Transamerica Funds

03/04/2026 | Press release | Distributed by Public on 03/04/2026 13:07

Annual Report by Investment Company (Form N-CSR)

As filed with the Securities and Exchange Commission on March 4, 2026

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: 811-04556

TRANSAMERICA FUNDS

(Exact name of registrant as specified in charter)

1801 California St., Suite 5200, Denver, CO 80202

(Address of principal executive offices) (Zip code)

Dennis P. Gallagher, Esq., 1801 California St., Suite 5200, Denver, CO 80202

(Name and address of agent for service)

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

Date of fiscal year end:  December 31

Date of reporting period: December 31, 2025

*This Form N-CSRpertains to Transamerica Stock Index. The remaining series of the Registrant have fiscal year ends of October 31.

Item 1:

Report(s) to Shareholders.

(a)

Annual Shareholder Report

Transamerica Stock Index

Class R

TSTRX

December 31, 2025

Fund Overview

Transamerica Stock Index (the "Fund") seeks to match the performance of the S&P 500® Index. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at 888-233-4339. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the year?

Fund Overview Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class R
$69
0.64%

The Fund invests as a feeder fund in the S&P 500 Index Master Portfolio (the Portfolio). The expense table reflects the expenses of both the Fund and the Portfolio.

How did the Fund perform last year and what affected its performance?

For the fiscal year ended December 31, 2025, the Portfolio's Class R shares at NAV returned 17.12%. For the same period, the Portfolio's broad-based benchmark, the S&P 500® Index, returned 17.88%.

  • The Fund invests in securities through the S&P 500 Index Master Portfolio, a master portfolio that is not part of the Transamerica Funds complex, and 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® Index. The Fund takes positions in securities that, in combination, are intended to have similar return characteristics to the Index.

  • The Index is designed to provide a broad measure of large-capitalization U.S. stock performance. It is an unmanaged, market capitalization-weighted index composed of large-capitalization U.S. equities.

  • On an asset weighted basis, the communication services, information technology, and industrials sectors contributed the most to Fund performance during the fiscal year ended December 31, 2025, while real estate, consumer staples, and consumer discretionary sectors contributed the least.

  • At the stock level, Nvidia Corp, Alphabet Inc. Class A, and Alphabet Inc. Class C contributed the most to Fund performance during the fiscal year, while UnitedHealth Group, Inc., Fiserv Inc. and Salesforce Inc., detracted the most from Fund performance on an asset weighted basis.

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

  • The views expressed reflect the opinions of BlackRock Fund Advisors as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Stock Index

Class R

Fund Overview

Fund Performance

Total Return Based on $10,000 Investment

Class R
S&P 500® Index
4/21/2017
$10,000
$10,000
5/31/2017
$10,150
$10,122
6/30/2017
$10,290
$10,264
7/31/2017
$10,351
$10,328
8/31/2017
$10,551
$10,541
9/30/2017
$10,581
$10,573
10/31/2017
$11,040
$11,043
11/30/2017
$11,372
$11,382
12/31/2017
$11,493
$11,508
1/31/2018
$12,147
$12,167
2/28/2018
$11,698
$11,719
3/31/2018
$11,392
$11,421
4/30/2018
$11,433
$11,465
5/31/2018
$11,699
$11,741
6/30/2018
$11,769
$11,813
7/31/2018
$12,202
$12,253
8/31/2018
$12,582
$12,652
9/30/2018
$12,655
$12,724
10/31/2018
$11,777
$11,854
11/30/2018
$12,004
$12,096
12/31/2018
$10,923
$11,004
1/31/2019
$11,785
$11,885
2/28/2019
$12,158
$12,267
3/31/2019
$12,394
$12,505
4/30/2019
$12,886
$13,012
5/31/2019
$12,063
$12,185
6/30/2019
$12,905
$13,044
7/31/2019
$13,088
$13,231
8/31/2019
$12,873
$13,021
9/30/2019
$13,107
$13,265
10/31/2019
$13,386
$13,552
11/30/2019
$13,859
$14,044
12/31/2019
$14,267
$14,468
1/31/2020
$14,256
$14,462
2/29/2020
$13,077
$13,272
3/31/2020
$11,462
$11,633
4/30/2020
$12,927
$13,124
5/31/2020
$13,536
$13,749
6/30/2020
$13,795
$14,022
7/31/2020
$14,575
$14,813
8/31/2020
$15,604
$15,878
9/30/2020
$15,003
$15,275
10/31/2020
$14,595
$14,868
11/30/2020
$16,183
$16,496
12/31/2020
$16,807
$17,130
1/31/2021
$16,619
$16,957
2/28/2021
$17,077
$17,425
3/31/2021
$17,815
$18,188
4/30/2021
$18,758
$19,159
5/31/2021
$18,876
$19,292
6/30/2021
$19,298
$19,743
7/31/2021
$19,747
$20,212
8/31/2021
$20,339
$20,826
9/30/2021
$19,388
$19,858
10/31/2021
$20,739
$21,249
11/30/2021
$20,573
$21,102
12/31/2021
$21,485
$22,047
1/31/2022
$20,375
$20,907
2/28/2022
$19,751
$20,281
3/31/2022
$20,477
$21,034
4/30/2022
$18,677
$19,199
5/31/2022
$18,702
$19,235
6/30/2022
$17,144
$17,647
7/31/2022
$18,723
$19,274
8/31/2022
$17,946
$18,488
9/30/2022
$16,282
$16,785
10/31/2022
$17,589
$18,144
11/30/2022
$18,569
$19,158
12/31/2022
$17,494
$18,054
1/31/2023
$18,582
$19,189
2/28/2023
$18,118
$18,721
3/31/2023
$18,772
$19,408
4/30/2023
$19,051
$19,711
5/31/2023
$19,131
$19,797
6/30/2023
$20,381
$21,105
7/31/2023
$21,022
$21,783
8/31/2023
$20,675
$21,436
9/30/2023
$19,688
$20,414
10/31/2023
$19,260
$19,985
11/30/2023
$21,011
$21,810
12/31/2023
$21,946
$22,801
1/31/2024
$22,305
$23,184
2/29/2024
$23,479
$24,422
3/31/2024
$24,222
$25,207
4/30/2024
$23,226
$24,178
5/31/2024
$24,360
$25,377
6/30/2024
$25,222
$26,287
7/31/2024
$25,513
$26,607
8/31/2024
$26,123
$27,253
9/30/2024
$26,658
$27,835
10/31/2024
$26,408
$27,582
11/30/2024
$27,936
$29,201
12/31/2024
$27,264
$28,505
1/31/2025
$27,998
$29,299
2/28/2025
$27,617
$28,917
3/31/2025
$26,046
$27,287
4/30/2025
$25,862
$27,102
5/31/2025
$27,475
$28,808
6/30/2025
$28,861
$30,273
7/31/2025
$29,484
$30,953
8/31/2025
$30,080
$31,580
9/30/2025
$31,155
$32,733
10/31/2025
$31,865
$33,499
11/30/2025
$31,921
$33,581
12/31/2025
$31,931
$33,602

Average Annual Total Returns

0BWX5
1 Year
5 Years
Since Inception 4/21/17
Class R
17.12%
13.70%
14.28%
S&P 500®IndexFootnote Reference(a)
17.88%
14.42%
14.95%
Footnote Description
Footnote(a)
S&P 500®Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange and NASDAQ Stock Market. Performance reflects no deduction for fees, expenses or taxes.

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The data shown represents past performance, which is no guarantee of future results.Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

Key Fund Statistics

Total Net Assets
$190,471,311
Number of Portfolio Holdings
0
Portfolio turnover rate of Master Portfolio
0%
Total Advisory Fees Paid (net of waivers and reimbursements)
$197,509

Transamerica Stock Index

Class R

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, as supplemented, at transamerica.com/investments/mutual-fund-prospectusor upon request at

888-233-4339. The Fund's next prospectus will be available by May 1, 2026.

Effective December 5, 2025, and as set forth in the Supplement to the Fund's prospectus dated December 5, 2025, the following occurred:

  • The S&P 500® Index Master Portfolio (the "Master Fund"), the underlying fund in which the Fund invests, modified its diversification policy under the Investment Company Act of 1940, as amended (the "1940 Act"), to reflect that the Master Fund intends to be diversified in approximately the same proportion as the Master Fund's benchmark index, the S&P 500® Index, is diversified. Shareholder approval will not be sought if the Master Fund becomes "non-diversified," as defined in the 1940 Act, due solely to a change in the relative market capitalization or index weighting of one or more constituents of the S&P 500® Index.

  • The Fund's principal risks were revised to add Non-Diversification risk, to the extent that the Master Fund becomes "non-diversified" for periods of time solely as a result of tracking its index.

Additional Information

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

Householding

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

Transamerica Stock Index

Class R

Annual Shareholder Report

Transamerica Stock Index

Class R4

TSTFX

December 31, 2025

Fund Overview

Transamerica Stock Index (the "Fund") seeks to match the performance of the S&P 500® Index. This annual shareholder report contains important information for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at transamerica.com/investments/mutual-fund-prospectus. You can also request this information by contacting us at 888-233-4339. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the year?

Fund Overview Operating Expenses

(based on a hypothetical $10,000 investment)

Class Name
Cost of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Class R4
$33
0.30%

The Fund invests as a feeder fund in the S&P 500 Index Master Portfolio (the Portfolio). The expense table reflects the expenses of both the Fund and the Portfolio.

How did the Fund perform last year and what affected its performance?

For the fiscal year ended December 31, 2025, the Portfolio's Class R4 shares at NAV returned 17.48%. For the same period, the Portfolio's broad-based benchmark, the S&P 500® Index, returned 17.88%.

  • The Fund invests in securities through the S&P 500 Index Master Portfolio, a master portfolio that is not part of the Transamerica Funds complex, and 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® Index. The Fund takes positions in securities that, in combination, are intended to have similar return characteristics to the Index.

  • The Index is designed to provide a broad measure of large-capitalization U.S. stock performance. It is an unmanaged, market capitalization-weighted index composed of large-capitalization U.S. equities.

  • On an asset weighted basis, the communication services, information technology, and industrials sectors contributed the most to Fund performance during the fiscal year ended December 31, 2025, while real estate, consumer staples, and consumer discretionary sectors contributed the least.

  • At the stock level, Nvidia Corp, Alphabet Inc. Class A, and Alphabet Inc. Class C contributed the most to Fund performance during the fiscal year, while UnitedHealth Group, Inc., Fiserv Inc. and Salesforce Inc., detracted the most from Fund performance on an asset weighted basis.

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

  • The views expressed reflect the opinions of BlackRock Fund Advisors as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Transamerica Stock Index

