Transamerica Stock Index

SCHEDULE OF INVESTMENTS

At September 30, 2022

(unaudited)

	Value
Master Portfolio - 100.1%
S&P 500 Index Master Portfolio		$  266,861,241
Total Investments (Cost $266,861,241)		266,861,241
Net Other Assets (Liabilities) - (0.1)%		(160,147	)
Net Assets - 100.0%		$  266,701,094

Transamerica Funds Page    1

NOTES TO SCHEDULE OF INVESTMENTS

At September 30, 2022

(unaudited)

INVESTMENT VALUATION

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

The value of the Fund’s investment in the Master Portfolio, reflected within the Schedule of Investments, displays the Fund’s proportional interest in the net assets of the Master Portfolio. At the period ended September 30, 2022, the Fund held a 0.98% ownership interest in the Master Portfolio.

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

Transamerica Funds Page    2

Schedule of Investments (unaudited) September 30, 2022 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
Boeing Co.(a)(b)		493,082	$	59,702,369
General Dynamics Corp.		199,592		42,347,435
Howmet Aerospace, Inc.		328,132		10,149,123
Huntington Ingalls Industries, Inc.		35,470		7,856,605
L3Harris Technologies, Inc.		171,007		35,540,385
Lockheed Martin Corp.		209,983		81,114,333
Northrop Grumman Corp.		129,551		60,930,426
Raytheon Technologies Corp.		1,310,469		107,274,992
Textron, Inc.		189,929		11,065,263
TransDigm Group, Inc.		45,976		24,129,124
				440,110,055
Air Freight & Logistics — 0.6%
CH Robinson Worldwide, Inc.		112,308		10,816,384
Expeditors International of Washington, Inc.		145,197		12,822,347
FedEx Corp.		211,409		31,387,894
United Parcel Service, Inc., Class B		651,167		105,189,517
				160,216,142
Airlines(a) — 0.2%
Alaska Air Group, Inc.		110,571		4,328,855
American Airlines Group, Inc.(b)		585,790		7,052,911
Delta Air Lines, Inc.		571,836		16,045,718
Southwest Airlines Co.		527,496		16,267,977
United Airlines Holdings, Inc.		289,149		9,406,017
				53,101,478
Auto Components — 0.1%
Aptiv PLC(a)		240,323		18,795,662
BorgWarner, Inc.		211,222		6,632,371
				25,428,033
Automobiles — 2.6%
Ford Motor Co.		3,501,181		39,213,227
General Motors Co.		1,292,711		41,483,096
Tesla, Inc.(a)		2,363,924		627,030,841
				707,727,164
Banks — 3.6%
Bank of America Corp.		6,204,504		187,376,021
Citigroup, Inc.		1,721,744		71,745,072
Citizens Financial Group, Inc.		437,695		15,039,200
Comerica, Inc.		114,048		8,108,813
Fifth Third Bancorp		606,278		19,376,645
First Republic Bank		159,197		20,783,168
Huntington Bancshares, Inc.		1,284,924		16,935,298
JPMorgan Chase & Co.		2,604,044		272,122,598
KeyCorp		830,218		13,300,092
M&T Bank Corp.		155,865		27,482,117
PNC Financial Services Group, Inc.		364,002		54,389,179
Regions Financial Corp.		829,365		16,645,355
Signature Bank		56,384		8,513,984
SVB Financial Group(a)		51,937		17,439,406
Truist Financial Corp.		1,180,457		51,397,098
U.S. Bancorp		1,198,730		48,332,794
Wells Fargo & Co.		3,360,598		135,163,252
Zions Bancorp NA		131,960		6,711,486
				990,861,578
Beverages — 1.8%
Brown-Forman Corp., Class B		161,092		10,723,895
Coca-Cola Co.		3,459,167		193,782,535
Constellation Brands, Inc., Class A		141,412		32,479,508

