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Fund Institutional Shares BCRIX This annual shareholder report contains important information about BlackRock Advantage CoreAlpha Bond Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025. annual shareholder report The Fund invests all of its assets in the Advantage<span style="white-space:nowrap"> </span>CoreAlpha Bond Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio II.<span style="white-space:nowrap"> </span> You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762. blackrock.com/fundreports (800) 441‑7762 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Institutional Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>30<span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">0.29<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</div></td> </tr> </table> 30 0.0029 Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio. <div style="margin-bottom:0px;"> <div style="break-inside:avoid;margin-bottom:3.5pt;"> <div style="font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;margin-top:0px;"> <b>How did the </b> <b>Fund</b> <b> perform </b> <b>last year</b> <b>?</b> </div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 3.5pt; margin-right: 0; margin-bottom: 3.5pt; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 34px;"> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;">For the reporting period ended December 31, 2025, the Fund’s Institutional Shares returned 6.79%.</div> </li> <li style="padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 34px;"> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;">For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30%.</div> </li> </ul> <div style="break-inside:avoid;margin-bottom:3.5pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:normal;font-size:10pt;letter-spacing:normal;text-transform:none;color:rgb(0, 0, 0);margin-bottom:5pt;">What contributed to performance?</div> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify;color:rgb(0, 0, 0);margin-bottom:3.5pt;">Positive contributions to the Fund’s absolute performance for the period were led by exposure to higher yielding, credit-oriented areas of the bond market as a resilient economy supported stable credit spreads, with the exception of a brief spike in early April on tariff fears. In addition, as the period progressed and labor data softened, the market anticipated that the U.S. Federal Reserve was poised to begin cutting its benchmark overnight lending rate, leading yields lower and bond prices higher. Specifically, the Fund’s holdings of securitized assets, high yield corporate bonds and investment grade corporate bonds led contributions to return. </div> </div> <div style="break-inside:avoid;margin-bottom:3.5pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:normal;font-size:10pt;letter-spacing:normal;text-transform:none;color:rgb(0, 0, 0);margin-bottom:5pt;">What detracted from performance?</div> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify;color:rgb(0, 0, 0);margin-bottom:3.5pt;">The Fund’s positioning across global interest rate markets using cross-market rate swaps was the largest detractor from absolute performance for the period.</div> </div> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify;color:rgb(0, 0, 0);margin-bottom:3.5pt;"> <i>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</i> </div> </div> <div style="break-inside:avoid;"> <div style="margin-bottom:5pt;"> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">Fund performance </div> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">Cumulative performance: January 1, 2016 through December 31, 2025 </div> </div> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">Initial investment of $10,000</div> </div> <div style="margin-top:5pt;margin-bottom:5pt;"> <img alt="Fund Performance - Growth of 10K" src="g812244g1chartimages_6656435.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 525pt;"/> </div> <div style="padding-left:10pt;margin-bottom:7.2pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;text-indent:-10pt;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"> See “Average annual total returns” for additional information on fund performance.</div> </div> </div> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; width: auto; font-family: 'Arial'; font-weight: bold; font-style: normal; font-size: 10pt; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;">Average annual total returns</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; width: auto;"></td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; width: auto;"></td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; width: auto;"></td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> </tr> <tr style="break-after:avoid;border-bottom-style:none;border-bottom-width:initial;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: 60%; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">1 Year</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-bottom: 0; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">5 Years</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-bottom: 0; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">10 Years</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; padding-right: 0; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-bottom: 0; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; font-kerning: none; text-align: left; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt;">Institutional Shares</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">6.79</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">(0.67</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>)</span><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">2.08</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; font-kerning: none; text-align: left; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">7.30</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">(0.36</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>)</span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">2.01</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"></td> </tr> </table> Institutional Shares 0.0679 -0.0067 0.0208 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>722,727,638</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">1</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Investment Advisory Fees</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>1,700,178</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate of the Master Portfolio</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">183<span>%</span></td> </tr> </table> 722727638 1 1700178 1.83 Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com</span> for more recent performance information. BlackRock Advantage CoreAlpha Bond Fund Investor A Shares BCRAX This annual shareholder report contains important information about BlackRock Advantage CoreAlpha Bond Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025. annual shareholder report The Fund invests all of its assets in the Advantage<span style="white-space:nowrap"> </span>CoreAlpha Bond Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio II.