# EDGAR Filing Document

**Accession Number:** 0001738077
**File Stem:** 0001193125-26-195331
**Filing Date:** 2026-4
**Character Count:** 189316
**Document Hash:** 744a28c215c371e03fb05814b9e2e675
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-195331.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-195331

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Master Investment Portfolio II
- **CENTRAL INDEX KEY:** 0001738077

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

**FILING VALUES:**
- **FORM TYPE:** POS AMI
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23343
- **FILM NUMBER:** 26921796

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

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

## Series and Classes Contracts Data

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

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

**As Filed With the Securities and Exchange Commission on April 30, 2026** 

**Investment Company Act File No. 811-23343** 

**SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, DC 20549** 

**FORM N-1A** 

**REGISTRATION STATEMENT** 

**UNDER** 

**THE INVESTMENT COMPANY ACT OF 1940** 

**AMENDMENT NO. 14** 

## MASTER INVESTMENT PORTFOLIO II
**(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)** 

**100 BELLEVUE PARKWAY** 

**WILMINGTON, DELAWARE 19809** 

**(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)** 

**REGISTRANT'S TELEPHONE NUMBER: (800) 441-7762** 

**JOHN M. PERLOWSKI** 

**MASTER INVESTMENT PORTFOLIO II** 

**50 HUDSON YARDS,** 

**NEW YORK, NY 10001** 

**UNITED STATES OF AMERICA** 

**(NAME AND ADDRESS OF AGENT FOR SERVICE)** 

***WITH A COPY TO:***

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| | |
|:---|:---|
| **MARGERY K. NEALE, ESQ.** | **JANEY AHN, ESQ.** |
| **ELLIOT J. GLUCK, ESQ.** | **BLACKROCK ADVISORS, LLC** |
| **WILLKIE FARR & GALLAGHER LLP** | **50 HUDSON YARDS,** |
| **787 SEVENTH AVENUE** | **NEW YORK, NY 10001** |
| **NEW YORK, NEW YORK 10019** |  |

---

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**MASTER INVESTMENT PORTFOLIO II** 

**ADVANTAGE COREALPHA BOND MASTER PORTFOLIO** 

**EXPLANATORY NOTE** 

This is the combined Part A and Part B of the Registration Statement on Form N-1A for Advantage CoreAlpha Bond Master Portfolio (formerly, CoreAlpha Bond Master Portfolio) (the "Master Portfolio"). The Master Portfolio is a diversified portfolio of Master Investment Portfolio II ("MIP II"), an open-end, series management investment company.

The Master Portfolio operates as part of a master/feeder structure, and one or more corresponding feeder funds invest all of its/their assets in the Master Portfolio with substantially the same investment objective, strategies and policies as the corresponding feeder fund. Throughout this combined Part A and Part B for the Master Portfolio, specified information concerning the Master Portfolio and MIP II is incorporated by reference from the [most recently effective registration statement on Form N-1A under the Investment Company Act of 1940, as amended (the "1940 Act"), of BlackRock Funds VI (File Nos. 333-224374; 811-23344) that relates to and includes the prospectuses and the statement of additional information of the BlackRock Funds VI Feeder Fund](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm), a separate publicly offered investment company organized as a Delaware statutory trust. The BlackRock Funds VI Feeder Fund invests all of its assets in the Master Portfolio. To the extent that information concerning the Master Portfolio and/or MIP II is incorporated by reference and BlackRock Funds VI has filed, pursuant to Rule 497 under the Securities Act of 1933, as amended (the "1933 Act"), a supplement to the BlackRock Funds VI Feeder Fund's prospectuses or statement of additional information that supplements such incorporated information, then the supplemented information contained in such Rule 497 filing is also incorporated herein by reference. The BlackRock Funds VI Feeder Fund's current combined prospectuses and statement of additional information, as supplemented from time to time, are referred to herein collectively as the "Prospectus" and "SAI," respectively. Each feeder fund that invests in the Master Portfolio (including the BlackRock Funds VI Feeder Fund) is referred to herein as a "Feeder Fund" and collectively as the "Feeder Funds." From time to time, the Master Portfolio may have one or more feeder funds that are not BlackRock Funds VI Feeder Funds.

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**PART A – PROSPECTUS** 

**April 30, 2026** 

THIS PART A DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, ANY "SECURITY" WITHIN THE MEANING OF THE 1933 ACT.

The Master Portfolio's Part B, dated April 30, 2026, is incorporated by reference into this Part A.

**ITEMS 1 THROUGH 4.** 

Responses to Items 1 through 4 have been omitted pursuant to General Instruction B, Paragraph 2(b), to Form N-1A under the 1940 Act.

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| | |
|:---|:---|
| **ITEM 5.** | ***MANAGEMENT.***  |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) *INVESTMENT ADVISER* 

BlackRock Advisors, LLC ("BlackRock" or the "Manager") is the investment adviser of the Master Portfolio. BlackRock International Limited ("BIL") and BlackRock Fund Advisors ("BFA") are the sub-advisers of the Master Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *PORTFOLIO MANAGERS* 

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| | | |
|:---|:---|:---|
| **Name** | **Since** | **Title** |
|  Scott Radell | 2007\* | Managing Director of BlackRock, Inc. |
|  Jeffrey Rosenberg, CFA | 2019 | Managing Director of BlackRock, Inc. |
|  Jasmita Mohan | 2022 | Director of BlackRock, Inc. |

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\* Includes management of CoreAlpha Bond Master Portfolio (the "Predecessor Master Portfolio"), a series of Master Investment Portfolio.

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| | |
|:---|:---|
| **ITEM 6.** | ***PURCHASE AND SALE OF INTERESTS.***  |

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Interests in the Master Portfolio are issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the 1933 Act. Investments in the Master Portfolio may only be made by investment companies or certain other entities that are "accredited investors" within the meaning of Regulation D under the 1933 Act.

The Master Portfolio has no minimum initial or subsequent investment requirements.

A Feeder Fund may withdraw all or any portion of its investment in the Master Portfolio on any business day on which the New York Stock Exchange ("NYSE") is open at the net asset value next determined after a redemption request is received in proper form by the Master Portfolio.

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| | |
|:---|:---|
| **ITEM 7.** | ***TAX INFORMATION.***  |

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The Master Portfolio intends to operate as a non-publicly traded partnership for U.S. federal income tax purposes. If the Master Portfolio has only one Feeder Fund (either (i) directly or (ii) indirectly through an entity that is disregarded for U.S. federal income tax purposes), then the Master Portfolio's existence as an entity separate from that Feeder Fund would be disregarded for U.S. federal income tax purposes. Whether the Master Portfolio is a partnership or disregarded as a separate entity it will generally not be subject to U.S. federal income tax.

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| | |
|:---|:---|
| **ITEM 8.** | ***FINANCIAL INTERMEDIARY COMPENSATION.***  |

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Not applicable.

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| | |
|:---|:---|
| **ITEM 9.** | ***INVESTMENT OBJECTIVE, PRINCIPAL INVESTMENT STRATEGIES, RELATED RISKS AND DISCLOSURE OF PORTFOLIO HOLDINGS.***  |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) *INVESTMENT OBJECTIVE* 

The Master Portfolio seeks to provide a combination of income and capital growth.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *IMPLEMENTATION OF INVESTMENT OBJECTIVES* 

The Master Portfolio invests, under normal circumstances, at least 80% of the value of the Master Portfolio's net assets, plus the amount of any borrowing for investment purposes, in bonds. The Master Portfolio will provide interestholders with at least 60 days' notice of any change to this investment policy. For the purposes of this strategy, "bonds" include the following: obligations issued or guaranteed by the U.S. Government or a foreign government or their agencies, instrumentalities or political subdivisions; mortgage-backed securities, including agency mortgage pass-through securities and commercial mortgage-backed securities; mortgage to-be-announced ("TBA") securities; debt obligations of U.S. or foreign issuers; municipal securities; and asset-backed securities. The Master Portfolio's investments in derivatives will be counted towards the Master Portfolio's 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Master Portfolio may invest in bonds issued by companies located in countries other than the United States, including companies in emerging markets. These securities may have all types of interest rate payment and reset terms, including fixed rate, adjustable rate, floating rate, zero coupon, contingent, deferred, payment in kind and auction rate features. The Master Portfolio seeks to invest a substantial portion of its assets in U.S.-registered, dollar-denominated bonds. The Master Portfolio may invest in bonds of any maturity or duration.

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The Master Portfolio may invest a significant portion of its assets in U.S. agency mortgage pass-through securities, which are securities issued by entities such as the Government National Mortgage Association ("Ginnie Mae") and the Federal National Mortgage Association that are backed by pools of mortgages. Most transactions in mortgage pass-through securities occur through standardized contracts for future delivery in which the exact mortgage-backed securities to be delivered are not specified until a few days prior to settlement. The Master Portfolio expects to enter into such contracts on a regular basis.

Although the Master Portfolio normally invests primarily in investment grade securities, it may invest up to 10% of its assets in securities rated below investment grade or which are deemed to be of comparable quality by BlackRock ("high yield" or "junk" bonds) at the time of purchase. Investment grade bonds are bonds rated in the four highest categories by at least one of the major rating agencies or determined by Master Portfolio management to be of similar quality.

The Master Portfolio may use derivatives, such as futures contracts, options (including, but not limited to, options on swaps) and various other instruments (including, but not limited to, interest rate, total return, credit default and credit default index swaps (which can be used to transfer the credit risk of a security without actually transferring ownership of the security or to customize exposure to a particular credit risk), credit-linked notes, and indexed and inverse floating-rate securities). The Master Portfolio may use derivatives, for example, in managing short-term liquidity, as substitutes for comparable positions in underlying securities, in managing duration and/or to position the portfolio for anticipated changes in markets. The Master Portfolio may also invest in derivatives based on foreign currencies. In addition, the Master Portfolio may use derivatives and short sales, which are transactions in which the Master Portfolio sells securities borrowed from others with the expectation that the price of the security will fall before the Master Portfolio must purchase the security to return it to the lender, to enhance returns as part of an overall investment strategy or to offset a potential decline in the value of other holdings (commonly referred to as a "hedge"), although the Master Portfolio is not required to hedge and may choose not to do so.

*Other Investment Strategies:* In addition to the principal strategies discussed above, the Master Portfolio may also invest or engage in the following investments/strategies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Convertible Securities* — The Master Portfolio may invest in convertible securities. Convertible
securities generally are debt securities or preferred stock that may be converted into common stock. Convertible securities typically pay current income as either interest (debt security convertibles) or dividends (preferred stock). A convertible
security's value usually reflects both the stream of current income payments and the market value of the underlying common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Equity Securities* — The Master Portfolio can invest in all types of equity securities, including
common stock, preferred stock, warrants and stock purchase rights of companies of any market capitalization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Illiquid Investments* — The Master Portfolio may not acquire any illiquid investment if, immediately
after the acquisition, the Master Portfolio would have invested more than 15% of its net assets 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Investment Companies* — The Master Portfolio has the ability to invest in other investment
companies, such as exchange-traded funds, unit investment trusts, and open-end and closed-end funds. The Master Portfolio may invest in affiliated investment companies including affiliated money market funds and affiliated exchange-traded funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Repurchase Agreements* — The Master Portfolio may enter into certain types of repurchase
agreements. Under a repurchase agreement, the seller agrees to repurchase a security at a mutually agreed-upon time and price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Restricted Securities* — Restricted securities are securities that cannot be offered for public
resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale. They may include Rule 144A securities, which are privately placed securities that can be resold to qualified
institutional buyers but not to the general public, and securities of U.S. and non-U.S. issuers that are offered pursuant to Regulation S under the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Securities Lending* — The Master Portfolio may lend securities with a value up to 33<sup>1</sup>⁄<sub>3</sub>% of its total assets to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Short-Term Securities or Instruments* — The Master Portfolio can invest in high quality
short-term U.S. dollar or non-U.S. dollar denominated fixed-income securities or other instruments, such as U.S. or foreign government securities, commercial paper and money market instruments issued by U.S. or foreign commercial banks or depository
institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Temporary Defensive Strategies* — For temporary defensive purposes, for example, to respond to
adverse market, economic, political or other conditions, the Master Portfolio may depart from its principal investment strategies and may restrict the markets in which it invests and may invest without limitation in cash, cash equivalents, money
market securities, such as U.S. Treasury and agency obligations, other U.S. Government securities, short-term debt obligations of corporate issuers, certificates of deposit, bankers acceptances, commercial paper (short-term, unsecured, negotiable
promissory notes of a domestic or foreign issuer) or other high quality fixed income securities. Temporary defensive positions may affect the Master Portfolio's ability to achieve its investment objective.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *When-Issued and Delayed Delivery Securities and Forward Commitments* — The purchase or sale of
securities on a when-issued basis, on a delayed delivery basis or through a forward commitment involves the purchase or sale of securities by the Master Portfolio at an established price with payment and delivery taking place in the future. The
Master Portfolio enters into these transactions to obtain what is considered an advantageous price to the Master Portfolio at the time of entering into the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *RISKS* 

This section contains a discussion of the general risks of investing in the Master Portfolio. As with any fund, there can be no guarantee that the Master Portfolio will meet its investment objective, or that the Master Portfolio's performance will be positive over any period of time. Investors may lose money investing in the Master Portfolio. An investment in the Master Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or by any bank or governmental agency. The order of the below risk factors does not indicate the significance of any particular risk factor.

*Set forth below are the principal risk factors of investing in the Master Portfolio.*

•  ***Debt Securities Risk*** — Debt securities, such as bonds, involve risks, such as credit risk,
interest rate risk, extension risk, and prepayment risk, each of which are described in further detail below:

*Credit Risk* — Credit risk refers to the possibility that the issuer of a debt security (*i.e*., the borrower) will not be able to make payments of interest and principal when due. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Master Portfolio's investment in that issuer. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.

*Interest Rate Risk* — The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

The Master Portfolio may be subject to a greater risk of rising interest rates during a period of historically low interest rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Master Portfolio's investments would be expected to decrease by 10%. (Duration is a measure of the price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the Master Portfolio's investments will not affect interest income derived from instruments already owned by the Master Portfolio, but will be reflected in the Master Portfolio's net asset value. The Master Portfolio may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Master Portfolio management.

To the extent the Master Portfolio invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the Master Portfolio) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Master Portfolio to the extent that it invests in floating rate debt securities.

These basic principles of bond prices also apply to U.S. Government securities. A security backed by the "full

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faith and credit" of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change.

Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Master Portfolio's performance. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from mutual funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the Master Portfolio to sell assets at inopportune times or at a loss or depressed value and could hurt the Master Portfolio's performance.