Class R4

Fund Overview

Fund Performance

Total Return Based on $10,000 Investment

Class R4
S&P 500® Index
12/31/2015
$10,000
$10,000
1/31/2016
$9,503
$9,504
2/29/2016
$9,488
$9,491
3/31/2016
$10,127
$10,135
4/30/2016
$10,163
$10,174
5/31/2016
$10,347
$10,357
6/30/2016
$10,366
$10,384
7/31/2016
$10,750
$10,766
8/31/2016
$10,760
$10,782
9/30/2016
$10,758
$10,784
10/31/2016
$10,565
$10,587
11/30/2016
$10,951
$10,979
12/31/2016
$11,166
$11,196
1/31/2017
$11,375
$11,408
2/28/2017
$11,823
$11,861
3/31/2017
$11,830
$11,875
4/30/2017
$11,949
$11,997
5/31/2017
$12,113
$12,166
6/30/2017
$12,191
$12,242
7/31/2017
$12,439
$12,494
8/31/2017
$12,474
$12,532
9/30/2017
$13,022
$13,089
10/31/2017
$13,413
$13,490
12/31/2017
$13,565
$13,640
1/31/2018
$14,336
$14,421
2/28/2018
$13,806
$13,890
3/31/2018
$13,454
$13,537
4/30/2018
$13,502
$13,589
5/31/2018
$13,817
$13,916
6/30/2018
$13,909
$14,002
7/31/2018
$14,419
$14,523
8/31/2018
$14,880
$14,996
9/30/2018
$14,963
$15,081
10/31/2018
$13,938
$14,050
11/30/2018
$14,207
$14,337
12/31/2018
$12,926
$13,042
1/31/2019
$13,959
$14,087
2/28/2019
$14,400
$14,540
3/31/2019
$14,678
$14,822
4/30/2019
$15,273
$15,422
5/31/2019
$14,298
$14,442
6/30/2019
$15,296
$15,460
7/31/2019
$15,512
$15,682
8/31/2019
$15,271
$15,434
9/30/2019
$15,548
$15,723
10/31/2019
$15,880
$16,063
11/30/2019
$16,454
$16,646
12/31/2019
$16,951
$17,149
1/31/2020
$16,938
$17,142
2/29/2020
$15,539
$15,731
3/31/2020
$13,622
$13,788
4/30/2020
$15,363
$15,555
5/31/2020
$16,100
$16,296
6/30/2020
$16,408
$16,620
7/31/2020
$17,336
$17,558
8/31/2020
$18,573
$18,820
9/30/2020
$17,861
$18,105
10/31/2020
$17,388
$17,623
11/30/2020
$19,278
$19,552
12/31/2020
$20,022
$20,304
1/31/2021
$19,812
$20,099
2/28/2021
$20,344
$20,653
3/31/2021
$21,240
$21,558
4/30/2021
$22,364
$22,708
5/31/2021
$22,505
$22,867
6/30/2021
$23,027
$23,401
7/31/2021
$23,577
$23,956
8/31/2021
$24,282
$24,685
9/30/2021
$23,152
$23,537
10/31/2021
$24,765
$25,186
11/30/2021
$24,581
$25,011
12/31/2021
$25,674
$26,132
1/31/2022
$24,347
$24,780
2/28/2022
$23,616
$24,038
3/31/2022
$24,474
$24,931
4/30/2022
$22,336
$22,757
5/31/2022
$22,381
$22,798
6/30/2022
$20,521
$20,916
7/31/2022
$22,411
$22,845
8/31/2022
$21,496
$21,913
9/30/2022
$19,509
$19,895
10/31/2022
$21,075
$21,506
11/30/2022
$22,249
$22,708
12/31/2022
$20,963
$21,399
1/31/2023
$22,283
$22,744
2/28/2023
$21,726
$22,189
3/31/2023
$22,529
$23,004
4/30/2023
$22,864
$23,363
5/31/2023
$22,960
$23,464
6/30/2023
$24,481
$25,015
7/31/2023
$25,250
$25,818
8/31/2023
$24,849
$25,407
9/30/2023
$23,652
$24,196
10/31/2023
$23,154
$23,687
11/30/2023
$25,259
$25,850
12/31/2023
$26,403
$27,025
1/31/2024
$26,835
$27,479
2/29/2024
$28,264
$28,946
3/31/2024
$29,163
$29,878
4/30/2024
$27,964
$28,657
5/31/2024
$29,347
$30,078
6/30/2024
$30,382
$31,157
7/31/2024
$30,750
$31,537
8/31/2024
$31,485
$32,302
9/30/2024
$32,138
$32,992
10/31/2024
$31,853
$32,692
11/30/2024
$33,714
$34,611
12/31/2024
$32,900
$33,786
1/31/2025
$33,804
$34,727
2/28/2025
$33,344
$34,274
3/31/2025
$31,457
$32,343
4/30/2025
$31,252
$32,124
5/31/2025
$33,202
$34,146
6/30/2025
$34,889
$35,882
7/31/2025
$35,661
$36,687
8/31/2025
$36,382
$37,431
9/30/2025
$37,697
$38,797
10/31/2025
$38,557
$39,706
11/30/2025
$38,643
$39,803
12/31/2025
$38,651
$39,827

Average Annual Total Returns

0BWXE
1 Year
5 Years
10 Years
Class R4
17.48%
14.06%
14.48%
S&P 500®IndexFootnote Reference(a)
17.88%
14.42%
14.82%
Footnote Description
Footnote(a)
S&P 500®Index is a market-capitalization weighted index of 500 large U.S. companies with common stock listed on the New York Stock Exchange and NASDAQ Stock Market. Performance reflects no deduction for fees, expenses or taxes.

Performance calculations assume dividends and capital gains are reinvested and do not include any managerial expenses. The data shown represents past performance, which is no guarantee of future results.Performance data does not reflect the deduction of taxes that would be paid on Fund distributions or redemptions of Fund shares. The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

Key Fund Statistics

Total Net Assets
$190,471,311
Number of Portfolio Holdings
0
Portfolio turnover rate of Master Portfolio
0%
Total Advisory Fees Paid (net of waivers and reimbursements)
$197,509

Transamerica Stock Index

Class R4

Material Fund Changes

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, as supplemented, at transamerica.com/investments/mutual-fund-prospectusor upon request at

888-233-4339. The Fund's next prospectus will be available by May 1, 2026.

Effective December 5, 2025, and as set forth in the Supplement to the Fund's prospectus dated December 5, 2025, the following occurred:

  • The S&P 500® Index Master Portfolio (the "Master Fund"), the underlying fund in which the Fund invests, modified its diversification policy under the Investment Company Act of 1940, as amended (the "1940 Act"), to reflect that the Master Fund intends to be diversified in approximately the same proportion as the Master Fund's benchmark index, the S&P 500® Index, is diversified. Shareholder approval will not be sought if the Master Fund becomes "non-diversified," as defined in the 1940 Act, due solely to a change in the relative market capitalization or index weighting of one or more constituents of the S&P 500® Index.

  • The Fund's principal risks were revised to add Non-Diversification risk, to the extent that the Master Fund becomes "non-diversified" for periods of time solely as a result of tracking its index.

Additional Information

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

Householding

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

Transamerica Stock Index

Class R4

S&P 500 Index Master Portfolio
Annual Shareholder Report - December 31, 2025

This annual shareholder report contains important information about S&P 500 Index Master Portfolio (the "Master Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Master Portfolio, which is included within the iShares S&P 500 Index Fund's additional information at blackrock.com/fundreports.You can also request this information by contacting us at (800) 441-7762.

This report describes changes to the Fund that occurred during the reporting period.

What were the Master Portfolio costs for the last year?

(based on a hypothetical $10,000 investment)

Master Portfolio name

Costs of a $10,000

investment

Costs paid as a percentage of a

$10,000 investment

S&P 500 Index Master Portfolio

$1 0.01%
Key Master Portfolio statistics

Net Assets

$53,986,282,823  

Number of Portfolio Holdings

507

Net Investment Advisory Fees

$4,812,734

Portfolio Turnover Rate

14%

What did the Master Portfolio invest in?

(as of December 31, 2025)

Sector allocation
Sector(a)

Percent of

Net Assets

Information Technology

34.0 %

Financials

13.3

Communication Services

10.5

Consumer Discretionary

10.3

Health Care

9.5

Industrials

8.1

Consumer Staples

4.7

Energy

2.8

Utilities

2.2

Materials

1.8

Other*

2.5

Short-Term Securities

0.8

Liabilities in Excess of Other Assets

(0.5 )
Ten largest holdings
Security(b) Percent of
Net Assets

NVIDIA Corp.

7.7 %

Apple, Inc.

6.8

Microsoft Corp.

6.1

Amazon.com, Inc.

3.8

Alphabet, Inc., Class A

3.1

Broadcom, Inc.

2.8

Alphabet, Inc., Class C

2.5

Meta Platforms, Inc., Class A

2.4

Tesla, Inc.

2.1

Berkshire Hathaway, Inc., Class B

1.5
(a)

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

(b)

Excludes short-term securities.

*

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

Material Master Portfolio changes

This is a summary of certain changes to the Master Portfolio since December 31, 2024.

Effective November 20, 2025, the Master Portfolio revised its principal investment policies to reflect that the Master Portfolio intends to be diversified in approximately the same proportion as the S&P 500 Index (the "Underlying Index") is diversified. The Master Portfolio may become "non-diversified," as defined in the Investment Company Act of 1940, as amended, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. Shareholder approval will not be sought if the Master Portfolio becomes "non-diversified" due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Underlying Index. Shareholder approval will not be sought if the Master Portfolio becomes "non-diversified" due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Underlying Index.

Additional information

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

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of

BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

S&P 500 Index Master Portfolio
Annual Shareholder Report - December 31, 2025
12/25-AR
(b)

Not Applicable.

Item 2:

Code of Ethics.

(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.

(b)

The registrant's code of ethics is reasonably designed as described in Item 2(b) of Form N-CSR.

(c)

During the period covered by the report no amendments were made to the provisions of this code of ethics.

(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.

(e)

Not Applicable.

(f)

The registrant has filed this code of ethics as an exhibit hereto pursuant to Item 19(a)(1) of Form N-CSR.

Item 3:

Audit Committee Financial Experts.

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-CSRdoes not (i) deem either of them an "expert" for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, (ii) impose upon either of them any duties, obligations, or liability that are greater than the duties, obligations and liability imposed upon them as a member of the registrant's audit committee or Board of Trustees in the absence of such designation; or (iii) affect the duties, obligations or liabilities of any other member of the registrant's audit committee or Board of Trustees.

Item 4:

Principal Accountant Fees and Services

Fiscal Year Ended 12/31
(in thousands)
 2025      2024   

(a)

Audit Fees $15 $14

(b)

Audit Related Fees(1)

 $0  $0

(c)

Tax Fees(2)  $5  $5

(d)

All Other Fees(3)  $0  $0
(1)

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-1Afiling of the funds comprising the registrant.

(2)

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.

(3)

All Other Fees represent service fees for analysis of potential Passive Foreign Investment Company and N-14merger items.

(e)(1)

Audit Committee Pre-ApprovalPolicies and Procedures. Generally, the registrant's Audit Committee must pre-approve(i) all audit and non-auditservices performed for the registrant by the independent accountant and (ii) all non-auditservices 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 pre-approvalauthority to one or more of its members. The member or members to whom such authority is delegated shall report any pre-approvaldecisions to the Audit Committee at its next scheduled meeting.

In accordance with the Procedures, the annual audit services engagement terms and fees for the registrant will be subject to the pre-approvalof the Audit Committee. In addition to the annual audit services engagement approved by the Audit Committee, the Audit Committee may grant pre-approvalfor 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 2-01of Regulation S-Xfor fiscal years ended 2025 and 2024 was zero.

(f)

Not Applicable.

(g)

Not Applicable.

(h)

The registrant's Audit Committee has considered whether the provision of non-auditservices 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-approvedpursuant to paragraph (c)(7)(ii) of Rule 2-01of Regulation S-Xis compatible with maintaining the principal accountant's independence.

(i)

Not Applicable.

(j)

Not Applicable.

Item 5:

Audit Committee of Listed Registrants.

(a)

Not Applicable.

(b)

Not Applicable.

Item 6:

Investments

(a)

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

(b)

Not Applicable to the registrant.

Item 7

Financial Statements and Financial Highlights for Open-EndManagement Investment Companies.

(a)
  
Transamerica Capital, LLC
TRANSAMERICA FUNDS
ANNUAL FINANCIAL STATEMENTS
(Includes N-CSR Items 7-11)
December 31, 2025
Transamerica Stock Index
Customer Service: 888-233-4339
1801 California St., Suite 5200 Denver, CO 80202
Distributor: Transamerica Capital, LLC
transamerica.com
Table of Contents
 
Item 7 - Financial Statements and Financial Highlights for Open-End Management Investment
Companies
1
Statementof Assets and Liabilities
2
Statementof Operations
2
Statementof Changes in Net Assets
3
Financial Highlights
4
Notes to Financial Statements
5
Report of Independent Registered Public Accounting Firm
11
Supplemental Information
12
Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment
Companies
13
Item 9 - Proxy Disclosures for Open-End Management Investment Companies
14
Item 10 - Remuneration Paid to Directors, Officers and Others of Open-End Management
Investment Companies
15
Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract
16
S&P 500 Index Master Portfolio AnnualReport
Appendix A
Authorized for distribution only when accompanied or preceded by a prospectus. Investors should carefully consider a Fund's investment goals, risks, charges and expenses before investing. The prospectus contains this and other information; please read it carefully before investing.
Transamerica Funds
Annual Financial Statements 2025
ITEM 7 - FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS
FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Page 1
Transamerica Stock Index
STATEMENT OF ASSETS AND LIABILITIES
At December 31, 2025
  
Assets:
Investment in Master Portfolio, at value
$190,584,753
Receivables and other assets:
Shares of beneficial interest sold
1,382
Due from investment manager
15,737
Due from Master Portfolio
15,843
Total assets
190,617,715
Liabilities:
Payables and other liabilities:
Shares of beneficial interest redeemed
17,225
Investment management fees
11,940
Distribution and service fees
73,084
Transfer agent fees
1,074
Trustee and CCO fees
99
Audit and tax fees
19,688
Custody and accounting fees
6,484
Legal fees
1,805
Printing and shareholder reports fees
7,764
Registration fees
828
Other accrued expenses
6,413
Total liabilities
146,404
Net assets
$190,471,311
Net assets consist of:
Paid-in capital
$(702,419,382
)
Total distributable earnings (accumulated losses)
892,890,693
Net assets
$190,471,311
Net assets by class:
Class R
$104,551,974
Class R4
85,919,337
Shares outstanding:
Class R
6,560,853
Class R4
5,397,290
Net asset value per share:
Class R
$15.94
Class R4
15.92
STATEMENT OF OPERATIONS
For the year ended December 31, 2025
  
