# EDGAR Filing Document

**Accession Number:** 0001738077
**File Stem:** 0001752724-23-051640
**Filing Date:** 2023-3
**Character Count:** 63864
**Document Hash:** 79ad9257fe55b5b1ebe4bf08fb70d8f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-051640.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001752724-23-051640

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230310

**EFFECTIVENESS DATE**: 20230310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Master Investment Portfolio II
- **CENTRAL INDEX KEY:** 0001738077
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23343
- **FILM NUMBER:** 23722213

**BUSINESS ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 800-441-7762

**MAIL ADDRESS:**
- **STREET 1:** 100 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### Advantage CoreAlpha Bond Master Portfolio (Series ID: S000062381)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000202350 | Advantage CoreAlpha Bond Master Portfolio |  |

## Internal

## **Report of Independent Registered Public Accounting Firm** 
To the Board of Trustees of Master Investment Portfolio II and Investors of Advantage CoreAlpha Bond Master Portfolio

In planning and performing our audit of the financial statements of Advantage CoreAlpha Bond Master Portfolio (constituting Master Investment Portfolio II, hereafter referred to as the "Master Portfolio") as of and for the year ended December 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Master Portfolio's internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Master Portfolio's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Master Portfolio's internal control over financial reporting.

The management of the Master Portfolio is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Master Portfolio's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Master Portfolio's internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be material weaknesses as defined above as of December 31, 2022.

This report is intended solely for the information and use of the Board of Trustees of Master Investment Portfolio II and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 23, 2023

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001738077

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000062381

**Class ID Record:1**
- **Class ID:** C000202350

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Master Investment Portfolio II

- **Item B.1.b - Investment Company Act file number:** 811-23343

- **Item B.1.c - CIK:** 0001738077

- **Item B.1.d - LEI:** 549300RCV7V0VQXTCW11

- **Item B.2.a - Street 1:** 100 Bellevue Parkway

- **Item B.2.b - City:** Wilmington

- **Item B.2.c - State:** DE

- **Item B.2.e - Zip Code:** 19809

- **Item B.2.f - Telephone:** 800-441-7762

- **Item B.2.g - Public Website:** www.blackrock.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** State Street Bank and Trust Company

- **b. Street 1:** 1 Lincoln Street

- **c. City:** Boston

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02111

- **g. Telephone number:** 617-786-3000

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as custodian, sub-administrator and accounting agent

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** BlackRock Investments, LLC

- **b. Street 1:** 50 Hudson Yards

- **c. City:** New York

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 10001

- **g. Telephone number:** 609-282-3046

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as distributor

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** BlackRock Fund Advisors

- **b. Street 1:** 400 Howard Street

- **c. City:** San Francisco

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 94105

- **g. Telephone number:** 415-670-2000

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as sub-advisor

**Location books Record: 4**

- **a. Name of person (e.g., a custodian of records):** BNY Mellon Investment Servicing (US) Inc.

- **b. Street 1:** 301 Bellevue Parkway

- **c. City:** Wilmington

- **d. State, if applicable:** DE

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 19809

- **g. Telephone number:** 302-791-1700

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as transfer agent

**Location books Record: 5**

- **a. Name of person (e.g., a custodian of records):** BlackRock International Limited

- **b. Street 1:** 1 Semple Street

- **c. City:** Edinburgh

- **f. Zip code and zip code extension, or foreign postal code:** EH3 8BL

- **g. Telephone number:** 44 131 472 7200

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as sub-advisor

**Location books Record: 6**

- **a. Name of person (e.g., a custodian of records):** BlackRock Advisors, LLC

- **b. Street 1:** 100 Bellevue Parkway

- **c. City:** Wilmington

- **d. State, if applicable:** DE

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 19809

- **g. Telephone number:** 302-797-2000

- **h. Briefly describe the books and records kept at this location:** Records related to its functions as advisor and administrator

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

- **Item B.5.a - Is the Registrant part of a family of investment companies?:** Yes

- **Item B.5.a.i - Full name of family of investment companies:** BlackRock-advised Funds

