counterparty agreement, the Master Portfolio may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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

**Other:** Expenses directly related to the Master Portfolio are charged to the Master Portfolio. Other operating expenses shared by several funds, including other funds managed by the Manager, are prorated among those funds on the basis of relative net assets or other appropriate methods.

***3.***  ***INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*** 

**Investment Valuation Policies:** The Master Portfolio's investments are valued at fair value (also referred to as "market value" within the financial statements) each day that the Master Portfolio is open for business and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of MIP (the "Board") has approved the designation of the Master Portfolio's Manager as the valuation designee for the Master Portfolio. The Master Portfolio determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**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:

&nbsp;&nbsp;&nbsp;&nbsp;• Equity investments traded on a recognized securities exchange are valued at that day's official closing price, as
applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last available bid (long positions) or ask (short positions) price.

&nbsp;&nbsp;&nbsp;&nbsp;• Investments in open-end U.S. mutual funds (including money market funds) are valued
at that day's published net asset value ("NAV").

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##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;• Futures contracts are valued based on that day's last reported settlement or trade price on the exchange where the
contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange ("NYSE"). Each business day, the Master Portfolio uses current market factors supplied by independent pricing services to value certain foreign instruments ("Systematic Fair Value Price"). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with the Manager's policies and procedures as reflecting fair value ("Fair Valued Investments"). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Master Portfolio might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm's-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities
in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves,
volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent
observable inputs are not available (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

***4.***  ***SECURITIES AND OTHER INVESTMENTS*** 

**Securities Lending:** The Master Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Master Portfolio collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Master Portfolio is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Master Portfolio and any additional required collateral is delivered to the Master Portfolio, or excess collateral returned by the Master Portfolio, on the next business day. During the term of the loan, the Master Portfolio is entitled to all distributions made on or in respect of the loaned securities, but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested by the securities lending agent, BlackRock Institutional Trust Company, N.A. ("BTC"), if any, is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Master Portfolio, except in the event of borrower default. The securities on loan, if any, are disclosed in the Master Portfolio's Schedule of Investments. The market value of any securities on loan and the value of any related collateral 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.

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 15

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##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

As of period end, the following table is a summary of the Master Portfolio's securities on loan by counterparty which are subject to offset under an MSLA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities<br>Loaned at Value* | *Cash Collateral<br>Received<sup>(a)</sup>* | *Non-Cash Collateral<br>Received, at Fair Value<sup>(a)</sup>* | *Net<br>Amount* |
| Barclays Bank PLC | $9011198 | $(9011198) | $– $|  |
| Barclays Capital, Inc. | 317756 | (317756) | – |  |
| BNP Paribas SA | 82460125 | (82460125) | – |  |
| BofA Securities, Inc. | 12280613 | (12280613) | – |  |
| Citadel Clearing LLC | 6566531 | (6566531) | – |  |
| Citigroup Global Markets, Inc. | 12618680 | (12618680) | – |  |
| Goldman Sachs & Co. LLC | 14791319 | (14791319) | – |  |
| HSBC Bank PLC | 101567 | (101567) | – |  |
| J.P. Morgan Securities LLC | 44791104 | (44791104) | – |  |
| Jefferies LLC | 212695 | (212695) | – |  |
| Morgan Stanley | 19903906 | (19903906) | – |  |
| Natixis SA | 1688 | (1688) | – |  |
| RBC Capital Markets LLC | 28530588 | (28530588) | – |  |
| Scotia Capital (USA), Inc. | 3301735 | (3301735) | – |  |
| SG Americas Securities LLC | 962488 | (962488) | – |  |
| State Street Bank & Trust Co. | 2345460 | (2345460) | – |  |
| Toronto-Dominion Bank | 51580760 | (51580760) | – |  |
| UBS AG | 583765 | (583765) | – |  |
| UBS Securities LLC | 2349461 | (2349461) | – |  |
| Virtu Americas LLC | 993807 | (993807) | – |  |
| Wells Fargo Bank N.A. | 249096 | (249096) | – |  |
| Wells Fargo Securities LLC | 2304926 | (2304926) | – |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296259268 | $&nbsp;&nbsp;&nbsp;&nbsp;(296259268) | $– $|  |

---

<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. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Master Portfolio benefits from a borrower default indemnity provided by BlackRock, Inc. ("BlackRock"). BlackRock's indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Master Portfolio could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Master Portfolio.

***5.***  ***DERIVATIVE FINANCIAL INSTRUMENTS*** 

The Master Portfolio engages in various portfolio investment strategies using derivative contracts both to increase the returns of the Master Portfolio and/or to manage its exposure to certain risks such as credit risk, equity risk, interest rate risk, foreign currency exchange rate risk, commodity price risk or other risks (e.g., inflation risk). Derivative financial instruments categorized by risk exposure are included in the Schedule of Investments. These contracts may be transacted on an exchange or over-the-counter ("OTC").

**Futures Contracts:** Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Master Portfolio and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Master Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract's size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Master Portfolio agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract ("variation margin"). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

***6.***  ***INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*** 

**Investment Advisory:** MIP, on behalf of the Master Portfolio, entered into an Investment Advisory Agreement with the Manager, the Master Portfolio's investment adviser and an indirect, wholly-owned subsidiary of BlackRock, to provide investment advisory services. The Manager is responsible for the management of the Master Portfolio's portfolio and provides the personnel, facilities, equipment and certain other services necessary to the operations of the Master Portfolio.

16 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

For such services, the Master Portfolio pays the Manager a monthly fee at an annual rate equal to 0.01% of the average daily value of the Master Portfolio's net assets.