Net investment income (loss) allocated from Master
Portfolio:
Dividend income
$3,539,987
Interest income
42,894
Net income from securities lending
7,768
Withholding taxes on foreign income
(19,590
)
Expenses
(30,183
)
Fees waived
2,716
Total investment income (loss)
3,543,592
Expenses:
Investment management fees
169,900
Distribution and service fees:
Class R
522,373
Class R4
446,732
Transfer agent fees:
Class R
1,618
Class R4
13,402
Trustee and CCO fees
12,726
Audit and tax fees
21,692
Custody and accounting fees
25,032
Legal fees
30,418
Printing and shareholder reports fees
47,699
Registration fees
44,782
Other
20,284
Total expenses before waiver and/or reimbursement and
recapture
1,356,658
Expenses waived and/or reimbursed:
Class R
(12,536
)
Class R4
(175,691
)
Recapture of previously waived and/or reimbursed fees:
Class R
12,536
Class R4
98
Net expenses
1,181,065
Net investment income (loss)
2,362,527
Net realized and change in unrealized gain (loss) on
investments allocated from Master Portfolio:
Net realized gain (loss)
16,922,909
Net change in unrealized appreciation (depreciation)
28,519,366
Net realized and change in unrealized gain (loss)
45,442,275
Net increase (decrease) in net assets resulting from
operations
$47,804,802
The Notes to Financial Statements are an integral part of this report.
Transamerica Funds
Annual Financial Statements 2025
Page 2
Transamerica Stock Index
STATEMENT OF CHANGES IN NET ASSETS
For the years ended:
  
December 31, 2025
December 31, 2024
From operations allocated from Master Portfolio:
Net investment income (loss)
$2,362,527
$3,121,216
Net realized gain (loss)
16,922,909
4,201,587
Net change in unrealized appreciation (depreciation)
28,519,366
68,005,467
Net increase (decrease) in net assets resulting from operations
47,804,802
75,328,270
Dividends and/or distributions to shareholders:
Class R
(30,952,836
)
(2,799,717
)
Class R4
(26,299,062
)
(4,764,956
)
Net increase (decrease) in net assets resulting from dividends and/or distributions to shareholders
(57,251,898
)
(7,564,673
)
Capital share transactions:
Proceeds from shares sold:
Class R
4,743,735
9,493,385
Class R4
20,158,377
22,267,980
24,902,112
31,761,365
Dividends and/or distributions reinvested:
Class R
30,952,836
2,799,717
Class R4
26,299,062
4,764,956
57,251,898
7,564,673
Cost of shares redeemed:
Class R
(27,927,740
)
(106,798,042
)
Class R4
(148,311,640
)
(35,028,967
)
(176,239,380
)
(141,827,009
)
Net increase (decrease) in net assets resulting from capital share transactions
(94,085,370
)
(102,500,971
)
Net increase (decrease) in net assets
(103,532,466
)
(34,737,374
)
Net assets:
Beginning of year
294,003,777
328,741,151
End of year
$190,471,311
$294,003,777
Capital share transactions - shares:
Shares issued:
Class R
248,447
527,058
Class R4
1,014,878
1,238,530
1,263,325
1,765,588
Shares reinvested:
Class R
1,938,122
146,663
Class R4
1,635,601
249,092
3,573,723
395,755
Shares redeemed:
Class R
(1,380,693
)
(5,684,083
)
Class R4
(6,736,766
)
(1,927,171
)
(8,117,459
)
(7,611,254
)
Net increase (decrease) in shares outstanding:
Class R
805,876
(5,010,362
)
Class R4
(4,086,287
)
(439,549
)
(3,280,411
)
(5,449,911
)
The Notes to Financial Statements are an integral part of this report.
Transamerica Funds
Annual Financial Statements 2025
Page 3
Transamerica Stock Index FINANCIAL HIGHLIGHTS
 
For a share outstanding during the years indicated:
Class R
December 31,
2025
December 31,
2024
December 31,
2023
December 31,
2022
December 31,
2021
Net asset value, beginning of year
$19.31
$15.89
$13.19
$17.23
$14.30
Investment operations: (A)
Net investment income (loss) (B)
0.12
0.13
0.15
0.14
0.13
Net realized and unrealized gain (loss)
3.16
3.71
3.18
(3.33
)
3.82
Total investment operations
3.28
3.84
3.33
(3.19
)
3.95
Dividends and/or distributions to shareholders:
Net investment income
(0.16
)
(0.14
)
(0.13
)
(0.14
)
(0.17
)
Net realized gains
(6.49
)
(0.28
)
(0.50
)
(0.71
)
(0.85
)
Total dividends and/or distributions to shareholders
(6.65
)
(0.42
)
(0.63
)
(0.85
)
(1.02
)
Net asset value, end of year
$15.94
$19.31
$15.89
$13.19
$17.23
Total return
17.12
%
24.24
%
25.44
%
(18.57
)%
27.84
%
Ratio and supplemental data:
Net assets end of year (000's)
$104,552
$111,100
$171,088
$147,069
$208,632
Expenses to average net assets (A)
Excluding waiver and/or reimbursement and recapture
0.64
%
0.62
%
0.63
%
0.63
%
0.61
%
Including waiver and/or reimbursement and recapture
0.64
%(C)
0.62
%
0.63
%(C)
0.63
%(C)
0.61
%
Net investment income (loss) to average net assets (A)
0.62
%
0.75
%
1.01
%
0.97
%
0.79
%
Portfolio turnover rate of Master Portfolio
14
%
9
%
10
%
13
%
6
%
 
(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
December 31,
2025
December 31,
2024
December 31,
2023
December 31,
2022
December 31,
2021
Net asset value, beginning of year
$19.29
$15.89
$13.18
$17.22
$14.30
Investment operations: (A)
Net investment income (loss) (B)
0.19
0.19
0.20
0.19
0.18
Net realized and unrealized gain (loss)
3.15
3.71
3.19
(3.33
)
3.81
Total investment operations
3.34
3.90
3.39
(3.14
)
3.99
Dividends and/or distributions to shareholders:
Net investment income
(0.22
)
(0.22
)
(0.18
)
(0.19
)
(0.22
)
Net realized gains
(6.49
)
(0.28
)
(0.50
)
(0.71
)
(0.85
)
Total dividends and/or distributions to shareholders
(6.71
)
(0.50
)
(0.68
)
(0.90
)
(1.07
)
Net asset value, end of year
$15.92
$19.29
$15.89
$13.18
$17.22
Total return
17.48
%
24.61
%
25.95
%
(18.35
)%
28.23
%
Ratio and supplemental data:
Net assets end of year (000's)
$85,919
$182,904
$157,653
$138,670
$162,195
Expenses to average net assets(A)
Excluding waiver and/or reimbursement and recapture
0.40
%
0.38
%
0.38
%
0.38
%
0.37
%
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 (A)
0.96
%
1.07
%
1.34
%
1.30
%
1.11
%
Portfolio turnover rate of Master Portfolio
14
%
9
%
10
%
13
%
6
%
 
(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.
Transamerica Funds
Annual Financial Statements 2025
Page 4
Transamerica Stock Index NOTES TO FINANCIAL STATEMENTS At December 31, 2025
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, 2025, (i) the expenses paid to State Street for sub-administration services by the Fund are shown as a part of Other expenses within the Statement of Operations and (ii) the expenses payable to State Street for sub-administration services from the Fund are shown as part of Other accrued expenses within the Statement of Assets and Liabilities.
2. SIGNIFICANT ACCOUNTING POLICIES
In preparing the Fund's financial statements in accordance with Generally Accepted Accounting Principles in the United States of America ("GAAP"), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures. The following is a summary of significant accounting policies followed by the Fund.
Investment valuation:The value of the Fund's investment in the Master Portfolio, reflected within the Statement of Assets and Liabilities, displays the Fund's proportional interest in the net assets of the Master Portfolio.
The valuation policy for the underlying securities held by the Master Portfolio is discussed in the Master Portfolio's Notes to Financial Statements, which accompany this report.
Security transactions and investment income:The Fund is allocated its proportional share of income and expenses on a daily basis from its investment in the Master Portfolio. All of the net investment income, as well as the realized and unrealized gains and losses from the security transactions of the Master Portfolio are allocated pro rata among the investors and recorded by the Fund on a daily basis.
Multiple class operations, income, and expenses:Income, non-class specific expenses, and realized and unrealized gains and losses are allocated to each class daily based upon net assets. Each class bears its own specific expenses in addition to the allocated non-class specific expenses.
Transamerica Funds
Annual Financial Statements 2025
Page 5
Transamerica Stock Index NOTES TO FINANCIAL STATEMENTS (continued) At December 31, 2025
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, 2025, the Fund has not utilized the program.
Line of credit:Effective December 31, 2024, certain portfolios and funds advised by TAM entered into a committed line of credit with an available amount of $50 million provided by State Street Bank and Trust Company. This line of credit is intended to provide a temporary source of cash in extraordinary or emergency circumstances, for example, in the case of unexpected shareholder redemption requests.
Interest is charged to the Fund based on the Fund's borrowing at a rate equal to 1.25% plus the higher of (1) the Effective Federal Funds Rate and (2) the Overnight Bank Funding Rate.
The Fund agreed to pay a portion of the upfront fee of 0.05% annually on the committed amount and a portion of the commitment fees of 0.20% per year on the unused portion of the line of credit during the preceding calendar quarter.
The Fund had no amounts outstanding as of December 31, 2025, or at any time during the year then ended.
4. RISK FACTORS
Investing in the Fund involves risks, including certain key risks summarized below. Please reference the Fund's summary prospectus and prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Fund.
Market risk:The market prices of the Fund's securities or other assets may go up or down, sometimes rapidly or unpredictably, due to factors such as economic events, inflation, changes in interest rates, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, market disruptions caused by tariffs, trade disputes, labor strikes, supply chain disruptions or other factors, political developments, civil unrest, acts of terrorism, armed conflicts, economic sanctions, countermeasures in response to sanctions, cybersecurity events, investor sentiment, the global and domestic effects of widespread or local health, weather or climate events, and other factors that may or may not be related to the issuer of the security or other asset. If the market prices of the Fund's securities and assets fall, the value of your investment in the Fund could go down.
Economies and financial markets throughout the world are increasingly interconnected. Events or circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may go down.
The long-term consequences to the U.S. economy of the continued expansion of U.S. government debt and deficits are not known. Also, raising the ceiling on U.S. government debt and periodic legislation to fund the government have become increasingly politicized. Any failure to do either could lead to a default on U.S. government obligations, with unpredictable consequences for the Fund's investments, and generally for economies and markets in the U.S. and elsewhere.
Passive strategy/index risk:The Fund is managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities, regardless of the current or projected performance of the index or of the actual securities comprising the index. This differs from an actively-managed fund, which typically seeks to outperform a benchmark index. As a result, the Fund's 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.
Transamerica Funds
Annual Financial Statements 2025
Page 6
Transamerica Stock Index NOTES TO FINANCIAL STATEMENTS (continued) At December 31, 2025
4. RISK FACTORS (continued)
Index fund risk:While the Fund seeks to track the performance of the S&P 500®Index (i.e., achieve a high degree of correlation with the index), the Fund's return may not match the return of the index. The Fund incurs a number of operating expenses not applicable to the index, and incurs costs in buying and selling securities. In addition, the Fund may not be fully invested at times, generally as a result of cash flows into or out of the Fund or reserves of cash held by the Fund to meet redemptions. The Fund may attempt to replicate the index return by investing in fewer than all of the securities in the index, or in some securities not included in the index, potentially increasing the risk of divergence between the Fund's return and that of the index.
Equity securities risk:Equity securities generally have greater risk of loss than debt securities. Stock markets are volatile and the value of equity securities may go up or down, sometimes rapidly and unpredictably. The market price of an equity security may fluctuate based on overall market conditions, such as real or perceived adverse economic or political conditions or trends, tariffs and trade disruptions, wars, social unrest, inflation, substantial economic downturn or recession, changes in interest rates, or adverse investor sentiment. The market price of an equity security also may fluctuate based on real or perceived factors affecting a particular industry or industries or the company itself. If the market prices of the equity securities owned by the Fund fall, the value of your investment in the Fund will decline. The Fund may lose its entire investment in the equity securities of an issuer. A change in financial condition or other event affecting a single issuer may adversely impact securities markets as a whole.
Large capitalization companies risk:The Fund's investments in larger, more established companies may underperform other segments of the market because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of economic expansion.
Non-diversification risk: To the extent the underlying Master Portfolio becomes "non-diversified" for periods of time solely as a result of tracking its index, the Fund will have a larger percentage of its assets exposed to a smaller number of issuers than a diversified fund. Investing in a smaller number of issuers will make the Fund more susceptible to the risks associated with investing in those issuers.
Management risk:The value of your investment may go down if the investment manager's or sub-adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment manager or sub-adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment manager's or sub-adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.
5. FEES AND OTHER AFFILIATED TRANSACTIONS
TAM, the Fund's investment manager, is directly owned by Transamerica Life Insurance Company ("TLIC") and AUSA Holding, LLC ("AUSA"), both of which are indirect, wholly owned subsidiaries of Aegon Ltd. TLIC is owned by Commonwealth General Corporation ("Commonwealth"). Commonwealth and AUSA are wholly owned by Transamerica Corporation (DE). Transamerica Corporation (DE) is wholly owned by Aegon International B.V., which is wholly owned by Aegon Ltd., a Bermuda exempted company with liability limited by shares (formerly, Aegon NV, a Netherlands corporation) and a publicly traded international insurance group.
Transamerica Fund Services, Inc. ("TFS") is the Fund's transfer agent. Transamerica Capital, LLC ("TCL") (formerly, Transamerica Capital, Inc.) is the Fund's distributor/principal underwriter. TAM, TFS and TCL are affiliates of Aegon Ltd.
Certain officers and trustees of the Fund may also be officers and/or trustees of TAM, TFS and TCL. No interested trustee who is deemed an interested person due to current or former service with TAM or an affiliate of TAM receives compensation from the Fund. The Fund does pay non-interested persons (independent trustees), as disclosed in Trustee and CCO fees within the Statement of Operations.
As of December 31, 2025, the percentage of the Fund's interest in the Master Portfolio, including any open receivable or payable, is 0.35%.

