UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-02405, 811-09739 and 811-21434

Name of Fund: BlackRock Balanced Capital Fund, Inc., Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock Balanced Capital Fund, Inc., Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC, 55 East 52^nd Street, New York, NY 10055

Registrants’ telephone number, including area code: (800) 441-7762

Date of fiscal year end: 09/30/2019

Date of reporting period: 12/31/2018

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited) December 31, 2018 BlackRock Balanced Capital Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares/ Investment Value		Value
Investment Companies — 97.4%
Equity Funds — 54.0%
iShares Edge MSCI Multifactor USA Index Fund (b)		101,935	$	2,839,909
Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC (b)		547,564,316		547,564,316
				550,404,225
Fixed Income Funds — 38.2%
BlackRock Total Factor Fund, Class K (b)		100,691		973,680
iShares Core U.S. Aggregate Bond ETF (b)		327,759		34,903,056
Master Total Return Portfolio of Master Bond LLC (b)		353,455,135		353,455,135
				389,331,871

Security	Shares/ Investment Value		Value
Short-Term Securities — 5.2%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.32%(a)(b)		53,427,092	$	53,427,092
Total Investment Companies — 97.4% (Cost: $1,003,111,901)				993,163,188
Other Assets Less Liabilities — 2.6%.				26,186,947
Net Assets — 100.0%			$	1,019,350,135

^(a) Annualized 7-day yield as of period end.

^(b)  During the period ended December 31, 2018, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliate	Shares/ Investment Value Held at 09/30/18		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 12/31/18		Value at 12/31/18		Income		Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		35,209,999		18,217,093	(b)		—			53,427,092	$	53,427,092	$	237,419	$	—		$	—
BlackRock Total Factor Fund, Class K		97,858		2,833			—			100,691		973,680		27,388		—			(39,144	)
iShares Core U.S. Aggregate Bond ETF		495,283		—			(167,524	)		327,759		34,903,056		444,052		(409,726	)		795,303
iShares Edge MSCI Multifactor USA Index Fund		101,935		—			—			101,935		2,839,909		54,691		—			(587,146	)
Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC	$	642,270,625		—		$	(94,706,309	)(c)(d)	$	547,564,316		547,564,316		2,625,061		(12,732,321	)		(84,599,049	)
Master Total Return Portfolio of Master Bond LLC	$	349,932,169	$	3,522,966	(b)(c)		353,455,135		$	353,455,135		353,455,135		3,427,854		(1,874,630	)		2,286,528
											$	993,163,188	$	6,816,465	$	(15,016,677	)	$	(82,143,508	)

^(a) Includes net capital gain distributions, if applicable.

^(b) Represents net shares/investment value purchased.

^(c) Inclusive of income, expense, realized and unrealized gains and losses allocated from the Master Portfolio.

^(d) Represents net investment value sold.

BlackRock Balanced Capital Fund, Inc. (the “Fund”) seeks to achieve its investment objective by investing a significant amount of its assets in Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC (collectively the “Master Portfolios”), which have the same investment objectives and strategies as the Fund. As of period end, the value of the investments and the percentage owned by the Fund of Master Advantage Large Cap Core Portfolio and Master Total Return Portfolio was $547,564,316 and $353,455,135, respectively and 17.9% and 2.8%, respectively.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		96		03/07/19	$	13,081	$	(807,220	)
S&P 500 E-Mini Index		837		03/15/19		104,843		(3,426,800	)
U.S. Treasury Notes (10 Year)		18		03/20/19		2,196		51,319
							$	(4,182,701	)

1

Schedule of Investments  (unaudited) (continued) December 31, 2018 BlackRock Balanced Capital Fund, Inc.

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
EUR	17,003,067	USD	19,517,940	Bank of America N.A.		03/20/19	$	94,952
AUD	25,751,325	USD	18,653,024	Royal Bank of Canada		03/20/19		(490,404	)
Net Unrealized Depreciation							$	(395,452)

Currency

AUD	Australian Dollar
EUR	Euro
USD	US Dollar

Portfolio Abbreviations

ETF	Exchange-Traded Fund
S&P	Standard & Poor’s

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and derivative financial instruments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the Fund’s investments and derivative financial instruments in the disclosure hierarchy:

	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Investment Companies(a)	$	92,143,737		$	—		$	—	$	92,143,737
Investments Valued at NAV(b)										901,019,451
Total Investments									$	993,163,188
Derivative Financial Instruments(c)
Assets:
Foreign currency exchange contracts	$	—		$	94,952		$	—	$	94,952
Interest rate contracts		51,319			—			—		51,319
Liabilities:
Equity contracts		(4,234,020	)		—			—		(4,234,020	)
Foreign currency exchange contracts		—			(490,404	)		—		(490,404	)
	$	(4,182,701	)	$	(395,452	)		—	$	(4,578,153	)

^(a) Certain investments of the Fund were fair valued using net asset value per share or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(b)  Derivative financial instruments are futures contracts and forward foreign currency exchange contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

During the period ended December 31, 2018, there were no transfers between levels.

2

Schedule of Investments  (unaudited) December 31, 2018 Master Advantage Large Cap Core Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 97.1%
Aerospace & Defense — 2.3%
Boeing Co.		74,427	$	24,002,708
General Dynamics Corp.		19,088		3,000,824
Lockheed Martin Corp.		40,533		10,613,161
Raytheon Co.		214,650		32,916,577
				70,533,270
Airlines — 0.4%
Delta Air Lines, Inc.		83,436		4,163,456
Southwest Airlines Co.		196,912		9,152,470
				13,315,926
Auto Components — 0.1%
BorgWarner, Inc.		61,741		2,144,882
Automobiles — 0.1%
Ford Motor Co.		147,578		1,128,972
General Motors Co.		66,707		2,231,349
				3,360,321
Banks — 5.7%
Bank of America Corp.		2,410,218		59,387,772
BB&T Corp.		320,871		13,900,132
Citigroup, Inc.		281,198		14,639,168
Citizens Financial Group, Inc.		491,075		14,599,660
Cullen/Frost Bankers, Inc.		14,073		1,237,580
East West Bancorp, Inc.		99,086		4,313,214
First Republic Bank		160,163		13,918,165
JPMorgan Chase & Co.		314,023		30,654,925
Synovus Financial Corp.		952		30,454
Wells Fargo & Co.		458,004		21,104,824
				173,785,894
Beverages — 1.5%
Coca-Cola Co.		7,999		378,753
Coca-Cola European Partners PLC		182,708		8,377,162
Constellation Brands, Inc., Class A		37,626		6,051,013
Keurig Dr Pepper, Inc.		22,538		577,874
Molson Coors Brewing Co., Class B		21,884		1,229,005
Monster Beverage Corp. (a)		142,597		7,018,624
PepsiCo, Inc.		189,715		20,959,713
				44,592,144
Biotechnology — 3.9%
AbbVie, Inc.		285,723		26,340,803
Amgen, Inc.		124,782		24,291,312
Biogen, Inc. (a)		19,330		5,816,784
Celgene Corp. (a)		306,250		19,627,563
Genomic Health, Inc. (a)		22,752		1,465,456
Gilead Sciences, Inc.		533,946		33,398,322
Incyte Corp. (a)		12,107		769,884
Regeneron Pharmaceuticals, Inc. (a)		6,445		2,407,207
Vertex Pharmaceuticals, Inc. (a)		36,119		5,985,279
				120,102,610
Building Products — 0.3%
Allegion PLC		106,226		8,467,274
Capital Markets — 3.4%
Charles Schwab Corp.		713,657		29,638,175
CME Group, Inc.		74,014		13,923,514
Evercore, Inc., Class A		24,108		1,725,168
Intercontinental Exchange, Inc.		8,502		640,456
Invesco Ltd.		21,271		356,077
Moelis & Co., Class A		140,831		4,841,770
Morgan Stanley		972,081		38,543,012
S&P Global, Inc.		72,134		12,258,452
SEI Investments Co.		10,601		489,766
TD Ameritrade Holding Corp.		11,020		539,539
				102,955,929

Security	Shares		Value
Chemicals — 1.7%
Air Products & Chemicals, Inc.		174,856	$	27,985,703
Celanese Corp.		77,980		7,015,861
Eastman Chemical Co.		57,090		4,173,850
Ecolab, Inc.		60,946		8,980,393
Huntsman Corp.		20,611		397,586
Linde PLC		20,559		3,208,026
Mosaic Co.		11,374		332,235
				52,093,654
Commercial Services & Supplies — 0.1%
Clean Harbors, Inc. (a)		73,915		3,647,705
Waste Connections, Inc.		8,931		663,127
				4,310,832
Communications Equipment — 1.1%
Ciena Corp. (a)		107,008		3,628,641
Cisco Systems, Inc.		464,759		20,138,007
InterDigital, Inc.		9		598
Motorola Solutions, Inc.		67,185		7,728,962
Palo Alto Networks, Inc. (a)(b)		12,973		2,443,465
				33,939,673
Construction Materials — 0.0%
Martin Marietta Materials, Inc.		7,131		1,225,605
Consumer Finance — 0.7%
American Express Co.		203,629		19,409,916
Capital One Financial Corp.		40,380		3,052,324
				22,462,240
Containers & Packaging — 0.3%
Packaging Corp. of America		60,874		5,080,544
WestRock Co.		131,735		4,974,314
				10,054,858
Diversified Consumer Services — 0.2%
H&R Block, Inc.		230,891		5,857,705
Diversified Financial Services — 1.5%
Berkshire Hathaway, Inc., Class B (a)		226,397		46,225,739
Diversified Telecommunication Services — 1.3%
AT&T Inc.		461,244		13,163,904
Verizon Communications, Inc.		493,217		27,728,660
				40,892,564
Electric Utilities — 1.9%
IDACORP, Inc.		86,367		8,037,313
OGE Energy Corp.		254,320		9,966,801
Pinnacle West Capital Corp.		287,376		24,484,435
Portland General Electric Co.		346,435		15,884,045
Xcel Energy, Inc.		13,691		674,556
				59,047,150
Electrical Equipment — 0.9%
AMETEK, Inc.		110,546		7,483,964
Rockwell Automation, Inc.		135,748		20,427,359
				27,911,323
Electronic Equipment, Instruments & Components — 0.9%
CDW Corp.		132,721		10,757,037
National Instruments Corp.		284,606		12,915,420
Zebra Technologies Corp., Class A (a)		14,151		2,253,264
				25,925,721
Energy Equipment & Services — 0.5%
Halliburton Co.		498,470		13,249,333
Nabors Industries Ltd.		298,019		596,038
				13,845,371
Entertainment — 1.1%
Activision Blizzard, Inc.		22,907		1,066,779

1

Schedule of Investments  (unaudited) (continued) December 31, 2018 Master Advantage Large Cap Core Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment (continued)
Electronic Arts, Inc. (a)		96,862	$	7,643,380
Netflix, Inc. (a)		40,615		10,871,011
Twenty-First Century Fox, Inc., Class A		46,893		2,256,491
Twenty-First Century Fox, Inc., Class B		36,280		1,733,458
Viacom, Inc., Class A		1,651		45,914
Viacom, Inc., Class B		315,343		8,104,315
Walt Disney Co.		5,035		552,088
World Wrestling Entertainment, Inc., Class A		32,935		2,460,903
				34,734,339
Equity Real Estate Investment Trusts (REITs) — 3.7%
Equity LifeStyle Properties, Inc. (b)		32,831		3,188,875
Host Hotels & Resorts, Inc.		716,669		11,946,872
Outfront Media, Inc.		52,017		942,548
Park Hotels & Resorts, Inc.		520,808		13,530,592
Prologis, Inc.		634,199		37,240,165
Realty Income Corp.		357,180		22,516,627
Simon Property Group, Inc. (b)		136,540		22,937,355
				112,303,034
Food & Staples Retailing — 1.0%
Costco Wholesale Corp.		126,248		25,717,980
Walmart, Inc.		50,361		4,691,127
				30,409,107
Food Products — 2.0%
Archer-Daniels-Midland Co.		592,906		24,291,359
Hershey Co.		283,469		30,382,207
Hormel Foods Corp.		20,826		888,854
Kellogg Co.		22,166		1,263,684
Lamb Weston Holdings, Inc.		29,895		2,199,076
Tyson Foods, Inc., Class A		16,360		873,624
				59,898,804
Gas Utilities — 0.5%
Atmos Energy Corp.		132,076		12,246,087
UGI Corp.		41,777		2,228,803
				14,474,890
Health Care Equipment & Supplies — 3.0%
Abbott Laboratories		132,425		9,578,300
Danaher Corp.		200,328		20,657,823
DexCom, Inc. (a)		8,936		1,070,533
IDEXX Laboratories, Inc. (a)		16,155		3,005,153
Intuitive Surgical, Inc. (a)		16,473		7,889,249
Masimo Corp. (a)		47,029		5,049,504
Medtronic PLC		104,616		9,515,871
STERIS PLC		45,365		4,847,250
Stryker Corp.		185,453		29,069,758
				90,683,441
Health Care Providers & Services — 3.5%
AmerisourceBergen Corp.		127,572		9,491,357
Anthem, Inc.		6,813		1,789,298
Cardinal Health, Inc.		260,560		11,620,976
Cigna Corp.		14,523		2,758,208
CVS Health Corp.		95,960		6,287,299
Humana, Inc.		45,646		13,076,666
McKesson Corp.		107,903		11,920,044
Quest Diagnostics, Inc.		14,737		1,227,150
UnitedHealth Group, Inc.		176,063		43,860,815
WellCare Health Plans, Inc. (a)		18,702		4,415,355
				106,447,168
Health Care Technology — 0.3%
athenahealth, Inc. (a)		5,029		663,476
Veeva Systems, Inc., Class A (a)		106,170		9,483,104
				10,146,580
Hotels, Restaurants & Leisure — 2.1%
Boyd Gaming Corp.		32,723		679,984