**Administration:** MIP, on behalf of the Master Portfolio, entered into an Administration Agreement with BlackRock Advisors, LLC ("BAL"), which has agreed to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Master Portfolio's ordinary operating expenses, excluding, generally, investment advisory fees, distribution fees, brokerage and other expenses related to the execution of portfolio transactions, extraordinary expenses and certain other expenses which are borne by the Master Portfolio.

BAL is not entitled to compensation for providing administrative services to the Master Portfolio, for so long as BAL (or an affiliate) is entitled to compensation for providing administrative services to corresponding feeder funds that invest substantially all of their assets in the Master Portfolio, or BAL (or an affiliate) receives investment advisory fees from the Master Portfolio.

The fees and expenses of the Master Portfolio's trustees who are not "interested persons" of MIP, as defined in the 1940 Act ("Independent Trustees"), counsel to the Independent Trustees and the Master Portfolio's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Master Portfolio. BFA has contractually agreed to reimburse the Master Portfolio or provide an offsetting credit against the investment advisory fees paid by the Master Portfolio in an amount equal to the independent expenses through June 30, 2023. If the Master Portfolio does not pay administration fees, BAL agrees to cap the expenses of the Master Portfolio at the rate at which it pays an investment advisory fee to BFA. The amount waived is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2022, the amount waived was $277,016.

**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, 2023. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2022, the amounts waived were $92,186.

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, 2023. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2022, the Manager waived $23,942 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. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund's weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Master Portfolio retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Master Portfolio retains 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold, the Master Portfolio, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 81% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Master Portfolio is shown as securities lending income — affiliated — net in the Statement of Operations. For the year ended December 31, 2022, the Master Portfolio paid BTC $203,850 for securities lending agent services.

**Interfund Lending:** In accordance with an exemptive order (the "Order") from the SEC, the Master Portfolio may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Master Portfolio's investment policies and restrictions. The Master Portfolio is currently permitted to borrow and lend under the Interfund Lending Program.

A lending BlackRock fund may lend in aggregate up to 15% of its net assets but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing BlackRock fund may not borrow through the Interfund Lending Program or from any other source more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing BlackRock fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

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 17

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##### [**Table of Contents**](#toc)
Notes to Financial Statements (continued)

During the year ended December 31, 2022, the Master Portfolio did not participate in the Interfund Lending Program.

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

**Other Transactions:** The Master Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended December 31, 2022, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Master Portfolio Name* | *Purchases* | *Sales* | *Net Realized<br>Gain (Loss)* |
|  S&P 500 Index Master Portfolio | $211481078 | $122905651 | $(33730868) |

---

***7.***  ***PURCHASES AND SALES*** 

For the year ended December 31, 2022, purchases and sales of investments, excluding short-term securities, were $5,768,293,288 and $3,965,817,339, respectively.

***8.***  ***INCOME TAX INFORMATION*** 

The Master Portfolio is classified as a partnership for U.S. federal income tax purposes. As such, each investor in the Master Portfolio is treated as the owner of its proportionate share of net assets, income, expenses and realized and unrealized gains and losses of the Master Portfolio. Therefore, no U.S. federal income tax provision is required. It is intended that the Master Portfolio's assets will be managed so an investor in the Master Portfolio can satisfy the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended.

The Master Portfolio files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Master Portfolio's U.S. federal tax returns generally remains open for a period of three years after they are filed. The statutes of limitations on the Master Portfolio's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

Management has analyzed tax laws and regulations and their application to the Master Portfolio as of December 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio's financial statements.

As of December 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Master Portfolio Name* | *Tax Cost* | *Gross Unrealized<br>Appreciation* | *Gross Unrealized<br>Depreciation* | <br> *Net Unrealized<br>Appreciation<br>(Depreciation)* |
|  S&P 500 Index Master Portfolio | $15724549640 | $15227612925 | $(1077704130) | $14149908795 |

---

***9.***  ***BANK BORROWINGS*** 

MIP, on behalf of the Master Portfolio, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), are a party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Master Portfolio may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Master Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2023 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended December 31, 2022, the Master Portfolio did not borrow under the credit agreement.

***10.***  ***PRINCIPAL RISKS*** 

In the normal course of business, the Master Portfolio invests in securities or other instruments and may enter into certain transactions, and such activities subject the Master Portfolio to various risks, including among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate and price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Master Portfolio and its investments. The Master Portfolio's prospectus provides details of the risks to which the Master Portfolio is subject.

The Manager uses a "passive" or index approach to try to achieve the Master Portfolio's investment objective following the securities included in its underlying index during upturns as well as downturns. The Manager does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by the Manager.

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Notes to Financial Statements (continued)

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 redemption gates or liquidity fees under certain circumstances.

**Infectious Illness Risk:** An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

**Valuation Risk:** The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. The Master Portfolio may invest in illiquid investments. An illiquid investment is any investment that the Master Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. The Master Portfolio may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause the Master Portfolio's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of the Master Portfolio may lose value, regardless of the individual results of the securities and other instruments in which the Master Portfolio invests.

**Counterparty Credit Risk:** The Master Portfolio may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The 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.

**Concentration 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.

**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.

**LIBOR Transition Risk:** The United Kingdom's Financial Conduct Authority announced a phase out of the London Interbank Offered Rate ("LIBOR"). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Master Portfolio may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Master Portfolio is uncertain.

***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.

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 19

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Master Investment Portfolio and Investors of S&P 500 Index Master Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of S&P 500 Index Master Portfolio (one of the series constituting Master Investment Portfolio, referred to hereafter as the "Master Portfolio") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Master Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Master Portfolio's management. Our responsibility is to express an opinion on the Master Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Master Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 14, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.