Security	Shares		Value
Beverages (continued)
Keurig Dr Pepper, Inc.		754,093	$	27,011,611
Molson Coors Beverage Co., Class B		166,872		8,008,187
Monster Beverage Corp.(a)(b)		333,428		28,994,899
PepsiCo, Inc.		1,225,914		200,142,720
				501,143,355
Biotechnology — 2.2%
AbbVie, Inc.		1,566,753		210,273,920
Amgen, Inc.		473,632		106,756,653
Biogen, Inc.(a)		129,847		34,669,149
Gilead Sciences, Inc.		1,112,098		68,605,326
Incyte Corp.(a)		165,517		11,030,053
Moderna, Inc.(a)		298,598		35,309,213
Regeneron Pharmaceuticals, Inc.(a)		95,780		65,979,969
Vertex Pharmaceuticals, Inc.(a)		226,758		65,655,511
				598,279,794
Building Products — 0.4%
A O Smith Corp.		117,189		5,693,042
Allegion PLC		79,067		7,090,729
Carrier Global Corp.		752,067		26,743,502
Fortune Brands Home & Security, Inc.		116,636		6,262,187
Johnson Controls International PLC		611,348		30,090,548
Masco Corp.		200,159		9,345,424
Trane Technologies PLC		207,345		30,025,629
				115,251,061
Capital Markets — 2.9%
Ameriprise Financial, Inc.		96,002		24,187,704
Bank of New York Mellon Corp.		658,912		25,381,290
BlackRock, Inc.(c)		133,813		73,634,618
Cboe Global Markets, Inc.		95,106		11,162,591
Charles Schwab Corp.		1,337,161		96,101,761
CME Group, Inc.		318,667		56,445,486
FactSet Research Systems, Inc.		33,909		13,567,330
Franklin Resources, Inc.		241,640		5,200,093
Goldman Sachs Group, Inc.		304,507		89,235,776
Intercontinental Exchange, Inc.		494,969		44,720,449
Invesco Ltd.		403,742		5,531,265
MarketAxess Holdings, Inc.		33,622		7,480,559
Moody’s Corp.		140,063		34,050,716
Morgan Stanley		1,188,529		93,905,676
MSCI, Inc.		72,091		30,407,263
Nasdaq, Inc.		304,980		17,286,266
Northern Trust Corp.		185,851		15,901,412
Raymond James Financial, Inc.		173,252		17,120,763
S&P Global, Inc.		302,386		92,333,565
State Street Corp.		325,491		19,793,108
T Rowe Price Group, Inc.		201,618		21,171,906
				794,619,597
Chemicals — 1.7%
Air Products & Chemicals, Inc.		196,628		45,761,234
Albemarle Corp.		103,114		27,267,466
Celanese Corp.		88,471		7,992,470
CF Industries Holdings, Inc.		176,853		17,022,101
Corteva, Inc.		641,646		36,670,069
Dow, Inc.		645,549		28,358,968
DuPont de Nemours, Inc.		451,077		22,734,281
Eastman Chemical Co.		108,998		7,744,308
Ecolab, Inc.		220,342		31,821,792
FMC Corp.		112,552		11,896,746
International Flavors & Fragrances, Inc.		225,781		20,507,688
Linde PLC(a)		442,321		119,245,318

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 1

Schedule of Investments (unaudited) (continued) September 30, 2022 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
LyondellBasell Industries NV, Class A		225,827	$	17,000,257
Mosaic Co.		306,439		14,810,197
PPG Industries, Inc.		209,510		23,190,662
Sherwin-Williams Co.		209,333		42,860,932
				474,884,489
Commercial Services & Supplies — 0.5%
Cintas Corp.		77,115		29,935,272
Copart, Inc.(a)(b)		189,973		20,213,127
Republic Services, Inc.		184,101		25,045,100
Rollins, Inc.		200,466		6,952,161
Waste Management, Inc.		333,836		53,483,866
				135,629,526
Communications Equipment — 0.8%
Arista Networks, Inc.(a)		218,750		24,694,687
Cisco Systems, Inc.		3,683,164		147,326,560
F5, Inc.(a)		53,572		7,753,476
Juniper Networks, Inc.		288,574		7,537,553
Motorola Solutions, Inc.		148,329		33,221,246
				220,533,522
Construction & Engineering — 0.1%
Quanta Services, Inc.		128,294		16,343,373
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		55,319		17,817,697
Vulcan Materials Co.		118,541		18,695,101
				36,512,798
Consumer Finance — 0.5%
American Express Co.		532,346		71,818,799
Capital One Financial Corp.		340,655		31,398,171
Discover Financial Services		242,451		22,043,645
Synchrony Financial(b)		427,581		12,053,509
				137,314,124
Containers & Packaging — 0.3%
Amcor PLC		1,325,939		14,227,325
Avery Dennison Corp.		72,162		11,740,757
Ball Corp.		283,963		13,721,092
International Paper Co.		321,305		10,185,369
Packaging Corp. of America		83,104		9,331,748
Sealed Air Corp.		127,950		5,695,055
Westrock Co.		227,684		7,033,159
				71,934,505
Distributors — 0.1%
Genuine Parts Co.		126,362		18,868,374
LKQ Corp.		231,177		10,899,996
Pool Corp.		35,193		11,198,764
				40,967,134
Diversified Financial Services — 1.6%
Berkshire Hathaway, Inc., Class B(a)		1,601,863		427,729,458
Diversified Telecommunication Services — 0.9%
AT&T, Inc.		6,347,306		97,367,674
Lumen Technologies, Inc.		826,702		6,018,391
Verizon Communications, Inc.		3,723,484		141,380,687
				244,766,752
Electric Utilities — 2.0%
Alliant Energy Corp.		222,012		11,764,416
American Electric Power Co., Inc.		455,318		39,362,241
Constellation Energy Corp.		290,088		24,132,421
Duke Energy Corp.		682,608		63,496,196