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 1

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** No

### Item B.8 - Directors

| Name                | Is Interested Person?   | Other Investment Company File Numbers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|:---|:---|:---|
| R. Glenn Hubbard    | No                      | 811-21434, 811-23285, 811-21506, 811-04375, 811-22603, 811-07136, 811-22426, 811-08573, 811-21702, 811-23346, 811-22501, 811-06660, 811-23511, 811-06728, 811-23340, 811-23626, 811-21053, 811-22606, 811-05611, 811-07354, 811-23428, 811-21566, 811-22774, 811-21972, 811-02857, 811-10543, 811-21784, 811-08217, 811-10339, 811-06414, 811-07080, 811-08081, 811-21835, 811-23466, 811-07478, 811-09191, 811-21126, 811-23701, 811-23621, 811-06500, 811-07642, 811-10337, 811-23357, 811-23345, 811-04802, 811-21413, 811-21318, 811-05542, 811-10331, 811-21793, 811-21729, 811-23344, 811-23341, 811-21656, 811-02688, 811-22032, 811-08603, 811-23625, 811-21457, 811-21348, 811-23564, 811-23339, 811-08621, 811-21178, 811-05603, 811-22991, 811-04264, 811-06540, 811-21349                                                                                                                                                                                                                                                                                                                                           |
| John M. Perlowski   | Yes                     | 811-02809, 811-22606, 811-06660, 811-21759, 811-06414, 811-05723, 811-23466, 811-10337, 811-08603, 811-23626, 811-10339, 811-03189, 811-03290, 811-02661, 811-09637, 811-22501, 811-21793, 811-07899, 811-22426, 811-21729, 811-21126, 811-22774, 811-05603, 811-23339, 811-22603, 811-22991, 811-08217, 811-21656, 811-07642, 811-09651, 811-21413, 811-04282, 811-21318, 811-02739, 811-21434, 811-07332, 811-07136, 811-21566, 811-21349, 811-09191, 811-21702, 811-23428, 811-06728, 811-03091, 811-07478, 811-06669, 811-21763, 811-05611, 811-04802, 811-23625, 811-02688, 811-21506, 811-04612, 811-23584, 811-10331, 811-06500, 811-08081, 811-04375, 811-05542, 811-08797, 811-21053, 811-21835, 811-07177, 811-23380, 811-23346, 811-05178, 811-21178, 811-23341, 811-08621, 811-23340, 811-07080, 811-07885, 811-22061, 811-07171, 811-23564, 811-02354, 811-21784, 811-08573, 811-05576, 811-23285, 811-21457, 811-23402, 811-23701, 811-02857, 811-23344, 811-21348, 811-23621, 811-04264, 811-07354, 811-05742, 811-10543, 811-22032, 811-08162, 811-06540, 811-02405, 811-23511, 811-23345, 811-21972, 811-23357 |
| Stayce D. Harris    | No                      | 811-21434, 811-22603, 811-23466, 811-06728, 811-23564, 811-23428, 811-23621, 811-09191, 811-10337, 811-21053, 811-21729, 811-23626, 811-08217, 811-22606, 811-04375, 811-21702, 811-08603, 811-23345, 811-08081, 811-08621, 811-02857, 811-08573, 811-22032, 811-06414, 811-21126, 811-07136, 811-23511, 811-23344, 811-21413, 811-21506, 811-23625, 811-23339, 811-23340, 811-23346, 811-07354, 811-04802, 811-10331, 811-21318, 811-06500, 811-23701, 811-06540, 811-04264, 811-21972, 811-02688, 811-21348, 811-21178, 811-22774, 811-05611, 811-22501, 811-23341, 811-22426, 811-10543, 811-10339, 811-21784, 811-21566, 811-07080, 811-05542, 811-23357, 811-07478, 811-21349, 811-05603, 811-06660, 811-21835, 811-21793, 811-23285, 811-21457, 811-07642, 811-22991, 811-21656                                                                                                                                                                                                                                                                                                                                           |
| Lorenzo A. Flores   | No                      | 811-22501, 811-21972, 811-06660, 811-21434, 811-10543, 811-21506, 811-21413, 811-21729, 811-23285, 811-08217, 811-23626, 811-08603, 811-05603, 811-22991, 811-21566, 811-06540, 811-05542, 811-21126, 811-21656, 811-08621, 811-22606, 811-04264, 811-07642, 811-21702, 811-22426, 811-21835, 811-22603, 811-10339, 811-04375, 811-21793, 811-23357, 811-23428, 811-07354, 811-22774, 811-23339, 811-21349, 811-21318, 811-10331, 811-23344, 811-06414, 811-23621, 811-23701, 811-21348, 811-23345, 811-10337, 811-08573, 811-23511, 811-07080, 811-21053, 811-23341, 811-06728, 811-23466, 811-05611, 811-04802, 811-08081, 811-21457, 811-02688, 811-07478, 811-21178, 811-23625, 811-06500, 811-23340, 811-09191, 811-22032, 811-02857, 811-23564, 811-21784, 811-07136, 811-23346                                                                                                                                                                                                                                                                                                                                           |
| Cynthia L. Egan     | No                      | 811-22991, 811-04375, 811-21835, 811-22603, 811-23564, 811-06500, 811-07642, 811-02857, 811-23341, 811-06414, 811-23511, 811-23345, 811-21318, 811-23466, 811-02688, 811-23357, 811-23626, 811-05603, 811-08573, 811-07354, 811-22032, 811-21784, 811-21349, 811-21413, 811-21793, 811-04802, 811-23285, 811-23625, 811-05542, 811-23339, 811-23701, 811-21729, 811-10339, 811-10331, 811-06540, 811-23344, 811-06660, 811-23346, 811-07478, 811-06728, 811-08217, 811-21178, 811-21434, 811-21506, 811-08603, 811-23621, 811-07136, 811-21972, 811-21566, 811-22426, 811-22501, 811-23428, 811-10543, 811-08621, 811-21656, 811-07080, 811-21348, 811-22774, 811-21457, 811-08081, 811-21126, 811-04264, 811-09191, 811-23340, 811-05611, 811-21702, 811-10337, 811-22606, 811-21053                                                                                                                                                                                                                                                                                                                                           |