20 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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##### [**Table of Contents**](#toc)
Statement Regarding Liquidity Risk Management Program

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"), BlackRock Funds III and Master Investment Portfolio (the "Trusts") have adopted and implemented a liquidity risk management program (the "Program") for iShares S&P 500 Index Fund and S&P 500 Index Master Portfolio (the "Funds"), each a series of the respective Trust, which is reasonably designed to assess and manage each Fund's liquidity risk.

The Board of Trustees (the "Board") of the Trusts, on behalf of the Funds, met on November 8-9, 2022 (the "Meeting") to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors ("BlackRock"), each an investment adviser to certain BlackRock funds, as the program administrator for each Fund's Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the "Committee"). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund's Highly Liquid Investment Minimum ("HLIM") where applicable, and any material changes to the Program (the "Report"). The Report covered the period from October 1, 2021 through September 30, 2022 (the "Program Reporting Period").

The Report described the Program's liquidity classification methodology for categorizing each Fund's investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund's HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the imposition of capital controls in certain countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund's liquidity risk, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;***a)***  ***The Fund's investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions.*** During the Program Reporting Period, the Committee reviewed whether each Fund's strategy is appropriate for an open-end fund structure with a focus on funds with
more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund's concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a
fund participated in borrowings for investment purposes (such as tender option bonds or reverse repurchase agreements), such borrowings were factored into the Program's calculation of a fund's liquidity bucketing. A fund's derivative
exposure was also considered in such calculation.

&nbsp;&nbsp;&nbsp;&nbsp;***b)***  ***Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions.*** During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each Fund's reasonably anticipated trading size utilized for liquidity classifications.
Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Committee may also take into consideration a fund's shareholder ownership concentration
(which, depending on product type and distribution channel, may or may not be available), a fund's distribution channels, and the degree of certainty associated with a fund's short-term and long-term cash flow projections.

&nbsp;&nbsp;&nbsp;&nbsp;***c)***  ***Holdings of cash and cash equivalents, as well as borrowing arrangements.*** The Committee considered the terms
of the credit facility committed to each Fund, the financial health of the institution providing the facility and the fact that the credit facility is shared among multiple funds (including that a portion of the aggregate commitment amount is
specifically designated for BlackRock Floating Rate Income Portfolio, a series of BlackRock Funds V, and BlackRock Floating Rate Loan ETF, a series of BlackRock ETF Trust II). The Committee also considered other types of borrowing available to the
Funds, such as the ability to use reverse repurchase agreements and interfund lending, as applicable.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program's classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M 21

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##### [**Table of Contents**](#toc)
Trustee and Officer Information

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| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Trustees<sup>(a)</sup>** | **Independent Trustees<sup>(a)</sup>** | **Independent Trustees<sup>(a)</sup>** | **Independent Trustees<sup>(a)</sup>** | **Independent Trustees<sup>(a)</sup>** |
| **Name<br>Year of Birth<sup>(b)</sup>** | **Position(s) Held<br>(Length of Service)<sup>(c)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of BlackRock-Advised<br>Registered Investment Companies<br>("RICs") Consisting of**<br> **Investment Portfolios<br>("Portfolios") Overseen** | <br> &nbsp;&nbsp;&nbsp;&nbsp;**Public Company<br> and Other<br> Investment<br> Company<br> Directorships Held<br> During**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Past 5 Years** |
| **Mark Stalnecker** 1951 | Chair of the Board (Since 2019) and Trustee<br> (Since 2015) | Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees' Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014. | 28 RICs consisting of 164 Portfolios |  |
| **Susan J. Carter** 1956 | Trustee<br> (Since 2016) | Trustee, Financial Accounting Foundation from 2017 to 2021; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021; Director, Pacific Pension Institute from 2014 to 2018; Senior Advisor, Commonfund Capital, Inc. ("CCI") (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof since 2018; Advisory Board Member, Bridges Fund Management since 2016; Practitioner Advisory Board Member, Private Capital Research Institute ("PCRI") since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019; Advisor to Finance Committee, Altman Foundation since 2020; Investment Committee Member, Tostan since 2021. | 28 RICs consisting of 164 Portfolios |  |
| **Collette Chilton** 1958 | Trustee<br> (Since 2015) | Chief Investment Officer, Williams College since 2006; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006; Director, Boys and Girls Club of Boston since 2017; Director, B1 Capital since 2018; Director, David and Lucile Packard Foundation since 2020. | 28 RICs consisting of 164 Portfolios |  |
| **Neil A. Cotty**<br> 1954 | Trustee<br> (Since 2016) | Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002. | 28 RICs consisting of 164 Portfolios |  |
| **Lena G. Goldberg**<br> 1949 | Trustee<br> (Since 2019) | Director, Charles Stark Draper Laboratory, Inc. from 2013 to 2021; Senior Lecturer, Harvard Business School from 2008 to 2021; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President - Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985. | 28 RICs consisting of 164 Portfolios |  |