Security	Shares		Value
Electric Utilities (continued)
Edison International		339,150	$	19,189,107
Entergy Corp.		181,095		18,223,590
Evergy, Inc.		203,281		12,074,891
Eversource Energy		305,775		23,838,219
Exelon Corp.		869,073		32,555,474
FirstEnergy Corp.		481,780		17,825,860
NextEra Energy, Inc.		1,741,763		136,571,637
NRG Energy, Inc.		209,647		8,023,191
PG&E Corp.(a)		1,428,649		17,858,112
Pinnacle West Capital Corp.		101,647		6,557,248
PPL Corp.		652,765		16,547,593
Southern Co.		942,055		64,059,740
Xcel Energy, Inc.		482,900		30,905,600
				542,985,536
Electrical Equipment — 0.5%
AMETEK, Inc.		204,823		23,228,976
Eaton Corp. PLC		353,761		47,177,567
Emerson Electric Co.		526,652		38,561,460
Generac Holdings, Inc.(a)		56,135		9,999,889
Rockwell Automation, Inc.		103,345		22,230,543
				141,198,435
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A.		529,435		35,450,968
CDW Corp.		119,851		18,706,344
Corning, Inc.		674,273		19,567,403
Keysight Technologies, Inc.(a)		161,417		25,400,579
TE Connectivity Ltd.		285,646		31,523,893
Teledyne Technologies, Inc.(a)		41,305		13,939,198
Trimble, Inc.(a)		223,646		12,137,268
Zebra Technologies Corp., Class A(a)		46,118		12,083,377
				168,809,030
Energy Equipment & Services — 0.3%
Baker Hughes Co.		897,974		18,821,535
Halliburton Co.		801,731		19,738,617
Schlumberger NV		1,253,201		44,989,916
				83,550,068
Entertainment — 1.3%
Activision Blizzard, Inc.		631,841		46,971,060
Electronic Arts, Inc.		234,438		27,126,821
Live Nation Entertainment, Inc.(a)		121,437		9,234,069
Netflix, Inc.(a)(b)		393,902		92,740,287
Take-Two Interactive Software, Inc.(a)		139,467		15,201,903
Walt Disney Co.(a)(b)		1,614,962		152,339,365
Warner Bros Discovery, Inc.(a)		1,961,751		22,560,137
				366,173,642
Equity Real Estate Investment Trusts (REITs) — 2.7%
Alexandria Real Estate Equities, Inc.		131,244		18,399,096
American Tower Corp.		412,009		88,458,332
AvalonBay Communities, Inc.		124,022		22,843,612
Boston Properties, Inc.		125,262		9,390,892
Camden Property Trust		94,951		11,341,897
Crown Castle, Inc.		383,934		55,497,660
Digital Realty Trust, Inc.		252,396		25,032,635
Duke Realty Corp.		342,220		16,495,004
Equinix, Inc.		80,702		45,906,526
Equity Residential		304,556		20,472,254
Essex Property Trust, Inc.		58,250		14,109,897
Extra Space Storage, Inc.		119,469		20,633,491
Federal Realty Investment Trust		64,153		5,781,468
Healthpeak Properties, Inc.		478,825		10,974,669

2

Schedule of Investments (unaudited) (continued) September 30, 2022 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Host Hotels & Resorts, Inc.		639,228	$	10,150,941
Invitation Homes, Inc.		514,634		17,379,190
Iron Mountain, Inc.		256,147		11,262,784
Kimco Realty Corp.		551,510		10,153,299
Mid-America Apartment Communities, Inc.		102,014		15,819,311
Prologis, Inc.		656,335		66,683,636
Public Storage		140,221		41,058,111
Realty Income Corp.		533,388		31,043,182
Regency Centers Corp.		136,049		7,326,239
SBA Communications Corp.		95,603		27,213,394
Simon Property Group, Inc.		291,114		26,127,481
UDR, Inc.		267,154		11,142,993
Ventas, Inc.		352,239		14,149,441
VICI Properties, Inc.		856,823		25,576,167
Vornado Realty Trust		145,493		3,369,618
Welltower, Inc.		402,496		25,888,543
Weyerhaeuser Co.		660,389		18,860,710
				728,542,473
Food & Staples Retailing — 1.6%
Costco Wholesale Corp.		392,971		185,588,414
Kroger Co.		577,730		25,275,687
Sysco Corp.		451,711		31,940,485
Walgreens Boots Alliance, Inc.		631,744		19,836,762
Walmart, Inc.		1,265,101		164,083,600
				426,724,948
Food Products — 1.1%
Archer-Daniels-Midland Co.		498,908		40,137,149
Campbell Soup Co.		178,885		8,429,061
Conagra Brands, Inc.		420,925		13,734,783
General Mills, Inc.		533,933		40,904,607
Hershey Co.		129,438		28,537,196
Hormel Foods Corp.		252,111		11,455,924
J M Smucker Co.		95,549		13,129,388
Kellogg Co.		223,680		15,581,549
Kraft Heinz Co.		706,959		23,577,083
Lamb Weston Holdings, Inc.		128,808		9,967,163
McCormick & Co., Inc.		223,028		15,895,205
Mondelez International, Inc., Class A		1,216,435		66,697,131
Tyson Foods, Inc., Class A		259,308		17,096,176
				305,142,415
Gas Utilities — 0.0%
Atmos Energy Corp.		123,650		12,593,752
Health Care Equipment & Supplies — 2.6%
Abbott Laboratories		1,552,418		150,211,966
ABIOMED, Inc.(a)(b)		39,992		9,824,435
Align Technology, Inc.(a)(b)		64,641		13,387,797
Baxter International, Inc.		446,643		24,056,192
Becton Dickinson & Co.		252,744		56,318,946
Boston Scientific Corp.(a)		1,267,485		49,089,694
Cooper Cos., Inc.		43,566		11,497,067
Dentsply Sirona, Inc.		193,068		5,473,478
DexCom, Inc.(a)(b)		349,043		28,111,923
Edwards Lifesciences Corp.(a)		551,257		45,550,366
Hologic, Inc.(a)		221,371		14,282,857
IDEXX Laboratories, Inc.(a)(b)		74,434		24,250,597
Intuitive Surgical, Inc.(a)		318,258		59,654,279
Medtronic PLC		1,179,285		95,227,264
ResMed, Inc.		129,699		28,313,292
STERIS PLC		89,224		14,836,167

