# EDGAR Filing Document

**Accession Number:** 0001738080
**File Stem:** 0001193125-26-093630
**Filing Date:** 2026-3
**Character Count:** 382894
**Document Hash:** d196836def66db250bca7368b91a5bff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-093630.hdr.sgml**: 20260305

**ACCESSION NUMBER**: 0001193125-26-093630

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260305

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260305

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BlackRock Funds VI
- **CENTRAL INDEX KEY:** 0001738080

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23344
- **FILM NUMBER:** 26725633

**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

### BlackRock Advantage CoreAlpha Bond Fund (Series ID: S000062373)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000202336 | Investor A Shares    |  |
| C000202337 | Investor C Shares    |  |
| C000202338 | Institutional Shares |  |
| C000202339 | Class K Shares       |  |

?xml version='1.0' encoding='ASCII'? BlackRock Funds VI

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:

811-23344 and 811-23343

Name of Fund:

---

| |
|:---|
| BlackRock Funds VI |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BlackRock Advantage CoreAlpha Bond Fund |
| Master Investment Portfolio II |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advantage CoreAlpha Bond Master Portfolio |

---

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Funds VI and Master Investment Portfolio II, 50 Hudson Yards, New York, NY 10001

Registrant's telephone number, including area code:

&nbsp;&nbsp;&nbsp;&nbsp;(800) 441-7762

Date of fiscal year end:

12/31/2025

Date of reporting period:

12/31/2025

Item 1 — Report to Stockholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith

![TSR - BLK Retail Logo](g812244g1images_5650.jpg)

### BlackRock Advantage CoreAlpha Bond Fund

### Institutional Shares \| BCRIX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock Advantage CoreAlpha Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. The Fund invests all of its assets in the Advantage CoreAlpha Bond Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio II. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Institutional Shares | $30(a) | 0.29%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup>

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Institutional Shares returned 6.79%. 

* For the same period, the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30%. 

What contributed to performance?

Positive contributions to the Fund's absolute performance for the period were led by exposure to higher yielding, credit-oriented areas of the bond market as a resilient economy supported stable credit spreads, with the exception of a brief spike in early April on tariff fears. In addition, as the period progressed and labor data softened, the market anticipated that the U.S. Federal Reserve was poised to begin cutting its benchmark overnight lending rate, leading yields lower and bond prices higher. Specifically, the Fund's holdings of securitized assets, high yield corporate bonds and investment grade corporate bonds led contributions to return.

What detracted from performance?

The Fund's positioning across global interest rate markets using cross-market rate swaps was the largest detractor from absolute performance for the period.

 *The views expressed reflect the opinions of BlackRock 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.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g812244g1chartimages_6656435.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Institutional Shares | 6.79% | (0.67)% | 2.08% |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$722727638 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1700178 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;183% |

---

On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock CoreAlpha Bond Fund (the "Predecessor Fund"), a series of BlackRock Funds III, through a tax-free reorganization (the "Board Reorganization"). The Predecessor Fund is the performance and accounting survivor of the Board Reorganization.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

Additional information

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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.

![TSR - BLK Retail Logo Footer](g812244g1images_5649.jpg)

BlackRock Advantage CoreAlpha Bond Fund

Institutional Shares \| BCRIX

Annual Shareholder Report — December 31, 2025

BCRIX-12/25-AR

![TSR - BLK Retail Logo](g812244g1images_5650.jpg)

### BlackRock Advantage CoreAlpha Bond Fund

### Investor A Shares \| BCRAX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock Advantage CoreAlpha Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. The Fund invests all of its assets in the Advantage CoreAlpha Bond Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio II. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor A Shares | $56(a) | 0.54%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup>

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor A Shares returned 6.53%. 

* For the same period, the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30%. 

What contributed to performance?

Positive contributions to the Fund's absolute performance for the period were led by exposure to higher yielding, credit-oriented areas of the bond market as a resilient economy supported stable credit spreads, with the exception of a brief spike in early April on tariff fears. In addition, as the period progressed and labor data softened, the market anticipated that the U.S. Federal Reserve was poised to begin cutting its benchmark overnight lending rate, leading yields lower and bond prices higher. Specifically, the Fund's holdings of securitized assets, high yield corporate bonds and investment grade corporate bonds led contributions to return.

What detracted from performance?

The Fund's positioning across global interest rate markets using cross-market rate swaps was the largest detractor from absolute performance for the period.

 *The views expressed reflect the opinions of BlackRock 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.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g812244g1chartimages_6656434.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor A Shares | 6.53% | (0.92)% | 1.80% |
| Investor A Shares (with sales charge) | 2.27 | (1.72) | 1.38 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$722727638 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1700178 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;183% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for service fees.

On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock CoreAlpha Bond Fund (the "Predecessor Fund"), a series of BlackRock Funds III, through a tax-free reorganization (the "Board Reorganization"). The Predecessor Fund is the performance and accounting survivor of the Board Reorganization.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

Additional information

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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.

![TSR - BLK Retail Logo Footer](g812244g1images_5649.jpg)

BlackRock Advantage CoreAlpha Bond Fund

Investor A Shares \| BCRAX

Annual Shareholder Report — December 31, 2025

BCRAX-12/25-AR

![TSR - BLK Retail Logo](g812244g1images_5650.jpg)

### BlackRock Advantage CoreAlpha Bond Fund

### Investor C Shares \| BCRCX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock Advantage CoreAlpha Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. The Fund invests all of its assets in the Advantage CoreAlpha Bond Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio II. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Investor C Shares | $133(a) | 1.29%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup>

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Investor C Shares returned 5.75%. 

* For the same period, the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30%. 

What contributed to performance?

Positive contributions to the Fund's absolute performance for the period were led by exposure to higher yielding, credit-oriented areas of the bond market as a resilient economy supported stable credit spreads, with the exception of a brief spike in early April on tariff fears. In addition, as the period progressed and labor data softened, the market anticipated that the U.S. Federal Reserve was poised to begin cutting its benchmark overnight lending rate, leading yields lower and bond prices higher. Specifically, the Fund's holdings of securitized assets, high yield corporate bonds and investment grade corporate bonds led contributions to return.

What detracted from performance?

The Fund's positioning across global interest rate markets using cross-market rate swaps was the largest detractor from absolute performance for the period.

 *The views expressed reflect the opinions of BlackRock 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.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g812244g1chartimages_6656373.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Investor C Shares | 5.75% | (1.67)% | 1.20% |
| Investor C Shares (with sales charge) | 4.75 | (1.67) | 1.20 |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$722727638 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1700178 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;183% |

---

Assuming maximum sales charges. Average annual total returns with and without sales charges reflect reductions for distribution and service fees.

On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock CoreAlpha Bond Fund (the "Predecessor Fund"), a series of BlackRock Funds III, through a tax-free reorganization (the "Board Reorganization"). The Predecessor Fund is the performance and accounting survivor of the Board Reorganization.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

Additional information

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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.

![TSR - BLK Retail Logo Footer](g812244g1images_5649.jpg)

BlackRock Advantage CoreAlpha Bond Fund

Investor C Shares \| BCRCX

Annual Shareholder Report — December 31, 2025

BCRCX-12/25-AR

![TSR - BLK Retail Logo](g812244g1images_5650.jpg)

### BlackRock Advantage CoreAlpha Bond Fund

### Class K Shares \| BCRKX

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about BlackRock Advantage CoreAlpha Bond Fund (the "Fund") for the period of January 1, 2025 to December 31, 2025. The Fund invests all of its assets in the Advantage CoreAlpha Bond Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio II. You can find additional information about the Fund at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### What were the Fund costs for the last year ?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| Class K Shares | $25(a) | 0.24%(a) |

---

<sup><sup>(a)</sup></sup> <sup>Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</sup>

 **How did the Fund perform last year ?**

* For the reporting period ended December 31, 2025, the Fund's Class K Shares returned 6.84%. 

* For the same period, the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30%. 

What contributed to performance?

Positive contributions to the Fund's absolute performance for the period were led by exposure to higher yielding, credit-oriented areas of the bond market as a resilient economy supported stable credit spreads, with the exception of a brief spike in early April on tariff fears. In addition, as the period progressed and labor data softened, the market anticipated that the U.S. Federal Reserve was poised to begin cutting its benchmark overnight lending rate, leading yields lower and bond prices higher. Specifically, the Fund's holdings of securitized assets, high yield corporate bonds and investment grade corporate bonds led contributions to return.

What detracted from performance?

The Fund's positioning across global interest rate markets using cross-market rate swaps was the largest detractor from absolute performance for the period.

 *The views expressed reflect the opinions of BlackRock 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.*

#### Fund performance
Cumulative performance: January 1, 2016 through December 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g812244g1chartimages_6656496.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Class K Shares | 6.84% | (0.64)% | 2.12% |
| Bloomberg U.S. Aggregate Bond Index | 7.30 | (0.36) | 2.01 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$722727638 |
| Number of Portfolio Holdings | &nbsp;&nbsp;1 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1700178 |
| Portfolio Turnover Rate of the Master Portfolio | &nbsp;&nbsp;183% |

---

On September 17, 2018, the Fund acquired all of the assets, subject to the liabilities, of BlackRock CoreAlpha Bond Fund (the "Predecessor Fund"), a series of BlackRock Funds III, through a tax-free reorganization (the "Board Reorganization"). The Predecessor Fund is the performance and accounting survivor of the Board Reorganization.

Prior to March 28, 2016 for Class K Shares, the performance of the class is based on the returns of a series of Master Investment Portfolio, adjusted to reflect the estimated annual fund fees and operating expenses of the respective share class of the Predecessor Fund.

 **Past performance is not an indication of future results.** Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **blackrock.com** for more recent performance information.

Additional information

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

#### Householding
The Fund will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Fund at (800) 441-7762.

The Fund is not sponsored, endorsed, issued, sold, or promoted by Bloomberg Index Services Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.©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.

![TSR - BLK Retail Logo Footer](g812244g1images_5649.jpg)

BlackRock Advantage CoreAlpha Bond Fund

Class K Shares \| BCRKX

Annual Shareholder Report — December 31, 2025

BCRKX-12/25-AR

![TSR - BLK Retail Logo](g812244g1images_5650.jpg)

### Advantage CoreAlpha Bond Master Portfolio

#### Annual Shareholder Report — December 31, 2025

------

This annual shareholder report contains important information about Advantage CoreAlpha Bond 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 BlackRock Advantage CoreAlpha Bond Fund's additional information at **blackrock.com/fundreports**. You can also request this information by contacting us at (800) 441-7762.

#### 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<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| Advantage CoreAlpha Bond Master Portfolio | $25 | 0.24% |

---

---

| | |
|:---|:---|
| **Key Master Portfolio statistics** |  |
| Net Assets | &nbsp;&nbsp;$723031885 |
| Number of Portfolio Holdings | &nbsp;&nbsp;2059 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1700178 |
| Portfolio Turnover Rate | &nbsp;&nbsp;183% |

---

#### What did the Master Portfolio invest in?
(as of December 31, 2025)

---

| | |
|:---|:---|
| **Portfolio composition** | **Portfolio composition** |
| *Investment Type* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Corporate Bonds | 36.8% |
| U.S. Government Sponsored Agency Securities | 27.3% |
| U.S. Treasury Obligations | 16.9% |
| Non-Agency Mortgage-Backed Securities | 12.7% |
| Asset-Backed Securities | 5.2% |
| Foreign Agency Obligations | 0.6% |
| Municipal Bonds | 0.5% |
| Capital Trusts | — %(b) |
| Common Stocks | — %(b) |

---

---

| | |
|:---|:---|
| **Credit quality allocation** | **Credit quality allocation** |
| *Credit Rating<sup>(c)</sup>* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| AAA/Aaa<sup>(d)</sup> | 45.8% |
| AA/Aa | 3.2% |
| A | 14.3% |
| BBB/Baa | 23.9% |
| BB/Ba | 4.8% |
| B | 2.2% |
| CCC/Caa | 0.5% |
| N/R | 5.3% |

---

---

| |
|:---|
| <sup><sup>(a)</sup></sup><sup>Excludes short-term securities, short investments and options, if any.</sup> |
| <sup><sup>(b)</sup></sup><sup>Rounds to less than 0.1%.</sup> |
| <sup><sup>(c)</sup></sup><sup>For purposes of this report, credit quality ratings shown above reflect the highest rating assigned by either S&P Global Ratings or Moody's Investors Service, Inc. if ratings differ. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</sup> |
| <sup><sup>(d)</sup></sup><sup>The investment adviser evaluates the credit quality of unrated investments based upon certain factors including, but not limited to, credit ratings for similar investments and financial analysis of sectors, individual investments and/or issuers. Using this approach, the investment adviser has deemed unrated U.S. Government Sponsored Agency Securities and U.S. Treasury Obligations to be of similar credit quality as investments rated AAA/Aaa.</sup> |

---

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.

![TSR - BLK Retail Logo Footer](g812244g1images_5649.jpg)

Advantage CoreAlpha Bond Master Portfolio

Annual Shareholder Report — December 31, 2025

12/25-AR

------

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

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics – Each registrant (each a "Fund") has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrants undertake to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.  |

---

Item 3 – Audit Committee Financial Expert – Each registrant's board of directors (the "board of directors"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Arthur P. Steinmetz

Lorenzo A. Flores

Catherine A. Lynch

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for the services rendered to the Funds:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **(a) Audit Fees** | **(a) Audit Fees** | (b) Audit-Related<br> **Fees<sup>1</sup>** | (b) Audit-Related<br> **Fees<sup>1</sup>** | **(c) Tax Fees<sup>2</sup>** | **(c) Tax Fees<sup>2</sup>** | **(d) All Other Fees** | **(d) All Other Fees** |
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current</u> <br><u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Current</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** | **<u>Previous</u>** <br> **<u>Fiscal</u>**<br> **<u>Year</u>**<br> **<u>End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage CoreAlpha Bond Fund | $11514 | $11514 | $0 | $0 | $17850 | $17000 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;Advantage CoreAlpha Bond Master Portfolio | $45450 | $45450 | $0 | $0 | $0 | $0 | $0 | $0 |

---

The following table presents fees billed by PwC that were required to be approved by each registrant's audit committee (the "Committee") for services that relate directly to the operations or financial reporting of the Funds and that are rendered on behalf of BlackRock Advisors, LLC (the "Investment Adviser" or "BlackRock") and entities controlling, controlled by, or under

------

common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds ("Affiliated Service Providers"):

---

| | | |
|:---|:---|:---|
|  | **Current Fiscal Year End** | **Previous Fiscal Year End** |
| &nbsp;&nbsp;&nbsp; (b) Audit-Related Fees<sup>1</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (c) Tax Fees<sup>2</sup> | $0 | $0 |
| &nbsp;&nbsp;&nbsp; (d) All Other Fees<sup>3</sup> | $0 | $0 |

---

<sup>1</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

<sup>2</sup> The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

<sup>3</sup> Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the Securities and Exchange Commission's auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis ("general pre-approval"). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

#### 2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees, defined as the sum of the fees shown under "Audit-Related Fees," "Tax Fees" and "All Other Fees," paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Entity Name** | **<u>Current Fiscal Year</u> <br><u>End</u>** | **<u>Previous Fiscal</u> <br><u>Year End</u>** |
| &nbsp;&nbsp;&nbsp;BlackRock Advantage CoreAlpha Bond Fund | $17850 | $17000 |
| &nbsp;&nbsp;&nbsp;Advantage CoreAlpha Bond Master Portfolio | $0 | $0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

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

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

Item 5 – Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrants' Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrants' Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The registrants' Financial Highlights are attached herewith.

#### 3

------

![](g812244imga753653a1.jpg)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| **BlackRock Funds VI** |
| • BlackRock Advantage CoreAlpha Bond Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Not FDIC Insured • May Lose Value • No Bank Guarantee**<br>

------

**Table of Contents**

**Page**

------

---

| | |
|:---|:---|
| [Derivative Financial Instruments](#xx_afeab096-2d75-442d-9758-4693707ae3a6_RskDeriv-Footer-FundBookName-794_1)  | 3 |
| [Fund Statement of Assets and Liabilities](#xx_afeab096-2d75-442d-9758-4693707ae3a6_FS-Footer-FundBookName-794_1)  | 4 |
| [Fund Statement of Operations](#xx_afeab096-2d75-442d-9758-4693707ae3a6_FS-Footer-FundBookName-794_3)  | 6 |
| [Fund Statements of Changes in Net Assets](#xx_afeab096-2d75-442d-9758-4693707ae3a6_FS-Footer-FundBookName-794_4)  | 7 |
| [Fund Financial Highlights](#xx_afeab096-2d75-442d-9758-4693707ae3a6_FIHI-Footer-FundBookName-794_1)  | 8 |
| [Fund Notes to Financial Statements](#xx_afeab096-2d75-442d-9758-4693707ae3a6_NTF-Footer-FundBookName-794_1)  | 12 |
| [Fund Report of Independent Registered Public Accounting Firm](#xx_afeab096-2d75-442d-9758-4693707ae3a6_AUDIT-1-Footer-FundBookName-794_1)  | 16 |
| [Important Tax Information](#xx_afeab096-2d75-442d-9758-4693707ae3a6_TAX-1-Footer-FundBookName-794_1)  | 17 |
| [Master Portfolio Schedule of Investments](#xx_afeab096-2d75-442d-9758-4693707ae3a6_MAST-Footer-FundBookName-787_1)  | 18 |
| [Master Portfolio Statement of Assets and Liabilities](#xx_afeab096-2d75-442d-9758-4693707ae3a6_MstFS-Footer-FundBookName-787_1)  | 42 |
| [Master Portfolio Statement of Operations](#xx_afeab096-2d75-442d-9758-4693707ae3a6_MstFS-Footer-FundBookName-787_2)  | 43 |
| [Master Portfolio Statements of Changes in Net Assets](#xx_afeab096-2d75-442d-9758-4693707ae3a6_MstFS-Footer-FundBookName-787_3)  | 44 |
| [Master Portfolio Financial Highlights](#xx_afeab096-2d75-442d-9758-4693707ae3a6_MstFIHI-Footer-FundBookName-787_1)  | 45 |
| [Master Portfolio Notes to Financial Statements](#xx_afeab096-2d75-442d-9758-4693707ae3a6_MstNTF-Footer-FundBookName-787_1)  | 46 |
| [Master Portfolio Report of Independent Registered Public Accounting Firm](#xx_afeab096-2d75-442d-9758-4693707ae3a6_MstAUDIT-Footer-FundBookName-787_1)  | 57 |
| [Additional Information](#xx_afeab096-2d75-442d-9758-4693707ae3a6_ADDInfo-Footer-FundBookName-794_1)  | 58 |
| [Glossary of Terms Used in these Financial Statements](#xx_afeab096-2d75-442d-9758-4693707ae3a6_Terms-Footer-FundBookName-794_1)  | 60 |

---

------

Derivative Financial Instruments

The Advantage CoreAlpha Bond Master Portfolio (the "Master Portfolio") may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Master Portfolio must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Master Portfolio's successful use of a derivative financial instrument depends on the investment adviser's ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Master Portfolio can realize on an investment and/or may result in lower distributions paid to shareholders. The Master Portfolio's investments in these instruments, if any, are discussed in detail in the Master Portfolio Notes to Financial Statements.

**BlackRock Advantage CoreAlpha Bond Fund**

Derivative Financial Instruments

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BlackRock <br>Advantage <br>CoreAlpha <br>Bond Fund<br>|
| **ASSETS** |  |
| Investments, at value — Master Portfolio | $723031885 |
| Receivables: |  |
| Capital shares sold | 1346961 |
| From the Administrator | 2459 |
| Total assets | 724381305 |
| **LIABILITIES** |  |
| Payables: |  |
| Administration fees | 29697 |
| Capital shares redeemed | 763221 |
| Contributions to the Master Portfolio | 583740 |
| Income dividend distributions | 212225 |
| Professional fees | 11512 |
| Service and distribution fees | 53272 |
| Total liabilities | 1653667 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $722727638 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $918893647 |
| Accumulated loss | (196166009) |
| NET ASSETS | $722727638 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Statement of Assets and Liabilities (continued)

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BlackRock <br>Advantage <br>CoreAlpha <br>Bond Fund<br>|
| **NET ASSET VALUE** |  |
| **Institutional** |  |
| Net assets | $412657645 |
| Shares outstanding | 47177995 |
| Net asset value | $8.75 |
| Shares authorized | Unlimited |
| Par value | No par value |
| **Investor A** |  |
| Net assets | $251414762 |
| Shares outstanding | 28739149 |
| Net asset value | $8.75 |
| Shares authorized | Unlimited |
| Par value | No par value |
| **Investor C** |  |
| Net assets | $513974 |
| Shares outstanding | 58731 |
| Net asset value | $8.75 |
| Shares authorized | Unlimited |
| Par value | No par value |
| **Class K** |  |
| Net assets | $58141257 |
| Shares outstanding | 6641365 |
| Net asset value | $8.75 |
| Shares authorized | Unlimited |
| Par value | No par value |

---

*See notes to financial statements.*

Fund Statement of Assets and Liabilities

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | BlackRock <br>Advantage <br>CoreAlpha <br>Bond Fund<br>|
| **INVESTMENT INCOME** |  |
| Net investment income allocated from the Master Portfolio: |  |
| Dividends — affiliated | &nbsp;&nbsp; $359521 |
| Interest — unaffiliated | &nbsp;&nbsp; 34162014 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 104857 |
| Payment-in-kind interest — unaffiliated | &nbsp;&nbsp; 5597 |
| Expenses | &nbsp;&nbsp; (1764322)<br>|
| Fees waived | &nbsp;&nbsp; 64144 |
| Total investment income | &nbsp;&nbsp; 32931811 |
| FUND EXPENSES |  |
| Service and distribution — class specific | &nbsp;&nbsp; 648204 |
| Administration — class specific | &nbsp;&nbsp; 354667 |
| Professional | &nbsp;&nbsp; 11463 |
| Miscellaneous | &nbsp;&nbsp; 3561 |
| Total expenses | &nbsp;&nbsp; 1017895 |
| Less fees waived and/or reimbursed by the Administrator | &nbsp;&nbsp; (42183)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 975712 |
| Net investment income | &nbsp;&nbsp; 31956099 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ALLOCATED FROM THE MASTER PORTFOLIO** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (3555661)<br>|
| Investments — affiliated | &nbsp;&nbsp; (2020)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (411104)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 204368 |
| Futures contracts | &nbsp;&nbsp; (1594368)<br>|
| Swaps | &nbsp;&nbsp; (1092071)<br>|
|  | &nbsp;&nbsp; (6450856)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 20272714 |
| Investments — affiliated | &nbsp;&nbsp; 394 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 11563 |
| Foreign currency translations | &nbsp;&nbsp; 123072 |
| Futures contracts | &nbsp;&nbsp; 190416 |
| Swaps | &nbsp;&nbsp; 423790 |
|  | &nbsp;&nbsp; 21021949 |
| Net realized and unrealized gain | &nbsp;&nbsp; 14571093 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $46527192 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | BlackRock Advantage CoreAlpha Bond Fund | BlackRock Advantage CoreAlpha Bond Fund |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $31956099 | &nbsp;&nbsp;&nbsp; $30331219 |
| Net realized loss | &nbsp;&nbsp; (6450856)<br>| &nbsp;&nbsp;&nbsp; (5246735)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 21021949 | &nbsp;&nbsp;&nbsp; (13156042)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 46527192 | &nbsp;&nbsp;&nbsp; 11928442 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Institutional | &nbsp;&nbsp; (18079408)<br>| &nbsp;&nbsp;&nbsp; (16121819)<br>|
| Investor A | &nbsp;&nbsp; (11283389)<br>| &nbsp;&nbsp;&nbsp; (11802257)<br>|
| Investor C | &nbsp;&nbsp; (16050)<br>| &nbsp;&nbsp;&nbsp; (19310)<br>|
| Class K | &nbsp;&nbsp; (2874236)<br>| &nbsp;&nbsp;&nbsp; (2616453)<br>|
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (32253083)<br>| &nbsp;&nbsp;&nbsp; (30559839)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 10086262 | &nbsp;&nbsp;&nbsp; (1444096)<br>|
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 24360371 | &nbsp;&nbsp;&nbsp; (20075493)<br>|
| Beginning of year | &nbsp;&nbsp; 698367267 | &nbsp;&nbsp;&nbsp; 718442760 |
| End of year | &nbsp;&nbsp; $722727638 | &nbsp;&nbsp;&nbsp; $698367267 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

Fund Statements of Changes in Net Assets

------

Financial Highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage CoreAlpha Bond Fund | BlackRock Advantage CoreAlpha Bond Fund | BlackRock Advantage CoreAlpha Bond Fund | BlackRock Advantage CoreAlpha Bond Fund | BlackRock Advantage CoreAlpha Bond Fund |
|  | Institutional | Institutional | Institutional | Institutional | Institutional |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $8.58 | &nbsp;&nbsp;&nbsp; $8.78 | &nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp; $10.32 | &nbsp;&nbsp;&nbsp; $10.79 |
| Net investment income<sup>(a)</sup> | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| Net realized and unrealized gain (loss) | 0.17 | &nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| Net increase (decrease) from investment operations | 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Total distributions | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $8.75 | &nbsp;&nbsp;&nbsp; $8.58 | &nbsp;&nbsp;&nbsp; $8.78 | &nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp; $10.32 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 6.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.41<br> %<br>| &nbsp;&nbsp;&nbsp; (14.24)%<br>| &nbsp;&nbsp;&nbsp; (1.98)%<br>|
| **Ratios to Average Net Assets**<sup>(d)(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Net investment income | 4.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $412658 | &nbsp;&nbsp;&nbsp; $367055 | &nbsp;&nbsp;&nbsp; $367970 | &nbsp;&nbsp;&nbsp; $559142 | &nbsp;&nbsp;&nbsp; $839388 |
| Portfolio turnover rate of the Master Portfolio<sup>(f)</sup> | &nbsp;&nbsp; 183<br> %<br>| &nbsp;&nbsp;&nbsp; 142<br> %<br>| &nbsp;&nbsp;&nbsp; 201<br> %<br>| &nbsp;&nbsp;&nbsp; 205<br> %<br>| &nbsp;&nbsp;&nbsp; 219<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

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

<sup>(f)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 103<br> %<br>| &nbsp;&nbsp;&nbsp; 96<br> %<br>| &nbsp;&nbsp;&nbsp; 118<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 123<br> %<br>|

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage CoreAlpha Bond Fund (continued) | BlackRock Advantage CoreAlpha Bond Fund (continued) | BlackRock Advantage CoreAlpha Bond Fund (continued) | BlackRock Advantage CoreAlpha Bond Fund (continued) | BlackRock Advantage CoreAlpha Bond Fund (continued) |
|  | Investor A | Investor A | Investor A | Investor A | Investor A |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $8.58 | &nbsp;&nbsp;&nbsp; $8.78 | &nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp; $10.32 | &nbsp;&nbsp;&nbsp; $10.79 |
| Net investment income<sup>(a)</sup> | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Net realized and unrealized gain (loss) | 0.17 | &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp;&nbsp; (0.42)<br>|
| Net increase (decrease) from investment operations | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>|
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Total distributions | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp; (0.23)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $8.75 | &nbsp;&nbsp;&nbsp; $8.58 | &nbsp;&nbsp;&nbsp; $8.78 | &nbsp;&nbsp;&nbsp; $8.65 | &nbsp;&nbsp;&nbsp; $10.32 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 6.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.15<br> %<br>| &nbsp;&nbsp;&nbsp; (14.46)%<br>| &nbsp;&nbsp;&nbsp; (2.23)%<br>|
| **Ratios to Average Net Assets**<sup>(d)(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Net investment income | 4.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $251415 | &nbsp;&nbsp;&nbsp; $265350 | &nbsp;&nbsp;&nbsp; $297914 | &nbsp;&nbsp;&nbsp; $322124 | &nbsp;&nbsp;&nbsp; $445358 |
| Portfolio turnover rate of the Master Portfolio<sup>(f)</sup> | &nbsp;&nbsp; 183<br> %<br>| &nbsp;&nbsp;&nbsp; 142<br> %<br>| &nbsp;&nbsp;&nbsp; 201<br> %<br>| &nbsp;&nbsp;&nbsp; 205<br> %<br>| &nbsp;&nbsp;&nbsp; 219<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

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

<sup>(f)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 103<br> %<br>| &nbsp;&nbsp;&nbsp; 96<br> %<br>| &nbsp;&nbsp;&nbsp; 118<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 123<br> %<br>|

---

*See notes to financial statements.*

Fund Financial Highlights

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage CoreAlpha Bond Fund (continued) | BlackRock Advantage CoreAlpha Bond Fund (continued) | BlackRock Advantage CoreAlpha Bond Fund (continued) | BlackRock Advantage CoreAlpha Bond Fund (continued) | BlackRock Advantage CoreAlpha Bond Fund (continued) |
|  | Investor C | Investor C | Investor C | Investor C | Investor C |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $8.58 | &nbsp;&nbsp;&nbsp; $8.79 | &nbsp;&nbsp;&nbsp; $8.66 | &nbsp;&nbsp;&nbsp; $10.33 | &nbsp;&nbsp;&nbsp; $10.80 |
| Net investment income<sup>(a)</sup> | 0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss) | 0.17 | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| Net increase (decrease) from investment operations | 0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp;&nbsp; (0.32)<br>|
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Total distributions | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $8.75 | &nbsp;&nbsp;&nbsp; $8.58 | &nbsp;&nbsp;&nbsp; $8.79 | &nbsp;&nbsp;&nbsp; $8.66 | &nbsp;&nbsp;&nbsp; $10.33 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 5.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.36<br> %<br>| &nbsp;&nbsp;&nbsp; (15.09)%<br>| &nbsp;&nbsp;&nbsp; (2.96)%<br>|
| **Ratios to Average Net Assets**<sup>(d)(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>|
| Net investment income | 3.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $514 | &nbsp;&nbsp;&nbsp; $453 | &nbsp;&nbsp;&nbsp; $431 | &nbsp;&nbsp;&nbsp; $413 | &nbsp;&nbsp;&nbsp; $865 |
| Portfolio turnover rate of the Master Portfolio<sup>(f)</sup> | &nbsp;&nbsp; 183<br> %<br>| &nbsp;&nbsp;&nbsp; 142<br> %<br>| &nbsp;&nbsp;&nbsp; 201<br> %<br>| &nbsp;&nbsp;&nbsp; 205<br> %<br>| &nbsp;&nbsp;&nbsp; 219<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, excludes the effects of any sales charges and assumes the reinvestment of distributions.

<sup>(d)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

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

<sup>(f)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 103<br> %<br>| &nbsp;&nbsp;&nbsp; 96<br> %<br>| &nbsp;&nbsp;&nbsp; 118<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 123<br> %<br>|

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights (continued)

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | BlackRock Advantage CoreAlpha Bond Fund (continued) | BlackRock Advantage CoreAlpha Bond Fund (continued) | BlackRock Advantage CoreAlpha Bond Fund (continued) | BlackRock Advantage CoreAlpha Bond Fund (continued) | BlackRock Advantage CoreAlpha Bond Fund (continued) |
|  | Class K | Class K | Class K | Class K | Class K |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Net asset value, beginning of year** | &nbsp;&nbsp; $8.58 | &nbsp;&nbsp;&nbsp; $8.79 | &nbsp;&nbsp;&nbsp; $8.66 | &nbsp;&nbsp;&nbsp; $10.33 | &nbsp;&nbsp;&nbsp; $10.80 |
| Net investment income<sup>(a)</sup> | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss) | 0.17 | &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>|
| Net increase (decrease) from investment operations | 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>|
| **Distributions**<sup>(b)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp; (0.15)<br>|
| From net realized gain | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.06)<br>|
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.05)<br>|
| Total distributions | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $8.75 | &nbsp;&nbsp;&nbsp; $8.58 | &nbsp;&nbsp;&nbsp; $8.79 | &nbsp;&nbsp;&nbsp; $8.66 | &nbsp;&nbsp;&nbsp; $10.33 |
| **Total Return**<sup>(c)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 6.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.46<br> %<br>| &nbsp;&nbsp;&nbsp; (14.19)%<br>| &nbsp;&nbsp;&nbsp; (1.93)%<br>|
| **Ratios to Average Net Assets**<sup>(d)(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Net investment income | 4.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $58141 | &nbsp;&nbsp;&nbsp; $65509 | &nbsp;&nbsp;&nbsp; $52127 | &nbsp;&nbsp;&nbsp; $66102 | &nbsp;&nbsp;&nbsp; $72493 |
| Portfolio turnover rate of the Master Portfolio<sup>(f)</sup> | &nbsp;&nbsp; 183<br> %<br>| &nbsp;&nbsp;&nbsp; 142<br> %<br>| &nbsp;&nbsp;&nbsp; 201<br> %<br>| &nbsp;&nbsp;&nbsp; 205<br> %<br>| &nbsp;&nbsp;&nbsp; 219<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Based on average shares outstanding.

<sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

<sup>(c)</sup> Where applicable, assumes the reinvestment of distributions.

<sup>(d)</sup> Includes the Fund's share of the Master Portfolio's allocated net expenses and/or net investment income.

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

<sup>(f)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 103<br> %<br>| &nbsp;&nbsp;&nbsp; 96<br> %<br>| &nbsp;&nbsp;&nbsp; 118<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 123<br> %<br>|

---

*See notes to financial statements.*

Fund Financial Highlights

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

BlackRock Funds VI (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust is organized as a Delaware statutory trust. BlackRock Advantage CoreAlpha Bond Fund (the "Fund") is a series of the Trust. The Fund is classified as a diversified fund under the 1940 Act.

The Fund seeks to achieve its investment objective by investing all of its assets in Advantage CoreAlpha Bond Master Portfolio (the "Master Portfolio"), a series of Master Investment Portfolio II ("MIP II"), an affiliate of the Fund, which has the same investment objective and strategies as the Fund. The value of the Fund's investment in the Master Portfolio reflects the Fund's proportionate interest in the net assets of the Master Portfolio. The performance of the Fund is directly affected by the performance of the Master Portfolio. At December 31, 2025, the percentage of the Master Portfolio owned by the Fund was 100.00%. The financial statements of the Master Portfolio, including the Schedule of Investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

The Fund offers multiple classes of shares. All classes of shares have identical voting, dividend, liquidation and other rights and are subject to the same terms and conditions, except that certain classes bear expenses related to the shareholder servicing and distribution of such shares. Institutional and Class K Shares are sold only to certain eligible investors. Investor A and Investor C Shares are generally available through financial intermediaries. Each class has exclusive voting rights with respect to matters relating to its shareholder servicing and distribution expenditures (except that Investor C shareholders may vote on material changes to the Investor A Shares distribution and service plan).

---

| | | | |
|:---|:---|:---|:---|
| *Share Class* | *Initial Sales Charge* | *CDSC* | *Conversion Privilege* |
| Institutional and Class K | No | No |  |
| Investor A Shares | Yes | No<sup>(a)</sup> |  |
| Investor C Shares | No | Yes<sup>(b)</sup> | To Investor A Shares after approximately 8 years |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Investor A Shares may be subject to a contingent deferred sales charge ("CDSC") for certain redemptions where no initial sales charge was paid at the time of purchase.

<sup>(b)</sup> A CDSC of 1.00% is assessed on certain redemptions of Investor C Shares made within one year after purchase.