During periods of very low or negative interest rates, the Master Portfolio may be unable to maintain positive returns. Certain countries have recently experienced negative interest rates on certain fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Master Portfolio performance to the extent the Master Portfolio is exposed to such interest rates.

*Extension Risk* — When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.

*Prepayment Risk* — When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the Master Portfolio may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment reduces the yield to maturity and the average life of the security.

•  ***Derivatives Risk*** — The Master Portfolio's use of derivatives may increase its costs,
reduce the Master Portfolio's returns and/or increase volatility. Derivatives involve significant risks, including:

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*Leverage Risk* — The Master Portfolio's use of derivatives can magnify the Master Portfolio's gains and losses. Relatively small market movements may result in large changes in the value of a derivatives position and can result in losses that greatly exceed the amount originally invested.

*Market Risk* — Some derivatives are more sensitive to interest rate changes and market price fluctuations than other securities. The Master Portfolio could also suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly the direction of securities prices, interest rates and other economic factors, which could cause the Master Portfolio's derivatives positions to lose value.

*Counterparty Risk* — Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated exposure to such a counterparty.

*Illiquidity Risk* —The possible lack of a liquid secondary market for derivatives and the resulting inability of the Master Portfolio to sell or otherwise close a derivatives position could expose the Master Portfolio to losses and could make derivatives more difficult for the Master Portfolio to value accurately.

*Operational Risk* — The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures, inadequate controls and human error.

*Legal Risk* — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.

*Volatility and Correlation Risk* — The Master Portfolio's use of derivatives may reduce the Master Portfolio's returns and/or increase volatility. Volatility is defined as the characteristic of a security, an index or a market to fluctuate significantly in price within a short time period. A risk of the Master Portfolio's use of derivatives is that the fluctuations in their values may not correlate with the overall securities markets.

*Valuation Risk* — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult in times of market turmoil since many investors and market makers may be reluctant to purchase complex instruments or quote prices for them. Derivatives may also expose the Master Portfolio to greater risk and increase its costs. Certain transactions in derivatives involve substantial leverage risk and may expose the Master Portfolio to potential losses that exceed the amount originally invested by the Master Portfolio.

*Hedging Risk* — When a derivative is used as a hedge against a position that the Master Portfolio holds, any loss generated by the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the underlying security, and there can be no assurance that the Master Portfolio's hedging transactions will be effective. The use of hedging may result in certain adverse tax consequences noted below.

*Tax Risk* — The federal income tax treatment of a derivative may not be as favorable as a direct investment in an underlying asset and may adversely affect the timing, character and amount of income the Master Portfolio realizes from its investments. As a result, a larger portion of the Master Portfolio's distributions may be treated as ordinary income rather than as capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the Master Portfolio. In addition, the tax treatment of certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or administrative pronouncements issued by the Internal Revenue Service (the "IRS").

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*Regulatory Risk* — Derivative contracts are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") in the United States and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Under the Dodd-Frank Act, with respect to uncleared swaps, swap dealers are required to collect variation margin from the Master Portfolio and may be required by applicable regulations to collect initial margin from the Master Portfolio. Both initial and variation margin may be comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies (other than certain money market funds) may not be posted as collateral under applicable regulations. In addition, regulations adopted by global prudential regulators that are now in effect require certain bank-regulated counterparties and certain of their affiliates to include in certain financial contracts, including many derivatives contracts, terms that delay or restrict the rights of counterparties, such as the Master Portfolio, to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict transfers of credit support in the event that the counterparty and/or its affiliates are subject to certain types of resolution or insolvency proceedings. The implementation of these requirements with respect to derivatives, as well as regulations under the Dodd-Frank Act regarding clearing, mandatory trading and margining of other derivatives, may increase the costs and risks to the Master Portfolio of trading in these instruments and, as a result, may affect returns to investors in the Master Portfolio.

Future regulatory developments may impact the Master Portfolio's ability to invest or remain invested in certain derivatives. Legislation or regulation may also change the way in which the Master Portfolio itself is regulated. BlackRock cannot predict the effects of any new governmental regulation that may be implemented on the ability of the Master Portfolio to use swaps or any other financial derivative product, and there can be no assurance that any new governmental regulation will not adversely affect the Master Portfolio's ability to achieve its investment objective.

*Risks Specific to Certain Derivatives Used by the Master Portfolio* 

*Swaps* — Swap agreements, including total return swaps that may be referred to as contracts for difference, are two-party contracts entered into for periods ranging from a few days to more than one year. In a standard "swap" transaction, two parties agree to exchange the value(s) or cash flow(s) of one asset for another over a certain period of time. Swap agreements involve the risk that the party with whom the Master Portfolio has entered into the swap will default on its obligation to pay the Master Portfolio and the risk that the Master Portfolio will not be able to meet its obligations to pay the other party to the agreement. Swap agreements may also involve the risk that there is an imperfect correlation between the return on the Master Portfolio's obligation to its counterparty and the return on the referenced asset. In addition, swap agreements are subject to market and illiquidity risk, leverage risk and hedging risk.

*Credit Default Swaps* — Credit default swaps and related instruments, such as credit default swap index products, may involve greater risks than if the Master Portfolio invested in the reference obligation directly. These instruments may have as reference obligations one or more securities that are not currently held by the Master Portfolio. The protection "buyer" may be obligated to pay the protection "seller" an up-front payment or a periodic stream of payments over the term of the contract, provided generally that no credit event on a reference obligation has occurred. Credit default swaps and related instruments involve special risks in addition to those mentioned above because they are difficult to value, are highly susceptible to illiquid investments risk and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).

*Forward Foreign Currency Exchange Contracts* — Forward foreign currency exchange transactions are OTC contracts to purchase or sell a specified amount of a specified currency or multinational currency unit at a price and future date set at the time of the contract. Forward foreign currency exchange contracts do not eliminate fluctuations in the value of non-U.S. securities but rather allow the Master Portfolio to establish a fixed rate of exchange for a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain.

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*Futures* — Futures are standardized, exchange-traded contracts that obligate a purchaser to take delivery, and a seller to make delivery, of a specific amount of an asset at a specified future date at a specified price. The primary risks associated with the use of futures contracts and options are: (a) the imperfect correlation between the change in market value of the instruments held by the Master Portfolio and the price of the futures contract or option; (b) the possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the investment adviser's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors; and (e) the possibility that the counterparty will default in the performance of its obligations.

*Options* — An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (a "call option") or sell (a "put option") the underlying asset (or settle for cash in an amount based on an underlying asset, rate, or index) at a specified price (the "exercise price") during a period of time or on a specified date. Investments in options are considered speculative. When the Master Portfolio purchases an option, it may lose the total premium paid for it if the price of the underlying security or other assets decreased, remained the same or failed to increase to a level at or beyond the exercise price (in the case of a call option) or increased, remained the same or failed to decrease to a level at or below the exercise price (in the case of a put option). If a put or call option purchased by the Master Portfolio were permitted to expire without being sold or exercised, its premium would represent a loss to the Master Portfolio. To the extent that the Master Portfolio writes or sells an option, if the decline or increase in the underlying asset is significantly below or above the exercise price of the written option, the Master Portfolio could experience a substantial loss.

•  ***Emerging Markets Risk*** — The risks of foreign investments are usually much greater for
emerging markets. Investments in emerging markets may be considered speculative. Emerging markets may include those in countries considered emerging or developing by the World Bank, the International Finance Corporation or the United Nations.
Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. They are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S.
investors. In addition, many

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emerging markets have far lower trading volumes and less liquidity than developed markets. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. In addition, traditional measures of investment value used in the United States, such as price to earnings ratios, may not apply to certain small markets. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject. <br>

Many emerging markets have histories of political instability and abrupt changes in policies. As a result, their governments are more likely to take actions that are hostile or detrimental to private enterprise or foreign investment than those of more developed countries, including expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments. In the past, governments of such nations have expropriated substantial amounts of private property, and most claims of the property owners have never been fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that the Master Portfolio could lose the entire value of its investments in the affected market. Some countries have pervasive corruption and crime that may hinder investments. Certain emerging markets may also face other significant internal or external risks, including the risk of war, and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth. National policies that may limit the Master Portfolio's investment opportunities include restrictions on investment in issuers or industries deemed sensitive to national interests.

Emerging markets may also have differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments may adversely affect the Master Portfolio's performance. Sometimes, they may lack or be in the relatively early development of legal structures governing private and foreign investments and private property. Many emerging markets do not have income tax treaties with the United States, and as a result, investments by the Master Portfolio may be subject to higher withholding taxes in such countries. In addition, some countries with emerging markets may impose differential capital gains taxes on foreign investors. Foreign companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which may significantly decrease the liquidity and value of the securities.

Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those in developed markets, in part because the Master Portfolio will need to use brokers and counterparties that are less well capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud, negligence, undue influence being exerted by the issuer or refusal to recognize ownership exists in some emerging markets, and, along with other factors, could result in ownership registration being completely lost. The Master Portfolio would absorb any loss resulting from such registration problems and may have no successful claim for compensation. In addition, communications between the United States and emerging market countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates.

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•  ***Foreign Securities Risk*** — Securities traded in foreign markets have often
(though not always) performed differently from securities traded in the United States. However, such investments often involve special risks not present in U.S. investments that can increase the chances that the Master Portfolio will lose money. In
particular, the Master Portfolio is subject to the risk that because there may be fewer investors on foreign exchanges and a smaller number of securities traded each day, it may be more difficult for the Master Portfolio to buy and sell securities
on those exchanges. In addition, prices of foreign securities may go up and down more than prices of securities traded in the United States.

*Certain Risks of Holding Master Portfolio Assets Outside the United States* — The Master Portfolio generally holds its foreign securities and cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight of their operations. Also, the laws of certain countries limit the Master Portfolio's ability to recover its assets if a foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more expensive for the Master Portfolio to buy, sell and hold securities in certain foreign markets than in the United States. The increased expense of investing in foreign markets reduces the amount the Master Portfolio can earn on its investments and typically results in a higher operating expense ratio for the Master Portfolio than for investment companies invested only in the United States.

*Currency Risk* — Securities and other instruments in which the Master Portfolio invests may be denominated or quoted in currencies other than the U.S. dollar. For this reason, changes in foreign currency exchange rates can affect the value of the Master Portfolio's portfolio.

Generally, when the U.S. dollar rises in value against a foreign currency, a security denominated in that currency loses value because the currency is worth fewer U.S. dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency gains value because the currency is worth more U.S. dollars. This risk, generally known as "currency risk," means that a strong U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase those returns.

Should the Master Portfolio invest in a debt security denominated in U.S. dollars and issued by an issuer whose functional currency is a currency other than the U.S. dollar, and such currency decreases in value against the U.S. dollar, such issuer's ability to repay its obligation under the U.S. dollar-denominated security may be negatively impacted.

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*Foreign Economy Risk* — The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to the governments of certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory actions of one government against another government, such as seizure of assets. Any of these actions could severely impair the Master Portfolio's ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the Master Portfolio's assets or income back into the United States, and could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Master Portfolio's operations, causing the Master Portfolio to decline in value.

Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social instability. Diplomatic and political developments, including rapid and adverse political changes, social instability, regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets, and the value of the Master Portfolio's investments, in non-U.S. countries. These factors are extremely difficult, if not impossible, to predict and take into account with respect to the Master Portfolio's investments.

*Governmental Supervision and Regulation/Accounting Standards* — Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company's securities based on material non-public information about that company. In addition, some countries may have legal systems that may make it difficult for the Master Portfolio to vote proxies, exercise interestholder rights, and pursue legal remedies with respect to its foreign investments. Accounting standards in other countries are not necessarily the same as in the United States. If the accounting standards in another country do not require as much detail as U.S. accounting standards, it may be harder for Master Portfolio management to completely and accurately determine a company's financial condition.

*Settlement Risk* — Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S. investments.

At times, settlements in certain foreign countries have not kept pace with the number of securities transactions. These problems may make it difficult for the Master Portfolio to carry out transactions. If the Master Portfolio cannot settle or is delayed in settling a

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purchase of securities, it may miss attractive investment opportunities and certain of its assets may be uninvested with no return earned thereon for some period. If the Master Portfolio cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Master Portfolio could be liable for any losses incurred.

*Withholding Tax Reclaims Risk* — The Master Portfolio may file claims to recover foreign withholding taxes on dividend and interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or securities where such withholding tax reclaim is possible. Whether or when the Master Portfolio will receive a withholding tax refund is within the control of the tax authorities in such countries. Where the Master Portfolio expects to recover withholding taxes, the net asset value of the Master Portfolio generally includes accruals for such tax refunds. The Master Portfolio regularly evaluates the probability of recovery. If the likelihood of recovery materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Master Portfolio's net asset value for such refunds may be written down partially or in full, which will adversely affect the Master Portfolio's net asset value. Interestholders in the Master Portfolio at the time an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they were interestholders during the accrual period. Conversely, if the Master Portfolio receives a tax refund that has not been previously accrued, interestholders in the Master Portfolio at the time of the successful recovery will benefit from the resulting increase in the Master Portfolio's net asset value. Interestholders who sold their interests prior to such time will not benefit from such increase in the Master Portfolio's net asset value.

•  ***High Portfolio Turnover Risk*** — The Master Portfolio may engage in active and frequent trading
of its portfolio securities. High portfolio turnover (more than 100%) may result in increased transaction costs to the Master Portfolio, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and
on reinvestment in other securities. The sale of portfolio securities of the Master Portfolio may result in the realization and/or distribution to interestholders of higher capital gains or losses as compared to a fund with less active trading
policies. These effects of higher than normal portfolio turnover may adversely affect Master Portfolio performance.

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•  ***High Yield Bonds Risk*** — Although junk bonds generally pay higher rates of interest than
investment grade bonds, junk bonds are high risk investments that are considered speculative and may cause income and principal losses for the Master Portfolio. The major risks of junk bond investments include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Junk bonds may be issued by less creditworthy issuers. Issuers of junk bonds may have a larger amount of
outstanding debt relative to their assets than issuers of investment grade bonds. In the event of an issuer's bankruptcy, claims of other creditors may have priority over the claims of junk bond holders, leaving few or no assets available to
repay junk bond holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prices of junk bonds are subject to extreme price fluctuations. Adverse changes in an issuer's industry and
general economic conditions may have a greater impact on the prices of junk bonds than on other higher rated fixed-income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Issuers of junk bonds may be unable to meet their interest or principal payment obligations because of an
economic downturn, specific issuer developments, or the unavailability of additional financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Junk bonds frequently have redemption features that permit an issuer to repurchase the security from the Master
Portfolio before it matures. If the issuer redeems junk bonds, the Master Portfolio may have to invest the proceeds in bonds with lower yields and may lose income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Junk bonds may be less liquid than higher rated fixed-income securities, even under normal economic conditions.
There are fewer dealers in the junk bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers. Because they are less liquid than higher rated fixed-income securities, judgment may play a greater role in
valuing junk bonds than is the case with securities trading in a more liquid market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Master Portfolio may incur expenses to the extent necessary to seek recovery upon default or to negotiate new
terms with a defaulting issuer.