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Stryker Corp.		298,398	$	60,437,531
Teleflex, Inc.		41,833		8,427,676
Zimmer Biomet Holdings, Inc.		185,815		19,426,958
				718,378,485
Health Care Providers & Services — 3.6%
AmerisourceBergen Corp.		134,366		18,183,751
Cardinal Health, Inc.		242,546		16,172,967
Centene Corp.(a)		507,302		39,473,169
Cigna Corp.		270,804		75,139,986
CVS Health Corp.		1,162,631		110,880,118
DaVita, Inc.(a)(b)		49,430		4,091,321
Elevance Health, Inc.		213,751		97,094,254
HCA Healthcare, Inc.		191,060		35,114,917
Henry Schein, Inc.(a)		122,025		8,025,584
Humana, Inc.		112,151		54,414,544
Laboratory Corp. of America Holdings		81,555		16,703,280
McKesson Corp.		127,566		43,355,856
Molina Healthcare, Inc.(a)		52,099		17,184,334
Quest Diagnostics, Inc.(b)		104,984		12,880,487
UnitedHealth Group, Inc.(b)		830,192		419,280,168
Universal Health Services, Inc., Class B		58,239		5,135,515
				973,130,251
Hotels, Restaurants & Leisure — 1.9%
Booking Holdings, Inc.(a)		35,241		57,908,364
Caesars Entertainment, Inc.(a)(b)		187,384		6,045,008
Carnival Corp.(a)(b)		865,837		6,086,834
Chipotle Mexican Grill, Inc.(a)(b)		24,792		37,256,426
Darden Restaurants, Inc.		110,089		13,906,442
Domino’s Pizza, Inc.		31,804		9,865,601
Expedia Group, Inc.(a)		134,318		12,584,253
Hilton Worldwide Holdings, Inc.(b)		246,774		29,765,880
Las Vegas Sands Corp.(a)		291,635		10,942,145
Marriott International, Inc., Class A(b)		243,758		34,160,246
McDonald’s Corp.		652,980		150,668,605
MGM Resorts International		289,583		8,606,407
Norwegian Cruise Line Holdings Ltd.(a)		371,149		4,216,253
Royal Caribbean Cruises Ltd.(a)		196,732		7,456,143
Starbucks Corp.		1,016,863		85,680,876
Wynn Resorts Ltd.(a)(b)		94,780		5,973,983
Yum! Brands, Inc.		253,311		26,937,092
				508,060,558
Household Durables — 0.3%
D.R. Horton, Inc.		284,156		19,137,907
Garmin Ltd.		135,601		10,890,116
Lennar Corp., Class A		228,001		16,997,474
Mohawk Industries, Inc.(a)		44,821		4,087,227
Newell Brands, Inc.		322,363		4,477,622
NVR, Inc.(a)		2,760		11,004,341
PulteGroup, Inc.(b)		205,414		7,703,025
Whirlpool Corp.		48,886		6,590,322
				80,888,034
Household Products — 1.4%
Church & Dwight Co., Inc.(b)		216,177		15,443,685
Clorox Co.		108,597		13,942,769
Colgate-Palmolive Co.		742,935		52,191,184
Kimberly-Clark Corp.		298,724		33,618,399
Procter & Gamble Co.		2,120,830		267,754,787
				382,950,824