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##### [**Table of Contents**](#toc)
Trustee and Officer Information (continued)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Trustees<sup>(a)</sup> (continued)** | **Independent Trustees<sup>(a)</sup> (continued)** | **Independent Trustees<sup>(a)</sup> (continued)** | **Independent Trustees<sup>(a)</sup> (continued)** | **Independent Trustees<sup>(a)</sup> (continued)** |
| **Name<br>Year of Birth<sup>(b)</sup>** | **Position(s) Held<br>(Length of Service)<sup>(c)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of BlackRock-Advised<br>Registered Investment Companies<br>("RICs") Consisting of**<br> **Investment Portfolios<br>("Portfolios") Overseen** | <br> &nbsp;&nbsp;&nbsp;&nbsp;**Public Company<br> and Other<br> Investment<br> Company<br> Directorships Held<br> During**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Past 5 Years** |
| **Henry R. Keizer**<br> 1956 | Trustee<br> (Since 2019) | Director, Park Indemnity Ltd. (captive insurer) since 2010; Director, MUFG Americas Holdings Corporation and MUFG Union Bank, N.A. (financial and bank holding company) from 2014 to 2016; Director, American Institute of Certified Public Accountants from 2009 to 2011; Director, KPMG LLP (audit, tax and advisory services) from 2004 to 2005 and 2010 to 2012; Director, KPMG International in 2012, Deputy Chairman and Chief Operating Officer thereof from 2010 to 2012 and U.S. Vice Chairman of Audit thereof from 2005 to 2010; Global Head of Audit, KPMGI (consortium of KPMG firms) from 2006 to 2010; Director, YMCA of Greater New York from 2006 to 2010. | 28 RICs consisting of 164 Portfolios | Hertz Global Holdings (car rental) from 2015 to 2021; GrafTech International Ltd. (materials manufacturing); WABCO (commercial vehicle safety systems) from 2015 to 2020; Sealed Air Corp. (packaging) from 2015 to 2021 |
| **Cynthia A. Montgomery**<br> 1952 | Trustee<br> (Since 2009) | Professor, Harvard Business School since 1989. | 28 RICs consisting of 164 Portfolios |  |
| **Donald C. Opatrny**<br> 1952 | Trustee<br> (Since 2019) | Director, Athena Capital Advisors LLC (investment management firm) from 2013 to 2020; Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University from 2004 to 2019; President and Trustee, the Center for the Arts, Jackson Hole from 2011 to 2018; Member of the Board and Investment Committee, University School from 2007 to 2018; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2017; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Phoenix Art Museum since 2018; Trustee, Arizona Community Foundation and Member of Investment Committee since 2020. | 28 RICs consisting of 164 Portfolios |  |
| **Joseph P. Platt**<br> 1947 | Trustee<br> (Since 2009) | General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Chair, Basic Health International (non-profit) since 2015. | 28 RICs consisting of 164 Portfolios | Greenlight Capital Re, Ltd. (reinsurance company); Consol Energy Inc. |
| **Kenneth L. Urish**<br> 1951 | Trustee<br> (Since 2009) | Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past- Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since founding in 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter- Tel from 2006 to 2007; Member, Advisory Board, ESG Competent Boards since 2020. | 28 RICs consisting of 164 Portfolios |  |

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T R U S T E E A N D O F F I C E R I N F O R M A T I O N 23

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##### [**Table of Contents**](#toc)
Trustee and Officer Information (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Independent Trustees<sup>(a)</sup> (continued)** | **Independent Trustees<sup>(a)</sup> (continued)** | **Independent Trustees<sup>(a)</sup> (continued)** | **Independent Trustees<sup>(a)</sup> (continued)** | **Independent Trustees<sup>(a)</sup> (continued)** |
| **Name**<br> **Year of Birth<sup>(b)</sup>**  | **Position(s) Held**<br> **(Length of Service)<sup>(c)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of BlackRock-Advised<br>Registered Investment Companies<br>("RICs") Consisting of**<br> **Investment Portfolios**<br> **("Portfolios") Overseen** | &nbsp;&nbsp;&nbsp;&nbsp;**Public Company<br> and Other<br> Investment<br> Company<br> Directorships Held<br> During**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Past 5 Years** |
| **Claire A. Walton**<br> 1957 | Trustee<br> (Since 2016) | Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; General Partner of Neon Liberty Capital Management, LLC since 2003; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Woodstock Ski Runners since 2013; Director, Massachusetts Council on Economic Education from 2013 to 2015. | 28 RICs consisting of 164 Portfolios |  |
| **Interested Trustees<sup>(a)(d)</sup>** | **Interested Trustees<sup>(a)(d)</sup>** | **Interested Trustees<sup>(a)(d)</sup>** | **Interested Trustees<sup>(a)(d)</sup>** | **Interested Trustees<sup>(a)(d)</sup>** |
| **Name**<br> **Year of Birth<sup>(b)</sup>**  | **Position(s) Held**<br> **(Length of Service)<sup>(c)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of BlackRock-Advised<br>Registered Investment Companies<br>("RICs") Consisting of**<br> **Investment Portfolios<br>("Portfolios") Overseen** | &nbsp;&nbsp;&nbsp;&nbsp;**Public Company<br> and Other<br> Investment<br> Company<br> Directorships Held<br> During**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Past 5 Years** |
| **Robert Fairbairn**<br> 1965 | Trustee<br> (Since 2018) | Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock's Global Executive and Global Operating Committees; Co-Chair of BlackRock's Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock's Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock's Retail and iShares<sup>®</sup> businesses from 2012 to 2016. | 98 RICs consisting of 266 Portfolios |  |
| **John M. Perlowski<sup>(e)</sup>**<br> 1964 | Trustee (Since 2015) President and Chief Executive Officer (Since 2010) | Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009. | 100 RICs consisting of 268 Portfolios |  |

---

<sup>(a)</sup> The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

<sup>(b)</sup> Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.

<sup>(c)</sup> In connection with the acquisition of Barclays Global Investors by BlackRock, Inc. in December 2009, certain Independent Trustees were elected to the Board. Furthermore, effective January 1, 2019, three BlackRock Fund Complexes were realigned and consolidated into two BlackRock Fund Complexes. As a result, although the chart shows the year that each Independent Trustee joined the Board, certain Independent Trustees first became members of the boards of other BlackRock-advised Funds or legacy BlackRock funds as follows: Cynthia A. Montgomery, 1994; Joseph P. Platt, 1999; Kenneth L. Urish, 1999; Lena G. Goldberg, 2016; Henry R. Keizer, 2016; Donald C. Opatrny, 2015. 

<sup>(d)</sup> Mr. Fairbairn and Mr. Perlowski are both "interested persons," as defined in the 1940 Act, of the Trust/MIP based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex.