The credit rating of a high yield security does not necessarily address its market value risk. Ratings and market value may change from time to time, positively or negatively, to reflect new developments regarding the issuer.

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•  ***Indexed and Inverse Securities Risk*** — Indexed and inverse securities provide a potential
return based on a particular index of value or interest rates. The Master Portfolio's return on these securities will be subject to risk with respect to the value of the particular index. These securities are subject to leverage risk and
correlation risk. Certain indexed and inverse securities have greater sensitivity to changes in interest rates or index levels than other securities, and the Master Portfolio's investment in such instruments may decline significantly in value
if interest rates or index levels move in a way Master Portfolio management does not anticipate.

•  ***Leverage Risk*** — Some transactions may give rise to a form of economic leverage. These
transactions may include, among others, derivatives, and may expose the Master Portfolio to greater risk and increase its costs. As an open-end investment company registered with the Securities and Exchange Commission (the "SEC"), the
Master Portfolio is subject to the federal securities laws, including the Investment Company Act of 1940, as amended (the "Investment Company Act") and the rules thereunder. Under Rule 18f-4 under the Investment Company Act, among other
things, the Master Portfolio must either use derivatives in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The use of leverage may cause the Master Portfolio to liquidate portfolio positions when it may
not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment Company Act and the rules thereunder. Increases and decreases in the value of the Master Portfolio's portfolio will be magnified
when the Master Portfolio uses leverage.

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•  ***Market Risk and Selection Risk*** — Market risk is the risk that one or more markets in which
the Master Portfolio invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or
events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset
class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Master Portfolio
and its investments. Selection risk is the risk that the securities selected by Master Portfolio management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and
investment strategies. The Master Portfolio seeks to pursue its investment objective by using proprietary models that incorporate quantitative analysis and is subject to "Model Risk" as described below. This means you may lose money.

Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets, and could adversely affect the investment performance of the Master Portfolio. In particular, actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Master Portfolio invests.

•  ***Model Risk*** — The Master Portfolio seeks to pursue its investment objective by using
proprietary models that incorporate quantitative analysis. Investments selected using these models may perform differently than as forecasted due to the factors incorporated into the models and the weighting of each factor, as well as the level and
scope of changes from historical trends. In addition, issues in the construction and implementation of the models, including software or hardware malfunction, power loss, software bugs, malicious code, viruses, system crashes, issues related to the
use of artificial intelligence and machine learning ("AI"), and other technological failures or various other events or circumstances within or beyond the control of BlackRock, may adversely impact the Master Portfolio. Please see also
"Operational and Technology Risks" below. There is no guarantee that BlackRock's use of these models will result in effective investment decisions for the Master Portfolio.

Some of the models used by BlackRock rely on historical data and may not accurately predict future market movements. The Master Portfolio bears the risk that the models used by BlackRock will not be successful in forecasting movements in the market or in determining the size, direction, and/or weighting of investment positions that will enable the Master Portfolio to achieve its investment objective. In addition, the models may not be reliable in the event of unusual or disruptive events that cause market movements, which may be inconsistent with the historical performance of individual markets. In such instances, the models may produce unexpected results, which can result in losses for the Master Portfolio. Furthermore, because predictive models may be constructed based on data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of such data.

•  ***Mortgage- and Asset-Backed Securities Risks*** — Mortgage-backed securities (residential and
commercial) and asset-backed securities represent interests in "pools" of mortgages or other assets, including consumer loans or receivables held in trust. Although asset-backed and commercial mortgage-backed securities
("CMBS") generally experience less prepayment than residential mortgage-backed securities, mortgage-backed and asset-backed securities, like traditional fixed-income securities, are subject to credit, interest rate, prepayment and
extension risks.

Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed securities. The Master Portfolio's investments in asset-backed securities are subject to risks similar to those associated with mortgage-related securities, as well as additional risks associated with the nature of the assets and the servicing of those assets. These securities also are subject to the risk of default on the underlying mortgages or assets, particularly during periods of economic downturn. Certain CMBS are issued in several classes with different levels of yield and credit protection. The Master Portfolio's investments in CMBS with several classes may be in the lower classes that have greater risks than the higher classes, including greater interest rate, credit and prepayment risks.

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not anticipated by Master Portfolio management, it is possible that the Master Portfolio could lose all or substantially all of its investment. Certain mortgage-backed securities in which the Master Portfolio may invest may also provide a degree of investment leverage, which could cause the Master Portfolio to lose all or substantially all of its investment.

The mortgage market in the United States has experienced difficulties that may adversely affect the performance and market value of certain of the Master Portfolio's mortgage-related investments. Delinquencies and losses on mortgage loans (including subprime and second-lien mortgage loans) and a decline in or flattening of real estate values (in each case as has been experienced and may continue to be experienced in many housing markets) may exacerbate such delinquencies and losses. Also, a number of mortgage loan originators have experienced serious financial difficulties or bankruptcy. Reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements have caused limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could continue or worsen.

Asset-backed securities entail certain risks not presented by mortgage-backed securities, including the risk that in certain states it may be difficult to perfect the liens securing the collateral backing certain asset-backed securities. In addition, certain asset-backed securities are based on loans that are unsecured, which means that there is no collateral to seize if the underlying borrower defaults.

***•***  ***Municipal Securities Risks*** — Municipal securities risks include
the ability of the issuer to repay the obligation, the relative lack of information about certain issuers of municipal securities, and the possibility of future legislative changes which could affect the market for and value of municipal securities.
Budgetary constraints of local, state, and federal governments upon which the issuers may be relying for funding may also impact municipal securities. These risks include:  **** ** 

*General Obligation Bonds Risks* ****— The full faith, credit and taxing power of the municipality that issues a general obligation bond secures payment of interest and repayment of principal. Timely payments depend on the issuer's credit quality, ability to raise tax revenues and ability to maintain an adequate tax base.

*Revenue Bonds Risks* ****— Payments of interest and principal on revenue bonds are made only from the revenues generated by a particular facility, class of facilities or the proceeds of a special tax or other revenue source. These payments depend on the money earned by the particular facility or class of facilities, or the amount of revenues derived from another source.

*Private Activity Bonds Risks* ****— Municipalities and other public authorities issue private activity bonds to finance development of industrial facilities for use by a private enterprise. The private enterprise pays the principal and interest on the bond, and the issuer does not pledge its full faith, credit and taxing power for repayment. If the private enterprise defaults on its payments, the Master Portfolio may not receive any income or get its money back from the investment.

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*Moral Obligation Bonds Risks* ****— Moral obligation bonds are generally issued by special purpose public authorities of a state or municipality. If the issuer is unable to meet its obligations, repayment of these bonds becomes a moral commitment, but not a legal obligation, of the state or municipality.

*Municipal Notes Risks* — Municipal notes are shorter term municipal debt obligations. They may provide interim financing in anticipation of, and are secured by, tax collection, bond sales or revenue receipts. If there is a shortfall in the anticipated proceeds, the notes may not be fully repaid and the Master Portfolio may lose money.

*Municipal Lease Obligations Risks* ****— In a municipal lease obligation, the issuer agrees to make payments when due on the lease obligation. The issuer will generally appropriate municipal funds for that purpose, but is not obligated to do so. Although the issuer does not pledge its unlimited taxing power for payment of the lease obligation, the lease obligation is secured by the leased property. However, if the issuer does not fulfill its payment obligation it may be difficult to sell the property and the proceeds of a sale may not cover the Master Portfolio's loss.

*Tax-Exempt Status Risk* — In making investments, the Master Portfolio and its investment manager will rely on the opinion of issuers' bond counsel and, in the case of derivative securities, sponsors' counsel, on the tax-exempt status of interest on municipal obligations and payments under tax-exempt derivative securities. Neither the Master Portfolio nor its investment manager will independently review the bases for those tax opinions. If any of those tax opinions are ultimately determined to be incorrect or if events occur after the security is acquired that impact the security's tax-exempt status, the Feeder Fund and its shareholders could be subject to substantial tax liabilities. The IRS has generally not ruled on the taxability of the securities. An assertion by the IRS that a portfolio security is not exempt from U.S. federal income tax (contrary to indications from the issuer) could affect the Feeder Fund's and its shareholders' income tax liability for the current or past years and could create liability for information reporting penalties. In addition, an IRS assertion of taxability may impair the liquidity and the fair market value of the securities.

***Risk of Investing 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 are changing many aspects of financial, commercial, public health, environmental, and other regulation and may 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. Although elevated debt levels do not necessarily indicate or cause economic problems, elevated public debt service costs may constrain future economic growth.

The United States has developed increasingly strained relations with a number of foreign countries. If relations with certain countries deteriorate, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the United States for trade. The United States has also experienced increased internal political discord, as well as significant challenges in managing and containing the outbreak of COVID-19. If these trends were to continue, it may have an adverse impact on the U.S. economy and the issuers in which the Master Portfolio invests.

•  ***Short Sales Risk*** — Because making short sales in securities that it does not own exposes the
Master Portfolio to the risks associated with those securities, such short sales involve speculative exposure risk. The Master Portfolio will incur a loss as a result of a short sale if the price of the security increases between the date of the
short sale and the date on which the Master Portfolio replaces the security sold short. The Master Portfolio will realize a gain if the security declines in price between those dates. As a result, if the Master Portfolio makes short sales in
securities that increase in value, it will likely underperform similar funds that do not make short sales in securities they do not own. There can be no assurance that the Master Portfolio will be able to close out a short sale position at any
particular time or at an acceptable price. Although the Master Portfolio's gain is limited to the amount at which it sold a security short, its potential loss is limited only by the maximum attainable price of the security, less the price at
which the security was sold. The Master Portfolio may also pay transaction costs and borrowing fees in connection with short sales.

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•  ***U.S. Government Obligations Risk*** — Not all U.S. Government securities are backed by the full
faith and credit of the United States. Obligations of certain agencies, authorities, instrumentalities and sponsored enterprises of the U.S. Government are backed by the full faith and credit of the United States (*e.g.*, the Government
National Mortgage Association); other obligations are backed by the right of the issuer to borrow from the U.S. Treasury (*e.g.*, the Federal Home Loan Banks) and others are supported by the discretionary authority of the U.S. Government to
purchase an agency's obligations. Still others are backed only by the credit of the agency, authority, instrumentality or sponsored enterprise issuing the obligation. No assurance can be given that the U.S. Government would provide financial
support to any of these entities if it is not obligated to do so by law. In addition, circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the legislative
"debt ceiling." Such non-payment could result in losses to the Master Portfolio and substantial negative consequences for the U.S. economy and the global financial system.

*The Master Portfolio also may be subject to certain other non-principal risks associated with its investments and investment strategies, including:* 

•  ***Convertible Securities Risk*** — The market value of a convertible security performs like that
of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or
dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Since it derives a portion of its value from the common stock into
which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security.

•  ***Equity Securities Risk*** — Common and preferred stocks represent equity ownership
in a company. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equities. The value of equity securities purchased by the Master Portfolio could decline if the
financial condition of the companies the Master Portfolio invests in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries,
such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions that are not specifically related to a company or industry, such as real or
perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in inflation, interest or currency rates or generally adverse investor sentiment.

•  ***Expense Risk*** — Master Portfolio expenses are subject to a variety of factors, including
fluctuations in the Master Portfolio's net assets. Accordingly, actual expenses may be greater or less than those indicated. For example, to the extent that the Master Portfolio's net assets

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decrease due to market declines or redemptions, the Master Portfolio's expenses will increase as a percentage of Master Portfolio net assets. During periods of high market volatility, these increases in the Master Portfolio's expense ratio could be significant. <br>

•  ***Illiquid Investments Risk*** — The Master Portfolio may not acquire any illiquid investment if,
immediately after the acquisition, the Master Portfolio would have invested more than 15% of its net assets 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. Liquid investments may become illiquid after purchase by the Master Portfolio, particularly during
periods of market turmoil. There can be no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Master Portfolio, and any security or instrument held by the
Master Portfolio may be deemed an illiquid investment pursuant to the Master Portfolio's liquidity risk management program. The Master Portfolio's illiquid investments may reduce the returns of the Master Portfolio because it may be
difficult to sell the illiquid investments at an advantageous time or price. In addition, if the Master Portfolio is limited in its ability to dispose of illiquid investments during periods when interestholders are redeeming or selling their
interests or the Master Portfolio's net assets otherwise shrink, the Master Portfolio will need to dispose of liquid securities to meet redemption requests and illiquid securities will become a larger portion of the Master Portfolio's
holdings. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional market participants to make a market in fixed-income securities or the lack of an active trading market. To the extent that the Master
Portfolio's principal investment strategies involve derivatives or securities with substantial market and/or credit risk, the Master Portfolio will tend to have the greater exposure to the risks associated with illiquid investments. Illiquid
investments may be harder to value, especially in changing markets, and if the Master Portfolio is forced to sell these investments to meet redemption requests or for other cash needs, the Master Portfolio may suffer a loss. In addition, when there
is illiquidity in the market for certain securities, the Master Portfolio, due to limitations on illiquid investments, may be subject to purchase and sale restrictions.

•  ***Investment in Other Investment Companies Risk*** — As with other investments, investments in
other investment companies, including exchange-traded funds ("ETFs"), are subject to market and selection risk. In addition, if the Master Portfolio acquires shares of investment companies, including ones affiliated with the Master
Portfolio, interestholders bear both their proportionate share of expenses in the Master Portfolio (including management and advisory fees) and, indirectly, the expenses of the investment companies (to the extent not offset by BlackRock through
waivers). To the extent the Master Portfolio is held by an affiliated fund, the ability of the Master Portfolio itself to hold other investment companies may be limited.