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Carnival Corp.		155,390	$	7,660,727
Darden Restaurants, Inc.		51,461		5,138,895
Domino’s Pizza, Inc.		55,108		13,666,233
Dunkin’ Brands Group, Inc.		46,246		2,965,294
Extended Stay America, Inc.		273,627		4,241,219
Hilton Worldwide Holdings, Inc.		81,676		5,864,337
Las Vegas Sands Corp.		53,917		2,806,380
McDonald’s Corp.		93,501		16,602,973
Norwegian Cruise Line Holdings Ltd. (a)		97,531		4,134,339
Yum! Brands, Inc.		11,003		1,011,396
				64,771,777
Household Durables — 0.3%
Garmin Ltd.		158,985		10,066,930
Household Products — 0.7%
Church & Dwight Co., Inc.		240,907		15,842,044
Clorox Co.		16,885		2,602,654
Procter & Gamble Co.		35,244		3,239,628
				21,684,326
Industrial Conglomerates — 0.8%
3M Co.		100,715		19,190,236
General Electric Co.		479,196		3,627,514
Honeywell International, Inc.		9,381		1,239,418
Roper Technologies, Inc.		4,564		1,216,397
				25,273,565
Insurance — 2.2%
Allstate Corp.		230,435		19,040,844
American Financial Group, Inc.		115,799		10,483,283
Arthur J. Gallagher & Co.		98,125		7,231,813
Athene Holding Ltd., Class A (a)		118,561		4,722,285
First American Financial Corp.		73,302		3,272,201
Hartford Financial Services Group, Inc.		165,235		7,344,696
Lincoln National Corp.		51,334		2,633,948
Loews Corp.		14,444		657,491
Progressive Corp.		84,899		5,121,957
Unum Group		269,350		7,913,503
				68,422,021
Interactive Media & Services — 4.3%
Alphabet, Inc., Class A (a)		32,045		33,485,743
Alphabet, Inc., Class C (a)		38,685		40,062,573
Cargurus, Inc. (a)		58,595		1,976,409
Facebook, Inc., Class A (a)		359,192		47,086,479
TripAdvisor, Inc. (a)		15,950		860,343
Twitter, Inc. (a)		47,968		1,378,600
Yelp, Inc. (a)		182,213		6,375,633
				131,225,780
Internet & Direct Marketing Retail — 2.9%
Amazon.com, Inc. (a)		54,537		81,912,938
Booking Holdings, Inc. (a)		2,862		4,929,566
				86,842,504
IT Services — 4.5%
Accenture PLC, Class A		58,239		8,212,281
Automatic Data Processing, Inc.		184,283		24,163,187
Booz Allen Hamilton Holding Corp.		289,774		13,060,114
Broadridge Financial Solutions, Inc.		39,211		3,774,059
Fidelity National Information Services, Inc.		121,662		12,476,438
First Data Corp., Class A (a)		133,665		2,260,275
GoDaddy, Inc., Class A (a)		99,320		6,517,378
International Business Machines Corp.		73,623		8,368,726
Mastercard, Inc., Class A		162,684		30,690,337
Paychex, Inc.		16,124		1,050,479
PayPal Holdings, Inc. (a)		61,854		5,201,303
Square, Inc., Class A (a)		27,563		1,546,009
Total System Services, Inc.		13,086		1,063,761

2

Schedule of Investments  (unaudited) (continued) December 31, 2018 Master Advantage Large Cap Core Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Visa, Inc., Class A		86,841	$	11,457,802
Western Union Co.		462,942		7,897,791
				137,739,940
Life Sciences Tools & Services — 0.3%
Agilent Technologies, Inc.		105,758		7,134,435
Thermo Fisher Scientific, Inc.		4,020		899,636
				8,034,071
Machinery — 3.2%
Crane Co.		373,921		26,989,618
Illinois Tool Works, Inc.		180,931		22,922,148
Ingersoll-Rand PLC		247,427		22,572,765
PACCAR, Inc.		316,066		18,060,011
Snap-on, Inc.		48,894		7,103,809
				97,648,351
Media — 1.9%
AMC Networks, Inc., Class A (a)		135,581		7,440,685
CBS Corp., Class B, Non-Voting Shares		145,883		6,378,005
Comcast Corp., Class A		571,823		19,470,573
Interpublic Group of Cos., Inc.		298,161		6,151,061
Liberty Media Corp. — Liberty SiriusXM, Class A (a)		195,022		7,176,810
Liberty Media Corp. — Liberty SiriusXM, Class C (a)		231,569		8,563,422
Sinclair Broadcast Group, Inc., Class A		18,060		475,700
Sirius XM Holdings, Inc. (b)		173,456		990,434
Tribune Media Co., Class A		11,008		499,543
				57,146,233
Metals & Mining — 0.3%
Newmont Mining Corp.		169,094		5,859,107
Reliance Steel & Aluminum Co.		37,631		2,678,198
Steel Dynamics, Inc.		29,894		898,016
				9,435,321
Multiline Retail — 0.9%
Target Corp.		417,987		27,624,761
Multi-Utilities — 0.4%
Consolidated Edison, Inc.		147,046		11,243,137
Oil, Gas & Consumable Fuels — 4.4%
Anadarko Petroleum Corp.		371,140		16,270,778
Antero Resources Corp. (a)		28,726		269,737
Apache Corp.		11,903		312,454
Chevron Corp.		167,569		18,229,832
Concho Resources, Inc. (a)		5,023		516,314
ConocoPhillips		351,510		21,916,649
Continental Resources, Inc. (a)		42,428		1,705,181
Exxon Mobil Corp.		437,023		29,800,598
Kinder Morgan, Inc.		720,169		11,076,199
Occidental Petroleum Corp.		222,464		13,654,840
Phillips 66		155,938		13,434,059
Suncor Energy, Inc.		198,022		5,538,675
Williams Cos., Inc.		70,296		1,550,027
				134,275,343
Personal Products — 0.5%
Estee Lauder Cos., Inc., Class A		110,884		14,426,008
Pharmaceuticals — 4.1%
Bristol-Myers Squibb Co.		365,506		18,999,002
Eli Lilly & Co.		182,526		21,121,909
Johnson & Johnson		314,669		40,608,034
Merck & Co., Inc.		431,666		32,983,599
Zoetis, Inc.		130,147		11,132,774
				124,845,318
Professional Services — 0.6%
Insperity, Inc.		146,664		13,692,551

Security	Shares		Value
Professional Services (continued)
Robert Half International, Inc.		69,481	$	3,974,313
				17,666,864
Road & Rail — 0.9%
Landstar System, Inc.		156,562		14,978,287
Norfolk Southern Corp.		77,911		11,650,811
Schneider National, Inc., Class B		34,612		646,206
				27,275,304
Semiconductors & Semiconductor Equipment — 3.3%
Analog Devices, Inc.		94,063		8,073,427
Applied Materials, Inc.		293,416		9,606,440
Broadcom, Inc.		6,359		1,616,967
Cirrus Logic, Inc. (a)		2,026		67,223
Intel Corp.		725,442		34,044,993
Maxim Integrated Products, Inc.		190,125		9,667,856
NVIDIA Corp.		70,188		9,370,098
QUALCOMM, Inc.		75,186		4,278,835
Skyworks Solutions, Inc.		75,333		5,048,818
Texas Instruments, Inc.		132,099		12,483,355
Xilinx, Inc.		87,522		7,454,249
				101,712,261
Software — 6.4%
Atlassian Corp. PLC, Class A (a)		4,266		379,589
Dropbox, Inc., Class A (a)(b)		156,631		3,199,971
Intuit, Inc.		62,448		12,292,889
Microsoft Corp.		966,055		98,122,206
New Relic, Inc. (a)		20,649		1,671,950
Oracle Corp.		589,175		26,601,251
salesforce.com, Inc. (a)		259,557		35,551,522
Snap, Inc., Class A (a)(b)		69,618		383,595
Synopsys, Inc. (a)		128,554		10,829,389
Ultimate Software Group, Inc. (a)		6,348		1,554,435
VMware, Inc., Class A		29,423		4,034,776
				194,621,573
Specialty Retail — 1.8%
AutoNation, Inc. (a)(b)		44,491		1,588,329
Best Buy Co., Inc.		9,420		498,883
Dick’s Sporting Goods, Inc.		27,352		853,382
Five Below, Inc. (a)		29,487		3,017,110
Home Depot, Inc.		133,067		22,863,572
Penske Automotive Group, Inc.		223,039		8,992,932
Ross Stores, Inc.		36,346		3,023,987
TJX Cos., Inc.		285,445		12,770,809
				53,609,004
Technology Hardware, Storage & Peripherals — 3.7%
Apple Inc.		584,567		92,209,599
Dell Technologies, Inc., Class C (a)		83,209		4,066,411
Hewlett Packard Enterprise Co.		73,154		966,364
HP Inc.		618,012		12,644,526
Pure Storage, Inc., Class A (a)		249,161		4,006,509
				113,893,409

3

Schedule of Investments  (unaudited) (continued) December 31, 2018 Master Advantage Large Cap Core Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 1.0%
NIKE, Inc., Class B		360,290	$	26,711,901
VF Corp.		68,585		4,892,854
				31,604,755
Thrifts & Mortgage Finance — 0.1%
Essent Group Ltd. (a)		56,843		1,942,894
Tobacco — 0.7%
Altria Group, Inc.		228,864		11,303,593
Philip Morris International, Inc.		130,434		8,707,774
				20,011,367
Trading Companies & Distributors — 0.0%
Watsco, Inc.		862		119,939
Water Utilities — 0.7%
American Water Works Co., Inc.		245,040		22,242,281
Wireless Telecommunication Services — 0.2%
Telephone & Data Systems, Inc.		140,520		4,572,521
Total Long-Term Investments — 97.1% (Cost: $2,951,995,594)				2,962,125,606

Security	Shares		Value
Short-Term Securities — 1.5%
Money Markets Funds — 1.5%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.32% (c)(e)		33,957,562	$	33,957,562
SL Liquidity Series, LLC, Money Market Series, 2.57% (c)(d)(e)		12,339,609		12,338,375
Total Money Market Funds — 1.5% (Cost: $46,296,132)				46,295,937
	Par (000)
Time Deposits — 0.0%
United States — 0.0%
Sumitomo, Tokyo, 2.42%, 01/02/2019		320		320,368
Total Time Deposits — 0.0% (Cost: $320,368)				320,368
Total Short-Term Investments — 1.5% (Cost: $46,616,500)				46,616,305
Total Investments — 98.6% (Cost: $2,998,612,094)				3,008,741,911
Other Assets Less Liabilities — 1.4%				43,004,778
Net Assets — 100.0%			$	3,051,746,689

^(a) Non-income producing security.

^(b) Security, or a portion of the security, is on loan.

^(c)  Annualized 7-day yield as of period end.

^(d) Security was purchased with the cash collateral from loaned securities.

^(e)  During the period ended December 31, 2018, investments in issuers considered to be affiliates of the Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 09/30/18		Net Activity		Shares Held at 12/31/18		Value at 12/31/18		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		30,370,653		3,586,909		33,957,562	$	33,957,562	$	182,810		$	—		$	—
SL Liquidity Series, LLC, Money Market Series		—		12,339,609		12,339,609		12,338,375		5,124	(b)		(1,553	)		195
							$	46,295,937	$	187,934		$	(1,553	)	$	(195	)

^(a)  Includes net capital gain distributions, if applicable.

^(b)  Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Portfolio Abbreviation
S&P	Standard & Poor’s

For Portfolio compliance purposes, the Portfolio’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount  (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		348		03/15/19	$	43,590	$	(1,021,896	)

4

Schedule of Investments  (unaudited) (continued) December 31, 2018 Master Advantage Large Cap Core Portfolio

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including each Fund’s own assumptions used in determining the fair value of investments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, refer to the Fund’s most recent financial statements as contained in its annual report.

The following tables summarize the Portfolio’s investments categorized in the disclosure hierarchy:

	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks(a)	$	2,962,125,606		$	—	$	—	$	2,962,125,606
Short-Term Securities		33,957,562			320,368		—		34,277,930
	$	2,996,083,168		$	320,368	$	—	$	2,996,403,536
Investments Valued at NAV(b)									12,338,375
Total Investments								$	3,008,741,911
Derivative Financial Instruments(c)
Liabilities:
Equity contracts	$	(1,021,896	)	$	—	$	—	$	(1,021,896)

^(a)  See above Schedule of Investments for values in each industry.

^(b) Certain investments of the portfolio were fair valued using net asset value (“NAV”) per share as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

^(c) Derivative financial instruments are futures contracts which are valued at the unrealized appreciation (depreciation) on the instrument.

During the period ended December 31, 2018, there were no transfers between levels.