The Board of Trustees of the Trust and Board of Trustees of MIP II are referred to throughout this report as the "Board" and the members are referred to as "Trustees."

The Fund, together with certain other registered investment companies advised by BlackRock Advisors, LLC ("BAL" or the "Administrator") or its affiliates, is included in a complex of funds referred to as the BlackRock Fixed-Income 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 Fund 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, contributions to and withdrawals from the Master Portfolio are accounted for on a trade date basis. The Fund records its proportionate share of the Master Portfolio's income, expenses and realized and unrealized gains and losses on a daily basis. In addition, the Fund accrues its own expenses. Income, expenses and realized and unrealized gains and losses are allocated daily to each class based on its relative net assets.

**Cash:** The Fund may maintain cash at its custodian which, at times may exceed United States federally insured limits. The Fund may, at times, have outstanding cash disbursements that exceed deposited cash amounts at the custodian during the reporting period. The Fund 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.

**Distributions:** Distributions from net investment income are declared daily and paid monthly. Distributions of capital gains are recorded on the ex-dividend dates and made at least annually. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

**Deferred Compensation Plan:** Under the Deferred Compensation Plan (the "Plan") approved by the Fund's Board, the trustees who are not "interested persons" of the Fund, as defined in the 1940 Act ("Independent Trustees"), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Fund, as applicable. Deferred compensation liabilities, if any, are included in the Trustees' and Officer's fees payable in the Statement of Assets and Liabilities and will remain as a liability of the Fund until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants' deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Statement of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

**Other:** Expenses directly related to the Fund or its classes are charged to the Fund or the applicable class. Expenses directly related to the Fund and other shared expenses prorated to the Fund are allocated daily to each class based on its relative net assets or other appropriate methods. Other operating expenses shared by several funds, including other funds managed by the Administrator, 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 Fund's Chief Operating Decision Maker ("CODM") and is responsible for assessing performance and allocating resources with respect to the Fund. The CODM has concluded that the Fund operates as a single operating segment since the Fund 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 Fund's financial statements.

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

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

**Investment Valuation Policies:** The Fund's policy is to value its financial instruments at fair value. The Fund records its investment in the Master Portfolio at fair value based on the Fund's proportionate interest in the net assets of the Master Portfolio. Valuation of securities held by the Master Portfolio is discussed in Note 3 of the Master Portfolio's Notes to Financial Statements, which are included elsewhere in this report.

***4.*** ***ADMINISTRATION AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES***

**Administration:** The Trust, on behalf of the Fund, entered into an Administration Agreement with BAL, to provide general administrative services (other than investment advice and related portfolio activities). BAL has agreed to bear all of the Fund'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 Fund. BAL may delegate certain of its administration duties to sub-administrators. BAL is entitled to receive for these administrative services an annual fee based on the average daily net assets of the Fund as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* |
| Administration fees - class specific | 0.05<br> % <br>| 0.05<br> % <br>| 0.05<br> % <br>| 0.05<br> % <br>|

---

For the year ended December 31, 2025, the following table shows the class specific administration fees borne directly by each share class of the Fund:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Institutional* | *Investor A* | *Investor C* | *Class K* | *Total* |
| Administration fees — class specific | &nbsp;&nbsp; $194965 | &nbsp;&nbsp; $128762 | &nbsp;&nbsp; $220 | &nbsp;&nbsp; $30720 | &nbsp;&nbsp; $354667 |

---

From time to time, BAL may waive such fees in whole or in part. Any such waiver will reduce the expenses of the Fund and, accordingly, have a favorable impact on its performance.

**Service and Distribution Fees:** The Trust, on behalf of the Fund, entered into a Distribution Agreement and a Distribution and Service Plan with BlackRock Investments, LLC ("BRIL"), an affiliate of the Administrator. Pursuant to the Distribution and Service Plan and in accordance with Rule 12b-1 under the 1940 Act, the Fund pays BRIL ongoing service and distribution fees. The fees are accrued daily and paid monthly at annual rates based upon the average daily net assets of the relevant share class of the Fund as follows:

---

| | | |
|:---|:---|:---|
| *Share Class* | *Service Fees* | *Distribution Fees* |
| Investor A | 0.25<br> % <br>| &nbsp;&nbsp; N/A |
| Investor C | 0.25 | 0.75<br> % <br>|

---

BRIL and broker-dealers, pursuant to sub-agreements with BRIL, provide shareholder servicing and distribution services to the Fund. The ongoing service and/or distribution fee compensates BRIL and each broker-dealer for providing shareholder servicing and/or distribution related services to shareholders.

For the year ended December 31, 2025, the following table shows the class specific service and distribution fees borne directly by each share class of the Fund:

---

| | | | |
|:---|:---|:---|:---|
| *Fund Name*  | *Investor A* | *Investor C* | *Total* |
| BlackRock Advantage CoreAlpha Bond Fund | &nbsp;&nbsp; $643809 | &nbsp;&nbsp; $4395 | &nbsp;&nbsp; $648204 |

---

**Other Fees:** For the year ended December 31, 2025, affiliates earned underwriting discounts, direct commissions and dealer concessions on sales of the Fund's Investor A Shares for a total of $7,785.

For the year ended December 31, 2025, affiliates received CDSCs as follows:

---

| | |
|:---|:---|
| *Fund Name*  | *Investor C* |
| BlackRock Advantage CoreAlpha Bond Fund | &nbsp;&nbsp; $395 |

---

**Expense Waivers and Reimbursements:** The fees and expenses of the Fund's Independent Trustees, counsel to the Independent Trustees and the Fund's independent registered public accounting firm (together, the "independent expenses") are paid directly by the Fund. BAL has contractually agreed to reimburse the Fund or provide an

Fund Notes to Financial Statements

------

Notes to Financial Statements (continued)

offsetting credit against the administration fees paid by the Fund in an amount equal to these independent expenses through June 30, 2026. The amount waived is included in fees waived and/or reimbursed by the Administrator in the Statement of Operations. For the year ended December 31, 2025, the amount waived was $11,463.

BAL has contractually agreed to waive 0.05% of the administration fee payable to BAL applicable to Class K Shares of the Fund through June 30, 2026. The amount waived is included in fees waived and/or reimbursed by the Administrator in the Statement of Operations. For the year ended December 31, 2025, the amount waived was $30,720.

**Interfund Lending:** Prior to March 3, 2025, in accordance with an exemptive order (the "Order") from the U.S. Securities and Exchange Commission ("SEC"), the Fund 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 Fund'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 Fund did not participate in the Interfund Lending Program.

**Trustees and Officers:** Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock, Inc. ("BlackRock") or its affiliates.

***5.*** ***INCOME TAX INFORMATION*** 

It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

The Fund 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 Fund'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 Fund'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 Fund 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 Fund'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 Fund's net asset value ("NAV").

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *Fund Name* | *Year Ended* <br>*12/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*12/31/24*<br>|
| BlackRock Advantage CoreAlpha Bond Fund |  |  |
| Ordinary income | &nbsp;&nbsp; $32253083 | &nbsp;&nbsp;&nbsp; $30559839 |

---

As of December 31, 2025, the tax components of accumulated earnings (loss) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Fund Name* | *Non-Expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Qualified* <br>*Late-Year* <br>*Ordinary Losses*<sup>(c)</sup> <br>| *Total* |
| BlackRock Advantage CoreAlpha Bond Fund | &nbsp;&nbsp; $(167022120)<br>| &nbsp;&nbsp; $(28692654)<br>| &nbsp;&nbsp; $(451235)<br>| &nbsp;&nbsp; $(196166009)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Amounts available to offset future realized capital gains.

<sup>(b)</sup> The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and straddles, dividends payable, the realization for tax purposes of unrealized gains (losses) on certain futures and foreign currency exchange contracts and amortization and accretion methods of premiums and discounts on fixed income securities. 

<sup>(c)</sup> The Fund has elected to defer these qualified late-year losses and recognize such losses in the next taxable year.

***6.*** ***CAPITAL SHARE TRANSACTIONS*** 

Transactions in capital shares for each class were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | Year Ended <br>12/31/25 | Year Ended <br>12/31/24 | Year Ended <br>12/31/24 |
| *Fund Name / Share Class*  | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| BlackRock Advantage CoreAlpha Bond Fund  |  |  |  |  |
| Institutional |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 8582742 | &nbsp;&nbsp;&nbsp; $73993820 | &nbsp;&nbsp;&nbsp; 9958592 | &nbsp;&nbsp;&nbsp; $87068769 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 2075597 | &nbsp;&nbsp;&nbsp; 18056902 | &nbsp;&nbsp;&nbsp; 1836577 | &nbsp;&nbsp;&nbsp; 15925448 |
| Shares redeemed | &nbsp;&nbsp; (6275410) | &nbsp;&nbsp;&nbsp; (54324989) | &nbsp;&nbsp;&nbsp; (10905084) | &nbsp;&nbsp;&nbsp; (93284468) |
|  | &nbsp;&nbsp; 4382929 | &nbsp;&nbsp;&nbsp; $37725733 | &nbsp;&nbsp;&nbsp; 890085 | &nbsp;&nbsp;&nbsp; $9709749 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 12/31/25 | Year Ended<br> 12/31/25 | Year Ended<br> 12/31/24 | Year Ended<br> 12/31/24 |
| *Fund Name / Share Class (continued)* | *Shares*  | *Amounts*  | *Shares*  | *Amounts*  |
| BlackRock Advantage CoreAlpha Bond Fund (continued) |  |  |  |  |
| Investor A |  |  |  |  |
| Shares sold and automatic conversion of shares | &nbsp;&nbsp; 1036300 | &nbsp;&nbsp;&nbsp; $8983151 | &nbsp;&nbsp;&nbsp; 1153153 | &nbsp;&nbsp;&nbsp; $10001978 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1262443 | &nbsp;&nbsp;&nbsp; 10978549 | &nbsp;&nbsp;&nbsp; 1321667 | &nbsp;&nbsp;&nbsp; 11460396 |
| Shares redeemed | &nbsp;&nbsp; (4493987) | &nbsp;&nbsp;&nbsp; (38965180) | &nbsp;&nbsp;&nbsp; (5463638) | &nbsp;&nbsp;&nbsp; (47414714) |
|  | &nbsp;&nbsp; (2195244) | &nbsp;&nbsp;&nbsp; $(19003480) | &nbsp;&nbsp;&nbsp; (2988818) | &nbsp;&nbsp;&nbsp; $(25952340) |
| Investor C |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 14757 | &nbsp;&nbsp;&nbsp; $128537 | &nbsp;&nbsp;&nbsp; 25706 | &nbsp;&nbsp;&nbsp; $223087 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 1775 | &nbsp;&nbsp;&nbsp; 15447 | &nbsp;&nbsp;&nbsp; 2155 | &nbsp;&nbsp;&nbsp; 18707 |
| Shares redeemed and automatic conversion of shares | &nbsp;&nbsp; (10579) | &nbsp;&nbsp;&nbsp; (91039) | &nbsp;&nbsp;&nbsp; (24128) | &nbsp;&nbsp;&nbsp; (207560) |
|  | &nbsp;&nbsp; 5953 | &nbsp;&nbsp;&nbsp; $52945 | &nbsp;&nbsp;&nbsp; 3733 | &nbsp;&nbsp;&nbsp; $34234 |
| Class K |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1209461 | &nbsp;&nbsp;&nbsp; $10460010 | &nbsp;&nbsp;&nbsp; 3682765 | &nbsp;&nbsp;&nbsp; $31953551 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp; 330295 | &nbsp;&nbsp;&nbsp; 2874393 | &nbsp;&nbsp;&nbsp; 301299 | &nbsp;&nbsp;&nbsp; 2613677 |
| Shares redeemed | &nbsp;&nbsp; (2530009) | &nbsp;&nbsp;&nbsp; (22023339) | &nbsp;&nbsp;&nbsp; (2284269) | &nbsp;&nbsp;&nbsp; (19802967) |
|  | &nbsp;&nbsp; (990253) | &nbsp;&nbsp;&nbsp; $(8688936) | &nbsp;&nbsp;&nbsp; 1699795 | &nbsp;&nbsp;&nbsp; $14764261 |
|  | &nbsp;&nbsp; 1203385 | &nbsp;&nbsp;&nbsp; $10086262 | &nbsp;&nbsp;&nbsp; (395205) | &nbsp;&nbsp;&nbsp; $(1444096) |

---

As of December 31, 2025, BlackRock HoldCo 2, Inc., an affiliate of the Fund, owned 1,924 Investor C Shares of the Fund.

***7.*** ***SUBSEQUENT EVENTS***

Management has evaluated the impact of all subsequent events on the Fund 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.

Fund Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of BlackRock Funds VI and Shareholders of BlackRock Advantage CoreAlpha Bond Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities of BlackRock Advantage CoreAlpha Bond Fund (the "Fund") 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 Fund 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 Fund'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 Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of the security owned as of December 31, 2025 by correspondence with the accounting agent. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

February 24, 2026

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

2025 BlackRock Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The Fund hereby designates the following amount, or maximum amount allowable by law, of distributions from direct federal obligation interest for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Federal Obligation* <br>*Interest*<br>|
| BlackRock Advantage CoreAlpha Bond Fund | &nbsp;&nbsp; $6068912 |

---

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Interest* <br>*Dividends*<br>|
| BlackRock Advantage CoreAlpha Bond Fund | &nbsp;&nbsp; $31573334 |

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2025:

---

| | |
|:---|:---|
| *Fund Name*  | *Interest-* <br>*Related* <br>*Dividends*<br>|
| BlackRock Advantage CoreAlpha Bond Fund | &nbsp;&nbsp; $31598087 |