| Frank J. Fabozzi    | No                      | 811-04375, 811-23285, 811-07080, 811-10331, 811-06540, 811-22774, 811-07354, 811-22606, 811-22603, 811-07136, 811-21972, 811-21784, 811-23625, 811-23341, 811-23428, 811-08573, 811-08217, 811-05542, 811-23380, 811-21126, 811-10337, 811-06414, 811-10339, 811-21729, 811-23340, 811-06660, 811-06500, 811-22426, 811-23344, 811-21413, 811-09191, 811-21656, 811-23339, 811-07478, 811-21835, 811-23564, 811-23346, 811-21434, 811-23466, 811-22501, 811-10543, 811-21348, 811-04264, 811-08621, 811-21318, 811-02688, 811-21793, 811-06728, 811-21053, 811-23701, 811-21506, 811-21178, 811-22032, 811-21457, 811-23584, 811-04802, 811-05603, 811-21702, 811-23626, 811-21349, 811-21566, 811-02857, 811-05611, 811-23511, 811-07642, 811-23621, 811-08603, 811-23357, 811-08081, 811-23345, 811-22991                                                                                                                                                                                                                                                                                                                     |
| W. Carl Kester      | No                      | 811-22032, 811-23626, 811-23341, 811-07642, 811-07136, 811-02688, 811-22603, 811-07354, 811-08621, 811-06728, 811-08603, 811-05611, 811-23428, 811-21318, 811-22426, 811-21126, 811-10339, 811-23511, 811-05603, 811-21053, 811-22991, 811-09191, 811-21434, 811-08573, 811-10543, 811-23701, 811-23466, 811-21566, 811-22606, 811-21972, 811-07478, 811-22774, 811-21835, 811-23345, 811-06500, 811-21348, 811-04375, 811-23339, 811-23625, 811-23357, 811-23564, 811-22501, 811-23621, 811-23380, 811-06540, 811-02857, 811-08081, 811-23285, 811-21413, 811-21349, 811-07080, 811-08217, 811-10337, 811-04264, 811-21793, 811-23340, 811-23584, 811-05542, 811-21702, 811-21506, 811-10331, 811-21178, 811-04802, 811-06660, 811-21457, 811-21656, 811-21784, 811-23344, 811-06414, 811-23346, 811-21729                                                                                                                                                                                                                                                                                                                     |
| J. Phillip Holloman | No                      | 811-23285, 811-23345, 811-21972, 811-21656, 811-21506, 811-04375, 811-23621, 811-23428, 811-21729, 811-21784, 811-09191, 811-22603, 811-04802, 811-07354, 811-23340, 811-04264, 811-22774, 811-21702, 811-05542, 811-05603, 811-10337, 811-22606, 811-06728, 811-21835, 811-23341, 811-07136, 811-06540, 811-23511, 811-22501, 811-07080, 811-23701, 811-21318, 811-21349, 811-21413, 811-23357, 811-23626, 811-22991, 811-05611, 811-23339, 811-02688, 811-21566, 811-23346, 811-06414, 811-23564, 811-02857, 811-21348, 811-08603, 811-08573, 811-10339, 811-08217, 811-21457, 811-21434, 811-23625, 811-23466, 811-08621, 811-22032, 811-21178, 811-08081, 811-23344, 811-21053, 811-07478, 811-07642, 811-21126, 811-22426, 811-06660, 811-06500, 811-10331, 811-21793, 811-10543                                                                                                                                                                                                                                                                                                                                           |
| Catherine A. Lynch  | No                      | 811-23625, 811-21434, 811-21126, 811-05603, 811-02857, 811-23380, 811-21835, 811-21506, 811-22991, 811-08621, 811-02688, 811-21349, 811-22774, 811-23511, 811-07478, 811-23564, 811-08573, 811-09191, 811-22501, 811-10331, 811-05611, 811-07080, 811-23345, 811-04375, 811-08081, 811-23341, 811-23428, 811-21457, 811-07642, 811-08217, 811-21656, 811-21318, 811-06414, 811-23621, 811-22606, 811-21702, 811-10543, 811-08603, 811-21053, 811-21566, 811-10337, 811-22426, 811-23340, 811-05542, 811-22603, 811-21348, 811-23344, 811-23357, 811-21784, 811-06540, 811-23466, 811-06728, 811-23584, 811-06660, 811-06500, 811-23626, 811-10339, 811-07354, 811-04264, 811-04802, 811-23285, 811-21972, 811-23339, 811-21793, 811-07136, 811-23701, 811-22032, 811-21178, 811-23346, 811-21729, 811-21413                                                                                                                                                                                                                                                                                                                     |
| Robert Fairbairn    | Yes                     | 811-21178, 811-06414, 811-04375, 811-03091, 811-04612, 811-21348, 811-23346, 811-21784, 811-21457, 811-23357, 811-02354, 811-07332, 811-22032, 811-07177, 811-07136, 811-07899, 811-23285, 811-07642, 811-04282, 811-02809, 811-05611, 811-23625, 811-23428, 811-08621, 811-22606, 811-05742, 811-23466, 811-09651, 811-21434, 811-23341, 811-06500, 811-23339, 811-21656, 811-10543, 811-22501, 811-21566, 811-02661, 811-09191, 811-23621, 811-07171, 811-21702, 811-06540, 811-07478, 811-07354, 811-10337, 811-05576, 811-09637, 811-21793, 811-21835, 811-07885, 811-08573, 811-23511, 811-21318, 811-10339, 811-21759, 811-22603, 811-05178, 811-21053, 811-23345, 811-21506, 811-05603, 811-21413, 811-08081, 811-23626, 811-21349, 811-05542, 811-02405, 811-04802, 811-02739, 811-23564, 811-23701, 811-21729, 811-06660, 811-03290, 811-22774, 811-22061, 811-22991, 811-07080, 811-21763, 811-08797, 811-23340, 811-02857, 811-22426, 811-04264, 811-23402, 811-02688, 811-05723, 811-08162, 811-06728, 811-23344, 811-21972, 811-21126, 811-08217, 811-06669, 811-08603, 811-10331, 811-03189                       |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Charles Park