•  ***Large Interestholder and Large-Scale Redemption Risk*** — Certain interestholders,
including a Feeder Fund, a third-party investor, the Master Portfolio's adviser or an affiliate of the Master Portfolio's adviser, or another entity, may from time to time own or manage a substantial amount of Master Portfolio interests
or may invest in the Master Portfolio and hold its investment for a limited period of time. There can be no assurance that any large interestholder or large group of interestholders would not redeem their investment or that the size of the Master
Portfolio would be maintained. Redemptions of a large number of Master Portfolio interests by these interestholders may adversely affect the Master Portfolio's liquidity and net assets. These redemptions may force the Master Portfolio to sell
portfolio securities to meet redemption requests when it might not otherwise do so, which may negatively impact the Master Portfolio's NAV and increase the Master Portfolio's brokerage costs and/or accelerate the realization of taxable
income and cause the Master Portfolio to make taxable distributions to its interestholders earlier than the Master Portfolio otherwise would have. In addition, under certain circumstances, non-redeeming interestholders may be treated as receiving a
disproportionately large taxable distribution during or with respect to such tax year. The Master Portfolio also may be required to sell its more liquid investments to meet a large redemption, in which case the Master Portfolio's remaining
assets may be less liquid, more volatile, and more difficult to price. In addition, large redemptions can result in the Master Portfolio's current expenses being allocated over a smaller asset base, which generally results in an increase in
the Master Portfolio's expense ratio. Because large redemptions can adversely affect a portfolio manager's ability to implement a fund's investment strategy, the Master Portfolio also reserves the right to redeem in-kind, subject
to certain conditions. In addition, large purchases of Master Portfolio interests may adversely affect the Master Portfolio's performance to the extent that the Master Portfolio is delayed in investing new cash and is required to maintain a
larger cash position than it ordinarily would, diluting its investment returns.

•  ***Operational and Technology Risks*** — The Master Portfolio and the entities with which it
interacts directly or indirectly are susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial intelligence
and machine learning ("AI"), which may result in losses for the Master Portfolio and its interestholders or impair the Master Portfolio's operations. These entities include, but are not limited to, the Master Portfolio's
adviser, administrator, distributor, other service providers (e.g., index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries, counterparties, market makers, authorized participants, listing exchanges,
other financial market operators, and governmental authorities, as applicable. Operational and technology risks for the issuers in which the Master Portfolio invests could also result in material adverse consequences for such issuers and may cause
the Master Portfolio's investments in such issuers to lose value. The Master Portfolio may incur substantial costs in order to mitigate operational and technology risks.

Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the Master Portfolio invests, the Master Portfolio or any of its service providers. They include, but are not limited to, gaining unauthorized access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks, particularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in any of the following: financial losses; interference with the Master Portfolio's ability to calculate its NAV; disclosure of confidential information; impediments to trading; submission of erroneous trades by the Master Portfolio or erroneous subscription or redemption orders; the inability of the Master Portfolio or its service providers to transact business; violations of applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other compensation costs; and other legal and compliance expenses. Furthermore, cybersecurity incidents may render records of the Master Portfolio, including records relating to its assets and transactions, interestholder ownership of Master Portfolio interests, and other data integral to the Master Portfolio's functioning, inaccessible, inaccurate or incomplete. Power outages, natural disasters, equipment malfunctions and processing errors that threaten information and technology systems relied upon by the Master Portfolio or its service providers, as well as market events that occur at a pace that overloads these systems, may also disrupt business operations or impact critical data. In addition, the risks of increased use of AI technologies, such as machine learning, include data risk, transparency risk, and operational risk. The AI technologies, which are generally highly reliant on the collection and analysis of large amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all relevant data into such technologies. The output or results of any such AI technologies may therefore be incomplete, erroneous, distorted or misleading. Further, AI tools may lack transparency as to how data is utilized and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into infrastructures and applications. The Master Portfolio and its interestholders could be negatively impacted as a result of these risks associated with AI technologies. AI technologies and their current and potential future applications, and the regulatory frameworks within which they operate, continue to quickly evolve, and it is impossible to anticipate the full scope of future AI capabilities or rules and the associated risks to the Master Portfolio.

While the Master Portfolio's service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Master Portfolio in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls. The Master Portfolio and its adviser seek to reduce these risks through controls, procedures and oversight, including establishing business continuity plans and risk management systems. However, there are inherent limitations in such plans and systems, including the possibility that certain risks that may affect the Master Portfolio have not been identified or may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention and remediation efforts will not be successful or that incidents will go undetected. The Master Portfolio cannot control the systems, information security or other cybersecurity of the issuers in which it invests or its service providers, counterparties, and other third parties whose activities affect the Master Portfolio.

Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial resources to monitor and implement required changes.

•  ***Reference Rate Replacement Risk*** — The Master Portfolio may be exposed to financial
instruments that recently transitioned from, or continue to be tied to, the London Interbank Offered Rate ("LIBOR") to determine payment obligations, financing terms, hedging strategies or investment value.

The United Kingdom's Financial Conduct Authority ("FCA"), which regulates LIBOR, has ceased publishing all LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings would continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. After September 30, 2024, the remaining synthetic LIBOR settings ceased to be published, and all LIBOR settings have permanently ceased. The Secured Overnight Financing Rate ("SOFR") is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement ("repo") market and has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Parties to contracts, securities or other instruments using LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncertainty of performance and the possibility of litigation. The Master Portfolio may have instruments linked to other interbank offered rates that may also cease to be published in the future.

•  ***Reliance on Advisor Risk*** — The Master Portfolio is dependent upon services and resources
provided by BFA, and therefore BFA's parent, BlackRock, Inc. BFA is not required to devote its full time to the business of the Master Portfolio and there is no guarantee or requirement that any investment professional or other employee of BFA
will allocate a substantial portion of his or her time to the Master Portfolio. The loss of, or changes in, BFA's personnel could have a negative effect on the performance or the continued operation of the Master Portfolio.

•  ***Repurchase Agreements and Purchase and Sale Contracts Risk*** — If the other party to a
repurchase agreement or purchase and sale contract defaults on its obligation under the agreement, the Master Portfolio may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase
the security in either situation and the market value of the security declines, the Master Portfolio may lose money.

•  ***Restricted Securities Risk*** — Limitations on the resale, including any required lock up or
holding periods, of restricted securities may have an adverse effect on their marketability and their liquidity, and may prevent the Master Portfolio from disposing of them promptly at advantageous prices, if at all. Restricted securities may not be
listed on an exchange and may have no active trading market. In order to sell certain restricted securities, the Master Portfolio may have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting
the registration. Other transaction costs may be higher for restricted securities than unrestricted securities. Restricted securities may be difficult to value because market quotations may not be readily available, there may be limited other
information regarding the investment's market or fair value, and the securities' values may have significant volatility. Also, the Master Portfolio may get only limited information about the issuer of a given restricted security, and
therefore may be less able to determine the security's market or fair value or assess the investment risks as fully as for other issuers for which more information is available. Certain restricted securities may involve a high degree of
business and financial risk and may result in substantial losses to the Master Portfolio. Certain restricted securities may represent limited investment opportunities and each interestholder's proportionate investment exposure to such limited
investment opportunities may be reduced proportionately as the Master Portfolio's net assets grow from new or additional investments made in the Master Portfolio by other interestholders.

•  ***Securities Lending Risk*** — The Master Portfolio may engage in securities lending. Securities
lending involves the risk that the Master Portfolio may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Master Portfolio could also lose money in the event of a decline in the
value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for a Feeder Fund.

•  ***Valuation Risk*** — 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 methodology or a price provided by an
independent pricing service. 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. Pricing services that value fixed-income securities generally utilize a range of market-based and security-specific inputs and assumptions, as well as considerations about general market conditions, to establish a
price. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but may be held or transactions may be conducted 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 the Master Portfolio. 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.

•  ***When-Issued and Delayed Delivery Securities and Forward Commitments Risk*** — When-issued and
delayed delivery securities and forward commitments involve the risk that the security the Master Portfolio buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the
transaction will not meet its obligation. If this occurs, the Master Portfolio may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *PORTFOLIO HOLDINGS* 

A description of the Master Portfolio's policies and procedures with respect to the disclosure of the Master Portfolio's portfolio holdings is available in Part B of this Registration Statement and is available free of charge by calling 1-800-441-7762 (toll-free).

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| | |
|:---|:---|
| **ITEM 10.** | ***MANAGEMENT, ORGANIZATION AND CAPITAL STRUCTURE.***  |

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(a)(1) *MANAGEMENT* 

BlackRock serves as investment adviser to the Master Portfolio. The Manager manages the investment of the Master Portfolio's assets and provides the Master Portfolio with investment guidance and policy direction in connection with daily portfolio management, subject to the supervision of MIP II's board of trustees (the "Board of Trustees" or the "Board" and the members thereof, the "Trustees") and in conformity with Delaware law and the stated policies of the Master Portfolio. BIL and BFA serve as sub-advisers to the Master Portfolio.

BlackRock has entered into separate sub-advisory agreements (each, a "Sub-Advisory Agreement") with BIL, a registered investment adviser organized in 1995, and BFA (together with BIL, the "Sub-Advisers"), a registered investment adviser organized in 1984, with respect to the Master Portfolio. BIL and BFA are each affiliates of BlackRock. BlackRock is an indirect wholly-owned subsidiary of BlackRock, Inc. As of March 31, 2026, BlackRock and its affiliates had approximately $13.9 trillion in investment company and other portfolio assets under management.

MIP II has entered into an investment management agreement with BlackRock, on behalf of the Master Portfolio (the "Management Agreement"). Under the Management Agreement, BlackRock receives as compensation for its services to the Master Portfolio a maximum annual management fee (as a percentage of average daily net assets) calculated as follows:

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| | |
|:---|:---|
| **Average Daily Net Assets** | **Rate of Management Fee** |
|  First $1 billion | 0.24% |
|  $1 billion — $3 billion | 0.23% |
|  $3 billion — $5 billion | 0.22% |
|  $5 billion — $10 billion | 0.21% |
|  Greater than $10 billion | 0.20% |

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BlackRock has contractually agreed to waive the management fee with respect to any portion of the Master Portfolio's assets estimated to be attributable to investments in other equity and fixed-income mutual funds and ETFs managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2027. In addition, BlackRock has contractually agreed to waive its management fees by the amount of advisory fees the Master Portfolio pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates through June 30, 2027. The contractual agreements may be terminated upon 90 days' notice by a majority of the non-interested trustees of MIP II or by a vote of a majority of the outstanding voting securities of the Master Portfolio.

For the fiscal year ended December 31, 2025, the Master Portfolio paid BlackRock, in aggregate, a management fee at an annual rate of 0.24% of the Master Portfolio's average daily net assets.

Under the Sub-Advisory Agreements, each Sub-Adviser acts as sub-adviser for a portion of the Master Portfolio's portfolio. Pursuant to the Sub-Advisory Agreements, BlackRock pays each Sub-Adviser for services it provides for that portion of the Master Portfolio for which each Sub-Adviser acts as sub-adviser a fee equal to a percentage of the management fee paid to BlackRock under the Management Agreement.

A discussion regarding the basis for approval by the Board of Trustees of the investment management agreement with BlackRock and the Sub-Advisory Agreements between BlackRock and BIL and BlackRock and BFA is included in the BlackRock Funds VI Feeder Fund's semi-annual shareholder report for the fiscal period ended June 30, 2025.

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*CONFLICTS OF INTEREST* 

The investment activities of BlackRock and its affiliates (including BlackRock, Inc. and its subsidiaries (collectively, the "Affiliates")), and their respective directors, officers or employees, in the management of, or their interest in, their own accounts and other accounts they manage, may present conflicts of interest that could disadvantage the Master Portfolio and its interestholders.

BlackRock and its Affiliates provide investment management services to other funds and discretionary managed accounts that may follow investment programs similar to that of the Master Portfolio. BlackRock and its Affiliates are involved worldwide with a broad spectrum of financial services and asset management activities and may engage in the ordinary course of business in activities in which their interests or the interests of their clients may conflict with those of the Master Portfolio. BlackRock or one or more Affiliates act or may act as an investor, research provider, investment manager, commodity pool operator, commodity trading advisor, financier, underwriter, adviser, trader, lender, index provider, agent and/or principal, and have other direct and indirect interests in securities, currencies, commodities, derivatives and other instruments in which the Master Portfolio may directly or indirectly invest. The Master Portfolio may invest in securities of, or engage in other transactions with, companies with which an Affiliate has significant debt or equity investments or other interests. The Master Portfolio may also invest in issuances (such as structured notes) by entities for which an Affiliate provides and is compensated for cash management services relating to the proceeds from the sale of such issuances. The Master Portfolio also may invest in securities of, or engage in other transactions with, companies for which an Affiliate provides or may in the future provide research coverage. An Affiliate may have business relationships with, and purchase, or distribute or sell services or products from or to, distributors, consultants or others who recommend the Master Portfolio or who engage in transactions with or for the Master Portfolio, and may receive compensation for such services. BlackRock or one or more Affiliates may engage in proprietary trading and advise accounts and funds that have investment objectives similar to those of the Master Portfolio and/or that engage in and compete for transactions in the same types of securities, currencies and other instruments as the Master Portfolio. This may include transactions in securities issued by other open-end and closed-end investment companies (which may include investment companies that are affiliated with the Master Portfolio and BlackRock, to the extent permitted under the 1940 Act). The trading activities of BlackRock and these Affiliates are carried out without reference to positions held directly or indirectly by the Master Portfolio and may result in BlackRock or an Affiliate having positions in certain securities that are senior or junior to, or have interests different from or adverse to, the securities that are owned by the Master Portfolio.

Neither BlackRock nor any Affiliate is under any obligation to share any investment opportunity, idea or strategy with the Master Portfolio. As a result, an Affiliate may compete with the Master Portfolio for appropriate investment opportunities. The results of the Master Portfolio's investment activities, therefore, may differ from those of an Affiliate and of other accounts managed by BlackRock or an Affiliate, and it is possible that the Master Portfolio could sustain losses during periods in which one or more Affiliates and other accounts achieve profits on their trading for proprietary or other accounts. The opposite result is also possible.

In addition, the Master Portfolio may, from time to time, enter into transactions in which BlackRock or an Affiliate or their directors, officers or employees or other clients have an adverse interest. Furthermore, transactions undertaken by clients advised or managed by BlackRock or its Affiliates may adversely impact the Master Portfolio. Transactions by one or more clients or BlackRock or its Affiliates or their directors, officers or employees, may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of the Master Portfolio. The Master Portfolio's activities may be limited because of regulatory restrictions applicable to BlackRock or one or more Affiliates and/or their internal policies designed to comply with such restrictions.