<sup>(e)</sup> Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

24 2 0 2 2 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

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##### [**Table of Contents**](#toc)
Trustee and Officer Information (continued)

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| | | |
|:---|:---|:---|
| **Officers Who Are Not Trustees<sup>(a)</sup>** | **Officers Who Are Not Trustees<sup>(a)</sup>** | **Officers Who Are Not Trustees<sup>(a)</sup>** |
| **Name**<br> **Year of Birth<sup>(b)</sup>**  | **Position(s) Held**<br> **(Length of Service)** | **Principal Occupation(s) During Past 5 Years** |
| **Roland Villacorta**<br> 1971 | Vice President<br> (Since 2022) | Managing Director of BlackRock, Inc. since 2022; Head of Global Cash Management and Head of Securities Lending within BlackRock's Portfolio Management Group since 2022; Member of BlackRock's Global Operating Committee since 2022; Head of Portfolio Management in BlackRock's Financial Markets Advisory Group within BlackRock Solutions from 2008 to 2015; Co-Head of BlackRock Solutions' Portfolio Analytics Group; previously Mr. Villacorta was Co-Head of Fixed Income within BlackRock's Risk & Quantitative Analysis Group. |
| **Jennifer McGovern**<br> 1977 | Vice President<br> (Since 2014) | Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product Development and Governance for BlackRock's Global Product Group since 2019; Head of Product Structure and Oversight for BlackRock's U.S. Wealth Advisory Group from 2013 to 2019. |
| **Trent Walker**<br> 1974 | Chief Financial Officer<br> (Since 2021) | Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
| **Jay M. Fife**<br> 1970 | Treasurer<br> (Since 2009) | Managing Director of BlackRock, Inc. since 2007. |
| **Charles Park**<br> 1967 | Chief Compliance Officer<br> (Since 2014) | Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares<sup>®</sup> Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors ("BFA") since 2006; Chief Compliance Officer for the BFA-advised iShares<sup>®</sup> exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012. |
| **Lisa Belle**<br> 1968 | Anti-Money Laundering Compliance Officer<br> (Since 2019) | Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012. |
| **Janey Ahn**<br> 1975 | Secretary<br> (Since 2019) | Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017. |

---

<sup>(a)</sup> The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

<sup>(b)</sup> Officers of the Trust/MIP serve at the pleasure of the Board.

Further information about the Trust's/MIP's Trustees and Officers is available in the Trust's/MIP's Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

<u> Effective March 31, 2022, Thomas Callahan resigned as a Vice President of the Trust/MIP and effective May 10, 2022, Roland Villacorta was appointed as a Vice President of the Trust/MIP. Effective December 31, 2022, Joseph P. Platt retired as a Trustee of the Trust/MIP.</u>

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 25

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##### [**Table of Contents**](#toc)
Glossary of Terms Used in this Report

**Portfolio Abbreviation** 

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

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**Appendix B** 

**PROXY VOTING POLICIES AND PROCEDURES AND QUARTERLY PORTFOLIO HOLDINGS** 

**(unaudited)** 

A description of Transamerica Funds' proxy voting policies and procedures is available in the Statements of Additional Information of the Funds, available without charge upon request by calling 1-888-233-4339 (toll free) or on the Securities and Exchange Commission's ("SEC") website at <u>http://www.sec.gov</u>.

In addition, Funds are required to file Form N-PX, with their complete proxy voting records for the most recent 12 months ended June 30th, no later than August 31st of each year. The Form is available without charge: (1) on the Transamerica Funds website at <u>https://www.transamerica.com/sites/default/files/files/e070d/TF%20NPX%202021.pdf</u> and (2) on the SEC's website at <u>http://www.sec.gov</u>.

Each fiscal quarter, the Transamerica Funds except Transamerica Government Money Market, and the Master Portfolio will file with the SEC a complete schedule of their monthly portfolio holdings on Form N-PORT. The Funds' holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC's website at <u>http://www.sec.gov</u> within 60 days of the end of the fiscal quarter.

You may also visit the Trust's website at <u>www.transamerica.com</u> for this and other information about the Funds and the Trust.

**Important Notice Regarding Delivery of Shareholder Documents** 

Every year we provide shareholders informative materials such as Transamerica Funds' Annual Report, Semi-Annual Report, Prospectus, and other required documents that keep you informed regarding your Funds. To the extent provided by mail, Transamerica Funds will only send one piece per mailing address, a method that saves your Funds money by reducing mailing and printing costs. ***We will continue to do this unless you tell us not to.*** To elect to receive individual mailings, simply call a Transamerica Customer Service Representative toll free at 1-888-233-4339, 8 a.m. to 7 p.m. Eastern Time, Monday-Friday. Your request will take effect within 30 days.

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**Appendix C** 

**NOTICE OF PRIVACY POLICY** 

**(unaudited)** 

Your privacy is very important to us. We want you to understand what information we collect and how we use it. We collect and use "nonpublic personal information" in connection with providing our customers with a broad range of financial products and services as effectively and conveniently as possible. We treat nonpublic personal information in accordance with our Privacy Policy.

**What Information We Collect and From Whom We Collect It** 

We may collect nonpublic personal information about you from the following sources:

• Information we receive from you on applications or other forms, such as your name, address, and account number;

• Information about your transactions with us, our affiliates, or others, such as your account balance and purchase/redemption
history; and

• Information we receive from non-affiliated third parties, including consumer reporting agencies.

**What Information We Disclose and To Whom We Disclose It** 

We do not disclose any nonpublic personal information about current or former customers to anyone without their express consent, except as permitted by law. We may disclose the nonpublic personal information we collect, as described above, to persons or companies that perform services on our behalf and to other financial institutions with which we have joint marketing agreements. We will require these companies to protect the confidentiality of your nonpublic personal information and to use it only to perform the services for which we have hired them.