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 50 Hudson Yards

- **d. City:** New York

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 10001

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-32252
  - IC-25878

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** BlackRock Investments, LLC

- **ii. SEC file number:** 8-48436

- **iii. CRD number:** 000038642

- **iv. LEI, if any:** 54930061FBHCKXL2G714

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** PricewaterhouseCoopers LLP

- **b. PCAOB Number:** 238

- **c. LEI, if any:** 5493002GVO7EO8RNNS37

- **d. State, if applicable:** PA

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Advantage CoreAlpha Bond Master Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Advantage CoreAlpha Bond Master Portfolio

- **b. Series identification number, if any:** S000062381

- **c. LEI:** 0I7UWC3FB187VDB5KB30

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 0

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                     | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Advantage CoreAlpha Bond Master Portfolio | C000202350                                | N/A                          |

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** BlackRock Institutional Trust Company, National Association

- **ii. LEI, if any:** 549300RK1FB0VMTPD087

- **iii. Is the securities lending agent an affiliated person...?** Yes

- **iv. Does the securities lending agent... indemnify the Fund against borrower default?** Yes

- **v. If the entity providing the indemnification is not the securities lending agent, provide the following information:**

  **Idemnity Providers Record: 1**

  - **1. Name of person providing indemnification:** —

  - **2. LEI, if any:** —

- **vi. Did the Fund exercise its indemnification rights during the reporting period?** No

**d. If a person providing cash collateral management services to the Fund in connection with the Fund's securities lending activities does not also serve as securities lending agent, provide the following information about each cash collateral manager:**

**Collateral Managers Record: 1**

- **i. Full name of cash collateral manager:** BlackRock Fund Advisors

- **ii. LEI, if any:** 549300YOOGP0Y1M95C20

- **iii. Is the cash collateral manager an affiliated person, or an affiliated person of an affiliated person, of a securities lending agent retained by the Fund??** Yes

- **iv. Is the cash collateral manager an affiliated person of the Fund?** Yes

**e. Types of payments made to one or more securities lending agents and cash collateral managers (check all that apply):**

- [x] Revenue sharing split

- [ ] Fee-based revenue split (other than administrative fee)

- [ ] Administrative fee

- [x] Cash collateral reinvestment fee

- [ ] Indemnification fee

- [x] Other

- [ ] N/A

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $53,103,682.72

- **g. Provide the net income from securities lending activities:** $149,396.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 18f-4(f)(17 CFR 270.18f-4(f))

- Rule 17a-7 (17 CFR 270.17a-7)

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 12d1-4 (17 CFR 270.12d1-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** BlackRock Advisors, LLC

- **ii. SEC file number:** 801-47710

- **iii. CRD number:** 000106614

- **iv. LEI, if any:** 5493001LN9MRM6A35J74

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** BlackRock International Limited

- **ii. SEC file number:** 801-51087

- **iii. CRD number:** 000106843

- **iv. LEI, if any:** 5493008YUGP5E01IBD70

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vi. Foreign country, if applicable:** GB

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Sub-adviser Record: 2**

- **i. Full name:** BlackRock Fund Advisors

- **ii. SEC file number:** 801-22609

- **iii. CRD number:** 000105247

- **iv. LEI, if any:** 549300YOOGP0Y1M95C20

- **v. Is the sub-adviser an affiliated person?:** Yes

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** BNY Mellon Investment Servicing (US) Inc.

- **ii. SEC file number:** 084-01761

- **iii. LEI, if any:** 549300CFZQLI9QMJ1Z03

- **iv. State, if applicable:** DE

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** IHS Markit Ltd.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300HLPTRASHS0E726

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 2**

- **i. Full name:** Bloomberg L.P.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300B56MD0ZC402L06

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 3**

- **i. Full name:** ICE Data Services, Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 13-3668779

- **Description of other identifying number:** Tax ID

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

**Pricing Services Record: 4**

- **i. Full name:** Refinitiv US Holdings Inc.

- **ii. LEI, if any, or provide and describe other identifying number:** 549300NF240HXJO7N016

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Goldman Sachs & Co. LLC

- **ii. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)

**Custodians Record: 2**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

**Custodians Record: 3**

- **i. Full name:** Euroclear Bank

- **ii. LEI, if any:** 549300OZ46BRLZ8Y6F65

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign securities depository - rule 17f-7 (17 CFR 270.17f-7)

**Custodians Record: 4**

- **i. Full name:** Barclays Capital Inc.

