Transamerica Stock Index

SCHEDULE OF INVESTMENTS

At September 30, 2023

(unaudited)

	Value
Master Portfolio - 100.0%
S&P 500 Index Master Portfolio		$    302,438,540
Total Investments (Cost $302,438,540)		302,438,540
Net Other Assets (Liabilities) - (0.0)% (A)		(131,413	)
Net Assets - 100.0%		$    302,307,127

FOOTNOTE TO SCHEDULE OF INVESTMENTS:

(A) Percentage rounds to less than 0.1% or (0.1)%.

Transamerica Funds Page    1

Transamerica Stock Index

NOTES TO SCHEDULE OF INVESTMENTS

At September 30, 2023

(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, 2023, the Fund held a 0.93% 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, 2023 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
Axon Enterprise, Inc.(a)		62,495	$	12,435,880
Boeing Co.(a)		503,932		96,593,686
General Dynamics Corp.		201,414		44,506,452
Howmet Aerospace, Inc.		336,678		15,571,357
Huntington Ingalls Industries, Inc.		36,612		7,490,083
L3Harris Technologies, Inc.		168,092		29,268,179
Lockheed Martin Corp.		199,195		81,462,787
Northrop Grumman Corp.		126,400		55,640,016
RTX Corp.		1,293,589		93,099,600
Textron, Inc.(b)		176,036		13,755,453
TransDigm Group, Inc.(a)		48,084		40,541,063
				490,364,556
Air Freight & Logistics — 0.5%
CH Robinson Worldwide, Inc.(b)		103,358		8,902,224
Expeditors International of Washington, Inc.		131,443		15,067,311
FedEx Corp.		205,647		54,480,003
United Parcel Service, Inc., Class B		642,811		100,194,951
				178,644,489
Automobile Components — 0.1%
Aptiv PLC(a)		247,593		24,410,194
BorgWarner, Inc.		208,912		8,433,777
				32,843,971
Automobiles — 2.2%
Ford Motor Co.		3,494,008		43,395,579
General Motors Co.		1,222,835		40,316,870
Tesla, Inc.(a)		2,454,171		614,082,668
				697,795,117
Banks — 3.0%
Bank of America Corp.		6,144,232		168,229,072
Citigroup, Inc.		1,711,467		70,392,638
Citizens Financial Group, Inc.		419,751		11,249,327
Comerica, Inc.		117,856		4,896,917
Fifth Third Bancorp		605,140		15,328,196
Huntington Bancshares, Inc.		1,286,805		13,382,772
JPMorgan Chase & Co.		2,582,782		374,555,046
KeyCorp.		831,798		8,950,146
M&T Bank Corp.		147,438		18,643,535
PNC Financial Services Group, Inc.		353,949		43,454,319
Regions Financial Corp.		833,982		14,344,490
Truist Financial Corp.		1,183,793		33,868,318
U.S. Bancorp		1,383,752		45,746,841
Wells Fargo & Co.		3,251,742		132,866,178
Zions Bancorp NA		137,643		4,802,364
				960,710,159
Beverages — 1.6%
Brown-Forman Corp., Class B		162,610		9,380,971
Coca-Cola Co.		3,458,934		193,631,125
Constellation Brands, Inc., Class A		143,360		36,030,669
Keurig Dr. Pepper, Inc.		894,106		28,226,926
Molson Coors Beverage Co., Class B		164,962		10,489,934
Monster Beverage Corp.(a)		660,997		34,999,791
PepsiCo, Inc.		1,223,436		207,298,996
				520,058,412
Biotechnology — 2.1%
AbbVie, Inc.		1,568,685		233,828,186
Amgen, Inc.		475,393		127,766,623
Biogen, Inc.(a)		128,711		33,080,014