---

Important Tax Information

------

Schedule of Investments

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| *Security* | *Par* <br>*(000)*<br>| *Value* |
| **Asset-Backed Securities** | **Asset-Backed Securities** | **Asset-Backed Securities** |
| ACHV ABS Trust, Series 2024-1PL, Class B, 6.34%, <br> 04/25/31<sup>(a)</sup><br>| $291 | &nbsp;&nbsp; $295071 |
| Affirm Asset Securitization Trust<sup>(a)</sup> <br>|  |  |
| Series 2023-X1, Class D, 9.55%, 11/15/28 | 381 | &nbsp;&nbsp; 382826 |
| Series 2024-A, Class B, 5.93%, 02/15/29 | 1250 | &nbsp;&nbsp; 1251971 |
| Series 2024-B, Class C, 5.06%, 09/15/29 | 3500 | &nbsp;&nbsp; 3504411 |
| Series 2024-X1, Class D, 7.29%, 05/15/29 | 1750 | &nbsp;&nbsp; 1751066 |
| Series 2024-X2, Class C, 5.62%, 12/17/29 | 1050 | &nbsp;&nbsp; 1051962 |
| Series 2024-X2, Class D, 6.08%, 12/17/29 | 525 | &nbsp;&nbsp; 529495 |
| Series 2025-X1, Class B, 5.19%, 04/15/30 | 2000 | &nbsp;&nbsp; 2005596 |
| Series 2025-X1, Class D, 6.11%, 04/15/30 | 2000 | &nbsp;&nbsp; 2017821 |
| Series 2025-X2, Class C, 4.93%, 10/15/30 | 750 | &nbsp;&nbsp; 751364 |
| Affirm Master Trust<sup>(a)</sup> <br>|  |  |
| Series 2025-3A, Class B, 4.75%, 10/16/34 | 1460 | &nbsp;&nbsp; 1457842 |
| Series 2025-3A, Class C, 4.89%, 10/16/34 | 2600 | &nbsp;&nbsp; 2600061 |
| Blue Bridge Funding LLC, Series 2023-1A, Class A, <br> 7.37%, 11/15/30<sup>(a)</sup><br>| 166 | &nbsp;&nbsp; 166975 |
| Carvana Auto Receivables Trust |  |  |
| Series 2021-N2, Class B, 0.75%, 03/10/28 | 124 | &nbsp;&nbsp; 121598 |
| Series 2021-N2, Class C, 1.07%, 03/10/28 | 349 | &nbsp;&nbsp; 341398 |
| Chase Funding Trust, Series 2004-2, Class 2A2, (1-mo. <br> Term SOFR + 0.61%), 4.35%, 02/26/35<sup>(b)</sup><br>| 48 | &nbsp;&nbsp; 47437 |
| CWABS, Inc. Asset-Backed Certificates, Series 2004-1, <br> Class M1, (1-mo. Term SOFR + 0.86%), 4.60%, <br> 03/25/34<sup>(b)</sup><br>| 4 | &nbsp;&nbsp; 3924 |
| Drive Auto Receivables Trust, Series 2024-2, Class C, <br> 4.67%, 05/17/32<br>| 790 | &nbsp;&nbsp; 795019 |
| Louisiana Local Government Environmental Facilities & <br> Community Development Authority, Series 2022-<br> ELL, Class A3, 4.28%, 02/01/36<br>| 85 | &nbsp;&nbsp; 84322 |
| NetCredit Combined Receivables LLC<sup>(a)</sup> <br>|  |  |
| Series 2024-A, Class A, 7.43%, 10/21/30 | 14 | &nbsp;&nbsp; 13836 |
| Series 2024-A, Class B, 8.31%, 10/21/30 | 1000 | &nbsp;&nbsp; 1011290 |
| Series 2025-A, Class A, 7.29%, 10/20/31 | 669 | &nbsp;&nbsp; 683070 |
| OnDeck Asset Securitization Trust IV LLC, Series 2023-<br> 1A, Class A, 7.00%, 08/19/30<sup>(a)</sup><br>| 1460 | &nbsp;&nbsp; 1474881 |
| OneMain Financial Issuance Trust, Series 2019-2A, <br> Class A, 3.14%, 10/14/36<sup>(a)</sup><br>| 5690 | &nbsp;&nbsp; 5609502 |
| Santander Drive Auto Receivables Trust, <br> Series 2024-1, Class C, 5.45%, 03/15/30<br>| 510 | &nbsp;&nbsp; 516090 |
| Sunbit Asset Securitization Trust, Series 2025-1, <br> Class A, 5.36%, 07/15/30<br>| 1670 | &nbsp;&nbsp; 1681046 |
| Upstart Securitization Trust, Series 2025-3, Class B, <br> 5.02%, 09/20/35<sup>(a)</sup><br>| 900 | &nbsp;&nbsp; 896645 |
| Westlake Automobile Receivables Trust<sup>(a)</sup> <br>|  |  |
| Series 2023-1A, Class D, 6.79%, 11/15/28 | 2880 | &nbsp;&nbsp; 2945659 |
| Series 2023-4A, Class C, 6.64%, 11/15/28 | 1080 | &nbsp;&nbsp; 1101581 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** | **Asset-Backed Securities (continued)** |
| Westlake Automobile Receivables Trust<sup>(a)</sup> (continued) |  |  |
| Series 2024-1A, Class D, 6.02%, 10/15/29 | 1360 | &nbsp;&nbsp; $1394334 |
| Series 2024-2A, Class D, 5.91%, 04/15/30 | 2030 | &nbsp;&nbsp; 2072826 |
| **Total Asset-Backed Securities — 5.3%** <br>**(Cost: $38,469,390)** | **Total Asset-Backed Securities — 5.3%** <br>**(Cost: $38,469,390)** | &nbsp;&nbsp; 38560919 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Financial Services**<sup>(c)(d)</sup> **— 0.0%** | **Financial Services**<sup>(c)(d)</sup> **— 0.0%** |  |
| Edcon Holdco 1 | 1643590 | &nbsp;&nbsp; 1 |
| Edcon Holdco 2 | 163560 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 1 |
| **Total Common Stocks — 0.0%** <br>**(Cost: $—)** | **Total Common Stocks — 0.0%** <br>**(Cost: $—)** | &nbsp;&nbsp; 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **Corporate Bonds** | **Corporate Bonds** | **Corporate Bonds** |
| **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** | **Advertising Agencies — 0.0%** |
| Omnicom Group, Inc., 3.38%, 03/01/41<sup>(a)</sup> | $78 | &nbsp;&nbsp; 59052 |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| Bombardier, Inc.<sup>(a)</sup> <br>|  |  |
| 7.25%, 07/01/31 | 168 | &nbsp;&nbsp; 179029 |
| 6.75%, 06/15/33 | 276 | &nbsp;&nbsp; 291728 |
| GE Capital International Funding Co. Unlimited Co., <br> 4.42%, 11/15/35<br>| 250 | &nbsp;&nbsp; 243960 |
| General Dynamics Corp., 2.25%, 06/01/31 | 550 | &nbsp;&nbsp; 500264 |
| General Electric Co., 4.90%, 01/29/36 | 245 | &nbsp;&nbsp; 248742 |
| TransDigm, Inc.<sup>(a)</sup> <br>|  |  |
| 7.13%, 12/01/31 | 187 | &nbsp;&nbsp; 196531 |
| 6.63%, 03/01/32 | 187 | &nbsp;&nbsp; 194558 |
| 6.38%, 05/31/33 | 350 | &nbsp;&nbsp; 359145 |
| 6.25%, 01/31/34<sup>(e)</sup> | 15 | &nbsp;&nbsp; 15565 |
| 6.75%, 01/31/34<sup>(e)</sup> | 40 | &nbsp;&nbsp; 41667 |
|  |  | &nbsp;&nbsp; 2271189 |
| **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** | **Air Freight & Logistics — 0.0%** |
| Stonepeak Nile Parent LLC, 7.25%, 03/15/32<sup>(a)</sup> | 148 | &nbsp;&nbsp; 156628 |
| **Automobile Components**<sup>(a)</sup> **— 0.1%** | **Automobile Components**<sup>(a)</sup> **— 0.1%** | **Automobile Components**<sup>(a)</sup> **— 0.1%** |
| Garrett Motion Holdings, Inc./Garrett LX I SARL, <br> 7.75%, 05/31/32<br>| 259 | &nbsp;&nbsp; 275283 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Automobile Components (continued)** | **Automobile Components (continued)** | **Automobile Components (continued)** |
| IHO Verwaltungs GmbH, (8.00% Cash or 8.75% PIK), <br> 8.00%, 11/15/32<sup>(f)</sup><br>| 110 | &nbsp;&nbsp; $115863 |
| Phinia, Inc., 6.63%, 10/15/32 | 69 | &nbsp;&nbsp; 71446 |
|  |  | &nbsp;&nbsp; 462592 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| American Honda Finance Corp., 4.90%, 03/13/29 | 450 | &nbsp;&nbsp; 459809 |
| Aston Martin Capital Holdings Ltd., 10.00%, <br> 03/31/29<sup>(a)</sup><br>| 211 | &nbsp;&nbsp; 196387 |
| Carvana Co., (11.00% Cash or 13.00% PIK), 9.00%, <br> 06/01/30<sup>(a)(f)</sup><br>| 126 | &nbsp;&nbsp; 131740 |
| New Flyer Holdings, Inc., 9.25%, 07/01/30<sup>(a)</sup> | 196 | &nbsp;&nbsp; 210665 |
| Nissan Motor Acceptance Co. LLC<sup>(a)</sup> <br>|  |  |
| 6.95%, 09/15/26 | 61 | &nbsp;&nbsp; 61671 |
| 5.63%, 09/29/28 | 55 | &nbsp;&nbsp; 55155 |
| 6.13%, 09/30/30<sup>(e)</sup> | 170 | &nbsp;&nbsp; 170024 |
| Nissan Motor Co. Ltd.<sup>(a)</sup> <br>|  |  |
| 7.50%, 07/17/30 | 106 | &nbsp;&nbsp; 111230 |
| 7.75%, 07/17/32 | 215 | &nbsp;&nbsp; 228375 |
| 8.13%, 07/17/35 | 100 | &nbsp;&nbsp; 106262 |
|  |  | &nbsp;&nbsp; 1731318 |
| **Banks — 2.2%** | **Banks — 2.2%** | **Banks — 2.2%** |
| Bank of Montreal |  |  |
| 2.65%, 03/08/27<sup>(e)</sup> | 435 | &nbsp;&nbsp; 428708 |
| 5.72%, 09/25/28 | 20 | &nbsp;&nbsp; 20852 |
| (1-day SOFR + 0.88%), 4.57%, 09/10/27<sup>(b)</sup> | 215 | &nbsp;&nbsp; 215804 |
| Canadian Imperial Bank of Commerce, 5.26%, <br> 04/08/29<br>| 300 | &nbsp;&nbsp; 310666 |
| Fifth Third Bancorp, (1-day SOFR + 2.34%), 6.34%, <br> 07/27/29<sup>(b)</sup><br>| 140 | &nbsp;&nbsp; 147437 |
| Freedom Mortgage Corp., 12.25%, 10/01/30<sup>(a)</sup> | 81 | &nbsp;&nbsp; 89841 |
| HSBC Holdings PLC, (1-day SOFR + 1.43%), 5.13%, <br> 11/06/36<sup>(b)</sup><br>| 485 | &nbsp;&nbsp; 486326 |
| ING Groep NV<sup>(b)</sup> <br>|  |  |
| (1-day SOFR + 1.56%), 6.08%, 09/11/27<sup>(e)</sup> | 855 | &nbsp;&nbsp; 866386 |
| (1-day SOFR + 2.09%), 6.11%, 09/11/34 | 545 | &nbsp;&nbsp; 588838 |
| Inter-American Development Bank, 4.50%, 05/15/26 | 1730 | &nbsp;&nbsp; 1734399 |
| JPMorgan Chase & Co., (1-day SOFR + 1.64%), <br> 5.58%, 07/23/36<sup>(b)</sup><br>| 320 | &nbsp;&nbsp; 331024 |
| M&T Bank Corp., (1-day SOFR + 2.80%), 7.41%, <br> 10/30/29<sup>(b)</sup><br>| 1410 | &nbsp;&nbsp; 1529729 |
| Morgan Stanley Private Bank NA, (1-day SOFR + <br> 1.08%), 4.73%, 07/18/31<sup>(b)</sup><br>| 1825 | &nbsp;&nbsp; 1849998 |
| Royal Bank of Canada |  |  |
| 3.63%, 05/04/27 | 630 | &nbsp;&nbsp; 629273 |
| 5.20%, 08/01/28 | 40 | &nbsp;&nbsp; 41237 |
| 5.00%, 02/01/33 | 10 | &nbsp;&nbsp; 10294 |
| Santander U.K. Group Holdings PLC, (3-mo. SOFR US <br> + 1.66%), 3.82%, 11/03/28<sup>(b)</sup><br>| 240 | &nbsp;&nbsp; 238411 |
| Truist Financial Corp., (1-day SOFR + 0.86%), 1.89%, <br> 06/07/29<sup>(b)</sup><br>| 10 | &nbsp;&nbsp; 9500 |
| U.S. Bancorp<sup>(b)</sup> <br>|  |  |
| (1-day SOFR + 1.41%), 5.42%, 02/12/36<sup>(e)</sup> | 965 | &nbsp;&nbsp; 1002954 |
| (1-day SOFR + 1.86%), 5.68%, 01/23/35 | 155 | &nbsp;&nbsp; 163665 |
| Wells Fargo & Co.<sup>(b)</sup> <br>|  |  |
| (1-day SOFR + 1.38%), 5.21%, 12/03/35 | 775 | &nbsp;&nbsp; 791687 |
| (1-day SOFR + 1.50%), 3.35%, 03/02/33 | 433 | &nbsp;&nbsp; 404135 |
| (1-day SOFR + 1.78%), 5.50%, 01/23/35 | 105 | &nbsp;&nbsp; 109554 |
| (1-day SOFR + 1.79%), 6.30%, 10/23/29 | 308 | &nbsp;&nbsp; 325431 |
| (1-day SOFR + 1.98%), 4.81%, 07/25/28 | 840 | &nbsp;&nbsp; 849406 |
| (1-day SOFR + 2.06%), 6.49%, 10/23/34 | 180 | &nbsp;&nbsp; 199250 |
| (1-day SOFR + 2.10%), 4.90%, 07/25/33 | 409 | &nbsp;&nbsp; 415362 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| Wells Fargo & Co.<sup>(b)</sup> (continued) |  |  |
| (1-day SOFR + 2.53%), 3.07%, 04/30/41 | 70 | &nbsp;&nbsp; $54291 |
| (3-mo. CME Term SOFR + 1.26%), 2.57%, 02/11/31 | 1374 | &nbsp;&nbsp; 1283295 |
| (3-mo. CME Term SOFR + 1.43%), 2.88%, 10/30/30 | 80 | &nbsp;&nbsp; 76103 |
| (3-mo. CME Term SOFR + 4.03%), 4.48%, 04/04/31 | 535 | &nbsp;&nbsp; 538535 |
| (3-mo. CME Term SOFR + 4.50%), 5.01%, 04/04/51 | 360 | &nbsp;&nbsp; 328990 |
| Westpac Banking Corp., 2.96%, 11/16/40 | 120 | &nbsp;&nbsp; 91428 |
|  |  | &nbsp;&nbsp; 16162809 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| Coca-Cola Co. |  |  |
| 3.00%, 03/05/51 | 90 | &nbsp;&nbsp; 60095 |
| 5.30%, 05/13/54 | 610 | &nbsp;&nbsp; 598792 |
| 5.40%, 05/13/64 | 400 | &nbsp;&nbsp; 388549 |
| Diageo Capital PLC |  |  |
| 2.13%, 04/29/32 | 380 | &nbsp;&nbsp; 330672 |
| 5.50%, 01/24/33 | 725 | &nbsp;&nbsp; 763438 |
| PepsiCo, Inc., 4.65%, 02/15/53 | 365 | &nbsp;&nbsp; 321477 |
|  |  | &nbsp;&nbsp; 2463023 |
| **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| Amgen, Inc. |  |  |
| 2.60%, 08/19/26 | 800 | &nbsp;&nbsp; 793799 |
| 5.65%, 03/02/53 | 165 | &nbsp;&nbsp; 161568 |
| Genmab AS<sup>(a)</sup> <br>|  |  |
| 6.25%, 12/15/32 | 200 | &nbsp;&nbsp; 204969 |
| 7.25%, 12/15/33 | 210 | &nbsp;&nbsp; 220586 |
| Regeneron Pharmaceuticals, Inc., 1.75%, 09/15/30 | 2440 | &nbsp;&nbsp; 2176766 |
| Royalty Pharma PLC |  |  |
| 5.40%, 09/02/34 | 500 | &nbsp;&nbsp; 512163 |
| 5.20%, 09/25/35 | 190 | &nbsp;&nbsp; 190961 |
|  |  | &nbsp;&nbsp; 4260812 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| Carlisle Cos., Inc., 5.55%, 09/15/40<sup>(e)</sup> | 100 | &nbsp;&nbsp; 101339 |
| CRH America Finance, Inc., 5.50%, 01/09/35 | 1235 | &nbsp;&nbsp; 1285320 |
| Eagle Materials, Inc., 2.50%, 07/01/31 | 555 | &nbsp;&nbsp; 504002 |
| Martin Marietta Materials, Inc., 5.15%, 12/01/34 | 620 | &nbsp;&nbsp; 632589 |
| Masco Corp., 2.00%, 10/01/30 | 160 | &nbsp;&nbsp; 142761 |
| Trane Technologies Financing Ltd., 4.50%, 03/21/49 | 95 | &nbsp;&nbsp; 81696 |
|  |  | &nbsp;&nbsp; 2747707 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| Home Depot, Inc. |  |  |
| 5.40%, 09/15/40 | 200 | &nbsp;&nbsp; 206594 |
| 3.13%, 12/15/49 | 110 | &nbsp;&nbsp; 74975 |
| 5.40%, 06/25/64 | 30 | &nbsp;&nbsp; 28671 |
| Lowe's Cos., Inc. |  |  |
| 3.35%, 04/01/27 | 280 | &nbsp;&nbsp; 277981 |
| 5.80%, 09/15/62 | 55 | &nbsp;&nbsp; 53731 |
| QXO Building Products, Inc., 6.75%, 04/30/32<sup>(a)</sup> | 280 | &nbsp;&nbsp; 292437 |
|  |  | &nbsp;&nbsp; 934389 |
| **Capital Markets — 1.3%** | **Capital Markets — 1.3%** | **Capital Markets — 1.3%** |
| Ameriprise Financial, Inc., 5.70%, 12/15/28 | 720 | &nbsp;&nbsp; 754697 |
| Ares Capital Corp. |  |  |
| 2.15%, 07/15/26 | 352 | &nbsp;&nbsp; 347481 |
| 2.88%, 06/15/28 | 425 | &nbsp;&nbsp; 406172 |
| ARES Capital Corp., 5.10%, 01/15/31 | 200 | &nbsp;&nbsp; 197542 |
| Ares Management Corp., 5.60%, 10/11/54 | 463 | &nbsp;&nbsp; 438551 |
| Bank of New York Mellon Corp., (1-day SOFR + <br> 1.51%), 4.71%, 02/01/34<sup>(b)</sup><br>| 270 | &nbsp;&nbsp; 270977 |
| Blue Owl Finance LLC, 6.25%, 04/18/34 | 970 | &nbsp;&nbsp; 1000259 |
| Brookfield Capital Finance LLC, 6.09%, 06/14/33 | 145 | &nbsp;&nbsp; 155060 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Capital Markets (continued)** | **Capital Markets (continued)** | **Capital Markets (continued)** |
| Brookfield Finance, Inc. |  |  |
| 5.68%, 01/15/35 | 500 | &nbsp;&nbsp; $517075 |
| 5.33%, 01/15/36 | 275 | &nbsp;&nbsp; 275392 |
| Charles Schwab Corp. |  |  |
| 5.88%, 08/24/26 | 415 | &nbsp;&nbsp; 419542 |
| 2.45%, 03/03/27 | 45 | &nbsp;&nbsp; 44290 |
| 3.20%, 01/25/28 | 4 | &nbsp;&nbsp; 3945 |
| 1.65%, 03/11/31 | 3 | &nbsp;&nbsp; 2631 |
| 2.30%, 05/13/31 | 13 | &nbsp;&nbsp; 11769 |
| 1.95%, 12/01/31 | 105 | &nbsp;&nbsp; 91947 |
| 2.90%, 03/03/32 | 4 | &nbsp;&nbsp; 3663 |
| (1-day SOFR + 1.88%), 6.20%, 11/17/29<sup>(b)</sup> | 358 | &nbsp;&nbsp; 378636 |
| (1-day SOFR + 2.21%), 5.64%, 05/19/29<sup>(b)</sup> | 92 | &nbsp;&nbsp; 95505 |
| (1-day SOFR + 2.50%), 5.85%, 05/19/34<sup>(b)</sup> | 31 | &nbsp;&nbsp; 33207 |
| FS KKR Capital Corp. |  |  |
| 2.63%, 01/15/27 | 800 | &nbsp;&nbsp; 777919 |
| 6.88%, 08/15/29<sup>(e)</sup> | 730 | &nbsp;&nbsp; 735900 |
| 6.13%, 01/15/30<sup>(e)</sup> | 179 | &nbsp;&nbsp; 176194 |
| Icahn Enterprises LP/Icahn Enterprises Finance Corp. |  |  |
| 9.75%, 01/15/29<sup>(e)</sup> | 108 | &nbsp;&nbsp; 107670 |
| 10.00%, 11/15/29<sup>(a)</sup> | 106 | &nbsp;&nbsp; 105925 |
| 9.00%, 06/15/30<sup>(e)</sup> | 96 | &nbsp;&nbsp; 91764 |
| Jane Street Group/JSG Finance, Inc., 6.75%, <br> 05/01/33<sup>(a)</sup><br>| 66 | &nbsp;&nbsp; 68891 |
| LPL Holdings, Inc., 5.65%, 03/15/35 | 945 | &nbsp;&nbsp; 968626 |
| Osaic Holdings, Inc.<sup>(a)</sup> <br>|  |  |
| 6.75%, 08/01/32 | 25 | &nbsp;&nbsp; 26115 |
| 8.00%, 08/01/33 | 15 | &nbsp;&nbsp; 15595 |
| Stonex Escrow Issuer LLC, 6.88%, 07/15/32<sup>(a)</sup> | 90 | &nbsp;&nbsp; 93351 |
| StoneX Group, Inc., 7.88%, 03/01/31<sup>(a)</sup> | 322 | &nbsp;&nbsp; 342099 |
| VFH Parent LLC/Valor Co-Issuer, Inc., 7.50%, <br> 06/15/31<sup>(a)</sup><br>| 100 | &nbsp;&nbsp; 104748 |
|  |  | &nbsp;&nbsp; 9063138 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Air Products and Chemicals, Inc., 2.70%, 05/15/40 | 87 | &nbsp;&nbsp; 65254 |
| CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, <br> 06/15/28<sup>(a)(e)</sup><br>| 193 | &nbsp;&nbsp; 193524 |
| Perimeter Holdings LLC, 01/15/34<sup>(a)(g)</sup> | 70 | &nbsp;&nbsp; 69540 |
| Rain Carbon, Inc., 12.25%, 09/01/29<sup>(a)(e)</sup> | 154 | &nbsp;&nbsp; 160366 |
| RPM International, Inc. |  |  |
| 3.75%, 03/15/27 | 105 | &nbsp;&nbsp; 104515 |
| 2.95%, 01/15/32 | 227 | &nbsp;&nbsp; 205750 |
| Sherwin-Williams Co., 5.15%, 08/15/35 | 1400 | &nbsp;&nbsp; 1424648 |
| SK Invictus Intermediate II SARL, 5.00%, 10/30/29<sup>(a)</sup> | 234 | &nbsp;&nbsp; 231706 |
|  |  | &nbsp;&nbsp; 2455303 |
| **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| ADT Security Corp., 5.88%, 10/15/33<sup>(a)</sup> | 150 | &nbsp;&nbsp; 151859 |
| Belron U.K. Finance PLC, 5.75%, 10/15/29<sup>(a)</sup> | 136 | &nbsp;&nbsp; 138882 |
| Ford Foundation |  |  |
| Series 2020, 2.42%, 06/01/50<sup>(e)</sup> | 5 | &nbsp;&nbsp; 2975 |
| Series 2020, 2.82%, 06/01/70 | 30 | &nbsp;&nbsp; 16913 |
| FTAI Aviation Investors LLC, 7.00%, 06/15/32<sup>(a)</sup> | 176 | &nbsp;&nbsp; 185021 |
| Georgetown University, Series 20A, 2.94%, 04/01/50 | 27 | &nbsp;&nbsp; 17342 |
| Graham Holdings Co., 5.63%, 12/01/33<sup>(a)</sup> | 220 | &nbsp;&nbsp; 222116 |
| Hertz Corp., 12.63%, 07/15/29<sup>(a)(e)</sup> | 63 | &nbsp;&nbsp; 63546 |
| Massachusetts Institute of Technology, 3.07%, <br> 04/01/52<br>| 264 | &nbsp;&nbsp; 174266 |
| Northwestern University, Series 2020, 2.64%, 12/01/50 | 266 | &nbsp;&nbsp; 166669 |
| President and Fellows of Harvard College, 2.52%, <br> 10/15/50<sup>(e)</sup><br>| 54 | &nbsp;&nbsp; 32885 |
| Rockefeller Foundation, Series 2020, 2.49%, 10/01/50 | 72 | &nbsp;&nbsp; 43523 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** | **Commercial Services & Supplies (continued)** |
| S&P Global, Inc., 4.80%, 12/04/35<sup>(a)</sup> | 285 | &nbsp;&nbsp; $284122 |
| TR Finance LLC, 3.35%, 05/15/26 | 800 | &nbsp;&nbsp; 796751 |
| United Rentals North America, Inc., 5.38%, 11/15/33<sup>(a)</sup> | 145 | &nbsp;&nbsp; 144897 |
| University of Chicago |  |  |
| Series 20B, 2.76%, 04/01/45 | 148 | &nbsp;&nbsp; 116987 |
| Series C, 2.55%, 04/01/50 | 157 | &nbsp;&nbsp; 102106 |
| University of Southern California |  |  |
| 4.98%, 10/01/53<sup>(e)</sup> | 10 | &nbsp;&nbsp; 9186 |
| Series 21A, 2.95%, 10/01/51 | 190 | &nbsp;&nbsp; 123380 |
| Verisk Analytics, Inc. |  |  |
| 4.13%, 03/15/29 | 1056 | &nbsp;&nbsp; 1053908 |
| 5.25%, 06/05/34 | 1170 | &nbsp;&nbsp; 1197913 |
| Yale University, Series 2020, 2.40%, 04/15/50 | 272 | &nbsp;&nbsp; 163119 |
|  |  | &nbsp;&nbsp; 5208366 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| CommScope LLC<sup>(a)</sup> <br>|  |  |
| 8.25%, 03/01/27 | 82 | &nbsp;&nbsp; 82637 |
| 9.50%, 12/15/31<sup>(e)</sup> | 170 | &nbsp;&nbsp; 171707 |
| Motorola Solutions, Inc. |  |  |
| 4.60%, 05/23/29<sup>(e)</sup> | 260 | &nbsp;&nbsp; 263121 |
| 5.40%, 04/15/34 | 625 | &nbsp;&nbsp; 645400 |
| 5.55%, 08/15/35 | 230 | &nbsp;&nbsp; 239016 |
| 5.50%, 09/01/44 | 927 | &nbsp;&nbsp; 903104 |
| Viasat, Inc.<sup>(a)</sup> <br>|  |  |
| 6.50%, 07/15/28 | 216 | &nbsp;&nbsp; 210005 |
| 7.50%, 05/30/31 | 329 | &nbsp;&nbsp; 312812 |
|  |  | &nbsp;&nbsp; 2827802 |
| **Construction & Engineering**<sup>(a)</sup> **— 0.1%** | **Construction & Engineering**<sup>(a)</sup> **— 0.1%** | **Construction & Engineering**<sup>(a)</sup> **— 0.1%** |
| AECOM, 6.00%, 08/01/33 | 66 | &nbsp;&nbsp; 67641 |
| HTA Group Ltd., 7.50%, 06/04/29 | 204 | &nbsp;&nbsp; 211013 |
| Tutor Perini Corp., 11.88%, 04/30/29<sup>(e)</sup> | 108 | &nbsp;&nbsp; 119897 |
|  |  | &nbsp;&nbsp; 398551 |
| **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** | **Consumer Discretionary — 0.3%** |
| Automatic Data Processing, Inc., 4.75%, 05/08/32 | 680 | &nbsp;&nbsp; 696455 |
| Quanta Services, Inc. |  |  |
| 2.90%, 10/01/30 | 890 | &nbsp;&nbsp; 833008 |
| 5.10%, 08/09/35 | 360 | &nbsp;&nbsp; 360770 |
| 3.05%, 10/01/41 | 605 | &nbsp;&nbsp; 448040 |
| RELX Capital, Inc., 5.25%, 03/27/35 | 120 | &nbsp;&nbsp; 123852 |
|  |  | &nbsp;&nbsp; 2462125 |
| **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** |
| American Express Co. |  |  |
| 4.05%, 05/03/29 | 186 | &nbsp;&nbsp; 186573 |
| (1-day SOFR + 1.00%), 5.10%, 02/16/28<sup>(b)</sup> | 720 | &nbsp;&nbsp; 728363 |
| (1-day SOFR + 1.93%), 5.63%, 07/28/34<sup>(b)</sup> | 255 | &nbsp;&nbsp; 266317 |
| (1-day SOFR Index + 1.32%), 5.44%, 01/30/36<sup>(b)</sup> | 1155 | &nbsp;&nbsp; 1199663 |
| Atlanticus Holdings Corp., 9.75%, 09/01/30<sup>(a)(e)</sup> | 152 | &nbsp;&nbsp; 152190 |
| Capital One Financial Corp.<sup>(b)</sup> <br>|  |  |
| (1-day SOFR + 1.56%), 5.46%, 07/26/30 | 960 | &nbsp;&nbsp; 994865 |
| (1-day SOFR + 2.04%), 6.18%, 01/30/36 | 380 | &nbsp;&nbsp; 396675 |
| (1-day SOFR + 2.37%), 5.27%, 05/10/33 | 105 | &nbsp;&nbsp; 107692 |
| (1-day SOFR + 2.64%), 6.31%, 06/08/29 | 93 | &nbsp;&nbsp; 97599 |
| (1-day SOFR Index + 3.37%), 7.96%, 11/02/34 | 710 | &nbsp;&nbsp; 837087 |
| Enova International, Inc.<sup>(a)</sup> <br>|  |  |
| 11.25%, 12/15/28<sup>(e)</sup> | 132 | &nbsp;&nbsp; 139594 |
| 9.13%, 08/01/29 | 196 | &nbsp;&nbsp; 208635 |
| EZCORP, Inc., 7.38%, 04/01/32<sup>(a)</sup> | 55 | &nbsp;&nbsp; 58353 |
| goeasy Ltd.<sup>(a)</sup> <br>|  |  |
| 9.25%, 12/01/28 | 223 | &nbsp;&nbsp; 229296 |
| 7.63%, 07/01/29 | 125 | &nbsp;&nbsp; 123602 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Consumer Finance (continued)** | **Consumer Finance (continued)** | **Consumer Finance (continued)** |
| goeasy Ltd.<sup>(a)</sup> (continued) |  |  |
| 7.38%, 10/01/30 | 105 | &nbsp;&nbsp; $101042 |
| Mastercard, Inc. |  |  |
| 4.55%, 01/15/35 | 385 | &nbsp;&nbsp; 384935 |
| 2.95%, 03/15/51 | 1580 | &nbsp;&nbsp; 1037431 |
| OneMain Finance Corp. |  |  |
| 6.63%, 05/15/29 | 115 | &nbsp;&nbsp; 119111 |
| 7.88%, 03/15/30 | 195 | &nbsp;&nbsp; 206176 |
| 7.50%, 05/15/31 | 201 | &nbsp;&nbsp; 211482 |
| S&P Global, Inc. |  |  |
| 5.25%, 09/15/33 | 95 | &nbsp;&nbsp; 99761 |
| 2.30%, 08/15/60 | 463 | &nbsp;&nbsp; 234137 |
| SLM Corp., 6.50%, 01/31/30 | 31 | &nbsp;&nbsp; 32087 |
| Synchrony Financial, 7.25%, 02/02/33 | 277 | &nbsp;&nbsp; 297557 |
| Visa, Inc., 3.65%, 09/15/47 | 385 | &nbsp;&nbsp; 300313 |
|  |  | &nbsp;&nbsp; 8750536 |
| **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** |
| Costco Wholesale Corp., 1.75%, 04/20/32<sup>(e)</sup> | 160 | &nbsp;&nbsp; 138790 |
| Kroger Co., 5.00%, 09/15/34 | 240 | &nbsp;&nbsp; 241326 |
| U.S. Foods, Inc.<sup>(a)</sup> <br>|  |  |
| 7.25%, 01/15/32 | 125 | &nbsp;&nbsp; 131391 |
| 5.75%, 04/15/33 | 152 | &nbsp;&nbsp; 154826 |
| United Natural Foods, Inc., 6.75%, 10/15/28<sup>(a)(e)</sup> | 218 | &nbsp;&nbsp; 218205 |
| Walmart, Inc. |  |  |
| 4.90%, 04/28/35<sup>(e)</sup> | 1595 | &nbsp;&nbsp; 1639688 |
| 4.50%, 09/09/52 | 200 | &nbsp;&nbsp; 176149 |
|  |  | &nbsp;&nbsp; 2700375 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Ardagh Metal Packaging Finance USA LLC/Ardagh <br> Metal Packaging Finance PLC, 4.00%, 09/01/29<sup>(a)</sup><br>| 313 | &nbsp;&nbsp; 294654 |
| Packaging Corp. of America |  |  |
| 5.70%, 12/01/33 | 420 | &nbsp;&nbsp; 443062 |
| 4.05%, 12/15/49 | 900 | &nbsp;&nbsp; 713441 |
|  |  | &nbsp;&nbsp; 1451157 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| WW Grainger, Inc., 4.45%, 09/15/34 | 880 | &nbsp;&nbsp; 872123 |
| **Diversified REITs — 0.6%** | **Diversified REITs — 0.6%** | **Diversified REITs — 0.6%** |
| American Tower Corp. |  |  |
| 5.80%, 11/15/28 | 280 | &nbsp;&nbsp; 292300 |
| 5.00%, 01/31/30 | 60 | &nbsp;&nbsp; 61437 |
| 5.40%, 01/31/35 | 70 | &nbsp;&nbsp; 72055 |
| Crown Castle, Inc., 2.10%, 04/01/31 | 505 | &nbsp;&nbsp; 445685 |
| ERP Operating LP, 4.65%, 09/15/34 | 330 | &nbsp;&nbsp; 326527 |
| GLP Capital LP/GLP Financing II, Inc. |  |  |
| 5.63%, 09/15/34 | 500 | &nbsp;&nbsp; 507274 |
| 5.75%, 11/01/37 | 200 | &nbsp;&nbsp; 198923 |
| Iron Mountain, Inc.<sup>(a)</sup> <br>|  |  |
| 7.00%, 02/15/29 | 90 | &nbsp;&nbsp; 92449 |
| 6.25%, 01/15/33 | 94 | &nbsp;&nbsp; 94787 |
| Millrose Properties, Inc.<sup>(a)</sup> <br>|  |  |
| 6.38%, 08/01/30 | 55 | &nbsp;&nbsp; 56277 |
| 6.25%, 09/15/32 | 221 | &nbsp;&nbsp; 222985 |
| Prologis LP, 5.25%, 06/15/53 | 145 | &nbsp;&nbsp; 137783 |
| Rithm Capital Corp.<sup>(a)</sup> <br>|  |  |
| 8.00%, 04/01/29 | 273 | &nbsp;&nbsp; 280289 |
| 8.00%, 07/15/30 | 90 | &nbsp;&nbsp; 92040 |
| VICI Properties LP |  |  |
| 5.75%, 04/01/34 | 930 | &nbsp;&nbsp; 959758 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Diversified REITs (continued)** | **Diversified REITs (continued)** | **Diversified REITs (continued)** |
| VICI Properties LP (continued) |  |  |
| 5.63%, 04/01/35 | 610 | &nbsp;&nbsp; $622925 |
| 5.63%, 05/15/52 | 77 | &nbsp;&nbsp; 71971 |
|  |  | &nbsp;&nbsp; 4535465 |
| **Diversified Telecommunication Services — 1.3%** | **Diversified Telecommunication Services — 1.3%** | **Diversified Telecommunication Services — 1.3%** |
| AT&T, Inc. |  |  |
| 1.70%, 03/25/26 | 924 | &nbsp;&nbsp; 919326 |
| 4.55%, 11/01/32 | 2200 | &nbsp;&nbsp; 2185693 |
| 4.85%, 03/01/39 | 385 | &nbsp;&nbsp; 366115 |
| Cisco Systems, Inc., 4.95%, 02/24/32 | 1000 | &nbsp;&nbsp; 1032048 |
| Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, <br> 09/15/29<sup>(a)</sup><br>| 280 | &nbsp;&nbsp; 297007 |
| EchoStar Corp. |  |  |
| (6.75% Cash or 6.75% PIK), 6.75%, 11/30/30<sup>(f)</sup> | 360 | &nbsp;&nbsp; 368809 |
| 10.75%, 11/30/29 | 325 | &nbsp;&nbsp; 359386 |
| Frontier Communications Holdings LLC, 6.75%, <br> 05/01/29<sup>(a)</sup><br>| 351 | &nbsp;&nbsp; 353658 |
| GCI LLC, 4.75%, 10/15/28<sup>(a)</sup> | 116 | &nbsp;&nbsp; 113131 |
| Level 3 Financing, Inc.<sup>(a)</sup> <br>|  |  |
| 4.25%, 07/01/28<sup>(e)</sup> | 156 | &nbsp;&nbsp; 148980 |
| 6.88%, 06/30/33 | 310 | &nbsp;&nbsp; 317216 |
| 7.00%, 03/31/34 | 135 | &nbsp;&nbsp; 139127 |
| Lumen Technologies, Inc., 10.00%, 10/15/32<sup>(a)</sup> | 54 | &nbsp;&nbsp; 54270 |
| Sprint Capital Corp., 8.75%, 03/15/32 | 740 | &nbsp;&nbsp; 894924 |
| Telecom Italia Capital SA |  |  |
| 6.00%, 09/30/34<sup>(e)</sup> | 70 | &nbsp;&nbsp; 71849 |
| 7.20%, 07/18/36 | 91 | &nbsp;&nbsp; 98686 |
| 7.72%, 06/04/38<sup>(e)</sup> | 92 | &nbsp;&nbsp; 101910 |
| Verizon Communications, Inc. |  |  |
| 5.25%, 04/02/35<sup>(e)</sup> | 910 | &nbsp;&nbsp; 924913 |
| 5.40%, 07/02/37<sup>(a)</sup> | 812 | &nbsp;&nbsp; 820696 |
|  |  | &nbsp;&nbsp; 9567744 |
| **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** |
| AEP Texas, Inc. |  |  |
| 5.25%, 05/15/52 | 140 | &nbsp;&nbsp; 128372 |
| Series I, 2.10%, 07/01/30 | 260 | &nbsp;&nbsp; 236797 |
| AEP Transmission Co. LLC |  |  |
| 3.15%, 09/15/49 | 30 | &nbsp;&nbsp; 20280 |
| Series O, 4.50%, 06/15/52 | 130 | &nbsp;&nbsp; 110199 |
| Alabama Power Co., 3.45%, 10/01/49 | 370 | &nbsp;&nbsp; 263144 |
| Alpha Generation LLC, 6.25%, 01/15/34<sup>(a)</sup> | 29 | &nbsp;&nbsp; 29260 |
| Ameren Illinois Co., 5.55%, 07/01/54 | 75 | &nbsp;&nbsp; 73742 |
| Appalachian Power Co., Series X, 3.30%, 06/01/27 | 90 | &nbsp;&nbsp; 89141 |
| Arizona Public Service Co. |  |  |
| 2.95%, 09/15/27<sup>(e)</sup> | 300 | &nbsp;&nbsp; 295229 |
| 5.70%, 08/15/34 | 50 | &nbsp;&nbsp; 52561 |
| Atlantic City Electric Co., 2.30%, 03/15/31 | 370 | &nbsp;&nbsp; 335326 |
| Baltimore Gas and Electric Co., 2.90%, 06/15/50 | 170 | &nbsp;&nbsp; 108740 |
| Berkshire Hathaway Energy Co., 4.45%, 01/15/49 | 200 | &nbsp;&nbsp; 166773 |
| Black Hills Corp., 6.00%, 01/15/35 | 150 | &nbsp;&nbsp; 159967 |
| CenterPoint Energy Houston Electric LLC |  |  |
| 5.20%, 10/01/28 | 30 | &nbsp;&nbsp; 30973 |
| Series AH, 3.60%, 03/01/52 | 55 | &nbsp;&nbsp; 40025 |
| Series AJ, 4.85%, 10/01/52 | 75 | &nbsp;&nbsp; 67082 |
| Series AQ, 4.95%, 08/15/35 | 125 | &nbsp;&nbsp; 125890 |
| Commonwealth Edison Co. |  |  |
| 2.20%, 03/01/30 | 190 | &nbsp;&nbsp; 175935 |
| 4.00%, 03/01/49 | 90 | &nbsp;&nbsp; 70142 |
| Series 130, 3.13%, 03/15/51 | 70 | &nbsp;&nbsp; 46422 |
| Connecticut Light and Power Co., 4.95%, 01/15/30 | 80 | &nbsp;&nbsp; 82071 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Consolidated Edison Co. of New York, Inc. |  |  |
| 5.70%, 05/15/54 | $130 | &nbsp;&nbsp; $129580 |
| Series 2006-A, 5.85%, 03/15/36 | 500 | &nbsp;&nbsp; 531252 |
| Constellation Energy Generation LLC, 5.80%, <br> 03/01/33<br>| 175 | &nbsp;&nbsp; 186756 |
| Consumers Energy Co. |  |  |
| 4.60%, 05/30/29 | 50 | &nbsp;&nbsp; 50812 |
| 4.63%, 05/15/33<sup>(e)</sup> | 110 | &nbsp;&nbsp; 110326 |
| 2.65%, 08/15/52 | 72 | &nbsp;&nbsp; 44504 |
| 4.20%, 09/01/52 | 60 | &nbsp;&nbsp; 48161 |
| Dominion Energy, Inc. |  |  |
| 5.38%, 11/15/32 | 140 | &nbsp;&nbsp; 145345 |
| Series C, 3.38%, 04/01/30 | 58 | &nbsp;&nbsp; 55961 |
| DTE Electric Co., Series B, 3.65%, 03/01/52 | 217 | &nbsp;&nbsp; 159756 |
| Duke Energy Carolinas LLC, 5.35%, 01/15/53 | 100 | &nbsp;&nbsp; 95932 |
| Duke Energy Corp. |  |  |
| 2.65%, 09/01/26 | 300 | &nbsp;&nbsp; 297442 |
| 4.85%, 01/05/29 | 180 | &nbsp;&nbsp; 183527 |
| 4.20%, 06/15/49 | 530 | &nbsp;&nbsp; 417128 |
| 5.00%, 08/15/52 | 60 | &nbsp;&nbsp; 52970 |
| Duke Energy Florida LLC, 5.88%, 11/15/33 | 85 | &nbsp;&nbsp; 91757 |
| Duke Energy Indiana LLC |  |  |
| 5.25%, 03/01/34 | 60 | &nbsp;&nbsp; 62140 |
| 5.40%, 04/01/53 | 20 | &nbsp;&nbsp; 18992 |
| Duke Energy Ohio, Inc., 4.30%, 02/01/49 | 100 | &nbsp;&nbsp; 81732 |
| Duke Energy Progress LLC, 5.10%, 03/15/34 | 50 | &nbsp;&nbsp; 51518 |
| Entergy Arkansas LLC, 5.75%, 06/01/54 | 30 | &nbsp;&nbsp; 30236 |
| Entergy Mississippi LLC |  |  |
| 5.00%, 09/01/33 | 180 | &nbsp;&nbsp; 182941 |
| 5.85%, 06/01/54 | 40 | &nbsp;&nbsp; 40305 |
| Entergy Texas, Inc., 3.55%, 09/30/49 | 220 | &nbsp;&nbsp; 156847 |
| Evergy Kansas Central, Inc., 3.45%, 04/15/50 | 130 | &nbsp;&nbsp; 91646 |
| Evergy Metro, Inc., 5.40%, 04/01/34 | 35 | &nbsp;&nbsp; 36410 |
| Evergy, Inc., 2.90%, 09/15/29 | 50 | &nbsp;&nbsp; 47645 |
| Eversource Energy, Series M, 3.30%, 01/15/28 | 200 | &nbsp;&nbsp; 196437 |
| Exelon Corp. |  |  |
| 5.15%, 03/15/29 | 45 | &nbsp;&nbsp; 46267 |
| 5.60%, 03/15/53 | 70 | &nbsp;&nbsp; 67841 |
| FirstEnergy Transmission LLC, 5.00%, 01/15/35 | 25 | &nbsp;&nbsp; 25050 |
| Florida Power & Light Co. |  |  |
| 4.80%, 05/15/33 | 55 | &nbsp;&nbsp; 56069 |
| 4.05%, 10/01/44 | 300 | &nbsp;&nbsp; 249888 |
| 3.15%, 10/01/49 | 40 | &nbsp;&nbsp; 27394 |
| 2.88%, 12/04/51 | 90 | &nbsp;&nbsp; 57364 |
| 5.60%, 02/15/66 | 55 | &nbsp;&nbsp; 54137 |
| Georgia Power Co., 4.85%, 03/15/31 | 300 | &nbsp;&nbsp; 307798 |
| Idaho Power Co., 5.80%, 04/01/54 | 70 | &nbsp;&nbsp; 71029 |
| Indiana Michigan Power Co., 5.63%, 04/01/53 | 50 | &nbsp;&nbsp; 49474 |
| Interstate Power and Light Co. |  |  |
| 2.30%, 06/01/30 | 20 | &nbsp;&nbsp; 18360 |
| 5.60%, 06/29/35 | 20 | &nbsp;&nbsp; 20814 |
| Kentucky Utilities Co., 3.30%, 06/01/50 | 60 | &nbsp;&nbsp; 41304 |
| MidAmerican Energy Co. |  |  |
| 3.10%, 05/01/27 | 100 | &nbsp;&nbsp; 99032 |
| 3.15%, 04/15/50 | 60 | &nbsp;&nbsp; 40621 |
| 2.70%, 08/01/52 | 105 | &nbsp;&nbsp; 64166 |
| National Grid PLC, 5.42%, 01/11/34 | 90 | &nbsp;&nbsp; 93091 |
| National Rural Utilities Cooperative Finance Corp. |  |  |
| 3.70%, 03/15/29 | 330 | &nbsp;&nbsp; 325887 |
| 5.15%, 06/15/29 | 80 | &nbsp;&nbsp; 82736 |
| Nevada Power Co., 6.00%, 03/15/54 | 90 | &nbsp;&nbsp; 92213 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| NextEra Energy Capital Holdings, Inc. |  |  |
| 3.55%, 05/01/27 | $245 | &nbsp;&nbsp; $243540 |
| 2.25%, 06/01/30 | 200 | &nbsp;&nbsp; 183929 |
| 5.00%, 07/15/32 | 50 | &nbsp;&nbsp; 51213 |
| 5.55%, 03/15/54<sup>(e)</sup> | 80 | &nbsp;&nbsp; 77272 |
| Northern States Power Co. |  |  |
| 5.40%, 03/15/54 | 85 | &nbsp;&nbsp; 82400 |
| 5.65%, 06/15/54 | 70 | &nbsp;&nbsp; 70468 |
| NSTAR Electric Co. |  |  |
| 3.10%, 06/01/51 | 110 | &nbsp;&nbsp; 73521 |
| 4.95%, 09/15/52 | 90 | &nbsp;&nbsp; 81151 |
| Oglethorpe Power Corp., 6.20%, 12/01/53 | 65 | &nbsp;&nbsp; 66654 |
| Ohio Power Co., 5.65%, 06/01/34 | 150 | &nbsp;&nbsp; 156413 |
| Oklahoma Gas and Electric Co., 5.60%, 04/01/53 | 65 | &nbsp;&nbsp; 63664 |
| Oncor Electric Delivery Co. LLC |  |  |
| 3.80%, 06/01/49 | 120 | &nbsp;&nbsp; 90498 |
| 4.60%, 06/01/52 | 40 | &nbsp;&nbsp; 33656 |
| 4.95%, 09/15/52 | 70 | &nbsp;&nbsp; 62341 |
| Pacific Gas and Electric Co. |  |  |
| 3.00%, 06/15/28 | 100 | &nbsp;&nbsp; 96964 |
| 4.55%, 07/01/30 | 65 | &nbsp;&nbsp; 64721 |
| 6.95%, 03/15/34 | 10 | &nbsp;&nbsp; 11121 |
| 3.30%, 08/01/40 | 90 | &nbsp;&nbsp; 68126 |
| 4.95%, 07/01/50 | 270 | &nbsp;&nbsp; 228213 |
| 3.50%, 08/01/50 | 190 | &nbsp;&nbsp; 128117 |
| 6.75%, 01/15/53 | 70 | &nbsp;&nbsp; 74447 |
| 5.90%, 10/01/54 | 95 | &nbsp;&nbsp; 91048 |
| PacifiCorp, 4.13%, 01/15/49 | 280 | &nbsp;&nbsp; 208698 |
| PECO Energy Co., 3.05%, 03/15/51 | 70 | &nbsp;&nbsp; 45656 |
| PPL Electric Utilities Corp. |  |  |
| 4.85%, 02/15/34 | 145 | &nbsp;&nbsp; 146533 |
| 5.25%, 05/15/53 | 130 | &nbsp;&nbsp; 124552 |
| Public Service Co. of Colorado |  |  |
| 4.05%, 09/15/49 | 20 | &nbsp;&nbsp; 15615 |
| 5.75%, 05/15/54 | 130 | &nbsp;&nbsp; 130105 |
| Public Service Co. of Oklahoma, 5.20%, 01/15/35 | 150 | &nbsp;&nbsp; 151622 |
| Public Service Electric and Gas Co. |  |  |
| 3.10%, 03/15/32 | 85 | &nbsp;&nbsp; 78752 |
| 5.20%, 03/01/34 | 295 | &nbsp;&nbsp; 303869 |
| 2.05%, 08/01/50 | 105 | &nbsp;&nbsp; 56692 |
| Puget Sound Energy, Inc., 5.45%, 06/01/53 | 100 | &nbsp;&nbsp; 96103 |
| San Diego Gas & Electric Co., 5.35%, 04/01/53 | 95 | &nbsp;&nbsp; 89741 |
| Sempra |  |  |
| 3.70%, 04/01/29 | 140 | &nbsp;&nbsp; 137789 |
| 5.50%, 08/01/33<sup>(e)</sup> | 100 | &nbsp;&nbsp; 104428 |
| Southern California Edison Co. |  |  |
| 5.45%, 06/01/31 | 240 | &nbsp;&nbsp; 248176 |
| 3.65%, 02/01/50 | 100 | &nbsp;&nbsp; 69924 |
| 5.75%, 04/15/54 | 20 | &nbsp;&nbsp; 18751 |
| Series C, 4.13%, 03/01/48 | 370 | &nbsp;&nbsp; 280825 |
| Southern Co. |  |  |
| 3.25%, 07/01/26 | 350 | &nbsp;&nbsp; 348791 |
| 5.70%, 03/15/34 | 185 | &nbsp;&nbsp; 194762 |
| System Energy Resources, Inc., 5.30%, 12/15/34 | 820 | &nbsp;&nbsp; 828836 |
| Talen Energy Supply LLC<sup>(a)</sup> <br>|  |  |
| 6.25%, 02/01/34 | 185 | &nbsp;&nbsp; 188684 |
| 6.50%, 02/01/36 | 205 | &nbsp;&nbsp; 211988 |
| Tampa Electric Co.<sup>(e)</sup> <br>|  |  |
| 5.15%, 03/01/35 | 755 | &nbsp;&nbsp; 765599 |
| 3.45%, 03/15/51 | 35 | &nbsp;&nbsp; 24763 |
| Tucson Electric Power Co. |  |  |
| 1.50%, 08/01/30<sup>(e)</sup> | 90 | &nbsp;&nbsp; 80021 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Electric Utilities (continued)** | **Electric Utilities (continued)** | **Electric Utilities (continued)** |