- **ii. LEI, if any:** AC28XWWI3WIBK2824319

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)

**Custodians Record: 5**

- **i. Full name:** Royal Bank of Canada

- **ii. LEI, if any:** ES7IP3U3RHIGC71XBU11

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 6**

- **i. Full name:** Morgan Stanley & Co. LLC

- **ii. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)

**Custodians Record: 7**

- **i. Full name:** State Street Trust Company Canada

- **ii. LEI, if any:** 549300L71XG2CTQ2V827

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 8**

- **i. Full name:** State Street Bank and Trust Company (Edinburgh, GB, Branch)

- **ii. LEI, if any:** 571474TGEMMWANRLN572

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 9**

- **i. Full name:** Credit Suisse Securities (USA) LLC

- **ii. LEI, if any:** 1V8Y6QCX6YMJ2OELII46

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Futures commission merchants and commodity clearing organizations - rule 17f-6 (17 CFR 270.17f-6)

**Custodians Record: 10**

- **i. Full name:** State Street Bank International GmbH

- **ii. LEI, if any:** ZMHGNT7ZPKZ3UFZ8EO46

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 11**

- **i. Full name:** The Hongkong and Shanghai Banking Corporation Limited (Sydney, NSW, AU, Branch)

- **ii. LEI, if any:** 2HI3YI5320L3RW6NJ957

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

**Custodians Record: 12**

- **i. Full name:** Mizuho Bank, Ltd. (Minato ku, Tokyo, JP, Branch)

- **ii. LEI, if any:** RB0PEZSDGCO3JS6CEU02

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** Yes

- **vii. With respect to the custodian, check below to indicate the type of custody:** Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** State Street Bank and Trust Company

- **ii. LEI, if any, or other identifying number:** 571474TGEMMWANRLN572

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** Yes

**Administrators Record: 2**

- **i. Full name:** BlackRock Advisors, LLC

- **ii. LEI, if any, or other identifying number:** 5493001LN9MRM6A35J74

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** Yes

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

**Broker Dealers Record: 1**

- **a. Full name:** BlackRock Execution Services

- **b. SEC file number:** 8-48719

- **c. CRD number:** 000039438

- **d. LEI, if any:** 549300HFCRQ0NT5KY652

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Broker Dealers Record: 2**

- **a. Full name:** BlackRock Investments, LLC

- **b. SEC file number:** 8-48436

- **c. CRD number:** 000038642

- **d. LEI, if any:** 54930061FBHCKXL2G714

- **e. State, if applicable:** NY

- **f. Foreign country, if applicable:** US

- **g. Total commissions paid to the affiliated broker-dealer for the reporting period::** $0.00

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Morgan Stanley & Co. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $146,512.03

**Aggregate Commission:** $146,512.03

**Item C.17.a. Principal transaction counterparties.**

| Name                                                      | SEC file number   | CRD number   | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| Barclays Capital Inc.                                     | 8-41342           | 000019714    | AC28XWWI3WIBK2824319 | NY      | US        | $194,262,505.13           |
| J.P. Morgan Securities LLC                                | 8-35008           | 000000079    | ZBUT11V806EZRVTWT807 | NY      | US        | $505,595,239.42           |
| Citigroup Global Markets Inc.                             | 8-8177            | 000007059    | MBNUM2BPBDO7JBLYG310 | NY      | US        | $920,124,062.52           |
| BlackRock Funds III - BlackRock Cash Funds: Institutional | N/A               | N/A          | 549300JDHS1T46VWOG19 | CA      | US        | $1,260,177,583.49         |
| Credit Suisse Securities (USA) LLC                        | 8-422             | 000000816    | 1V8Y6QCX6YMJ2OELII46 | NY      | US        | $348,273,883.52           |
| Nomura Securities International, Inc.                     | 8-15255           | 000004297    | OXTKY6Q8X53C9ILVV871 | NY      | US        | $32,212,071.46            |
| Morgan Stanley & Co. LLC                                  | 8-15869           | 000008209    | 9R7GPTSO7KV3UQJZQ078 | NY      | US        | $1,168,204,533.72         |
| BofA Securities, Inc.                                     | 8-69787           | 000283942    | 549300HN4UKV1E2R3U73 | NY      | US        | $986,613,156.76           |
| Wells Fargo Securities, LLC                               | 8-65876           | 000126292    | VYVVCKR63DVZZN70PB21 | NC      | US        | $170,033,476.09           |
| Goldman Sachs & Co. LLC                                   | 8-129             | 000000361    | FOR8UP27PHTHYVLBNG30 | NY      | US        | $747,450,211.91           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $6,655,976,748.02

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $1,235,323,661.37

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Committed

- **ii. What size is the line of credit?** $1,750,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** MUFG Bank, Ltd.

  - **Line Institutions Record: 2 Name of institution:** State Street Bank and Trust Co.

  - **Line Institutions Record: 3 Name of institution:** Barclays Bank PLC

  - **Line Institutions Record: 4 Name of institution:** Royal Bank of Canada

  - **Line Institutions Record: 5 Name of institution:** Bank of Montreal

  - **Line Institutions Record: 6 Name of institution:** Credit Suisse AG, New York Branch

  - **Line Institutions Record: 7 Name of institution:** BNP Paribas

  - **Line Institutions Record: 8 Name of institution:** JPMorgan Chase Bank, N.A.