4

Consolidated Schedule of Investments  (unaudited)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities — 10.5%
Accredited Mortgage Loan Trust, Series 2006-1, Class M2, (1 mo. LIBOR US + 0.340%), 2.59%, 04/25/36 (a)	USD		5,510	$	2,756,783
ACE Securities Corp. Home Equity Loan Trust:
Series 2003-OP1, Class A2, (1 mo. LIBOR US + 0.720%), 3.23%, 12/25/33 (a)			581		563,290
Series 2006-CW1, Class A2C, (1 mo. LIBOR US + 0.140%), 2.65%, 07/25/36 (a)			421		340,595
Series 2007-HE4, Class A2A, (1 mo. LIBOR US + 0.130%), 2.64%, 05/25/37 (a)			2,829		813,812
Adams Mill CLO Ltd., Series 2014-1A, Class A2R, (3 mo. LIBOR US + 1.100%), 3.54%, 07/15/26 (a)(b)			4,426		4,423,693
Ajax Mortgage Loan Trust:
Series 2017-D, Class A, 3.75%, 12/25/57 (b)			11,074		10,986,949
Series 2017-D, Class B, 0.00%, 12/25/57 (b)(c)(d)			1,779		800,455
Series 2018-A, Class A, 3.85%, 04/25/58 (b)(c)			11,270		10,819,635
Series 2018-A, Class B, 0.00%, 04/25/58 (b)(c)(d)			2,706		1,488,119
Series 2018-B, Class A, 3.75%, 02/26/57 (b)(c)			8,382		8,080,334
Series 2018-B, Class B, 0.00%, 02/26/57 (b)(c)			3,719		1,041,231
Series 2018-D, Class A, 3.75%, 08/25/58 (b)(c)(d)			11,986		11,765,933
Series 2018-D, Class B, 0.00%, 08/25/58 (b)(c)(d)			2,866		1,605,132
Series 2018-E, Class A, 4.38%, 06/25/58 (b)(d)			4,990		4,964,017
Series 2018-E, Class B, 5.25%, 06/25/58 (b)(d)			840		821,342
Series 2018-E, Class C, 0.00%, 06/25/58 (b)(d)			2,190		628,386
Series 2018-F, Class A, 4.38%, 11/25/58 (b)(d)			21,170		21,068,115
Series 2018-F, Class B, 5.25%, 11/25/58 (b)(d)			2,820		2,757,361
Series 2018-F, Class C, 0.00%, 11/25/58 (b)			7,230		3,016,739
Series 2018-G, Class A, 4.38%, 06/25/57 (b)(e)			17,571		17,490,133
Series 2018-G, Class B, 5.25%, 06/25/57 (b)(e)			2,042		1,996,049
Series 2018-G, Class C, 0.00%, 06/25/57 (b)			5,298		4,887,682
Allegro CLO II-S Ltd., Series 2014-1RA, Class A1, (3 mo. LIBOR US + 1.080%), 3.23%, 10/21/28 (a)(b)			3,790		3,774,137
Allegro CLO V Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.240%), 3.68%, 10/16/30 (a)(b)			1,100		1,096,214
ALM V Ltd.:
Series 2012-5A, Class A1R3, (3 mo. LIBOR US + 0.910%), 3.36%, 10/18/27 (a)(b)			4,410		4,395,080
Series 2012-5A, Class A2R3, (3 mo. LIBOR US + 1.250%), 3.70%, 10/18/27 (a)(b)			1,600		1,574,497

Security		Par (000)		Value
ALM V Ltd.: (continued)
Series 2012-5A, Class BR3, (3 mo. LIBOR US + 1.650%), 4.10%, 10/18/27 (a)(b)	USD		2,140	$	2,091,806
ALM VI Ltd., Series 2012-6A, Class A2R3, (3 mo. LIBOR US + 1.400%), 3.84%, 07/15/26 (a)(b)			1,264		1,240,414
ALM XII Ltd.:
Series 2015-12A, Class A1R2, (3 mo. LIBOR US + 0.890%), 3.33%, 04/16/27 (a)(b)			1,300		1,289,706
Series 2015-12A, Class BR2, (3 mo. LIBOR US + 1.650%), 4.09%, 04/16/27 (a)(b)			3,635		3,454,074
ALM XVI Ltd./ALM XVI LLC:
Series 2015-16A, Class A2R2, (3 mo. LIBOR US + 1.500%), 3.94%, 07/15/27 (a)(b)			6,284		6,193,522
Series 2015-16A, Class BR2, (3 mo. LIBOR US + 1.900%), 4.34%, 07/15/27 (a)(b)			2,060		1,971,972
ALM XVIII Ltd., Series 2016-18A, Class A2R, (3 mo. LIBOR US + 1.650%), 4.09%, 01/15/28 (a)(b)			750		739,832
ALME Loan Funding V BV, Series 5X, Class B1R, (3 mo. EURIBOR + 1.600%), 1.60%, 07/15/31 (a)	EUR		1,400		1,583,781
AMMC CLO 19 Ltd., Series 2016-19A, Class C, (3 mo. LIBOR US + 2.800%), 5.24%, 10/15/28 (a)(b)	USD		720		718,824
AMMC CLO 21 Ltd., Series 2017-21A, Class A, (3 mo. LIBOR US + 1.250%), 3.81%, 11/02/30 (a)(b)			750		747,872
AMMC CLO XII Ltd., Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.200%), 3.82%, 11/10/30 (a)(b)			540		537,198
AMMC CLO XIII Ltd., Series 2013-13A, Class A1LR, (3 mo. LIBOR US + 1.260%), 3.75%, 07/24/29 (a)(b)			2,620		2,622,007
AMMC CLO XIV Ltd., Series 2014-14A, Class A1LR, (3 mo. LIBOR US + 1.250%), 3.74%, 07/25/29 (a)(b)			6,220		6,189,084
Anchorage Capital CLO 3-R Ltd.:
Series 2014-3RA, Class A, (3 mo. LIBOR US + 1.050%), 3.56%, 01/28/31 (a)(b)			2,120		2,096,797
Series 2014-3RA, Class B, (3 mo. LIBOR US + 1.500%), 4.01%, 01/28/31 (a)(b)			3,600		3,515,475
Series 2014-3RA, Class C, (3 mo. LIBOR US + 1.850%), 4.36%, 01/28/31 (a)(b)			500		467,523
Anchorage Capital CLO 4-R Ltd.:
Series 2014-4RA, Class A, (3 mo. LIBOR US + 1.050%), 3.56%, 01/28/31 (a)(b)			5,330		5,271,448
Series 2014-4RA, Class C, (3 mo. LIBOR US + 1.850%), 4.36%, 01/28/31 (a)(b)			3,760		3,546,680
Anchorage Capital CLO 5-R Ltd.:
Series 2014-5RA, Class B, (3 mo. LIBOR US + 1.450%), 3.89%, 01/15/30 (a)(b)			9,200		8,989,382
Series 2014-5RA, Class C, (3 mo. LIBOR US + 1.850%), 4.29%, 01/15/30 (a)(b)			3,540		3,354,730
Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class AR, (3 mo. LIBOR US + 1.270%), 3.71%, 07/15/30 (a)(b)			4,010		3,970,035
Anchorage Capital CLO 7 Ltd.:
Series 2015-7A, Class B1R, (3 mo. LIBOR US + 1.300%), 3.74%, 10/15/27 (a)(b)			3,470		3,438,119

1

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Anchorage Capital CLO 7 Ltd.: (continued)
Series 2015-7A, Class CR, (3 mo. LIBOR US + 1.700%), 4.14%, 10/15/27 (a)(b)	USD		2,880	$	2,821,643
Anchorage Capital CLO 8 Ltd.:
Series 2016-8A, Class AR, (3 mo. LIBOR US + 1.000%), 3.51%, 07/28/28 (a)(b)			2,430		2,404,013
Series 2016-8A, Class BR, (3 mo. LIBOR US + 1.600%), 4.11%, 07/28/28 (a)(b)			2,800		2,757,017
Anchorage Capital CLO Ltd.:
Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.250%), 3.69%, 10/13/30 (a)(b)			2,005		1,994,299
Series 2013-1A, Class BR, (3 mo. LIBOR US + 2.150%), 4.59%, 10/13/30 (a)(b)			1,410		1,362,603
Anchorage Capital Europe CLO 2 DAC, Series 2X, Class E, (3 mo. EURIBOR + 5.660%), 5.66%, 05/15/31 (a)	EUR		490		524,982
Apidos CLO XII, Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.080%), 3.52%, 04/15/31 (a)(b)	USD		2,402		2,377,569
Apidos CLO XV, Series 2013-15A, Class A1RR, (3 mo. LIBOR US + 1.010%), 3.48%, 04/20/31 (a)(b)			1,080		1,061,126
Apidos CLO XVI, Series 2013-16A, Class A1R, (3 mo. LIBOR US + 0.980%), 3.43%, 01/19/25 (a)(b)			1,108		1,106,252
Apidos CLO XVIII, Series 2018-18A, Class A1, (3 mo. LIBOR US + 1.140%), 3.61%, 10/22/30 (a)(b)			880		871,727
Aqueduct European CLO DAC:
Series 2017-2X, Class B1, (3 mo. EURIBOR + 1.200%), 1.20%, 10/15/30 (a)	EUR		1,259		1,387,322
Series 2017-2X, Class E, (3 mo. EURIBOR + 4.400%), 4.40%, 10/15/30 (a)			289		290,942
Arbor Realty Collateralized Loan Obligation Ltd., Series 2017-FL3, Class A, (1 mo. LIBOR US + 0.990%), 3.45%, 12/15/27 (a)(b)	USD		3,740		3,719,488
Arbor Realty Commercial Real Estate Notes Ltd.:
Series 2016-FL1A, Class A, (1 mo. LIBOR US + 1.700%), 4.16%, 09/15/26 (a)(b)			3,940		3,983,704
Series 2017-FL2, Class A, (1 mo. LIBOR US + 0.990%), 3.45%, 08/15/27 (a)(b)			1,660		1,653,487
Arbour CLO IV DAC, Series 4X, Class E, (3 mo. EURIBOR + 5.600%), 5.60%, 01/15/30 (a)	EUR		550		611,492
ARES XXXIII CLO Ltd.:
Series 2015-1A, Class A2R, (3 mo. LIBOR US + 1.950%), 4.70%, 12/05/25 (a)(b)	USD		1,420		1,416,478
Series 2015-1A, Class B2R, (3 mo. LIBOR US + 2.800%), 5.55%, 12/05/25 (a)(b)			500		497,848
ARES XXXVII CLO Ltd., Series 2015-4A, Class A1R, (3 mo. LIBOR US + 1.170%), 3.61%, 10/15/30 (a)(b)			1,150		1,142,301
Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. LIBOR US + 0.480%), 2.99%, 05/25/35 (a)			4,435		3,927,498
Atlas Senior Loan Fund IV Ltd., Series 2013-2A, Class A2RR, (3 mo. LIBOR US + 1.300%), 3.92%, 02/17/26 (a)(b)			3,000		2,986,083
Atrium IX, Series 9A, Class AR, (3 mo. LIBOR US + 1.240%), 3.95%, 05/28/30 (a)(b)			4,010		3,997,897
Atrium XII:
Series 12A, Class AR, (3 mo. LIBOR US + 0.830%), 3.30%, 04/22/27 (a)(b)			1,620		1,600,635
Series 12A, Class CR, (3 mo. LIBOR US + 1.650%), 4.12%, 04/22/27 (a)(b)			2,381		2,246,844

Security		Par (000)		Value
Avery Point V CLO Ltd.:
Series 2014-5A, Class AR, (3 mo. LIBOR US + 0.980%), 3.43%, 07/17/26 (a)(b)	USD		2,969	$	2,961,530
Series 2014-5A, Class BR, (3 mo. LIBOR US + 1.500%), 3.95%, 07/17/26 (a)(b)			2,250		2,241,327
Avery Point VI CLO Ltd.:
Series 2015-6A, Class AR, (3 mo. LIBOR US + 1.050%), 3.63%, 08/05/27 (a)(b)			3,960		3,929,476
Series 2015-6A, Class BR, (3 mo. LIBOR US + 1.500%), 4.08%, 08/05/27 (a)(b)			2,490		2,417,202
Avery Point VII CLO Ltd., Series 2015-7A, Class A1, (3 mo. LIBOR US + 1.500%), 3.94%, 01/15/28 (a)(b)			7,916		7,918,962
Avoca CLO XIV DAC:
Series 14X, Class ER, (3 mo. EURIBOR + 4.700%), 4.70%, 01/12/31 (a)	EUR		690		714,590
Series 14X, Class FR, (3 mo. EURIBOR + 6.350%), 6.35%, 01/12/31 (a)			900		916,613
Series 14X, Class SUB, 0.00%, 01/12/31 (d)			1,290		1,155,131
Avoca CLO XV DAC:
Series 15X, Class ER, (3 mo. EURIBOR + 4.130%), 4.13%, 04/15/31 (a)			900		911,612
Series 15X, Class FR, (3 mo. EURIBOR + 5.840%), 5.84%, 04/15/31 (a)			585		571,663
Series 15X, Class M1, 0.00%, 04/15/31 (d)			1,100		1,022,116
Avoca CLO XVIII DAC:
Series 18X, Class B1, (3 mo. EURIBOR + 1.250%), 1.25%, 04/15/31 (a)			2,800		3,102,687
Series 18X, Class E, (3 mo. EURIBOR + 4.600%), 4.60%, 04/15/31 (a)			1,100		1,126,098
B2R Mortgage Trust:
Series 2015-1, Class A1, 2.52%, 05/15/48 (b)	USD		299		295,618
Series 2015-2, Class A, 3.34%, 11/15/48 (b)			642		639,520
Babson CLO Ltd.:
Series 2015-2A, Class AR, (3 mo. LIBOR US + 1.190%), 3.66%, 10/20/30 (a)(b)			2,590		2,574,707
Series 2015-IA, Class BR, (3 mo. LIBOR US + 1.400%), 3.87%, 01/20/31 (a)(b)			610		588,475
Bain Capital Credit CLO, Series 2018-2A, Class A1, (3 mo. LIBOR US + 1.080%), 3.43%, 07/19/31 (a)(b)			1,420		1,403,129
Ballyrock CLO Ltd., Series 2016-1A, Class A, (3 mo. LIBOR US + 1.590%), 4.03%, 10/15/28 (a)(b)			1,935		1,925,270
BankAmerica Manufactured Housing Contract Trust:
Series 1997-2, Class B1, 7.07%, 02/10/22 (d)			1,680		1,405,369
Series 1998-2, Class B1, 7.93%, 12/10/25 (d)			2,790		1,809,885
Barings CLO Ltd., Series 2018-3A, Class A1, (3 mo. LIBOR US + 0.950%), 3.42%, 07/20/29 (a)(b)			1,085		1,074,402
Battalion CLO VII Ltd., Series 2014-7A, Class A1RR, (3 mo. LIBOR US + 1.040%), 3.49%, 07/17/28 (a)(b)			3,450		3,402,419
Bayview Financial Revolving Asset Trust:
Series 2004-B, Class A1, (1 mo. LIBOR US + 1.000%), 3.51%, 05/28/39 (a)(b)			6,889		6,377,100
Series 2004-B, Class A2, (1 mo. LIBOR US + 1.300%), 3.81%, 05/28/39 (a)(b)			661		417,140
Series 2005-A, Class A1, (1 mo. LIBOR US + 1.000%), 3.51%, 02/28/40 (a)(b)			2,991		2,873,539