**Our Security Procedures** 

We restrict access to your nonpublic personal information and only allow disclosures to persons and companies as permitted by law to assist in providing products or services to you. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information and to safeguard the disposal of certain consumer information.

If you have any questions about our Privacy Policy, please call 1-888-233-4339 on any business day between 8 a.m. and 7 p.m. Eastern Time.

*Note:* This Privacy Policy applies only to customers that have a direct relationship with us or our affiliates. If you own shares of our funds in the name of a third party such as a bank or broker-dealer, its privacy policy may apply to you instead of ours.

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Customer Service: **1-888-233-4339**

1801 California St., Suite 5200 Denver, CO 80202

Distributor: Transamerica Capital, Inc.

**www.transamerica.com**![LOGO](g436401g76j19.jpg)

In an effort to reduce paper mailings and conserve natural resources, we encourage you to visit our website, www.transamerica.com, to set up an account and enroll in eDelivery.

Transamerica Funds are advised by Transamerica Asset Management, Inc. and distributed by Transamerica Capital, Inc., Member of FINRA

2656888 12/22© 2022 Transamerica Capital, Inc.

![LOGO](g436401g95y56.jpg)

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has adopted a code of ethics that applies to its principal executive officer, principal
financial officer, and any other officers who serve a similar function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Registrant's code of ethics is reasonably designed as described in this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by the report no amendments were made to the provisions of this code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by the report, the Registrant did not grant any waivers, including implicit
waivers, from the provisions of this code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Registrant has filed this code of ethics as an exhibit pursuant to Item 13(a)(1) of Form N-CSR.

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

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The Registrant's Board of Trustees has determined that Sandra N. Bane, and John W. Waechter are "audit committee financial experts," as such term is defined in Item 3 of Form N-CSR. Ms. Bane, and Mr. Waechter are "independent" under the standards set forth in Item 3 of Form N-CSR. The designation of Ms. Bane, and Mr. Waechter as "audit committee financial experts" pursuant to Item 3 of Form N-CSR does not (i) impose upon them any duties, obligations, or liabilities that are greater than the duties, obligations and liabilities imposed upon them as a member of the Registrant's audit committee or Board of Trustees in the absence of such designation; or (ii) affect the duties, obligations or liabilities of any other member of the Registrant's audit committee or Board of Trustees.

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

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| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year Ended 12/31 <br> (in thousands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year Ended 12/31 <br> (in thousands) |
|  |  | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) | <u>Audit Fees</u> | $24 | $13 |
| &nbsp;&nbsp;&nbsp;&nbsp;(b) | <u>Audit Related Fees<sup>(1)</sup></u> | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;(c) | <u>Tax Fees<sup>(2)</sup></u> | &nbsp;&nbsp;&nbsp;&nbsp;$7 | &nbsp;&nbsp;&nbsp;&nbsp;$4 |
| &nbsp;&nbsp;&nbsp;&nbsp;(d) | <u>All Other Fees<sup>(3)</sup></u> | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;&nbsp;&nbsp;$0 |

---

<sup>(1)</sup> Audit-Related Fees represent assurance and related services provided that are reasonably related to the performance of the audit of the financial statements including review of documents and issuances of consents related to Securities and Exchange Commission Form N-IA filing of the funds comprising the Registrant. 

<sup>(2)</sup> Tax Fees represent tax compliance, tax planning and tax advice services provided in connection with the review of the distributions for excise tax purposes, fiscal year end taxable income calculations and certain fiscal year end shareholder reporting items on behalf of the funds comprising the Registrant. 

<sup>(3)</sup> All Other Fees represent permissible non-audit services for the Registrant that it believes are routine and recurring services and would not impair the independence of the accountant.

---

| | |
|:---|:---|
| (e)(1) | <u>Audit Committee Pre-Approval Policies and Procedures</u>. Generally, the Registrant's Audit Committee must preapprove (i) all audit and non-audit services performed for the Registrant by the independent accountant and (ii) all non-audit services performed by the Registrant's independent accountant for the Registrant's investment adviser, and certain of the adviser's affiliates that provide ongoing services to the Registrant, if the services to be provided by the accountant relate directly to the operations and financial reporting of the Registrant.  |

---

The Audit Committee may delegate preapproval authority to one or more of its members. The member or members to whom such authority is delegated shall report any preapproval decisions to the Audit Committee at its next scheduled meeting.

------

##### [**Table of Contents**](#toc)
In accordance with the Procedures, the annual audit services engagement terms and fees for the Registrant will be subject to the preapproval of the Audit Committee. In addition to the annual audit services engagement approved by the Audit Committee, the Audit Committee may grant preapproval for other audit services, which are those services that only the independent accountant reasonably can provide.

Requests or applications to provide services that require separate approval by the Audit Committee will be submitted to the Audit Committee by both the independent accountant and the Registrant's treasurer, and must include a joint statement as to whether, in their view, the request or application is consistent with the Securities and Exchange Commissions' rules on auditor independence.

Management will promptly report to the Chair of the Audit Committee any violation of this Procedure of which it becomes aware.

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for fiscal years ended 2022 and 2021 was zero.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to the Registrant that
were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintain the principal
accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable.

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following individuals comprise the standing Audit Committee: Sandra N. Bane, Leo J. Hill, Kathleen T. Ives,
Lauriann C. Kloppenburg, Frederic A. Nelson III, John E. Pelletier, Patricia L. Sawyer and John W. Waechter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The schedule of investments is included in the Annual Report to shareholders filed under Item 1 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

---

| | |
|:---|:---|
| **Item 7:** | **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**  |

---

Not Applicable.

---

| | |
|:---|:---|
| **Item 8:** | **Portfolio Managers of Closed-End Management Investment Companies.**  |

---

Not Applicable.