Under a securities lending program approved by the Board of Trustees, MIP II, on behalf of the Master Portfolio, has retained BlackRock Institutional Trust Company, N.A., an Affiliate of BlackRock, to serve as the securities lending agent for the Master Portfolio to the extent that the Master Portfolio participates in the securities lending program. For these services, the securities lending agent will receive a fee from the Master Portfolio, including a fee based on the returns earned on the Master Portfolio's investment of the cash received as collateral for the loaned securities. In addition, one or more Affiliates may be among the entities to which the Master Portfolio may lend its portfolio securities under the securities lending program.

The activities of BlackRock and its Affiliates and their respective directors, officers or employees, may give rise to other conflicts of interest that could disadvantage the Master Portfolio and its interestholders. BlackRock has adopted policies and procedures designed to address these potential conflicts of interest. See the SAI for further information.

*ANTI-MONEY LAUNDERING REQUIREMENTS* 

The Master Portfolio is subject to the USA PATRIOT Act (the "Patriot Act"). The Patriot Act is intended to prevent the use of the U.S. financial system in furtherance of money laundering, terrorism or other illicit activities. Pursuant to requirements under the Patriot Act, the Master Portfolio is required to obtain sufficient information from interestholders to enable it to form a reasonable belief that it knows the true identity of its interestholders. This information will be used to verify the identity of investors or, in some cases, the status of financial intermediaries. Such information may be verified using third-party sources. This information will be used only for compliance with the Patriot Act or other applicable laws, regulations and rules in connection with money laundering, terrorism or economic sanctions.

The Master Portfolio reserves the right to reject purchase orders from persons who have not submitted information sufficient to allow the Master Portfolio to verify their identity. The Master Portfolio also reserves the right to redeem any amounts in the Master Portfolio from persons whose identity it is unable to verify on a timely basis. It is the Master Portfolio's policy to cooperate fully with appropriate regulators in any investigations conducted with respect to potential money laundering, terrorism or other illicit activities.

*BLACKROCK PRIVACY PRINCIPLES* 

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, "Clients") and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our website.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law, or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

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(a)(2) *PORTFOLIO MANAGERS* 

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Primary Role** | **Since** | **Title and Recent**<br> **Biography** |
| Scott Radell | Jointly and primarily responsible for the day-to-day management of the Master Portfolio, including setting the Master Portfolio's overall investment strategy and overseeing the management of the Master Portfolio. | 2007\* | Senior Portfolio Manager and Managing Director of BlackRock, Inc. since 2009. |
| Jeffrey Rosenberg, CFA | Jointly and primarily responsible for the day-to-day management of the Master Portfolio's portfolio, including setting the Master Portfolio's overall investment strategy and overseeing the management of the Master Portfolio. | 2019 | Managing Director of BlackRock, Inc. since 2011. |
| Jasmita Mohan | Jointly and primarily responsible for the day-to-day management of the Master Portfolio's portfolio, including setting the Master Portfolio's overall investment strategy and overseeing the management of the Master Portfolio. | 2022 | Director of BlackRock, Inc. since 2019. |

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\* Includes management of the Predecessor Master Portfolio.

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&nbsp;&nbsp;&nbsp;&nbsp;(b) *ORGANIZATION AND CAPITAL STRUCTURE* 

MIP II was organized on April 19, 2018 as a statutory trust under the laws of the State of Delaware and is registered as an open-end, series management investment company under the 1940 Act. MIP II and its series were organized for the purpose of acquiring the assets of a corresponding series of Master Investment Portfolio in a reorganization that occurred on September 17, 2018. MIP II is a "series fund," which is a mutual fund company that has been divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act and for certain other purposes. A holder of beneficial interests (an "interestholder") of the Master Portfolio is not deemed to be an interestholder of any other portfolio of MIP II. MIP II was established with one series, the Master Portfolio. From time to time, additional portfolios may be established and sold pursuant to separate offering documents.

All consideration received by MIP II for interests in one of its portfolios and all assets in which such consideration is invested will belong to that portfolio (subject only to the rights of creditors of MIP II) and will be subject to the liabilities related thereto. The income attributable to, and the expenses of, one portfolio are treated separately from those of each other portfolio.

The business and affairs of MIP II are managed under the direction of its Board of Trustees. The office of MIP II is located at 100 Bellevue Parkway, Wilmington, Delaware 19809.

Please see Item 22 of Part B for a further description of MIP II's capital structure.

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| | |
|:---|:---|
| **ITEM 11.** | ***INTERESTHOLDER INFORMATION*.**  |

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*PURCHASE, REDEMPTION AND PRICING OF INTERESTS* 

Investments in the Master Portfolio are valued based on an interestholder's proportionate ownership interest (rounded to the nearest hundredth of a percent, although the Master Portfolio reserves the right to calculate proportionate ownership interest to more than two decimal places) in the Master Portfolio's aggregate net assets ("Net Assets") *(i.e*., the value of its total assets (including the securities held by the Master Portfolio plus any cash or other assets, including interest and dividends accrued but not yet received) less total liabilities (including accrued expenses)) as next determined after an order is received in proper form by the Master Portfolio. The value of the Master Portfolio's Net Assets is determined once daily Monday through Friday, generally as of the close of regular trading hours of the NYSE (normally 4:00 p.m., Eastern time) ("Valuation Time"), on each day that the NYSE is open for trading ("Business Day"), based on prices at the time of closing, provided that any Master Portfolio assets or liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the prevailing market rates on the date of valuation as quoted by one or more data service providers.

An investor in the Master Portfolio may add to or reduce its investment in the Master Portfolio on any Business Day. At the Valuation Time on each Business Day, the value of each investor's beneficial interest in the Master Portfolio is determined by multiplying the Master Portfolio's Net Assets by the percentage, effective for that day, of that investor's share of the aggregate beneficial interests in the Master Portfolio. Any additions to or redemptions of those interests that are to be effected on that day will then be effected. Each investor's share of the aggregate beneficial interests in the Master Portfolio will then be recomputed using the percentage equal to the fraction: (i) the numerator of which is the value of the investor's cumulative investment in the Master Portfolio up to that day, plus or minus, as the case may be, the amounts of net additions or

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redemptions from such investment effected on that day and (ii) the denominator of which is the Master Portfolio's Net Assets as of the Valuation Time on that day, plus or minus, as the case may be, the amount of the net additions to or redemptions from the aggregate investments in the Master Portfolio by all investors. The percentages so determined are then applied to determine the value of each investor's respective interest in the Master Portfolio as of the Valuation Time on the following Business Day.

BlackRock has been designated by the Board as the valuation designee for the Master Portfolio pursuant to Rule 2a-5 under the 1940 Act. Equity securities and other equity instruments for which market quotations are readily available are valued at market value, which is generally determined using the last reported official closing price or, if a reported closing price is not available, the last traded price on the exchange or market on which the security or instrument is primarily traded at the time of valuation. Shares of underlying open-end funds (including money market funds) are valued at net asset value. Shares of underlying exchange-traded closed-end funds or other exchange-traded funds are valued at their most recent closing price. The Master Portfolio values fixed-income portfolio securities using last available bid prices or current market quotations provided by dealers or prices (including evaluated prices) supplied by the Master Portfolio's approved independent third-party pricing services, each in accordance with BlackRock's valuation policies and procedures. Pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Master Portfolio may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. An amortized cost method of valuation may be used with respect to debt obligations with 60 days or less remaining to maturity unless BlackRock determines in good faith that such method does not represent fair value.

Generally, trading in non-U.S. securities, U.S. government securities, money market instruments and certain fixed-income securities is substantially completed each day at various times prior to the close of business on the NYSE. The values of such securities used in computing the net asset value of the Master Portfolio's interests are determined as of such times.

When market quotations are not readily available or are believed by BlackRock to be unreliable, BlackRock will fair value the Master Portfolio's investments in accordance with its policies and procedures. BlackRock may conclude that a market quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source due to its lack of trading or other reasons, if a market quotation differs significantly from recent price quotations or otherwise no longer appears to reflect fair value, where the security or other asset or liability is thinly traded, when there is a significant event subsequent to the most recent market quotation, or if the trading market on which a security is listed is suspended or closed and no appropriate alternative trading market is available. A "significant event" is deemed to occur if BlackRock determines, in its reasonable business judgment prior to or at the time of pricing the Master Portfolio's assets or liabilities, that the event is likely to cause a material change to the last closing market price of one or more assets held by, or liabilities of, the Master Portfolio.

For certain foreign assets, a third-party vendor supplies evaluated, systematic fair value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets following the close of the local markets to the price that might have prevailed as of the Master Portfolio's pricing time.

Fair value represents a good faith approximation of the value of an asset or liability. The fair value of an asset or liability held by the Master Portfolio is the amount the Master Portfolio might reasonably expect to receive from the current sale of that asset or the cost to extinguish that liability in an arm's-length transaction. Valuing the Master Portfolio's investments using fair value pricing will result in prices that may differ from current market valuations and that may not be the prices at which those investments could have been sold during the period in which the particular fair values were used.

The Master Portfolio may accept orders from certain authorized financial intermediaries or their designees. The Master Portfolio will be deemed to receive an order when accepted by the financial intermediary or designee, and the order will receive the net asset value next computed by the Master Portfolio after such acceptance. If the payment for a purchase order is not made by a designated later time, the order will be canceled and the financial intermediary could be held liable for any losses.

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An investor in the Master Portfolio may redeem all or any portion of its interest on any Business Day at the net asset value next determined after a redemption request is received in proper form. The Master Portfolio will generally remit the proceeds from a redemption the same day after receiving a redemption request in proper form. The Master Portfolio can delay payment for one day, or longer than one day, under extraordinary circumstances. Generally, those extraordinary circumstances are when (i) the NYSE is closed (other than customary weekend and holiday closings); (ii) trading on the NYSE is restricted; (iii) an emergency exists as a result of which disposal or valuation of the Master Portfolio's investments is not reasonably practicable; or (iv) for such other periods as the SEC by order may permit. MIP II reserves the right to suspend investors' rights of redemption and to delay delivery of redemption proceeds, as permitted under Section 22(e) of the 1940 Act, and other applicable laws. In addition, the Master Portfolio reserves the right to refuse any purchase of interests. Investments in the Master Portfolio may not be transferred.

MIP II reserves the right to pay redemption proceeds in portfolio securities held by the Master Portfolio rather than in cash. MIP II has elected to be governed by Rule 18f-1 under the 1940 Act so that the Master Portfolio is obligated to redeem its interests solely in cash up to the lesser of $250,000 or 1% of the value of its Net Assets during any 90-day period for any interestholder of the Master Portfolio. The redemption price is the value of its Net Assets per interest next determined after the initial receipt of proper notice of redemption.

Under normal circumstances, the Master Portfolio expects to meet redemption requests by using cash or cash equivalents in its portfolio or by selling portfolio assets to generate cash. During periods of stressed market conditions, when a significant portion of the Master Portfolio's portfolio may be comprised of less-liquid investments, the Master Portfolio may be more likely to limit cash redemptions and may determine to pay redemption proceeds by (i) borrowing under a line of credit it has entered into with a group of lenders and/or (ii) transferring portfolio securities in-kind to a Feeder Fund. Part B of this Registration Statement includes more information about the Master Portfolio's line of credit, to the extent applicable.

If the Master Portfolio pays redemption proceeds by transferring portfolio securities in-kind to a Feeder Fund, the Feeder Fund may pay transaction costs to dispose of the securities, and the Feeder Fund may receive less for them than the price at which they were valued for purposes of redemption.

*NET INVESTMENT INCOME AND CAPITAL GAIN ALLOCATIONS AND DISTRIBUTIONS* 

Any net investment income of the Master Portfolio generally will be accrued and allocated daily to all investors of record as of the Valuation Time on any Business Day. The Master Portfolio's net investment income for a Saturday, Sunday or holiday will be accrued and allocated to investors of record as of the Valuation Time on the previous Business Day. Allocations of the Master Portfolio's net investment income will be distributed to an interestholder's account on the applicable payment date. Capital gains realized by the Master Portfolio will be allocated on the date of accrual and distributed at least annually to an interestholder's account on the applicable payment date.

The Master Portfolio will allocate its investment income, expenses, and realized and unrealized net gains and losses to its interestholders *pro rata* in accordance with their beneficial interests. Allocations of taxable income or loss may be made in a different manner in order to comply with U.S. federal income tax rules.

*FREQUENT PURCHASES AND REDEMPTIONS OF INTERESTS* 

MIP II does not offer its interests for sale to the general public, nor does it offer an exchange privilege. MIP II is not, therefore, directly subject to the risks of short-term trading and the Board of Trustees has not adopted procedures to prevent such trading. However, MIP II may be adversely affected by short-term trading in shares of a Feeder Fund. See "Account Information – Short-Term Trading Policy" in Part A of the BlackRock Funds VI Feeder Fund Registration Statement for more information.

*TAXES* 

The Master Portfolio has more than one Feeder Fund and intends to operate as a non-publicly traded partnership for U.S. federal income tax purposes. If the Master Portfolio had only one Feeder Fund (either (i) directly or (ii) indirectly through an entity that is disregarded for U.S. federal income tax purposes), then the Master Portfolio would be disregarded as an entity separate from that Feeder Fund.

Whether the Master Portfolio is a partnership or disregarded as a separate entity, it will generally not be subject to any U.S. federal income tax. Each of the Master Portfolio's Feeder Funds will take into account its allocable share of the Master Portfolio's ordinary income, capital gains, losses, deductions and credits in determining its income tax liability and, if the Feeder Fund is intended to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), the Feeder Fund's share of the Master Portfolio's income and assets.

It is intended that the Master Portfolio's assets, income and distributions will be managed in such a way that each Feeder Fund will be able to satisfy the requirements of Subchapter M of the Internal Revenue Code for qualification as a regulated investment company, assuming that the Feeder Fund invests all of its investable assets in the Master Portfolio and the Feeder Fund meets all other requirements for such qualification not within the control of the Master Portfolio.

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| | |
|:---|:---|
| **ITEM 12.** | ***DISTRIBUTION ARRANGEMENTS.***  |

---

Beneficial interests in the Master Portfolio are not registered under the 1933 Act because such interests are issued solely in transactions that are exempt from registration under the 1933 Act. The Master Portfolio is a "master" in a "master/feeder" structure. Only "feeder funds" – *i.e.*, investment companies that are "accredited investors" and invest all of their assets in the Master Portfolio – or certain other entities that are "accredited investors" within the meaning of Regulation D under the 1933 Act may make direct investments in the Master Portfolio. BlackRock Investments, LLC ("BRIL") is the placement agent for the Master Portfolio.

A non-accredited investor may not directly purchase an interest in the Master Portfolio, but instead may purchase shares in a feeder fund that invests directly in the Master Portfolio. Any accredited investors other than feeder funds that invest in the Master Portfolio will do so on the same terms and conditions as the feeder funds, although they may have different administrative and other expenses. Therefore, some indirect investors may have different returns than other indirect investors in the Master Portfolio.