As of December 31, 2025, the investment manager and/or other affiliated investment accounts held balances in the Fund as follows: 
Account Balance
Percentage of Net
Assets
$173,557,459
91.12
% 
Transamerica Funds
Annual Financial Statements 2025
Page 7
Transamerica Stock Index NOTES TO FINANCIAL STATEMENTS (continued) At December 31, 2025
5. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)
Investment management fees:TAM serves as the Fund's investment manager, performing administration as well as investment advisory services. TAM renders investment advisory, supervisory, and administration services under an investment management agreement in connection with these services. The Fund has a contractual management fee payable to TAM at an annual rate of 0.07% of daily average net assets.
Additionally, the Fund incurs its allocated share of the advisory fees based on the interest owned in the corresponding Master Portfolio. The advisory fees are accrued daily and payable monthly at an annual rate of 0.01% of the Master Portfolio's daily net assets. The investment advisory fees allocated from the Master Portfolio are included within the Statement of Operations within net investment income (loss) allocated from the Master Portfolio, in Expenses.
The Fund pays a management fee to TAM at an effective rate of 0.06% of the Fund's average daily net assets (which is net of a voluntary waiver by TAM equal to the Master Portfolio advisory fee allocated to the Fund of 0.01%).
The management fees are reflected in Investment management fees within the Statement of Operations.
TAM has contractually agreed to waive fees and/or reimburse Fund expenses to the extent that the total operating expenses excluding, as applicable, acquired fund fees and expenses, interest, taxes, brokerage commissions, dividend and interest expenses on securities sold short, extraordinary expenses and other expenses not incurred in the ordinary course of the Fund's business, exceed the following stated annual operating expense limits to the Fund's daily average net assets. To the extent an expense limit changed during the period, the prior limit is also listed below. The expenses waived and/or reimbursed, if any, are included in Expenses waived and/or reimbursed within the Statement of Operations. 
Class
Operating
Expense Limit
Operating
Expense Limit
Effective Through
Class R
0.65
% 
May 1, 2026
Class R4
0.30
May 1, 2026
TAM is permitted to recapture amounts contractually waived and/or reimbursed to a class during any of the 36 months from the date on which TAM waived fees and/or reimbursed expenses for the class. A class may recapture and reimburse TAM only if such amount does not cause, on any particular business day of the Fund, the class's total annual operating expenses (after the recapture is taken into account) to exceed the Operating Expense Limits or any other lower limit then in effect. Amounts recaptured, if any, by TAM for the year ended December 31, 2025, are disclosed in Recapture of previously waived and/or reimbursed fees within the Statement of Operations.
TAM, on a voluntary basis and in addition to the contractual operating expense limits in effect, from time to time may waive and/or reimburse expenses of the Fund, or any classes thereof, to such level(s) as the Trust's officers have determined or may reasonably determine from time to time. Any such voluntary waiver or expense reimbursement may be discontinued by TAM at any time. These amounts are not subject to recapture by TAM.
For the 36-month period ended December 31, 2025, the balances available for recapture by TAM for the Fund are as follows: 
Amounts Available
2023
2024
2025
Total
Class R4
$127,509
$142,761
$175,691
$445,961
Distribution and service fees:The Trust has a distribution plan ("Distribution Plan") pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Distribution Plan, the Trust entered into a distribution agreement with TCL as the Fund's distributor.
The Distribution Plan requires the Fund to pay distribution fees to TCL as compensation for various distribution activities, not as reimbursement for specific expenses. Under the Distribution Plan and distribution agreement, TCL, on behalf of the Fund, is authorized to 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.
Transamerica Funds
Annual Financial Statements 2025
Page 8
Transamerica Stock Index NOTES TO FINANCIAL STATEMENTS (continued) At December 31, 2025
5. FEES AND OTHER AFFILIATED TRANSACTIONS (continued)
The Fund is authorized under the Distribution Plan to pay fees to TCL based on daily average net assets of each class up to the following annual rates: 
Class
Rate
Class R
0.50
% 
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, 2025, transfer agent fees paid and the amounts due to TFS are as follows: 
Fees Paid to TFS
Fees Due to TFS
$13,429
$795
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 and a portion of the payments made to redeeming shareholders as a distribution for income tax purposes. 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: 
Paid-in Capital
Total Distributable Earnings
$(76,533,771
)
$76,533,771
As of December 31, 2025, the approximate cost for U.S. federal income tax purposes and the aggregate gross/net unrealized appreciation (depreciation) in the value of investments (including securities sold short and derivatives, if any) are as follows: 
Cost
Gross
Appreciation
Gross
(Depreciation)
Net Appreciation
(Depreciation)
$-
$190,584,753
$-
$190,584,753
As of December 31, 2025, the Fund had no capital loss carryforwards available to offset future realized capital gains. During the year ended December 31, 2025, the Fund did not utilize any capital loss carryforwards.
Transamerica Funds
Annual Financial Statements 2025
Page 9
Transamerica Stock Index NOTES TO FINANCIAL STATEMENTS (continued) At December 31, 2025
6. FEDERAL INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS (continued)
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 2025 and 2024 are as follows: 
2025 Distributions Paid From:
2024 Distributions Paid From:
Ordinary
Income
Tax Exempt
Income
Long-Term
Capital Gain
Return of
Capital
Ordinary
Income
Tax Exempt
Income
Long-Term
Capital Gain
Return of
Capital
$11,251,723
$-
$46,000,175
$-
$6,709,224
$-
$855,449
$-
As of December 31, 2025, the tax basis components of distributable earnings are as follows: 
Undistributed
Ordinary Income
Undistributed
Tax Exempt
Income
Undistributed
Long-Term
Capital Gain
Capital Loss
Carryforwards
Late Year
Ordinary Loss
Deferred
Other
Temporary
Differences(A)
Net Unrealized
Appreciation
(Depreciation)
$578,257
$-
$77,857,225
$-
$-
$623,870,458
$190,584,753
 
 (A)
This is the result of cumulative change in unrealized gains not offset to paid in capital and is not distributable gains to shareholders of the Fund.
7. OPERATING SEGMENTS
An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The executive management committee of TAM acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy. The financial information in the form of the Fund's investments, total returns, expense ratios and changes in net assets (i.e., net increase (decrease) in net assets resulting from operations and net increase (decrease) in net assets resulting from capital share transactions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Detailed financial information for the Fund is reflected within the accompanying financial statements with segment assets shown on the accompanying Statement of Assets and Liabilities as "Total assets," results of operations and significant segment expenses are listed on the accompanying Statement of Operations, and other information about the segment's performance, including total return, portfolio turnover and expense ratios within the Financial Highlights.
Transamerica Funds
Annual Financial Statements 2025
Page 10
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 series constituting Transamerica Funds (the "Trust")) as of December 31, 2025, 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 series constituting Transamerica Funds) at December 31, 2025, 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, 2025, 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.   
We have served as the auditor of one or more Transamerica investment companies since 1995.
Boston, Massachusetts
February 25, 2026
Transamerica Funds
Annual Financial Statements 2025
Page 11
SUPPLEMENTAL TAX INFORMATION
(unaudited)
For corporate shareholders, 33% of investment income (dividend income plus short-term gains, if any) qualifies for the dividends received deductions.
For tax purposes, the Fund has made a long-term capital gain designation of $46,000,175 for the year ended December 31, 2025.
Transamerica Funds
Annual Financial Statements 2025
Page 12
Transamerica Stock Index 
ITEM 8 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
(unaudited)
There were no changes in or disagreements with accountants during the period covered by this report.
Transamerica Funds
Annual Financial Statements 2025
Page 13
Transamerica Stock Index 
ITEM 9 - PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
(unaudited)
There were no proxy disclosures for the period covered by this report.
Transamerica Funds
Annual Financial Statements 2025
Page 14
Transamerica Stock Index 
ITEM 10 - REMUNERATION PAID TO DIRECTORS, OFFICERS AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES
(unaudited)
Remuneration paid to Trustees, Officers and Others of Open-End Investment Companies is included within the Statement of Operations filed under 7(a) of this form.
Transamerica Funds
Annual Financial Statements 2025
Page 15
Transamerica Stock Index 
ITEM 11 - STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT
(unaudited)
There were no additional Approvals of Investment Advisory Contracts since those disclosed in the June 30, 2025 Semi-Annual Financial Statements.
Transamerica Funds
Annual Financial Statements 2025
Page 16
Appendix A
S&P 500 Index Master Portfolio

Schedule of Investments

December 31, 2025

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

Security Shares Value
Common Stocks

Aerospace & Defense - 2.2%

Axon Enterprise, Inc.(a)(b)

71,291 $ 40,488,298

Boeing Co.(a)

714,398 155,110,094

General Dynamics Corp.

232,131 78,149,222

General Electric Co.

963,697 296,847,587

Howmet Aerospace, Inc.

367,331 75,310,201

Huntington Ingalls Industries, Inc.

36,487 12,408,134

L3Harris Technologies, Inc.

169,665 49,808,554

Lockheed Martin Corp.

186,040 89,981,967

Northrop Grumman Corp.

122,568 69,889,499

RTX Corp.

1,224,953 224,656,380

Textron, Inc.

163,640 14,264,499

TransDigm Group, Inc.

51,909 69,031,184
 1,175,945,619
Air Freight & Logistics - 0.3%

CH Robinson Worldwide, Inc.

108,788 17,488,759

Expeditors International of Washington, Inc.(b)

119,616 17,823,980

FedEx Corp.

198,921 57,460,320

United Parcel Service, Inc., Class B

671,630 66,618,980
159,392,039
Automobile Components - 0.0%

Aptiv PLC(a)

201,151 15,305,580
Automobiles - 2.4%

Ford Motor Co.

3,612,415 47,394,885

General Motors Co.

852,279 69,307,328

Tesla, Inc.(a)

2,567,214 1,154,527,480
1,271,229,693
Banks - 3.6%

Bank of America Corp.

6,137,956 337,587,580

Citigroup, Inc.

1,634,737 190,757,460

Citizens Financial Group, Inc.

397,412 23,212,835

Fifth Third Bancorp

597,646 27,975,809

Huntington Bancshares, Inc.

1,457,655 25,290,314

JPMorgan Chase & Co.

2,487,107 801,395,618

KeyCorp

851,967 17,584,599

M&T Bank Corp.

137,646 27,732,916

PNC Financial Services Group, Inc.

358,283 74,784,411

Regions Financial Corp.

795,973 21,570,868

Truist Financial Corp.