Security	Shares		Value
Biotechnology (continued)
Gilead Sciences, Inc.		1,107,395	$	82,988,181
Incyte Corp.(a)(b)		169,464		9,789,935
Moderna, Inc.(a)(b)		294,279		30,396,078
Regeneron Pharmaceuticals, Inc.(a)		94,866		78,070,923
Vertex Pharmaceuticals, Inc.(a)		229,382		79,765,297
				675,685,237
Broadline Retail — 3.3%
Amazon.com, Inc.(a)		8,069,511		1,025,796,238
eBay, Inc.		472,954		20,852,542
Etsy, Inc.(a)		109,329		7,060,467
				1,053,709,247
Building Products — 0.4%
A O Smith Corp.		112,621		7,447,627
Allegion PLC		78,014		8,129,059
Carrier Global Corp.		744,442		41,093,198
Johnson Controls International PLC		604,634		32,172,575
Masco Corp.		199,903		10,684,815
Trane Technologies PLC		202,989		41,188,498
				140,715,772
Capital Markets — 2.8%
Ameriprise Financial, Inc.		91,209		30,069,783
Bank of New York Mellon Corp.		663,751		28,308,980
BlackRock, Inc.		124,732		80,637,991
Blackstone, Inc., Class A		630,790		67,582,841
Cboe Global Markets, Inc.		93,778		14,649,061
Charles Schwab Corp.		1,321,557		72,553,479
CME Group, Inc., Class A		319,724		64,015,139
FactSet Research Systems, Inc.		33,902		14,823,989
Franklin Resources, Inc.		265,979		6,537,764
Goldman Sachs Group, Inc.		292,995		94,804,392
Intercontinental Exchange, Inc.		508,666		55,963,433
Invesco Ltd.		420,422		6,104,528
MarketAxess Holdings, Inc.		33,970		7,257,351
Moody’s Corp., Series R186		140,254		44,344,107
Morgan Stanley		1,133,924		92,607,573
MSCI, Inc.		70,290		36,064,393
Nasdaq, Inc.		301,293		14,639,827
Northern Trust Corp.		183,975		12,782,583
Raymond James Financial, Inc.		167,047		16,776,530
S&P Global, Inc.		289,199		105,676,207
State Street Corp.		283,191		18,962,469
T Rowe Price Group, Inc.		199,343		20,905,101
				906,067,521
Chemicals — 1.7%
Air Products and Chemicals, Inc.		197,435		55,953,079
Albemarle Corp.		104,292		17,733,812
Celanese Corp., Series 2021		88,774		11,142,912
CF Industries Holdings, Inc.		171,482		14,702,867
Corteva, Inc.		630,803		32,271,881
Dow, Inc.		624,858		32,217,678
DuPont de Nemours, Inc.		407,990		30,431,974
Eastman Chemical Co.		104,899		8,047,851
Ecolab, Inc.		227,309		38,506,145
FMC Corp.		113,929		7,629,825
International Flavors & Fragrances, Inc.		226,856		15,464,774
Linde PLC		433,662		161,474,046
LyondellBasell Industries NV, Class A		227,623		21,555,898
Mosaic Co.		294,232		10,474,659

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, 2023 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
PPG Industries, Inc.		209,312	$	27,168,698
Sherwin-Williams Co.		210,258		53,626,303
				538,402,402
Commercial Services & Supplies — 0.5%
Cintas Corp.		76,860		36,970,429
Copart, Inc.(a)		772,271		33,277,158
Republic Services, Inc., Class A		182,738		26,041,992
Rollins, Inc.		216,088		8,066,565
Waste Management, Inc.		327,596		49,938,734
				154,294,878
Communications Equipment — 0.9%
Arista Networks, Inc.(a)		222,863		40,991,192
Cisco Systems, Inc.		3,621,707		194,702,968
F5, Inc.(a)(b)		52,708		8,493,367
Juniper Networks, Inc.		285,609		7,937,074
Motorola Solutions, Inc.		148,439		40,411,034
				292,535,635
Construction & Engineering — 0.1%
Quanta Services, Inc.		129,046		24,140,635
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		54,928		22,546,845
Vulcan Materials Co.		118,085		23,855,532
				46,402,377
Consumer Finance — 0.4%
American Express Co.		517,077		77,142,718
Capital One Financial Corp.		339,006		32,900,532
Discover Financial Services		222,141		19,244,075
Synchrony Financial		371,660		11,361,646
				140,648,971
Consumer Staples Distribution & Retail — 1.8%
Costco Wholesale Corp.		393,848		222,508,366
Dollar General Corp.		194,939		20,624,546
Dollar Tree, Inc.(a)		186,074		19,807,578
Kroger Co.		586,865		26,262,209
Sysco Corp.		448,918		29,651,034
Target Corp.		410,211		45,357,030
Walgreens Boots Alliance, Inc., Series M		636,795		14,162,321
Walmart, Inc., Series M		1,268,426		202,859,370
				581,232,454
Containers & Packaging — 0.2%
Amcor PLC		1,307,745		11,978,944
Avery Dennison Corp.		71,618		13,082,460
Ball Corp.		280,009		13,938,848
International Paper Co.		307,507		10,907,273
Packaging Corp. of America		79,912		12,270,488
Sealed Air Corp.		133,957		4,401,827
Westrock Co.		227,768		8,154,095
				74,733,935
Distributors — 0.1%
Genuine Parts Co.		124,814		18,020,645
LKQ Corp.		230,736		11,423,739
Pool Corp.		34,707		12,359,163
				41,803,547