2

Consolidated Schedule of Investments  (unaudited) (continued) December 31, 2018 Master Total Return Portfolio of Master Bond LLC   (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Bayview Financial Revolving Asset Trust: (continued)
Series 2005-E, Class A1, (1 mo. LIBOR US + 1.000%), 3.51%, 12/28/40 (a)(b)	USD		1,205	$	1,117,486
BCMSC Trust:
Series 2000-A, Class A2, 7.58%, 06/15/30 (d)			1,674		543,701
Series 2000-A, Class A3, 7.83%, 06/15/30 (d)			1,554		521,611
Series 2000-A, Class A4, 8.29%, 06/15/30 (d)			2,661		945,737
Bear Stearns Asset-Backed Securities I Trust:
Series 2004-HE7, Class M2, (1 mo. LIBOR US + 1.725%), 4.23%, 08/25/34 (a)			245		242,785
Series 2006-HE1, Class 1M4, (1 mo. LIBOR US + 0.680%), 3.19%, 12/25/35 (a)			1,891		2,239,951
Series 2006-HE7, Class 1A2, (1 mo. LIBOR US + 0.170%), 2.68%, 09/25/36 (a)			3,660		4,163,371
Series 2007-FS1, Class 1A3, (1 mo. LIBOR US + 0.170%), 2.68%, 05/25/35 (a)			1,205		1,261,060
Series 2007-HE1, Class 21A2, (1 mo. LIBOR US + 0.160%), 2.67%, 01/25/37 (a)			779		762,011
Series 2007-HE2, Class 1A4, (1 mo. LIBOR US + 0.320%), 2.83%, 03/25/37 (a)			1,072		786,382
Series 2007-HE2, Class 22A, (1 mo. LIBOR US + 0.140%), 2.65%, 03/25/37 (a)			1,033		1,014,044
Series 2007-HE2, Class 23A, (1 mo. LIBOR US + 0.140%), 2.65%, 03/25/37 (a)			2,045		2,060,489
Series 2007-HE3, Class 1A3, (1 mo. LIBOR US + 0.250%), 2.76%, 04/25/37 (a)			1,127		1,172,669
Series 2007-HE3, Class 1A4, (1 mo. LIBOR US + 0.350%), 2.86%, 04/25/37 (a)			6,258		4,902,590
Bear Stearns Asset-Backed Securities Trust,
Series 2005-4, Class M2, (1 mo. LIBOR US + 1.200%), 3.52%, 01/25/36 (a)			168		166,642
Bear Stearns Second Lien Trust,
Series 2007-SV1A, Class M1, (1 mo. LIBOR US + 1.200%), 3.71%, 01/25/36 (a)(b)			916		897,277
Benefit Street Partners CLO IV Ltd.,
Series 2014-IVA, Class A1R, (3 mo. LIBOR US + 1.490%), 3.96%, 01/20/29 (a)(b)			4,020		4,020,084
Benefit Street Partners CLO V-B Ltd.,
Series 2018-5BA, Class A1A, (3 mo. LIBOR US + 1.090%), 3.56%, 04/20/31 (a)(b)			1,450		1,428,405
Benefit Street Partners CLO VI Ltd.:
Series 2015-VIA, Class A1R, (3 mo. LIBOR US + 1.240%), 3.69%, 10/18/29 (a)(b)			12,030		11,994,896
Series 2015-VIA, Class A2R, (3 mo. LIBOR US + 1.720%), 4.17%, 10/18/29 (a)(b)			3,320		3,284,992
Benefit Street Partners CLO VII Ltd.,
Series 2015-VIIA, Class A1AR, (3 mo. LIBOR US + 0.780%), 3.23%, 07/18/27 (a)(b)			2,790		2,760,687
Benefit Street Partners CLO VIII Ltd.,
Series 2015-8A, Class A1AR, (3 mo. LIBOR US + 1.100%), 3.57%, 01/20/31 (a)(b)			1,250		1,232,627
Bilbao CLO I DAC:
Series 1X, Class A2A, (3 mo. EURIBOR + 1.300%), 1.30%, 07/20/31 (a)	EUR		2,200		2,427,924

Security		Par (000)		Value
Bilbao CLO I DAC: (continued)
Series 1X, Class D, (3 mo. EURIBOR + 4.730%), 4.73%, 07/20/31 (a)	EUR		700	$	698,260
BlueMountain CLO Ltd.:
Series 2013-2A, Class A1R, (3 mo. LIBOR US + 1.180%), 3.65%, 10/22/30 (a)(b)	USD		6,370		6,329,813
Series 2015-3A, Class A1R, (3 mo. LIBOR US + 1.000%), 3.47%, 04/20/31 (a)(b)			2,550		2,509,126
Bowman Park CLO Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.180%), 3.86%, 11/23/25 (a)(b)			5,500		5,489,810
BSPRT Issuer Ltd.:
Series 2017-FL1, Class A, (1 mo. LIBOR US + 1.350%), 3.81%, 06/15/27 (a)(b)			823		823,676
Series 2018-FL3, Class A, (1 mo. LIBOR US + 1.050%), 3.51%, 03/15/28 (a)(b)			1,215		1,203,144
Cadogan Square CLO X DAC, Series 10X, Class M, 0.00%, 10/25/30 (d)	EUR		300		306,412
Cadogan Square CLO XI DAC, Series 11X, Class C, (3 mo. EURIBOR + 1.850%), 1.85%, 02/15/31 (a)			680		761,581
Cairn CLO IX BV:
Series 2018-9X, Class B1, (3 mo. EURIBOR + 1.000%), 1.00%, 03/21/32 (a)			1,300		1,414,146
Series 2018-9X, Class M2, 0.00%, 03/21/32 (d)			500		548,634
Carlyle Global Market Strategies CLO Ltd.:
Series 2012-4A, Class AR, (3 mo. LIBOR US + 1.450%), 3.92%, 01/20/29 (a)(b)	USD		6,630		6,632,312
Series 2013-2A, Class AR, (3 mo. LIBOR US + 0.890%), 3.34%, 01/18/29 (a)(b)			1,490		1,474,055
Series 2013-4A, Class A1RR, (3 mo. LIBOR US + 1.000%), 3.44%, 01/15/31 (a)(b)			1,880		1,851,398
Series 2014-1A, Class A1R2, (3 mo. LIBOR US + 0.970%), 3.42%, 04/17/31 (a)(b)			3,170		3,118,015
Series 2015-1A, Class BR, (3 mo. LIBOR US + 1.500%), 3.97%, 04/20/27 (a)(b)			750		746,616
Series 2015-1A, Class CR, (3 mo. LIBOR US + 2.000%), 4.47%, 04/20/27 (a)(b)			1,160		1,154,185
Series 2015-3A, Class A2R, (3 mo. LIBOR US + 1.600%), 4.11%, 07/28/28 (a)(b)			2,220		2,196,475
Carlyle Global Market Strategies Euro CLO Ltd., Series 2014-2X, Class DRR, (3 mo. EURIBOR + 5.700%), 5.70%, 11/17/31 (a)	EUR		979		1,056,749
Carlyle U.S. CLO Ltd.:
Series 2016-4A, Class A2R, (3 mo. LIBOR US + 1.450%), 3.92%, 10/20/27 (a)(b)	USD		750		735,352
Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.180%), 3.62%, 01/15/30 (a)(b)			4,620		4,578,438
Carrington Mortgage Loan Trust:
Series 2006-FRE2, Class A2, (1 mo. LIBOR US + 0.120%), 2.63%, 10/25/36 (a)			969		708,993
Series 2006-FRE2, Class A3, (1 mo. LIBOR US + 0.160%), 2.67%, 10/25/36 (a)			3,224		2,369,438
Series 2006-FRE2, Class A5, (1 mo. LIBOR US + 0.080%), 2.59%, 10/25/36 (a)			818		596,073
Series 2006-NC1, Class M2, (1 mo. LIBOR US + 0.420%), 2.93%, 01/25/36 (a)			610		464,659
Series 2006-NC3, Class A4, (1 mo. LIBOR US + 0.240%), 2.75%, 08/25/36 (a)			2,003		1,500,512

3

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Carrington Mortgage Loan Trust: (continued)
Series 2006-NC4, Class A3, (1 mo. LIBOR US + 0.160%), 2.67%, 10/25/36 (a)	USD		1,037	$	965,514
Series 2006-NC5, Class A3, (1 mo. LIBOR US + 0.150%), 2.66%, 01/25/37 (a)			7,250		5,545,007
Series 2007-RFC1, Class A4, (1 mo. LIBOR US + 0.220%), 2.73%, 10/25/36 (a)			1,440		969,535
CBAM Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.250%), 3.72%, 07/20/30 (a)(b)			6,050		6,018,662
Series 2017-2A, Class B1, (3 mo. LIBOR US + 1.750%), 4.20%, 10/17/29 (a)(b)			2,955		2,911,418
Series 2017-3A, Class A, (3 mo. LIBOR US + 1.230%), 3.68%, 10/17/29 (a)(b)			3,780		3,767,083
Series 2017-3A, Class B1, (3 mo. LIBOR US + 1.700%), 4.15%, 10/17/29 (a)(b)			1,000		982,254
C-BASS Trust:
Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.160%), 2.67%, 10/25/36 (a)			667		504,498
Series 2007-CB1, Class AF4, 3.58%, 01/25/37 (e)			443		201,495
Series 2007-CB5, Class A2, (1 mo. LIBOR US + 0.170%), 2.49%, 04/25/37 (a)			1,027		759,661
Cedar Funding II CLO Ltd., Series 2013-1A, Class BR, (3 mo. LIBOR US + 1.750%), 4.52%, 06/09/30 (a)(b)			2,450		2,426,306
Cedar Funding IV CLO Ltd., Series 2014-4A, Class AR, (3 mo. LIBOR US + 1.230%), 3.71%, 07/23/30 (a)(b)			1,200		1,196,175
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, (3 mo. LIBOR US + 0.980%), 3.45%, 04/20/31 (a)(b)			940		919,991
Cedar Funding V CLO Ltd., Series 2016-5A, Class A1R, (3 mo. LIBOR US + 1.100%), 3.55%, 07/17/31 (a)(b)			1,880		1,849,907
Cedar Funding VI CLO Ltd., Series 2016-6A, Class AR, (3 mo. LIBOR US + 1.090%), 3.56%, 10/20/28 (a)(b)			13,045		12,935,586
Cedar Funding VIII CLO Ltd.:
Series 2017-8A, Class A1, (3 mo. LIBOR US + 1.250%), 3.70%, 10/17/30 (a)(b)			16,520		16,431,411
Series 2017-8A, Class B, (3 mo. LIBOR US + 1.700%), 4.15%, 10/17/30 (a)(b)			2,628		2,575,935
Series 2017-8A, Class C, (3 mo. LIBOR US + 2.250%), 4.70%, 10/17/30 (a)(b)			750		712,876
Cent CLO Ltd.:
Series 2015-24A, Class A1R, (3 mo. LIBOR US + 1.070%), 3.51%, 10/15/26 (a)(b)			4,000		3,984,674
Series C17A, Class A1AR, (3 mo. LIBOR US + 1.030%), 3.55%, 04/30/31 (a)(b)			7,620		7,513,843
CIFC Funding Ltd.:
Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.750%), 4.19%, 07/16/30 (a)(b)			500		490,412
Series 2014-4RA, Class A1A, (3 mo. LIBOR US + 1.130%), 3.59%, 10/17/30 (a)(b)			15,810		15,757,764
Series 2015-2A, Class AR, (3 mo. LIBOR US + 0.780%), 3.22%, 04/15/27 (a)(b)			770		762,384
Series 2015-2A, Class CR, (3 mo. LIBOR US + 1.700%), 4.14%, 04/15/27 (a)(b)			4,620		4,533,913
Series 2018-1A, Class A, (3 mo. LIBOR US + 1.000%), 3.45%, 04/18/31 (a)(b)			1,834		1,806,568
Citicorp Residential Mortgage Trust, Series 2007-2, Class M1, 5.13%, 06/25/37 (e)			2,830		2,659,398