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| | |
|:---|:---|
| **ITEM 13.** | ***FINANCIAL HIGHLIGHTS.***  |

---

The response to Item 13 has been omitted pursuant to General Instruction B, Paragraph 2(b), to Form N-1A under the 1940 Act.

------

**MASTER INVESTMENT PORTFOLIO II** 

**ADVANTAGE COREALPHA BOND MASTER PORTFOLIO** 

**PART B – STATEMENT OF ADDITIONAL INFORMATION** 

**April 30, 2026** 

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| | |
|:---|:---|
| **ITEM 14.** | ***COVER PAGE AND **TABLE OF CONTENTS**.***  |

---

Master Investment Portfolio II ("MIP II") is an open-end, series management investment company. MIP II is a "series fund," which is a mutual fund company that has been divided into separate portfolios. This Part B is not a prospectus and should be read in connection with Part A, also dated April 30, 2026, of Advantage CoreAlpha Bond Master Portfolio (the "Master Portfolio"). All terms used in this Part B that are defined in Part A have the meanings assigned in Part A, unless otherwise defined in Part B. MIP II incorporates by reference the information included on the cover page of the [statement of additional information](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1738080/000119312525094135/d883736d485bpos.htm) relating to BlackRock Advantage CoreAlpha Bond Fund (formerly, BlackRock CoreAlpha Bond Fund), a series of BlackRock Funds VI (the "BlackRock Funds VI Feeder Fund"), as amended, revised or supplemented from time to time (the "SAI"). A copy of Part A of the Registration Statement with respect to the Master Portfolio may be obtained without charge by writing to Master Investment Portfolio II, c/o BNY Mellon Investment Servicing (US) Inc., 118 Flanders Road, Westborough, MA 01581, or by calling 1-800-441-7762. MIP II's registration statement may be examined at the office of the Securities and Exchange Commission (the "SEC") in Washington, D.C. NEITHER PART A NOR THIS PART B CONSTITUTES AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, ANY BENEFICIAL INTERESTS IN THE MASTER PORTFOLIO.

------

**TABLE OF CONTENTS** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PAGE** | **PAGE** |
| ITEM 15 | [TRUST HISTORY](#prtb95986_1) |  | B-2 |
| ITEM 16 | [DESCRIPTION OF THE MASTER PORTFOLIO AND ITS INVESTMENTS AND RISKS](#prtb95986_2) |  | B-2 |
| ITEM 17 | [MANAGEMENT OF THE TRUST](#prtb95986_3) |  | B-2 |
| ITEM 18 | [CONTROL PERSONS AND PRINCIPAL HOLDERS OF INTERESTS](#prtb95986_4) |  | B-4 |
| ITEM 19 | [INVESTMENT ADVISORY AND OTHER SERVICES](#prtb95986_5) |  | B-4 |
| ITEM 20 | [PORTFOLIO MANAGERS](#prtb95986_6) |  | B-5 |
| ITEM 21 | [BROKERAGE ALLOCATION AND OTHER PRACTICES](#prtb95986_7) |  | B-6 |
| ITEM 22 | [CAPITAL STOCK AND OTHER INTERESTS](#prtb95986_8) |  | B-6 |
| ITEM 23 | [PURCHASE, REDEMPTION AND PRICING OF INTERESTS](#prtb95986_9) |  | B-6 |
| ITEM 24 | [TAXATION OF THE TRUST](#prtb95986_10) |  | B-7 |
| ITEM 25 | [UNDERWRITERS](#prtb95986_11) |  | B-9 |
| ITEM 26 | [CALCULATION OF PERFORMANCE DATA](#prtb95986_12) |  | B-9 |
| ITEM 27 | [FINANCIAL STATEMENTS](#prtb95986_13) |  | B-9 |

---

------

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| | |
|:---|:---|
| **ITEM 15.** | ***TRUST HISTORY.***  |

---

MIP II is an open-end, series management investment company organized on April 19, 2018 as a statutory trust under the laws of the State of Delaware. MIP II is a "series fund," which is a mutual fund company that has been divided into separate portfolios. MIP II was established with one series, the Master Portfolio. Effective October 1, 2021, the Master Portfolio changed its name from "CoreAlpha Bond Master Portfolio" to "Advantage CoreAlpha Bond Master Portfolio."

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| | |
|:---|:---|
| **ITEM 16.** | ***DESCRIPTION OF THE MASTER PORTFOLIO AND ITS INVESTMENTS AND RISKS.***  |

---

*INVESTMENTS AND RISKS*. MIP II incorporates by reference the information concerning the Master Portfolio's additional investment strategies, risks and restrictions from the following sections of the SAI: ["Part I: Investment Objective and Policies,"](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) ["Part I: Investment Restrictions,"](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) ["Part II: Investment Risks and Considerations"](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) and ["Appendix A."](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm)

*PORTFOLIO HOLDINGS INFORMATION*. MIP II incorporates by reference the information concerning the Master Portfolio's policies and procedures with respect to the disclosure of portfolio holdings from the following section of the SAI: ["Part II: Selective Disclosure of Portfolio Holdings."](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm)

---

| | |
|:---|:---|
| **ITEM 17.** | ***MANAGEMENT OF THE TRUST.***  |

---

The following information supplements and should be read in conjunction with Item 10 of Part A.

MIP II incorporates by reference the information concerning the management of MIP II and the Master Portfolio from the following section of the SAI: ["Part I: Information on Trustees and Officers."](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) The Board of Trustees has responsibility for the overall management and operations of the Master Portfolio. The Board of Trustees of MIP II has the same co-chairs and the same committee structure as the board of trustees of BlackRock Funds VI.

*COMPENSATION OF TRUSTEES.* MIP II incorporates by reference the information concerning the compensation of the Trustees of MIP II from the following section of the SAI: ["Part I: Information on Trustees and Officers – Compensation of Trustees."](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm)

------

*CODES OF ETHICS*. MIP II has the same code of ethics as BlackRock Funds VI. MIP II incorporates by reference the information concerning the code of ethics from the following section of the SAI: ["Part II: Management and Other Service Arrangements – Code of Ethics."](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm)

*PROXY VOTING POLICIES*. MIP II incorporates by reference to the information concerning its Proxy Voting Policies from the following sections of the SAI: ["Part II: Proxy Voting Policies and Procedures"](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) and ["Appendix B."](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm)

*INTERESTHOLDER COMMUNICATION TO THE BOARD OF TRUSTEES*. The Board of Trustees has established a process for interestholders to communicate with the Board of Trustees. Interestholders may contact the Board of Trustees by mail. Correspondence should be addressed to Master Investment Portfolio II Board of Trustees, c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001. Interestholder communication to the Board of Trustees should include the following information: (a) the name and address of the interestholder; (b) the percentage interest(s) owned by the interestholder; (c) the Master Portfolio(s) of which the interestholder owns interests; and (d) if these interests are owned indirectly through a broker, financial intermediary or other record owner, the name of the broker, financial intermediary or other record owner. All correspondence received as set forth above shall be reviewed by the Secretary of MIP II and reported to the Board of Trustees.

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| | |
|:---|:---|
| **ITEM 18.** | ***CONTROL PERSONS AND PRINCIPAL HOLDERS OF INTERESTS.***  |

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As of April 6, 2026, the interestholders identified below were known by MIP II to own 5% or more of the outstanding voting interests of the Master Portfolio in the indicated capacity. Approximate percentages are indicated in the table below.

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| | | |
|:---|:---|:---|
| **NAME AND ADDRESS OF** <br> **INTERESTHOLDER** | **PERCENTAGE OF<br>MASTER PORTFOLIO** | **NATURE OF<br>OWNERSHIP** |
|  BlackRock Advantage CoreAlpha Bond Fund<br> BlackRock Funds VI<br> 100 Bellevue Parkway<br> Wilmington, DE 19809 | 100% | Record |

---

For purposes of the 1940 Act, any person who owns directly or through one or more controlled companies more than 25% of the voting securities of a company is presumed to "control" such company. Accordingly, to the extent that the BlackRock Funds VI Feeder Fund, or another interestholder is identified in the foregoing table as the beneficial holder of more than 25% of the Master Portfolio or as the holder of record of more than 25% of the Master Portfolio and has voting and/or investment powers, such interestholder may be presumed to control the Master Portfolio. Any feeder fund that is a majority interestholder in the Master Portfolio may be able to take actions with respect to MIP II (*e.g.*, approve an advisory agreement) without the approval of other investors in the Master Portfolio.

As of April 2, 2026, no Trustee owned any beneficial interest in the Master Portfolio, and the Trustees and principal officers of MIP II as a group owned an aggregate of less than 1% of the outstanding beneficial interests of the Master Portfolio. As of December 31, 2025, none of the Trustees of MIP II or their immediate family members owned beneficially or of record any securities of the Master Portfolio's investment adviser, sub-advisers, principal underwriter, or any person directly or indirectly controlling, controlled by, or under common control with such entities.

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| | |
|:---|:---|
| **ITEM 19.** | ***INVESTMENT ADVISORY AND OTHER SERVICES.***  |

---

The following information supplements and should be read in conjunction with Items 10 and 12 in Part A. Information relating to the investment management and other services provided to the Master Portfolio by BlackRock Advisors, LLC ("BlackRock") is incorporated herein by reference from the BlackRock Funds VI Feeder Fund's [Prospectuses](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) and from the sub-section entitled ["Management, Advisory and Other Service Arrangements" in Part I of the SAI](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) and the section entitled ["Management and Other Service Arrangements" in Part II of the SAI](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm). The following list identifies the specific sections and sub-sections in the BlackRock Funds VI Feeder Fund's SAI under which the information required by Item 19 of Form N-1A may be found. Each listed section is incorporated herein by reference.

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| | |
|:---|:---|
| **Form N-1A**<br> **Item No.** | **Sections Incorporated by Reference from the Prospectuses or SAI of**<br> **the BlackRock Funds VI Feeder Fund** |
| Item 19(a) | [SAI: Part I: Management, Advisory and Other Service Arrangements](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) |
|  | [SAI: Part II: Management and Other Service Arrangements](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) |
| Item 19(c) | [SAI: Part I: Management, Advisory and Other Service Arrangements](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) |
|  | [SAI: Part II: Management and Other Service Arrangements](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) |
| Item 19(d) | [SAI: Part I: Management, Advisory and Other Service Arrangements](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) |
|  | [SAI: Part II: Management and Other Service Arrangements](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) |
| Item 19(e) | Not Applicable |
| Item 19(f) | Not Applicable |
| Item 19(g) | Not Applicable |
| Item 19(h) | [Prospectuses: Fund and Service Providers](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) |
|  | [SAI: Part I: Management, Advisory and Other Service Arrangements](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) |
|  | [SAI: Part II: Management and Other Service Arrangements](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) |
| Item 19(i) | [SAI: Part I: Portfolio Transactions and Brokerage - Securities Lending](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm) |

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&nbsp;&nbsp;&nbsp;&nbsp;*(b) Principal Underwriter* 

BlackRock Investments, LLC ("BRIL"), 50 Hudson Yards, New York, New York 10001, an affiliate of BlackRock, acts as placement agent for the Master Portfolio pursuant to a placement agent agreement (the "Placement Agent Agreement"). Under the Placement Agent Agreement, BRIL receives no compensation for acting as placement agent for the Master Portfolio.

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|:---|:---|
| **ITEM 20.** | ***PORTFOLIO MANAGERS.***  |

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MIP II incorporates by reference the information concerning the portfolio managers for the Master Portfolio from the following section of the SAI: ["Part I: Management, Advisory and Other Service Arrangements – Information Regarding the Portfolio Managers."](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm)

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|:---|:---|
| **ITEM 21.** | ***BROKERAGE ALLOCATION AND OTHER PRACTICES.***  |

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MIP II incorporates by reference the information describing the Master Portfolio's policies governing portfolio securities transactions generally, portfolio turnover, brokerage commissions and frequent trading in portfolio securities from the following section of the SAI: ["Part II: Portfolio Transactions and Brokerage."](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm)

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| | |
|:---|:---|
| **ITEM 22.** | ***CAPITAL STOCK AND OTHER INTERESTS.*** |

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Pursuant to MIP II's Declaration of Trust, the Trustees are authorized to issue beneficial interests in the Master Portfolio. Interestholders in the Master Portfolio are entitled to participate *pro rata* in distributions and, generally, in allocations of income, gain, loss, deduction and credit of the Master Portfolio. Under certain circumstances, allocations of tax items to interestholders will not be made *pro rata* in accordance with their interests in the Master Portfolio in order to comply with tax rules and regulations applicable to such allocations. Upon liquidation or dissolution of the Master Portfolio, interestholders are entitled to share *pro rata* in the Master Portfolio's net assets available for distribution to its interestholders. Interests in the Master Portfolio have no preference, preemptive, conversion or similar rights and are fully paid and non-assessable, except as set forth below. Interests in the Master Portfolio may not be transferred. No certificates are issued. MIP II may be terminated at any time by vote of interestholders holding at least a majority of the interests of each series entitled to vote or by the Trustees by written notice to the interestholders. Any series of interests may be terminated at any time by vote of interestholders holding at least a majority of the interests of such series entitled to vote or by the Trustees by written notice to the interestholders of such series.

Each interestholder is entitled to vote, with respect to matters affecting each of MIP II's portfolios, in proportion to the amount of its investment in MIP II. Interestholders in MIP II do not have cumulative voting rights, and interestholders holding more than 50% of the aggregate beneficial interest in MIP II may elect all of the Trustees if they choose to do so and in such event the other interestholders in MIP II would not be able to elect any Trustee. MIP II is not required to hold annual meetings of interestholders but MIP II may hold special meetings of interestholders when in the judgment of the Trustees it is necessary or desirable to submit matters for interestholders' vote.

Rule 18f-2 under the 1940 Act provides that any matter required to be submitted under the provisions of the 1940 Act or applicable state law or otherwise to the holders of the outstanding voting interests of an investment company that issues two or more classes or series, such as MIP II, will not be deemed to have been effectively acted upon unless approved by the holders of a majority of the outstanding interests of each class or series affected by such matter. Rule 18f-2 further provides that a class or series, such as the Master Portfolio, shall be deemed to be affected by a matter unless it is clear that the interests of each class or series in the matter are substantially identical or that the matter does not affect any interest of the class or series. However, Rule 18f-2 exempts the selection of independent accountants and the election of Trustees from the separate voting requirements of Rule 18f-2.