Security	Shares		Value
Diversified Telecommunication Services — 0.7%
AT&T, Inc.		6,353,672	$	95,432,154
Verizon Communications, Inc.		3,736,340		121,094,779
				216,526,933
Electric Utilities — 1.6%
Alliant Energy Corp.		224,604		10,882,064
American Electric Power Co., Inc.		457,863		34,440,455
Constellation Energy Corp.		285,815		31,176,700
Duke Energy Corp.		684,967		60,455,187
Edison International		340,648		21,559,612
Entergy Corp.		186,928		17,290,840
Evergy, Inc.		204,148		10,350,304
Eversource Energy		310,250		18,041,037
Exelon Corp.		884,501		33,425,293
FirstEnergy Corp.		458,618		15,675,563
NextEra Energy, Inc.		1,798,575		103,040,362
NRG Energy, Inc.		203,628		7,843,751
PG&E Corp.(a)		1,858,590		29,979,057
Pinnacle West Capital Corp.		100,706		7,420,018
PPL Corp.		655,088		15,433,873
Southern Co.		969,223		62,728,113
Xcel Energy, Inc.		490,175		28,047,813
				507,790,042
Electrical Equipment — 0.6%
AMETEK, Inc.		205,045		30,297,449
Eaton Corp. PLC		354,611		75,631,434
Emerson Electric Co.		507,920		49,049,835
Generac Holdings, Inc.(a)(b)		56,265		6,130,634
Rockwell Automation, Inc.		102,082		29,182,181
				190,291,533
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		530,098		44,522,931
CDW Corp.		119,135		24,036,678
Corning, Inc.		682,279		20,789,041
Keysight Technologies, Inc.(a)		158,525		20,974,443
TE Connectivity Ltd.		279,013		34,466,476
Teledyne Technologies, Inc.(a)		41,838		17,094,170
Trimble, Inc.(a)		220,696		11,886,686
Zebra Technologies Corp., Class A(a)(b)		45,627		10,792,154
				184,562,579
Energy Equipment & Services — 0.4%
Baker Hughes Co., Class A		897,330		31,693,696
Halliburton Co.		798,583		32,342,611
Schlumberger NV		1,263,079		73,637,506
				137,673,813
Entertainment — 1.3%
Activision Blizzard, Inc.		635,816		59,531,452
Electronic Arts, Inc.		219,103		26,380,001
Live Nation Entertainment, Inc.(a)(b)		126,007		10,463,622
Netflix, Inc.(a)		393,847		148,716,627
Take-Two Interactive Software, Inc.(a)		140,372		19,706,825
Walt Disney Co.(a)		1,626,216		131,804,807
Warner Bros Discovery, Inc., Class A(a)(b)		1,971,264		21,407,927
				418,011,261
Financial Services — 4.3%
Berkshire Hathaway, Inc., Class B(a)		1,620,797		567,765,189
Fidelity National Information Services, Inc.		526,554		29,102,640
Fiserv, Inc.(a)		541,795		61,201,163