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

Schedule of Investments (unaudited) (continued) September 30, 2022 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 0.0%
AES Corp.		586,729	$	13,260,075
Industrial Conglomerates — 0.8%
3M Co.		491,356		54,294,838
General Electric Co.		975,871		60,416,174
Honeywell International, Inc.		597,930		99,836,372
				214,547,384
Insurance — 2.2%
Aflac, Inc.		510,376		28,683,131
Allstate Corp.		239,899		29,874,622
American International Group, Inc.		674,902		32,044,347
Aon PLC, Class A		188,304		50,440,992
Arthur J Gallagher & Co.		186,250		31,889,725
Assurant, Inc.		47,910		6,959,886
Brown & Brown, Inc.(b)		206,379		12,481,802
Chubb Ltd.		370,674		67,418,187
Cincinnati Financial Corp.		131,252		11,756,242
Everest Re Group Ltd.		35,420		9,295,625
Globe Life, Inc.		80,648		8,040,605
Hartford Financial Services Group, Inc.		286,802		17,764,516
Lincoln National Corp.		142,833		6,271,797
Loews Corp.		171,195		8,532,359
Marsh & McLennan Cos., Inc.		445,006		66,434,946
MetLife, Inc.		594,650		36,142,827
Principal Financial Group, Inc.		207,886		14,998,975
Progressive Corp.		518,563		60,262,206
Prudential Financial, Inc.		332,483		28,520,392
Travelers Cos., Inc.		212,754		32,593,913
W R Berkley Corp.		187,309		12,096,415
Willis Towers Watson PLC		97,471		19,585,823
				592,089,333
Interactive Media & Services(a) — 4.7%
Alphabet, Inc., Class A		5,321,703		509,020,892
Alphabet, Inc., Class C(b)		4,758,833		457,561,793
Match Group, Inc.		253,328		12,096,412
Meta Platforms, Inc., Class A		2,024,193		274,642,506
Twitter, Inc.		596,748		26,161,432
				1,279,483,035
Internet & Direct Marketing Retail — 3.4%
Amazon.com, Inc.(a)		7,866,440		888,907,720
eBay, Inc.		487,587		17,948,078
Etsy, Inc.(a)(b)		111,885		11,203,045
				918,058,843
IT Services — 4.3%
Accenture PLC, Class A		561,585		144,495,820
Akamai Technologies, Inc.(a)		140,536		11,287,852
Automatic Data Processing, Inc.		370,382		83,776,705
Broadridge Financial Solutions, Inc.		103,442		14,928,749
Cognizant Technology Solutions Corp., Class A		462,083		26,542,048
DXC Technology Co.(a)		212,880		5,211,302
EPAM Systems, Inc.(a)(b)		50,374		18,244,959
Fidelity National Information Services, Inc.		541,521		40,922,742
Fiserv, Inc.(a)		567,658		53,115,759
FleetCor Technologies, Inc.(a)		66,577		11,728,870
Gartner, Inc.(a)(b)		70,199		19,423,361
Global Payments, Inc.		245,994		26,579,652
International Business Machines Corp.		797,456		94,745,747
Jack Henry & Associates, Inc.		64,717		11,795,968
Mastercard, Inc., Class A		757,270		215,322,152

Security	Shares		Value
IT Services (continued)
Paychex, Inc.		284,875	$	31,965,824
PayPal Holdings, Inc.(a)(b)		1,026,740		88,371,512
VeriSign, Inc.(a)		84,410		14,662,017
Visa, Inc., Class A(b)		1,451,145		257,795,909
				1,170,916,948
Leisure Products — 0.0%
Hasbro, Inc.		116,181		7,832,923
Life Sciences Tools & Services — 1.9%
Agilent Technologies, Inc.		266,086		32,342,753
Bio-Rad Laboratories, Inc., Class A(a)		19,124		7,977,385
Bio-Techne Corp.		35,094		9,966,696
Charles River Laboratories International, Inc.(a)(b)		45,143		8,884,142
Danaher Corp.		581,074		150,085,603
Illumina, Inc.(a)		139,268		26,570,942
IQVIA Holdings, Inc.(a)		165,534		29,984,829
Mettler-Toledo International, Inc.(a)		20,104		21,795,148
PerkinElmer, Inc.		111,944		13,470,222
Thermo Fisher Scientific, Inc.		347,078		176,034,491
Waters Corp.(a)		53,056		14,300,184
West Pharmaceutical Services, Inc.(b)		65,932		16,224,547
				507,636,942
Machinery — 1.6%
Caterpillar, Inc.		468,542		76,878,371
Cummins, Inc.		125,100		25,459,101
Deere & Co.		247,520		82,644,453
Dover Corp.		126,744		14,775,816
Fortive Corp.		316,569		18,455,973
IDEX Corp.		67,525		13,494,871
Illinois Tool Works, Inc.		251,279		45,393,551
Ingersoll Rand, Inc.		360,431		15,592,245
Nordson Corp.		48,160		10,222,923
Otis Worldwide Corp.		374,857		23,915,877
PACCAR, Inc.		309,215		25,878,203
Parker-Hannifin Corp.		114,084		27,643,694
Pentair PLC		143,460		5,828,780
Snap-on, Inc.		47,326		9,529,090
Stanley Black & Decker, Inc.		134,067		10,083,179
Westinghouse Air Brake Technologies Corp.		162,123		13,188,706
Xylem, Inc.		159,878		13,966,942
				432,951,775
Media — 0.7%
Charter Communications, Inc., Class A(a)		98,386		29,845,393
Comcast Corp., Class A		3,908,553		114,637,859
DISH Network Corp., Class A(a)		215,498		2,980,337
Fox Corp., Class A		278,201		8,535,207
Fox Corp., Class B		124,777		3,556,145
Interpublic Group of Cos., Inc.		350,413		8,970,573
News Corp., Class A		336,405		5,083,080
News Corp., Class B		114,231		1,761,442
Omnicom Group, Inc.		180,755		11,403,833
Paramount Global, Class B		448,180		8,533,347
				195,307,216
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		1,269,185		34,686,826
Newmont Corp.		703,666		29,575,082
Nucor Corp.		235,294		25,174,105
				89,436,013