| Tucson Electric Power Co. (continued) |  |  |
| 5.50%, 04/15/53 | 30 | &nbsp;&nbsp; $28769 |
| Union Electric Co. |  |  |
| 4.00%, 04/01/48 | 230 | &nbsp;&nbsp; 182494 |
| 5.45%, 03/15/53 | 10 | &nbsp;&nbsp; 9638 |
| Virginia Electric and Power Co. |  |  |
| 3.30%, 12/01/49 | 190 | &nbsp;&nbsp; 130848 |
| 5.35%, 01/15/54 | 195 | &nbsp;&nbsp; 182813 |
| 5.65%, 03/15/55 | 40 | &nbsp;&nbsp; 39164 |
| Series A, 3.80%, 04/01/28 | 750 | &nbsp;&nbsp; 747216 |
| Series D, 5.60%, 09/15/55 | 65 | &nbsp;&nbsp; 63131 |
| Vistra Operations Co. LLC, 7.75%, 10/15/31<sup>(a)</sup> | 104 | &nbsp;&nbsp; 110154 |
| Wisconsin Electric Power Co., 4.75%, 09/30/32<sup>(e)</sup> | 20 | &nbsp;&nbsp; 20364 |
| Wisconsin Power and Light Co., 5.38%, 03/30/34 | 90 | &nbsp;&nbsp; 92783 |
| Wisconsin Public Service Corp., 3.30%, 09/01/49 | 85 | &nbsp;&nbsp; 59034 |
| Xcel Energy, Inc. |  |  |
| 4.00%, 06/15/28 | 900 | &nbsp;&nbsp; 900037 |
| 5.45%, 08/15/33 | 100 | &nbsp;&nbsp; 103221 |
| 3.50%, 12/01/49 | 50 | &nbsp;&nbsp; 35823 |
|  |  | &nbsp;&nbsp; 17952905 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| Allegion PLC, 3.50%, 10/01/29 | 90 | &nbsp;&nbsp; 87734 |
| Arrow Electronics, Inc., 5.88%, 04/10/34 | 880 | &nbsp;&nbsp; 917986 |
| CDW LLC/CDW Finance Corp. |  |  |
| 3.25%, 02/15/29 | 880 | &nbsp;&nbsp; 847214 |
| 3.57%, 12/01/31 | 610 | &nbsp;&nbsp; 568210 |
| Honeywell International, Inc., 4.50%, 01/15/34 | 750 | &nbsp;&nbsp; 743343 |
| Jabil, Inc., 1.70%, 04/15/26<sup>(e)</sup> | 1055 | &nbsp;&nbsp; 1047663 |
| Keysight Technologies, Inc., 4.95%, 10/15/34 | 325 | &nbsp;&nbsp; 327343 |
|  |  | &nbsp;&nbsp; 4539493 |
| **Energy Equipment & Services**<sup>(a)</sup> **— 0.1%** | **Energy Equipment & Services**<sup>(a)</sup> **— 0.1%** | **Energy Equipment & Services**<sup>(a)</sup> **— 0.1%** |
| Tidewater, Inc., 9.13%, 07/15/30 | 269 | &nbsp;&nbsp; 288621 |
| USA Compression Partners LP/USA Compression <br> Finance Corp., 7.13%, 03/15/29<sup>(e)</sup><br>| 91 | &nbsp;&nbsp; 94195 |
| Viridien, 10.00%, 10/15/30 | 150 | &nbsp;&nbsp; 158172 |
| Weatherford International Ltd., 6.75%, 10/15/33 | 170 | &nbsp;&nbsp; 174099 |
|  |  | &nbsp;&nbsp; 715087 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| Warnermedia Holdings, Inc., 5.14%, 03/15/52 | 102 | &nbsp;&nbsp; 67203 |
| **Environmental, Maintenance & Security Service — 0.4%** | **Environmental, Maintenance & Security Service — 0.4%** | **Environmental, Maintenance & Security Service — 0.4%** |
| Republic Services, Inc. |  |  |
| 4.75%, 07/15/30 | 115 | &nbsp;&nbsp; 117636 |
| 5.20%, 11/15/34 | 570 | &nbsp;&nbsp; 590172 |
| Waste Connections, Inc. |  |  |
| 2.60%, 02/01/30 | 305 | &nbsp;&nbsp; 287623 |
| 5.25%, 09/01/35<sup>(e)</sup> | 1070 | &nbsp;&nbsp; 1107462 |
| Waste Management, Inc., 4.95%, 07/03/31 | 915 | &nbsp;&nbsp; 947130 |
|  |  | &nbsp;&nbsp; 3050023 |
| **Financial Services — 4.7%** | **Financial Services — 4.7%** | **Financial Services — 4.7%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust, 4.95%, 09/10/34<br>| 1300 | &nbsp;&nbsp; 1297456 |
| Ally Financial, Inc., (5-year CMT + 2.45%), 6.65%, <br> 01/17/40<sup>(b)</sup><br>| 28 | &nbsp;&nbsp; 28181 |
| American Express Co., (1-day SOFR + 1.24%), 4.80%, <br> 10/24/36<sup>(b)</sup><br>| 390 | &nbsp;&nbsp; 385101 |
| Banco Santander SA |  |  |
| 5.59%, 08/08/28 | 1800 | &nbsp;&nbsp; 1865519 |
| (1-year CMT + 0.90%), 1.72%, 09/14/27<sup>(b)</sup> | 400 | &nbsp;&nbsp; 393214 |
| Bank of America Corp.<sup>(b)</sup> <br>|  |  |
| (1-day SOFR + 0.96%), 1.73%, 07/22/27 | 830 | &nbsp;&nbsp; 819412 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Bank of America Corp.<sup>(b)</sup> (continued) |  |  |
| (1-day SOFR + 1.05%), 2.55%, 02/04/28 | $225 | &nbsp;&nbsp; $221320 |
| (1-day SOFR + 1.31%), 5.51%, 01/24/36 | 1370 | &nbsp;&nbsp; 1428359 |
| (1-day SOFR + 1.65%), 5.47%, 01/23/35 | 325 | &nbsp;&nbsp; 338559 |
| (1-day SOFR + 1.70%), 5.74%, 02/12/36 | 780 | &nbsp;&nbsp; 812758 |
| (1-day SOFR + 1.99%), 6.20%, 11/10/28 | 735 | &nbsp;&nbsp; 763747 |
| (1-day SOFR + 2.04%), 4.95%, 07/22/28 | 775 | &nbsp;&nbsp; 785973 |
| (3-mo. CME Term SOFR + 3.41%), 4.08%, 03/20/51 | 91 | &nbsp;&nbsp; 72913 |
| Bank of Nova Scotia, 1.05%, 03/02/26 | 550 | &nbsp;&nbsp; 547501 |
| Bread Financial Holdings, Inc., 6.75%, 05/15/31<sup>(a)(e)</sup> | 100 | &nbsp;&nbsp; 103532 |
| Burford Capital Global Finance LLC<sup>(a)</sup> <br>|  |  |
| 6.88%, 04/15/30 | 50 | &nbsp;&nbsp; 48758 |
| 9.25%, 07/01/31 | 220 | &nbsp;&nbsp; 226514 |
| Charles Schwab Corp., (1-day SOFR + 1.23%), 4.91%, <br> 11/14/36<sup>(b)</sup><br>| 540 | &nbsp;&nbsp; 536374 |
| Citigroup, Inc.<sup>(b)</sup> <br>|  |  |
| (1-day SOFR + 1.14%), 4.64%, 05/07/28 | 270 | &nbsp;&nbsp; 272192 |
| (1-day SOFR + 1.83%), 6.02%, 01/24/36 | 283 | &nbsp;&nbsp; 296412 |
| (1-day SOFR + 2.11%), 2.57%, 06/03/31 | 2285 | &nbsp;&nbsp; 2117125 |
| Coinbase Global, Inc.<sup>(a)</sup> <br>|  |  |
| 3.38%, 10/01/28 | 312 | &nbsp;&nbsp; 297225 |
| 3.63%, 10/01/31<sup>(e)</sup> | 81 | &nbsp;&nbsp; 72217 |
| Credit Acceptance Corp.<sup>(a)</sup> <br>|  |  |
| 9.25%, 12/15/28 | 192 | &nbsp;&nbsp; 200671 |
| 6.63%, 03/15/30 | 105 | &nbsp;&nbsp; 105207 |
| Freedom Mortgage Holdings LLC, 8.38%, <br> 04/01/32<sup>(a)(e)</sup><br>| 40 | &nbsp;&nbsp; 42107 |
| Goldman Sachs Group, Inc.<sup>(b)</sup> <br>|  |  |
| (1-day SOFR + 0.80%), 1.43%, 03/09/27 | 370 | &nbsp;&nbsp; 368109 |
| (1-day SOFR + 1.09%), 1.99%, 01/27/32 | 1073 | &nbsp;&nbsp; 953221 |
| (1-day SOFR + 1.25%), 2.38%, 07/21/32 | 1295 | &nbsp;&nbsp; 1159817 |
| (1-day SOFR + 1.28%), 2.62%, 04/22/32 | 1377 | &nbsp;&nbsp; 1255566 |
| (1-day SOFR + 1.42%), 5.02%, 10/23/35 | 1530 | &nbsp;&nbsp; 1538191 |
| (3-mo. CME Term SOFR + 1.69%), 4.41%, 04/23/39 | 370 | &nbsp;&nbsp; 341835 |
| HSBC Holdings PLC<sup>(b)</sup> <br>|  |  |
| (1-day SOFR + 1.29%), 5.29%, 11/19/30 | 735 | &nbsp;&nbsp; 758358 |
| (1-day SOFR + 1.56%), 5.45%, 03/03/36 | 570 | &nbsp;&nbsp; 588071 |
| (1-day SOFR + 1.90%), 5.87%, 11/18/35 | 570 | &nbsp;&nbsp; 595146 |
| (3-mo. CME Term SOFR + 1.87%), 3.97%, 05/22/30 | 1740 | &nbsp;&nbsp; 1718851 |
| Intercontinental Exchange, Inc., 3.00%, 09/15/60 | 180 | &nbsp;&nbsp; 107610 |
| JPMorgan Chase & Co.<sup>(b)</sup> <br>|  |  |
| (1-day SOFR + 0.80%), 4.92%, 01/24/29 | 1720 | &nbsp;&nbsp; 1751975 |
| (1-day SOFR + 1.26%), 2.96%, 01/25/33 | 415 | &nbsp;&nbsp; 380837 |
| (1-day SOFR + 1.34%), 4.95%, 10/22/35 | 805 | &nbsp;&nbsp; 812936 |
| (1-day SOFR + 1.99%), 4.85%, 07/25/28 | 665 | &nbsp;&nbsp; 673550 |
| (1-day SOFR + 2.08%), 4.91%, 07/25/33 | 470 | &nbsp;&nbsp; 478793 |
| (3-mo. CME Term SOFR + 1.11%), 1.76%, 11/19/31 | 580 | &nbsp;&nbsp; 515263 |
| (3-mo. CME Term SOFR + 1.25%), 2.58%, 04/22/32 | 1063 | &nbsp;&nbsp; 971637 |
| Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> <br>|  |  |
| (1-year CMT + 0.95%), 2.31%, 07/20/32 | 425 | &nbsp;&nbsp; 379013 |
| (1-year CMT + 0.97%), 2.49%, 10/13/32 | 315 | &nbsp;&nbsp; 282153 |
| Mizuho Financial Group, Inc., (1-year CMT + 1.90%), <br> 5.75%, 07/06/34<sup>(b)</sup><br>| 590 | &nbsp;&nbsp; 624931 |
| Morgan Stanley |  |  |
| 3.88%, 01/27/26 | 200 | &nbsp;&nbsp; 199973 |
| 4.30%, 01/27/45 | 233 | &nbsp;&nbsp; 201647 |
| (1-day SOFR + 1.03%), 1.79%, 02/13/32<sup>(b)</sup> | 415 | &nbsp;&nbsp; 364474 |
| (1-day SOFR + 1.14%), 2.70%, 01/22/31<sup>(b)</sup> | 65 | &nbsp;&nbsp; 60970 |
| (1-day SOFR + 1.20%), 2.51%, 10/20/32<sup>(b)</sup> | 210 | &nbsp;&nbsp; 188340 |
| (1-day SOFR + 1.42%), 5.59%, 01/18/36<sup>(b)</sup> | 525 | &nbsp;&nbsp; 548617 |
| (1-day SOFR + 1.45%), 5.17%, 01/16/30<sup>(b)</sup> | 140 | &nbsp;&nbsp; 143719 |
| (1-day SOFR + 1.58%), 5.83%, 04/19/35<sup>(b)</sup> | 205 | &nbsp;&nbsp; 217845 |
| (1-day SOFR + 1.73%), 5.47%, 01/18/35<sup>(b)</sup> | 55 | &nbsp;&nbsp; 57171 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Financial Services (continued)** | **Financial Services (continued)** | **Financial Services (continued)** |
| Morgan Stanley (continued) |  |  |
| (5-year CMT + 2.43%), 5.95%, 01/19/38<sup>(b)(e)</sup> | 265 | &nbsp;&nbsp; $278864 |
| Nasdaq, Inc., 3.85%, 06/30/26 | 32 | &nbsp;&nbsp; 31984 |
| OneMain Finance Corp., 6.75%, 09/15/33 | 95 | &nbsp;&nbsp; 96200 |
| PennyMac Financial Services, Inc.<sup>(a)</sup> <br>|  |  |
| 7.13%, 11/15/30 | 120 | &nbsp;&nbsp; 126147 |
| 6.88%, 05/15/32 | 207 | &nbsp;&nbsp; 216707 |
| 6.88%, 02/15/33 | 140 | &nbsp;&nbsp; 146153 |
| 6.75%, 02/15/34 | 35 | &nbsp;&nbsp; 36180 |
| Rocket Cos., Inc.<sup>(a)</sup> <br>|  |  |
| 6.50%, 08/01/29 | 130 | &nbsp;&nbsp; 134080 |
| 6.13%, 08/01/30 | 105 | &nbsp;&nbsp; 108536 |
| 6.38%, 08/01/33 | 42 | &nbsp;&nbsp; 43790 |
| UBS Group AG, (1-day SOFR + 1.73%), 3.09%, <br> 05/14/32<sup>(a)(b)</sup><br>| 240 | &nbsp;&nbsp; 222665 |
| UWM Holdings LLC<sup>(a)</sup> <br>|  |  |
| 6.63%, 02/01/30 | 287 | &nbsp;&nbsp; 290610 |
| 6.25%, 03/15/31 | 125 | &nbsp;&nbsp; 124801 |
|  |  | &nbsp;&nbsp; 34173683 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Pilgrim's Pride Corp., 3.50%, 03/01/32 | 1100 | &nbsp;&nbsp; 1016175 |
| Post Holdings, Inc.<sup>(a)(e)</sup> <br>|  |  |
| 6.38%, 03/01/33 | 264 | &nbsp;&nbsp; 266640 |
| 6.25%, 10/15/34 | 105 | &nbsp;&nbsp; 105583 |
|  |  | &nbsp;&nbsp; 1388398 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| Burlington Northern Santa Fe LLC, 3.05%, 02/15/51 | 383 | &nbsp;&nbsp; 252405 |
| CSX Corp. |  |  |
| 2.60%, 11/01/26 | 800 | &nbsp;&nbsp; 791558 |
| 4.90%, 03/15/55<sup>(e)</sup> | 55 | &nbsp;&nbsp; 49287 |
| Danaos Corp., 6.88%, 10/15/32<sup>(a)(e)</sup> | 275 | &nbsp;&nbsp; 284120 |
|  |  | &nbsp;&nbsp; 1377370 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| Abbott Laboratories, 4.90%, 11/30/46 | 265 | &nbsp;&nbsp; 249511 |
| Bausch & Lomb Corp., 8.38%, 10/01/28<sup>(a)</sup> | 140 | &nbsp;&nbsp; 146125 |
| Insulet Corp., 6.50%, 04/01/33<sup>(a)</sup> | 207 | &nbsp;&nbsp; 215774 |
| Zimmer Biomet Holdings, Inc. |  |  |
| 4.70%, 02/19/27 | 50 | &nbsp;&nbsp; 50414 |
| 5.35%, 12/01/28 | 160 | &nbsp;&nbsp; 165416 |
|  |  | &nbsp;&nbsp; 827240 |
| **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** | **Health Care Providers & Services — 1.2%** |
| Allina Health System, Series 2021, 2.90%, 11/15/51<sup>(e)</sup> | 230 | &nbsp;&nbsp; 144615 |
| Banner Health, Series 2020, 3.18%, 01/01/50<sup>(e)</sup> | 119 | &nbsp;&nbsp; 81079 |
| Baylor Scott & White Holdings, Series 2021, 2.84%, <br> 11/15/50<br>| 92 | &nbsp;&nbsp; 58249 |
| Beth Israel Lahey Health, Inc., Series L, 3.08%, <br> 07/01/51<sup>(e)</sup><br>| 169 | &nbsp;&nbsp; 110603 |
| CommonSpirit Health, 3.91%, 10/01/50 | 339 | &nbsp;&nbsp; 253188 |
| DaVita, Inc.<sup>(a)</sup> <br>|  |  |
| 6.88%, 09/01/32 | 123 | &nbsp;&nbsp; 128039 |
| 6.75%, 07/15/33 | 90 | &nbsp;&nbsp; 93320 |
| Fortrea Holdings, Inc., 7.50%, 07/01/30<sup>(a)(e)</sup> | 156 | &nbsp;&nbsp; 159448 |
| Fred Hutchinson Cancer Center, Series 2022, 4.97%, <br> 01/01/52<br>| 130 | &nbsp;&nbsp; 117415 |
| Hackensack Meridian Health, Inc., Series 2020, 2.88%, <br> 09/01/50<br>| 58 | &nbsp;&nbsp; 37387 |
| HCA, Inc. |  |  |
| 5.45%, 04/01/31 | 535 | &nbsp;&nbsp; 558379 |
| 3.63%, 03/15/32 | 720 | &nbsp;&nbsp; 680062 |
| 5.60%, 04/01/34 | 425 | &nbsp;&nbsp; 443241 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** | **Health Care Providers & Services (continued)** |
| HCA, Inc. (continued) |  |  |
| 5.13%, 06/15/39 | 485 | &nbsp;&nbsp; $468369 |
| 3.50%, 07/15/51 | 175 | &nbsp;&nbsp; 118616 |
| 4.63%, 03/15/52 | 745 | &nbsp;&nbsp; 608412 |
| 6.00%, 04/01/54 | 180 | &nbsp;&nbsp; 178947 |
| 5.95%, 09/15/54 | 170 | &nbsp;&nbsp; 167942 |
| Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 | 73 | &nbsp;&nbsp; 55291 |
| Inova Health System Foundation, 4.07%, 05/15/52 | 18 | &nbsp;&nbsp; 14259 |
| Kaiser Foundation Hospitals |  |  |
| Series 2021, 2.81%, 06/01/41 | 57 | &nbsp;&nbsp; 42331 |
| Series 2021, 3.00%, 06/01/51 | 161 | &nbsp;&nbsp; 105301 |
| Memorial Sloan-Kettering Cancer Center, Series 2020, <br> 2.96%, 01/01/50<br>| 46 | &nbsp;&nbsp; 30184 |
| Methodist Hospital, Series 20A, 2.71%, 12/01/50 | 87 | &nbsp;&nbsp; 53625 |
| MPH Acquisition Holdings LLC, (6.50% Cash and <br> 5.00% PIK), 11.50%, 12/31/30<sup>(a)(f)</sup><br>| 173 | &nbsp;&nbsp; 182947 |
| Providence St. Joseph Health Obligated Group, <br> Series 21A, 2.70%, 10/01/51<br>| 136 | &nbsp;&nbsp; 80359 |
| Quest Diagnostics, Inc. |  |  |
| 4.60%, 12/15/27 | 1125 | &nbsp;&nbsp; 1138435 |
| 4.63%, 12/15/29 | 1380 | &nbsp;&nbsp; 1403397 |
| Sutter Health, Series 20A, 3.36%, 08/15/50 | 54 | &nbsp;&nbsp; 37756 |
| UMass Memorial Health Care Obligated Group, 5.36%, <br> 07/01/52<sup>(e)</sup><br>| 42 | &nbsp;&nbsp; 39443 |
| UnitedHealth Group, Inc., 6.05%, 02/15/63 | 195 | &nbsp;&nbsp; 199163 |
| Universal Health Services, Inc., 5.05%, 10/15/34 | 645 | &nbsp;&nbsp; 632923 |
| WakeMed, Series A, 3.29%, 10/01/52<sup>(e)</sup> | 81 | &nbsp;&nbsp; 55643 |
|  |  | &nbsp;&nbsp; 8478368 |
| **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** | **Health Care REITs — 0.5%** |
| Diversified Healthcare Trust |  |  |
| 4.75%, 02/15/28<sup>(e)</sup> | 150 | &nbsp;&nbsp; 144791 |
| 7.25%, 10/15/30<sup>(a)</sup> | 25 | &nbsp;&nbsp; 25562 |
| 4.38%, 03/01/31 | 179 | &nbsp;&nbsp; 157525 |
| MPT Operating Partnership LP/MPT Finance Corp., <br> 5.00%, 10/15/27<br>| 161 | &nbsp;&nbsp; 155426 |
| Omega Healthcare Investors, Inc., 5.20%, 07/01/30 | 1000 | &nbsp;&nbsp; 1017683 |
| Ventas Realty LP |  |  |
| 5.10%, 07/15/32 | 280 | &nbsp;&nbsp; 287812 |
| 5.00%, 01/15/35 | 670 | &nbsp;&nbsp; 670821 |
| Welltower OP LLC, 4.50%, 07/01/30 | 1140 | &nbsp;&nbsp; 1152707 |
|  |  | &nbsp;&nbsp; 3612327 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| Host Hotels & Resorts LP, 5.70%, 07/01/34 | 806 | &nbsp;&nbsp; 832686 |
| **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** |
| Acushnet Co., 5.63%, 12/01/33<sup>(a)</sup> | 65 | &nbsp;&nbsp; 65730 |
| Darden Restaurants, Inc. |  |  |
| 4.35%, 10/15/27 | 355 | &nbsp;&nbsp; 356654 |
| 4.55%, 10/15/29 | 355 | &nbsp;&nbsp; 358267 |
| 6.30%, 10/10/33 | 240 | &nbsp;&nbsp; 260480 |
| Genting New York LLC/GENNY Capital, Inc., 7.25%, <br> 10/01/29<sup>(a)</sup><br>| 149 | &nbsp;&nbsp; 152809 |
| Hilton Domestic Operating Co., Inc., 6.13%, <br> 04/01/32<sup>(a)</sup><br>| 114 | &nbsp;&nbsp; 118048 |
| Hyatt Hotels Corp., 5.38%, 12/15/31 | 1625 | &nbsp;&nbsp; 1673753 |
| Las Vegas Sands Corp., 6.20%, 08/15/34 | 85 | &nbsp;&nbsp; 89336 |
| Light & Wonder International, Inc.<sup>(a)</sup> <br>|  |  |
| 7.25%, 11/15/29 | 63 | &nbsp;&nbsp; 64705 |
| 7.50%, 09/01/31 | 198 | &nbsp;&nbsp; 206579 |
| 6.25%, 10/01/33 | 65 | &nbsp;&nbsp; 65806 |
| Lindblad Expeditions LLC, 7.00%, 09/15/30<sup>(a)</sup> | 40 | &nbsp;&nbsp; 41727 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** | **Hotels, Restaurants & Leisure (continued)** |
| Marriott International, Inc. |  |  |
| 5.00%, 10/15/27 | 170 | &nbsp;&nbsp; $172874 |
| 5.55%, 10/15/28 | 310 | &nbsp;&nbsp; 321920 |
| 5.35%, 03/15/35 | 800 | &nbsp;&nbsp; 821900 |
| Series AA, 4.65%, 12/01/28 | 46 | &nbsp;&nbsp; 46803 |
| Series FF, 4.63%, 06/15/30 | 41 | &nbsp;&nbsp; 41612 |
| Series HH, 2.85%, 04/15/31 | 670 | &nbsp;&nbsp; 621146 |
| McDonald's Corp. |  |  |
| 3.63%, 09/01/49 | 180 | &nbsp;&nbsp; 132460 |
| 5.15%, 09/09/52<sup>(e)</sup> | 350 | &nbsp;&nbsp; 324878 |
| Resorts World Las Vegas LLC/RWLV Capital, Inc., <br> 8.45%, 07/27/30<sup>(a)</sup><br>| 72 | &nbsp;&nbsp; 71138 |
| Royal Caribbean Cruises Ltd., 5.38%, 01/15/36 | 250 | &nbsp;&nbsp; 251047 |
| Viking Cruises Ltd., 5.88%, 10/15/33<sup>(a)</sup> | 81 | &nbsp;&nbsp; 82252 |
| Warnermedia Holdings, Inc. |  |  |
| 4.05%, 03/15/29<sup>(e)</sup> | 75 | &nbsp;&nbsp; 72585 |
| 4.28%, 03/15/32 | 85 | &nbsp;&nbsp; 74615 |
| 5.05%, 03/15/42 | 210 | &nbsp;&nbsp; 147787 |
| Wynn Macau Ltd., 6.75%, 02/15/34<sup>(a)</sup> | 200 | &nbsp;&nbsp; 202812 |
|  |  | &nbsp;&nbsp; 6839723 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Century Communities, Inc., 6.63%, 09/15/33<sup>(a)</sup> | 5 | &nbsp;&nbsp; 5056 |
| Lennar Corp., 4.75%, 11/29/27 | 90 | &nbsp;&nbsp; 90722 |
| NVR, Inc., 3.00%, 05/15/30 | 1375 | &nbsp;&nbsp; 1301424 |
| Sekisui House U.S., Inc., 3.97%, 08/06/61<sup>(e)</sup> | 30 | &nbsp;&nbsp; 20150 |
| Somnigroup International, Inc., 4.00%, 04/15/29<sup>(a)</sup> | 98 | &nbsp;&nbsp; 95480 |
| Whirlpool Corp. |  |  |
| 6.13%, 06/15/30 | 70 | &nbsp;&nbsp; 69915 |
| 4.50%, 06/01/46<sup>(e)</sup> | 48 | &nbsp;&nbsp; 36042 |
| 4.60%, 05/15/50<sup>(e)</sup> | 48 | &nbsp;&nbsp; 35287 |
|  |  | &nbsp;&nbsp; 1654076 |
| **Household Products — 0.0%** | **Household Products — 0.0%** | **Household Products — 0.0%** |
| Kimberly-Clark Corp., 2.88%, 02/07/50 | 160 | &nbsp;&nbsp; 105771 |
| **Independent Power and Renewable Electricity Producers**<sup>(a)</sup> **— 0.0%** | **Independent Power and Renewable Electricity Producers**<sup>(a)</sup> **— 0.0%** | **Independent Power and Renewable Electricity Producers**<sup>(a)</sup> **— 0.0%** |
| NRG Energy, Inc. |  |  |
| 6.25%, 11/01/34 | 36 | &nbsp;&nbsp; 36973 |
| 6.00%, 01/15/36 | 58 | &nbsp;&nbsp; 58768 |
|  |  | &nbsp;&nbsp; 95741 |
| **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** | **Industrial Conglomerates — 0.0%** |
| Eaton Corp., 4.70%, 08/23/52 | 90 | &nbsp;&nbsp; 80124 |
| Enpro, Inc., 6.13%, 06/01/33<sup>(a)</sup> | 152 | &nbsp;&nbsp; 156848 |
|  |  | &nbsp;&nbsp; 236972 |
| **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** |
| Acrisure LLC/Acrisure Finance, Inc., 6.75%, <br> 07/01/32<sup>(a)</sup><br>| 50 | &nbsp;&nbsp; 51505 |
| Aflac, Inc., 4.75%, 01/15/49 | 45 | &nbsp;&nbsp; 39658 |
| Allstate Corp., 5.05%, 06/24/29 | 470 | &nbsp;&nbsp; 485469 |
| American International Group, Inc., 4.85%, 05/07/30<sup>(e)</sup> | 470 | &nbsp;&nbsp; 481685 |
| Arthur J Gallagher & Co. |  |  |
| 3.50%, 05/20/51 | 440 | &nbsp;&nbsp; 306774 |
| 6.75%, 02/15/54 | 235 | &nbsp;&nbsp; 259655 |
| Assurant, Inc., 5.55%, 02/15/36 | 305 | &nbsp;&nbsp; 309895 |
| Assured Guaranty U.S. Holdings, Inc., 6.13%, <br> 09/15/28<br>| 335 | &nbsp;&nbsp; 351916 |
| Athene Holding Ltd. |  |  |
| 3.95%, 05/25/51 | 30 | &nbsp;&nbsp; 20961 |
| 3.45%, 05/15/52<sup>(e)</sup> | 55 | &nbsp;&nbsp; 34741 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| Baldwin Insurance Group Holdings LLC/Baldwin <br> Insurance Group Holdings Finance, 7.13%, <br> 05/15/31<sup>(a)</sup><br>| 224 | &nbsp;&nbsp; $232086 |
| Berkshire Hathaway Finance Corp. |  |  |
| 4.20%, 08/15/48 | 125 | &nbsp;&nbsp; 104317 |
| 2.85%, 10/15/50 | 95 | &nbsp;&nbsp; 61107 |
| 3.85%, 03/15/52 | 175 | &nbsp;&nbsp; 134663 |
| Brighthouse Financial, Inc., 3.85%, 12/22/51 | 120 | &nbsp;&nbsp; 72221 |
| Brown & Brown, Inc. |  |  |
| 4.20%, 03/17/32 | 120 | &nbsp;&nbsp; 116116 |
| 5.65%, 06/11/34 | 230 | &nbsp;&nbsp; 237313 |
| 4.95%, 03/17/52 | 340 | &nbsp;&nbsp; 296524 |
| CNA Financial Corp., 5.20%, 08/15/35 | 400 | &nbsp;&nbsp; 401909 |
| Everest Reinsurance Holdings, Inc., 3.50%, 10/15/50 | 800 | &nbsp;&nbsp; 556753 |
| Fairfax Financial Holdings Ltd. |  |  |
| 3.38%, 03/03/31 | 360 | &nbsp;&nbsp; 339818 |
| 6.35%, 03/22/54 | 330 | &nbsp;&nbsp; 341796 |
| 6.10%, 03/15/55 | 254 | &nbsp;&nbsp; 254632 |
| Fidelity National Financial, Inc., 3.40%, 06/15/30 | 1000 | &nbsp;&nbsp; 954233 |
| Markel Group, Inc., 6.00%, 05/16/54 | 485 | &nbsp;&nbsp; 488059 |
| Marsh & McLennan Cos., Inc. |  |  |
| 4.75%, 03/15/39 | 111 | &nbsp;&nbsp; 106861 |
| 4.20%, 03/01/48 | 515 | &nbsp;&nbsp; 423630 |
| MGIC Investment Corp., 5.25%, 08/15/28 | 63 | &nbsp;&nbsp; 63001 |
| Principal Financial Group, Inc. |  |  |
| 5.38%, 03/15/33 | 233 | &nbsp;&nbsp; 243352 |
| 5.50%, 03/15/53 | 90 | &nbsp;&nbsp; 87619 |
| Progressive Corp. |  |  |
| 4.13%, 04/15/47 | 135 | &nbsp;&nbsp; 111569 |
| 3.70%, 03/15/52 | 35 | &nbsp;&nbsp; 26224 |
| RenaissanceRe Holdings Ltd., 5.75%, 06/05/33 | 1000 | &nbsp;&nbsp; 1045596 |
| Travelers Cos., Inc., 5.45%, 05/25/53 | 140 | &nbsp;&nbsp; 137958 |
| Unum Group, 4.13%, 06/15/51 | 410 | &nbsp;&nbsp; 311149 |
| Willis North America, Inc., 5.90%, 03/05/54 | 940 | &nbsp;&nbsp; 938322 |
|  |  | &nbsp;&nbsp; 10429087 |
| **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** |
| Alphabet, Inc. |  |  |
| 4.50%, 05/15/35 | 1975 | &nbsp;&nbsp; 1964480 |
| 2.25%, 08/15/60 | 335 | &nbsp;&nbsp; 171620 |
| Cogent Communications Group LLC/Cogent Finance, <br> Inc.<sup>(a)</sup> <br>|  |  |
| 7.00%, 06/15/27 | 120 | &nbsp;&nbsp; 119956 |
| 7.00%, 06/15/27<sup>(e)</sup> | 111 | &nbsp;&nbsp; 111074 |
| Meta Platforms, Inc. |  |  |
| 4.60%, 11/15/32 | 185 | &nbsp;&nbsp; 186487 |
| 5.60%, 05/15/53 | 170 | &nbsp;&nbsp; 162717 |
| 5.63%, 11/15/55 | 325 | &nbsp;&nbsp; 311925 |
| Netflix, Inc., 5.40%, 08/15/54 | 100 | &nbsp;&nbsp; 96906 |
| Snap, Inc., 6.88%, 03/01/33<sup>(a)(e)</sup> | 239 | &nbsp;&nbsp; 247663 |
|  |  | &nbsp;&nbsp; 3372828 |
| **Internet Software & Services — 0.6%** | **Internet Software & Services — 0.6%** | **Internet Software & Services — 0.6%** |
| Getty Images, Inc.<sup>(a)(e)</sup> <br>|  |  |
| 11.25%, 02/21/30 | 102 | &nbsp;&nbsp; 95643 |
| 10.50%, 11/15/30 | 215 | &nbsp;&nbsp; 216777 |
| GrubHub Holdings, Inc., (6.00% Cash and 7.00% PIK), <br> 13.00%, 07/31/30<sup>(a)(e)(f)</sup><br>| 178 | &nbsp;&nbsp; 144893 |
| Match Group Holdings II LLC<sup>(a)</sup> <br>|  |  |
| 5.63%, 02/15/29 | 72 | &nbsp;&nbsp; 72220 |
| 6.13%, 09/15/33 | 142 | &nbsp;&nbsp; 143701 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Internet Software & Services (continued)** | **Internet Software & Services (continued)** | **Internet Software & Services (continued)** |
| Rakuten Group, Inc.<sup>(a)</sup> <br>|  |  |
| 11.25%, 02/15/27 | 225 | &nbsp;&nbsp; $240570 |
| 9.75%, 04/15/29 | 200 | &nbsp;&nbsp; 223692 |
| Uber Technologies, Inc., 5.35%, 09/15/54 | 115 | &nbsp;&nbsp; 109672 |
| VeriSign, Inc. |  |  |
| 2.70%, 06/15/31 | 2332 | &nbsp;&nbsp; 2123011 |
| 5.25%, 06/01/32 | 225 | &nbsp;&nbsp; 231267 |
| Wayfair LLC<sup>(a)</sup> <br>|  |  |
| 7.25%, 10/31/29 | 218 | &nbsp;&nbsp; 227520 |
| 7.75%, 09/15/30<sup>(e)</sup> | 335 | &nbsp;&nbsp; 356929 |
|  |  | &nbsp;&nbsp; 4185895 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Accenture Capital, Inc., 4.50%, 10/04/34 | 95 | &nbsp;&nbsp; 93648 |
| CACI International, Inc., 6.38%, 06/15/33<sup>(a)</sup> | 128 | &nbsp;&nbsp; 132439 |
| Fair Isaac Corp., 6.00%, 05/15/33<sup>(a)</sup> | 102 | &nbsp;&nbsp; 104769 |
| IBM International Capital Pte. Ltd. |  |  |
| 5.25%, 02/05/44 | 300 | &nbsp;&nbsp; 289652 |
| 5.30%, 02/05/54 | 200 | &nbsp;&nbsp; 186400 |
| International Business Machines Corp., 4.25%, <br> 05/15/49<br>| 746 | &nbsp;&nbsp; 602404 |
| Kyndryl Holdings, Inc., 4.10%, 10/15/41 | 30 | &nbsp;&nbsp; 23762 |
| Oracle Corp., 5.95%, 09/26/55 | 125 | &nbsp;&nbsp; 110752 |
|  |  | &nbsp;&nbsp; 1543826 |
| **Leisure Products**<sup>(a)</sup> **— 0.1%** | **Leisure Products**<sup>(a)</sup> **— 0.1%** | **Leisure Products**<sup>(a)</sup> **— 0.1%** |
| Amer Sports Co., 6.75%, 02/16/31<sup>(e)</sup> | 269 | &nbsp;&nbsp; 281355 |
| Life Time, Inc., 6.00%, 11/15/31 | 154 | &nbsp;&nbsp; 157775 |
| Patrick Industries, Inc., 6.38%, 11/01/32 | 200 | &nbsp;&nbsp; 205190 |
|  |  | &nbsp;&nbsp; 644320 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| IDEX Corp., 2.63%, 06/15/31 | 2189 | &nbsp;&nbsp; 1999204 |
| Manitowoc Co., Inc., 9.25%, 10/01/31<sup>(a)(e)</sup> | 117 | &nbsp;&nbsp; 125670 |
| Otis Worldwide Corp. |  |  |
| 3.11%, 02/15/40 | 70 | &nbsp;&nbsp; 54979 |
| 3.36%, 02/15/50 | 70 | &nbsp;&nbsp; 49727 |
| Westinghouse Air Brake Technologies Corp., 5.61%, <br> 03/11/34<br>| 310 | &nbsp;&nbsp; 325521 |
|  |  | &nbsp;&nbsp; 2555101 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| AMC Networks, Inc. |  |  |
| 10.25%, 01/15/29<sup>(a)(e)</sup> | 275 | &nbsp;&nbsp; 288368 |
| 4.25%, 02/15/29 | 173 | &nbsp;&nbsp; 153741 |
| 10.50%, 07/15/32<sup>(a)(e)</sup> | 206 | &nbsp;&nbsp; 227577 |
| APLD ComputeCo LLC, 9.25%, 12/15/30<sup>(a)</sup> | 395 | &nbsp;&nbsp; 387456 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| 5.38%, 06/01/29<sup>(a)</sup> | 140 | &nbsp;&nbsp; 138421 |
| 6.38%, 09/01/29<sup>(a)</sup> | 31 | &nbsp;&nbsp; 31426 |
| 7.38%, 03/01/31<sup>(a)(e)</sup> | 355 | &nbsp;&nbsp; 362273 |
| 4.50%, 05/01/32<sup>(e)</sup> | 132 | &nbsp;&nbsp; 118475 |
| Charter Communications Operating LLC/Charter <br> Communications Operating Capital, 3.95%, <br> 06/30/62<br>| 385 | &nbsp;&nbsp; 231665 |
| Cipher Compute LLC, 7.13%, 11/15/30<sup>(a)(e)</sup> | 60 | &nbsp;&nbsp; 61109 |
| Comcast Corp., 2.35%, 01/15/27 | 200 | &nbsp;&nbsp; 196918 |
| CSC Holdings LLC<sup>(a)</sup> <br>|  |  |
| 5.50%, 04/15/27 | 150 | &nbsp;&nbsp; 128613 |
| 11.25%, 05/15/28 | 351 | &nbsp;&nbsp; 279278 |
| Directv Financing LLC, 8.88%, 02/01/30<sup>(a)</sup> | 39 | &nbsp;&nbsp; 39460 |
| Directv Financing LLC/Directv Financing Co-Obligor, <br> Inc.<sup>(a)</sup> <br>|  |  |
| 5.88%, 08/15/27 | 57 | &nbsp;&nbsp; 57335 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| Directv Financing LLC/Directv Financing Co-Obligor, <br> Inc.<sup>(a)</sup> (continued)<br>|  |  |
| 10.00%, 02/15/31 | 183 | &nbsp;&nbsp; $187035 |
| Discovery Communications LLC, 5.00%, 09/20/37 | 100 | &nbsp;&nbsp; 80012 |
| DISH DBS Corp.<sup>(e)</sup> <br>|  |  |
| 7.38%, 07/01/28 | 156 | &nbsp;&nbsp; 150841 |
| 5.75%, 12/01/28<sup>(a)</sup> | 151 | &nbsp;&nbsp; 148245 |
| FactSet Research Systems, Inc. |  |  |
| 2.90%, 03/01/27 | 1575 | &nbsp;&nbsp; 1551217 |
| 3.45%, 03/01/32 | 483 | &nbsp;&nbsp; 448807 |
| Flash Compute LLC, 7.25%, 12/31/30<sup>(a)</sup> | 85 | &nbsp;&nbsp; 84215 |
| Fox Corp., 5.48%, 01/25/39 | 500 | &nbsp;&nbsp; 501454 |
| Gray Media, Inc., 9.63%, 07/15/32<sup>(a)(e)</sup> | 20 | &nbsp;&nbsp; 20755 |
| iHeartCommunications, Inc.<sup>(a)</sup> <br>|  |  |
| 9.13%, 05/01/29<sup>(e)</sup> | 322 | &nbsp;&nbsp; 310121 |
| 10.88%, 05/01/30 | 271 | &nbsp;&nbsp; 234179 |
| Nexstar Media, Inc., 4.75%, 11/01/28<sup>(a)(e)</sup> | 146 | &nbsp;&nbsp; 144941 |
| Sinclair Television Group, Inc.<sup>(a)</sup> <br>|  |  |
| 5.50%, 03/01/30<sup>(e)</sup> | 102 | &nbsp;&nbsp; 92420 |
| 4.38%, 12/31/32 | 140 | &nbsp;&nbsp; 110229 |
| 8.13%, 02/15/33 | 90 | &nbsp;&nbsp; 93999 |
| Sirius XM Radio LLC, 4.13%, 07/01/30<sup>(a)(e)</sup> | 80 | &nbsp;&nbsp; 76085 |
| Time Warner Cable LLC, 4.50%, 09/15/42 | 250 | &nbsp;&nbsp; 192256 |
| Versant Media Group, Inc., 7.25%, 01/30/31<sup>(a)(e)</sup> | 25 | &nbsp;&nbsp; 25792 |
| WULF Compute LLC, 7.75%, 10/15/30<sup>(a)</sup> | 220 | &nbsp;&nbsp; 226655 |
|  |  | &nbsp;&nbsp; 7381373 |
| **Metals & Mining — 1.1%** | **Metals & Mining — 1.1%** | **Metals & Mining — 1.1%** |
| BHP Billiton Finance USA Ltd. |  |  |
| 4.75%, 02/28/28 | 1575 | &nbsp;&nbsp; 1599546 |
| 4.90%, 02/28/33 | 565 | &nbsp;&nbsp; 576520 |
| Century Aluminum Co., 6.88%, 08/01/32<sup>(a)</sup> | 141 | &nbsp;&nbsp; 145273 |
| Champion Iron Canada, Inc., 7.88%, 07/15/32<sup>(a)</sup> | 100 | &nbsp;&nbsp; 106165 |
| Cleveland-Cliffs, Inc., 7.63%, 01/15/34<sup>(a)(e)</sup> | 205 | &nbsp;&nbsp; 214229 |
| Commercial Metals Co.<sup>(a)</sup> <br>|  |  |
| 5.75%, 11/15/33 | 65 | &nbsp;&nbsp; 66465 |
| 6.00%, 12/15/35 | 120 | &nbsp;&nbsp; 123019 |
| Eldorado Gold Corp., 6.25%, 09/01/29<sup>(a)</sup> | 138 | &nbsp;&nbsp; 138679 |
| First Quantum Minerals Ltd.<sup>(a)</sup> <br>|  |  |
| 9.38%, 03/01/29 | 140 | &nbsp;&nbsp; 147420 |
| 8.00%, 03/01/33<sup>(e)</sup> | 200 | &nbsp;&nbsp; 213106 |
| Fortescue Treasury Pty. Ltd., 6.13%, 04/15/32<sup>(a)(e)</sup> | 168 | &nbsp;&nbsp; 175305 |
| Ivanhoe Mines Ltd., 7.88%, 01/23/30<sup>(a)</sup> | 200 | &nbsp;&nbsp; 206000 |
| Kaiser Aluminum Corp., 5.88%, 03/01/34<sup>(a)(e)</sup> | 95 | &nbsp;&nbsp; 95298 |
| Mineral Resources Ltd., 7.00%, 04/01/31<sup>(a)(e)</sup> | 218 | &nbsp;&nbsp; 227331 |
| New Gold, Inc., 6.88%, 04/01/32<sup>(a)</sup> | 129 | &nbsp;&nbsp; 136900 |
| Novelis Corp., 6.88%, 01/30/30<sup>(a)(e)</sup> | 95 | &nbsp;&nbsp; 98643 |
| Perenti Finance Pty. Ltd., 7.50%, 04/26/29<sup>(a)</sup> | 130 | &nbsp;&nbsp; 135200 |
| Reliance, Inc., 2.15%, 08/15/30 | 1575 | &nbsp;&nbsp; 1425531 |
| Rio Tinto Finance USA Ltd., 2.75%, 11/02/51 | 10 | &nbsp;&nbsp; 6199 |
| Rio Tinto Finance USA PLC, 5.25%, 03/14/35 | 785 | &nbsp;&nbsp; 808891 |
| Southern Copper Corp., 7.50%, 07/27/35 | 900 | &nbsp;&nbsp; 1060029 |
| Taseko Mines Ltd., 8.25%, 05/01/30<sup>(a)(e)</sup> | 169 | &nbsp;&nbsp; 179518 |
| Vallourec SACA, 7.50%, 04/15/32<sup>(a)</sup> | 100 | &nbsp;&nbsp; 106178 |
|  |  | &nbsp;&nbsp; 7991445 |
| **Mortgage Real Estate Investment Trusts (REITs)**<sup>(a)</sup> **— 0.1%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(a)</sup> **— 0.1%** | **Mortgage Real Estate Investment Trusts (REITs)**<sup>(a)</sup> **— 0.1%** |
| Apollo Commercial Real Estate Finance, Inc., 4.63%, <br> 06/15/29<br>| 110 | &nbsp;&nbsp; 106388 |
| Blackstone Mortgage Trust, Inc., 7.75%, 12/01/29 | 169 | &nbsp;&nbsp; 180309 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** | **Mortgage Real Estate Investment Trusts (REITs) (continued)** |
| EF Holdco/EF Cayman Holdings/Ellington Fin REIT <br> Cayman/TRS/EF Cayman Non-MTM, 7.38%, <br> 09/30/30<br>| 35 | &nbsp;&nbsp; $35274 |
| Starwood Property Trust, Inc. |  |  |
| 3.63%, 07/15/26 | 152 | &nbsp;&nbsp; 151256 |
| 7.25%, 04/01/29 | 87 | &nbsp;&nbsp; 91881 |
| 6.50%, 10/15/30 | 85 | &nbsp;&nbsp; 88620 |
|  |  | &nbsp;&nbsp; 653728 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| AmeriGas Partners LP/AmeriGas Finance Corp., <br> 9.38%, 06/01/28<sup>(a)</sup><br>| 283 | &nbsp;&nbsp; 293401 |
| Atmos Energy Corp. |  |  |
| 1.50%, 01/15/31<sup>(e)</sup> | 30 | &nbsp;&nbsp; 26313 |
| 5.75%, 10/15/52<sup>(e)</sup> | 105 | &nbsp;&nbsp; 106091 |
| 5.45%, 01/15/56 | 40 | &nbsp;&nbsp; 38697 |
| CenterPoint Energy Resources Corp., 5.25%, 03/01/28 | 85 | &nbsp;&nbsp; 87107 |
| National Fuel Gas Co., 5.95%, 03/15/35 | 450 | &nbsp;&nbsp; 470369 |
| NiSource, Inc. |  |  |
| 3.60%, 05/01/30 | 60 | &nbsp;&nbsp; 58293 |
| 5.35%, 04/01/34 | 80 | &nbsp;&nbsp; 82470 |
| 3.95%, 03/30/48 | 130 | &nbsp;&nbsp; 101389 |
| 5.00%, 06/15/52 | 20 | &nbsp;&nbsp; 17693 |
| Piedmont Natural Gas Co., Inc., 3.50%, 06/01/29 | 80 | &nbsp;&nbsp; 78200 |
| Southern California Gas Co., 5.75%, 06/01/53 | 100 | &nbsp;&nbsp; 99353 |
| Southern Co. Gas Capital Corp. |  |  |
| 5.75%, 09/15/33 | 140 | &nbsp;&nbsp; 148350 |
| 4.95%, 09/15/34 | 10 | &nbsp;&nbsp; 10028 |
| Southwest Gas Corp. |  |  |
| 3.70%, 04/01/28 | 80 | &nbsp;&nbsp; 79275 |
| 2.20%, 06/15/30 | 85 | &nbsp;&nbsp; 77241 |
| Washington Gas Light Co., 3.65%, 09/15/49 | 30 | &nbsp;&nbsp; 21795 |
|  |  | &nbsp;&nbsp; 1796065 |
| **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** |
| Aethon United BR LP/Aethon United Finance Corp., <br> 7.50%, 10/01/29<sup>(a)</sup><br>| 96 | &nbsp;&nbsp; 100577 |
| Antero Midstream Partners LP / Antero Midstream <br> Finance Corp., 5.75%, 07/01/34<sup>(a)</sup><br>| 75 | &nbsp;&nbsp; 75567 |
| Antero Midstream Partners LP/Antero Midstream <br> Finance Corp., 5.75%, 10/15/33<sup>(a)</sup><br>| 55 | &nbsp;&nbsp; 55332 |
| BKV Upstream Midstream LLC, 7.50%, 10/15/30<sup>(a)</sup> | 220 | &nbsp;&nbsp; 222919 |
| California Resources Corp.<sup>(a)</sup> <br>|  |  |
| 8.25%, 06/15/29 | 259 | &nbsp;&nbsp; 270909 |
| 7.00%, 01/15/34 | 90 | &nbsp;&nbsp; 88654 |
| Calumet Specialty Products Partners LP/Calumet <br> Finance Corp., 9.75%, 07/15/28<sup>(a)(e)</sup><br>| 181 | &nbsp;&nbsp; 182922 |
| Canadian Natural Resources Ltd., 4.95%, 06/01/47 | 100 | &nbsp;&nbsp; 88010 |
| Cheniere Corpus Christi Holdings LLC, 5.13%, <br> 06/30/27<br>| 160 | &nbsp;&nbsp; 161547 |
| Cheniere Energy, Inc., 5.65%, 04/15/34 | 600 | &nbsp;&nbsp; 622428 |
| Chevron Corp., 3.08%, 05/11/50 | 60 | &nbsp;&nbsp; 40683 |
| Chevron USA, Inc., 4.98%, 04/15/35 | 2160 | &nbsp;&nbsp; 2212801 |
| Chord Energy Corp.<sup>(a)</sup> <br>|  |  |
| 6.00%, 10/01/30 | 80 | &nbsp;&nbsp; 80981 |
| 6.75%, 03/15/33<sup>(e)</sup> | 125 | &nbsp;&nbsp; 129265 |
| CNX Resources Corp.<sup>(a)</sup> <br>|  |  |
| 7.38%, 01/15/31<sup>(e)</sup> | 112 | &nbsp;&nbsp; 115978 |
| 7.25%, 03/01/32 | 136 | &nbsp;&nbsp; 141970 |
| ConocoPhillips Co., 3.80%, 03/15/52 | 85 | &nbsp;&nbsp; 62353 |
| Continental Resources, Inc., 4.38%, 01/15/28 | 100 | &nbsp;&nbsp; 99804 |
| Coterra Energy, Inc. |  |  |
| 4.38%, 03/15/29 | 660 | &nbsp;&nbsp; 661748 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Coterra Energy, Inc. (continued) |  |  |
| 5.60%, 03/15/34 | $260 | &nbsp;&nbsp; $267890 |
| 5.40%, 02/15/35 | 205 | &nbsp;&nbsp; 208074 |
| CVR Energy, Inc., 8.50%, 01/15/29<sup>(a)</sup> | 142 | &nbsp;&nbsp; 145954 |
| DCP Midstream Operating LP, 3.25%, 02/15/32 | 17 | &nbsp;&nbsp; 15629 |
| Delek Logistics Partners LP/Delek Logistics Finance <br> Corp.<sup>(a)</sup> <br>|  |  |
| 8.63%, 03/15/29 | 370 | &nbsp;&nbsp; 387821 |
| 7.38%, 06/30/33 | 60 | &nbsp;&nbsp; 61227 |
| Devon Energy Corp.<sup>(e)</sup> <br>|  |  |
| 5.20%, 09/15/34 | 200 | &nbsp;&nbsp; 199118 |
| 5.75%, 09/15/54 | 300 | &nbsp;&nbsp; 275669 |
| Diamond Foreign Asset Co./Diamond Finance LLC, <br> 8.50%, 10/01/30<sup>(a)</sup><br>| 88 | &nbsp;&nbsp; 93222 |
| Diamondback Energy, Inc. |  |  |
| 6.25%, 03/15/33 | 125 | &nbsp;&nbsp; 134682 |