  - **Line Institutions Record: 9 Name of institution:** Bank of America, N.A.

  - **Line Institutions Record: 10 Name of institution:** Goldman Sachs Bank USA

  - **Line Institutions Record: 11 Name of institution:** Deutsche Bank AG New York Branch

  - **Line Institutions Record: 12 Name of institution:** Banco Bilbao Vizcaya Argentaria, S.A. New York Branch

  - **Line Institutions Record: 13 Name of institution:** Standard Chartered Bank

  - **Line Institutions Record: 14 Name of institution:** Brown Brothers Harriman & Co.

  - **Line Institutions Record: 15 Name of institution:** The Toronto-Dominion Bank, New York Branch

  - **Line Institutions Record: 16 Name of institution:** Mizuho Bank, Ltd.

  - **Line Institutions Record: 17 Name of institution:** The Bank of New York Mellon

  - **Line Institutions Record: 18 Name of institution:** Societe Generale

  - **Line Institutions Record: 19 Name of institution:** Citibank, N.A.

  - **Line Institutions Record: 20 Name of institution:** The Northern Trust Co.

  - **Line Institutions Record: 21 Name of institution:** Wells Fargo Bank, N.A.

  - **Line Institutions Record: 22 Name of institution:** Morgan Stanley Bank, N.A.

- **iv. Is the line of credit just for the Fund, or is it shared among multiple funds?** Shared

  - **1. If shared, list the names of other funds that may use the line of credit:**