Security		Par (000)		Value
Citigroup Mortgage Loan Trust:
Series 2006-NC1, Class A2D, (1 mo. LIBOR US + 0.250%), 2.76%, 08/25/36 (a)	USD		3,550	$	3,466,332
Series 2007-AHL2, Class A3B, (1 mo. LIBOR US + 0.200%), 2.71%, 05/25/37 (a)			7,455		5,512,128
Series 2007-AHL2, Class A3C, (1 mo. LIBOR US + 0.270%), 2.78%, 05/25/37 (a)			3,387		2,525,543
Citigroup Mortgage Loan Trust, Inc.,
Series 2006-WFH4, Class M3, (1 mo. LIBOR US + 0.320%), 2.83%, 11/25/36 (a)			3,007		2,535,814
Conseco Finance Corp.:
Series 1997-3, Class M1, 7.53%, 03/15/28 (d)			1,931		1,913,354
Series 1997-6, Class M1, 7.21%, 01/15/29 (d)			358		357,218
Series 1998-4, Class M1, 6.83%, 04/01/30 (d)			355		316,318
Series 1998-8, Class A1, 6.28%, 09/01/30			989		1,044,809
Series 1998-8, Class M1, 6.98%, 09/01/30 (d)			2,648		2,267,254
Series 1999-5, Class A5, 7.86%, 03/01/30 (d)			1,535		1,095,292
Series 1999-5, Class A6, 7.50%, 03/01/30 (d)			1,123		775,846
Series 2001-D, Class B1, (1 mo. LIBOR US + 2.500%), 4.96%, 11/15/32 (a)			2,038		2,034,420
Conseco Finance Securitizations Corp.:
Series 2000-1, Class A5, 8.06%, 09/01/29 (d)			1,615		751,826
Series 2000-4, Class A5, 7.97%, 05/01/32			5,485		2,397,950
Series 2000-4, Class A6, 8.31%, 05/01/32 (d)			1,377		627,098
Series 2000-5, Class A6, 7.96%, 05/01/31			2,325		1,354,934
Series 2000-5, Class A7, 8.20%, 05/01/31			4,242		2,539,009
Countrywide Asset-Backed Certificates:
Series 2003-BC3, Class A2, (1 mo. LIBOR US + 0.620%), 3.13%, 09/25/33 (a)			618		602,958
Series 2004-5, Class A, (1 mo. LIBOR US + 0.900%), 3.41%, 10/25/34 (a)			613		611,507
Series 2005-16, Class 1AF, 5.69%, 05/25/36 (d)			4,233		4,117,090
Series 2005-16, Class 2AF3, 5.67%, 05/25/36 (d)			946		922,506
Series 2005-17, Class 1AF4, 6.05%, 05/25/36 (e)			2,902		2,832,566
Series 2006-11, Class 3AV2, (1 mo. LIBOR US + 0.160%), 2.67%, 09/25/46 (a)			287		280,695
Series 2006-17, Class 2A2, (1 mo. LIBOR US + 0.150%), 2.66%, 03/25/47 (a)			303		294,664
Series 2006-8, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.67%, 12/25/35 (a)			740		726,479
Series 2006-S10, Class A3, (1 mo. LIBOR US + 0.320%), 2.83%, 10/25/36 (a)			6,650		6,306,869
Series 2006-S3, Class A4, 6.63%, 01/25/29 (e)			582		624,096
Series 2006-SPS1, Class A, (1 mo. LIBOR US + 0.220%), 2.73%, 12/25/25 (a)			191		208,721
Series 2007-S3, Class A3, (1 mo. LIBOR US + 0.380%), 2.89%, 05/25/37 (a)			2,439		2,265,584
Countrywide Asset-Backed Certificates Revolving Home Equity Loan Trust,
Series 2004-U, Class 2A, (1 mo. LIBOR US + 0.270%), 2.73%, 03/15/34 (a)			970		919,595

4

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Credit Suisse First Boston Mortgage Securities Corp., Series 2001-MH29, Class B1, 8.10%, 09/25/31 (d)	USD		1,750	$	1,850,608
Credit-Based Asset Servicing & Securitization LLC:
Series 2006-CB2, Class AF4, 3.46%, 12/25/36 (e)			489		438,497
Series 2006-MH1, Class B1, 6.25%, 10/25/36 (b)(e)			852		853,979
Series 2006-SL1, Class A2, 5.56%, 09/25/36 (b)(e)			3,209		512,670
Series 2007-CB6, Class A4, (1 mo. LIBOR US + 0.340%), 2.85%, 07/25/37 (a)(b)			720		468,132
Series 2007-RP1, Class A, (1 mo. LIBOR US + 0.310%), 2.82%, 05/25/46 (a)(b)			694		600,485
Cumberland Park CLO Ltd., Series 2015-2A, Class CR, (3 mo. LIBOR US + 1.800%), 4.27%, 07/20/28 (a)(b)			1,190		1,134,455
CVC Cordatus Loan Fund VI DAC, Series 6X, Class SUB, 0.00%, 04/15/32 (d)	EUR		2,385		1,791,845
CVC Cordatus Loan Fund VIII DAC, Series 8X, Class E, (3 mo. EURIBOR + 5.700%), 5.70%, 04/23/30 (a)			300		331,890
CWHEQ Home Equity Loan Trust:
Series 2006-S5, Class A4, 5.84%, 06/25/35	USD		81		138,353
Series 2006-S5, Class A5, 6.16%, 06/25/35			615		656,755
Series 2007-S1, Class A3, 5.81%, 11/25/36 (d)			162		161,531
CWHEQ Revolving Home Equity Loan Resuritization Trust:
Series 2006-RES, Class 4Q1B, (1 mo. LIBOR US + 0.300%), 2.76%, 12/15/33 (a)(b)			1,018		951,906
Series 2006-RES, Class 5B1A, (1 mo. LIBOR US + 0.190%), 2.65%, 05/15/35 (a)(b)			531		493,119
Series 2006-RES, Class 5B1B, (1 mo. LIBOR US + 0.190%), 2.65%, 05/15/35 (a)(b)(c)			303		290,487
Series 2006-RES, Class 5F1A, (1 mo. LIBOR US + 0.240%), 2.70%, 12/15/35 (a)(b)			1,298		1,271,210
CWHEQ Revolving Home Equity Loan Trust:
Series 2005-B, Class 2A, (1 mo. LIBOR US + 0.180%), 2.64%, 05/15/35 (a)			759		729,748
Series 2006-C, Class 2A, (1 mo. LIBOR US + 0.180%), 2.64%, 05/15/36 (a)			4,029		3,879,684
Series 2006-H, Class 1A, (1 mo. LIBOR US + 0.150%), 2.61%, 11/15/36 (a)			2,222		1,816,536
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44 (b)			7,754		7,918,713
Deer Creek CLO Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.180%), 3.65%, 10/20/30 (a)(b)			1,000		991,242
Dorchester Park CLO DAC, Series 2015-1A, Class BR, (3 mo. LIBOR US + 1.450%), 3.92%, 04/20/28 (a)(b)			3,064		3,011,089
Dryden 46 Euro CLO BV, Series 2016-46X, Class E, (3 mo. EURIBOR + 5.750%), 5.75%, 01/15/30 (a)	EUR		364		406,328

Security		Par (000)		Value
Dryden 53 CLO Ltd., Series 2017-53A, Class A, (3 mo. LIBOR US + 1.120%), 3.56%, 01/15/31 (a)(b)	USD		18,720	$	18,569,362
Dryden 55 CLO Ltd., Series 2018-55A, Class A1, (3 mo. LIBOR US + 1.020%), 3.46%, 04/15/31 (a)(b)			250		246,393
Dryden 56 Euro CLO BV, Series 2017-56X, Class E, (3 mo. EURIBOR + 4.720%), 4.72%, 01/15/32 (a)	EUR		585		601,214
Dryden 64 CLO Ltd., Series 18-64A, Class A, (3 mo. LIBOR US + 0.970%), 3.42%, 04/18/31 (a)(b)	USD		524		516,187
Dryden XXV Senior Loan Fund:
Series 2012-25A, Class ARR, (3 mo. LIBOR US + 0.900%), 3.34%, 10/15/27 (a)(b)			11,030		10,942,646
Series 2012-25A, Class CRR, (3 mo. LIBOR US + 1.850%), 4.29%, 10/15/27 (a)(b)			1,340		1,322,173
Dryden XXVI Senior Loan Fund,
Series 2013-26A, Class AR, (3 mo. LIBOR US + 0.900%), 3.34%, 04/15/29 (a)(b)			1,170		1,156,797
Dryden XXVIII Senior Loan Fund,
Series 2013-28A, Class A1LR, (3 mo. LIBOR US + 1.200%), 3.82%, 08/15/30 (a)(b)			9,085		8,997,261
Elevation CLO Ltd., Series 2017-8A, Class C, (3 mo. LIBOR US + 2.050%), 4.54%, 10/25/30 (a)(b)			1,125		1,066,092
Emerson Park CLO Ltd., Series 2013-1A, Class B1R, (3 mo. LIBOR US + 1.450%), 3.89%, 07/15/25 (a)(b)			1,000		1,000,445
Finance of America Structured Securities Trust, Series 2018-HB1, Class M5, 6.00%, 09/25/28 (b)(c)(d)			1,451		1,390,638
First Franklin Mortgage Loan Trust:
Series 2004-FFH3, Class M3, (1 mo. LIBOR US + 1.050%), 3.56%, 10/25/34 (a)			1,000		887,256
Series 2006-FF16, Class 2A3, (1 mo. LIBOR US + 0.140%), 2.65%, 12/25/36 (a)			13,941		8,156,259
Series 2006-FF17, Class A5, (1 mo. LIBOR US + 0.150%), 2.66%, 12/25/36 (a)			19,963		17,032,994
Series 2006-FFH1, Class M2, (1 mo. LIBOR US + 0.400%), 2.91%, 01/25/36 (a)			3,127		1,808,088
Flatiron CLO Ltd., Series 2015-1A, Class AR, (3 mo. LIBOR US + 0.890%), 3.33%, 04/15/27 (a)(b)			2,750		2,731,934
Fremont Home Loan Trust, Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.140%), 2.65%, 02/25/37 (a)			7,402		5,681,815
Galaxy XV CLO Ltd., Series 2013-15A, Class AR, (3 mo. LIBOR US + 1.200%), 3.64%, 10/15/30 (a)(b)			1,350		1,342,711
Galaxy XXIX CLO Ltd.:
Series 2018-29A, Class B, (3 mo. LIBOR US + 1.400%), 4.02%, 11/15/26 (a)(b)			250		246,973
Series 2018-29A, Class C, (3 mo. LIBOR US + 1.680%), 4.30%, 11/15/26 (a)(b)			1,470		1,437,100

5

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
GE-WMC Asset-Backed Pass-Through Certificates:
Series 2005-2, Class A2C, (1 mo. LIBOR US + 0.250%), 2.76%, 12/25/35 (a)	USD		420	$	417,121
Series 2005-2, Class M1, (1 mo. LIBOR US + 0.440%), 2.95%, 12/25/35 (a)			5,167		2,982,831
GE-WMC Mortgage Securities Trust:
Series 2006-1, Class A2A, (1 mo. LIBOR US + 0.040%), 2.55%, 08/25/36 (a)			1,108		658,462
Series 2006-1, Class A2B, (1 mo. LIBOR US + 0.150%), 2.66%, 08/25/36 (a)			20,078		12,269,965
Series 2006-1, Class A2C, (1 mo. LIBOR US + 0.240%), 2.75%, 08/25/36 (a)			1,465		915,139
GLG Euro CLO IV DAC:
Series 4X, Class B1, (3 mo. EURIBOR + 1.050%), 1.05%, 05/15/31 (a)(c)	EUR		1,790		2,037,563
Series 4X, Class E, (3 mo. EURIBOR + 4.270%), 4.27%, 05/15/31 (a)			800		760,261
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR2, (3 mo. LIBOR US + 1.110%), 3.62%, 10/29/29 (a)(b)	USD		1,830		1,811,705
Greenpoint Manufactured Housing:
Series 1999-5, Class M1B, 8.29%, 12/15/29 (d)			870		921,198
Series 1999-5, Class M2, 9.23%, 12/15/29 (d)			1,185		967,707
Greystone Commercial Real Estate Notes Ltd., Series 2017-FL1A, Class A, (1 mo. LIBOR US + 1.550%), 4.01%, 03/15/27 (a)(b)			1,010		1,002,787
Greywolf CLO IV Ltd., Series 2014-2A, Class BR, (3 mo. LIBOR US + 2.350%), 4.80%, 01/17/27 (a)(b)			930		928,924
GSAA Home Equity Trust:
Series 2006-5, Class 2A1, (1 mo. LIBOR US + 0.070%), 2.58%, 03/25/36 (a)			16		8,197
Series 2007-2, Class AF3, 5.92%, 03/25/37 (d)			532		185,190
GSAMP Trust:
Series 2006-FM2, Class A2B, (1 mo. LIBOR US + 0.120%), 2.63%, 09/25/36 (a)			2,783		1,301,675
Series 2007-H1, Class A1B, (1 mo. LIBOR US + 0.200%), 2.71%, 01/25/47 (a)			1,062		669,507
Series 2007-HS1, Class M6, (1 mo. LIBOR US + 2.250%), 4.76%, 02/25/47 (a)			1,300		1,313,971
Halcyon Loan Advisors European Funding, Series 2018-1X, Class B1, (3 mo. EURIBOR + 1.480%), 1.48%, 10/18/31 (a)	EUR		1,300		1,460,066
Halcyon Loan Advisors Funding Ltd., Series 2015-2A, Class AR, (3 mo. LIBOR US + 1.080%), 3.57%, 07/25/27 (a)(b)	USD		13,070		13,066,943
Harvest CLO XVI DAC, Series 16X, Class ER, (3 mo. EURIBOR + 5.570%), 5.57%, 10/15/31 (a)	EUR		480		513,416
Highbridge Loan Management Ltd.:
Series 12A-18, Class A1B, (3 mo. LIBOR US + 1.250%), 3.62%, 07/18/31 (a)(b)	USD		750		742,566
Series 6A-2015, Class A1R, (3 mo. LIBOR US + 1.000%), 3.58%, 02/05/31 (a)(b)			11,390		11,194,852
Home Equity Asset Trust, Series 2007-1,
Class 2A3, (1 mo. LIBOR US + 0.150%), 2.66%, 05/25/37 (a)			2,490		2,028,095
Home Equity Mortgage Loan Asset-Backed Trust:
Series 2004-A, Class M2, (1 mo. LIBOR US + 2.025%), 4.53%, 07/25/34 (a)			625		622,089