4

Schedule of Investments (unaudited) (continued) September 30, 2022 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Multiline Retail — 0.5%
Dollar General Corp.		202,845	$	48,654,402
Dollar Tree, Inc.(a)(b)		187,345		25,497,654
Target Corp.		409,989		60,838,268
				134,990,324
Multi-Utilities — 0.9%
Ameren Corp.		227,175		18,298,946
CenterPoint Energy, Inc.		557,990		15,724,158
CMS Energy Corp.		257,351		14,988,122
Consolidated Edison, Inc.		314,125		26,939,360
Dominion Energy, Inc.		738,882		51,064,135
DTE Energy Co.		172,340		19,827,717
NiSource, Inc.		363,616		9,159,487
Public Service Enterprise Group, Inc.		443,878		24,959,260
Sempra Energy		278,669		41,783,630
WEC Energy Group, Inc.		279,671		25,010,978
				247,755,793
Oil, Gas & Consumable Fuels — 4.2%
APA Corp.		289,809		9,908,570
Chevron Corp.		1,598,322		229,630,922
ConocoPhillips		1,129,871		115,630,998
Coterra Energy, Inc.		718,900		18,777,668
Devon Energy Corp.		581,163		34,945,331
Diamondback Energy, Inc.		147,994		17,827,357
EOG Resources, Inc.		519,304		58,021,836
EQT Corp.		328,124		13,371,053
Exxon Mobil Corp.		3,698,953		322,955,586
Hess Corp.		245,821		26,792,031
Kinder Morgan, Inc.		1,728,931		28,769,412
Marathon Oil Corp.		601,384		13,579,251
Marathon Petroleum Corp.		442,550		43,958,492
Occidental Petroleum Corp.(b)		661,391		40,642,477
ONEOK, Inc.		393,926		20,184,768
Phillips 66		426,552		34,431,277
Pioneer Natural Resources Co.		211,827		45,866,900
Valero Energy Corp.		349,666		37,361,812
Williams Cos., Inc.		1,079,913		30,917,909
				1,143,573,650
Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A		205,523		44,372,416
Pharmaceuticals — 4.6%
Bristol-Myers Squibb Co.		1,887,669		134,194,389
Catalent, Inc.(a)		159,378		11,532,592
Eli Lilly & Co.		699,217		226,091,817
Johnson & Johnson		2,333,051		381,127,211
Merck & Co., Inc.		2,242,087		193,088,533
Organon & Co.		229,346		5,366,696
Pfizer, Inc.		4,974,727		217,694,054
Viatris, Inc.		1,068,009		9,099,437
Zoetis, Inc.		417,269		61,876,820
				1,240,071,549
Professional Services — 0.4%
CoStar Group, Inc.(a)		354,785		24,710,775
Equifax, Inc.		108,820		18,655,013
Jacobs Solutions, Inc.		114,095		12,378,167
Leidos Holdings, Inc.		120,862		10,571,799
Nielsen Holdings PLC		316,549		8,774,738

Security	Shares		Value
Professional Services (continued)
Robert Half International, Inc.		99,063	$	7,578,319
Verisk Analytics, Inc.(b)		139,421		23,775,463
				106,444,274
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)		288,327		19,464,956
Road & Rail — 0.9%
CSX Corp.		1,900,442		50,627,775
JB Hunt Transport Services, Inc.		74,860		11,709,601
Norfolk Southern Corp.		208,461		43,703,849
Old Dominion Freight Line, Inc.		81,523		20,280,477
Union Pacific Corp.		556,819		108,479,477
				234,801,179
Semiconductors & Semiconductor Equipment — 4.7%
Advanced Micro Devices, Inc.(a)		1,436,773		91,033,937
Analog Devices, Inc.		463,981		64,651,113
Applied Materials, Inc.		772,115		63,259,382
Broadcom, Inc.		358,406		159,135,848
Enphase Energy, Inc.(a)		119,718		33,218,153
Intel Corp.		3,625,385		93,426,171
KLA Corp.		125,857		38,088,104
Lam Research Corp.		121,571		44,494,986
Microchip Technology, Inc.		492,952		30,084,861
Micron Technology, Inc.		979,088		49,052,309
Monolithic Power Systems, Inc.		39,190		14,241,646
NVIDIA Corp.		2,220,106		269,498,667
NXP Semiconductors NV		232,795		34,339,590
ON Semiconductor Corp.(a)(b)		385,418		24,023,104
Qorvo, Inc.(a)		94,933		7,538,630
Qualcomm, Inc.		993,013		112,190,609
Skyworks Solutions, Inc.		144,009		12,279,647
SolarEdge Technologies, Inc.(a)		49,226		11,393,850
Teradyne, Inc.		142,480		10,707,372
Texas Instruments, Inc.		810,954		125,519,460
				1,288,177,439
Software — 8.4%
Adobe, Inc.(a)		415,370		114,309,824
ANSYS, Inc.(a)		77,415		17,162,905
Autodesk, Inc.(a)		192,864		36,026,995
Cadence Design Systems, Inc.(a)		244,493		39,957,491
Ceridian HCM Holding, Inc.(a)(b)		123,503		6,901,348
Citrix Systems, Inc.		109,996		11,428,584
Fortinet, Inc.(a)(b)		580,872		28,538,241
Intuit, Inc.		250,746		97,118,941
Microsoft Corp.		6,619,194		1,541,610,283
NortonLifeLock, Inc.		517,189		10,416,186
Oracle Corp.		1,348,184		82,333,597
Paycom Software, Inc.(a)		42,298		13,957,917
PTC, Inc.(a)		93,526		9,782,820
Roper Technologies, Inc.		93,904		33,771,635
Salesforce, Inc.(a)		880,879		126,705,635
ServiceNow, Inc.(a)		177,732		67,113,381
Synopsys, Inc.(a)		135,740		41,469,927
Tyler Technologies, Inc.(a)		36,509		12,686,878
				2,291,292,588
Specialty Retail — 2.2%
Advance Auto Parts, Inc.		54,557		8,529,441
AutoZone, Inc.(a)		17,296		37,046,821
Bath & Body Works, Inc.		208,330		6,791,558