2

Schedule of Investments  (unaudited) (continued) September 30, 2023 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Financial Services (continued)
FleetCor Technologies, Inc., Series C(a)		65,729	$	16,783,243
Global Payments, Inc.		231,070		26,663,167
Jack Henry & Associates, Inc.		66,164		10,000,027
Mastercard, Inc., Class A		739,453		292,756,837
PayPal Holdings, Inc.(a)(b)		975,880		57,049,945
Visa, Inc., Class A		1,428,032		328,461,640
				1,389,783,851
Food Products — 1.0%
Archer-Daniels-Midland Co.		476,461		35,934,689
Bunge Ltd.		133,883		14,492,835
Campbell Soup Co.		174,853		7,182,961
Conagra Brands, Inc.		424,704		11,645,384
General Mills, Inc.		520,081		33,279,983
Hershey Co.		133,183		26,647,255
Hormel Foods Corp.		264,660		10,065,020
J M Smucker Co.		90,748		11,153,837
Kellogg Co.		236,225		14,057,750
Kraft Heinz Co.		709,570		23,869,935
Lamb Weston Holdings, Inc.		129,112		11,937,695
McCormick & Co., Inc.		223,165		16,880,200
Mondelez International, Inc., Class A		1,209,071		83,909,527
Tyson Foods, Inc., Class A		253,782		12,813,453
				313,870,524
Gas Utilities — 0.0%
Atmos Energy Corp.		131,515		13,931,384
Ground Transportation — 0.8%
CSX Corp.		1,783,125		54,831,094
JB Hunt Transport Services, Inc.		72,560		13,679,011
Norfolk Southern Corp.		201,760		39,732,597
Old Dominion Freight Line, Inc.(b)		79,632		32,580,636
Union Pacific Corp.		541,654		110,297,004
				251,120,342
Health Care Equipment & Supplies — 2.5%
Abbott Laboratories		1,542,299		149,371,658
Align Technology, Inc.(a)		63,258		19,313,933
Baxter International, Inc.		450,067		16,985,529
Becton Dickinson & Co.		257,834		66,657,824
Boston Scientific Corp.(a)		1,301,328		68,710,118
Cooper Cos., Inc.		44,000		13,992,440
DENTSPLY SIRONA, Inc.		192,291		6,568,661
Dexcom, Inc.(a)		344,721		32,162,469
Edwards Lifesciences Corp.(a)		540,285		37,430,945
GE HealthCare Technologies, Inc.(a)		336,554		22,899,134
Hologic, Inc.(a)		217,692		15,107,825
IDEXX Laboratories, Inc.(a)		73,777		32,260,469
Insulet Corp.(a)		62,053		9,896,833
Intuitive Surgical, Inc.(a)		312,267		91,272,521
Medtronic PLC		1,183,065		92,704,973
ResMed, Inc.		130,585		19,309,604
STERIS PLC		87,676		19,237,868
Stryker Corp.		300,400		82,090,308
Teleflex, Inc.		43,227		8,490,215
Zimmer Biomet Holdings, Inc.		185,717		20,841,162
				825,304,489
Health Care Providers & Services — 3.0%
Cardinal Health, Inc.		226,276		19,645,282
Cencora, Inc.		149,636		26,929,991
Centene Corp.(a)		481,239		33,147,742
Cigna Group		263,052		75,251,286

Security	Shares		Value
Health Care Providers & Services (continued)
CVS Health Corp.		1,141,509	$	79,700,158
DaVita, Inc., Series B(a)(b)		49,430		4,672,618
Elevance Health, Inc.		209,432		91,190,882
HCA Healthcare, Inc.		178,880		44,000,902
Henry Schein, Inc.(a)(b)		115,839		8,601,046
Humana, Inc.		110,122		53,576,555
Laboratory Corp. of America Holdings		78,743		15,831,280
McKesson Corp.		119,894		52,135,906
Molina Healthcare, Inc.(a)		51,814		16,989,293
Quest Diagnostics, Inc.		99,749		12,155,413
UnitedHealth Group, Inc.		823,253		415,075,930
Universal Health Services, Inc., Class B		55,227		6,943,691
				955,847,975
Health Care REITs — 0.2%
Healthpeak Properties, Inc.		486,194		8,926,522
Ventas, Inc.		357,613		15,066,236
Welltower, Inc.		459,406		37,634,539
				61,627,297
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		632,439		10,163,295
Hotels, Restaurants & Leisure — 2.1%
Airbnb, Inc., Class A(a)(b)		378,926		51,992,436
Booking Holdings, Inc., Series 20-2(a)		31,721		97,825,978
Caesars Entertainment, Inc.(a)		195,093		9,042,561
Carnival Corp.(a)(b)		895,273		12,283,146
Chipotle Mexican Grill, Inc.(a)		24,519		44,914,640
Darden Restaurants, Inc.		107,426		15,385,552
Domino’s Pizza, Inc.		31,190		11,814,460
Expedia Group, Inc.(a)		122,506		12,626,693
Hilton Worldwide Holdings, Inc.		232,421		34,904,986
Las Vegas Sands Corp.		292,143		13,391,835
Marriott International, Inc., Class A		222,651		43,764,281
McDonald’s Corp.		647,688		170,626,927
MGM Resorts International(b)		249,482		9,170,958
Norwegian Cruise Line Holdings Ltd.(a)		388,617		6,404,408
Royal Caribbean Cruises Ltd.(a)		201,766		18,590,719
Starbucks Corp.		1,017,974		92,910,487
Wynn Resorts Ltd.		86,072		7,953,913
Yum! Brands, Inc.		249,037		31,114,683
				684,718,663
Household Durables — 0.3%
D.R. Horton, Inc.(b)		270,595		29,080,845
Garmin Ltd.		136,122		14,320,034
Lennar Corp., Class A		224,432		25,188,003
Mohawk Industries, Inc.(a)		47,669		4,090,477
NVR, Inc.(a)		2,793		16,655,497
PulteGroup, Inc.		195,032		14,442,120
Whirlpool Corp.		51,229		6,849,317
				110,626,293
Household Products — 1.3%
Church & Dwight Co., Inc.		218,674		20,037,099
Clorox Co.		110,050		14,423,153
Colgate-Palmolive Co.		734,722		52,246,081
Kimberly-Clark Corp.		300,562		36,322,918
Procter & Gamble Co.		2,095,055		305,584,722
				428,613,973
Independent Power and Renewable Electricity Producers — 0.0%
AES Corp., Series 2021		595,133		9,046,022