| 5.90%, 04/18/64 | 170 | &nbsp;&nbsp; 160475 |
| Energy Transfer LP |  |  |
| 5.20%, 04/01/30<sup>(e)</sup> | 190 | &nbsp;&nbsp; 195705 |
| 5.60%, 09/01/34 | 550 | &nbsp;&nbsp; 566014 |
| 5.40%, 10/01/47 | 610 | &nbsp;&nbsp; 548172 |
| EOG Resources, Inc., 5.65%, 12/01/54<sup>(e)</sup> | 125 | &nbsp;&nbsp; 122257 |
| Equinor ASA, 3.25%, 11/18/49 | 500 | &nbsp;&nbsp; 348519 |
| Expand Energy Corp., 5.70%, 01/15/35 | 297 | &nbsp;&nbsp; 307357 |
| Exxon Mobil Corp., 3.45%, 04/15/51 | 5 | &nbsp;&nbsp; 3586 |
| Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| 8.25%, 01/15/29 | 128 | &nbsp;&nbsp; 133617 |
| 8.88%, 04/15/30 | 19 | &nbsp;&nbsp; 19994 |
| 7.88%, 05/15/32 | 134 | &nbsp;&nbsp; 139683 |
| 8.00%, 05/15/33 | 75 | &nbsp;&nbsp; 77858 |
| Global Partners LP/GLP Finance Corp., 8.25%, <br> 01/15/32<sup>(a)(e)</sup><br>| 164 | &nbsp;&nbsp; 172737 |
| Gulfport Energy Operating Corp., 6.75%, 09/01/29<sup>(a)(e)</sup> | 211 | &nbsp;&nbsp; 217896 |
| Ithaca Energy North Sea PLC, 8.13%, 10/15/29<sup>(a)</sup> | 350 | &nbsp;&nbsp; 361565 |
| Kinder Morgan Energy Partners LP, 6.95%, 01/15/38 | 300 | &nbsp;&nbsp; 336976 |
| Kinder Morgan, Inc., 5.95%, 08/01/54 | 470 | &nbsp;&nbsp; 466937 |
| Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas <br> Finance Corp., 6.88%, 12/01/32<sup>(a)</sup><br>| 194 | &nbsp;&nbsp; 199388 |
| MPLX LP |  |  |
| 4.80%, 02/15/31 | 875 | &nbsp;&nbsp; 884188 |
| 5.20%, 03/01/47 | 47 | &nbsp;&nbsp; 41999 |
| 4.70%, 04/15/48 | 355 | &nbsp;&nbsp; 295049 |
| 5.50%, 02/15/49 | 535 | &nbsp;&nbsp; 491292 |
| 4.90%, 04/15/58 | 340 | &nbsp;&nbsp; 278308 |
| Nabors Industries, Inc.<sup>(a)</sup> <br>|  |  |
| 9.13%, 01/31/30 | 209 | &nbsp;&nbsp; 218522 |
| 8.88%, 08/15/31 | 153 | &nbsp;&nbsp; 148424 |
| 7.63%, 11/15/32 | 78 | &nbsp;&nbsp; 76664 |
| NGL Energy Operating LLC/NGL Energy Finance <br> Corp.<sup>(a)</sup> <br>|  |  |
| 8.13%, 02/15/29 | 142 | &nbsp;&nbsp; 147391 |
| 8.38%, 02/15/32 | 158 | &nbsp;&nbsp; 163619 |
| Noble Finance II LLC, 8.00%, 04/15/30<sup>(a)</sup> | 261 | &nbsp;&nbsp; 271157 |
| ONEOK Partners LP, 6.13%, 02/01/41 | 75 | &nbsp;&nbsp; 76890 |
| ONEOK, Inc. |  |  |
| 6.35%, 01/15/31 | 1140 | &nbsp;&nbsp; 1223521 |
| 6.10%, 11/15/32 | 590 | &nbsp;&nbsp; 631352 |
| 7.15%, 01/15/51 | 80 | &nbsp;&nbsp; 87839 |
| Phillips 66 Co., 5.65%, 06/15/54 | 120 | &nbsp;&nbsp; 112639 |
| Plains All American Pipeline LP, 5.95%, 06/15/35 | 775 | &nbsp;&nbsp; 807111 |
| Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| 3.55%, 12/15/29 | 150 | &nbsp;&nbsp; 145722 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** | **Oil, Gas & Consumable Fuels (continued)** |
| Plains All American Pipeline LP/PAA Finance <br> Corp. (continued)<br>|  |  |
| 5.70%, 09/15/34 | 70 | &nbsp;&nbsp; $72186 |
| 4.90%, 02/15/45 | 170 | &nbsp;&nbsp; 148690 |
| Seadrill Finance Ltd., 8.38%, 08/01/30<sup>(a)</sup> | 36 | &nbsp;&nbsp; 37438 |
| Shell Finance U.S., Inc.<sup>(a)</sup> <br>|  |  |
| 6.38%, 12/15/38 | 67 | &nbsp;&nbsp; 74629 |
| 3.00%, 11/26/51 | 178 | &nbsp;&nbsp; 114170 |
| Talos Production, Inc.<sup>(a)</sup> <br>|  |  |
| 9.00%, 02/01/29 | 202 | &nbsp;&nbsp; 209805 |
| 9.38%, 02/01/31<sup>(e)</sup> | 202 | &nbsp;&nbsp; 210687 |
| Targa Resources Corp. |  |  |
| 5.50%, 02/15/35 | 1345 | &nbsp;&nbsp; 1377753 |
| 5.55%, 08/15/35<sup>(e)</sup> | 975 | &nbsp;&nbsp; 997923 |
| TotalEnergies Capital SA, 5.49%, 04/05/54<sup>(e)</sup> | 440 | &nbsp;&nbsp; 425444 |
| Valaris Ltd., 8.38%, 04/30/30<sup>(a)(e)</sup> | 262 | &nbsp;&nbsp; 272602 |
| Venture Global LNG, Inc.<sup>(a)(e)</sup> <br>|  |  |
| 8.13%, 06/01/28 | 41 | &nbsp;&nbsp; 41529 |
| 8.38%, 06/01/31 | 80 | &nbsp;&nbsp; 79554 |
| 9.88%, 02/01/32 | 83 | &nbsp;&nbsp; 85745 |
| Venture Global Plaquemines LNG LLC, 6.75%, <br> 01/15/36<sup>(a)</sup><br>| 54 | &nbsp;&nbsp; 55312 |
| Vermilion Energy, Inc., 7.25%, 02/15/33<sup>(a)(e)</sup> | 225 | &nbsp;&nbsp; 211995 |
| Western Midstream Operating LP |  |  |
| 6.35%, 01/15/29 | 65 | &nbsp;&nbsp; 68402 |
| 5.50%, 12/15/35 | 485 | &nbsp;&nbsp; 482421 |
|  |  | &nbsp;&nbsp; 22650442 |
| **Passenger Airlines**<sup>(a)</sup> **— 0.1%** | **Passenger Airlines**<sup>(a)</sup> **— 0.1%** | **Passenger Airlines**<sup>(a)</sup> **— 0.1%** |
| American Airlines, Inc., 8.50%, 05/15/29 | 132 | &nbsp;&nbsp; 138058 |
| JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, <br> 09/20/31<sup>(e)</sup><br>| 221 | &nbsp;&nbsp; 222649 |
|  |  | &nbsp;&nbsp; 360707 |
| **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** | **Personal Care Products — 0.0%** |
| Colgate-Palmolive Co. |  |  |
| 3.25%, 08/15/32 | 90 | &nbsp;&nbsp; 84798 |
| 3.70%, 08/01/47 | 30 | &nbsp;&nbsp; 23662 |
|  |  | &nbsp;&nbsp; 108460 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
| 1261229 B.C. Ltd., 10.00%, 04/15/32<sup>(a)</sup> | 450 | &nbsp;&nbsp; 468008 |
| AbbVie, Inc. |  |  |
| 4.05%, 11/21/39 | 50 | &nbsp;&nbsp; 44633 |
| 4.40%, 11/06/42 | 135 | &nbsp;&nbsp; 120083 |
| 4.70%, 05/14/45 | 145 | &nbsp;&nbsp; 131128 |
| 5.40%, 03/15/54 | 260 | &nbsp;&nbsp; 252765 |
| 5.50%, 03/15/64 | 165 | &nbsp;&nbsp; 160189 |
| Amneal Pharmaceuticals LLC, 6.88%, 08/01/32<sup>(a)</sup> | 189 | &nbsp;&nbsp; 199643 |
| AstraZeneca PLC, 4.38%, 11/16/45 | 200 | &nbsp;&nbsp; 176161 |
| Bausch Health Cos., Inc., 11.00%, 09/30/28<sup>(a)</sup> | 135 | &nbsp;&nbsp; 139838 |
| Cardinal Health, Inc. |  |  |
| 5.45%, 02/15/34 | 158 | &nbsp;&nbsp; 164157 |
| 5.35%, 11/15/34 | 750 | &nbsp;&nbsp; 773124 |
| Cencora, Inc. |  |  |
| 3.45%, 12/15/27 | 1427 | &nbsp;&nbsp; 1414354 |
| 4.85%, 12/15/29 | 420 | &nbsp;&nbsp; 429319 |
| 2.70%, 03/15/31 | 117 | &nbsp;&nbsp; 107794 |
| 5.15%, 02/15/35<sup>(e)</sup> | 155 | &nbsp;&nbsp; 158419 |
| CVS Health Corp. |  |  |
| 5.00%, 09/15/32 | 400 | &nbsp;&nbsp; 408268 |
| 5.45%, 09/15/35 | 700 | &nbsp;&nbsp; 716527 |
| Eli Lilly & Co. |  |  |
| 4.90%, 02/12/32 | 530 | &nbsp;&nbsp; 547847 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| Eli Lilly & Co. (continued) |  |  |
| 4.88%, 02/27/53 | 115 | &nbsp;&nbsp; $105068 |
| 5.55%, 10/15/55 | 60 | &nbsp;&nbsp; 60396 |
| 4.95%, 02/27/63 | 160 | &nbsp;&nbsp; 144280 |
| 5.65%, 10/15/65 | 105 | &nbsp;&nbsp; 105799 |
| HLF Financing SARL LLC/Herbalife International, Inc., <br> 12.25%, 04/15/29<sup>(a)</sup><br>| 163 | &nbsp;&nbsp; 175998 |
| Johnson & Johnson |  |  |
| 3.63%, 03/03/37 | 195 | &nbsp;&nbsp; 177208 |
| 3.70%, 03/01/46 | 279 | &nbsp;&nbsp; 226087 |
| Merck & Co., Inc. |  |  |
| 4.00%, 03/07/49 | 330 | &nbsp;&nbsp; 264077 |
| 5.00%, 05/17/53 | 710 | &nbsp;&nbsp; 652101 |
| Novartis Capital Corp., 2.75%, 08/14/50 | 271 | &nbsp;&nbsp; 173421 |
| Organon & Co./Organon Foreign Debt Co-Issuer BV, <br> 6.75%, 05/15/34<sup>(a)</sup><br>| 100 | &nbsp;&nbsp; 89948 |
| Pfizer Investment Enterprises Pte. Ltd., 5.34%, <br> 05/19/63<br>| 80 | &nbsp;&nbsp; 74224 |
| Pfizer, Inc., 7.20%, 03/15/39 | 80 | &nbsp;&nbsp; 95369 |
| Zoetis, Inc., 3.00%, 05/15/50 | 100 | &nbsp;&nbsp; 66240 |
|  |  | &nbsp;&nbsp; 8822473 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| Anywhere Real Estate Group LLC/Realogy Co-Issuer <br> Corp.<sup>(a)</sup> <br>|  |  |
| 5.75%, 01/15/29 | 108 | &nbsp;&nbsp; 104889 |
| 5.25%, 04/15/30 | 92 | &nbsp;&nbsp; 85702 |
| CBRE Services, Inc., 5.95%, 08/15/34 | 500 | &nbsp;&nbsp; 534215 |
| Five Point Operating Co. LP, 8.00%, 10/01/30<sup>(a)</sup> | 145 | &nbsp;&nbsp; 151493 |
|  |  | &nbsp;&nbsp; 876299 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Realty Income Corp., 4.75%, 02/15/29 | 630 | &nbsp;&nbsp; 641383 |
| **Retail REITs — 0.2%** | **Retail REITs — 0.2%** | **Retail REITs — 0.2%** |
| Simon Property Group LP |  |  |
| 4.75%, 03/15/42 | 700 | &nbsp;&nbsp; 645158 |
| 4.25%, 11/30/46 | 700 | &nbsp;&nbsp; 583859 |
| 3.25%, 09/13/49 | 330 | &nbsp;&nbsp; 227311 |
|  |  | &nbsp;&nbsp; 1456328 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| Amkor Technology, Inc., 5.88%, 10/01/33<sup>(a)</sup> | 160 | &nbsp;&nbsp; 163301 |
| ams-OSRAM AG, 12.25%, 03/30/29<sup>(a)</sup> | 195 | &nbsp;&nbsp; 207124 |
| Analog Devices, Inc. |  |  |
| 1.70%, 10/01/28 | 385 | &nbsp;&nbsp; 363403 |
| 2.80%, 10/01/41 | 240 | &nbsp;&nbsp; 177016 |
| 2.95%, 10/01/51 | 30 | &nbsp;&nbsp; 19463 |
| Broadcom, Inc., 4.00%, 04/15/29<sup>(a)</sup> | 80 | &nbsp;&nbsp; 79663 |
| Kioxia Holdings Corp., 6.63%, 07/24/33 | 166 | &nbsp;&nbsp; 172619 |
| Marvell Technology, Inc., 5.95%, 09/15/33 | 90 | &nbsp;&nbsp; 96226 |
| Texas Instruments, Inc., 2.70%, 09/15/51<sup>(e)</sup> | 570 | &nbsp;&nbsp; 348605 |
|  |  | &nbsp;&nbsp; 1627420 |
| **Software — 1.4%** | **Software — 1.4%** | **Software — 1.4%** |
| AppLovin Corp. |  |  |
| 5.13%, 12/01/29 | 350 | &nbsp;&nbsp; 359004 |
| 5.38%, 12/01/31 | 815 | &nbsp;&nbsp; 845130 |
| Cloud Software Group, Inc.<sup>(a)</sup> <br>|  |  |
| 9.00%, 09/30/29 | 116 | &nbsp;&nbsp; 120815 |
| 8.25%, 06/30/32 | 100 | &nbsp;&nbsp; 104504 |
| CoreWeave, Inc.<sup>(a)(e)</sup> <br>|  |  |
| 9.25%, 06/01/30 | 507 | &nbsp;&nbsp; 471395 |
| 9.00%, 02/01/31 | 216 | &nbsp;&nbsp; 197968 |
| Electronic Arts, Inc., 2.95%, 02/15/51<sup>(e)</sup> | 150 | &nbsp;&nbsp; 138361 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Intuit, Inc. |  |  |
| 1.65%, 07/15/30 | 71 | &nbsp;&nbsp; $63778 |
| 5.20%, 09/15/33 | 460 | &nbsp;&nbsp; 480910 |
| 5.50%, 09/15/53 | 150 | &nbsp;&nbsp; 147739 |
| Microsoft Corp. |  |  |
| 2.53%, 06/01/50 | 325 | &nbsp;&nbsp; 198428 |
| 2.50%, 09/15/50 | 125 | &nbsp;&nbsp; 75715 |
| MSCI, Inc., 5.15%, 03/15/36 | 740 | &nbsp;&nbsp; 734585 |
| Oracle Corp. |  |  |
| 2.95%, 04/01/30 | 385 | &nbsp;&nbsp; 355420 |
| 4.65%, 05/06/30 | 235 | &nbsp;&nbsp; 232941 |
| 2.88%, 03/25/31 | 615 | &nbsp;&nbsp; 552634 |
| 5.50%, 08/03/35 | 1610 | &nbsp;&nbsp; 1577611 |
| 3.65%, 03/25/41 | 845 | &nbsp;&nbsp; 616444 |
| 4.50%, 07/08/44 | 90 | &nbsp;&nbsp; 68893 |
| 3.60%, 04/01/50 | 70 | &nbsp;&nbsp; 43604 |
| 3.95%, 03/25/51 | 111 | &nbsp;&nbsp; 73034 |
| 5.55%, 02/06/53 | 427 | &nbsp;&nbsp; 354359 |
| 5.38%, 09/27/54 | 720 | &nbsp;&nbsp; 582317 |
| 3.85%, 04/01/60 | 683 | &nbsp;&nbsp; 417346 |
| Pagaya U.S. Holdings Co. LLC, 8.88%, 08/01/30<sup>(a)(e)</sup> | 287 | &nbsp;&nbsp; 249872 |
| Roper Technologies, Inc., 4.50%, 10/15/29 | 665 | &nbsp;&nbsp; 671277 |
| Sabre GLBL, Inc., 10.75%, 03/15/30<sup>(a)</sup> | 1 | &nbsp;&nbsp; 1053 |
| ServiceNow, Inc., 1.40%, 09/01/30 | 72 | &nbsp;&nbsp; 63434 |
|  |  | &nbsp;&nbsp; 9798571 |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| Advance Auto Parts, Inc.<sup>(a)</sup> <br>|  |  |
| 7.00%, 08/01/30 | 212 | &nbsp;&nbsp; 213123 |
| 7.38%, 08/01/33<sup>(e)</sup> | 285 | &nbsp;&nbsp; 286131 |
| AutoZone, Inc. |  |  |
| 5.05%, 07/15/26 | 920 | &nbsp;&nbsp; 925203 |
| 4.50%, 02/01/28 | 180 | &nbsp;&nbsp; 181642 |
| 5.40%, 07/15/34<sup>(e)</sup> | 65 | &nbsp;&nbsp; 67289 |
| Dick's Sporting Goods, Inc., 4.00%, 10/01/29<sup>(a)</sup> | 80 | &nbsp;&nbsp; 78453 |
| FirstCash, Inc., 6.88%, 03/01/32<sup>(a)</sup> | 229 | &nbsp;&nbsp; 238206 |
| Kohl's Corp., 10.00%, 06/01/30<sup>(a)</sup> | 160 | &nbsp;&nbsp; 176202 |
| Macy's Retail Holdings LLC, 7.38%, 08/01/33<sup>(a)(e)</sup> | 85 | &nbsp;&nbsp; 90096 |
| Nordstrom, Inc., 4.38%, 04/01/30<sup>(e)</sup> | 85 | &nbsp;&nbsp; 81251 |
| QVC, Inc., 6.88%, 04/15/29<sup>(a)</sup> | 252 | &nbsp;&nbsp; 108990 |
|  |  | &nbsp;&nbsp; 2446586 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| Diebold Nixdorf, Inc., 7.75%, 03/31/30<sup>(a)</sup> | 25 | &nbsp;&nbsp; 26604 |
| NCR Atleos Corp., 9.50%, 04/01/29<sup>(a)</sup> | 178 | &nbsp;&nbsp; 193197 |
| NetApp, Inc., 5.70%, 03/17/35<sup>(e)</sup> | 713 | &nbsp;&nbsp; 746186 |
| Seagate Data Storage Technology Pte. Ltd., 5.88%, <br> 07/15/30<sup>(a)</sup><br>| 70 | &nbsp;&nbsp; 72161 |
|  |  | &nbsp;&nbsp; 1038148 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| Ralph Lauren Corp., 5.00%, 06/15/32<sup>(e)</sup> | 1200 | &nbsp;&nbsp; 1233039 |
| **Tobacco — 1.2%** | **Tobacco — 1.2%** | **Tobacco — 1.2%** |
| Altria Group, Inc. |  |  |
| 2.45%, 02/04/32 | 1550 | &nbsp;&nbsp; 1370637 |
| 5.63%, 02/06/35 | 135 | &nbsp;&nbsp; 140358 |
| 5.80%, 02/14/39 | 727 | &nbsp;&nbsp; 749277 |
| 5.95%, 02/14/49 | 600 | &nbsp;&nbsp; 599874 |
| 4.45%, 05/06/50 | 215 | &nbsp;&nbsp; 172333 |
| 3.70%, 02/04/51 | 430 | &nbsp;&nbsp; 303860 |
| 4.00%, 02/04/61<sup>(e)</sup> | 965 | &nbsp;&nbsp; 699437 |
| BAT Capital Corp. |  |  |
| 5.83%, 02/20/31 | 190 | &nbsp;&nbsp; 201576 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Tobacco (continued)** | **Tobacco (continued)** | **Tobacco (continued)** |
| BAT Capital Corp. (continued) |  |  |
| 7.75%, 10/19/32 | 25 | &nbsp;&nbsp; $29201 |
| 6.00%, 02/20/34 | 1200 | &nbsp;&nbsp; 1284853 |
| 4.39%, 08/15/37 | 420 | &nbsp;&nbsp; 386887 |
| 7.08%, 08/02/43 | 145 | &nbsp;&nbsp; 162867 |
| 7.08%, 08/02/53 | 170 | &nbsp;&nbsp; 192740 |
| Philip Morris International, Inc. |  |  |
| 5.75%, 11/17/32 | 710 | &nbsp;&nbsp; 758801 |
| 5.38%, 02/15/33 | 290 | &nbsp;&nbsp; 303249 |
| 5.63%, 09/07/33 | 650 | &nbsp;&nbsp; 689448 |
| 4.25%, 11/10/44 | 510 | &nbsp;&nbsp; 433784 |
| Turning Point Brands, Inc., 7.63%, 03/15/32<sup>(a)</sup> | 98 | &nbsp;&nbsp; 104303 |
|  |  | &nbsp;&nbsp; 8583485 |
| **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** | **Transportation Infrastructure — 0.0%** |
| United Parcel Service, Inc., 5.30%, 04/01/50<sup>(e)</sup> | 280 | &nbsp;&nbsp; 267911 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Capital Corp. |  |  |
| 2.80%, 05/01/30 | 270 | &nbsp;&nbsp; 255941 |
| 5.45%, 03/01/54 | 65 | &nbsp;&nbsp; 63020 |
| Essential Utilities, Inc. |  |  |
| 2.70%, 04/15/30 | 180 | &nbsp;&nbsp; 169014 |
| 5.38%, 01/15/34 | 75 | &nbsp;&nbsp; 77413 |
|  |  | &nbsp;&nbsp; 565388 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| Millicom International Cellular SA<sup>(a)</sup> <br>|  |  |
| 6.25%, 03/25/29 | 67 | &nbsp;&nbsp; 67736 |
| 7.38%, 04/02/32 | 253 | &nbsp;&nbsp; 263042 |
| T-Mobile USA, Inc. |  |  |
| 5.15%, 04/15/34 | 75 | &nbsp;&nbsp; 76667 |
| 5.30%, 05/15/35 | 1120 | &nbsp;&nbsp; 1148352 |
| 5.50%, 01/15/55 | 165 | &nbsp;&nbsp; 156273 |
| 5.25%, 06/15/55 | 550 | &nbsp;&nbsp; 501032 |
| 3.60%, 11/15/60 | 420 | &nbsp;&nbsp; 279032 |
| 5.80%, 09/15/62 | 685 | &nbsp;&nbsp; 674221 |
| Verizon Communications, Inc., 5.88%, 11/30/55 | 55 | &nbsp;&nbsp; 54340 |
| Zegona Finance PLC, 8.63%, 07/15/29<sup>(a)(e)</sup> | 294 | &nbsp;&nbsp; 311840 |
|  |  | &nbsp;&nbsp; 3532535 |
| **Total Corporate Bonds — 37.6%** <br>**(Cost: $275,493,823)** | **Total Corporate Bonds — 37.6%** <br>**(Cost: $275,493,823)** | &nbsp;&nbsp; 272052113 |
| **Foreign Agency Obligations** | **Foreign Agency Obligations** | **Foreign Agency Obligations** |
| **Canada — 0.1%** | **Canada — 0.1%** |  |
| Province of Quebec Canada, 4.50%, 09/08/33 | 600 | &nbsp;&nbsp; 607374 |
| **Chile — 0.1%**  | **Chile — 0.1%**  |  |
| Chile Government International Bonds, 3.10%, <br> 01/22/61<br>| 650 | &nbsp;&nbsp; 403975 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** |  |
| Indonesia Government International Bonds |  |  |
| 4.75%, 07/18/47<sup>(a)</sup> | 300 | &nbsp;&nbsp; 280687 |
| 3.35%, 03/12/71 | 200 | &nbsp;&nbsp; 129500 |
|  |  | &nbsp;&nbsp; 410187 |
| **Mexico — 0.2%** | **Mexico — 0.2%** |  |
| Mexico Government International Bonds |  |  |
| 6.05%, 01/11/40 | 100 | &nbsp;&nbsp; 99540 |
| 4.50%, 01/31/50 | 340 | &nbsp;&nbsp; 257210 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Mexico (continued)** | **Mexico (continued)** |  |
| Mexico Government International Bonds (continued) |  |  |
| 7.38%, 05/13/55 | 630 | &nbsp;&nbsp; $677880 |
| 3.77%, 05/24/61 | 535 | &nbsp;&nbsp; 329025 |
|  |  | &nbsp;&nbsp; 1363655 |
| **Panama — 0.0%** | **Panama — 0.0%** |  |
| Panama Government International Bonds, 3.87%, <br> 07/23/60<br>| 220 | &nbsp;&nbsp; 145310 |
| **Peru — 0.0%** | **Peru — 0.0%** |  |
| Peru Government International Bonds |  |  |
| 3.55%, 03/10/51 | 455 | &nbsp;&nbsp; 319637 |
| 6.20%, 06/30/55 | 60 | &nbsp;&nbsp; 61770 |
|  |  | &nbsp;&nbsp; 381407 |
| **Philippines — 0.1%** | **Philippines — 0.1%** |  |
| Philippines Government International Bonds |  |  |
| 2.65%, 12/10/45 | 200 | &nbsp;&nbsp; 132575 |
| 3.20%, 07/06/46 | 200 | &nbsp;&nbsp; 143500 |
| 5.90%, 02/04/50 | 240 | &nbsp;&nbsp; 253080 |
|  |  | &nbsp;&nbsp; 529155 |
| **Poland — 0.0%** | **Poland — 0.0%** |  |
| Republic of Poland Government International Bonds, <br> Series 30Y, 5.50%, 03/18/54<br>| 250 | &nbsp;&nbsp; 238479 |
| **South Korea — 0.0%** | **South Korea — 0.0%** |  |
| Export-Import Bank of Korea, 5.13%, 09/18/33 | 220 | &nbsp;&nbsp; 230743 |
| **Total Foreign Agency Obligations — 0.6%** <br>**(Cost: $4,921,876)** | **Total Foreign Agency Obligations — 0.6%** <br>**(Cost: $4,921,876)** | &nbsp;&nbsp; 4310285 |
| **Municipal Bonds** | **Municipal Bonds** | **Municipal Bonds** |
| **California — 0.1%** | **California — 0.1%** |  |
| Bay Area Toll Authority, RB, BAB |  |  |
| Series F-2, 6.26%, 04/01/49 | 100 | &nbsp;&nbsp; 105492 |
| Series S-1, 6.92%, 04/01/40 | 25 | &nbsp;&nbsp; 28355 |
| Bay Area Toll Authority, Refunding RB, Series F-3, <br> 3.13%, 04/01/55<sup>(e)</sup><br>| 140 | &nbsp;&nbsp; 92894 |
| California State University, Refunding RB, Series B, <br> 2.98%, 11/01/51<br>| 145 | &nbsp;&nbsp; 96825 |
| Regents of the University of California Medical Center <br> Pooled Revenue, RB<br>|  |  |
| Series N, 3.01%, 05/15/50 | 120 | &nbsp;&nbsp; 80128 |
| Series N, 3.71%, 05/15/2120 | 85 | &nbsp;&nbsp; 53593 |
| State of California, GO, BAB, 7.60%, 11/01/40 | 150 | &nbsp;&nbsp; 183603 |
| State of California, Refunding GO, 3.50%, 04/01/28<sup>(e)</sup> | 200 | &nbsp;&nbsp; 199527 |
| University of California, RB, Series AD, 4.86%, <br> 05/15/2112<br>| 115 | &nbsp;&nbsp; 95432 |
|  |  | &nbsp;&nbsp; 935849 |
| **Florida — 0.0%** | **Florida — 0.0%** |  |
| State Board of Administration Finance Corp., RB, <br> Series A, 2.15%, 07/01/30<br>| 119 | &nbsp;&nbsp; 109493 |
| **Illinois — 0.1%** | **Illinois — 0.1%** |  |
| Chicago O'Hare International Airport, ARB, Series C, <br> Senior Lien, 4.47%, 01/01/49<br>| 65 | &nbsp;&nbsp; 56964 |
| Sales Tax Securitization Corp., Refunding RB, <br> Series B, 2nd Lien, 3.24%, 01/01/42<br>| 140 | &nbsp;&nbsp; 115112 |
| State of Illinois, GO, 5.10%, 06/01/33 | 223 | &nbsp;&nbsp; 228034 |
|  |  | &nbsp;&nbsp; 400110 |
| **Louisiana — 0.0%** | **Louisiana — 0.0%** |  |
| Louisiana Local Government Environmental Facilities & <br> Community Development Authority, RB, Series A-4, <br> 4.48%, 08/01/39<br>| 65 | &nbsp;&nbsp; 62758 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Maryland — 0.0%** | **Maryland — 0.0%** |  |
| Maryland Health & Higher Educational Facilities <br> Authority, Refunding RB<br>|  |  |
| Series D, 3.05%, 07/01/40 | $115 | &nbsp;&nbsp; $89961 |
| Series D, 3.20%, 07/01/50<sup>(e)</sup> | 80 | &nbsp;&nbsp; 54160 |
|  |  | &nbsp;&nbsp; 144121 |
| **Massachusetts — 0.0%** | **Massachusetts — 0.0%** |  |
| Commonwealth of Massachusetts, GOL, Series H, <br> 2.90%, 09/01/49<sup>(e)</sup><br>| 100 | &nbsp;&nbsp; 68748 |
| **Michigan — 0.1%** | **Michigan — 0.1%** |  |
| University of Michigan, RB |  |  |
| Series A, 3.50%, 04/01/52 | 38 | &nbsp;&nbsp; 28197 |
| Series B, Sustainability Bonds, 3.50%, 04/01/52 | 67 | &nbsp;&nbsp; 49716 |
| University of Michigan, Refunding RB, Series C, 3.60%, <br> 04/01/47<br>| 238 | &nbsp;&nbsp; 199393 |
|  |  | &nbsp;&nbsp; 277306 |
| **New Jersey — 0.0%** | **New Jersey — 0.0%** |  |
| New Jersey Turnpike Authority, RB, BAB, Series A, <br> 7.10%, 01/01/41<br>| 150 | &nbsp;&nbsp; 175260 |
| **New York — 0.1%** | **New York — 0.1%** |  |
| City of New York, GO, Series B-1, Sustainability Bonds, <br> 5.83%, 10/01/53<br>| 130 | &nbsp;&nbsp; 133788 |
| New York City Municipal Water Finance Authority, <br> Refunding RB, 5.88%, 06/15/44<br>| 250 | &nbsp;&nbsp; 254090 |
| Port Authority of New York & New Jersey, ARB |  |  |
| Series 192, 4.81%, 10/15/65 | 50 | &nbsp;&nbsp; 44771 |
| Series 210, 4.03%, 09/01/48 | 200 | &nbsp;&nbsp; 166596 |
| Port Authority of New York & New Jersey, RB, <br> Series 191, 4.82%, 06/01/45<br>| 200 | &nbsp;&nbsp; 183740 |
|  |  | &nbsp;&nbsp; 782985 |
| **Oklahoma — 0.0%** | **Oklahoma — 0.0%** |  |
| Oklahoma Development Finance Authority, RB, <br> Series A-2, 4.62%, 06/01/44<sup>(e)</sup><br>| 110 | &nbsp;&nbsp; 106060 |
| **Pennsylvania — 0.0%** | **Pennsylvania — 0.0%** |  |
| Pennsylvania State University, Refunding RB, Series D, <br> 2.84%, 09/01/50<br>| 80 | &nbsp;&nbsp; 54015 |
| **Texas — 0.1%** | **Texas — 0.1%** |  |
| Board of Regents of the University of Texas System, <br> Refunding RB, Series B, 2.44%, 08/15/49<br>| 105 | &nbsp;&nbsp; 65355 |
| Dallas Area Rapid Transit, Refunding RB, Series A, <br> Senior Lien, 2.61%, 12/01/48<br>| 100 | &nbsp;&nbsp; 68549 |
| Dallas Fort Worth International Airport, Refunding RB, <br> 2.84%, 11/01/46<br>| 100 | &nbsp;&nbsp; 72407 |
| Grand Parkway Transportation Corp., Refunding RB, <br> Subordinate, 3.24%, 10/01/52<br>| 100 | &nbsp;&nbsp; 69266 |
|  |  | &nbsp;&nbsp; 275577 |
| **Virginia — 0.0%** | **Virginia — 0.0%** |  |
| University of Virginia, Refunding RB, Series U, 2.58%, <br> 11/01/51<br>| 60 | &nbsp;&nbsp; 37055 |
| **Total Municipal Bonds — 0.5%** <br>**(Cost: $4,364,293)** | **Total Municipal Bonds — 0.5%** <br>**(Cost: $4,364,293)** | &nbsp;&nbsp; 3429337 |
| **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** | **Non-Agency Mortgage-Backed Securities** |
| **Collateralized Mortgage Obligations — 12.9%** | **Collateralized Mortgage Obligations — 12.9%** | **Collateralized Mortgage Obligations — 12.9%** |
| Citigroup Mortgage Loan Trust, Series 2013-AA, <br> Class A, 3.00%, 05/25/42<sup>(a)(b)</sup><br>| 3 | &nbsp;&nbsp; 3199 |
| Connecticut Avenue Securities Trust<sup>(a)(b)</sup> <br>|  |  |
| Series 2019-R04, Class 2B1, (30-day Avg SOFR + <br> 5.36%), 9.24%, 06/25/39<br>| 1227 | &nbsp;&nbsp; 1248858 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Connecticut Avenue Securities Trust<sup>(a)(b)</sup> (continued) |  |  |
| Series 2020-R02, Class 2B1, (30-day Avg SOFR + <br> 3.11%), 6.99%, 01/25/40<br>| $1000 | &nbsp;&nbsp; $1016768 |
| Series 2020-SBT1, Class 1M2, (30-day Avg SOFR + <br> 3.76%), 7.64%, 02/25/40<br>| 3500 | &nbsp;&nbsp; 3607064 |
| Series 2021-R01, Class 1B1, (30-day Avg SOFR + <br> 3.10%), 6.97%, 10/25/41<br>| 3250 | &nbsp;&nbsp; 3302271 |
| Series 2021-R02, Class 2B1, (30-day Avg SOFR + <br> 3.30%), 7.17%, 11/25/41<br>| 1900 | &nbsp;&nbsp; 1936721 |
| Series 2021-R03, Class 1B1, (30-day Avg SOFR + <br> 2.75%), 6.62%, 12/25/41<br>| 4625 | &nbsp;&nbsp; 4693611 |
| Series 2022-R01, Class 1B1, (30-day Avg SOFR + <br> 3.15%), 7.02%, 12/25/41<br>| 4042 | &nbsp;&nbsp; 4118026 |
| Series 2022-R02, Class 2B1, (30-day Avg SOFR + <br> 4.50%), 8.37%, 01/25/42<br>| 1300 | &nbsp;&nbsp; 1343415 |
| Series 2022-R02, Class 2M2, (30-day Avg SOFR + <br> 3.00%), 6.87%, 01/25/42<br>| 3540 | &nbsp;&nbsp; 3603816 |
| Series 2022-R03, Class 1B1, (30-day Avg SOFR + <br> 6.25%), 10.12%, 03/25/42<br>| 2860 | &nbsp;&nbsp; 3032701 |
| Series 2022-R04, Class 1B1, (30-day Avg SOFR + <br> 5.25%), 9.12%, 03/25/42<br>| 3400 | &nbsp;&nbsp; 3564942 |
| Series 2022-R04, Class 1M2, (30-day Avg SOFR + <br> 3.10%), 6.97%, 03/25/42<br>| 3500 | &nbsp;&nbsp; 3584771 |
| Series 2022-R05, Class 2B1, (30-day Avg SOFR + <br> 4.50%), 8.37%, 04/25/42<br>| 1500 | &nbsp;&nbsp; 1562197 |
| Series 2022-R05, Class 2M2, (30-day Avg SOFR + <br> 3.00%), 6.87%, 04/25/42<br>| 1323 | &nbsp;&nbsp; 1352216 |
| Series 2024-R02, Class 1B1, (30-day Avg SOFR + <br> 2.50%), 6.37%, 02/25/44<br>| 2250 | &nbsp;&nbsp; 2290796 |
| Series 2024-R05, Class 2M2, (30-day Avg SOFR + <br> 1.70%), 5.57%, 07/25/44<br>| 1690 | &nbsp;&nbsp; 1695814 |
| Credit Suisse First Boston Mortgage Securities Corp., <br> Series 2004-6, Class 3A1, 5.00%, 09/25/19<br>| 5 | &nbsp;&nbsp; 2511 |
| Fannie Mae Connecticut Avenue Securities, <br> Series 2018-C01, Class 1M2C, (30-day Avg SOFR + <br> 2.36%), 6.24%, 07/25/30<sup>(b)</sup><br>| 1369 | &nbsp;&nbsp; 1380295 |
| Freddie Mac STACR REMIC Trust<sup>(a)(b)</sup> <br>|  |  |
| Series 2020-HQA5, Class B1, (30-day Avg SOFR + <br> 4.00%), 7.87%, 11/25/50<br>| 2000 | &nbsp;&nbsp; 2197042 |
| Series 2021-DNA1, Class B1, (30-day Avg SOFR + <br> 2.65%), 6.52%, 01/25/51<br>| 3500 | &nbsp;&nbsp; 3664386 |
| Series 2021-DNA2, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.27%, 08/25/33<br>| 3100 | &nbsp;&nbsp; 3418108 |
| Series 2021-DNA3, Class B1, (30-day Avg SOFR + <br> 3.50%), 7.37%, 10/25/33<br>| 2500 | &nbsp;&nbsp; 2798072 |
| Series 2021-DNA5, Class B1, (30-day Avg SOFR + <br> 3.05%), 6.92%, 01/25/34<br>| 3000 | &nbsp;&nbsp; 3186517 |
| Series 2021-DNA5, Class B2, (30-day Avg SOFR + <br> 5.50%), 9.37%, 01/25/34<br>| 1000 | &nbsp;&nbsp; 1195000 |
| Series 2021-DNA6, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.27%, 10/25/41<br>| 3520 | &nbsp;&nbsp; 3581913 |
| Series 2021-DNA7, Class B1, (30-day Avg SOFR + <br> 3.65%), 7.52%, 11/25/41<br>| 2243 | &nbsp;&nbsp; 2294400 |
| Series 2021-HQA1, Class B1, (30-day Avg SOFR + <br> 3.00%), 6.87%, 08/25/33<br>| 3750 | &nbsp;&nbsp; 4074313 |
| Series 2021-HQA2, Class B1, (30-day Avg SOFR + <br> 3.15%), 7.02%, 12/25/33<br>| 1000 | &nbsp;&nbsp; 1103385 |
| Series 2021-HQA4, Class M2, (30-day Avg SOFR + <br> 2.35%), 6.22%, 12/25/41<br>| 1000 | &nbsp;&nbsp; 1008541 |
| Series 2022-DNA1, Class B1, (30-day Avg SOFR + <br> 3.40%), 7.27%, 01/25/42<br>| 3250 | &nbsp;&nbsp; 3325232 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** | **Collateralized Mortgage Obligations (continued)** |
| Freddie Mac STACR REMIC Trust<sup>(a)(b)</sup> (continued) |  |  |
| Series 2022-DNA2, Class M2, (30-day Avg SOFR + <br> 3.75%), 7.62%, 02/25/42<br>| 1587 | &nbsp;&nbsp; $1634237 |
| Series 2022-DNA3, Class M2, (30-day Avg SOFR + <br> 4.35%), 8.22%, 04/25/42<br>| 2500 | &nbsp;&nbsp; 2603941 |
| Series 2022-DNA4, Class M2, (30-day Avg SOFR + <br> 5.25%), 9.12%, 05/25/42<br>| 3000 | &nbsp;&nbsp; 3167534 |
| Series 2022-DNA7, Class M2, (30-day Avg SOFR + <br> 7.00%), 10.87%, 03/25/52<br>| 1500 | &nbsp;&nbsp; 1645731 |
| Series 2022-HQA1, Class B1, (30-day Avg SOFR + <br> 7.00%), 10.87%, 03/25/42<br>| 1620 | &nbsp;&nbsp; 1727245 |
| Series 2022-HQA1, Class M2, (30-day Avg SOFR + <br> 5.25%), 9.12%, 03/25/42<br>| 4150 | &nbsp;&nbsp; 4353095 |
| Series 2022-HQA3, Class M1B, (30-day Avg SOFR <br> + 3.55%), 7.42%, 08/25/42<br>| 2500 | &nbsp;&nbsp; 2599987 |
|  |  | &nbsp;&nbsp; 92918671 |
| **Commercial Mortgage-Backed Securities**<sup>(b)</sup> **— 0.1%** | **Commercial Mortgage-Backed Securities**<sup>(b)</sup> **— 0.1%** | **Commercial Mortgage-Backed Securities**<sup>(b)</sup> **— 0.1%** |
| BBCMS Mortgage Trust, Series 2023-C22, Class A5, <br> 6.80%, 11/15/56<br>| 600 | &nbsp;&nbsp; 669485 |
| GS Mortgage Securities Trust, Series 2015-GC30, <br> Class B, 3.96%, 05/10/50<br>| 198 | &nbsp;&nbsp; 189246 |
| JP Morgan Chase Commercial Mortgage Securities <br> Trust, Series 2006-CB16, Class B, 5.67%, 05/12/45<br>| 210 | &nbsp;&nbsp; 10823 |
|  |  | &nbsp;&nbsp; 869554 |
| **Total Non-Agency Mortgage-Backed Securities — 13.0%** <br>**(Cost: $94,640,585)** | **Total Non-Agency Mortgage-Backed Securities — 13.0%** <br>**(Cost: $94,640,585)** | &nbsp;&nbsp; 93788225 |
| **Preferred Securities** | **Preferred Securities** | **Preferred Securities** |
| **Capital Trusts — 0.1%**<sup>(b)</sup> | **Capital Trusts — 0.1%**<sup>(b)</sup> | **Capital Trusts — 0.1%**<sup>(b)</sup> |
| **Electric Utilities — 0.0%** | **Electric Utilities — 0.0%** |  |
| Electricite de France SA, 9.13%<sup>(a)(h)</sup> | 94 | &nbsp;&nbsp; 109317 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |  |
| CVS Health Corp. |  |  |
| 6.75%, 12/10/54 | 126 | &nbsp;&nbsp; 131591 |
| 7.00%, 03/10/55 | 128 | &nbsp;&nbsp; 134278 |
|  |  | &nbsp;&nbsp; 265869 |
|  |  | &nbsp;&nbsp; 375186 |
| **Total Preferred Securities — 0.1%** <br>**(Cost: $376,760)** | **Total Preferred Securities — 0.1%** <br>**(Cost: $376,760)** | &nbsp;&nbsp; 375186 |
| **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** | **U.S. Government Sponsored Agency Securities** |
| **Agency Obligations — 0.1%** | **Agency Obligations — 0.1%** |  |
| Uniform Mortgage-Backed Securities, 6.00%, 08/01/55 | 698 | &nbsp;&nbsp; 717680 |
| **Collateralized Mortgage Obligations — 0.1%** | **Collateralized Mortgage Obligations — 0.1%** |  |
| Freddie Mac STACR REMIC Trust, Series 2020-DNA6, <br> Class B1, (30-day Avg SOFR + 3.00%), 6.87%, <br> 12/25/50<sup>(a)(b)</sup><br>| 680 | &nbsp;&nbsp; 726028 |
| **Commercial Mortgage-Backed Securities — 0.9%** | **Commercial Mortgage-Backed Securities — 0.9%** |  |
| Fannie Mae-Aces<sup>(b)</sup> <br>|  |  |
| Series 2018-M1, Class A2, 2.98%, 12/25/27 | 949 | &nbsp;&nbsp; 935960 |
| Series 2018-M7, Class A2, 3.03%, 03/25/28 | 1393 | &nbsp;&nbsp; 1373095 |
| Series 2018-M8, Class A2, 3.31%, 06/25/28 | 2955 | &nbsp;&nbsp; 2921902 |
| Freddie Mac Multifamily Structured Pass Through <br> Certificates, Series K072, Class A2, 3.44%, <br> 12/25/27<br>| 1190 | &nbsp;&nbsp; 1181167 |
|  |  | &nbsp;&nbsp; 6412124 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities — 26.8%** | **Mortgage-Backed Securities — 26.8%** |  |
| Fannie Mae Mortgage-Backed Securities |  |  |
| 3.00%, 02/01/47 | $47 | &nbsp;&nbsp; $42491 |
| 4.00%, 02/01/47 - 02/01/57 | 921 | &nbsp;&nbsp; 877140 |
| 3.50%, 11/01/51 | 2742 | &nbsp;&nbsp; 2529201 |
| (11th District Cost of Funds + 1.25%), 4.18%, <br> 09/01/34<sup>(b)</sup><br>| 34 | &nbsp;&nbsp; 33040 |
| (12-mo. RFUCCT US + 1.43%), 6.43%, 04/01/35<sup>(b)</sup> | 16 | &nbsp;&nbsp; 16386 |
| (12-mo. RFUCCT US + 1.53%), 6.36%, 05/01/43<sup>(b)</sup> | 9 | &nbsp;&nbsp; 9686 |
| (12-mo. RFUCCT US + 1.54%), 6.25%, 06/01/43<sup>(b)</sup> | 19 | &nbsp;&nbsp; 19523 |
| (12-mo. RFUCCT US + 1.71%), 6.71%, 04/01/40<sup>(b)</sup> | 1 | &nbsp;&nbsp; 984 |
| (12-mo. RFUCCT US + 1.75%), 6.47%, 08/01/41<sup>(b)</sup> | 9 | &nbsp;&nbsp; 9198 |
| (12-mo. RFUCCT US + 1.78%), 6.39%, 01/01/42<sup>(b)</sup> | 4 | &nbsp;&nbsp; 4084 |
| (12-mo. RFUCCT US + 1.81%), 6.71%, 02/01/42<sup>(b)</sup> | 1 | &nbsp;&nbsp; 550 |
| (12-mo. RFUCCT US + 1.82%), 6.57%, 09/01/41<sup>(b)</sup> | 10 | &nbsp;&nbsp; 10263 |
| (6-mo. RFUCCT US + 1.04%), 5.29%, 05/01/33<sup>(b)</sup> | 2 | &nbsp;&nbsp; 1876 |
| (6-mo. RFUCCT US + 1.36%), 5.93%, 10/01/32<sup>(b)</sup> | 6 | &nbsp;&nbsp; 5644 |
| Freddie Mac Mortgage-Backed Securities |  |  |
| 2.50%, 02/01/27 | 58 | &nbsp;&nbsp; 57221 |
| 3.00%, 05/01/27 - 10/01/47 | 3726 | &nbsp;&nbsp; 3424251 |
| 6.00%, 11/01/28 - 04/01/38 | 127 | &nbsp;&nbsp; 134430 |
| 6.50%, 06/01/29 - 08/01/36 | 144 | &nbsp;&nbsp; 153239 |
| 7.50%, 12/01/30 | — <br><sup>(i)</sup><br>| &nbsp;&nbsp; 243 |
| 4.50%, 04/01/31 - 01/01/49 | 724 | &nbsp;&nbsp; 725394 |
| 3.50%, 03/01/32 - 04/01/49 | 4591 | &nbsp;&nbsp; 4355127 |
| 5.50%, 05/01/33 - 08/01/38 | 328 | &nbsp;&nbsp; 338476 |
| 5.00%, 08/01/33 - 03/01/48 | 214 | &nbsp;&nbsp; 219258 |
| 4.00%, 07/01/41 - 01/01/49 | 1993 | &nbsp;&nbsp; 1933584 |
| (11th District Cost of Funds + 1.25%), 4.17%, <br> 11/01/27<sup>(b)</sup><br>| 6 | &nbsp;&nbsp; 6294 |
| (12-mo. RFUCCT US + 1.60%), 6.35%, 08/01/43<sup>(b)</sup> | 3 | &nbsp;&nbsp; 2636 |
| (12-mo. RFUCCT US + 1.65%), 6.40%, 05/01/43<sup>(b)</sup> | 11 | &nbsp;&nbsp; 10975 |
| (12-mo. RFUCCT US + 1.67%), 6.37%, 08/01/41<sup>(b)</sup> | 10 | &nbsp;&nbsp; 10701 |
| (12-mo. RFUCCT US + 1.75%), 6.75%, 04/01/38<sup>(b)</sup> | 26 | &nbsp;&nbsp; 26926 |
| (12-mo. RFUCCT US + 1.75%), 6.71%, 02/01/40<sup>(b)</sup> | 14 | &nbsp;&nbsp; 14543 |
| (12-mo. RFUCCT US + 1.79%), 6.41%, 09/01/32<sup>(b)</sup> | — <br><sup>(i)</sup><br>| &nbsp;&nbsp; 147 |
| (12-mo. RFUCCT US + 1.89%), 6.60%, 07/01/41<sup>(b)</sup> | 3 | &nbsp;&nbsp; 3333 |
| (12-mo. RFUCCT US + 1.90%), 6.78%, 01/01/42<sup>(b)</sup> | — <br><sup>(i)</sup><br>| &nbsp;&nbsp; 31 |
| (1-year CMT + 2.34%), 6.59%, 04/01/32<sup>(b)</sup> | 2 | &nbsp;&nbsp; 2469 |
| Ginnie Mae Mortgage-Backed Securities |  |  |
| 6.50%, 06/15/28 - 09/20/55 | 1376 | &nbsp;&nbsp; 1424969 |
| 7.50%, 08/20/30 | 1 | &nbsp;&nbsp; 1030 |
| 6.00%, 01/15/32 - 08/20/55<sup>(j)</sup> | 2994 | &nbsp;&nbsp; 3059812 |
| 5.00%, 11/20/33 - 01/15/55<sup>(j)</sup> | 4208 | &nbsp;&nbsp; 4216513 |
| 5.50%, 05/20/36 - 07/20/55<sup>(j)</sup> | 5178 | &nbsp;&nbsp; 5241407 |
| 4.50%, 03/15/39 - 01/22/56<sup>(j)</sup> | 3199 | &nbsp;&nbsp; 3143566 |
| 4.00%, 09/15/40 - 09/15/49 | 3617 | &nbsp;&nbsp; 3482214 |
| 3.50%, 01/15/41 - 02/20/52 | 4826 | &nbsp;&nbsp; 4474250 |
| 3.00%, 01/20/43 - 09/20/52 | 5056 | &nbsp;&nbsp; 4583161 |
| 2.50%, 12/20/46 - 01/15/55<sup>(j)</sup> | 6610 | &nbsp;&nbsp; 5672813 |
| 2.00%, 12/20/51 - 01/15/55<sup>(j)</sup> | 6735 | &nbsp;&nbsp; 5578582 |
| Uniform Mortgage-Backed Securities |  |  |
| 3.00%, 08/01/27 - 01/14/56<sup>(j)</sup> | 10302 | &nbsp;&nbsp; 9407392 |
| 2.50%, 09/01/28 - 01/15/55<sup>(j)</sup> | 25167 | &nbsp;&nbsp; 21856806 |
| 4.50%, 04/01/29 - 01/15/55<sup>(j)</sup> | 4900 | &nbsp;&nbsp; 4845822 |
| 7.50%, 09/01/29 | — <br><sup>(i)</sup><br>| &nbsp;&nbsp; 381 |
| 4.00%, 12/01/30 - 01/14/56<sup>(j)</sup> | 4530 | &nbsp;&nbsp; 4410449 |
| 6.50%, 12/01/30 - 09/01/55<sup>(j)</sup> | 5352 | &nbsp;&nbsp; 5605578 |