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

Schedule of Investments (unaudited) (continued) September 30, 2022 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Best Buy Co., Inc.		180,238	$	11,416,275
CarMax, Inc.(a)(b)		143,103		9,447,660
Home Depot, Inc.		912,176		251,705,846
Lowe’s Cos., Inc.(b)		567,254		106,535,974
O’Reilly Automotive, Inc.(a)		56,583		39,797,653
Ross Stores, Inc.		311,694		26,266,453
TJX Cos., Inc.		1,041,276		64,684,065
Tractor Supply Co.		98,613		18,330,185
Ulta Beauty, Inc.(a)		46,327		18,585,929
				599,137,860
Technology Hardware, Storage & Peripherals — 7.0%
Apple, Inc.		13,407,663		1,852,939,026
Hewlett Packard Enterprise Co.		1,143,189		13,695,404
HP, Inc.		807,700		20,127,884
NetApp, Inc.		196,509		12,154,082
Seagate Technology Holdings PLC		176,010		9,369,012
Western Digital Corp.(a)		277,934		9,046,752
				1,917,332,160
Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B		1,124,907		93,502,270
Ralph Lauren Corp.		39,948		3,392,783
Tapestry, Inc.		219,951		6,253,207
VF Corp.		286,322		8,563,891
				111,712,151
Tobacco — 0.7%
Altria Group, Inc.		1,605,274		64,820,964
Philip Morris International, Inc.		1,374,357		114,085,375
				178,906,339
Trading Companies & Distributors — 0.2%
Fastenal Co.(b)		512,473		23,594,257
United Rentals, Inc.(a)		63,522		17,158,563
W.W.Grainger, Inc.		37,795		18,488,936
				59,241,756
Water Utilities — 0.1%
American Water Works Co., Inc.		161,430		21,011,729

Security	Shares		Value
Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.(a)(b)		534,247	$	71,679,920
Total Common Stocks — 98.2% (Cost: $14,620,075,965)				26,763,968,959
Investment Companies
Equity Funds — 1.2%
iShares Core S&P 500 ETF(c)		885,861		317,714,048
Total Investment Companies — 1.2% (Cost: $333,548,048)				317,714,048
Total Long-Term Investments — 99.4% (Cost: $14,953,624,013)				27,081,683,007
Short-Term Securities
Money Market Funds — 2.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(c)(d)(e)		379,639,776		379,753,668
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%(c)(d)		150,744,088		150,744,088
Total Short-Term Securities — 2.0% (Cost: $530,371,409)				530,497,756
Total Investments — 101.4% (Cost: $15,483,995,422)				27,612,180,763
Liabilities in Excess of Other Assets — (1.4)%				(369,271,360	)
Net Assets — 100.0%			$	27,242,909,403

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Master Portfolio.

^(d) Annualized 7-day yield as of period end.

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

For Master Portfolio compliance purposes, the Master Portfolio’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

6

Schedule of Investments (unaudited) (continued) September 30, 2022 S&P 500 Index Master Portfolio

Affiliates

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the period ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	129,540,046	$	250,167,710	(a)	$	—		$	(64,845	)	$	110,757		$	379,753,668		379,639,776	$	347,554	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		190,825,864		—			(40,081,776	)(a)		—			—			150,744,088		150,744,088		880,713			—
BlackRock, Inc.		110,121,726		9,316,285			(599,256	)		(183,383	)		(45,020,754	)		73,634,618		133,813		1,795,045			—
iShares Core S&P 500 ETF		433,216,628		2,340,983,154			(2,407,877,485	)		(6,554,697	)		(42,053,552	)		317,714,048		885,861		2,696,485			—
									$	(6,802,925	)	$	(86,963,549	)	$	921,846,422			$	5,719,797		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		749		12/16/22	$	134,876	$	(14,362,862	)