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, 2023 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial Conglomerates — 0.8%
3M Co.		490,583	$	45,928,381
General Electric Co.		967,296		106,934,573
Honeywell International, Inc.		590,095		109,014,150
				261,877,104
Industrial REITs — 0.3%
Prologis, Inc.		821,082		92,133,611
Insurance — 2.1%
Aflac, Inc.		480,455		36,874,921
Allstate Corp.		232,474		25,899,928
American International Group, Inc.		632,701		38,341,681
Aon PLC, Class A		180,298		58,456,218
Arch Capital Group Ltd.(a)		344,302		27,444,312
Arthur J Gallagher & Co.		191,531		43,655,661
Assurant, Inc.		47,910		6,878,918
Brown & Brown, Inc.		209,211		14,611,296
Chubb Ltd.		365,041		75,994,235
Cincinnati Financial Corp.		139,406		14,259,840
Everest Group Ltd.		36,285		13,486,046
Globe Life, Inc.		77,281		8,402,763
Hartford Financial Services Group, Inc.		271,795		19,272,983
Loews Corp.		164,345		10,404,682
Marsh & McLennan Cos., Inc.		439,001		83,541,890
MetLife, Inc.		561,422		35,319,058
Principal Financial Group, Inc.		197,638		14,243,771
Progressive Corp.		520,215		72,465,950
Prudential Financial, Inc.		322,617		30,613,127
Travelers Cos., Inc.		203,472		33,229,012
W.R. Berkley Corp.		180,810		11,479,627
Willis Towers Watson PLC		93,162		19,467,132
				694,343,051
Interactive Media & Services(a) — 5.8%
Alphabet, Inc., Class A		5,272,952		690,018,499
Alphabet, Inc., Class C		4,485,404		591,400,518
Match Group, Inc.		247,150		9,682,101
Meta Platforms, Inc., Class A		1,975,320		593,010,817
				1,884,111,935
IT Services — 1.2%
Accenture PLC, Class A		560,619		172,171,701
Akamai Technologies, Inc.(a)		135,090		14,392,488
Cognizant Technology Solutions Corp., Class A		448,855		30,405,438
DXC Technology Co.(a)(b)		182,348		3,798,309
EPAM Systems, Inc.(a)		51,513		13,171,359
Gartner, Inc.(a)		70,056		24,071,942
International Business Machines Corp.		809,656		113,594,737
VeriSign, Inc.(a)		79,744		16,150,552
				387,756,526
Leisure Products — 0.0%
Hasbro, Inc.		115,908		7,666,155
Life Sciences Tools & Services — 1.5%
Agilent Technologies, Inc.		262,515		29,354,427
Bio-Rad Laboratories, Inc., Series L, Class A(a)		18,560		6,652,832
Bio-Techne Corp.		143,852		9,792,006
Charles River Laboratories International, Inc.(a)		46,558		9,124,437
Danaher Corp.		584,027		144,897,099
Illumina, Inc.(a)		140,689		19,313,786
IQVIA Holdings, Inc.(a)(b)		162,750		32,021,062
Mettler-Toledo International, Inc.(a)		19,433		21,533,124
Revvity, Inc.		110,325		12,212,978
Thermo Fisher Scientific, Inc.		343,013		173,622,890

