you cannot test more than one cell with ISBLANK at once. So either:
Formula:
=IF(AND(ISBLANK(D4),ISBLANK(D5))," ",IFERROR((IF(ISBLANK(D4),VLOOKUP(D5,'Master List'!B:O,14,0),VLOOKUP(D5,'Master List'!D:O,12,0))),"Not TSRd"))
or, instead of testing ISBLANK, just count non-blank cells, like:
Formula:
=IF(COUNTA(D4:F5)=0," ",IFERROR((IF(ISBLANK(D4),VLOOKUP(D5,'Master List'!B:O,14,0),VLOOKUP(D5,'Master List'!D:O,12,0))),"Not TSRd"))
PS. I'd rather use empty string "" than a space " " when there is no input, but of course this is to some extend personal taste (and also how - if at all - the output cell is further processed)
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