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Item 9:** | **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**  |

---

Not Applicable.

---

| | |
|:---|:---|
| **Item 10:** | **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 11:** | **Controls and Procedures.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer evaluated the
effectiveness of the Registrant's disclosure controls and procedures within 90 days of this filing 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 (the "1940 Act")) are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it
files on Form N-CSR (a) is 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) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant's internal
control over financial reporting.

---

| | |
|:---|:---|
| **Item 12:** | **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**  |

---

Not Applicable.

**Item 13: 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.](d466160dex99codeth.htm)*[The Registrant's code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.](d466160dex99codeth.htm)  |

---

---

| | |
|:---|:---|
| (a)(2) | *[A separate certification for each principal executive and principal officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below](d466160dex99cert.htm)*[. Separate certifications for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.](d466160dex99cert.htm)  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [A certification for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. 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.](d466160dex99906cert.htm)

------

##### [**Table of Contents**](#toc)
**SIGNATURES** 

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Transamerica Funds | &nbsp;&nbsp;&nbsp;&nbsp;Transamerica Funds |
| &nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | &nbsp;&nbsp;&nbsp;&nbsp;(Registrant) |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Marijn P. Smit |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Marijn P. Smit |
|  | &nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;March 3, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, 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: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Marijn P. Smit |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Marijn P. Smit |
|  | &nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;March 3, 2023 |
| By: | &nbsp;&nbsp;&nbsp;&nbsp;/s/ Vincent J. Toner |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vincent J. Toner |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer<br> &nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer and<br> &nbsp;&nbsp;&nbsp;&nbsp;Principal Accounting Officer) |
| Date: | &nbsp;&nbsp;&nbsp;&nbsp;March 3, 2023 |

---

------

##### [**Table of Contents**](#toc)
**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Exhibit No. | &nbsp;&nbsp;&nbsp;&nbsp;Description of Exhibit |
|  &nbsp;&nbsp;&nbsp;&nbsp;13(a)(1) | [Code of Ethics for Principal Executive and Principal Financial Officers](d466160dex99codeth.htm) |
|  &nbsp;&nbsp;&nbsp;&nbsp;13(a)(2)(i) | [Section 302 N-CSR Certification of Principal Executive Officer](d466160dex99cert.htm) |
|  &nbsp;&nbsp;&nbsp;&nbsp;13(a)(2)(ii) | [Section 302 N-CSR Certification of Principal Financial Officer](d466160dex99cert.htm#a) |
|  &nbsp;&nbsp;&nbsp;&nbsp;13(b) | [Section 906 N-CSR Certification of Principal Executive Officer and Principal Financial Officer](d466160dex99906cert.htm) |

---

## Ex-99.Cod

**Exhibit 13(a)(1)** 

**Code of Ethics for Principal Executive and Principal Financial Officers** 

TRANSAMERICA SERIES TRUST

TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS

TRANSAMERICA FUNDS

(each a "Fund" and collectively the "Funds")

**<u>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL</u>** 

**<u>OFFICERS</u>** 

Approved by the Board of Trustees/Directors

Last Revised January, 2020

***Background***

In accordance with the Sarbanes-Oxley Act of 2002 ("Act") and the rules promulgated thereunder by the U.S. Securities and Exchange Commission ("SEC"), the Funds are required to file reports pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and must disclose whether it has adopted a code of ethics that is applicable to certain specified senior officers and that addresses certain matters specified in the Act and related SEC Rules (a "SOX Code"). The Funds' Board of Trustees/Directors ("Board"), including a majority of the Trustees/Directors that are not interested persons of the Funds, as defined in Section 2(a)(19) of the 1940 Act, has approved the Funds' SOX Code.

**Covered Officers/Purpose of the SOX Code** 

This SOX Code of the Funds applies to the Funds' Principal Executive Officer and Senior Financial Officer, or any persons performing similar functions on behalf of the Fund (the "Covered Officers"), for the purpose of promoting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files
with, or submits to, the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the SOX Code to an appropriate person or persons identified in
the SOX Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the SOX Code.

***Risks***

In developing these policies and procedures, TAM considered the material risks associated with insider trading. This analysis includes risks such as

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of appreciation for the goal behind the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• misunderstanding of fraud and how it happens;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• laissez faire attitudes towards ethical behavior;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continual use of simple compliance controls that aren't designed to adequately monitor and/or improve the
governance/control environment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of implementation of an adequate risk management system.

***Policies and Procedures***

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Each Covered Officer has a duty to exercise his or her authority and responsibility for the benefit of the Funds and its shareholders, to place the interests of the Funds and its shareholders first, and to refrain from having outside interests that conflict with the interests of the Funds and its shareholders. Each Covered Officer must avoid any circumstances that might adversely affect, or appear to affect, his or her duty of loyalty to the Funds and its shareholders in discharging his or her responsibilities, including the protection of confidential information and corporate integrity.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Funds. For example, a conflict of interest would arise if a Covered Officer receives improper personal benefits as a result of his or her position with the Funds.

Certain conflicts of interest may arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the 1940 Act and the Advisers. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds and certain of its service providers' compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This SOX Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside the parameters of this SOX Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and its investment adviser, TAM, of which the Covered Officers may be officers or employees. As a result, this SOX Code recognizes that the Covered Officers will, in the normal course of their duties (whether for the Funds or TAM), be involved in establishing policies and implementing decisions that will have different effects on TAM and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationships between the Funds and TAM and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities normally will be deemed to have been handled ethically. In addition, it is recognized by the Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes of ethics.