Security	Shares		Value
Life Sciences Tools & Services (continued)
Waters Corp.(a)(b)		52,528	$	14,403,703
West Pharmaceutical Services, Inc.		65,644		24,630,285
				497,558,629
Machinery — 1.8%
Caterpillar, Inc.		453,389		123,775,197
Cummins, Inc.		125,889		28,760,601
Deere & Co., Series B		242,334		91,452,005
Dover Corp.		124,313		17,342,907
Fortive Corp.		312,861		23,201,772
IDEX Corp.		67,191		13,977,072
Illinois Tool Works, Inc.		244,562		56,325,074
Ingersoll Rand, Inc.		359,410		22,901,605
Nordson Corp.		48,026		10,717,962
Otis Worldwide Corp.		365,938		29,388,481
PACCAR, Inc.		464,643		39,503,948
Parker-Hannifin Corp.		114,023		44,414,239
Pentair PLC		145,367		9,412,513
Snap-on, Inc.		47,030		11,995,472
Stanley Black & Decker, Inc.		138,096		11,542,064
Westinghouse Air Brake Technologies Corp.		159,202		16,918,396
Xylem, Inc.		214,037		19,483,788
				571,113,096
Media — 0.8%
Charter Communications, Inc., Class A(a)		90,454		39,783,478
Comcast Corp., Class A		3,657,818		162,187,650
Fox Corp., Class A		225,462		7,034,414
Fox Corp., Class B		124,777		3,603,560
Interpublic Group of Cos., Inc.		342,111		9,804,901
News Corp., Class A(b)		337,277		6,765,777
News Corp., Class B		114,231		2,384,001
Omnicom Group, Inc.		175,591		13,078,018
Paramount Global, Class B		428,569		5,528,540
				250,170,339
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		1,274,144		47,512,830
Newmont Corp.		706,318		26,098,450
Nucor Corp.		221,052		34,561,480
Steel Dynamics, Inc.		138,383		14,837,425
				123,010,185
Multi-Utilities — 0.7%
Ameren Corp.		237,764		17,791,880
CenterPoint Energy, Inc.		560,965		15,061,910
CMS Energy Corp.		259,272		13,769,936
Consolidated Edison, Inc.		306,551		26,219,307
Dominion Energy, Inc., Series A		743,682		33,220,275
DTE Energy Co.		178,079		17,679,683
NiSource, Inc.		375,260		9,261,417
Public Service Enterprise Group, Inc.		443,585		25,244,422
Sempra		559,296		38,048,907
WEC Energy Group, Inc.		280,343		22,581,629
				218,879,366
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		138,401		13,853,940
Boston Properties, Inc.		129,325		7,692,251
				21,546,191
Oil, Gas & Consumable Fuels — 4.2%
APA Corp.		273,082		11,223,670
Chevron Corp.		1,576,874		265,892,494
ConocoPhillips		1,064,270		127,499,546

4

Schedule of Investments  (unaudited) (continued) September 30, 2023 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Coterra Energy, Inc.		673,186	$	18,209,681
Devon Energy Corp.		569,422		27,161,429
Diamondback Energy, Inc.		158,924		24,614,149
EOG Resources, Inc.		517,484		65,596,272
EQT Corp.		321,423		13,043,345
Exxon Mobil Corp.		3,557,837		418,330,475
Hess Corp.		245,603		37,577,259
Kinder Morgan, Inc.		1,722,845		28,564,770
Marathon Oil Corp.		538,304		14,399,632
Marathon Petroleum Corp.		355,361		53,780,334
Occidental Petroleum Corp.		589,696		38,259,477
ONEOK, Inc.		517,637		32,833,715
Phillips 66		395,750		47,549,363
Pioneer Natural Resources Co.		207,204		47,563,678
Targa Resources Corp.		198,824		17,043,193
Valero Energy Corp.		313,847		44,475,258
Williams Cos., Inc.		1,081,094		36,422,057
				1,370,039,797
Passenger Airlines — 0.2%
Alaska Air Group, Inc.(a)		117,159		4,344,256
American Airlines Group, Inc., Series AA(a)		580,675		7,438,447
Delta Air Lines, Inc.		571,838		21,158,006
Southwest Airlines Co.		529,370		14,330,046
United Airlines Holdings, Inc., Series 16-2(a)(b)		291,492		12,330,111
				59,600,866
Personal Care Products — 0.2%
Estee Lauder Cos., Inc., Class A		206,075		29,788,141
Kenvue, Inc.		1,531,675		30,756,034
				60,544,175
Pharmaceuticals — 4.1%
Bristol-Myers Squibb Co.		1,856,690		107,762,288
Catalent, Inc.(a)(b)		159,343		7,254,887
Eli Lilly & Co.		708,696		380,661,882
Johnson & Johnson		2,140,122		333,324,001
Merck & Co., Inc.		2,255,221		232,175,002
Organon & Co.		229,346		3,981,446
Pfizer, Inc.		5,017,846		166,441,952
Viatris, Inc.		1,095,503		10,801,660
Zoetis, Inc., Class A		409,107		71,176,436
				1,313,579,554
Professional Services — 0.8%
Automatic Data Processing, Inc.		366,153		88,089,089
Broadridge Financial Solutions, Inc.		104,976		18,795,953
Ceridian HCM Holding, Inc.(a)(b)		140,965		9,564,475
Equifax, Inc.		109,067		19,978,893
Jacobs Solutions, Inc.		111,910		15,275,715
Leidos Holdings, Inc.		122,071		11,250,063
Paychex, Inc.		285,187		32,890,617
Paycom Software, Inc.		44,246		11,471,660
Robert Half, Inc.		99,063		7,259,337
Verisk Analytics, Inc.		128,893		30,449,682
				245,025,484
Real Estate Management & Development(a) — 0.1%
CBRE Group, Inc., Class A		275,368		20,338,681
CoStar Group, Inc.		362,909		27,904,073
				48,242,754
Residential REITs — 0.3%
AvalonBay Communities, Inc.		126,217		21,676,508
Camden Property Trust		94,755		8,961,928