---

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **Mortgage-Backed Securities (continued)** | **Mortgage-Backed Securities (continued)** |  |
| Uniform Mortgage-Backed Securities (continued) |  |  |
| 3.50%, 11/01/31 - 06/01/49 | 4458 | &nbsp;&nbsp; $4242156 |
| 7.00%, 01/01/32 - 06/01/32 | 8 | &nbsp;&nbsp; 7854 |
| 6.00%, 03/01/32 - 09/01/55<sup>(j)</sup> | 30136 | &nbsp;&nbsp; 30998420 |
| 5.50%, 10/01/32 - 10/01/55<sup>(j)</sup> | 11455 | &nbsp;&nbsp; 11705005 |
| 5.00%, 05/01/33 - 01/15/55<sup>(j)</sup> | 7746 | &nbsp;&nbsp; 7765237 |
| 2.00%, 12/01/35 - 01/15/55<sup>(j)</sup> | 37221 | &nbsp;&nbsp; 31275953 |
| 1.50%, 03/01/36 - 07/01/51 | 7373 | &nbsp;&nbsp; 6136428 |
|  |  | &nbsp;&nbsp; 194115142 |
| **Total U.S. Government Sponsored Agency Securities — 27.9%** <br>**(Cost: $218,016,809)** | **Total U.S. Government Sponsored Agency Securities — 27.9%** <br>**(Cost: $218,016,809)** | &nbsp;&nbsp; 201970974 |
| **U.S. Treasury Obligations** | **U.S. Treasury Obligations** | **U.S. Treasury Obligations** |
| U.S. Treasury Bonds |  |  |
| 2.00%, 11/15/41 | 11700 | &nbsp;&nbsp; 8165777 |
| 2.88%, 05/15/43 | 4000 | &nbsp;&nbsp; 3105156 |
| 4.13%, 08/15/44 - 08/15/53 | 15700 | &nbsp;&nbsp; 14327696 |
| 3.38%, 11/15/48 | 12200 | &nbsp;&nbsp; 9652774 |
| U.S. Treasury Notes |  |  |
| 4.00%, 02/29/28 | 46055 | &nbsp;&nbsp; 46535339 |
| 3.63%, 05/31/28 | 2800 | &nbsp;&nbsp; 2807328 |
| 4.63%, 04/30/29 | 7100 | &nbsp;&nbsp; 7329363 |
| 4.38%, 11/30/30 | 30000 | &nbsp;&nbsp; 30863672 |
| 3.88%, 08/15/34 | 2470 | &nbsp;&nbsp; 2431985 |
| **Total U.S. Treasury Obligations — 17.3%** <br>**(Cost: $126,025,402)** | **Total U.S. Treasury Obligations — 17.3%** <br>**(Cost: $126,025,402)** | &nbsp;&nbsp; 125219090 |
| **Total Long-Term Investments — 102.3%** <br>**(Cost: $762,308,938)** | **Total Long-Term Investments — 102.3%** <br>**(Cost: $762,308,938)** | &nbsp;&nbsp; 739706130 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | <br>*Shares*<br>|  |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.1%** | **Money Market Funds — 4.1%** |  |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 3.89%<sup>(k)(l)(m)</sup><br>| 29243675 | &nbsp;&nbsp; 29258297 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 3.72%<sup>(k)(l)</sup><br>| 100000 | &nbsp;&nbsp; 100000 |
|  |  | &nbsp;&nbsp; 29358297 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | *Par* <br>*(000)*<br>|  |
| **U.S. Government Sponsored Agency Securities — 0.6%** | **U.S. Government Sponsored Agency Securities — 0.6%** |  |
| Fannie Mae-Aces, Series 2016-M13, Class A2, <br> 2.53%, 09/25/26<sup>(b)</sup><br>| $526 | &nbsp;&nbsp; 520662 |
| Freddie Mac Mortgage-Backed Securities |  |  |
| 4.00%, 03/01/26 | 1 | &nbsp;&nbsp; 1423 |
| 3.50%, 04/01/26 | 1 | &nbsp;&nbsp; 471 |
| Freddie Mac Multifamily Structured Pass Through <br> Certificates<br>|  |  |
| Series K055, Class A2, 2.67%, 03/25/26 | 1424 | &nbsp;&nbsp; 1418838 |
| Series K060, Class A2, 3.30%, 10/25/26 | 1190 | &nbsp;&nbsp; 1183008 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**(Percentages shown are based on Net Assets)**

---

| | | |
|:---|:---|:---|
| *Security* | *Par*<br> *(000)*<br>| *Value* |
| **U.S. Government Sponsored Agency Securities (continued)** | **U.S. Government Sponsored Agency Securities (continued)** |  |
| Freddie Mac Multifamily Structured Pass Through <br> Certificates (continued)<br>|  |  |
| Series K061, Class A2, 3.35%, 11/25/26<sup>(b)</sup> | 1515 | &nbsp;&nbsp; $1506430 |
| Uniform Mortgage-Backed Securities |  |  |
| 4.00%, 05/01/26 | 1 | &nbsp;&nbsp; 1377 |
| 3.00%, 12/01/26 | 1 | &nbsp;&nbsp; 777 |
|  |  | &nbsp;&nbsp; 4632986 |
| **Total Short-Term Securities — 4.7%** <br>**(Cost: $34,012,935)** | **Total Short-Term Securities — 4.7%** <br>**(Cost: $34,012,935)** | &nbsp;&nbsp; 33991283 |
| **Total Investments — 107.0%** <br>**(Cost: $796,321,873)** | **Total Investments — 107.0%** <br>**(Cost: $796,321,873)** | &nbsp;&nbsp; 773697413 |
| **Liabilities in Excess of Other Assets — (7.0)%** | **Liabilities in Excess of Other Assets — (7.0)%** | &nbsp;&nbsp; (50665528)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | &nbsp;&nbsp; $723031885 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. 