Security		Par (000)		Value
Home Equity Mortgage Loan Asset-Backed Trust: (continued)
Series 2007-A, Class 2A2, (1 mo. LIBOR US + 0.190%), 2.70%, 04/25/37 (a)	USD		2,138	$	1,582,138
Series 2007-B, Class 2A3, (1 mo. LIBOR US + 0.200%), 2.71%, 07/25/37 (a)			3,463		2,165,146
Home Equity Mortgage Trust, Series 2006-2, Class 1A1, 5.87%, 07/25/36 (e)			2,676		890,773
Home Loan Mortgage Loan Trust, Series 2005-1, Class A3, (1 mo. LIBOR US + 0.720%), 3.18%, 04/15/36 (a)			1,305		1,196,757
Home Partners of America Trust, Series 2016-2, Class A, (1 mo. LIBOR US + 1.150%), 3.61%, 10/17/33 (a)(b)			821		822,200
ICG U.S. CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR US + 1.140%), 3.59%, 10/19/28 (a)(b)			3,820		3,785,947
Invesco Euro CLO I DAC, Series 1X, Class B, (3 mo. EURIBOR + 1.850%), 1.85%, 07/15/31 (a)	EUR		1,430		1,638,424
Invitation Homes Trust:
Series 2018-SFR1, Class F, (1 mo. LIBOR US + 2.500%), 4.96%, 03/17/37 (a)(b)	USD		1,330		1,319,302
Series 2018-SFR3, Class A, (1 mo. LIBOR US + 1.000%), 3.46%, 07/17/37 (a)(b)			2,939		2,921,854
Series 2018-SFR3, Class E, (1 mo. LIBOR US + 2.000%), 4.46%, 07/17/37 (a)(b)			2,468		2,443,451
Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, 6.53%, 09/25/37 (b)(e)			737		715,206
JPMorgan Mortgage Acquisition Trust, Series 2006-CW1, Class M1, (1 mo. LIBOR US + 0.270%), 2.78%, 05/25/36 (a)			1,170		1,108,354
Kayne CLO II Ltd.:
Series 2018-2A, Class A, (3 mo. LIBOR US + 1.240%), 3.89%, 10/15/31 (a)(b)			750		742,522
Series 2018-2A, Class B, (3 mo. LIBOR US + 1.900%), 4.55%, 10/15/31 (a)(b)			250		244,578
KKR CLO Ltd., Series 23, Class B, (3 mo. LIBOR US + 1.750%), 4.24%, 10/20/31 (a)(b)			500		490,532
LCM 26 Ltd., Series 26A, Class A1, (3 mo. LIBOR US + 1.070%), 3.54%, 01/20/31 (a)(b)			8,120		8,025,451
LCM XX LP:
Series 20A, Class AR, (3 mo. LIBOR US + 1.040%), 3.38%, 10/20/27 (a)(b)			3,740		3,712,772
Series 20A, Class BR, (3 mo. LIBOR US + 1.550%), 3.89%, 10/20/27 (a)(b)			250		246,818
LCM XXI LP, Series 21A, Class AR, (3 mo. LIBOR US + 0.880%), 3.35%, 04/20/28 (a)(b)			3,430		3,394,625
LCM XXIV Ltd., Series 24A, Class A, (3 mo. LIBOR US + 1.310%), 3.78%, 03/20/30 (a)(b)			500		499,906
Lehman ABS Manufactured Housing Contract Trust:
Series 2001-B, Class M1, 6.63%, 04/15/40 (d)			4,790		5,064,692
Series 2002-A, Class C, 0.00%, 06/15/33			485		381,498
Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. LIBOR US + 0.090%), 2.60%, 06/25/37 (a)(b)			494		350,151
Lendmark Funding Trust, Series 2017-1A, Class A, 2.83%, 12/22/25 (b)			14,780		14,582,656
Litigation Fee Residual Funding LLC,
Series 2015-1, Class A, 4.00%, 10/01/27 (b)(c)			4,060		4,041,667
LoanCore Issuer Ltd., Series 2018-CRE1, Class A, (1 mo. LIBOR US + 1.130%), 3.59%, 05/15/28 (a)(b)			7,580		7,539,909

6

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Long Beach Mortgage Loan Trust:
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.67%, 11/25/36 (a)	USD		3,778	$	1,568,722
Series 2006-10, Class 2A4, (1 mo. LIBOR US + 0.220%), 2.73%, 11/25/36 (a)			2,245		940,517
Series 2006-2, Class 1A, (1 mo. LIBOR US + 0.180%), 2.69%, 03/25/46 (a)			7,154		5,325,528
Series 2006-3, Class 2A3, (1 mo. LIBOR US + 0.180%), 2.69%, 05/25/46 (a)			10,920		4,380,288
Series 2006-3, Class 2A4, (1 mo. LIBOR US + 0.270%), 2.78%, 05/25/46 (a)			1,047		426,916
Series 2006-4, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.67%, 05/25/36 (a)			11,155		5,003,292
Series 2006-4, Class 2A4, (1 mo. LIBOR US + 0.260%), 2.77%, 05/25/36 (a)			8,357		3,816,907
Series 2006-5, Class 2A3, (1 mo. LIBOR US + 0.150%), 2.66%, 06/25/36 (a)			4,113		2,270,773
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.67%, 08/25/36 (a)			6,879		3,555,940
Series 2006-8, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.67%, 09/25/36 (a)			3,072		1,188,904
Series 2006-9, Class 2A2, (1 mo. LIBOR US + 0.110%), 2.62%, 10/25/36 (a)			1,621		693,720
Series 2006-9, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.67%, 10/25/36 (a)			10,321		4,445,766
Series 2006-9, Class 2A4, (1 mo. LIBOR US + 0.230%), 2.74%, 10/25/36 (a)			1,632		709,010
Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. LIBOR US + 3.250%), 5.76%, 03/25/32 (a)			1,510		1,536,757
Madison Park Funding XI Ltd., Series 2013-11A, Class AR, (3 mo. LIBOR US + 1.160%), 3.64%, 07/23/29 (a)(b)			1,000		994,164
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, (3 mo. LIBOR US + 0.950%), 3.40%, 04/19/30 (a)(b)			4,540		4,497,286
Madison Park Funding XVIII Ltd., Series 2015-18A, Class A1R, (3 mo. LIBOR US + 1.190%), 3.66%, 10/21/30 (a)(b)			14,970		14,798,481
Madison Park Funding XXIII Ltd., Series 2017-23A, Class A, (3 mo. LIBOR US + 1.210%), 3.72%, 07/27/30 (a)(b)			250		248,828
Madison Park Funding XXVI Ltd., Series 2017-26A, Class AR, (3 mo. LIBOR US + 1.200%), 3.71%, 07/29/30 (a)(b)			11,115		11,055,628
Marathon CRE Ltd., Series 2018-FL1, Class A, (1 mo. LIBOR US + 1.150%), 3.61%, 06/15/28 (a)(b)			1,780		1,771,559
Marble Point CLO XI Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.180%), 3.63%, 12/18/30 (a)(b)			2,000		1,976,973
MASTR Asset-Backed Securities Trust:
Series 2006-AM2, Class A4, (1 mo. LIBOR US + 0.260%), 2.77%, 06/25/36 (a)(b)			1,930		1,503,007
Series 2006-HE2, Class A3, (1 mo. LIBOR US + 0.150%), 2.66%, 06/25/36 (a)			6,126		3,325,349
Series 2007-HE1, Class A4, (1 mo. LIBOR US + 0.280%), 2.79%, 05/25/37 (a)			1,318		1,112,136
MASTR Specialized Loan Trust, Series 2006-3, Class A, (1 mo. LIBOR US + 0.260%), 2.77%, 06/25/46 (a)(b)			609		569,295
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2, Class A2C, (1 mo. LIBOR US + 0.240%), 2.75%, 05/25/37 (a)			2,124		1,420,548

Security		Par (000)		Value
Merrill Lynch Mortgage Investors Trust:
Series 2006-OPT1, Class M1, (1 mo. LIBOR US + 0.260%), 2.77%, 08/25/37 (a)	USD		453	$	141,419
Series 2006-RM3, Class A2B, (1 mo. LIBOR US + 0.090%), 2.60%, 06/25/37 (a)			964		288,089
MidOcean Credit CLO III, Series 2014-3A, Class A3A2, (3 mo. LIBOR US + 0.970%), 3.44%, 04/21/31 (a)(b)			2,020		1,977,132
Morgan Stanley ABS Capital I, Inc. Trust:
Series 2005-HE1, Class A2MZ, (1 mo. LIBOR US + 0.600%), 3.11%, 12/25/34 (a)			820		799,245
Series 2005-HE5, Class M4, (1 mo. LIBOR US + 0.870%), 3.38%, 09/25/35 (a)			4,193		1,814,232
Series 2007-NC1, Class A1, (1 mo. LIBOR US + 0.130%), 2.64%, 11/25/36 (a)			13,807		8,216,598
Morgan Stanley Mortgage Loan Trust, Series 2007-9SL, Class A, (1 mo. LIBOR US + 0.320%), 2.83%, 07/25/37 (a)			1,399		1,321,628
Mountain Hawk II CLO Ltd., Series 2013-2A, Class BR, (3 mo. LIBOR US + 1.600%), 4.07%, 07/20/24 (a)(b)			4,047		4,046,944
MP CLO III Ltd., Series 2013-1A, Class AR, (3 mo. LIBOR US + 1.250%), 3.72%, 10/20/30 (a)(b)			2,820		2,804,609
MP CLO VII Ltd., Series 2015-1A, Class ARR, (3 mo. LIBOR US + 1.080%), 3.23%, 10/18/28 (a)(b)			490		486,244
MP CLO VIII Ltd.:
Series 2015-2A, Class AR, (3 mo. LIBOR US + 0.910%), 3.42%, 10/28/27 (a)(b)			5,910		5,850,606
Series 2015-2A, Class BR, (3 mo. LIBOR US + 1.420%), 3.93%, 10/28/27 (a)(b)			3,250		3,236,444
Nationstar Home Equity Loan Trust, Series 2007-C, Class 2AV3, (1 mo. LIBOR US + 0.180%), 2.69%, 06/25/37 (a)			270		267,958
Navient Private Education Loan Trust:
Series 2014-AA, Class B, 3.50%, 08/15/44 (b)			6,000		5,884,115
Series 2014-CTA, Class B, (1 mo. LIBOR US + 1.750%), 4.21%, 10/17/44 (a)(b)			8,550		8,661,965
Series 2016-AA, Class B, 3.50%, 12/16/58 (b)(d)			2,040		1,948,856
Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class A, (3 mo. LIBOR US + 0.850%), 3.29%, 01/15/28 (a)(b)			1,200		1,188,114
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class AR, (3 mo. LIBOR US + 0.800%), 3.24%, 01/15/28 (a)(b)			1,000		988,407
Neuberger Berman Loan Advisers CLO Ltd., Series 2017-26A, Class A, (3 mo. LIBOR US + 1.170%), 3.62%, 10/18/30 (a)(b)			5,520		5,475,671
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. LIBOR US + 0.400%), 2.91%, 10/25/36 (a)(b)			341		304,787
Oaktree CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR US + 0.870%), 3.34%, 10/20/27 (a)(b)			500		497,873
Oakwood Mortgage Investors, Inc.:
Series 2001-D, Class A2, 5.26%, 01/15/19 (d)			815		607,650
Series 2001-D, Class A4, 6.93%, 09/15/31 (d)			518		439,770