<span style="white-space:nowrap"> </span> You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762. blackrock.com/fundreports (800) 441‑7762 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Investor A Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>56<span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">0.54<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</div></td> </tr> </table> 56 0.0054 Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio. <div style="margin-bottom:0px;"> <div style="break-inside:avoid;margin-bottom:3.5pt;"> <div style="font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;margin-top:0px;"> <b>How did the </b> <b>Fund</b> <b> perform </b> <b>last year</b> <b>?</b> </div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 3.5pt; margin-right: 0; margin-bottom: 3.5pt; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 34px;"> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;">For the reporting period ended December 31, 2025, the Fund’s Investor A Shares returned 6.53%.</div> </li> <li style="padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 34px;"> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;">For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30%.</div> </li> </ul> <div style="break-inside:avoid;margin-bottom:3.5pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:normal;font-size:10pt;letter-spacing:normal;text-transform:none;color:rgb(0, 0, 0);margin-bottom:5pt;">What contributed to performance?</div> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify;color:rgb(0, 0, 0);margin-bottom:3.5pt;">Positive contributions to the Fund’s absolute performance for the period were led by exposure to higher yielding, credit-oriented areas of the bond market as a resilient economy supported stable credit spreads, with the exception of a brief spike in early April on tariff fears. In addition, as the period progressed and labor data softened, the market anticipated that the U.S. Federal Reserve was poised to begin cutting its benchmark overnight lending rate, leading yields lower and bond prices higher. Specifically, the Fund’s holdings of securitized assets, high yield corporate bonds and investment grade corporate bonds led contributions to return. </div> </div> <div style="break-inside:avoid;margin-bottom:3.5pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:normal;font-size:10pt;letter-spacing:normal;text-transform:none;color:rgb(0, 0, 0);margin-bottom:5pt;">What detracted from performance?</div> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify;color:rgb(0, 0, 0);margin-bottom:3.5pt;">The Fund’s positioning across global interest rate markets using cross-market rate swaps was the largest detractor from absolute performance for the period.</div> </div> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify;color:rgb(0, 0, 0);margin-bottom:3.5pt;"> <i>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</i> </div> </div> <div style="break-inside:avoid;"> <div style="margin-bottom:5pt;"> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">Fund performance </div> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">Cumulative performance: January 1, 2016 through December 31, 2025 </div> </div> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">Initial investment of $10,000</div> </div> <div style="margin-top:5pt;margin-bottom:5pt;"> <img alt="Fund Performance - Growth of 10K" src="g812244g1chartimages_6656434.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 525pt;"/> </div> <div style="padding-left:10pt;margin-bottom:7.2pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;text-indent:-10pt;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"> See “Average annual total returns” for additional information on fund performance.</div> </div> </div> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; width: auto; font-family: 'Arial'; font-weight: bold; font-style: normal; font-size: 10pt; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;">Average annual total returns</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; width: auto;"></td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; width: auto;"></td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; width: auto;"></td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> </tr> <tr style="break-after:avoid;border-bottom-style:none;border-bottom-width:initial;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: 60%; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">1 Year</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-bottom: 0; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">5 Years</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-bottom: 0; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">10 Years</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; padding-right: 0; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-bottom: 0; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; font-kerning: none; text-align: left; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt;">Investor A Shares</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">6.53</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">(0.92</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>)</span><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">1.80</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; font-kerning: none; text-align: left; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt;">Investor A Shares (with sales charge)</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">2.27</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">(1.72</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>)</span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">1.38</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; font-kerning: none; text-align: left; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">7.30</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">(0.36</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>)</span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">2.01</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"></td> </tr> </table> Investor A Shares 0.0653 -0.0092 0.0180 Investor A Shares (with sales charge) 0.0227 -0.0172 0.0138 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>722,727,638</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">1</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Investment Advisory Fees</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>1,700,178</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate of the Master Portfolio</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">183<span>%</span></td> </tr> </table> 722727638 1 1700178 1.83 Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com</span> for more recent performance information. BlackRock Advantage CoreAlpha Bond Fund Investor C Shares BCRCX This annual shareholder report contains important information about BlackRock Advantage CoreAlpha Bond Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025. annual shareholder report The Fund invests all of its assets in the Advantage<span style="white-space:nowrap"> </span>CoreAlpha Bond Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio II.