Other conflicts of interest are covered by the SOX Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the SOX Code, but Covered Officers should keep in mind that these examples are not exhaustive. ***The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.***

**<u>Covered Officer Requirements</u>**

Each Covered Officer must

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions made
or contemplated for the Funds to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually the information elicited in the Funds' Trustee/Director and Officer
Questionnaire relating to potential conflicts of interest.

**<u>Audit Committee Disclosure</u>**

There are some conflict of interest situations that must be discussed with the Funds Audit Committee if material. Some examples of such situations include

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any Trust (public or private), other than a management investment
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts from someone or a company that
has current or prospective business dealings with the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Funds have current or prospective business
dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Funds' service
providers, other than TAM or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

***Disclosure and Compliance***

Each Covered Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether
within or outside the Funds, including to the Trustees/Directors and auditors, governmental regulators or self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his or her area of responsibility, consult with other officers and
employees of the Funds, TAM, and other service providers, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submits to, the SEC and in other public
communications made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has the responsibility to promote compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.

------

***Reporting and Accountability by Covered Officers***

Each Covered Officer must

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the SOX Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in
writing (in the form attached hereto as SOX Code Exhibit A) to the Board that he or she has received, read, and understands the SOX Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm (in the form attached hereto as SOX Code Exhibit A) to the Board that he or she has
complied with the requirements of the SOX Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee or agent of an affiliated person of the Trust
for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•  ***notify the Funds' Audit Committee promptly if he or she knows of any violation of this SOX Code. Failure to do so is itself a violation of this SOX Code.*** 

***Enforcement***

The Audit Committee is responsible for applying this SOX Code to specific situations in which questions are presented under it and has the authority to interpret this SOX Code in any particular situation. The Audit Committee is authorized to consult, as appropriate, with counsel to the Funds. Any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee.

The Funds will follow these procedures in investigating and enforcing this SOX Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will take all appropriate action to investigate any potential violations reported to the
Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee
is not required to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any matter that the Audit Committee believes is a material violation will be promptly reported to the Board.
The Directors shall take such actions as they consider appropriate, including imposition of any sanctions that they consider appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No person shall participate in a determination of whether he or she has committed a violation of this SOX Code
or in the imposition of any sanction against himself or herself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Audit Committee will be responsible for granting waivers, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any amendments to or waivers of this SOX Code will, to the extent required, be disclosed as provided by SEC
rules.

***Other Policies and Procedures***

This SOX Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, TAM or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this SOX Code, they are superseded by this SOX Code to the extent that they overlap or conflict with the provisions of this SOX Code. The Funds' and TAM's codes of ethics under Rule

------

17j-1 under 1940 Act and Rule 204A-1 under the Advisers Act are separate requirements applying to the Covered Officers and others, and are not part of this SOX Code.

***Amendment; Interpretation of Provisions***

The Directors may from time to time amend this SOX Code or adopt such interpretations of this SOX Code as they deem appropriate. In connection with any amendment to the SOX Code, a brief description of the amendment will be prepared so that the necessary disclosure may be made with the next Form N-CSR to be filed, or otherwise disclosed in accordance with applicable law.

***Confidentiality***

All reports and records prepared or maintained pursuant to this SOX Code shall be treated as confidential and shall not be disclosed to anyone other than the Board, the Covered Officers' and Funds' counsel, except as otherwise requested by applicable law.

***Internal Use***

The SOX Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Funds, as to any fact, circumstance, or legal conclusion.

***Sanctions***

Compliance by Covered Officers with the provisions of the SOX Code is required. Covered Officers should be aware that in response to any violation, the Funds will take whatever action is deemed necessary under the circumstances, including, but not limited to, the imposition of appropriate sanctions. These sanctions may include, among others, the reversal of trades, reallocation of trades to client accounts, fines, disgorgement of profits, suspension or termination.

------

**EXHIBIT A** 

**PERSONS COVERED BY THE** 

**TRANSAMERICA SERIES TRUST** 

**TRANSAMERICA ASSET ALLOCATION VARIABLE FUNDS** 

**TRANSAMERICA FUNDS** 

**<u>CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;***Name*** | ***Title*** |
| &nbsp;&nbsp; Marijn Smith | President and Chief Executive Officer<br> (Principal Executive Officer) |
| &nbsp;&nbsp; Vincent Toner | Vice President and Treasurer<br> (Principal Financial Officer and Principal Financial Officer) |

---

## Ex-99.Cert

**Exhibit 13(a)(2)(i)** 

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

TRANSAMERICA FUNDS (THE "FUND")

FOR THE PERIOD ENDED DECEMBER 31, 2022

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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: March 3, 2023 | By:  | <u>/s/ Marijn P. Smit</u>  |
|  |  | Marijn P. Smit |
|  | Title:  | President and Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

------

**Exhibit 13(a)(2)(ii)** 

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

TRANSAMERICA FUNDS (THE "FUND")

FOR THE PERIOD ENDED DECEMBER 31, 2022

FORM N-CSR CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT

I, Vincent J. Toner, 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.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: March 3, 2023 | By: | <u>/s/ Vincent J. Toner</u>  |
|  |  | Vincent J. Toner |
|  | Title:  | Vice President and Treasurer<br> (Principal Financial Officer and Principal<br> Accounting Officer) |

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## Exhibit 99.906

**Exhibit 13(b)** 

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

TRANSAMERICA FUNDS

FOR THE PERIOD ENDED DECEMBER 31, 2022

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 "Fund") on Form N-CSR for the period ended December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned hereby certifies that, to his or her knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Fund.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Marijn P. Smit | Date: | March 3, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marijn P. Smit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;President and Chief Executive Officer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Vincent J. Toner | Date: | March 3, 2023 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vincent J. Toner |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vice President and Treasurer<br> &nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer and Principal<br> &nbsp;&nbsp;&nbsp;&nbsp;Accounting Officer) |  |  |

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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.