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| | |
|:---|:---|
| **ITEM 23.** | ***PURCHASE, REDEMPTION AND PRICING OF INTERESTS.***  |

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The following information supplements and should be read in conjunction with Item 11 in Part A.

*PURCHASE OF INTERESTS*. Beneficial interests in the Master Portfolio are issued solely in private placement transactions that do not involve any "public offering" within the meaning of Section 4(a)(2) of the 1933 Act. Investments in the Master Portfolio may only be made by investment companies or certain other entities that are "accredited investors" within the meaning of Regulation D under the 1933 Act. This registration statement does not constitute an offer to sell, or the solicitation of an offer to buy, any "security" within the meaning of the 1933 Act.

*IN-KIND PURCHASES*. Payment for interests of the Master Portfolio may, at the discretion of the investment adviser, be made in the form of securities that are permissible investments for the Master Portfolio and must meet the investment objective, policies and limitations of the Master Portfolio as described in Part A. In connection with an in-kind securities payment, the Master Portfolio may require, among other things, that the securities: (i) be valued on the day of purchase in accordance with the pricing methods used by the Master Portfolio; (ii) be accompanied by satisfactory assurance that the Master Portfolio will have good and marketable title to such securities received by it; (iii) not be subject to any restrictions upon resale by the Master Portfolio; (iv) be in proper form for transfer to the Master Portfolio; and (v) be accompanied by adequate information concerning the basis and other tax matters relating to the securities. All dividends, interest, subscription or other rights pertaining to such securities shall become the property of the Master Portfolio engaged in the in-kind purchase transaction and must be delivered to the Master Portfolio by the investor upon receipt from the issuer. Securities acquired through an in-kind purchase will be acquired for investment and not for immediate resale. Interests purchased in exchange for securities generally cannot be redeemed until the transfer has settled.

------

*SUSPENSION OF REDEMPTIONS*. The right of redemption of interests in the Master Portfolio may be suspended or the date of redemption payment postponed as provided in Item 11 in Part A.

*VALUATION*. MIP II incorporates by reference information concerning the Master Portfolio's and MIP II's pricing of interests from the following section of the SAI: ["Part II: Pricing of Shares – Determination of Net Asset Value."](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0001738080/000119312526177129/d79124d485bpos.htm)

*DECLARATION OF TRUST PROVISIONS REGARDING REDEMPTIONS AT OPTION OF TRUST*. Pursuant to the Declaration of Trust, MIP II shall, subject to applicable law, have the right at its option and at any time to redeem interests of any interestholder at the net asset value thereof as determined in accordance with the Declaration of Trust (i) if at such time such interestholder owns fewer interests than, or interests having an aggregate net asset value of less than, an amount determined from time to time by the Trustees; or (ii) to the extent that such interestholder owns interests of a particular series or class equal to or in excess of a percentage of the outstanding interests of that series or class, or a percentage of the aggregate net asset value of that series or class, determined from time to time by the Trustees; or (iii) to the extent that such interestholder owns interests of MIP II equal to or in excess of a percentage of the aggregate outstanding interests of MIP II, or a percentage of the aggregate net asset value of MIP II, as determined from time to time by the Trustees.

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| | |
|:---|:---|
| **ITEM 24.** | ***TAXATION OF THE TRUST.***  |

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The Master Portfolio has more than one Feeder Fund and is treated as a non-publicly traded partnership under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). If the Master Portfolio had only one Feeder Fund (either (i) directly or (ii) indirectly through an entity that is disregarded for U.S. federal income tax purposes), the Master Portfolio's existence as an entity separate from that Feeder Fund would be disregarded for U.S. federal income tax purposes.

Whether the Master Portfolio is a partnership or disregarded as a separate entity, it will generally not be subject to any U.S. federal income tax. Each of the Master Portfolio's Feeder Funds will take into account its allocable share of the Master Portfolio's ordinary income, capital gains, losses, deductions and credits in determining its income tax liability and, if the Feeder Fund is intended to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, the Feeder Fund's share of the Master Portfolio's income and assets.

It is intended that the Master Portfolio's assets, income and distributions will be managed in such a way that each Feeder Fund will be able to satisfy the requirements of Subchapter M of the Internal Revenue Code for qualification as a regulated investment company, assuming that the Feeder Fund invests all of its investable assets in the Master Portfolio and the Feeder Fund meets all other requirements for such qualification not within the control of the Master Portfolio.

Certain transactions of the Master Portfolio are subject to special tax rules of the Internal Revenue Code that may, among other considerations, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the allowance of certain losses or deductions, and (c) accelerate the recognition of income without a corresponding receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing of distributions to shareholders of a Feeder Fund.

Special tax rules also will require certain types of positions to be marked to market (i.e., treated as sold on the last day of the taxable year), which may result in the recognition of income without a corresponding receipt of cash.

If the Master Portfolio purchases shares of an investment company (or similar investment entity) organized under foreign law, each of its Feeder Funds, by virtue of owning such Master Portfolio's interests, will generally be treated as owning shares in a passive foreign investment company ("PFIC") for U.S. federal income tax purposes. A Feeder Fund may be subject to U.S. federal income tax (plus an interest charge) on certain distributions from such a PFIC and on gain from the disposition of the shares in such a PFIC (collectively referred to as "excess distributions"). A Feeder Fund, even if it is a regulated investment company, cannot eliminate this tax by making distributions to its shareholders.

However, an election can be made to mark to market the interest in the PFIC, and thus to take into account the economic gains (and to a limited extent losses) in such investment as though the Feeder Fund's shares in the PFIC had been sold and repurchased on the last day of the Feeder Fund's taxable year. Such gain and loss are treated as ordinary income and loss. Alternatively, an election may be made to treat a PFIC as a "qualified electing fund" ("QEF"), in which case a Feeder Fund will be required to include in its gross income its share of the PFIC's ordinary earnings and net capital gain annually, regardless of whether it receives any distributions from the PFIC. With the mark-to-market or QEF election, a Feeder Fund could avoid imposition of the interest charge with respect to excess distributions from PFICs, but in any particular year might be required to recognize income in excess of the distributions received from PFICs.

------

If the Master Portfolio is treated as a partnership for U.S. federal income tax purposes, then, in the event of an audit, the U.S. federal income tax treatment of income and deductions of the Master Portfolio generally will be determined at the Master Portfolio level in a single proceeding (rather than by individual Internal Revenue Service audits of each Feeder Fund), which the Master Portfolio's partnership representative will control. Any adjustment that results in additional tax (including interest and penalties thereon) will be assessed and collected at the Master Portfolio level in the current taxable year, with each current Feeder Fund indirectly bearing such cost, unless the Master Portfolio elects to have the partnership adjustment taken into account by each Feeder Fund that was an investor in the Master Portfolio in the year to which the adjustments relates. If the election is made, each Feeder Fund will be required to take into account such adjustment and pay tax on such adjustment at the Feeder Fund level, unless, if the Feeder Fund is a regulated investment company, it timely distributes the adjustment amount in the form of a "deficiency dividend" (within the meaning of section 860(f) of the Internal Revenue Code), in which case the Feeder Fund will only have to pay the interest charge imposed on regulated investment companies making a deficiency dividend. The legal and accounting costs incurred in connection with any regular audit of the Master Portfolio's tax returns will be borne by the Feeder Funds and, indirectly, by their shareholders.

Investors are advised to consult their own tax advisers on the tax consequences of an investment in a Feeder Fund and the Master Portfolio.

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| | |
|:---|:---|
| **ITEM 25.** | ***UNDERWRITERS.***  |

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The exclusive placement agent for MIP II is BRIL, which receives no compensation from the Master Portfolio for serving in this capacity. Registered broker-dealers and investment companies, insurance company separate accounts, common and commingled trust funds, group trusts and similar organizations and entities which constitute accredited investors, as defined in the regulations adopted under the 1933 Act, may continuously invest in the Master Portfolio. The foregoing information supplements and should be read in conjunction with Item 12 in Part A.

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| | |
|:---|:---|
| **ITEM 26.** | ***CALCULATION OF PERFORMANCE DATA.***  |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 27.** | ***FINANCIAL STATEMENTS.***  |

---

The audited financial statements, including the schedule of investments, statement of assets and liabilities, statement of operations, statements of changes in net assets, and independent registered public accounting firm's reports for the BlackRock Funds VI Feeder Fund and the Master Portfolio for the fiscal year ended December 31, 2025 (the "2025 Annual Financial Statements") are included in the [Master Portfolio's Form N-CSR (SEC File No. 811-23343) as filed with the SEC on March 5, 2026](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/1738077/000119312526093634/d817784dncsr.htm) and are hereby incorporated by reference. The 2025 Annual Financial Statements have been audited by PricewaterhouseCoopers LLP. The report of PricewaterhouseCoopers LLP is incorporated herein by reference. Such 2025 Annual Financial Statements have been incorporated herein in reliance upon such report given upon PricewaterhouseCoopers LLP's authority as experts in accounting and auditing. The annual report and the annual financial statements are available upon request and without charge.

------

**PART C** 

**OTHER INFORMATION** 

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| | |
|:---|:---|
| **ITEM 28.** | ***EXHIBITS.***  |

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---

| | |
|:---|:---|
| **EXHIBIT** | **DESCRIPTION** |
|  (a)(1) | [Certificate of Trust, dated April 19, 2018 is incorporated herein by reference to Exhibit (a)(1) to Registrant's Registration Statement on Form N-1A (File No. 811-23343), filed on April 20, 2018.](http://www.sec.gov/Archives/edgar/data/1738077/000119312518124953/d540458dex99a1.htm) |
| (a)(2) | [Agreement and Declaration of Trust, dated April 19, 2018 is incorporated herein by reference to Exhibit (a)(2) to Registrant's Registration Statement on Form N-1A (File No. 811-23343), filed on April 20, 2018.](http://www.sec.gov/Archives/edgar/data/1738077/000119312518124953/d540458dex99a2.htm) |
|  (b)(1) | [By-Laws, dated April 19, 2018 is incorporated herein by reference to Exhibit (b)(1) to Registrant's Registration Statement on Form N-1A (File No. 811-23343), filed on April 20, 2018.](http://www.sec.gov/Archives/edgar/data/1738077/000119312518124953/d540458dex99b1.htm) |
|  (b)(2) | [Amendment to By-Laws, dated November 19, 2020, is incorporated herein by reference to Exhibit (b)(2) to Amendment No. 7 to Registrant's Registration Statement on Form N-1A (File No. 811-23343), filed on April 30, 2021.](http://www.sec.gov/Archives/edgar/data/1738077/000119312521143353/d97810dex99b2.htm) |
| (c) | Not applicable. |
|  (d)(1) | [Investment Advisory Contract between the Registrant and BlackRock Advisors, LLC ("BAL") is incorporated herein by reference to Exhibit (d)(1) to Amendment No. 3 to Registrant's Registration Statement on Form N-1A (File No. 811-23343), filed on November 29, 2018.](http://www.sec.gov/Archives/edgar/data/1738077/000119312518338220/d636100dex99d1.htm) |
|  (d)(2) | [Amended Schedule A to Investment Advisory Contract between the Registrant and BAL, amended November 19, 2018, is incorporated herein by reference to Exhibit (d)(2) to Post-Effective Amendment No. 2 to Registrant's Registration Statement on Form N-1A (File No. 811-23343), filed on April 30, 2019.](http://www.sec.gov/Archives/edgar/data/1738077/000119312519128094/d722741dex99d2.htm) |
|  (d)(3) | [Form of Amended and Restated Sub-Investment Advisory Agreement between BAL and BlackRock International Limited ("BIL") is incorporated herein by reference to Exhibit (d)(3) to Registrant's Registration Statement on Form N-1A (File No. 811-23343), filed on April 29, 2020.](http://www.sec.gov/Archives/edgar/data/1738077/000119312520125308/d817210dex99d3.htm) |
|  (d)(4) | [Form of Sub-Investment Advisory Agreement between BAL and BlackRock Fund Advisors ("BFA") is incorporated herein by reference to Exhibit (d)(3) to Amendment No. 1 to Registrant's Registration Statement on Form N-1A (File No. 811-23343), filed on July 2, 2018.](http://www.sec.gov/Archives/edgar/data/1738077/000119312518211620/d540458dex99d3.htm) |
| (e) | [Form of Placement Agent Agreement between the Registrant and BlackRock Investments, LLC ("BRIL") is incorporated herein by reference to Exhibit (e) to Amendment No. 1 to Registrant's Registration Statement on Form N-1A (File No. 811-23343), filed on July 2, 2018.](http://www.sec.gov/Archives/edgar/data/1738077/000119312518211620/d540458dex99e.htm) |
| (f) | Not applicable. |
| (g) | [Master Custodian Agreement between Registrant and State Street Bank and Trust Company ("State Street") dated as of December 31, 2018, is incorporated herein by reference to Exhibit 7(g) of Post-Effective Amendment No. 943 to the Registration Statement on Form N-1A of BlackRock FundsSM (File No. 33-26305), filed on February 28, 2019.](http://www.sec.gov/Archives/edgar/data/844779/000119312519057019/d670783dex997g.htm) |
|  (h)(1) | [Form of Amended and Restated Administration Agreement between BAL and the Registrant on behalf of Advantage CoreAlpha Bond Master Portfolio is incorporated herein by reference to Exhibit (h)(1) to Registrant's Registration Statement on Form N-1A (File No. 811-23343), filed on April 29, 2024.](http://www.sec.gov/Archives/edgar/data/1738077/000119312524121893/d925148dex99h1.htm) |
|  (h)(2) | [Form of Tenth Amended and Restated Securities Lending Agency Agreement between Registrant and BlackRock Institutional Trust Company, N.A. is incorporated herein by reference to Exhibit 8(r) of Post-Effective Amendment No. 1289 to the Registration Statement on Form N-1A of BlackRock Funds<sup>SM</sup> (File No. 33-26305), filed on January 26, 2026.](http://www.sec.gov/Archives/edgar/data/844779/000119312526022441/d36558dex998r.htm) |
|  (h)(3) | [Form of Thirteenth Amended and Restated Credit Agreement among Registrant, a syndicate of banks and certain other parties is incorporated by reference to Exhibit 8(c) of Post-Effective Amendment No. 164 to the Registration Statement on Form N-1A of BlackRock ETF Trust (File No. 333-228832), filed on April 27, 2026.](http://www.sec.gov/Archives/edgar/data/1761055/000119312526180145/d54944dex998c.htm) |
|  (h)(4) | [Administration and Fund Accounting Services Agreement dated December 31, 2018 between Registrant and State Street is incorporated herein by reference to Exhibit 8(k) of Post-Effective Amendment No. 43 to the Registration Statement on Form N-1A of Managed Account Series (File No. 33-26305), filed on February 28, 2019.](http://www.sec.gov/Archives/edgar/data/1323737/000119312519056699/d672229dex998k.htm) |
|  (h)(5) | [Form of Thirteenth Amended and Restated Expense Limitation Agreement by and among Registrant, BlackRock Advisors, LLC and BlackRock Fund Advisors is incorporated by reference to Exhibit 8(e) of Post-Effective Amendment No. 70 to the Registration Statement on Form N-1A of BlackRock ETF Trust (File No. 333-228832), filed on March 21, 2024.](http://www.sec.gov/Archives/edgar/data/1761055/000119312524073958/d562662dex998e.htm) |