Security	Shares		Value
Residential REITs (continued)
Equity Residential		306,547	$	17,997,374
Essex Property Trust, Inc.		57,043		12,098,250
Invitation Homes, Inc.		511,243		16,201,291
Mid-America Apartment Communities, Inc.		105,820		13,613,743
UDR, Inc.		269,399		9,609,462
				100,158,556
Retail REITs — 0.3%
Federal Realty Investment Trust		67,063		6,077,920
Kimco Realty Corp.		565,139		9,940,795
Realty Income Corp.		622,259		31,075,614
Regency Centers Corp.		140,786		8,368,320
Simon Property Group, Inc.		290,791		31,414,152
				86,876,801
Semiconductors & Semiconductor Equipment — 7.3%
Advanced Micro Devices, Inc., Series E(a)		1,435,927		147,642,014
Analog Devices, Inc.		445,635		78,026,232
Applied Materials, Inc.		746,325		103,328,696
Broadcom, Inc.		366,774		304,635,149
Enphase Energy, Inc.(a)(b)		121,185		14,560,378
First Solar, Inc.(a)(b)		91,728		14,822,328
Intel Corp.		3,722,084		132,320,086
KLA Corp.		121,510		55,731,777
Lam Research Corp.		118,468		74,252,188
Microchip Technology, Inc.		483,777		37,758,795
Micron Technology, Inc.		973,449		66,223,735
Monolithic Power Systems, Inc.		41,451		19,150,362
NVIDIA Corp.		2,195,212		954,895,268
NXP Semiconductors NV		229,121		45,805,870
ON Semiconductor Corp.(a)		383,521		35,648,277
Qorvo, Inc.(a)		87,017		8,307,513
QUALCOMM, Inc.		991,845		110,154,306
Skyworks Solutions, Inc.		141,660		13,966,259
SolarEdge Technologies, Inc.(a)(b)		51,691		6,694,501
Teradyne, Inc.(b)		136,880		13,750,965
Texas Instruments, Inc.		806,955		128,313,915
				2,365,988,614
Software — 10.0%
Adobe, Inc.(a)		405,092		206,556,411
ANSYS, Inc.(a)		77,135		22,951,519
Autodesk, Inc.(a)		189,949		39,302,347
Cadence Design Systems, Inc.(a)		241,553		56,595,868
Fair Isaac Corp.(a)		22,092		19,187,565
Fortinet, Inc.(a)		579,313		33,994,087
Gen Digital, Inc.		500,105		8,841,856
Intuit, Inc.		248,903		127,174,499
Microsoft Corp.		6,603,201		2,084,960,716
Oracle Corp.		1,399,132		148,196,061
Palo Alto Networks, Inc.(a)(b)		271,829		63,727,591
PTC, Inc.(a)		98,509		13,956,755
Roper Technologies, Inc.		94,839		45,928,631
Salesforce, Inc.(a)		865,642		175,534,885
ServiceNow, Inc.(a)		181,305		101,342,243
Synopsys, Inc.(a)		135,232		62,067,431
Tyler Technologies, Inc.(a)		38,201		14,750,934
				3,225,069,399
Specialized REITs — 1.0%
American Tower Corp.		414,296		68,130,977
Crown Castle, Inc.		385,432		35,471,307
Digital Realty Trust, Inc.		266,213		32,217,097
Equinix, Inc.		83,156		60,392,877