1,179,752 58,055,596

U.S. Bancorp

1,420,159 75,779,684

Wells Fargo & Co.

2,867,924 267,290,517
1,949,018,207
Beverages - 1.0%

Brown-Forman Corp., Class B

171,896 4,479,610

Coca-Cola Co.

3,537,024 247,273,348

Constellation Brands, Inc., Class A

130,510 18,005,160

Keurig Dr. Pepper, Inc.

1,243,512 34,830,771

Molson Coors Beverage Co., Class B

161,542 7,540,781

Monster Beverage Corp.(a)

646,596 49,574,515

PepsiCo, Inc.

1,249,226 179,288,915
540,993,100
Biotechnology - 1.7%

AbbVie, Inc.

1,614,715 368,946,230

Amgen, Inc.

491,966 161,025,391

Biogen, Inc.(a)

134,491 23,669,071

Gilead Sciences, Inc.

1,132,142 138,959,109
Security Shares Value
Biotechnology (continued)

Incyte Corp.(a)

148,392 $ 14,656,678

Moderna, Inc.(a)

316,532 9,334,529

Regeneron Pharmaceuticals, Inc.

92,076 71,070,702

Vertex Pharmaceuticals, Inc.(a)

231,802 105,089,755
 892,751,465
Broadline Retail - 3.9%

Amazon.com, Inc.(a)

8,887,763 2,051,473,456

eBay, Inc.

410,106 35,720,232
2,087,193,688
Building Products - 0.4%

A O Smith Corp.

105,329 7,044,403

Allegion PLC

80,857 12,874,051

Builders FirstSource, Inc.(a)

101,737 10,467,720

Carrier Global Corp.

713,839 37,719,253

Johnson Controls International PLC

558,345 66,861,814

Lennox International, Inc.

29,620 14,382,880

Masco Corp.

193,016 12,248,795

Trane Technologies PLC

202,585 78,846,082
240,444,998
Capital Markets - 3.4%

Ameriprise Financial, Inc.

86,026 42,181,989

Ares Management Corp., Class A

189,412 30,614,662

Bank of New York Mellon Corp.

637,111 73,962,216

BlackRock, Inc.(c)

131,642 140,901,698

Blackstone, Inc., Class A

674,662 103,992,401

Cboe Global Markets, Inc.

96,312 24,174,312

Charles Schwab Corp.

1,526,035 152,466,157

CME Group, Inc., Class A

327,954 89,557,678

Coinbase Global, Inc., Class A(a)

209,758 47,434,674

FactSet Research Systems, Inc.

34,333 9,963,093

Franklin Resources, Inc.

275,817 6,589,268

Goldman Sachs Group, Inc.

274,021 240,864,459

Interactive Brokers Group, Inc., Class A

402,295 25,871,591

Intercontinental Exchange, Inc.

520,926 84,369,175

Invesco Ltd.

420,219 11,039,153

KKR & Co., Inc., Class A

627,054 79,936,844

Moody's Corp.

140,171 71,606,355

Morgan Stanley

1,103,536 195,910,746

MSCI, Inc., Class A

68,649 39,385,991

Nasdaq, Inc.

414,627 40,272,720

Northern Trust Corp.

172,978 23,627,065

Raymond James Financial, Inc.

160,866 25,833,471

Robinhood Markets, Inc., Class A(a)

717,376 81,135,226

S&P Global, Inc.

283,222 148,008,985

State Street Corp.

255,184 32,921,288

T. Rowe Price Group, Inc.

194,073 19,869,194
1,842,490,411
Chemicals - 1.0%

Air Products and Chemicals, Inc.

204,384 50,486,936

Albemarle Corp.

108,311 15,319,508

CF Industries Holdings, Inc.

136,176 10,531,852

Corteva, Inc.

617,361 41,381,708

Dow, Inc.

659,194 15,411,956

DuPont de Nemours, Inc.

386,723 15,546,264

Ecolab, Inc.

232,511 61,038,788

International Flavors & Fragrances, Inc.

235,123 15,844,939

Linde PLC

426,613 181,903,517

LyondellBasell Industries NV, Class A

240,310 10,405,423

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 (continued)

December 31, 2025

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

Security Shares Value
Chemicals (continued)

Mosaic Co.

295,160 $ 7,110,404

PPG Industries, Inc.

208,203 21,332,479

Sherwin-Williams Co.

212,079 68,719,958
  515,033,732
Commercial Services & Supplies - 0.4%

Cintas Corp.

309,764 58,257,316

Copart, Inc.(a)

806,763 31,584,772

Republic Services, Inc.

186,609 39,548,045

Rollins, Inc.

257,202 15,437,264

Veralto Corp.

230,462 22,995,498

Waste Management, Inc.

338,621 74,398,420
242,221,315
Communications Equipment - 0.9%

Arista Networks, Inc.(a)

947,016 124,087,506

Cisco Systems, Inc.

3,600,317 277,332,419

F5, Inc.(a)

52,820 13,482,833

Motorola Solutions, Inc.

151,507 58,075,663
472,978,421
Construction & Engineering - 0.2%

Comfort Systems USA, Inc.

32,153 30,008,073

EMCOR Group, Inc.

40,918 25,033,223

Quanta Services, Inc.

136,173 57,473,177
112,514,473
Construction Materials - 0.3%

CRH PLC

612,372 76,424,026

Martin Marietta Materials, Inc.

55,520 34,570,083

Vulcan Materials Co.

121,949 34,782,294
145,776,403
Consumer Finance - 0.6%

American Express Co.

490,891 181,605,125

Capital One Financial Corp.

580,818 140,767,051

Synchrony Financial

324,626 27,083,547
349,455,723
Consumer Staples Distribution & Retail - 1.8%

Costco Wholesale Corp.

404,896 349,158,017

Dollar General Corp.

201,488 26,751,562

Dollar Tree, Inc.(a)

175,980 21,647,300

Kroger Co.

547,798 34,226,419

Sysco Corp.

433,683 31,958,100

Target Corp.

419,689 41,024,600

Walmart, Inc.

4,006,277 446,339,320
951,105,318
Containers & Packaging - 0.2%

Amcor PLC

2,084,304 17,383,095

Avery Dennison Corp.

72,987 13,274,876

Ball Corp.

236,150 12,508,865

International Paper Co.

486,245 19,153,191

Packaging Corp. of America

81,722 16,853,528

Smurfit WestRock PLC

486,648 18,818,678
97,992,233
Distributors - 0.0%

Genuine Parts Co.

127,142 15,633,381

Pool Corp.

30,019 6,866,846
22,500,227
Security Shares Value
Diversified Telecommunication Services - 0.6%

AT&T, Inc.

6,477,048 $ 160,889,872

Verizon Communications, Inc.

3,852,201 156,900,147
317,790,019
Electric Utilities - 1.5%

Alliant Energy Corp.

237,994 15,471,990

American Electric Power Co., Inc.

491,693 56,697,120

Constellation Energy Corp.

285,314 100,792,877

Duke Energy Corp.

715,056 83,811,714

Edison International

354,532 21,279,011

Entergy Corp.

407,732 37,686,669

Evergy, Inc.

211,153 15,306,481

Eversource Energy

337,491 22,723,269

Exelon Corp.

932,811 40,661,231

FirstEnergy Corp.

478,825 21,436,995

NextEra Energy, Inc.

1,895,565 152,175,958

NRG Energy, Inc.

173,623 27,647,726

PG&E Corp.

2,028,414 32,596,613

Pinnacle West Capital Corp.

110,533 9,804,277

PPL Corp.

681,022 23,849,390

Southern Co.

1,005,989 87,722,241

Xcel Energy, Inc.

533,796 39,426,173
 789,089,735
Electrical Equipment - 0.8%

AMETEK, Inc.

211,744 43,473,161

Eaton Corp. PLC

354,499 112,911,476

Emerson Electric Co.

513,271 68,121,327

GE Vernova, Inc.

247,883 162,008,892

Generac Holdings, Inc.(a)

54,235 7,396,027

Hubbell, Inc.

49,639 22,045,176

Rockwell Automation, Inc.

101,965 39,671,523
455,627,582
Electronic Equipment, Instruments & Components - 0.7%

Amphenol Corp., Class A

1,115,148 150,701,101

CDW Corp./DE

121,738 16,580,716

Corning, Inc.

710,234 62,188,089

Jabil, Inc.

99,325 22,648,087

Keysight Technologies, Inc.(a)

158,813 32,269,213

TE Connectivity PLC

267,508 60,860,745

Teledyne Technologies, Inc.(a)(b)

43,733 22,335,755

Zebra Technologies Corp., Class A(a)

47,132 11,444,592
379,028,298
Energy Equipment & Services - 0.2%

Baker Hughes Co., Class A

909,150 41,402,691

Halliburton Co.

759,108 21,452,392

SLB Ltd.

1,360,898 52,231,265
115,086,348
Entertainment - 1.4%

Electronic Arts, Inc.

205,636 42,017,604

Live Nation Entertainment, Inc.(a)

145,018 20,665,065

Netflix, Inc.(a)

3,871,294 362,972,526

Take-TwoInteractive Software, Inc.(a)

160,724 41,150,166

TKO Group Holdings, Inc., Class A

62,222 13,004,398

Walt Disney Co.

1,631,072 185,567,061

Warner Bros Discovery, Inc., Class A(a)

2,268,883 65,389,208
730,766,028
Financial Services - 3.8%

Apollo Global Management, Inc.

426,507 61,741,153

Berkshire Hathaway, Inc., Class B(a)

1,675,333 842,106,132

Block, Inc., Class A(a)

496,536 32,319,528
2

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

Schedule of Investments (continued)

December 31, 2025

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

Security Shares Value
Financial Services (continued)

Corpay, Inc.(a)

65,175 $ 19,613,113

Fidelity National Information Services, Inc.

468,824 31,158,043

Fiserv, Inc.(a)

489,803 32,900,067

Global Payments, Inc.

211,962 16,405,859

Jack Henry & Associates, Inc.

65,638 11,977,622

Mastercard, Inc., Class A

749,128 427,662,193

PayPal Holdings, Inc.

854,828 49,904,859

Visa, Inc., Class A

1,541,849 540,741,863
 2,066,530,432
Food Products - 0.4%

Archer-Daniels-Midland Co.

439,711 25,278,985

Bunge Global SA

120,893 10,769,148

Conagra Brands, Inc.

428,805 7,422,615

General Mills, Inc.

483,356 22,476,054

Hershey Co.

137,089 24,947,456

Hormel Foods Corp.

265,222 6,285,761

J.M. Smucker Co.

96,634 9,451,772

Kraft Heinz Co.

758,265 18,387,926

Lamb Weston Holdings, Inc.

132,939 5,568,815

McCormick & Co., Inc.

233,198 15,883,116

Mondelez International, Inc., Class A

1,178,894 63,459,864

The Campbell's Co.

184,501 5,142,043

Tyson Foods, Inc., Class A

249,587 14,630,790
229,704,345
Gas Utilities - 0.0%

Atmos Energy Corp.

145,768 24,435,090
Ground Transportation - 0.8%

CSX Corp.

1,699,143 61,593,934

JB Hunt Transport Services, Inc.

71,067 13,811,161

Norfolk Southern Corp.

205,268 59,264,977

Old Dominion Freight Line, Inc.

170,546 26,741,613

Uber Technologies, Inc.(a)

1,898,343 155,113,606

Union Pacific Corp.

540,526 125,034,474
441,559,765
Health Care Equipment & Supplies - 2.0%

Abbott Laboratories

1,588,665 199,043,838

Align Technology, Inc.(a)

58,222 9,091,365

Baxter International, Inc.

484,238 9,253,788

Becton Dickinson & Co.

264,380 51,308,227

Boston Scientific Corp.(a)

1,350,485 128,768,745

Cooper Cos., Inc.(a)

182,897 14,990,238

Dexcom, Inc.(a)

362,174 24,037,488

Edwards Lifesciences Corp.(a)

528,879 45,086,935

GE HealthCare Technologies, Inc.(a)

421,182 34,545,348

Hologic, Inc.(a)

204,261 15,215,402

IDEXX Laboratories, Inc.(a)

72,624 49,132,315

Insulet Corp.(a)

64,441 18,316,710

Intuitive Surgical, Inc.(a)

323,874 183,429,279

Medtronic PLC

1,177,338 113,095,088

ResMed, Inc.

130,853 31,518,562

Solventum Corp.(a)

131,883 10,450,409

STERIS PLC

91,043 23,081,221

Stryker Corp.

315,875 111,020,586

Zimmer Biomet Holdings, Inc.

