Report of Independent Registered Public
Accounting Firm

To the Board of Trustees of Master Investment Portfolio
II and Investors of CoreAlpha Bond Master Portfolio

In planning and performing our audits of the financial
statements of CoreAlpha Bond Master Portfolio (the
"Master Portfolio") as of and for the year ended
December 31, 2019, in accordance with the standards of
the Public Company Accounting Oversight Board (United
States) ("PCAOB"), we considered the Master Portfolio's
internal control over financial reporting, including
controls over safeguarding securities, as a basis for
designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-CEN, but not
for the purpose of expressing an opinion on the
effectiveness of the Master Portfolio's internal control
over financial reporting.  Accordingly, we do not express
an opinion on the effectiveness of the Master Portfolio's
internal control over financial reporting.

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

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

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

Our consideration of the Master Portfolio's internal
control over financial reporting was for the limited
purpose described in the first paragraph and would not
necessarily disclose all deficiencies in internal control
over financial reporting that might be material
weaknesses under standards established by the PCAOB.
However, we noted no deficiencies in the Master
Portfolio's internal control over financial reporting and
their operation, including controls over safeguarding
securities, that we consider to be material weaknesses as
defined above as of December 31, 2019.

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

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
February 27, 2020