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, 2023 S&P 500 Index Master Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialized REITs (continued)
Extra Space Storage, Inc.		187,772	$	22,829,320
Iron Mountain, Inc.		259,383		15,420,319
Public Storage		140,641		37,061,716
SBA Communications Corp.		96,325		19,281,375
VICI Properties, Inc.		900,684		26,209,905
Weyerhaeuser Co.		649,452		19,912,198
				336,927,091
Specialty Retail — 2.0%
AutoZone, Inc.(a)		16,136		40,985,279
Bath & Body Works, Inc.		208,330		7,041,554
Best Buy Co., Inc.		172,602		11,990,661
CarMax, Inc.(a)(b)		140,609		9,945,275
Home Depot, Inc.		893,528		269,988,420
Lowe’s Cos., Inc.		520,790		108,240,994
O’Reilly Automotive, Inc.(a)		53,682		48,789,422
Ross Stores, Inc.		302,758		34,196,516
TJX Cos., Inc.		1,021,385		90,780,699
Tractor Supply Co.		96,703		19,635,544
Ulta Beauty, Inc.(a)		44,262		17,680,456
				659,274,820
Technology Hardware, Storage & Peripherals — 7.2%
Apple, Inc., Series BB		13,061,225		2,236,212,332
Hewlett Packard Enterprise Co.		1,147,836		19,937,911
HP, Inc.		771,116		19,817,681
NetApp, Inc.		187,362		14,217,029
Seagate Technology Holdings PLC		170,763		11,261,820
Western Digital Corp.(a)(b)		284,344		12,974,617
				2,314,421,390
Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B		1,088,784		104,109,526
Ralph Lauren Corp., Class A		37,193		4,317,735
Tapestry, Inc.		211,316		6,075,335
VF Corp.		305,300		5,394,651
				119,897,247
Tobacco — 0.6%
Altria Group, Inc.		1,577,184		66,320,587
Philip Morris International, Inc.		1,379,646		127,727,627
				194,048,214
Trading Companies & Distributors — 0.2%
Fastenal Co.		507,772		27,744,662

Security	Shares		Value
Trading Companies & Distributors (continued)
United Rentals, Inc.		60,686	$	26,979,175
W.W.Grainger, Inc.		39,550		27,362,272
				82,086,109
Water Utilities — 0.1%
American Water Works Co., Inc.		173,012		21,424,076
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.(a)		460,053		64,430,423
Total Common Stocks — 98.7% (Cost: $14,364,196,782)				31,938,101,142
Investment Companies
Equity Funds — 0.9%
iShares Core S&P 500 ETF		667,222		286,525,143
Total Investment Companies — 0.9% (Cost: $279,292,239)				286,525,143
Total Long-Term Investments — 99.6% (Cost: $14,643,489,021)				32,224,626,285
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		213,591,981		213,656,058
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		111,193,591		111,193,591
Total Short-Term Securities — 1.0% (Cost: $324,784,609)				324,849,649
Total Investments — 100.6% (Cost: $14,968,273,630)				32,549,475,934
Liabilities in Excess of Other Assets — (0.6)%				(207,355,378	)
Net Assets — 100.0%			$	32,342,120,556

^(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, 2023 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 12/31/22		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares	$	304,198,748	$	—	$	(90,510,352	)(a)	$	35,629	$	(67,967	)	$	213,656,058		213,591,981	$	400,272	(b)	$	—
BlackRock Cash Funds: Treasury, SL
Agency Shares		113,361,188		—		(2,167,597	)(a)		—		—			111,193,591		111,193,591		3,797,868			—
BlackRock, Inc.		97,239,626		1,192,347		(9,943,698	)		529,187		(8,379,471	)		80,637,991		124,732		2,066,675			—
iShares Core S&P 500 ETF		195,527,543		1,325,252,102		(1,259,886,456	)		23,986,763		1,645,191			286,525,143		667,222		3,005,152			—
								$	24,551,579	$	(6,802,247	)	$	692,012,783			$	9,269,967		$	—

^(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		325		12/15/23	$	70,289	$	(2,809,474	)

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, 2023 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	$	31,938,101,142		$	—	$	—	$	31,938,101,142
Investment Companies		286,525,143			—		—		286,525,143
Short-Term Securities
Money Market Funds		324,849,649			—		—		324,849,649
	$	32,549,475,934		$	—	$	—	$	32,549,475,934
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(2,809,474	)	$	—	$	—	$	(2,809,474	)

^(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

8