182,436 16,404,645
1,087,790,189
Health Care Providers & Services - 1.6%

Cardinal Health, Inc.

214,714 44,123,727

Cencora, Inc.

177,524 59,958,731

Centene Corp.(a)

426,493 17,550,187
Security Shares Value
Health Care Providers & Services (continued)

Cigna Group

243,570 $ 67,037,771

CVS Health Corp.

1,164,783 92,437,179

DaVita, Inc.(a)

30,788 3,497,825

Elevance Health, Inc.

203,042 71,176,373

HCA Healthcare, Inc.

145,937 68,132,148

Henry Schein, Inc.(a)

94,222 7,121,299

Humana, Inc.

110,981 28,425,563

Labcorp Holdings, Inc.

76,981 19,312,993

McKesson Corp.

112,765 92,500,002

Molina Healthcare, Inc.(a)

44,622 7,743,702

Quest Diagnostics, Inc.

102,406 17,770,513

UnitedHealth Group, Inc.

827,591 273,196,065

Universal Health Services, Inc., Class B

47,889 10,440,760
880,424,838
Health Care REITs - 0.3%

Alexandria Real Estate Equities, Inc.

143,991 7,046,920

Healthpeak Properties, Inc.

628,417 10,104,945

Ventas, Inc.

417,414 32,299,495

Welltower, Inc.

614,741 114,102,077
163,553,437
Hotel & Resort REITs - 0.0%

Host Hotels & Resorts, Inc.

570,462 10,114,291
Hotels, Restaurants & Leisure - 1.8%

Airbnb, Inc., Class A(a)

388,556 52,734,820

Booking Holdings, Inc.

29,450 157,714,469

Carnival Corp.(a)

971,892 29,681,582

Chipotle Mexican Grill, Inc.(a)

1,208,057 44,698,109

Darden Restaurants, Inc.

107,582 19,797,240

Domino's Pizza, Inc.

28,550 11,900,211

DoorDash, Inc., Class A(a)

343,107 77,706,873

Expedia Group, Inc.

107,074 30,335,135

Hilton Worldwide Holdings, Inc.

212,357 60,999,548

Las Vegas Sands Corp.

282,357 18,378,617

Marriott International, Inc., Class A

203,492 63,131,358

McDonald's Corp.

650,637 198,854,186

MGM Resorts International(a)(b)

184,318 6,725,764

Norwegian Cruise Line Holdings Ltd.(a)

409,414 9,138,121

Royal Caribbean Cruises Ltd.

230,375 64,256,195

Starbucks Corp.

1,038,692 87,468,253

Wynn Resorts Ltd.

73,056 8,790,828

Yum! Brands, Inc.

255,961 38,721,780
 981,033,089
Household Durables - 0.2%

D.R. Horton, Inc.

247,192 35,603,064

Garmin Ltd.

151,657 30,763,622

Lennar Corp., Class A

193,432 19,884,810

NVR, Inc.(a)

2,602 18,975,788

PulteGroup, Inc.

177,820 20,851,173
126,078,457
Household Products - 0.8%

Church & Dwight Co., Inc.

212,419 17,811,333

Clorox Co.

114,557 11,550,782

Colgate-Palmolive Co.

735,691 58,134,303

Kimberly-Clark Corp.

306,850 30,958,097

Procter & Gamble Co.

2,134,882 305,949,939
424,404,454

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 (continued)

December 31, 2025

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

Security Shares Value
Independent Power and Renewable Electricity Producers - 0.1%

AES Corp.

654,933 $ 9,391,739

Vistra Corp.

290,344 46,841,198
56,232,937
Industrial Conglomerates - 0.4%

3M Co.

485,337 77,702,454

Honeywell International, Inc.

583,078 113,752,687
191,455,141
Industrial REITs - 0.2%

Prologis, Inc.

851,820 108,743,341
Insurance - 1.8%

Aflac, Inc.

430,542 47,475,866

Allstate Corp.

239,077 49,763,878

American International Group, Inc.

492,967 42,173,327

Aon PLC, Class A

195,620 69,030,386

Arch Capital Group Ltd.(a)

329,905 31,644,488

Arthur J Gallagher & Co.

236,297 61,151,301

Assurant, Inc.

45,724 11,012,625

Brown & Brown, Inc.

271,576 21,644,607

Chubb Ltd.

334,386 104,368,558

Cincinnati Financial Corp.

142,568 23,284,206

Erie Indemnity Co., Class A

22,524 6,456,505

Everest Group Ltd.

39,262 13,323,560

Globe Life, Inc.

69,712 9,749,920

Hartford Insurance Group, Inc.

254,580 35,081,124

Loews Corp.

159,174 16,762,614

Marsh & McLennan Cos., Inc.

447,591 83,037,082

MetLife, Inc.

505,659 39,916,721

Principal Financial Group, Inc.

178,649 15,758,628

Progressive Corp.

534,052 121,614,321

Prudential Financial, Inc.

317,015 35,784,653

Travelers Cos., Inc.

202,423 58,714,815

W.R. Berkley Corp.

277,622 19,466,855

Willis Towers Watson PLC

87,478 28,745,271
945,961,311
Interactive Media & Services - 8.0%

Alphabet, Inc., Class A

5,315,429 1,663,729,277

Alphabet, Inc., Class C

4,248,342 1,333,129,720

Match Group, Inc.

205,659 6,640,729

Meta Platforms, Inc., Class A

1,989,758 1,313,419,358
 4,316,919,084
IT Services - 0.9%

Accenture PLC, Class A

566,570 152,010,731

Akamai Technologies, Inc.(a)

127,054 11,085,462

Cognizant Technology Solutions Corp., Class A

444,358 36,881,714

EPAM Systems, Inc.(a)

52,558 10,768,083

Gartner, Inc.(a)

65,851 16,612,890

GoDaddy, Inc., Class A(a)

123,327 15,302,414

International Business Machines Corp.

853,991 252,960,674

VeriSign, Inc.

74,670 18,141,077
513,763,045
Leisure Products - 0.0%

Hasbro, Inc.

122,350 10,032,700
Life Sciences Tools & Services - 0.9%

Agilent Technologies, Inc.

255,252 34,732,140

Bio-TechneCorp.(b)

141,448 8,318,557

Charles River Laboratories International, Inc.(a)

45,617 9,099,679

Danaher Corp.

574,347 131,479,515

IQVIA Holdings, Inc.(a)

157,731 35,554,145
Security Shares Value
Life Sciences Tools & Services (continued)

Mettler-Toledo International, Inc.(a)

18,522 $ 25,823,187

Revvity, Inc.

107,107 10,362,602

Thermo Fisher Scientific, Inc.

343,254 198,898,531

Waters Corp.(a)

55,028 20,901,285

West Pharmaceutical Services, Inc.

66,235 18,223,898
493,393,539
Machinery - 1.6%

Caterpillar, Inc.

427,555 244,933,433

Cummins, Inc.

125,650 64,138,043

Deere & Co.

229,063 106,644,861

Dover Corp.

126,158 24,631,088

Fortive Corp.

290,176 16,020,617

IDEX Corp.

68,305 12,154,192

Illinois Tool Works, Inc.

241,187 59,404,358

Ingersoll Rand, Inc.(b)

330,610 26,190,924

Nordson Corp.

49,068 11,797,419

Otis Worldwide Corp.

351,718 30,722,567

PACCAR, Inc.

483,040 52,897,710

Parker-Hannifin Corp.

115,287 101,332,662

Pentair PLC

150,906 15,715,351

Snap-on,Inc.

48,128 16,584,909

Stanley Black & Decker, Inc.

142,291 10,569,375

Westinghouse Air Brake Technologies Corp.

157,421 33,601,512

Xylem, Inc.

224,816 30,615,443
857,954,464
Media - 0.4%

Charter Communications, Inc., Class A(a)

80,397 16,782,874

Comcast Corp., Class A

3,320,499 99,249,715

Fox Corp., Class A

196,747 14,376,303

Fox Corp., Class B

127,857 8,301,755

News Corp., Class A

352,059 9,195,781

News Corp., Class B(b)

99,007 2,933,578

Omnicom Group, Inc.

295,801 23,885,931

Paramount Skydance Corp., Class B

287,123 3,847,448

Trade Desk, Inc., Class A(a)

410,022 15,564,435
194,137,820
Metals & Mining - 0.4%

Freeport-McMoRan, Inc.

1,318,925 66,988,201

Newmont Corp.

996,997 99,550,150

Nucor Corp.

205,917 33,587,122

Steel Dynamics, Inc.

126,338 21,407,974
221,533,447
Multi-Utilities - 0.6%

Ameren Corp.

247,902 24,755,494

CenterPoint Energy, Inc.

603,809 23,150,037

CMS Energy Corp.

273,405 19,119,212

Consolidated Edison, Inc.

329,364 32,712,433

Dominion Energy, Inc.

789,781 46,273,269

DTE Energy Co.

193,135 24,910,552

NiSource, Inc.

429,563 17,938,551

Public Service Enterprise Group, Inc.

450,448 36,170,974

Sempra

590,969 52,176,653

WEC Energy Group, Inc.

293,390 30,940,909
308,148,084
Office REITs - 0.0%

BXP, Inc.

134,395 9,068,975
Oil, Gas & Consumable Fuels - 2.6%

APA Corp.

324,572 7,939,031

Chevron Corp.

1,729,214  263,549,506
4

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

Schedule of Investments (continued)

December 31, 2025

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

Security Shares Value
Oil, Gas & Consumable Fuels (continued)

ConocoPhillips

1,128,974 $ 105,683,256

Coterra Energy, Inc.

705,210 18,561,127

Devon Energy Corp.

573,615 21,011,517

Diamondback Energy, Inc.

172,285 25,899,604

EOG Resources, Inc.

492,416 51,708,604

EQT Corp.

578,429 31,003,794

Expand Energy Corp.

220,734 24,360,204

Exxon Mobil Corp.

3,852,878 463,655,339

Kinder Morgan, Inc.

1,783,298 49,022,862

Marathon Petroleum Corp.

277,804 45,179,265

Occidental Petroleum Corp.

645,906 26,559,655

ONEOK, Inc.

576,231 42,352,978

Phillips 66

367,995 47,486,075

Targa Resources Corp.

193,151 35,636,360

Texas Pacific Land Corp.(b)

51,045 14,661,145

Valero Energy Corp.

278,663 45,363,550

Williams Cos., Inc.

1,123,019 67,504,672
1,387,138,544
Passenger Airlines - 0.2%

Delta Air Lines, Inc.

589,546 40,914,492

Southwest Airlines Co.

480,069 19,841,252

United Airlines Holdings, Inc.(a)

293,674 32,838,627
93,594,371
Personal Care Products - 0.1%

Estee Lauder Cos., Inc., Class A

213,842 22,393,534

Kenvue, Inc.

1,780,477 30,713,229
53,106,763
Pharmaceuticals - 3.3%

Bristol-Myers Squibb Co.

1,855,734 100,098,292

Eli Lilly & Co.

725,525 779,707,207

Johnson & Johnson

2,201,175 455,533,166

Merck & Co., Inc.

2,267,621 238,689,786

Pfizer, Inc.

5,186,374 129,140,713

Viatris, Inc.

1,077,378 13,413,356

Zoetis, Inc., Class A

400,423 50,381,222
 1,766,963,742
Professional Services - 0.5%

Automatic Data Processing, Inc.

369,512 95,049,572

Broadridge Financial Solutions, Inc.

104,938 23,419,013

Dayforce, Inc.(a)

149,647 10,349,587

Equifax, Inc.

113,878 24,709,248

Jacobs Solutions, Inc.

110,662 14,658,288

Leidos Holdings, Inc.

113,462 20,468,545

Paychex, Inc.

293,403 32,913,949

Paycom Software, Inc.

44,828 7,143,790

Verisk Analytics, Inc.

129,074 28,872,563
257,584,555
Real Estate Management & Development(a) - 0.1%

CBRE Group, Inc., Class A

269,354 43,309,430

CoStar Group, Inc.

389,138 26,165,639
69,475,069
Residential REITs - 0.2%

AvalonBay Communities, Inc.

129,937 23,558,877

Camden Property Trust

98,209 10,810,847

Equity Residential

317,431 20,010,850

Essex Property Trust, Inc.

59,973 15,693,735

Invitation Homes, Inc.

519,096 14,425,678
Security Shares Value
Residential REITs (continued)

Mid-AmericaApartment Communities, Inc.

107,620 $ 14,949,494

UDR, Inc.

278,417 10,212,336
109,661,817
Retail REITs - 0.2%

Federal Realty Investment Trust

70,241 7,080,293

Kimco Realty Corp.