Fair Value Hierarchy as of Period End

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

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

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

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

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

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

Schedule of Investments (unaudited) (continued) September 30, 2022 S&P 500 Index Master Portfolio

Fair Value Hierarchy as of Period End (continued)

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	440,110,055	$	—	$	—	$	440,110,055
Air Freight & Logistics		160,216,142		—		—		160,216,142
Airlines		53,101,478		—		—		53,101,478
Auto Components		25,428,033		—		—		25,428,033
Automobiles		707,727,164		—		—		707,727,164
Banks		990,861,578		—		—		990,861,578
Beverages		501,143,355		—		—		501,143,355
Biotechnology		598,279,794		—		—		598,279,794
Building Products		115,251,061		—		—		115,251,061
Capital Markets		794,619,597		—		—		794,619,597
Chemicals		474,884,489		—		—		474,884,489
Commercial Services & Supplies		135,629,526		—		—		135,629,526
Communications Equipment		220,533,522		—		—		220,533,522
Construction & Engineering		16,343,373		—		—		16,343,373
Construction Materials		36,512,798		—		—		36,512,798
Consumer Finance		137,314,124		—		—		137,314,124
Containers & Packaging		71,934,505		—		—		71,934,505
Distributors		40,967,134		—		—		40,967,134
Diversified Financial Services		427,729,458		—		—		427,729,458
Diversified Telecommunication Services		244,766,752		—		—		244,766,752
Electric Utilities		542,985,536		—		—		542,985,536
Electrical Equipment		141,198,435		—		—		141,198,435
Electronic Equipment, Instruments & Components		168,809,030		—		—		168,809,030
Energy Equipment & Services		83,550,068		—		—		83,550,068
Entertainment		366,173,642		—		—		366,173,642
Equity Real Estate Investment Trusts (REITs)		728,542,473		—		—		728,542,473
Food & Staples Retailing		426,724,948		—		—		426,724,948
Food Products		305,142,415		—		—		305,142,415
Gas Utilities		12,593,752		—		—		12,593,752
Health Care Equipment & Supplies		718,378,485		—		—		718,378,485
Health Care Providers & Services		973,130,251		—		—		973,130,251
Hotels, Restaurants & Leisure		508,060,558		—		—		508,060,558
Household Durables		80,888,034		—		—		80,888,034
Household Products		382,950,824		—		—		382,950,824
Independent Power and Renewable Electricity Producers		13,260,075		—		—		13,260,075
Industrial Conglomerates		214,547,384		—		—		214,547,384
Insurance		592,089,333		—		—		592,089,333
Interactive Media & Services		1,279,483,035		—		—		1,279,483,035
Internet & Direct Marketing Retail		918,058,843		—		—		918,058,843
IT Services		1,170,916,948		—		—		1,170,916,948
Leisure Products		7,832,923		—		—		7,832,923
Life Sciences Tools & Services		507,636,942		—		—		507,636,942
Machinery		432,951,775		—		—		432,951,775
Media		195,307,216		—		—		195,307,216
Metals & Mining		89,436,013		—		—		89,436,013
Multiline Retail		134,990,324		—		—		134,990,324
Multi-Utilities		247,755,793		—		—		247,755,793
Oil, Gas & Consumable Fuels		1,143,573,650		—		—		1,143,573,650
Personal Products		44,372,416		—		—		44,372,416
Pharmaceuticals		1,240,071,549		—		—		1,240,071,549
Professional Services		106,444,274		—		—		106,444,274
Real Estate Management & Development		19,464,956		—		—		19,464,956
Road & Rail		234,801,179		—		—		234,801,179
Semiconductors & Semiconductor Equipment		1,288,177,439		—		—		1,288,177,439
Software		2,279,864,004		11,428,584		—		2,291,292,588
Specialty Retail		599,137,860		—		—		599,137,860
Technology Hardware, Storage & Peripherals		1,917,332,160		—		—		1,917,332,160

8

Schedule of Investments (unaudited) (continued) September 30, 2022 S&P 500 Index Master Portfolio

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Common Stocks (continued)
Textiles, Apparel & Luxury Goods	$	111,712,151		$	—	$	—	$	111,712,151
Tobacco		178,906,339			—		—		178,906,339
Trading Companies & Distributors		59,241,756			—		—		59,241,756
Water Utilities		21,011,729			—		—		21,011,729
Wireless Telecommunication Services		71,679,920			—		—		71,679,920
Investment Companies		317,714,048			—		—		317,714,048
Short-Term Securities
Money Market Funds		530,497,756			—		—		530,497,756
	$	27,600,752,179		$	11,428,584	$	—	$	27,612,180,763
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(14,362,862	)	$	—	$	—	$	(14,362,862	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Portfolio Abbreviation

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

M A S T E R    P O R T F O L I O     S C H E D U L E    O F    I N V E S T M E N T S 9