<span style="white-space:nowrap"> </span> You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762. blackrock.com/fundreports (800) 441‑7762 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Investor C Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>133<span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">1.29<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</div></td> </tr> </table> 133 0.0129 Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio. <div style="margin-bottom:0px;"> <div style="break-inside:avoid;margin-bottom:3.5pt;"> <div style="font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;margin-top:0px;"> <b>How did the </b> <b>Fund</b> <b> perform </b> <b>last year</b> <b>?</b> </div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 3.5pt; margin-right: 0; margin-bottom: 3.5pt; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 34px;"> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;">For the reporting period ended December 31, 2025, the Fund’s Investor C Shares returned 5.75%.</div> </li> <li style="padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 34px;"> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;">For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30%.</div> </li> </ul> <div style="break-inside:avoid;margin-bottom:3.5pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:normal;font-size:10pt;letter-spacing:normal;text-transform:none;color:rgb(0, 0, 0);margin-bottom:5pt;">What contributed to performance?</div> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify;color:rgb(0, 0, 0);margin-bottom:3.5pt;">Positive contributions to the Fund’s absolute performance for the period were led by exposure to higher yielding, credit-oriented areas of the bond market as a resilient economy supported stable credit spreads, with the exception of a brief spike in early April on tariff fears. In addition, as the period progressed and labor data softened, the market anticipated that the U.S. Federal Reserve was poised to begin cutting its benchmark overnight lending rate, leading yields lower and bond prices higher. Specifically, the Fund’s holdings of securitized assets, high yield corporate bonds and investment grade corporate bonds led contributions to return. </div> </div> <div style="break-inside:avoid;margin-bottom:3.5pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:normal;font-size:10pt;letter-spacing:normal;text-transform:none;color:rgb(0, 0, 0);margin-bottom:5pt;">What detracted from performance?</div> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify;color:rgb(0, 0, 0);margin-bottom:3.5pt;">The Fund’s positioning across global interest rate markets using cross-market rate swaps was the largest detractor from absolute performance for the period.</div> </div> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify;color:rgb(0, 0, 0);margin-bottom:3.5pt;"> <i>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</i> </div> </div> <div style="break-inside:avoid;"> <div style="margin-bottom:5pt;"> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">Fund performance </div> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">Cumulative performance: January 1, 2016 through December 31, 2025 </div> </div> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">Initial investment of $10,000</div> </div> <div style="margin-top:5pt;margin-bottom:5pt;"> <img alt="Fund Performance - Growth of 10K" src="g812244g1chartimages_6656373.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 525pt;"/> </div> <div style="padding-left:10pt;margin-bottom:7.2pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;text-indent:-10pt;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"> See “Average annual total returns” for additional information on fund performance.</div> </div> </div> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; width: auto; font-family: 'Arial'; font-weight: bold; font-style: normal; font-size: 10pt; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;">Average annual total returns</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; width: auto;"></td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; width: auto;"></td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; width: auto;"></td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> </tr> <tr style="break-after:avoid;border-bottom-style:none;border-bottom-width:initial;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: 60%; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">1 Year</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-bottom: 0; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">5 Years</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-bottom: 0; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">10 Years</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; padding-right: 0; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-bottom: 0; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; font-kerning: none; text-align: left; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt;">Investor C Shares</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">5.75</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">(1.67</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>)</span><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">1.20</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; font-kerning: none; text-align: left; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt;">Investor C Shares (with sales charge)</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">4.75</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">(1.67</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>)</span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">1.20</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; font-kerning: none; text-align: left; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">7.30</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">(0.36</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>)</span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">2.01</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"></td> </tr> </table> Investor C Shares 0.0575 -0.0167 0.0120 Investor C Shares (with sales charge) 0.0475 -0.0167 0.0120 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>722,727,638</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">1</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Investment Advisory Fees</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>1,700,178</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate of the Master Portfolio</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">183<span>%</span></td> </tr> </table> 722727638 1 1700178 1.83 Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com</span> for more recent performance information. BlackRock Advantage CoreAlpha Bond Fund Class K Shares BCRKX This annual shareholder report contains important information about BlackRock Advantage CoreAlpha Bond Fund (the “Fund”) for the period of January 1, 2025 to December 31, 2025. annual shareholder report The Fund invests all of its assets in the Advantage<span style="white-space:nowrap"> </span>CoreAlpha Bond Master Portfolio (the “Master Portfolio”), a series of Master Investment Portfolio II.<span style="white-space:nowrap"> </span> You can find additional information about the Fund at <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com/fundreports</span>. You can also request this information by contacting us at (800) 441‑7762. blackrock.com/fundreports (800) 441‑7762 <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;"> <b>What were the </b> <b>Fund</b> <b> costs for the </b> <b>last year</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">(based on a hypothetical $10,000 investment)</div> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: left;">Class name</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs of a $10,000<br/> investment</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-weight: bold; font-size: 9pt; line-height: 11pt; color: rgb(0, 0, 0); background-color: rgb(255, 206, 0); text-align: center; padding-top: 2pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0;">Costs paid as a percentage of a<br/> $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); overflow-x: hidden; padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; font-size: 8pt; line-height: 10pt; text-align: left;">Class K Shares</td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;"><span style="float:none">$</span>25<span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); padding-top: 4pt; padding-right: 0; padding-bottom: 2pt; padding-left: 0; text-align: center; font-size: 8pt; line-height: 10pt;">0.24<span>%</span><span style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</span></td> </tr> </table> <table style="break-inside:avoid;margin-top:2pt;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; overflow-x: hidden; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: initial; text-indent: 0;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​<sup style="vertical-align:0.5em;font-size:smaller;line-height:0px">(a)</sup></div></td> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; font-style: normal; font-size: 7pt; line-height: 9pt; text-align: justify; color: rgb(0, 0, 0); text-indent: 0; padding-top: 1.6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 0; width: 100%;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;vertical-align:top;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.</div></td> </tr> </table> 25 0.0024 Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio. <div style="margin-bottom:0px;"> <div style="break-inside:avoid;margin-bottom:3.5pt;"> <div style="font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;margin-top:0px;"> <b>How did the </b> <b>Fund</b> <b> perform </b> <b>last year</b> <b>?</b> </div> </div> <ul style="padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-top: 3.5pt; margin-right: 0; margin-bottom: 3.5pt; margin-left: 0; break-inside: avoid;"> <li style="padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 34px;"> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;">For the reporting period ended December 31, 2025, the Fund’s Class K Shares returned 6.84%.</div> </li> <li style="padding-left: 4pt; font-family: 'Arial'; font-size: 8pt; line-height: 12.32pt; text-align: justify; list-style-type: disc; color: rgb(0, 0, 0); margin-left: 34px;"> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;">For the same period, the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index returned 7.30%.</div> </li> </ul> <div style="break-inside:avoid;margin-bottom:3.5pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:normal;font-size:10pt;letter-spacing:normal;text-transform:none;color:rgb(0, 0, 0);margin-bottom:5pt;">What contributed to performance?</div> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify;color:rgb(0, 0, 0);margin-bottom:3.5pt;">Positive contributions to the Fund’s absolute performance for the period were led by exposure to higher yielding, credit-oriented areas of the bond market as a resilient economy supported stable credit spreads, with the exception of a brief spike in early April on tariff fears. In addition, as the period progressed and labor data softened, the market anticipated that the U.S. Federal Reserve was poised to begin cutting its benchmark overnight lending rate, leading yields lower and bond prices higher. Specifically, the Fund’s holdings of securitized assets, high yield corporate bonds and investment grade corporate bonds led contributions to return. </div> </div> <div style="break-inside:avoid;margin-bottom:3.5pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:normal;font-size:10pt;letter-spacing:normal;text-transform:none;color:rgb(0, 0, 0);margin-bottom:5pt;">What detracted from performance?</div> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify;color:rgb(0, 0, 0);margin-bottom:3.5pt;">The Fund’s positioning across global interest rate markets using cross-market rate swaps was the largest detractor from absolute performance for the period.</div> </div> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify;color:rgb(0, 0, 0);margin-bottom:3.5pt;"> <i>The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.</i> </div> </div> <div style="break-inside:avoid;"> <div style="margin-bottom:5pt;"> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-weight:bold;font-size:10pt;color:rgb(0, 0, 0);margin-bottom:-0.18pt;">Fund performance </div> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">Cumulative performance: January 1, 2016 through December 31, 2025 </div> </div> <div style="margin-top:0px;margin-bottom:0px;font-kerning:none;font-family:'arial';font-size:9pt;color:rgb(0, 0, 0);">Initial investment of $10,000</div> </div> <div style="margin-top:5pt;margin-bottom:5pt;"> <img alt="Fund Performance - Growth of 10K" src="g812244g1chartimages_6656496.