633,005 12,831,011

Realty Income Corp.

849,977 47,913,204

Regency Centers Corp.

151,604 10,465,224

Simon Property Group, Inc.

298,674 55,287,544
133,577,276
Semiconductors & Semiconductor Equipment - 14.0%

Advanced Micro Devices, Inc.(a)

1,487,408 318,543,297

Analog Devices, Inc.

449,459 121,893,281

Applied Materials, Inc.

727,826 187,044,004

Broadcom, Inc.

4,314,437 1,493,226,646

First Solar, Inc.(a)

98,251 25,666,109

Intel Corp.(a)

4,028,287 148,643,790

KLA Corp.

120,042 145,860,633

Lam Research Corp.

1,147,532 196,434,528

Microchip Technology, Inc.

489,834 31,212,222

Micron Technology, Inc.

1,025,505 292,689,382

Monolithic Power Systems, Inc.

43,974 39,856,274

NVIDIA Corp.

22,200,916 4,140,470,834

NXP Semiconductors NV

229,563 49,828,945

ON Semiconductor Corp.(a)

368,571 19,958,120

Qnity Electronics, Inc.

193,361 15,787,926

QUALCOMM, Inc.

978,485 167,369,859

Skyworks Solutions, Inc.

136,217 8,637,520

Teradyne, Inc.

141,211 27,332,801

Texas Instruments, Inc.

830,134 144,019,948
 7,574,476,119
Software - 10.2%

Adobe, Inc.(a)

382,440 133,850,176

AppLovin Corp., Class A(a)

247,303 166,637,707

Autodesk, Inc.(a)

196,440 58,148,204

Cadence Design Systems, Inc.(a)

248,688 77,734,895

Crowdstrike Holdings, Inc., Class A(a)

228,833 107,267,757

Datadog, Inc., Class A(a)

299,858 40,777,689

Fair Isaac Corp.(a)

21,897 37,019,506

Fortinet, Inc.(a)

577,499 45,859,196

Gen Digital, Inc.

500,346 13,604,408

Intuit, Inc.

254,721 168,732,285

Microsoft Corp.

6,790,354 3,283,951,002

Oracle Corp.

1,530,534 298,316,382

Palantir Technologies, Inc., Class A(a)(b)

2,087,008 370,965,672

Palo Alto Networks, Inc.(a)

613,378 112,984,228

PTC, Inc.(a)

110,124 19,184,702

Roper Technologies, Inc.

98,783 43,971,277

Salesforce, Inc.

869,764 230,409,181

ServiceNow, Inc.(a)

957,315 146,651,085

Synopsys, Inc.(a)

170,438 80,058,137

Trimble, Inc.(a)

220,982 17,313,940

Tyler Technologies, Inc.(a)

39,833 18,082,190

Workday, Inc., Class A(a)

200,303 43,021,078
5,514,540,697
Specialized REITs - 0.7%

American Tower Corp.

430,928 75,658,029

Crown Castle, Inc.

399,309 35,486,591

Digital Realty Trust, Inc.

297,959 46,097,237

Equinix, Inc.

89,309 68,424,983

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 (continued)

December 31, 2025

S&P 500 Index Master Portfolio

(Percentages shown are based on Net Assets)

Security Shares Value
Specialized REITs (continued)

Extra Space Storage, Inc.

195,314 $ 25,433,789

Iron Mountain, Inc.

274,407 22,762,061

Public Storage

144,303 37,446,628

SBA Communications Corp.

94,521 18,283,197

VICI Properties, Inc.

968,814 27,243,050

Weyerhaeuser Co.

672,914 15,941,333
372,776,898
Specialty Retail - 1.7%

AutoZone, Inc.(a)

15,062 51,082,773

Best Buy Co., Inc.

172,937 11,574,673

Carvana Co., Class A(a)

129,207 54,527,938

Home Depot, Inc.

909,403 312,925,572

Lowe's Cos., Inc.

510,707 123,162,100

O'Reilly Automotive, Inc.(a)

771,189 70,340,149

Ross Stores, Inc.

296,208 53,358,909

TJX Cos., Inc.

1,016,801 156,190,802

Tractor Supply Co.

491,033 24,556,560

Ulta Beauty, Inc.(a)

41,191 24,920,967

Williams-Sonoma, Inc.

109,437 19,544,354
902,184,797
Technology Hardware, Storage & Peripherals - 7.3%

Apple, Inc.

13,499,941 3,670,093,960

Dell Technologies, Inc., Class C

273,177 34,387,521

Hewlett Packard Enterprise Co.

1,215,797 29,203,444

HP, Inc.

868,302 19,345,769

NetApp, Inc.

179,032 19,172,537

Sandisk Corp.(a)

127,869 30,353,543

Seagate Technology Holdings PLC

194,790 53,643,218

Super Micro Computer, Inc.(a)

455,834 13,342,261

Western Digital Corp.

312,365 53,811,118
 3,923,353,371
Textiles, Apparel & Luxury Goods - 0.3%

Deckers Outdoor Corp.(a)

129,396 13,414,483

Lululemon Athletica, Inc.(a)

97,502 20,261,891

NIKE, Inc., Class B

1,088,438 69,344,385

Ralph Lauren Corp., Class A

33,989 12,018,850

Tapestry, Inc.

189,456 24,206,793
139,246,402
Tobacco - 0.6%

Altria Group, Inc.

1,533,665 88,431,124

Philip Morris International, Inc.

1,422,173 228,116,549
316,547,673
Security Shares Value
Trading Companies & Distributors - 0.2%

Fastenal Co.

1,057,601 $ 42,441,528

United Rentals, Inc.

58,681 47,491,707

WW Grainger, Inc.

40,282 40,646,552
130,579,787
Water Utilities - 0.0%

American Water Works Co., Inc.

178,241 23,260,451
Wireless Telecommunication Services - 0.2%

T-MobileU.S., Inc.

439,412 89,218,212

Total Common Stocks - 98.9%
(Cost: $16,305,525,849)

 53,391,989,474
Investment Companies
Capital Markets - 0.8%

iShares Core S&P 500 ETF(c)

584,671 400,464,555

Total Investment Companies - 0.8%
(Cost: $388,731,238)

400,464,555

Total Long-Term Investments - 99.7%
(Cost: $16,694,257,087)

53,792,454,029
Short-Term Securities
Money Market Funds - 0.8%

BlackRock Cash Funds: Institutional, SL Agency
Shares, 3.89%(c)(d)(e)

123,349,275 123,410,950

BlackRock Cash Funds: Treasury, SL Agency
Shares, 3.72%(c)(d)

320,214,713 320,214,713

Total Short-Term Securities - 0.8%
(Cost: $443,596,102)

443,625,663

Total Investments - 100.5%
(Cost: $17,137,853,189)

54,236,079,692

Liabilities in Excess of Other Assets - (0.5)%

(249,796,869 )

Net Assets - 100.0%

$ 53,986,282,823
(a)

Non-incomeproducing security.

(b)

All or a portion of this security is on loan.

(c)

Affiliate of the Master Portfolio.

(d)

Annualized 7-dayyield as of period end.

(e)

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

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

6

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Schedule of Investments (continued)

December 31, 2025

S&P 500 Index Master Portfolio

Affiliates

Investments in issuers considered to be affiliate(s) of the Master Portfolio during the year ended December 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer Value at
12/31/24 		Purchases
at Cost 		Proceeds
from Sales

Net

Realized
Gain (Loss)

Change in
Unrealized
Appreciation
(Depreciation) 		Value at
12/31/25 		Shares
Held at
12/31/25 		Income Capital Gain
Distributions
from
Underlying
Funds

BlackRock Cash Funds: Institutional,
SL Agency Shares

$ 196,905,512 $ - $ (73,460,340 )(a) $ (2,008 ) $ (32,214 ) $ 123,410,950 123,349,275 $ 1,333,734 (b) $ -

BlackRock Cash Funds: Treasury, SL
Agency Shares

120,252,759 199,961,954 (a) - - - 320,214,713 320,214,713 6,895,321 -

BlackRock, Inc.

138,023,886 5,410,155 (9,698,479 ) 720,188 6,445,948 140,901,698 131,642 2,810,863 -

iShares Core S&P 500 ETF

299,532,746 3,054,654,407 (2,975,375,127 ) 72,498,552 (50,846,023 ) 400,464,555 584,671 2,014,967 -
$  73,216,732 $ (44,432,289 ) $  984,991,916 $  13,054,885 $    -
(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 collateral investment fees, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description Number of
Contracts 		Expiration
Date 		Notional
Amount (000) 		Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-MiniIndex

854 03/20/26 $ 294,310 $ (397,470 )

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
Contracts 		Credit
Contracts 		Equity
Contracts 		Foreign
Currency
Exchange
Contracts 		Interest
Rate
Contracts 		Other
Contracts 		Total

Liabilities - Derivative Financial Instruments

Futures contracts

Unrealized depreciation on futures contracts(a)

$ - $ - $  397,470 $ - $ - $ - $  397,470
(a)

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, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

Commodity
Contracts 		Credit
Contracts 		Equity
Contracts 		Foreign
Currency
Exchange
Contracts 		Interest
Rate
Contracts 		Other
Contracts 		Total

Net Realized Gain (Loss) from:

Futures contracts

$ - $ - $  32,348,823 $ - $ - $ - $  32,348,823

Net Change in Unrealized Appreciation (Depreciation) on:

Futures contracts

$ - $ - $ 1,283,064 $ - $ - $ - $ 1,283,064

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:

Average notional value of contracts - long

$  187,852,063

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 (continued)

December 31, 2025

S&P 500 Index Master Portfolio

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

Fair Value Hierarchy as of Period End

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

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

Level 1 Level 2 Level 3 Total

Assets

Investments

Long-Term Investments

Common Stocks

$ 53,391,989,474 $ - $ - $ 53,391,989,474

Investment Companies

400,464,555 - - 400,464,555

Short-Term Securities

Money Market Funds

443,625,663 - - 443,625,663
$  54,236,079,692 $     - $     - $  54,236,079,692

Derivative Financial Instruments(a)

Liabilities

Equity Contracts

$ (397,470 ) $ - $ - $ (397,470 )
(a)

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

See notes to financial statements.

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Statement of Assets and Liabilities

December 31, 2025

S&P 500 Index

Master Portfolio

ASSETS

Investments, at value - unaffiliated(a)(b)

$ 53,251,087,776

Investments, at value - affiliated(c)

984,991,916

Cash

1,360,589

Cash pledged for futures contracts

21,255,000

Receivables:

Securities lending income - affiliated

26,611

Dividends - unaffiliated

27,083,115

Dividends - affiliated

393,831

Prepaid expenses

67,081

Total assets

54,286,265,919

LIABILITIES

Collateral on securities loaned

123,377,658

Payables:

Investments purchased

53,465,121

Withdrawals to investors

120,368,449

Investment advisory fees

452,139

Trustees' fees

62,733

Professional fees

47,258

Variation margin on futures contracts

2,209,738

Total liabilities

299,983,096

Commitments and contingent liabilities

NET ASSETS

$ 53,986,282,823

NET ASSETS CONSIST OF

Investors' capital

$ 16,888,453,790

Net unrealized appreciation (depreciation)

37,097,829,033

NET ASSETS

$  53,986,282,823

(a) Investments, at cost - unaffiliated

$ 16,255,867,575

(b) Securities loaned, at value

$ 118,957,146

(c)  Investments, at cost - affiliated

$ 881,985,614

See notes to financial statements.

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

9

Statements of Operations

Year Ended December 31, 2025

S&P 500 Index
Master Portfolio

INVESTMENT INCOME

Dividends - unaffiliated

$ 605,891,098

Dividends - affiliated

11,721,151

Interest - unaffiliated

7,398,528

Securities lending income - affiliated - net

1,333,734

Foreign taxes withheld

(3,397,673 )

Total investment income

622,946,838

EXPENSES

Investment advisory

4,952,451

Trustees

287,062

Professional

60,261

Total expenses

5,299,774

Less fees waived and/or reimbursed by the Manager

(487,040 )

Total expenses after fees waived and/or reimbursed

4,812,734

Net investment income

618,134,104

REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain from:

Investments - unaffiliated

279,081,615

Investments - affiliated

73,216,732

Futures contracts

32,348,823
384,647,170

Net change in unrealized appreciation (depreciation) on:

Investments - unaffiliated

7,476,876,403

Investments - affiliated

(44,432,289 )

Futures contracts

1,283,064
7,433,727,178

Net realized and unrealized gain

7,818,374,348

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

$  8,436,508,452

See notes to financial statements.