| Name of fund                                                 | SEC File number   |
|:---|:---|
| BlackRock Short-Term Municipal Fund                          | 811-02688         |
| BlackRock LifePath Index 2065 Fund                           | 811-07332         |
| BlackRock Future Tech ETF                                    | 811-23402         |
| BlackRock National Municipal Fund                            | 811-02688         |
| BlackRock Pennsylvania Municipal Bond Fund                   | 811-04375         |
| BlackRock LifePath ESG Index 2055 Fund                       | 811-07332         |
| BlackRock Inflation Protected Bond Portfolio                 | 811-23339         |
| BlackRock Sustainable Advantage Large Cap Core Fund          | 811-05742         |
| BlackRock S&P 500 Index V.I. Fund                            | 811-03290         |
| BlackRock Infrastructure Sustainable Opportunities Fund      | 811-05742         |
| BlackRock China A Opportunities Fund                         | 811-05742         |
| BlackRock LifePath Index 2045 Fund                           | 811-07332         |
| BlackRock Basic Value V.I. Fund                              | 811-03290         |
| BATS: Series A Portfolio                                     | 811-21457         |
| BlackRock Global Equity Market Neutral Fund                  | 811-05742         |
| iShares MSCI EAFE International Index Fund                   | 811-07899         |
| BlackRock Sustainable Advantage CoreAlpha Bond Fund          | 811-23341         |
| BlackRock LifePath Dynamic 2060 Fund                         | 811-07332         |
| BlackRock LifePath ESG Index 2045 Fund                       | 811-07332         |
| BlackRock Retirement Income 2030 Fund                        | 811-22061         |
| BlackRock Sustainable U.S. Value Equity Fund                 | 811-02661         |
| Large Cap Index Master Portfolio                             | 811-08162         |
| Total International Ex U.S. Index Master Portfolio           | 811-08162         |
| BlackRock Dynamic High Income Portfolio                      | 811-22061         |
| BlackRock Managed Volatility V.I. Fund                       | 811-03290         |
| BlackRock LifePath Dynamic 2030 Fund                         | 811-07332         |
| BlackRock LifePath ESG Index 2040 Fund                       | 811-07332         |
| BlackRock International Dividend Fund                        | 811-05742         |
| BlackRock Sustainable Advantage International Equity Fund    | 811-05742         |
| BlackRock Advantage Small Cap Core Fund                      | 811-05742         |
| BlackRock Future Climate and Sustainable Economy ETF         | 811-23402         |
| BlackRock Future Financial and Technology ETF                | 811-23402         |
| BlackRock GA Disciplined Volatility Equity Fund              | 811-21763         |
| BlackRock LifePath Index 2050 Fund                           | 811-07332         |
| BlackRock Capital Appreciation V.I. Fund                     | 811-03290         |
| BlackRock Health Sciences Opportunities Portfolio            | 811-05742         |
| BATS: Series M Portfolio                                     | 811-21457         |
| BlackRock Mid-Cap Value Fund                                 | 811-07177         |
| BlackRock LifePath ESG Index 2030 Fund                       | 811-07332         |
| BlackRock U.S. Government Bond V.I. Fund                     | 811-23346         |
| BlackRock High Yield Bond Portfolio                          | 811-23339         |
| BlackRock World ex U.S. Carbon Transition Readiness ETF      | 811-23402         |
| iShares Russell Mid-Cap Index Fund                           | 811-05742         |
| BATS: Series C Portfolio                                     | 811-21457         |
| BlackRock LifePath ESG Index Retirement Fund                 | 811-07332         |
| BlackRock LifePath Dynamic 2065 Fund                         | 811-07332         |
| BlackRock 40/60 Target Allocation Fund                       | 811-22061         |
| BlackRock High Yield Municipal Fund                          | 811-02688         |
| BlackRock Advantage Emerging Markets Fund                    | 811-05742         |
| BlackRock Advantage Large Cap Core Fund                      | 811-09637         |
| BlackRock Total Factor Fund                                  | 811-05742         |
| iShares Total U.S. Stock Market Index Fund                   | 811-05742         |
| BlackRock Global Allocation Fund, Inc.                       | 811-05576         |
| BlackRock Commodity Strategies Fund                          | 811-05742         |
| BlackRock 60/40 Target Allocation Fund                       | 811-22061         |
| BlackRock Future Innovators ETF                              | 811-23402         |
| BlackRock Floating Rate Loan ETF                             | 811-23511         |
| BlackRock Advantage Large Cap Value V.I. Fund                | 811-03290         |
| BlackRock Advantage Large Cap Core V.I. Fund                 | 811-03290         |
| BlackRock Impact Municipal Fund                              | 811-02688         |
| BlackRock Advantage SMID Cap V.I. Fund                       | 811-03290         |
| BlackRock Advantage Small Cap Growth Fund                    | 811-05742         |
| BlackRock Global Long/Short Credit Fund                      | 811-23341         |
| Master Small Cap Index Series                                | 811-07885         |
| BlackRock Sustainable Emerging Markets Equity Fund           | 811-02661         |
| BlackRock Sustainable High Yield Bond Fund                   | 811-23339         |
| BlackRock Tactical Opportunities Fund                        | 811-05742         |
| BlackRock Short Obligations Fund                             | 811-05742         |
| BlackRock Sustainable Emerging Markets Bond Fund             | 811-23339         |
| BlackRock International V.I. Fund                            | 811-03290         |
| Diversified Equity Master Portfolio                          | 811-08162         |
| BlackRock Small Cap Index V.I. Fund                          | 811-03290         |
| iShares U.S. Securitized Bond Index Fund                     | 811-05742         |
| BlackRock Advantage Large Cap Core Portfolio                 | 811-03091         |
| BlackRock LifePath Dynamic 2055 Fund                         | 811-07332         |
| BlackRock Impact Mortgage Fund                               | 811-23339         |
| BlackRock Retirement Income 2040 Fund                        | 811-22061         |
| S&P 500 Index Master Portfolio                               | 811-08162         |
| BlackRock Global Impact Fund                                 | 811-05742         |
| BlackRock Technology Opportunities Fund                      | 811-05742         |
| BlackRock Defensive Advantage Emerging Markets Fund          | 811-05742         |
| BlackRock GNMA Portfolio                                     | 811-23339         |
| BlackRock LifePath Dynamic 2035 Fund                         | 811-07332         |
| BlackRock Low Duration Bond Portfolio                        | 811-23339         |
| BlackRock LifePath Index 2030 Fund                           | 811-07332         |
| BlackRock Advantage Global Fund, Inc.                        | 811-07171         |
| iShares U.S. Long Government Bond Index Fund                 | 811-05742         |
| BlackRock Multi-Sector Opportunities Trust II                | 811-23357         |
| iShares U.S. Intermediate Credit Bond Index Fund             | 811-05742         |
| BlackRock Sustainable Balanced Portfolio                     | 811-03091         |
| BlackRock Capital Appreciation Portfolio                     | 811-03091         |