<sup>(b)</sup> Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(c)</sup> Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. 

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

<sup>(e)</sup> All or a portion of this security is on loan.

<sup>(f)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. 

<sup>(g)</sup> When-issued security.

<sup>(h)</sup> Perpetual security with no stated maturity date.

<sup>(i)</sup> Rounds to less than 1,000.

<sup>(j)</sup> Represents or includes a TBA transaction.

<sup>(k)</sup> Affiliate of the Master Portfolio.

<sup>(l)</sup> Annualized 7-day yield as of period end.

<sup>(m)</sup> All or a portion of this security was purchased with the cash collateral from loaned securities. 

**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* <br>*12/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Proceeds* <br>*from Sales*<br>| *Net* <br>*Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*12/31/25*<br>| *Shares* <br>*Held at* <br>*12/31/25*<br>| *Income* | *Capital Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $34828678 | $— | $(5568755 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(2020)<br>| $394 | $29258297 | 29243675 | $460193 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 100000 |  |  | &nbsp;&nbsp; — |  | 100000 | 100000 | 4185 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(2020)<br>| $394 | $29358297 |  | $464378 | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents net amount purchased (sold).

<sup>(b)</sup> All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of 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* <br>*Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/* <br>*Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Long Contracts  |  |  |  |  |
| 10-Year Australian Treasury Bonds | &nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 03/16/26 | &nbsp;&nbsp;&nbsp;&nbsp; $2703 | &nbsp;&nbsp;&nbsp;&nbsp; $14750 |
| 10-Year U.S. Treasury Note | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 2474 | &nbsp;&nbsp;&nbsp;&nbsp; (1405)<br>|
| 10-Year U.S. Ultra Long Treasury Note | &nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 22543 | &nbsp;&nbsp;&nbsp;&nbsp; (169950)<br>|
| U.S. Long Bond | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 14796 | &nbsp;&nbsp;&nbsp;&nbsp; (228000)<br>|
| Ultra U.S. Treasury Bond | &nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 14278 | &nbsp;&nbsp;&nbsp;&nbsp; (356129)<br>|
| Long Gilt | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 03/27/26 | &nbsp;&nbsp;&nbsp;&nbsp; 3202 | &nbsp;&nbsp;&nbsp;&nbsp; (5456)<br>|
| 2-Year U.S. Treasury Note | &nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 76208 | &nbsp;&nbsp;&nbsp;&nbsp; (51239)<br>|
| 5-Year U.S. Treasury Note | &nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp; 23173 | &nbsp;&nbsp;&nbsp;&nbsp; (84962)<br>|
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (882391)<br>|

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**Futures Contracts (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of*<br> *Contracts*<br>| &nbsp;&nbsp;&nbsp; *Expiration*<br> *Date*<br>| &nbsp;&nbsp;&nbsp; *Notional*<br> *Amount (000)*<br>| &nbsp;&nbsp;&nbsp; *Value/*<br> *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Short Contracts  |  |  |  |  |
| Euro Bund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/26 | &nbsp;&nbsp;&nbsp;&nbsp; $300 | &nbsp;&nbsp;&nbsp;&nbsp; $(167)<br>|
| 10-Year Canadian Bond | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/26 | &nbsp;&nbsp;&nbsp;&nbsp; 1409 | &nbsp;&nbsp;&nbsp;&nbsp; 16425 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16258 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(866133)<br>|

---

**Forward Foreign Currency Exchange Contracts** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| AUD | 382000 | USD | 253772 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1177 |
| BRL | 1327000 | USD | 236996 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1118 |
| CAD | 452000 | USD | 329840 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547 |
| CAD | 316530 | USD | 229689 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1676 |
| CLP | 218854000 | USD | 237035 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6274 |
| CLP | 1120987500 | USD | 1212757 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33488 |
| COP | 1196601800 | USD | 305860 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3243 |
| CZK | 22421340 | EUR | 921945 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4758 |
| EUR | 92836 | CHF | 86000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| EUR | 149088 | CHF | 138000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 |
| EUR | 124330 | NOK | 1475000 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311 |
| EUR | 245109 | SEK | 2650000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| EUR | 437789 | SEK | 4734119 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| EUR | 110000 | USD | 128660 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1048 |
| EUR | 1976520 | USD | 2311702 | Natwest Markets PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18936 |
| GBP | 736000 | USD | 984562 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7348 |
| GBP | 207000 | USD | 278973 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| GBP | 282000 | USD | 375767 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4285 |
| GBP | 457000 | USD | 610042 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5859 |
| HUF | 86027000 | EUR | 221158 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1010 |
| HUF | 81168000 | EUR | 209282 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227 |
| INR | 19577000 | USD | 216120 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277 |
| INR | 13082500 | USD | 143504 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1106 |
| INR | 19728000 | USD | 215708 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2358 |
| INR | 23146000 | USD | 254195 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1652 |
| INR | 78818500 | USD | 869549 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1682 |
| KRW | 570680460 | USD | 389878 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6351 |
| MXN | 1039000 | USD | 57287 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| MXN | 3973000 | USD | 216310 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2759 |
| MXN | 1078000 | USD | 59398 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| MXN | 2536500 | USD | 139682 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 |
| MXN | 2265000 | USD | 124660 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 |
| MXN | 3077000 | USD | 169597 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| MXN | 4150000 | USD | 228675 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 |
| NOK | 2201000 | EUR | 185061 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| PHP | 12822000 | USD | 216292 | Societe Generale | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 |
| SEK | 17113200 | EUR | 1577122 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6184 |
| SGD | 323000 | USD | 251302 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168 |
| SGD | 860300 | USD | 668213 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4234 |
| THB | 32539600 | USD | 1026418 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11745 |
| THB | 4850000 | USD | 154705 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| TWD | 3208000 | USD | 101541 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427 |
| USD | 218608 | COP | 837531000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2259 |
| USD | 1436765 | EUR | 1218000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545 |
| USD | 293950 | EUR | 249000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339 |
| USD | 502029 | EUR | 425000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885 |
| USD | 304765 | JPY | 47338500 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676 |
| USD | 217075 | MXN | 3928000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| USD | 792268 | NZD | 1364900 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4301 |
| USD | 90968 | THB | 2827000 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774 |
| USD | 216991 | THB | 6794000 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232 |
| ZAR | 3644000 | USD | 216328 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2604 |
| ZAR | 5513000 | USD | 326005 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5217 |
| ZAR | 1608000 | USD | 95305 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1304 |
| ZAR | 2367000 | USD | 140153 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2057 |
| ZAR | 32484500 | USD | 1897895 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53781 |
| IDR | 3656182000 | USD | 217747 | Deutsche Bank AG | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745 |
| IDR | 2531934000 | USD | 150544 | HSBC Bank PLC | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 |
| USD | 216885 | IDR | 3623827000 | HSBC Bank PLC | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210139 |
| AUD | 145000 | USD | 96959 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185)<br>|
| BRL | 6156400 | USD | 1107240 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2549)<br>|
| CAD | 651310 | USD | 477058 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (987)<br>|
| CAD | 1449690 | USD | 1062492 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2850)<br>|
| CAD | 567000 | USD | 414841 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (396)<br>|
| COP | 1124746000 | USD | 292674 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2132)<br>|
| EUR | 185331 | CHF | 172000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (262)<br>|
| EUR | 258098 | CHF | 240000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (959)<br>|
| EUR | 563511 | CHF | 524900 | Deutsche Bank AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3243)<br>|
| EUR | 182876 | CHF | 170000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (613)<br>|
| EUR | 230719 | CHF | 214000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (169)<br>|
| EUR | 251029 | CHF | 233000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (390)<br>|
| EUR | 182765 | CZK | 4462000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1782)<br>|
| EUR | 183295 | CZK | 4463000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1205)<br>|
| EUR | 208045 | CZK | 5054000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (802)<br>|
| EUR | 184446 | CZK | 4483000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (822)<br>|
| EUR | 62746 | CZK | 1528000 | Royal Bank of Canada | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (423)<br>|
| EUR | 183227 | CZK | 4453000 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (799)<br>|
| EUR | 403038 | HUF | 156902000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2226)<br>|
| EUR | 172607 | HUF | 67958000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3273)<br>|
| EUR | 182988 | HUF | 70967000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (190)<br>|
| EUR | 95269 | HUF | 36956860 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127)<br>|
| EUR | 182372 | HUF | 71217000 | Royal Bank of Canada | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1676)<br>|
| EUR | 63489 | NOK | 762000 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (714)<br>|
| EUR | 2350477 | PLN | 9988000 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9487)<br>|
| EUR | 184590 | SEK | 2008000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1272)<br>|
| EUR | 58744 | SEK | 635881 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62)<br>|
| EUR | 284647 | SEK | 3092000 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1479)<br>|
| EUR | 308225 | SEK | 3338000 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (498)<br>|
| EUR | 131130 | SEK | 1429000 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1182)<br>|
| GBP | 280000 | USD | 377740 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (383)<br>|
| INR | 11950000 | USD | 132108 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| JPY | 33403000 | USD | 217184 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2613)<br>|
| JPY | 15486000 | USD | 99820 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (343)<br>|
| MXN | 7680000 | USD | 423535 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64)<br>|
| MXN | 2342000 | USD | 129627 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (490)<br>|
| NZD | 371000 | USD | 216576 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2395)<br>|
| NZD | 520000 | USD | 300893 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (693)<br>|
| NZD | 763000 | USD | 442448 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1963)<br>|
| NZD | 786000 | USD | 458399 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4636)<br>|
| NZD | 72890 | USD | 42356 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (276)<br>|
| NZD | 444000 | USD | 258197 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1873)<br>|
| NZD | 446110 | USD | 259078 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1536)<br>|
| PHP | 5054000 | USD | 85811 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (427)<br>|
| PHP | 16690000 | USD | 283892 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1925)<br>|
| PHP | 7980000 | USD | 135171 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (354)<br>|
| PHP | 12802000 | USD | 216910 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (628)<br>|
| PHP | 10715000 | USD | 182228 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1205)<br>|
| PLN | 285000 | EUR | 67443 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (170)<br>|

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**Forward Foreign Currency Exchange Contracts (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *Currency Purchased* | *Currency Purchased* | *Currency Sold* | *Currency Sold* | *Counterparty* | *Settlement Date* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Unrealized*<br> *Appreciation*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| SGD | 176000 | USD | 137600 | Royal Bank of Canada | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(31)<br>|
| TWD | 6762000 | USD | 216606 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1670)<br>|
| TWD | 16227100 | USD | 520700 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4908)<br>|
| USD | 690448 | AUD | 1035000 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (316)<br>|
| USD | 73342 | AUD | 111000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (740)<br>|
| USD | 73095 | AUD | 110000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (320)<br>|
| USD | 389854 | AUD | 589000 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3248)<br>|
| USD | 3884790 | AUD | 5845200 | UBS AG | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16328)<br>|
| USD | 215478 | BRL | 1207000 | Barclays Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1103)<br>|
| USD | 214844 | BRL | 1200000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (481)<br>|
| USD | 167359 | CAD | 230000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (758)<br>|
| USD | 216472 | CAD | 297000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (619)<br>|
| USD | 412000 | CAD | 568000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3176)<br>|
| USD | 301288 | CAD | 414000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1323)<br>|
| USD | 468464 | CAD | 643000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1533)<br>|
| USD | 680411 | CAD | 934000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2291)<br>|
| USD | 80148 | CAD | 110000 | State Street Bank and Trust Co. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (256)<br>|
| USD | 91803 | CLP | 84205000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1811)<br>|
| USD | 217109 | COP | 849547000 | Bank of America N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2344)<br>|
| USD | 137006 | COP | 535958000 | BNP Paribas SA | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1441)<br>|
| USD | 122896 | COP | 480178000 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1142)<br>|
| USD | 152953 | EUR | 130000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (338)<br>|
| USD | 443347 | EUR | 377000 | JPMorgan Chase Bank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1197)<br>|
| USD | 1087895 | EUR | 924000 | Morgan Stanley & Co. International PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1651)<br>|
| USD | 263525 | GBP | 197000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1972)<br>|
| USD | 1187158 | GBP | 890920 | Toronto-Dominion Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13538)<br>|
| USD | 217793 | INR | 19709000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63)<br>|
| USD | 271736 | KRW | 400484000 | Citibank N.A. | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6324)<br>|
| USD | 181530 | KRW | 267466000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4175)<br>|
| USD | 193214 | KRW | 285541000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5040)<br>|
| USD | 980815 | MXN | 18012250 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12373)<br>|
| USD | 550150 | PHP | 32753210 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3193)<br>|
| USD | 216606 | SGD | 278000 | Goldman Sachs International | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (690)<br>|
| USD | 237305 | SGD | 304000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (314)<br>|
| USD | 278522 | THB | 8813000 | HSBC Bank PLC | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2653)<br>|
| USD | 217061 | THB | 6832000 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (911)<br>|
| USD | 690362 | THB | 21667000 | Standard Chartered Bank | 03/18/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (915)<br>|
| USD | 58536 | IDR | 980328473 | Goldman Sachs International | 03/25/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (165979)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44160 |

---

**Centrally Cleared Credit Default Swaps — Sell Protection** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Reference Obligation/Index* | *Financing* <br>*Rate Received* <br>*by the Master Portfolio*<br>| &nbsp;&nbsp;&nbsp; *Payment* <br>*Frequency*<br>| &nbsp;&nbsp;&nbsp; *Termination* <br>*Date*<br>| &nbsp;&nbsp;&nbsp; *Credit* <br>*Rating*<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | &nbsp;&nbsp;&nbsp; *Notional* <br>*Amount (000)*<sup>(b)</sup>  | *Value* | &nbsp;&nbsp; *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| CDX.NA.HY.45.V1 | 5.00<br> % <br>| Quarterly | 12/20/30 | B- | USD | 13186 | &nbsp;&nbsp;&nbsp; $1026133 | &nbsp;&nbsp;&nbsp; $912478 | &nbsp;&nbsp;&nbsp; $113655 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

<sup>(b)</sup> The maximum potential amount the Master Portfolio may pay should a negative credit event take place as defined under the terms of the agreement.

**Centrally Cleared Inflation Swaps** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Master Portfolio | Paid by the Master Portfolio | Received by the Master Portfolio | Received by the Master Portfolio | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination* <br>*Date* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | &nbsp;&nbsp; *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 2.59% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 08/28/35 | USD | 660 | &nbsp;&nbsp; $(9118)<br>| &nbsp;&nbsp; $293 | &nbsp;&nbsp; $(9411)<br>|

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**Centrally Cleared Inflation Swaps (continued)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Master Portfolio | Paid by the Master Portfolio | Received by the Master Portfolio | Received by the Master Portfolio | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Reference* | *Frequency* | *Rate* | *Frequency* | &nbsp;&nbsp; *Termination*<br> *Date* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | &nbsp;&nbsp; *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 2.59% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 09/03/35 | USD | 350 | &nbsp;&nbsp; $(4914)<br>| &nbsp;&nbsp; $339 | &nbsp;&nbsp; $(5253)<br>|
| 2.55% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 09/18/35 | USD | 340 | &nbsp;&nbsp; (3476)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (3483)<br>|
| 2.54% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 09/19/35 | USD | 690 | &nbsp;&nbsp; (6489)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; (6503)<br>|
| 2.56% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 09/22/35 | USD | 630 | &nbsp;&nbsp; (7120)<br>| &nbsp;&nbsp; 904 | &nbsp;&nbsp; (8024)<br>|
| 2.53% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 10/09/35 | USD | 350 | &nbsp;&nbsp; (3238)<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; (3300)<br>|
| 2.47% | At Termination | &nbsp;&nbsp; US CPI for All Urban <br> Consumers NSA<br>| At Termination | 11/18/35 | USD | 1020 | &nbsp;&nbsp; (4917)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; (4938)<br>|
| 1.97% | At Termination | &nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 12/15/35 | EUR | 410 | &nbsp;&nbsp; (2558)<br>| &nbsp;&nbsp; (29)<br>| &nbsp;&nbsp; (2529)<br>|
| 1.97% | At Termination | &nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 12/15/35 | EUR | 410 | &nbsp;&nbsp; (2499)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; (2509)<br>|
| 1.97% | At Termination | &nbsp;&nbsp; Eurostat Eurozone HICP Ex <br> Tobacco Unrevised<br>| At Termination | 12/15/35 | EUR | 410 | &nbsp;&nbsp; (2396)<br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; (2494)<br>|
|  |  |  |  |  |  |  | &nbsp;&nbsp; $(46725)<br>| &nbsp;&nbsp; $1719 | &nbsp;&nbsp; $(48444)<br>|

---

**Centrally Cleared Interest Rate Swaps** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Master Portfolio | Paid by the Master Portfolio | Received by the Master Portfolio | Received by the Master Portfolio | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective* <br>*Date* | &nbsp;&nbsp; *Termination* <br>*Date* | *Notional* <br>*Amount (000)* | *Notional* <br>*Amount (000)* | *Value* | *Upfront* <br>*Premium* <br>*Paid* <br>*(Received)* | *Unrealized* <br>*Appreciation* <br>*(Depreciation)* |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.22% | Annual | 03/18/26 | 03/18/28 | EUR | 15870 | $(29239)<br>| $3990 | $(33229)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.35% | Annual | 03/18/26 | 03/18/28 | EUR | 31280 | 29745 | (5263)<br>| 35008 |
| 3.22% | Annual | 1-day SOFR, 3.87% | Annual | 03/18/26 | 03/18/28 | USD | 121866 | 131505 | (75803)<br>| 207308 |
| 3.47% | Annual | 1-day SONIA, 3.73% | Annual | 03/18/26 | 03/18/28 | GBP | 49069 | (4084)<br>| (11831)<br>| 7747 |
| Tokyo Overnight Average Rate, <br> 0.73%<br>| Annual | 1.11% | Annual | 03/18/26 | 03/18/28 | JPY | 1317992 | (21345)<br>| 40 | (21385)<br>|
| Tokyo Overnight Average Rate, <br> 0.73%<br>| Annual | 1.13% | Annual | 03/18/26 | 03/18/28 | JPY | 5843000 | (76961)<br>| 178 | (77139)<br>|
| 2.31% | Annual | 6-mo. EURIBOR, 2.11% | Semi-Annual | 03/18/26 | 03/18/29 | EUR | 15120 | 53950 | (8685)<br>| 62635 |
| 2.45% | Annual | 6-mo. EURIBOR, 2.11% | Semi-Annual | 03/18/26 | 03/18/29 | EUR | 6140 | (5926)<br>| (2203)<br>| (3723)<br>|
| 1-day CORRA, 2.25% | Semi-Annual | 2.49% | Semi-Annual | 03/18/26 | 03/18/29 | CAD | 13520 | (46160)<br>| 5035 | (51195)<br>|
| 3.23% | Annual | 1-day SOFR, 3.87% | Annual | 03/18/26 | 03/18/29 | USD | 12760 | 32722 | (8218)<br>| 40940 |
| 1-day SONIA, 3.73% | Annual | 3.52% | Annual | 03/18/26 | 03/18/29 | GBP | 13610 | (1545)<br>| 7260 | (8805)<br>|
| 1-day SONIA, 3.73% | Annual | 3.57% | Annual | 03/18/26 | 03/18/29 | GBP | 3600 | 5434 | 2562 | 2872 |
| 3-mo. BBSW, 3.74% | Quarterly | 4.08% | Quarterly | 03/18/26 | 03/18/29 | AUD | 3960 | (4862)<br>| 26 | (4888)<br>|
| 2.49% | Annual | 6-mo. EURIBOR, 2.11% | Semi-Annual | 03/18/26 | 03/18/31 | EUR | 6600 | 43190 | (4694)<br>| 47884 |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.62% | Annual | 03/18/26 | 03/18/31 | EUR | 30 | 11 | (32)<br>| 43 |
| 1-day SOFR, 3.87% | Annual | 3.35% | Annual | 03/18/26 | 03/18/31 | USD | 39707 | (223674)<br>| (126331)<br>| (97343)<br>|
| 3.49% | Annual | 1-day SOFR, 3.87% | Annual | 03/18/26 | 03/18/31 | USD | 3890 | (3254)<br>| 1677 | (4931)<br>|
| 1-day SONIA, 3.73% | Annual | 3.65% | Annual | 03/18/26 | 03/18/31 | GBP | 8703 | (4666)<br>| 11895 | (16561)<br>|
| 3.72% | Annual | 1-day SONIA, 3.73% | Annual | 03/18/26 | 03/18/31 | GBP | 5880 | (21520)<br>| 14599 | (36119)<br>|
| 1.80% | Annual | Tokyo Overnight Average Rate, <br> 0.73%<br>| Annual | 03/18/26 | 03/18/36 | JPY | 284530 | 19666 | 33 | 19633 |
| 1.80% | Annual | Tokyo Overnight Average Rate, <br> 0.73%<br>| Annual | 03/18/26 | 03/18/36 | JPY | 1247000 | 86553 | 145 | 86408 |
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.82% | Annual | 03/18/26 | 03/18/36 | EUR | 3480 | (50415)<br>| (5985)<br>| (44430)<br>|
| 6-mo. EURIBOR, 2.11% | Semi-Annual | 2.83% | Annual | 03/18/26 | 03/18/36 | EUR | 7838 | (104338)<br>| 2601 | (106939)<br>|
| 2.92% | Annual | 6-mo. EURIBOR, 2.11% | Semi-Annual | 03/18/26 | 03/18/36 | EUR | 7050 | 27648 | 26547 | 1101 |
| 1-day SOFR, 3.87% | Annual | 3.68% | Annual | 03/18/26 | 03/18/36 | USD | 21847 | (242727)<br>| 12976 | (255703)<br>|
| 1-day SOFR, 3.87% | Annual | 3.79% | Annual | 03/18/26 | 03/18/36 | USD | 2330 | (4655)<br>| (285)<br>| (4370)<br>|
| 1-day SONIA, 3.73% | Annual | 4.02% | Annual | 03/18/26 | 03/18/36 | GBP | 34730 | 10626 | 118326 | (107700)<br>|
| 1-day SONIA, 3.73% | Annual | 4.05% | Annual | 03/18/26 | 03/18/36 | GBP | 3280 | 13667 | (12997)<br>| 26664 |
| 3.13% | Annual | 6-mo. EURIBOR, 2.11% | Semi-Annual | 03/18/26 | 03/18/56 | EUR | 3465 | 99867 | (12203)<br>| 112070 |
| 3.13% | Annual | 6-mo. EURIBOR, 2.11% | Semi-Annual | 03/18/26 | 03/18/56 | EUR | 1620 | 48569 | 4273 | 44296 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**Centrally Cleared Interest Rate Swaps (continued)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Paid by the Master Portfolio | Paid by the Master Portfolio | Received by the Master Portfolio | Received by the Master Portfolio | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| *Rate* | *Frequency* | *Rate* | *Frequency* | *Effective*<br> *Date* | &nbsp;&nbsp; *Termination*<br> *Date* | *Notional*<br> *Amount (000)* | *Notional*<br> *Amount (000)* | *Value* | *Upfront*<br> *Premium*<br> *Paid*<br> *(Received)* | *Unrealized*<br> *Appreciation*<br> *(Depreciation)* |
| 4.02% | Annual | 1-day SOFR, 3.87% | Annual | 03/18/26 | 03/18/56 | USD | 7500 | $187136 | $2866 | $184270 |
| 4.49% | Annual | 1-day SONIA, 3.73% | Annual | 03/18/26 | 03/18/56 | GBP | 14010 | (86840)<br>| (109818)<br>| 22978 |
|  |  |  |  |  |  |  |  | $(141922)<br>| $(169319)<br>| $27397 |

---

**Balances Reported in the Statement of Assets and Liabilities for Centrally Cleared Swaps** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | <br>*Premiums* <br>*Paid*<br>| &nbsp;&nbsp; <br>*Premiums* <br>*Received*<br>| &nbsp;&nbsp; *Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Unrealized* <br>*Depreciation*<br>|
| Centrally Cleared Swaps<sup>(a)</sup> | &nbsp;&nbsp; $1129255 | &nbsp;&nbsp;&nbsp; $(384377)<br>| &nbsp;&nbsp;&nbsp; $1015512 | &nbsp;&nbsp;&nbsp; $(922904)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Master Portfolio Schedule of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. 

**Derivative Financial Instruments Categorized by Risk Exposure**

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized appreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31175 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31175 |
| Forward foreign currency exchange contracts <br>Unrealized appreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 210139 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 210139 |
| Swaps — centrally cleared <br>Unrealized appreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 113655 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 901857 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1015512 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $113655 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $210139 | &nbsp;&nbsp; $933032 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1256826 |
| **Liabilities — Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts <br>Unrealized depreciation on futures contracts<sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $897308 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $897308 |
| Forward foreign currency exchange contracts <br>Unrealized depreciation on forward foreign currency exchange <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 165979 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 165979 |
| Swaps — centrally cleared <br>Unrealized depreciation on centrally cleared swaps<sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 874460 | &nbsp;&nbsp; 48444 | &nbsp;&nbsp; 922904 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $165979 | &nbsp;&nbsp; $1771768 | &nbsp;&nbsp; $48444 | &nbsp;&nbsp; $1986191 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, are reported in the Master Portfolio Schedule of Investments. In the Statement of Assets and Liabilities, only current day's variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in net unrealized appreciation (depreciation). 

For the period ended December 31, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1594368)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1594368)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (411104)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (411104)<br>|
| Options purchased<sup>(a)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; (129255)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (129255)<br>|
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; (1023478)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 137055 | &nbsp;&nbsp; (205648)<br>| &nbsp;&nbsp; (1092071)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1152733)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(411104)<br>| &nbsp;&nbsp; $(1457313)<br>| &nbsp;&nbsp; $(205648)<br>| &nbsp;&nbsp; $(3226798)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $190416 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $190416 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity*<br> *Contracts*<br>| *Credit*<br> *Contracts*<br>| *Equity*<br> *Contracts*<br>| *Foreign*<br> *Currency*<br> *Exchange*<br> *Contracts*<br>| *Interest*<br> *Rate*<br> *Contracts*<br>| *Other*<br> *Contracts*<br>| *Total* |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11563 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11563 |
| Swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; 300968 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 171620 | &nbsp;&nbsp; (48798)<br>| &nbsp;&nbsp; 423790 |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $300968 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11563 | &nbsp;&nbsp; $362036 | &nbsp;&nbsp; $(48798)<br>| &nbsp;&nbsp; $625769 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Options purchased are included in net realized gain (loss) from investments — unaffiliated.

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $161556295 |
| Average notional value of contracts — short | &nbsp;&nbsp; 11605359 |
| Forward foreign currency exchange contracts: |  |
| Average amounts purchased — in USD | &nbsp;&nbsp; 36795886 |
| Average amounts sold — in USD | &nbsp;&nbsp; 39558661 |
| Options: |  |
| Average notional value of swaption contracts purchased | &nbsp;&nbsp; 2575000 |
| Credit default swaps: |  |
| Average notional value — buy protection | &nbsp;&nbsp; 27787091 |
| Average notional value — sell protection | &nbsp;&nbsp; 25912478 |
| Interest rate swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; 368945090 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 335696275 |
| Inflation swaps: |  |
| Average notional value — pays fixed rate | &nbsp;&nbsp; 9800246 |
| Average notional value — receives fixed rate | &nbsp;&nbsp; 1255032 |

---

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

**Derivative Financial Instruments — Offsetting as of Period End**

The Master Portfolio's derivative assets and liabilities (by type) were as follows:

---

| | | |
|:---|:---|:---|
|  | *Assets* | *Liabilities* |
| Derivative Financial Instruments |  |  |
| Futures contracts | &nbsp;&nbsp; $6751 | &nbsp;&nbsp;&nbsp;&nbsp; $167609 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 210139 | &nbsp;&nbsp;&nbsp;&nbsp; 165979 |
| Swaps — centrally cleared | &nbsp;&nbsp; 1223 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total derivative assets and liabilities in the Statement of Assets and Liabilities | &nbsp;&nbsp; 218113 | &nbsp;&nbsp;&nbsp;&nbsp; 333588 |
| Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") | &nbsp;&nbsp; (7974)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (167609)<br>|
| Total derivative assets and liabilities subject to an MNA | &nbsp;&nbsp; $210139 | &nbsp;&nbsp;&nbsp;&nbsp; $165979 |

---

The following table presents the Master Portfolio's derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Master Portfolio:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Assets* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Received*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Assets*<sup>(c)(d)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $12045 | &nbsp;&nbsp; $(12045)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Bank PLC | &nbsp;&nbsp; 10661 | &nbsp;&nbsp; (10488)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 173 |
| BNP Paribas SA | &nbsp;&nbsp; 545 | &nbsp;&nbsp; (545)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citibank N.A. | &nbsp;&nbsp; 65276 | &nbsp;&nbsp; (13743)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51533 |
| Deutsche Bank AG | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; (1056)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs International | &nbsp;&nbsp; 24510 | &nbsp;&nbsp; (24510)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 4319 | &nbsp;&nbsp; (4319)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 20591 | &nbsp;&nbsp; (8866)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11725 |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 42427 | &nbsp;&nbsp; (4539)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37888 |
| Natwest Markets PLC | &nbsp;&nbsp; 18936 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18936 |

---

Master Portfolio Schedule of Investments

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative*<br> *Assets*<br> *Subject to*<br> *an MNA by*<br> *Counterparty*<br>| *Derivatives*<br> *Available*<br> *for Offset*<sup>(a)</sup><br>| *Non-Cash*<br> *Collateral*<br> *Received*<sup>(b)</sup><br>| *Cash*<br> *Collateral*<br> *Received*<sup>(b)</sup><br>| *Net Amount*<br> *of Derivative*<br> *Assets*<sup>(c)(d)</sup><br>|
| Societe Generale | &nbsp;&nbsp; $327 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $327 |
| Standard Chartered Bank | &nbsp;&nbsp; 690 | &nbsp;&nbsp; (690)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 4522 | &nbsp;&nbsp; (4522)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 4234 | &nbsp;&nbsp; (4234)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $210139 | &nbsp;&nbsp; $(89557)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $120582 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Counterparty* | *Derivative* <br>*Liabilities* <br>*Subject to* <br>*an MNA by* <br>*Counterparty*<br>| *Derivatives* <br>*Available* <br>*for Offset*<sup>(a)</sup><br>| *Non-Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Cash* <br>*Collateral* <br>*Pledged*<sup>(b)</sup><br>| *Net Amount* <br>*of Derivative* <br>*Liabilities*<sup>(c)(e)</sup><br>|
| Bank of America N.A. | &nbsp;&nbsp; $14699 | &nbsp;&nbsp; $(12045)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2654 |
| Barclays Bank PLC | &nbsp;&nbsp; 10488 | &nbsp;&nbsp; (10488)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 1441 | &nbsp;&nbsp; (545)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 896 |
| Citibank N.A. | &nbsp;&nbsp; 13743 | &nbsp;&nbsp; (13743)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank AG | &nbsp;&nbsp; 3243 | &nbsp;&nbsp; (1056)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2187 |
| Goldman Sachs International | &nbsp;&nbsp; 29777 | &nbsp;&nbsp; (24510)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5267 |
| HSBC Bank PLC | &nbsp;&nbsp; 25094 | &nbsp;&nbsp; (4319)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 20775 |
| JPMorgan Chase Bank N.A. | &nbsp;&nbsp; 8866 | &nbsp;&nbsp; (8866)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp; 4539 | &nbsp;&nbsp; (4539)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Royal Bank of Canada | &nbsp;&nbsp; 2130 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2130 |
| Standard Chartered Bank | &nbsp;&nbsp; 16586 | &nbsp;&nbsp; (690)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15896 |
| State Street Bank and Trust Co. | &nbsp;&nbsp; 5507 | &nbsp;&nbsp; (4522)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 985 |
| Toronto-Dominion Bank | &nbsp;&nbsp; 13538 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13538 |
| UBS AG | &nbsp;&nbsp; 16328 | &nbsp;&nbsp; (4234)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12094 |
|  | &nbsp;&nbsp; $165979 | &nbsp;&nbsp; $(89557)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $76422 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

<sup>(b)</sup> Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

<sup>(c)</sup> Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized.

<sup>(d)</sup> Net amount represents the net amount receivable from the counterparty in the event of default.

<sup>(e)</sup> Net amount represents the net amount payable due to the counterparty in the event of default. 