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Statements of Changes in Net Assets

S&P 500 Index Master Portfolio
Year Ended
12/31/25 		Year Ended
12/31/24

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS

Net investment income

$ 618,134,104 $ 575,273,596

Net realized gain

384,647,170 85,066,881

Net change in unrealized appreciation (depreciation)

7,433,727,178 8,536,342,561

Net increase in net assets resulting from operations

8,436,508,452 9,196,683,038

CAPITAL TRANSACTIONS

Proceeds from contributions

12,025,654,213 10,050,282,417

Value of withdrawals

(12,927,785,073 ) (8,821,440,872 )

Net increase (decrease) in net assets derived from capital transactions

(902,130,860 ) 1,228,841,545

NET ASSETS

Total increase in net assets

7,534,377,592 10,425,524,583

Beginning of year

46,451,905,231 36,026,380,648

End of year

$  53,986,282,823 $  46,451,905,231

See notes to financial statements.

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

11

Financial Highlights

S&P 500 Index Master Portfolio
Year Ended
12/31/25 		Year Ended
12/31/24 		Year Ended
12/31/23 		Year Ended
12/31/22 		Year Ended
12/31/21

Total Return

Total return

17.83 % 24.94 % 26.24 % (18.13 )% 28.65 %

Ratios to Average Net Assets(a)

Total expenses

0.01 % 0.01 % 0.01 % 0.01 % 0.01 %

Total expenses after fees waived and/or reimbursed

0.01 % 0.01 % 0.01 % 0.01 % 0.01 %

Net investment income

1.25 % 1.36 % 1.63 % 1.60 % 1.39 %

Supplemental Data

Net assets, end of year (000)

$  53,986,283 $  46,451,905 $  36,026,381 $  29,544,845 $  34,489,286

Portfolio turnover rate

14 % 9 % 10 % 13 % 6 %
(a)

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

See notes to financial statements.

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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-endmanagement 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 a diversified fund under the 1940 Act. Effective November 20, 2025, the Master Portfolio intends to be diversified in approximately the same proportion as the S&P 500 Index (the "Underlying Index") is diversified. The Master Portfolio may become "non-diversified,"as defined in the Investment Company Act of 1940, as amended, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index.

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-dividenddates. Non-cashdividends, if any, are recorded on the ex-dividenddates at fair value. Dividends from foreign securities where the ex-dividenddates may have passed are subsequently recorded when the Master Portfolio is informed of the ex-dividenddates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Taxes: The Master Portfolio may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Master Portfolio invests. These foreign taxes, if any, are paid by the Master Portfolio and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of December 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

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

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

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

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

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

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

Recent Accounting Standard: The Master Portfolio adopted Financial Accounting Standards Board Update 2023-09,Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09")during the period. ASU 2023-09enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. The Master Portfolio's adoption of the new standard did not have a material impact on financial statement disclosures and did not affect the Master Portfolio's financial position or results of operations.

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

13

Notes to Financial Statements (continued)

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:

•

Equity investments (except ETF options, equity index options or those that are customized) traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

•

Exchange-traded funds ("ETFs") and closed-endfunds traded on a recognized securities exchange are valued at that day's official closing price, as applicable, on the exchange where the stock is primarily traded. ETFs and closed-endfunds traded on a recognized exchange for which there were no sales on that day may be valued at the last trade or last available bid (long positions) or ask (short positions) price.

•

Investments in open-endU.S. mutual funds (including money market funds) are valued at that day's net asset value ("NAV").

•

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

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

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

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

•

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

•

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

•

Level 3 - Inputs that are unobservable and significant to the entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

4.

SECURITIES AND OTHER INVESTMENTS

Securities Lending: The Master Portfolio may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Master Portfolio collateral consisting of cash, an irrevocable letter of credit issued by a bank, or securities issued or guaranteed by the U.S. Government. The initial collateral received by the Master Portfolio is required to have a value of at least 102% of the current value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current market value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Master Portfolio and any additional required collateral is delivered to the Master

14

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Notes to Financial Statements (continued)

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-cashcollateral received cannot be sold, re-investedor 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 related collateral, if any, are shown separately in the Statement of Assets and Liabilities as a component of investments at value -unaffiliated and collateral on securities loaned, respectively.

Securities lending transactions are entered into by the Master Portfolio under Master Securities Lending Agreements (each, an "MSLA"), which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaultingparty 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-pledgethe 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-pledgethe loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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

Counterparty
Securities
Loaned at Value

Cash Collateral
Received
(a)
Non-Cash Collateral
Received, at Fair Value
(a)
Net
Amount

Barclays Bank PLC

$ 666,675 $ (666,675 ) $ - $ -

BofA Securities, Inc.

8,106,220 (8,106,220 ) - -

Citigroup Global Markets, Inc.

6,035,230 (6,035,230 ) - -

Goldman Sachs & Co. LLC

88,875,000 (88,875,000 ) - -

Morgan Stanley

14,661,145 (14,661,145 ) - -

National Financial Services LLC

612,876 (612,876 ) - -
$ 118,957,146 $ (118,957,146 ) $ - $ -
(a)

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 Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. The Master Portfolio could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Master Portfolio.

5.

DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

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

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Notes to Financial Statements (continued)

6.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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

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

The fees and expenses of the Master Portfolio's trustees who are not "interested persons" of MIP, as defined in the 1940 Act ("Independent Trustees"), counsel to the Independent Trustees and the Master Portfolio's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Master Portfolio. BFA has contractually agreed to reimburse the Master Portfolio or provide an offsetting credit against the investment advisory fees paid by the Master Portfolio in an amount equal to the independent expenses through June 30, 2026. If the Master Portfolio does not pay administration fees, BAL agrees to cap the expenses of the Master Portfolio at the rate at which it pays an investment advisory fee to BFA. The amount waived is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2025, the amount waived was $347,323.

Expense Waivers and Reimbursements: The Manager contractually agreed to waive its investment advisory fees by the amount of investment advisory fees the Master Portfolio pays to the Manager indirectly through its investment in affiliated money market funds (the "affiliated money market fund waiver") through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2025, the amounts waived were $114,736.

The Manager has contractually agreed to waive its investment advisory fee with respect to any portion of the Master Portfolio's assets invested in affiliated equity and fixed-income mutual funds and affiliated exchange-traded funds that have a contractual management fee through June 30, 2026. The contractual agreement may be terminated upon 90 days' notice by a majority of the Independent Trustees, or by a vote of a majority of the outstanding voting securities of the Master Portfolio. This amount is included in fees waived and/or reimbursed by the Manager in the Statement of Operations. For the year ended December 31, 2025, the Manager waived $24,981 in investment advisory fees pursuant to this arrangement.

Securities Lending: The U.S. Securities and Exchange Commission ("SEC") has issued an exemptive order which permits BTC, an affiliate of the Manager, to serve as securities lending agent for the Master Portfolio, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Master Portfolio is responsible for fees in connection with the investment of cash collateral received for securities on loan (the "collateral investment fees"). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by the Manager or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Master Portfolio bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.

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

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

In addition, commencing the business day following the date that the aggregate securities lending income earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Master Portfolio, pursuant to the securities lending agreement, will retain for the remainder of that calendar year securities lending income in an amount equal to 84% of securities lending income (which excludes collateral investment fees), and this amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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Notes to Financial Statements (continued)

The share of securities lending income earned by the Master Portfolio is shown as securities lending income - affiliated - net in the Statement of Operations. For the year ended December 31, 2025, the Master Portfolio paid BTC $402,378 for securities lending agent services.

Interfund Lending: Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the SEC, the Master Portfolio could participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the Master Portfolio's investment policies and restrictions. Effective March 3, 2025, the Interfund Lending Program was not renewed but remains available for renewal in the future.

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

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

Other Transactions: The Master Portfolio may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is due solely to having a common investment adviser, common officers, or common trustees. For the year ended December 31, 2025, the purchase and sale transactions and any net realized gains (losses) with affiliated funds in compliance with Rule 17a-7under the 1940 Act were as follows:

Master Portfolio Name Purchases Sales Net Realized
Gain (Loss)

S&P 500 Index Master Portfolio

$  539,905,471 $  647,147,554 $ 17,268,243
7.

PURCHASES AND SALES

For the year ended December 31, 2025, purchases and sales of investments, excluding short-term securities, were $6,710,076,644 and $7,053,702,303, 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, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Master Portfolio's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Master Portfolio's NAV.

As of December 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

Master Portfolio Name Tax Cost Gross Unrealized
Appreciation 		Gross Unrealized
Depreciation 		Net Unrealized
Appreciation
(Depreciation)

S&P 500 Index Master Portfolio

$  17,006,277,646 $  38,040,400,853 $ (810,598,807 ) $  37,229,802,046
9.

BANK BORROWINGS

MIP, on behalf of the Master Portfolio, along with certain other funds managed by the Manager and its affiliates ("Participating Funds"), is party to a 364-day,$2.40 billion credit agreement with a group of lenders. Under this agreement, the Master Portfolio may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Master Portfolio, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) Overnight Bank Funding Rate ("OBFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate ("SOFR") (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2026 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended December 31, 2025, the Master Portfolio did not borrow under the credit agreement.

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

Notes to Financial Statements (continued)

10.

PRINCIPAL RISKS

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

The Manager uses an indexing approach to try to achieve the Master Portfolio's investment objective. The Master Portfolio is not actively managed, and the Manager generally does not attempt to take defensive positions under any market conditions, including declining markets.

The Master Portfolio may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.

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

Counterparty Credit Risk: The Master Portfolio may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Master Portfolio manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Master Portfolio to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Master Portfolio's exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Master Portfolio.

A derivative contract may suffer a mark-to-marketloss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Master Portfolio since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Master Portfolio does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Master Portfolio.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund's objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Master Portfolio's portfolio are disclosed in its Schedule of Investments.

The Master Portfolio invests a significant portion of its assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Master Portfolio and could affect the income from, or the value or liquidity of, the Master Portfolio's portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

The Master Portfolio invests a significant portion of its assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-paymentwould result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Master Portfolio invests.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund's NAV, increase the fund's brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

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Notes to Financial Statements (continued)

11.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Master Portfolio through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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

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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, 2025, the related statement of operations for the year ended December 31, 2025, the statement of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (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, 2025, 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, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 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 relevant ethical requirements relating to our audit, which include standards of the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct, as well as U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission.

We conducted our audits of these financial statements in accordance with the auditing standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. 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, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 13, 2026

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

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Glossary of Terms Used in these Financial Statements

Portfolio Abbreviation

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

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

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(b)

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

Item 8:

Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies.

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

Item 9:

Proxy Disclosures for Open-EndManagement Investment Companies.

There are no proxy disclosures for the registrant during the period covered by this report.

Item 10:

Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies.

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

Item 11:

Statement Regarding Basis for Approval of Investment Advisory Contract.

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

Item 12:

Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies.

Not applicable to the registrant.

Item 13:

Portfolio Managers of Closed-EndManagement Investment Companies.

Not applicable to the registrant.

Item 14:

Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 15:

Submission of Matters to a Vote of Security Holders.

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

Item 16:

Controls and Procedures.

(a)

The registrant's principal executive officer and principal financial officer have evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report and have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)under the Investment Company Act of 1940, as amended) are appropriately designed to ensure that information required to be disclosed by the registrant in the reports that it files on Form N-CSRis (a) accumulated and communicated to registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required

disclosure, and (b) recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b)

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

Item 17:

Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies.

Not applicable to the registrant.

Item 18:

Recovery of Erroneously Awarded Compensation.

Not applicable to the registrant.

Item 19:

Exhibits.

(a)(1)

The registrant's code of ethics is attached hereto.

(a)(2)

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

Not applicable to the registrant.

(a)(3)

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)) is attached hereto.

(a)(4)

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

Not applicable.

(a)(5)

Change in the registrant's independent public accountant.

Not applicable.

(b)

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

SIGNATURES

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

 Transamerica Funds

 (Registrant)

 By:

/s/ Marijn P. Smit

Marijn P. Smit
President and Chief Executive Officer
(Principal Executive Officer)

 Date:

March 4, 2026

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

By:

/s/ Marijn P. Smit

Marijn P. Smit

President and Chief Executive Officer

(Principal Executive Officer)

Date:

March 4, 2026

By:

/s/ Kari Seabrands

Kari Seabrands

Treasurer

(Principal Financial Officer and

Principal Accounting Officer)

Date:

March 4, 2026

EXHIBIT INDEX

 Exhibit No.

Description of Exhibit

19(a)(1)

19(a)(3)

N-CSR

19(a)(3)

N-CSR

19(b)

N-CSR

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