7

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oakwood Mortgage Investors, Inc.: (continued)
Series 2002-B, Class M1, 7.62%, 06/15/32 (d)	USD		4,458	$	3,691,736
OCP CLO Ltd.:
Series 2014-5A, Class A1R, (3 mo. LIBOR US + 1.080%), 3.59%, 04/26/31 (a)(b)			660		650,698
Series 2015-10A, Class A1R, (3 mo. LIBOR US + 0.820%), 3.33%, 10/26/27 (a)(b)			820		809,902
Series 2015-10A, Class BR, (3 mo. LIBOR US + 1.850%), 4.36%, 10/26/27 (a)(b)			1,120		1,110,701
Series 2016-12A, Class A1R, (3 mo. LIBOR US + 1.120%), 3.57%, 10/18/28 (a)(b)			7,806		7,758,122
Series 2016-12A, Class A2R, (3 mo. LIBOR US + 1.600%), 4.05%, 10/18/28 (a)(b)			500		492,222
Series 2017-13A, Class A1A, (3 mo. LIBOR US + 1.260%), 3.70%, 07/15/30 (a)(b)			9,170		9,127,076
Series 2017-14A, Class B, (3 mo. LIBOR US + 1.950%), 4.60%, 11/20/30 (a)(b)			500		470,533
OCP Euro CLO DAC:
Series 2017-2X, Class B, (3 mo. EURIBOR + 1.350%), 1.35%, 01/15/32 (a)	EUR		750		836,741
Series 2017-2X, Class E, (3 mo. EURIBOR + 5.000%), 5.00%, 01/15/32 (a)			447		470,450
Series 2017-2X, Class F, (3 mo. EURIBOR + 6.400%), 6.40%, 01/15/32 (a)			300		302,706
OCP Euro DAC, Series 2017-1X, Class E, (3 mo. EURIBOR + 5.350%), 5.35%, 06/18/30 (a)			200		215,457
Octagon Investment Partners 18-R Ltd., Series 2018-18A, Class A1A, (3 mo. LIBOR US + 0.960%), 3.40%, 04/16/31 (a)(b)	USD		7,300		7,184,144
Octagon Investment Partners 24 Ltd.:
Series 2015-1A, Class A1R, (3 mo. LIBOR US + 0.900%), 3.55%, 05/21/27 (a)(b)			13,710		13,672,074
Series 2015-1A, Class A2AR, (3 mo. LIBOR US + 1.350%), 4.00%, 05/21/27 (a)(b)			9,100		8,858,109
Octagon Investment Partners 33 Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.190%), 3.66%, 01/20/31 (a)(b)			1,310		1,302,033
Octagon Investment Partners XIX Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.100%), 3.54%, 04/15/26 (a)(b)			1,843		1,839,341
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.020%), 3.36%, 07/17/30 (a)(b)			3,580		3,526,086
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, (3 mo. LIBOR US + 1.000%), 3.49%, 01/25/31 (a)(b)			7,240		7,113,580
Octagon Investment Partners XXIII Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 1.850%), 4.29%, 07/15/27 (a)(b)			1,380		1,317,265
OFSI Fund VI Ltd., Series 2014-6A, Class A2R, (3 mo. LIBOR US + 1.130%), 3.57%, 03/20/25 (a)(b)			11,430		11,382,728
OHA Credit Partners IX Ltd., Series 2013-9A, Class DR, (3 mo. LIBOR US + 1.010%), 3.48%, 10/20/25 (a)(b)			254		253,457
OHA Loan Funding Ltd., Series 2013-2A, Class AR, (3 mo. LIBOR US + 1.040%), 3.72%, 05/23/31 (a)(b)			5,315		5,222,615

Security		Par (000)		Value
OneMain Financial Issuance Trust:
Series 2015-2A, Class C, 4.32%, 07/18/25 (b)	USD		4,830	$	4,833,354
Series 2016-2A, Class A, 4.10%, 03/20/28 (b)			837		838,848
Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-4, Class A2, (1 mo. LIBOR US + 0.640%), 3.15%, 07/25/33 (a)			941		931,617
Option One Mortgage Loan Trust:
Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.140%), 2.65%, 02/25/37 (a)			1,370		991,149
Series 2007-CP1, Class 2A3, (1 mo. LIBOR US + 0.210%), 2.72%, 03/25/37 (a)			2,360		1,543,518
Series 2007-FXD1, Class 1A1, 5.87%, 01/25/37 (e)			3,108		2,898,459
Series 2007-FXD1, Class 2A1, 5.87%, 01/25/37 (e)			7,996		7,477,300
Series 2007-FXD2, Class 1A1, 5.82%, 03/25/37 (e)			13,199		12,924,751
Origen Manufactured Housing Contract Trust:
Series 2001-A, Class M1, 7.82%, 03/15/32 (d)			1,527		1,503,378
Series 2007-B, Class A1, (1 mo. LIBOR US + 1.200%), 3.66%, 10/15/37 (a)(b)			2,538		2,517,536
Ownit Mortgage Loan Trust Series, Series 2006-2, Class A2C, 6.00%, 01/25/37 (e)			1,990		1,818,926
OZLM Funding IV Ltd.:
Series 2013-4A, Class A1R, (3 mo. LIBOR US + 1.250%), 3.72%, 10/22/30 (a)(b)			13,035		12,966,317
Series 2013-4A, Class A2R, (3 mo. LIBOR US + 1.700%), 4.17%, 10/22/30 (a)(b)			2,120		2,087,491
OZLM VIII Ltd., Series 2014-8A, Class BRR, (3 mo. LIBOR US + 2.200%), 4.66%, 10/17/29 (a)(b)			1,160		1,125,754
OZLM XIV Ltd., Series 2015-14A, Class A2AR, (3 mo. LIBOR US + 1.700%), 4.14%, 01/15/29 (a)(b)			4,770		4,716,547
OZLM XIX Ltd., Series 2017-19A, Class A1, (3 mo. LIBOR US + 1.220%), 3.66%, 11/22/30 (a)(b)			2,160		2,150,430
OZLM XV Ltd.:			4,740		4,738,480
Series 2016-15A, Class A1, (3 mo. LIBOR US + 1.490%), 3.96%, 01/20/29 (a)(b)
Series 2016-15A, Class A2A, (3 mo. LIBOR US + 2.100%), 4.57%, 01/20/29 (a)(b)			1,940		1,927,660
OZLM XXI Ltd., Series 2017-21A, Class B, (3 mo. LIBOR US + 1.900%), 4.37%, 01/20/31 (a)(b)			930		880,453
OZLME II DAC, Series 2X, Class E, (3 mo. EURIBOR + 4.900%), 4.90%, 10/15/30 (a)	EUR		422		438,855
OZLME III DAC:
Series 3X, Class E, (3 mo. EURIBOR + 4.800%), 4.80%, 08/24/30 (a)			500		517,457
Series 3X, Class SUB, 0.00%, 08/24/30 (d)			1,500		1,399,220
OZLME IV DAC, Series 4X, Class B, (3 mo. EURIBOR + 1.350%), 1.35%, 07/27/32 (a)			1,440		1,599,115
Palmer Square CLO Ltd.:
Series 2014-1A, Class A1R2, (3 mo. LIBOR US + 1.130%), 3.58%, 01/17/31 (a)(b)	USD		4,548		4,497,295

8

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security	Par (000)			Value
Palmer Square CLO Ltd.: (continued)
Series 2018-1A, Class A1, (3 mo. LIBOR US + 1.030%), 3.48%, 04/18/31 (a)(b)		USD	3,360	$	3,301,092
Series 2018-3A, Class A2, (3 mo. LIBOR US + 1.350%), 3.97%, 08/15/26 (a)(b)			3,323		3,302,334
Palmer Square Loan Funding Ltd., Series 2017-1A, Class A2, (3 mo. LIBOR US + 1.300%), 3.74%, 10/15/25 (a)(b)			6,400		6,402,525
Parallel Ltd.:
Series 2015-1A, Class AR, (3 mo. LIBOR US + 0.850%), 3.32%, 07/20/27 (a)(b)			3,990		3,950,767
Series 2015-1A, Class C1R, (3 mo. LIBOR US + 1.750%), 4.22%, 07/20/27 (a)(b)			1,150		1,108,164
Park Avenue Institutional Advisers CLO Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.220%), 3.83%, 11/14/29 (a)(b)			6,970		6,945,001
Series 2017-1A, Class A2, (3 mo. LIBOR US + 1.700%), 4.31%, 11/14/29 (a)(b)			2,940		2,890,956
Preston Ridge Partners Mortgage LLC, Series 2017-1A, Class A1, 4.25%, 01/25/22 (b)(e)			237		236,325
Progress Residential Trust:
Series 2015-SFR2, Class A, 2.74%, 06/12/32 (b)			1,720		1,698,349
Series 2015-SFR3, Class F, 6.64%, 11/12/32 (b)			500		510,782
Series 2016-SFR2, Class E, (1 mo. LIBOR US + 3.550%), 6.01%, 01/17/34 (a)(b)			816		815,995
Series 2017-SFR1, Class A, 2.77%, 08/17/34 (b)			2,642		2,591,333
Series 2018-SFR1, Class F, 4.78%, 03/17/35 (b)			1,620		1,604,617
Series 2018-SFR2, Class E, 4.66%, 08/17/35 (b)			870		865,508
Series 2018-SFR2, Class F, 4.95%, 08/17/35 (b)			1,030		1,016,418
Race Point IX CLO Ltd., Series 2015-9A, Class A1AR, (3 mo. LIBOR US + 1.210%), 3.65%, 10/15/30 (a)(b)			3,730		3,703,426
Race Point X CLO Ltd., Series 2016-10A, Class A1R, (3 mo. LIBOR US + 1.100%), 3.59%, 07/25/31 (a)(b)			5,550		5,487,855
RAMP Trust:
Series 2006-RS6, Class A4, (1 mo. LIBOR US + 0.270%), 2.78%, 11/25/36 (a)			6,878		5,739,762
Series 2007-RS1, Class A3, (1 mo. LIBOR US + 0.170%), 2.68%, 02/25/37 (a)			2,154		1,102,704
Regatta VI Funding Ltd., Series 2016-1A, Class AR, (3 mo. LIBOR US + 1.080%), 3.55%, 07/20/28 (a)(b)			10,290		10,216,165
Rockford Tower CLO Ltd.:
Series 2017-1A, Class A, (3 mo. LIBOR US + 1.370%), 3.81%, 04/15/29 (a)(b)			9,130		9,138,341
Series 2017-1A, Class B, (3 mo. LIBOR US + 1.800%), 4.24%, 04/15/29 (a)(b)			3,870		3,871,681
Series 2017-2A, Class B, (3 mo. LIBOR US + 1.750%), 4.19%, 10/15/29 (a)(b)			6,049		5,958,797
Series 2017-2A, Class C, (3 mo. LIBOR US + 2.300%), 4.74%, 10/15/29 (a)(b)			940		911,910
Series 2017-3A, Class A, (3 mo. LIBOR US + 1.190%), 3.66%, 10/20/30 (a)(b)			8,720		8,623,252
Rockford Tower Europe CLO DAC, Series 2018-1X, Class A1, (3 mo. EURIBOR + 1.030%), 1.03%, 12/20/31 (a)		EUR	2,850		3,240,359
Romark WM-R Ltd., Series 2018-1A, Class A1, (3 mo. LIBOR US + 1.030%), 3.50%, 04/20/31 (a)(b)		USD	2,910		2,861,653

Security	Par (000)			Value
RR 3 Ltd., Series 2018-3A, Class A1R2, (3 mo. LIBOR US + 1.090%), 3.53%, 01/15/30 (a)(b)		USD	2,020	$	1,987,970
SACO I Trust, Series 2006-9, Class A1, (1 mo. LIBOR US + 0.300%), 2.81%, 08/25/36 (a)			492		478,944
Securitized Asset-Backed Receivables LLC Trust:
Series 2006-WM4, Class A1, (1 mo. LIBOR US + 0.190%), 2.70%, 11/25/36 (a)(b)			2,961		1,742,552
Series 2006-WM4, Class A2A, (1 mo. LIBOR US + 0.080%), 2.59%, 11/25/36 (a)			1,421		547,937
Series 2006-WM4, Class A2C, (1 mo. LIBOR US + 0.160%), 2.67%, 11/25/36 (a)			4,259		1,659,277
Security National Mortgage Loan Trust, Series 2007-1A, Class 2A, (1 mo. LIBOR US + 0.350%), 2.86%, 04/25/37 (a)(b)			857		842,430
SG Mortgage Securities Trust, Series 2006-FRE2, Class A2C, (1 mo. LIBOR US + 0.160%), 2.67%, 07/25/36 (a)			993		313,202
Silver Creek CLO Ltd.:
Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.240%), 3.71%, 07/20/30 (a)(b)			3,920		3,908,994
Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.300%), 4.77%, 07/20/30 (a)(b)			500		485,898
SLM Private Credit Student Loan Trust:
Series 2004-A, Class A3, (3 mo. LIBOR US + 0.400%), 3.19%, 06/15/33 (a)			2,556		2,532,849
Series 2004-B, Class A3, (3 mo. LIBOR US + 0.330%), 3.12%, 03/15/24 (a)			11,407		11,364,788
Series 2006-B, Class A5, (3 mo. LIBOR US + 0.270%), 3.06%, 12/15/39 (a)			626		614,549
SLM Private Education Loan Trust:
Series 2013-A, Class B, 2.50%, 03/15/47 (b)			620		616,889
Series 2013-B, Class B, 3.00%, 05/16/44 (b)			2,095		2,086,327
Series 2013-C, Class A2B, (1 mo. LIBOR US + 1.400%), 3.86%, 10/15/31 (a)(b)			127		127,557
SMB Private Education Loan Trust, Series 2015-B, Class B, 3.50%, 12/17/40 (b)			2,480		2,411,806
Sound Point CLO II Ltd., Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.070%), 3.58%, 01/26/31 (a)(b)			500		492,796
Sound Point CLO XII Ltd., Series 2016-2A, Class A, (3 mo. LIBOR US + 1.660%), 4.13%, 10/20/28 (a)(b)			3,010		3,009,524
Sound Point CLO XIV Ltd.:
Series 2016-3A, Class A, (3 mo. LIBOR US + 1.530%), 4.01%, 01/23/29 (a)(b)			7,330		7,334,148
Series 2016-3A, Class C, (3 mo. LIBOR US + 2.650%), 5.13%, 01/23/29 (a)(b)			1,000		984,708
Sound Point CLO XV Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.390%), 3.87%, 01/23/29 (a)(b)			1,240		1,241,455
Sound Point CLO XVIII Ltd., Series 2017-4A, Class B, (3 mo. LIBOR US + 1.800%), 4.27%, 01/21/31 (a)(b)			500		467,632
Soundview Home Loan Trust, Series 2004-WMC1, Class M2, (1 mo. LIBOR US + 0.795%), 3.30%, 01/25/35 (a)			62		58,912
SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.05%, 04/25/29 (b)			6,990		6,921,973
Springleaf Funding Trust, Series 2015-AA, Class B, 3.62%, 11/15/24 (b)			3,952		3,945,651