**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  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $38560919 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $38560919 |
| Common Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Corporate Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 272052113 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 272052113 |
| Foreign Agency Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4310285 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4310285 |
| Municipal Bonds | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3429337 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3429337 |
| Non-Agency Mortgage-Backed Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93788225 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93788225 |
| Preferred Securities |  |  |  |  |
| Capital Trusts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 375186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 375186 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 201970974 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 201970974 |
| U.S. Treasury Obligations | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125219090 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125219090 |

---

2025 BlackRock Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

December 31, 2025

**Advantage CoreAlpha Bond Master Portfolio**

**Fair Value Hierarchy as of Period End (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; $29358297 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $29358297 |
| U.S. Government Sponsored Agency Securities | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4632986 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4632986 |
|  | &nbsp;&nbsp; $29358297 | &nbsp;&nbsp;&nbsp;&nbsp; $744339115 | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $773697413 |
| Derivative Financial Instruments<sup>(a)</sup> <br>|  |  |  |  |
| Assets  |  |  |  |  |
| Credit Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $113655 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $113655 |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210139 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210139 |
| Interest Rate Contracts | &nbsp;&nbsp; 31175 | &nbsp;&nbsp;&nbsp;&nbsp; 901857 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 933032 |
| Liabilities  |  |  |  |  |
| Foreign Currency Exchange Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (165979)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (165979)<br>|
| Interest Rate Contracts | &nbsp;&nbsp; (897308)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (874460)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1771768)<br>|
| Other Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (48444)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (48444)<br>|
|  | &nbsp;&nbsp; $(866133)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $136768 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(729365)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

*See notes to financial statements.*

Master Portfolio Schedule of Investments

------

Statement of Assets and Liabilities

December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Advantage <br>CoreAlpha <br>Bond <br>Master Portfolio<br>|
| **ASSETS** |  |
| Investments, at value — unaffiliated<sup>(a)(b)</sup> | $744339116 |
| Investments, at value — affiliated<sup>(c)</sup> | 29358297 |
| Cash pledged: |  |
| Futures contracts | 2823000 |
| Centrally cleared swaps | 3388000 |
| Foreign currency, at value<sup>(d)</sup> | 3585929 |
| Receivables: |  |
| Securities lending income — affiliated | 7555 |
| Contributions from investors | 583740 |
| Dividends — affiliated | 21302 |
| Interest — unaffiliated | 5856880 |
| Principal paydowns | 947 |
| Variation margin on futures contracts | 6751 |
| Variation margin on centrally cleared swaps | 1223 |
| Unrealized appreciation on forward foreign currency exchange contracts | 210139 |
| Prepaid expenses | 5348 |
| Total assets | 790188227 |
| **LIABILITIES** |  |
| Collateral on securities loaned | 19913333 |
| Payables: |  |
| Investments purchased | 46714148 |
| Investment advisory fees | 146964 |
| Trustees' fees | 318 |
| Professional fees | 47991 |
| Variation margin on futures contracts | 167609 |
| Unrealized depreciation on forward foreign currency exchange contracts | 165979 |
| Total liabilities | 67156342 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $723031885 |
| **NET ASSETS CONSIST OF** |  |
| Investors' capital | $746362308 |
| Net unrealized appreciation (depreciation) | (23330423) |
| NET ASSETS | $723031885 |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $766975248 |
| <sup>(b)</sup> Securities loaned, at value | $19048401 |
| <sup>(c)</sup> Investments, at cost—affiliated | $29346625 |
| <sup>(d)</sup> Foreign currency, at cost | $3562526 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Statement of Operations

Year Ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | Advantage <br>CoreAlpha <br>Bond <br>Master Portfolio<br>|
| **INVESTMENT INCOME** |  |
| Dividends — affiliated | &nbsp;&nbsp; $359521 |
| Interest — unaffiliated | &nbsp;&nbsp; 34162014 |
| Securities lending income — affiliated — net | &nbsp;&nbsp; 104857 |
| Payment-in-kind interest — unaffiliated | &nbsp;&nbsp; 5597 |
| Total investment income | &nbsp;&nbsp; 34631989 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 1706042 |
| Professional | &nbsp;&nbsp; 47390 |
| Trustees | &nbsp;&nbsp; 10890 |
| Total expenses | &nbsp;&nbsp; 1764322 |
| Less fees waived and/or reimbursed by the Manager | &nbsp;&nbsp; (64144)<br>|
| Total expenses after fees waived and/or reimbursed | &nbsp;&nbsp; 1700178 |
| Net investment income | &nbsp;&nbsp; 32931811 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments — unaffiliated | &nbsp;&nbsp; (3555661)<br>|
| Investments — affiliated | &nbsp;&nbsp; (2020)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp; (411104)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 204368 |
| Futures contracts | &nbsp;&nbsp; (1594368)<br>|
| Swaps | &nbsp;&nbsp; (1092071)<br>|
|  | &nbsp;&nbsp; (6450856)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments — unaffiliated | &nbsp;&nbsp; 20272714 |
| Investments — affiliated | &nbsp;&nbsp; 394 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp; 11563 |
| Foreign currency translations | &nbsp;&nbsp; 123072 |
| Futures contracts | &nbsp;&nbsp; 190416 |
| Swaps | &nbsp;&nbsp; 423790 |
|  | &nbsp;&nbsp; 21021949 |
| Net realized and unrealized gain | &nbsp;&nbsp; 14571093 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $47502904 |

---

*See notes to financial statements.*

Master Portfolio Statement of Operations

------

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Advantage <br>CoreAlpha Bond <br>Master Portfolio | Advantage <br>CoreAlpha Bond <br>Master Portfolio |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 |
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $32931811 | &nbsp;&nbsp;&nbsp; $31351971 |
| Net realized loss | &nbsp;&nbsp; (6450856)<br>| &nbsp;&nbsp;&nbsp; (5246735)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 21021949 | &nbsp;&nbsp;&nbsp; (13156042)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 47502904 | &nbsp;&nbsp;&nbsp; 12949194 |
| **CAPITAL TRANSACTIONS** |  |  |
| Proceeds from contributions | &nbsp;&nbsp; 93565691 | &nbsp;&nbsp;&nbsp; 129247215 |
| Value of withdrawals | &nbsp;&nbsp; (116723567)<br>| &nbsp;&nbsp;&nbsp; (162294199)<br>|
| Net decrease in net assets derived from capital transactions | &nbsp;&nbsp; (23157876)<br>| &nbsp;&nbsp;&nbsp; (33046984)<br>|
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 24345028 | &nbsp;&nbsp;&nbsp; (20097790)<br>|
| Beginning of year | &nbsp;&nbsp; 698686857 | &nbsp;&nbsp;&nbsp; 718784647 |
| End of year | &nbsp;&nbsp; $723031885 | &nbsp;&nbsp;&nbsp; $698686857 |

---

*See notes to financial statements.*

2025 BlackRock Annual Financial Statements and Additional Information

------

Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Advantage CoreAlpha Bond Master Portfolio | Advantage CoreAlpha Bond Master Portfolio | Advantage CoreAlpha Bond Master Portfolio | Advantage CoreAlpha Bond Master Portfolio | Advantage CoreAlpha Bond Master Portfolio |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| **Total Return** |  |  |  |  |  |
| Total return | 6.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.41<br> %<br>| &nbsp;&nbsp;&nbsp; (14.21)%<br>| &nbsp;&nbsp;&nbsp; (1.88)%<br>|
| **Ratios to Average Net Assets**<sup>(a)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>|
| Total expenses after fees waived and/or reimbursed | 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>|
| Net investment income | 4.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.05<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $723032 | &nbsp;&nbsp;&nbsp; $698687 | &nbsp;&nbsp;&nbsp; $718785 | &nbsp;&nbsp;&nbsp; $1039366 | &nbsp;&nbsp;&nbsp; $1488952 |
| Portfolio turnover rate<sup>(b)</sup> | &nbsp;&nbsp; 183<br> %<br>| &nbsp;&nbsp;&nbsp; 142<br> %<br>| &nbsp;&nbsp;&nbsp; 201<br> %<br>| &nbsp;&nbsp;&nbsp; 205<br> %<br>| &nbsp;&nbsp;&nbsp; 219<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. <br> <sup>(b)</sup> Includes mortgage dollar roll transactions ("MDRs"). Additional information regarding portfolio turnover rate is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
|  | Year Ended <br>12/31/25 | &nbsp;&nbsp; Year Ended <br>12/31/24 | &nbsp;&nbsp; Year Ended <br>12/31/23 | &nbsp;&nbsp; Year Ended <br>12/31/22 | &nbsp;&nbsp; Year Ended <br>12/31/21 |
| Portfolio turnover rate (excluding MDRs) | &nbsp;&nbsp; 103<br> %<br>| &nbsp;&nbsp;&nbsp; 96<br> %<br>| &nbsp;&nbsp;&nbsp; 118<br> %<br>| &nbsp;&nbsp;&nbsp; 107<br> %<br>| &nbsp;&nbsp;&nbsp; 123<br> %<br>|

---

*See notes to financial statements.*

Master Portfolio Financial Highlights

------

Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***1.*** ***ORGANIZATION***

Master Investment Portfolio II ("MIP II") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. MIP II is organized as a Delaware statutory trust. Advantage CoreAlpha Bond Master Portfolio (the "Master Portfolio") is a series of MIP II. The Master Portfolio is classified as a diversified fund under the 1940 Act.

The Master Portfolio, together with certain other registered investment companies advised by BlackRock Advisors, LLC ("BAL" or the "Manager") or its affiliates, is included in a complex of funds referred to as the BlackRock Fixed-Income 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 (the "trade dates"). Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend dates. Non-cash dividends, if any, are recorded on the ex-dividend dates at fair value. 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, and payment-in-kind interest are recognized daily on an accrual basis.

**Foreign Currency Translation:** The Master Portfolio's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange ("NYSE"). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Master Portfolio does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Master Portfolio reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. The Master Portfolio has elected to treat realized gains (losses) from certain forward foreign currency exchange contracts as capital gain (loss) for U.S. federal income tax purposes.

**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.

**Deferred Compensation Plan:** Under the Deferred Compensation Plan (the "Plan") approved by the Board of Trustees of MIP II (the "Board"), the trustees who are not "interested persons" of the Master Portfolio, as defined in the 1940 Act ("Independent Trustees"), may defer a portion of their annual complex-wide compensation. Deferred amounts earn an approximate return as though equivalent dollar amounts had been invested in common shares of certain funds in the BlackRock Fixed-Income Complex selected by the Independent Trustees. This has the same economic effect for the Independent Trustees as if the Independent Trustees had invested the deferred amounts directly in certain funds in the BlackRock Fixed-Income Complex.

The Plan is not funded and obligations thereunder represent general unsecured claims against the general assets of the Master Portfolio, as applicable. Deferred compensation liabilities, if any, are included in the Trustees' and Officer's fees payable in the Statement of Assets and Liabilities and will remain as a liability of the Master Portfolio until such amounts are distributed in accordance with the Plan. Net appreciation (depreciation) in the value of participants' deferral accounts is allocated among the participating funds in the BlackRock Fixed-Income Complex and reflected as Trustees and Officer expense on the Statement of Operations. The Trustees and Officer expense may be negative as a result of a decrease in value of the deferred accounts.

**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

2025 BlackRock Annual Financial Statements and Additional Information

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Notes to Financial Statements (continued)

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 2023-09 enhances 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.

***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 has approved the designation of the Master Portfolio's Manager as the valuation designee for the Master Portfolio. The Master Portfolio determines the fair values of its financial instruments using various independent dealers or pricing services under the Manager's policies. If a security's market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with the Manager's policies and procedures as reflecting fair value. The Manager has formed a committee (the "Valuation Committee") to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

**Fair Value Inputs and Methodologies:** The following methods and inputs are used to establish the fair value of the Master Portfolio's assets and liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Fixed-income investments and certain derivative instruments for which market quotations are readily available are generally valued using the last available bid price provided by independent dealers or third-party pricing services. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in certain asset classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities are sold could differ from the prices used by a fund. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day's prevailing forward exchange rate for the underlying currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate market data and discounted cash flows. Total return and equity swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using models that incorporate market trades and fair value of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the 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-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.

Master Portfolio Notes to Financial Statements

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Notes to Financial Statements (continued)

For investments in equity or debt issued by privately held companies or funds ("Private Company" or collectively, the "Private Companies") and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) recapitalizations and other transactions across the capital structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) market or relevant indices multiples of comparable issuers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) quoted prices for similar investments or assets in active markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) relevant market news and other public sources.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model ("OPM"), a probability weighted expected return model ("PWERM"), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by the Master Portfolio. Certain information made available by a Private Company is as of a date that is earlier than the date the Master Portfolio is calculating its NAV. This factor may result in a difference between the value of the investment and the price the Master Portfolio could receive upon the sale of the investment.

**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:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•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 Private Companies 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***

**Asset-Backed and Mortgage-Backed Securities:** Asset-backed securities are generally issued as pass-through certificates or as debt instruments. Asset-backed securities issued as pass-through certificates represent undivided fractional ownership interests in an underlying pool of assets. Asset-backed securities issued as debt instruments, which are also known as collateralized obligations, are typically issued as the debt of a special purpose entity organized solely for the purpose of owning such assets and issuing such debt. Asset-backed securities are often backed by a pool of assets representing the obligations of a number of different parties. The yield characteristics of certain asset-backed securities may differ from traditional debt securities. One such major difference is that all or a principal part of the obligations may be prepaid at any time because the underlying assets (i.e., loans) may be prepaid at any time. As a result, a decrease in interest rates in the market may result in increases in the level of prepayments as borrowers, particularly mortgagors, refinance and repay their loans. An increased prepayment rate with respect to an asset-backed security will have the effect of shortening the maturity of the security. In addition, a fund may subsequently have to reinvest the proceeds at lower interest rates. If a fund has purchased such an asset-backed security at a premium, a faster than anticipated prepayment rate could result in a loss of principal to the extent of the premium paid.

For mortgage pass-through securities (the "Mortgage Assets") there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities that they issue. For example, mortgage-related securities guaranteed by Ginnie Mae are guaranteed as to the timely payment of principal and interest by Ginnie Mae and such guarantee is backed by the full faith and credit of the United States. However, mortgage-related securities

2025 BlackRock Annual Financial Statements and Additional Information

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Notes to Financial Statements (continued)

issued by Freddie Mac and Fannie Mae, including Freddie Mac and Fannie Mae guaranteed mortgage pass-through certificates, which are solely the obligations of Freddie Mac and Fannie Mae, are not backed by or entitled to the full faith and credit of the United States, but are supported by the right of the issuer to borrow from the U.S. Treasury.

Non-agency mortgage-backed securities are securities issued by non-governmental issuers and have no direct or indirect government guarantees of payment and are subject to various risks. Non-agency mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity. The ability of a borrower to repay a loan is dependent upon the income or assets of the borrower. A number of factors, including a general economic downturn, acts of God, terrorism, social unrest and civil disturbances, may impair a borrower's ability to repay its loans.

**Multiple Class Pass-Through Securities:** Multiple class pass-through securities, including collateralized mortgage obligations ("CMOs") and commercial mortgage-backed securities, may be issued by Ginnie Mae, U.S. Government agencies or instrumentalities or by trusts formed by private originators of, or investors in, mortgage loans. In general, CMOs are debt obligations of a legal entity that are collateralized by a pool of residential or commercial mortgage loans or Mortgage Assets. The payments on these are used to make payments on the CMOs or multiple pass-through securities. Multiple class pass-through securities represent direct ownership interests in the Mortgage Assets. Classes of CMOs include interest only ("IOs"), principal only ("POs"), planned amortization classes and targeted amortization classes. IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages, the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the principal is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slower than anticipated, the life of the PO is lengthened and the yield to maturity is reduced. If the underlying Mortgage Assets experience greater than anticipated prepayments of principal, a fund's initial investment in the IOs may not fully recoup.

**Capital Securities and Trust Preferred Securities:** Capital securities, including trust preferred securities, are typically issued by corporations, generally in the form of interest-bearing notes with preferred securities characteristics. In the case of trust preferred securities, an affiliated business trust of a corporation issues these securities, generally in the form of beneficial interests in subordinated debentures or similarly structured securities. The securities can be structured with either a fixed or adjustable coupon that can have either a perpetual or stated maturity date. For trust preferred securities, the issuing bank or corporation pays interest to the trust, which is then distributed to holders of these securities as a dividend. Dividends can be deferred without creating an event of default or acceleration, although maturity cannot take place unless all cumulative payment obligations have been met. The deferral of payments does not affect the purchase or sale of these securities in the open market. These securities generally are rated below that of the issuing company's senior debt securities and are freely callable at the issuer's option.

**Forward Commitments, When-Issued and Delayed Delivery Securities:** The Master Portfolio may purchase securities on a when-issued basis and may purchase or sell securities on a forward commitment basis. Settlement of such transactions normally occurs within a month or more after the purchase or sale commitment is made. The Master Portfolio may purchase securities under such conditions with the intention of actually acquiring them but may enter into a separate agreement to sell the securities before the settlement date. Since the value of securities purchased may fluctuate prior to settlement, the Master Portfolio may be required to pay more at settlement than the security is worth. In addition, a fund is not entitled to any of the interest earned prior to settlement. When purchasing a security on a delayed delivery basis, the Master Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations. In the event of default by the counterparty, the Master Portfolio's maximum amount of loss is the unrealized appreciation of unsettled when-issued transactions. These types of securities may be considered unfunded and may obligate the Master Portfolio to make future cash payments. An unfunded commitment is marked-to-market and any unrealized appreciation (depreciation) is separately presented in the Statement of Assets and Liabilities and Statement of Operations.

**TBA Commitments:** TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and mortgage terms. When entering into TBA commitments, a fund may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date, if there are expenses or delays in connection with the TBA transactions, or if the counterparty fails to complete the transaction.

In order to better define contractual rights and to secure rights that will help a fund mitigate its counterparty risk, TBA commitments may be entered into by a fund under Master Securities Forward Transaction Agreements (each, an "MSFTA"). An MSFTA typically contains, among other things, collateral posting terms and netting provisions in the event of default and/or termination event. The collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of the collateral currently pledged by a fund and the counterparty. Cash collateral that has been pledged to cover the obligations of a fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral for TBA commitments or cash received as collateral for TBA commitments, respectively. Non-cash collateral pledged by a fund, if any, is noted in the Schedule of Investments. Typically, a fund is permitted to sell, re-pledge or use the collateral it receives; however, the counterparty is not permitted to do so. To the extent amounts due to a fund are not fully collateralized, contractually or otherwise, a fund bears the risk of loss from counterparty non-performance.

**Mortgage Dollar Roll Transactions:** The Master Portfolio may sell TBA mortgage-backed securities and simultaneously contract to repurchase substantially similar (i.e., same type, coupon and maturity) securities on a specific future date at an agreed upon price. During the period between the sale and repurchase, a fund is not entitled to receive interest and principal payments on the securities sold. Mortgage dollar roll transactions are treated as purchases and sales and a fund realizes gains and losses on these transactions. Mortgage dollar rolls involve the risk that the market value of the securities that a fund is required to purchase may decline below the agreed upon repurchase price of those securities.

**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

Master Portfolio Notes to Financial Statements

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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-cash collateral received cannot be sold, re-invested or pledged by the Master Portfolio, except in the event of borrower default. The securities on loan, if any, are disclosed in the Master Portfolio's Schedule of Investments. The market value of any securities on loan and the value of 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-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Master Portfolio, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty's bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Master Portfolio can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties' obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party's net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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:

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| | | | | |
|:---|:---|:---|:---|:---|
| *Counterparty* | *Securities* <br>*Loaned at Value*<br>| *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net* <br>*Amount*<br>|
| Barclays Bank PLC | &nbsp;&nbsp; $2228983 | &nbsp;&nbsp; $(2228983)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Barclays Capital, Inc. | &nbsp;&nbsp; 388233 | &nbsp;&nbsp; (388233)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BMO Capital Markets Corp. | &nbsp;&nbsp; 924585 | &nbsp;&nbsp; (924585)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BNP Paribas SA | &nbsp;&nbsp; 2281673 | &nbsp;&nbsp; (2281673)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 317764 | &nbsp;&nbsp; (317764)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citadel Clearing LLC | &nbsp;&nbsp; 351490 | &nbsp;&nbsp; (351490)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 569051 | &nbsp;&nbsp; (569051)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Deutsche Bank Securities, Inc. | &nbsp;&nbsp; 1698992 | &nbsp;&nbsp; (1698992)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 1308726 | &nbsp;&nbsp; (1308726)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 2384157 | &nbsp;&nbsp; (2384157)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Mitsubishi UFJ Securities Holdings Co., Ltd. | &nbsp;&nbsp; 301566 | &nbsp;&nbsp; (301566)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 476369 | &nbsp;&nbsp; (476369)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| National Bank of Canada | &nbsp;&nbsp; 1603918 | &nbsp;&nbsp; (1603918)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pershing LLC | &nbsp;&nbsp; 400161 | &nbsp;&nbsp; (400161)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| RBC Capital Markets LLC | &nbsp;&nbsp; 1800787 | &nbsp;&nbsp; (1800787)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Scotia Capital (USA), Inc. | &nbsp;&nbsp; 182915 | &nbsp;&nbsp; (182915)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Scotia Capital, Inc. | &nbsp;&nbsp; 41342 | &nbsp;&nbsp; (41342)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 183304 | &nbsp;&nbsp; (183304)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 735900 | &nbsp;&nbsp; (735900)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 247197 | &nbsp;&nbsp; (247197)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 471395 | &nbsp;&nbsp; (471395)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 149893 | &nbsp;&nbsp; (149893)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $19048401 | &nbsp;&nbsp; $(19048401)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Master Portfolio is disclosed in the Master Portfolio's Statement of Assets and Liabilities. 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Master Portfolio benefits from a borrower default indemnity provided by BlackRock 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).

2025 BlackRock Annual Financial Statements and Additional Information

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Notes to Financial Statements (continued)

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.

**Forward Foreign Currency Exchange Contracts**: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Master Portfolio are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded OTC and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation (depreciation) in the Statement of Assets and Liabilities. When a contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a forward foreign currency exchange contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount reflected in the Statement of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statement of Assets and Liabilities. The Master Portfolio's risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Master Portfolio.

**Options:** The Master Portfolio may purchase and write call and put options to increase or decrease its exposure to the risks of underlying instruments, including equity risk, interest rate risk and/or commodity price risk and/or, in the case of options written, to generate gains from options premiums.

A call option gives the purchaser (holder) of the option the right (but not the obligation) to buy, and obligates the seller (writer) to sell (when the option is exercised) the underlying instrument at the exercise or strike price at any time or at a specified time during the option period. A put option gives the holder the right to sell and obligates the writer to buy the underlying instrument at the exercise or strike price at any time or at a specified time during the option period.

Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments at value – unaffiliated and options written at value, respectively, in the Statement of Assets and Liabilities. When an instrument is purchased or sold through the exercise of an option, the premium is offset against the cost or proceeds of the underlying instrument. When an option expires, a realized gain or loss is recorded in the Statement of Operations to the extent of the premiums received or paid. When an option is closed or sold, a gain or loss is recorded in the Statement of Operations to the extent the cost of the closing transaction exceeds the premiums received or paid. When the Master Portfolio writes a call option, such option is typically "covered," meaning that it holds the underlying instrument subject to being called by the option counterparty. When the Master Portfolio writes a put option, cash is segregated in an amount sufficient to cover the obligation. These amounts, which are considered restricted, are included in cash pledged as collateral for options written in the Statement of Assets and Liabilities.

In purchasing and writing options, the Master Portfolio bears the risk of an unfavorable change in the value of the underlying instrument or the risk that it may not be able to enter into a closing transaction due to an illiquid market. Exercise of a written option could result in the Master Portfolio purchasing or selling a security when it otherwise would not, or at a price different from the current market value.

**Swaps:** Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Master Portfolio and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps").

For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Master Portfolio's basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and the CCP becomes the Master Portfolio's counterparty on the swap. The Master Portfolio is required to interface with the CCP through the broker. Upon entering into a centrally cleared swap, 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 the size and risk profile of the particular swap. Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statement of Assets and Liabilities. Pursuant to the contract, the Master Portfolio agrees to receive from or pay to the broker variation margin. Variation margin is recorded as unrealized

Master Portfolio Notes to Financial Statements

------

Notes to Financial Statements (continued)

appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statement of Operations, including those at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Credit default swaps — Credit default swaps are entered into to manage exposure to the market or certain sectors of the market, to reduce risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which a fund is not otherwise exposed (credit risk).

The Master Portfolio may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps are agreements in which the protection buyer pays fixed periodic payments to the seller in consideration for a promise from the protection seller to make a specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring). As a buyer, if an underlying credit event occurs, the Master Portfolio will either (i) receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index, or (ii) receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Master Portfolio will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest rate swaps — Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).

Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party's stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Forward swaps — The Master Portfolio may enter into forward interest rate swaps and forward total return swaps. In a forward swap, the Master Portfolio and the counterparty agree to make periodic net payments beginning on a specified date or a net payment at termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Inflation swaps — Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party's variable payments based on an inflation index, such as the Consumer Price Index.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

**Master Netting Arrangements:** In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, the Master Portfolio may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Master Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Master Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

**Collateral Requirements:** For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Master Portfolio and the counterparty.

Cash collateral that has been pledged to cover obligations of the Master Portfolio and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Master Portfolio, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Master Portfolio. Any additional required collateral is delivered to/pledged by the Master Portfolio on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Master Portfolio generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Master Portfolio from the counterparties are not fully collateralized, the Master Portfolio bears the risk of loss from counterparty non-performance. Likewise, to the extent the Master Portfolio has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, the Master Portfolio bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, the Master Portfolio does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

2025 BlackRock Annual Financial Statements and Additional Information

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Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Investment Advisory:** MIP II, 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, Inc.("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 the following percentages of the average daily value of the Master Portfolio's net assets:

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| | |
|:---|:---|
| *Average Daily Net Assets* | *Investment* <br>*Advisory Fees*<br>|
| First $1 billion | 0.24<br> % <br>|
| $1 billion — $3 billion | 0.23 |
| $3 billion — $5 billion | 0.22 |
| $5 billion — $10 billion | 0.21 |
| Greater than $10 billion | 0.20 |

---

With respect to the Master Portfolio, the Manager entered into a sub-advisory agreement with each of BlackRock International Limited ("BIL") and BlackRock Fund Advisors ("BFA") (collectively, the "Sub-Advisers"), each an affiliate of the Manager. The Manager pays BIL and BFA for services they provide for that portion of the Master Portfolio for which BIL and BFA, as applicable, acts as Sub-Adviser, a monthly fee that is equal to a percentage of the investment advisory fees paid by the Master Portfolio to the Manager.

**Expense Waivers and Reimbursements:** The fees and expenses of the MIP II's 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. The Manager 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 these independent expenses through June 30, 2026. 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 $58,280.

With respect to the Master Portfolio, 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 amount waived was $5,864.

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. For the year ended December 31, 2025, there were no fees waived by the Manager 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 82% 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 Fixed-Income 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 85% 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.

Master Portfolio Notes to Financial Statements

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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 $33,989 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 MIP II are directors and/or officers of BlackRock or its affiliates.

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

For the year ended December 31, 2025, purchases and sales of investments, including paydowns/payups, mortgage dollar rolls and excluding short-term securities, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government Securities  | U.S. Government Securities  | Other Securities  | Other Securities  |
| *Master Portfolio Name*  | *Purchases* | *Sales* | *Purchases* | *Sales* |
| Advantage CoreAlpha Bond Master Portfolio | &nbsp;&nbsp; $1206190839 | &nbsp;&nbsp; $1210590418 | &nbsp;&nbsp; $142960843 | &nbsp;&nbsp; $122899737 |

---

For the year ended December 31, 2025, purchases and sales related to mortgage dollar rolls were $585,604,743 and $585,949,132, respectively.

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

The Master Portfolio is disregarded as an entity separate from its owner for tax purposes. As such, the owner of the Master Portfolio is treated as the owner of the 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 the owner of 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| *Master Portfolio Name* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Advantage CoreAlpha Bond Master Portfolio | &nbsp;&nbsp; $796332324 | &nbsp;&nbsp;&nbsp; $10053404 | &nbsp;&nbsp;&nbsp; $(32717842) | &nbsp;&nbsp;&nbsp; $(22664438) |

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

MIP II, 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.

2025 BlackRock Annual Financial Statements and Additional Information

------

Notes to Financial Statements (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

***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 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.

**Market Risk:** The Master Portfolio may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force the Master Portfolio to reinvest in lower yielding securities. The Master Portfolio may also be exposed to reinvestment risk, which is the risk that income from the Master Portfolio's portfolio will decline if the Master Portfolio invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below the Master Portfolio portfolio's current earnings rate.

Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions, credit rating downgrades, or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest or otherwise affect the value of such securities. Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to, taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the discontinuance of the tax benefits supporting the project or assets or the inability to collect revenues for the project or from the assets. Municipal securities may be less liquid than taxable bonds, and there may be less publicly available information on the financial condition of municipal security issuers than for issuers of other securities.

**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.

The price the Master Portfolio could receive upon the sale of any particular portfolio investment may differ from the Master Portfolio's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore the Master Portfolio's results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Master Portfolio, and the Master Portfolio could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.

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

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

With exchange-traded futures and centrally cleared swaps, 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 and centrally cleared swaps 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.

Master Portfolio Notes to Financial Statements

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Notes to Financial Statements (continued)

The Master Portfolio invests a significant portion of its assets in fixed-income securities and/or uses derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Master Portfolio may be subject to a greater risk of rising interest rates during a period of historically low interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Master Portfolio's performance.

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-payment would 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.

The Master Portfolio invests a significant portion of its assets in securities backed by commercial or residential mortgage loans or in issuers that hold mortgage and other asset-backed securities. When a fund concentrates its investments in this manner, it assumes a greater risk of prepayment or payment extension by securities issuers. Changes in economic conditions, including delinquencies and/or defaults on assets underlying these securities, can affect the value, income and/or liquidity of such positions. Investment percentages in these securities are presented in the Schedule of Investments.

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

***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.

2025 BlackRock Annual Financial Statements and Additional Information

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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

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Advantage CoreAlpha Bond Master Portfolio (one of the series constituting Master Investment Portfolio II, 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 24, 2026

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

Master Portfolio Report of Independent Registered Public Accounting Firm

------

Additional Information

**Changes in and Disagreements with Accountants**

Not applicable.

**Proxy Results**

Not applicable.

**Remuneration Paid to Trustees, Officers, and Others**

Each of BAL and BFA has contractually agreed to reimburse, or provide offsetting credits to, the Fund/Master Portfolio for the Fund's/Master Portfolio's allocable portion of the fees and expenses of the independent trustees of the Trust and MIP II, counsel to such independent trustees and the independent registered public accounting firm.

**General Information**

Quarterly performance, shareholder reports, semi-annual and annual financial statements, current net asset value and other information regarding the Fund/Master Portfolio may be found on BlackRock's website, which can be accessed at **blackrock.com**. Any reference to BlackRock's website in this report is intended to allow investors public access to information regarding the Fund/Master Portfolio and does not, and is not intended to, incorporate BlackRock's website in this report.

**Electronic Delivery**

Shareholders can sign up for e-mail notifications of quarterly statements, annual and semi-annual shareholder reports and prospectuses by enrolling in the electronic delivery program.

To enroll in electronic delivery:

**Shareholders Who Hold Accounts with Investment Advisors, Banks or Brokerages:**

Please contact your financial advisor. Please note that not all investment advisors, banks or brokerages may offer this service.

**Shareholders Who Hold Accounts Directly with BlackRock:**

1. Access the BlackRock website at **blackrock.com**

2. Select "Access Your Account"

3. Next, select "eDelivery" in the "Related Resources" box and follow the sign-up instructions.

**BlackRock's Mutual Fund Family**

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit **blackrock.com** for more information.

**Shareholder Privileges**

**Account Information**

Call us at (800) 441-7762 from 8:00 AM to 6:00 PM ET on any business day to get information about your account balances, recent transactions and share prices. You can also visit **blackrock.com** for more information.

**Automatic Investment Plans**

Investor class shareholders who want to invest regularly can arrange to have $50 or more automatically deducted from their checking or savings account and invested in any of the BlackRock funds.

**Systematic Withdrawal Plans**

Investor class shareholders can establish a systematic withdrawal plan and receive periodic payments of $50 or more from their BlackRock funds, as long as their account balance is at least $10,000.

**Retirement Plans**

Shareholders may make investments in conjunction with Traditional, Rollover, Roth, Coverdell, Simple IRAs, SEP IRAs and 403(b) Plans.

2025 BlackRock Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Fund and/or MIP II Service Providers**

**Investment Adviser and Administrator**

BlackRock Advisors, LLC

Wilmington, DE 19809

**Sub-Adviser**

BlackRock Fund Advisors

San Francisco, CA 94105

BlackRock International Limited

Edinburgh, EH3 8BL

United Kingdom

**Accounting Agent and Custodian**

State Street Bank and Trust Company

Boston, MA 02114

**Transfer Agent**

BNY Mellon Investment Servicing (US) Inc.

Wilmington, DE 19809

**Distributor**

BlackRock Investments, LLC

New York, NY 10001

**Independent Registered Public Accounting Firm**

PricewaterhouseCoopers LLP

Philadelphia, PA 19103

**Legal Counsel**

Willkie Farr & Gallagher LLP

New York, NY 10019

**Address of the Fund/MIP II**

100 Bellevue Parkway

Wilmington, DE 19809

Additional Information

------

Glossary of Terms Used in these Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviation**  | **Currency Abbreviation**  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chilean Peso |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PHP | Philippine Peso |
| PLN | Polish Zloty |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TWD | New Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio Abbreviation**  | **Portfolio Abbreviation**  |
| ABS | Asset-Backed Security |
| ARB | Airport Revenue Bonds  |
| BAB | Build America Bond |
| BBSW | Bank Bill Swap Rate |
| CME | Chicago Mercantile Exchange  |
| CMT | Constant Maturity Treasury |
| CORRA | Overnight Bank of Canada Repo Rate |
| CPI | Consumer Price Index |
| CVR | Contingent Value Right |
| EURIBOR | Euro Interbank Offered Rate |
| GO | General Obligation Bonds |
| GOL | General Obligation Ltd. |
| MSCI | Morgan Stanley Capital International |
| PIK | Payment-in-Kind |
| RB | Revenue Bonds |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| RFUCCT | Refinitiv USD IBOR Consumer Cash Fallbacks Term |
| S&P | Standard & Poor's |
| SOFR | Secured Overnight Financing Rate  |
| SONIA | Sterling Overnight Interbank Average Rate |
| STACR | Structured Agency Credit Risk |

---

2025 BlackRock Annual Financial Statements and Additional Information

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Want to know more?

blackrock.com \| 800-441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Fund unless preceded or accompanied by the Fund's current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

![](g812244img0d9119142.jpg)

![](g812244imga753653a1.jpg)

------

Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

#### 4

------

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

---

Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrants' principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrants' disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrants' internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrants' internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item8812244_555)

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrants' securities are listed – Not Applicable

[(a)(3) Section 302 Certifications are attached](d812244dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d812244dex99906cert.htm)

#### 5

------

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

BlackRock Funds VI and Master Investment Portfolio II

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds VI and Master Investment Portfolio II |

---

Date: February 24, 2026

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

---

| | |
|:---|:---|
| By: | /s/ John M. Perlowski  |
|  | John M. Perlowski |
|  | Chief Executive Officer (principal executive officer) of |
|  | BlackRock Funds VI and Master Investment Portfolio II |

---

Date: February 24, 2026

---

| | |
|:---|:---|
| By: | /s/ Trent Walker  |
|  | Trent Walker |
|  | Chief Financial Officer (principal financial officer) of |
|  | BlackRock Funds VI and Master Investment Portfolio II |

---

Date: February 24, 2026

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock Funds VI and Master Investment Portfolio II, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds VI and Master Investment Portfolio II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrants as of, and for, the periods presented in this report;

4. The registrants' other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrants' disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrants' 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 registrants' internal control over financial reporting; and

5. The registrants' other certifying officer(s) and I have disclosed to the registrants' auditors and the audit committees of the registrants' boards of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants' internal control over financial reporting.

Date: February 24, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds VI and Master Investment Portfolio II

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE** 

**SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock Funds VI and Master Investment Portfolio II, certify that:

1. I have reviewed this report on Form N-CSR of BlackRock Funds VI and Master Investment Portfolio II;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrants as of, and for, the periods presented in this report;

4. The registrants' other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrants' disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrants' 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 registrants' internal control over financial reporting; and

5. The registrants' other certifying officer(s) and I have disclosed to the registrants' auditors and the audit committees of the registrants' boards of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants' internal control over financial reporting.

Date: February 24, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds VI and Master Investment Portfolio II

## Exhibit 99.906

Exhibit 99.906CERT

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds VI and Master Investment Portfolio II (the "Registrants"), hereby certifies, to the best of their knowledge, that the Registrants' Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrants.

Date: February 24, 2026

<u>/s/ John M. Perlowski</u> 

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock Funds VI and Master Investment Portfolio II

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock Funds VI and Master Investment Portfolio II (the "Registrants"), hereby certifies, to the best of their knowledge, that the Registrants' Report on Form N-CSR for the period ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrants.

Date: February 24, 2026

<u>/s/ Trent Walker</u> 

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock Funds VI and Master Investment Portfolio II

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**