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| | |
|:---|:---|
| (i) | None. |
| (j) | Other Opinions |
| (1) — | [Consent of Independent Registered Public Accounting Firm is filed herewith.](d95986dex99j1.htm) |

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| | |
|:---|:---|
| (k) | Not applicable. |
| (l) | Not applicable. |
| (m) | Not applicable. |
| (n) | Reserved. |
| (o) | Reserved. |
| (p) | [(1) Code of Ethics of Registrant, BlackRock Investments, LLC, BlackRock Advisors, LLC, BlackRock Fund Advisors, BlackRock International Limited, BlackRock (Singapore) Limited and BlackRock Asset Management North Asia Limited is incorporated by reference to Exhibit (16)(a) of Post-Effective Amendment No. 1257 to the Registration Statement on Form N-1A of BlackRock Funds<sup>SM</sup> (File No. 33-26305), filed on May 23, 2025.](http://www.sec.gov/Archives/edgar/data/844779/000119312525125623/d940151dex9916a.htm) |
|  | [(2) Code of Ethics (Global Personal Investments Policy) for BlackRock, Inc. and its subsidiaries is incorporated herein by reference to Exhibit 16(b) of Post-Effective Amendment No. 1289 to the Registration Statement on Form N-1A of BlackRock Funds<sup>SM</sup> (File No. 33-26305), filed on January 26, 2026.](http://www.sec.gov/Archives/edgar/data/844779/000119312526022441/d36558dex9916b.htm) |

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| | |
|:---|:---|
| **ITEM 29.** | ***PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT***  |

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The Registrant does not control and is not under common control with any other person.

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| | |
|:---|:---|
| **ITEM 30.** | ***INDEMNIFICATION***  |

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Article IX of the Registrant's Agreement and Declaration of Trust provides:

"(a) Subject to the exceptions and limitations contained in paragraph (b) below: (i) every Person who is, or has been, a Trustee or officer of the Trust (including any individual who serves at its request as director, officer, partner, trustee or the like of another organization in which it has any interest as a shareholder, creditor or otherwise) (hereinafter referred to as a "Covered Person") shall be indemnified by the Trust, or by one or more Series thereof if the claim arises from his or her conduct with respect to only such Series (unless the Series was terminated prior to any such liability or claim being known to the Trustees, in which case such obligations, to the extent not satisfied out of the assets of a Series, the obligation shall be an obligation of the Trust), to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by such Covered Person in connection with any claim, action, suit, or proceeding in which such Covered Person becomes involved as a party or otherwise or is threatened to be involved as a party or otherwise by virtue of being or having been a Trustee or officer and against amounts paid or incurred by such Covered Person in the settlement thereof; and (ii) the words "claim," "action," "suit," or "proceeding" shall apply to all claims, actions, suits, or proceedings (civil, criminal, regulatory or other, including investigations and appeals), actual or threatened, while in office or thereafter, and the words "liability" and "expenses" shall include, without limitation, attorney's fees, costs, judgments, amounts paid in settlement, fines, penalties, and other liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No indemnification shall be provided hereunder to a Covered Person: (i) who shall have been adjudicated by a court or body before which the proceeding was brought (A) to be liable to the Trust or its Interestholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the Covered Person's office or (B) not to have acted in good faith in the reasonable belief that his or her action was in the best interest of the Trust; or (ii) in the event of a settlement or other disposition not involving a final adjudication as provided in paragraph (b)(i) resulting in a payment by a Covered Person, unless there has been a determination that such Trustee or officer did not engage in willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office: (A) by the court or other body approving the settlement or other disposition; (B) by at least a majority of those Trustees who neither are Interested Persons of the Trust nor are parties to the matter based upon a review of readily-available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled, shall continue as to a person who has ceased to be a Covered Person and shall inure to the benefit of the heirs, executors, and administrators of such a Covered Person. Nothing contained herein shall affect any rights to indemnification to which Trust personnel, other than Covered Persons, and other persons may be entitled by contract or otherwise under law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the maximum extent permitted by applicable law, expenses in connection with the preparation and presentation of a defense to any claim, action, suit, or proceeding of the character described in paragraph (a) of this Article IX, Section 1 may be paid by the Trust or Series from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person that such amount will be repaid by such Covered Person to the Trust or Series if it ultimately is determined that he or she is not entitled to indemnification under this Article IX, Section 1; provided, however, that either (i) such Covered Person shall have provided a surety bond or some other appropriate security for such undertaking; (ii) the Trust or Series thereof is insured against losses arising out of any such advance payments, or (iii) either a majority of the Trustees who are neither Interested Persons of the Trust nor parties to the matter, or independent legal counsel in a written opinion, shall have determined, based upon a review of readily-available facts (as opposed to a trial-type inquiry or full investigation), that there is a reason to believe that such Covered Person will be entitled to indemnification under this Article IX, Section 1. In connection with any determination pursuant to clause (iii) of the preceding sentence, any Covered Person who is a Trustee and is not an Interested Person of the Trust and any Covered Person who has been a Trustee and at such time was not an Interested Person of the Trust shall be entitled to a rebuttable presumption that he or she has not engaged in willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any repeal or modification of this Article IX, Section 1, or adoption or modification of any other provision of this Declaration of Trust or the By-Laws inconsistent with this Section, shall be prospective only, to the extent that such repeal, or modification adoption would, if applied retrospectively, adversely affect any limitation on the liability of any Covered Person or indemnification available to any Covered Person with respect to any act or omission which occurred prior to such repeal, adoption or modification."

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|:---|:---|
| **ITEM 31.** | ***BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISERS.***  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BAL is an indirect wholly-owned subsidiary of BlackRock, Inc. located at 100 Bellevue Parkway, Wilmington, Delaware 19809. BAL was organized in 1994 for the purpose of providing advisory services to investment companies. The information required by this Item 31 about officers and directors of BAL, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV, filed by BAL pursuant to the Investment Advisers Act of 1940 (SEC File No. 801-47710).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BFA is an indirect wholly-owned subsidiary of BlackRock, Inc. located at 400 Howard Street, San Francisco, California 94105. BFA's business is that of a registered investment adviser to certain open-end, management investment companies and various other institutional investors. The directors and officers of BFA consist primarily of persons who during the past two years have been active in the investment management business. Information as to the executive officers and directors of BFA is included in its Form ADV initially filed with the SEC (File No. 801-22609) on November 15, 1984 and updated thereafter and is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BlackRock International Limited ("BIL") is located at Dundas House, 20 Brandon Street, Edinburgh, EH3 5PP, Scotland. The information required by this Item 31 about officers and directors of BIL, together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by such officers and directors during the past two years, is incorporated by reference to Schedules A and D of Form ADV, filed by BIL pursuant to the Investment Advisers Act of 1940 (SEC File No. 801-51087).

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|:---|:---|
| **ITEM 32.** | ***PRINCIPAL UNDERWRITER.***  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BRIL acts as the principal underwriter or placement agent, as applicable, for each of the following open-end registered investment companies, including the Master Portfolio of the Registrant:

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| | |
|:---|:---|
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |
| BlackRock Advantage Global Fund, Inc.<br> BlackRock Advantage SMID Cap Fund, Inc.<br> BlackRock Allocation Target Shares<br> BlackRock Balanced Fund, Inc.<br> BlackRock Bond Fund, Inc.<br> BlackRock California Municipal Series Trust<br> BlackRock Capital Appreciation Fund, Inc.<br> BlackRock Emerging Markets Fund, Inc.<br> BlackRock Equity Dividend Fund<br> BlackRock ETF Trust<br> BlackRock ETF Trust II<br> BlackRock Financial Institutions Series Trust | BlackRock Funds<sup>SM</sup><br> BlackRock Funds II<br> BlackRock Funds III<br> BlackRock Funds IV<br> BlackRock Funds V<br> BlackRock Funds VI<br> BlackRock Funds VII, Inc.<br> BlackRock Global Allocation Fund, Inc.<br> BlackRock Index Funds, Inc.<br> BlackRock International Select Equity Fund<br> BlackRock Large Cap Focus Growth Fund, Inc.<br> BlackRock Large Cap Focus Value Fund, Inc.<br> BlackRock Large Cap Series Funds, Inc.<br> BlackRock Liquidity Funds<br> BlackRock Mid-Cap Value Series, Inc.<br> BlackRock Multi-State Municipal Series Trust |

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| | |
|:---|:---|
| BlackRock Municipal Bond Fund, Inc.<br> BlackRock Municipal Series Trust<br> BlackRock Natural Resources Trust<br> BlackRock Series Fund, Inc.<br> BlackRock Series Fund II, Inc.<br> BlackRock Series, Inc.<br> BlackRock Strategic Global Bond Fund, Inc.<br> BlackRock Unconstrained Equity Fund<br> BlackRock Variable Series Funds, Inc.<br> BlackRock Variable Series Funds II, Inc.<br> iShares, Inc.<br> iShares Trust | iShares U.S. ETF Trust<br> Managed Account Series<br> Managed Account Series II<br> Master Investment Portfolio<br> Master Investment Portfolio II<br> Quantitative Master Series LLC |

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BRIL also acts as the distributor or placement agent for the following closed-end registered investment companies:

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| |
|:---|
| BlackRock Alpha Strategies Fund |
| BlackRock Core Bond Trust |
| BlackRock Corporate High Yield Fund, Inc. |
| BlackRock Debt Strategies Fund, Inc. |
| BlackRock Enhanced Equity Dividend Trust |
| BlackRock Floating Rate Income Strategies Fund, Inc. |
| BlackRock Floating Rate Income Trust |
| BlackRock HPS Credit Strategies Fund |
| BlackRock Income Trust, Inc. |
| BlackRock Limited Duration Income Trust |
| BlackRock Multi-Sector Income Trust |
| BlackRock Municipal Credit Alpha Portfolio, Inc. |
| BlackRock Private Investments Fund |
| BlackRock Utilities, Infrastructure & Power Opportunities Trust |

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BRIL provides numerous financial services to BlackRock-advised funds and is the distributor of BlackRock's open-end funds. These services include coordinating and executing Authorized Participation Agreements, preparing, reviewing and providing advice with respect to all sales literature and responding to Financial Industry Regulatory Authority comments on marketing materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Set forth below is information concerning each director and officer of BRIL. The principal business address for each such person is 50 Hudson Yards, New York, New York 10001.

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| | | |
|:---|:---|:---|
| **Name** | **Position(s) and Office(s) with BRIL** | **Position(s) and Office(s) with Registrant** |
|  Jon Maro | Chairman and Chief Executive Officer, Board of Managers | None |
|  Christopher J. Meade | Chief Legal Officer, General Counsel and Senior Managing Director | None |
|  Zachary Marcus | Chief Financial Officer | None |
|  Gregory Rosta | Chief Compliance Officer and Director | None |
|  Cynthia Rzomp | Chief Operating Officer | None |
|  Andrew Dickson | Secretary and Managing Director | None |
|  Martin Small | Senior Managing Director | None |
|  Michael Bishopp | Managing Director | None |
|  Samara Cohen | Managing Director | None |
|  Jonathan Diorio | Managing Director | None |
|  Lisa Hill | Managing Director | None |
|  Brendan Kyne | Managing Director | None |
|  Stuart Murray | Managing Director | None |
|  Jonathan Steel | Managing Director | None |
|  Ariana Brown | Director | None |
|  Chris Nugent | Director | None |
|  Angelica Neto-Nolan | Vice President | None |
|  Lourdes Sanchez | Vice President | None |
|  Lisa Belle | Anti-Money Laundering Officer | Anti-Money Laundering Compliance Officer |
|  Joseph Devico | Board of Managers | None |
|  Meredith Herold | Board of Managers | None |
|  Dominik Rohe | Board of Managers | None |
|  Roland Villacorta | Board of Managers | None |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

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| | |
|:---|:---|
| **ITEM 33.** | ***LOCATION OF ACCOUNTS AND RECORDS***  |

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Omitted pursuant to Instruction 3 of Item 33 of Form N-1A.

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| | |
|:---|:---|
| **ITEM 34.** | ***MANAGEMENT SERVICES***  |

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Other than as set forth under the captions "Item 10. Management, Organization and Capital Structure" in Part A of this Registration Statement, and "Item 17. Management of the Trust" and "Item 19. Investment Advisory and Other Services" in Part B of this Registration Statement, Registrant is not a party to any management-related service contract.

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| | |
|:---|:---|
| **ITEM 35.** | ***UNDERTAKINGS***  |

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Not applicable.

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**SIGNATURES** 

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York, on April 30, 2026.

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| | |
|:---|:---|
| MASTER INVESTMENT PORTFOLIO II (REGISTRANT) ON BEHALF OF<br>ADVANTAGE COREALPHA BOND MASTER PORTFOLIO | MASTER INVESTMENT PORTFOLIO II (REGISTRANT) ON BEHALF OF<br>ADVANTAGE COREALPHA BOND MASTER PORTFOLIO |
| By: | /S/ JOHN M. PERLOWSKI |
|  | (John M. Perlowski, |
|  | President and Chief Executive Officer) |

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## Ex-99.J(1)

***Exhibit j(1)***

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u> 

We hereby consent to the incorporation by reference in the Registration Statement on Form N-1A of BlackRock Funds VI of our report dated February 24, 2026, relating to the financial statements and financial highlights of BlackRock Advantage CoreAlpha Bond Fund, which appears in BlackRock Fund VI's Certified Shareholder Report on Form N-CSR for the year ended December 31, 2025.

We also consent to the incorporation by reference in the Registration Statement on Form N-1A of Master Investment Portfolio II of our report dated February 24, 2026, relating to the financial statements and financial highlights of Advantage CoreAlpha Bond Master Portfolio, which appears in Master Investment Portfolio II's Certified Shareholder Report on Form N-CSR for the year ended December 31, 2025.

We also consent to the references to us under the headings "Financial Highlights", "Independent Registered Public Accounting Firm" and "Financial Statements" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

April 23, 2026