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 525pt;"/> </div> <div style="padding-left:10pt;margin-bottom:7.2pt;"> <div style="margin-top:0px;font-kerning:none;font-family:'arial';font-style:normal;font-size:7pt;line-height:9pt;text-align:justify;text-indent:-10pt;color:rgb(0, 0, 0);padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;"> See “Average annual total returns” for additional information on fund performance.</div> </div> </div> <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; width: auto; font-family: 'Arial'; font-weight: bold; font-style: normal; font-size: 10pt; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-right: 0; padding-bottom: 1.5pt; padding-left: 0; margin-bottom: 0;">Average annual total returns</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; width: auto;"></td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; width: auto;"></td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-bottom: 0; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0; width: auto;"></td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; white-space: nowrap; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; width: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> </tr> <tr style="break-after:avoid;border-bottom-style:none;border-bottom-width:initial;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: 60%; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; padding-left: 0; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">1 Year</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-bottom: 0; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">5 Years</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-bottom: 0; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; width: auto; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt; padding-top: 1.6pt; padding-bottom: 0; padding-left: 0;">10 Years</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; text-align: left; width: auto; padding-right: 0; font-family: 'Arial'; font-weight: normal; font-style: italic; font-size: 8pt; line-height: 10pt; white-space: nowrap; color: rgb(0, 0, 0); padding-top: 1.6pt; padding-bottom: 0; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 0; padding-left: 6pt; font-kerning: none; text-align: left; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt;">Class K Shares</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">6.84</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">(0.64</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>)</span><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 0; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">2.12</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 0; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-top: 2pt; padding-right: 0; padding-bottom: 1.6pt; padding-left: 6pt; font-kerning: none; text-align: left; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; width: 100%; text-indent: -6pt; font-size: 8pt; line-height: 10pt;">Bloomberg U.S. Aggregate Bond Index</td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">7.30</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">(0.36</td> <td style="padding-left: 0; padding-right: 6pt; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"><span>)</span></td> <td style="padding-right: 0; break-inside: avoid-page; vertical-align: bottom; text-align: right; padding-top: 2pt; padding-bottom: 1.6pt; padding-left: 0; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); width: auto; font-size: 8pt; line-height: 10pt;">2.01</td> <td style="padding-left: 0; break-inside: avoid-page; vertical-align: bottom; font-kerning: none; font-family: 'Arial'; color: rgb(0, 0, 0); text-align: left; padding-top: 1.6pt; padding-right: 0; padding-bottom: 1.6pt; white-space: nowrap; width: auto; font-size: 8pt; line-height: 10pt;"></td> </tr> </table> Class K Shares 0.0684 -0.0064 0.0212 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 <table style="break-inside:avoid;table-layout:auto;width:100%;border-collapse:collapse;margin-top:0px"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:0.5pt;break-inside:avoid-page;height:auto;background-color:rgb(255, 206, 0);border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; padding-left: 0; padding-right: 0; width: auto; font-family: 'Arial'; font-weight: bold; font-size: 10pt; line-height: normal; text-align: left; text-indent: 0; letter-spacing: normal; text-transform: none; font-kerning: none; color: rgb(0, 0, 0); margin-top: 0; padding-top: 2pt; padding-bottom: 1.5pt; margin-bottom: 0;">Key Fund statistics</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; padding-left: 6pt; padding-right: 6pt; font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Assets</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>722,727,638</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Number of Portfolio Holdings</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;">1</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:auto;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 0; text-indent: -6pt;">Net Investment Advisory Fees</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 0;"><span style="float:none">$</span>1,700,178</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: bottom; font-kerning: none; padding-left: 6pt; padding-right: 6pt; color: rgb(0, 0, 0); overflow-x: hidden; font-family: 'Arial'; font-size: 8pt; line-height: 10pt; font-weight: normal; text-align: left; width: 100%; padding-top: 1.6pt; padding-bottom: 1.6pt; text-indent: -6pt;">Portfolio Turnover Rate of the Master Portfolio</td> <td style="break-inside: avoid-page; vertical-align: bottom; text-align: right; font-kerning: none; white-space: nowrap; padding-left: 6pt; padding-right: 6pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 8pt; line-height: 10pt; width: 12%; padding-top: 1.6pt; padding-bottom: 1.6pt;">183<span>%</span></td> </tr> </table> 722727638 1 1700178 1.83 Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit <span style="color:rgb(0, 0, 0);font-weight:bold;text-decoration-line:none;font-family:'arial';font-size:8pt;line-height:10.4pt;text-align:justify">blackrock.com</span> for more recent performance information. Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio. Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio. Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio. Because the Fund invests all of its assets in the Master Portfolio, the expense example reflects the net expenses of both the Fund and the Master Portfolio.