| BlackRock LifePath Index 2060 Fund                           | 811-07332         |
| iShares Russell Small/Mid-Cap Index Fund                     | 811-05742         |
| BlackRock Core Bond Portfolio                                | 811-23339         |
| Master Total Return Portfolio                                | 811-21434         |
| BlackRock Multi-Sector Opportunities Trust                   | 811-23285         |
| BlackRock Equity Dividend Fund                               | 811-05178         |
| iShares Developed Real Estate Index Fund                     | 811-05742         |
| BlackRock LifePath ESG Index 2065 Fund                       | 811-07332         |
| BlackRock International Fund                                 | 811-08797         |
| BlackRock LifePath Index 2055 Fund                           | 811-07332         |
| BlackRock Sustainable Emerging Markets Flexible Bond Fund    | 811-23339         |
| U.S. Total Bond Index Master Portfolio                       | 811-08162         |
| BlackRock Equity Dividend V.I. Fund                          | 811-03290         |
| International Tilts Master Portfolio                         | 811-08162         |
| BlackRock LifePath Dynamic 2025 Fund                         | 811-07332         |
| BlackRock Systematic Multi-Strategy Fund                     | 811-23341         |
| BATS: Series V Portfolio                                     | 811-21457         |
| BlackRock International Impact Fund                          | 811-05742         |
| BlackRock Managed Income Fund                                | 811-22061         |
| BlackRock GA Dynamic Equity Fund                             | 811-21763         |
| BlackRock Sustainable International Equity Fund              | 811-02661         |
| BlackRock U.S. Government Bond Portfolio                     | 811-23345         |
| BlackRock New York Municipal Opportunities Fund              | 811-04375         |
| BlackRock Sustainable Low Duration Bond Fund                 | 811-23339         |
| BlackRock Strategic Municipal Opportunities Fund             | 811-04802         |
| BlackRock LifePath Index 2040 Fund                           | 811-07332         |
| BlackRock High Equity Income Fund                            | 811-05742         |
| BlackRock Real Estate Securities Fund                        | 811-05742         |
| BlackRock Advantage Large Cap Growth Fund                    | 811-05742         |
| BlackRock Floating Rate Income Portfolio                     | 811-23339         |
| BlackRock 20/80 Target Allocation Fund                       | 811-22061         |
| BlackRock Total Return V.I. Fund                             | 811-23346         |
| iShares U.S. Long Credit Bond Index Fund                     | 811-05742         |
| BlackRock LifePath ESG Index 2035 Fund                       | 811-07332         |
| iShares Short-Term TIPS Bond Index Fund                      | 811-05742         |
| BlackRock Global Dividend Portfolio                          | 811-22061         |
| BlackRock LifePath Index 2025 Fund                           | 811-07332         |
| BlackRock Emerging Markets Fund, Inc.                        | 811-05723         |
| BlackRock Multi-Asset Income Portfolio                       | 811-22061         |
| BlackRock LifePath Index Retirement Fund                     | 811-07332         |
| BlackRock U.S. Mortgage Portfolio                            | 811-23340         |
| BlackRock High Yield Portfolio                               | 811-23345         |
| BlackRock LifePath Dynamic 2040 Fund                         | 811-07332         |
| BlackRock U.S. Impact Fund                                   | 811-05742         |
| BlackRock LifePath Dynamic 2050 Fund                         | 811-07332         |
| BlackRock LifePath Dynamic 2045 Fund                         | 811-07332         |
| iShares U.S. Intermediate Government Bond Index Fund         | 811-05742         |
| BlackRock Large Cap Focus Growth V.I. Fund                   | 811-03290         |
| BlackRock Capital Appreciation Fund, Inc.                    | 811-06669         |
| BATS: Series S Portfolio                                     | 811-21457         |
| BlackRock Advantage International Fund                       | 811-05742         |
| BlackRock International Index V.I. Fund                      | 811-03290         |
| BlackRock Defensive Advantage International Fund             | 811-05742         |
| BlackRock LifePath Index 2035 Fund                           | 811-07332         |
| BlackRock Strategic Global Bond Fund, Inc.                   | 811-05603         |
| BlackRock California Municipal Opportunities Fund            | 811-04264         |
| BlackRock Advantage Large Cap Value Fund                     | 811-09637         |
| BlackRock SMID-Cap Growth Equity Fund                        | 811-05742         |
| BlackRock Sustainable Advantage Emerging Markets Equity Fund | 811-05742         |
| BlackRock Income Fund                                        | 811-23339         |
| BlackRock Sustainable Balanced Fund, Inc.                    | 811-02405         |
| BlackRock LifePath ESG Index 2050 Fund                       | 811-07332         |
| BlackRock Exchange Portfolio                                 | 811-05742         |
| BlackRock Advantage SMID Cap Fund, Inc.                      | 811-02809         |
| BlackRock Event Driven Equity Fund                           | 811-09637         |
| BlackRock 80/20 Target Allocation Fund                       | 811-22061         |
| BlackRock Mid-Cap Growth Equity Portfolio                    | 811-05742         |
| BlackRock Large Cap Focus Value Fund, Inc.                   | 811-02739         |
| BlackRock High Yield V.I. Fund                               | 811-23346         |
| BlackRock Global Allocation V.I. Fund                        | 811-03290         |
| BlackRock LifePath Dynamic Retirement Fund                   | 811-07332         |
| BlackRock 60/40 Target Allocation ETF V.I. Fund              | 811-03290         |
| BlackRock Natural Resources Trust                            | 811-04282         |
| BlackRock Defensive Advantage U.S. Fund                      | 811-05742         |
| BlackRock Sustainable Total Return Fund                      | 811-02857         |
| BlackRock LifePath ESG Index 2025 Fund                       | 811-07332         |
| BlackRock Sustainable U.S. Growth Equity Fund                | 811-02661         |
| BlackRock LifePath ESG Index 2060 Fund                       | 811-07332         |
| BATS: Series E Portfolio                                     | 811-21457         |
| BlackRock Global Allocation Portfolio                        | 811-03091         |
| BlackRock New Jersey Municipal Bond Fund                     | 811-04375         |
| BlackRock EuroFund                                           | 811-04612         |
| BlackRock Strategic Income Opportunities Portfolio           | 811-23339         |
| BATS: Series P Portfolio                                     | 811-21457         |
| BlackRock Global Equity Absolute Return Fund                 | 811-05742         |
| BlackRock Large Cap Focus Growth Fund, Inc.                  | 811-09651         |
| iShares Municipal Bond Index Fund                            | 811-05742         |
| BlackRock Unconstrained Equity Fund                          | 811-21759         |
| BlackRock Future Health ETF                                  | 811-23402         |
| BlackRock Energy Opportunities Fund                          | 811-05742         |

- **v. Did the Fund draw on the line of credit this period?** No

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Master Investment Portfolio II

**Date:** 2023-03-02

**Signature:** Chuck Pulsfort

**Title:** Assistant Treasurer