9

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Steele Creek CLO Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.250%), 3.69%, 01/15/30 (a)(b)	USD		4,140	$	4,117,858
Stewart Park CLO Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 1.800%), 4.24%, 01/15/30 (a)(b)			1,630		1,501,461
Structured Asset Securities Corp. Assistance Loan Trust, Series 2003-AL2, Class A, 3.36%, 01/25/31 (b)			372		361,382
Structured Asset Securities Corp. Mortgage Pass-Through Certificates,
Series 2004-23XS, Class 2A1, (1 mo. LIBOR US + 0.300%), 2.81%, 01/25/35 (a)			636		619,340
Symphony CLO XII Ltd., Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.030%), 3.47%, 10/15/25 (a)(b)			2,797		2,782,115
Symphony CLO XIX Ltd., Series 2018-19A, Class A, (3 mo. LIBOR US + 0.960%), 3.40%, 04/16/31 (a)(b)			2,670		2,612,296
Symphony CLO XVII Ltd., Series 2016-17A, Class AR, (3 mo. LIBOR US + 0.880%), 3.32%, 04/15/28 (a)(b)			3,620		3,591,480
TCI-Flatiron CLO Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.200%), 3.84%, 11/17/30 (a)(b)			3,290		3,272,727
THL Credit Wind River CLO Ltd.,
Series 2016-1A, Class AR, (3 mo. LIBOR US + 1.050%), 3.49%, 07/15/28 (a)			4,880		4,856,049
TIAA CLO II Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.280%), 3.75%, 04/20/29 (a)(b)			2,340		2,335,402
TIAA CLO III Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.150%), 3.59%, 01/16/31 (a)(b)			1,467		1,445,061
TICP CLO I Ltd., Series 2015-1A, Class AR, (3 mo. LIBOR US + 0.800%), 3.27%, 07/20/27 (a)(b)			1,000		990,172
Tricon American Homes Trust:
Series 2017-SFR2, Class F, 5.10%, 01/17/36 (b)			2,010		2,020,972
Series 2018-SFR1, Class E, 4.56%, 05/17/37 (b)			890		878,530
Series 2018-SFR1, Class F, 4.96%, 05/17/37 (b)			610		607,422
Venture CLO Ltd.:
Series 2018-32A, Class A2A, (3 mo. LIBOR US + 1.070%), 3.40%, 07/18/31 (a)(b)			1,480		1,455,781
Series 2018-35A, Class AS, (3 mo. LIBOR US + 1.150%), 3.65%, 10/22/31 (a)(b)			2,810		2,804,880
Venture XVIII CLO Ltd., Series 2014-18A, Class AR, (3 mo. LIBOR US + 1.220%), 3.66%, 10/15/29 (a)(b)			9,820		9,820,048
Vibrant CLO V Ltd., Series 2016-5A, Class A, (3 mo. LIBOR US + 1.550%), 4.02%, 01/20/29 (a)(b)			2,480		2,485,828
Vibrant CLO VII Ltd., Series 2017-7A, Class A1, (3 mo. LIBOR US + 1.270%), 3.74%, 09/15/30 (a)(b)			1,750		1,742,419
Voya CLO Ltd., Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.130%), 3.57%, 10/15/30 (a)(b)			6,640		6,582,939

Security			Par (000)		Value
Voya Euro CLO I DAC, Series 1X, Class SUB, 0.00%, 10/15/30 (d)		EUR		844	$	940,301
Wachovia Asset Securitization Issuance II LLC Trust, Series 2007-HE2A, Class A, (1 mo. LIBOR US + 0.130%), 2.64%, 07/25/37 (a)(b)		USD		1,989		1,903,145
WaMu Asset-Backed Certificates Trust:
Series 2007-HE2, Class 2A3, (1 mo. LIBOR US + 0.250%), 2.76%, 04/25/37 (a)				9,937		5,100,540
Series 2007-HE2, Class 2A4, (1 mo. LIBOR US + 0.360%), 2.87%, 04/25/37 (a)				1,068		554,411
Washington Mutual Asset-Backed Certificates Trust:
Series 2006-HE4, Class 2A2, (1 mo. LIBOR US + 0.180%), 2.69%, 09/25/36 (a)				5,374		2,528,233
Series 2006-HE5, Class 1A, (1 mo. LIBOR US + 0.155%), 2.66%, 10/25/36 (a)				2,211		1,798,995
Series 2007-HE2, Class 2A2, (1 mo. LIBOR US + 0.220%), 2.73%, 02/25/37 (a)				5,560		2,379,727
Wellfleet CLO Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.320%), 3.79%, 04/20/29 (a)(b)				2,160		2,161,633
Series 2017-3A, Class B, (3 mo. LIBOR US + 1.950%), 4.40%, 01/17/31 (a)(b)				750		708,616
West CLO Ltd., Series 2013-1A, Class A1AR, (3 mo. LIBOR US + 1.160%), 3.75%, 11/07/25 (a)(b)				3,251		3,251,343
World Financial Network Credit Card Master Trust, Series 2012-D, Class B, 3.34%, 04/17/23				3,551		3,550,010
Yale Mortgage Loan Trust, Series 2007-1, Class A, (1 mo. LIBOR US + 0.400%), 2.91%, 06/25/37 (a)(b)				2,581		1,062,056
York CLO-3 Ltd., Series 2016-1A, Class BR, (3 mo. LIBOR US + 1.750%), 4.22%, 10/20/29 (a)(b)				2,480		2,444,788
Total Asset-Backed Securities — 10.5% (Cost: $1,355,168,107)						1,324,511,156
	Shares
Common Stocks — 0.2%
Air Freight & Logistics — 0.0%
Platinum Eagle Acquisition Corp. (f)(g)				20,540		211,151
Banks — 0.0%
Intesa Sanpaolo SpA				118,857		264,650
Capital Markets — 0.1%
Sentinel Energy Services, Inc. (f)				436,269		4,493,571
Diversified Financial Services — 0.0%
Concrete Investment I SCA (c)(f)(h)				11,296		197,372
Concrete Investment I SCA (c)(f)				11,296		—
Concrete Investment II SCA (c)(f)(h)				12,471		—
Leisure Acquisition Corp. (f)				52,528		530,533
Pure Acquisition Corp. (f)				41,254		424,916
Pure Acquisition Corp. (f)				40,676		400,252
						1,553,073

10

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security			Shares		Value
Energy Equipment & Services — 0.0%
Bristow Group, Inc. (f)				19,815	$	48,150
Liberty Oilfield Services, Inc., Class A				126,785		1,641,866
Vantage Drilling Co. (f)				311,000		2,146
Weatherford International PLC (f)				82,347		46,032
						1,738,194
Hotels, Restaurants & Leisure — 0.0%
Caesars Entertainment Corp. (f)				195,541		1,327,723
Golden Entertainment, Inc. (f)				35,439		567,733
Scientific Games Corp. (f)				22,338		399,403
						2,294,859
Household Durables — 0.0%
William Lyon Homes, Class A (f)				48,038		513,526
Independent Power and Renewable Electricity Producers — 0.0%
Vistra Energy Corp. (f)				51,802		1,185,748
IT Services — 0.0%
Everi Holdings, Inc. (f)				56,465		290,795
Media — 0.0%
Altice Europe NV (f)(g)				157,729		306,046
Altice USA, Inc., Class A				160,846		2,657,176
						2,963,222
Metals & Mining — 0.0%
Northern Graphite Corp. (f)				99,612		10,945
Oil, Gas & Consumable Fuels — 0.1%
Bumi Resources Tbk PT (f)				7,280,692		52,242
Diamondback Energy, Inc.				28,109		2,605,704
Matador Resources Co. (f)				90,208		1,400,930
Sunoco LP				151,253		4,112,569
						8,171,445
Real Estate Management & Development — 0.0%
Aroundtown SA (f)				111,359		923,830
Semiconductors & Semiconductor Equipment — 0.0%
NVIDIA Corp.				22,115		2,952,353
Total Common Stocks — 0.2% (Cost: $33,542,288)						27,567,362
	Par (000)
Corporate Bonds — 40.0%
Aerospace & Defense — 1.2%
Arconic, Inc.:
6.15%, 08/15/20		USD		4,555		4,646,573
5.40%, 04/15/21				312		315,120
BAE Systems Holdings, Inc.:
2.85%, 12/15/20 (b)				8,102		7,995,301
3.80%, 10/07/24 (b)				595		593,789
3.85%, 12/15/25 (b)				6,255		6,201,374
4.75%, 10/07/44 (b)				259		260,060
Boeing Co, 6.13%, 02/15/33				980		1,240,487
General Dynamics Corp., 3.75%, 05/15/28				3,690		3,723,563
L3 Technologies, Inc.:
4.95%, 02/15/21				1,575		1,611,705
3.85%, 06/15/23				7,905		7,917,286
3.85%, 12/15/26				6,460		6,253,651
4.40%, 06/15/28				1,200		1,199,733
Leonardo U.S. Holdings, Inc., 6.25%, 01/15/40 (b)				117		108,810
Lockheed Martin Corp.:
2.90%, 03/01/25				2,570		2,466,675
3.55%, 01/15/26				1,596		1,583,696
3.60%, 03/01/35				7,134		6,642,891
4.50%, 05/15/36				632		652,115

Security		Par (000)		Value
Aerospace & Defense (continued)
Lockheed Martin Corp.: (continued) 4.07%, 12/15/42	USD		4,780	$	4,561,008
3.80%, 03/01/45			2,555		2,327,999
4.70%, 05/15/46			6,865		7,153,543
4.09%, 09/15/52			2,073		1,934,961
Northrop Grumman Corp.:
2.55%, 10/15/22			10,510		10,170,032
2.93%, 01/15/25			10,230		9,707,093
3.25%, 01/15/28			10,733		10,013,903
3.85%, 04/15/45			2,310		2,039,443
4.03%, 10/15/47			5,035		4,579,385
Raytheon Co., 7.20%, 08/15/27			1,890		2,378,587
TransDigm, Inc.:
5.50%, 10/15/20			770		764,225
6.00%, 07/15/22			252		248,220
United Technologies Corp.:
(3 mo. EURIBOR + 0.200%), 0.00%, 05/18/20 (a)	EUR		800		914,404
(3 mo. EURIBOR + 0.200%), 0.00%, 05/18/20 (a)			800		914,404
1.95%, 11/01/21	USD		13,880		13,324,118
4.13%, 11/16/28			14,025		13,894,584
4.50%, 06/01/42			8,625		8,148,389
4.15%, 05/15/45			2,411		2,156,221
					148,643,348
Air Freight & Logistics — 0.1%
Deutsche Post AG, 1.88%, 12/11/20	EUR		621		736,830
FedEx Corp.:
4.90%, 01/15/34	USD		2,970		3,035,348
3.90%, 02/01/35			5,324		4,820,146
3.88%, 08/01/42			3,560		2,955,947
4.05%, 02/15/48			8,260		6,919,006
XPO Logistics, Inc., 6.50%, 06/15/22 (b)			100		99,125
					18,566,402
Airlines — 0.6%
Air Canada Pass-Through Trust, 3.70%, 07/15/27 (b)			25		23,717
American Airlines, 4.87%, 04/22/25 (c)			1,473		1,473,000
American Airlines Group, Inc.:
5.50%, 10/01/19 (b)			312		312,780
4.63%, 03/01/20 (b)			3,144		3,128,280
American Airlines Pass-Through Trust:
Series 2015-1, Class B, 3.70%, 11/01/24			143		137,831
Series 2015-2, Class B, 4.40%, 03/22/25			6,280		6,158,776
Series 2016-1, Class B, 5.25%, 07/15/25			206		212,567
Series 2017-1, Class B, 4.95%, 08/15/26			469		470,732
Series 2017-2, Class B, 3.70%, 04/15/27			465		449,986
Series 2015-1, Class A, 3.38%, 11/01/28			7,478		7,107,043
ANA Holdings, Inc.:
0.00%, 09/16/22 (i)(j)	JPY		10,000		91,981
0.00%, 09/19/24 (i)(j)			60,000		553,319
Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd., 8.38%, 05/10/20	USD		383		368,159
Delta Air Lines, Inc.:
2.88%, 03/13/20			26,462		26,286,205
2.60%, 12/04/20			10,240		10,069,124
3.40%, 04/19/21			945		937,114
3.63%, 03/15/22			2,501		2,447,454
Gol Finance, Inc., 7.00%, 01/31/25 (b)			4,480		3,970,400
Turkish Airlines Pass-Through Trust,
Series 2015-1, Class A, 4.20%, 09/15/28 (b)			1,562		1,349,513
United Airlines Pass-Through Trust:
Series 2014-1, Class B, 4.75%, 10/11/23			454		455,140
Series Airlines 2016-1, Class B, 3.65%, 07/07/27			148		145,033
Series 2018-1, Class B, 4.60%, 09/01/27			2,300		2,300,961

11

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Airlines (continued)
United Airlines Pass-Through Trust: (continued)
Series Airlines 2015-1, Class AA, 3.45%, 06/01/29	USD		22	$	20,785
Series 2016-2, Class AA, 2.88%, 04/07/30			810		743,642
US Airways Pass-Through Trust:
Series 2012-2, Class B, 6.75%, 12/03/22			152		158,536
Series 2013-1, Class B, 5.38%, 05/15/23			588		605,852
					69,977,930
Auto Components — 0.2%
Adient Global Holdings Ltd., 3.50%, 08/15/24	EUR		1,860		1,710,158
Aptiv PLC, 4.25%, 01/15/26	USD		1,322		1,286,095
GKN Holdings PLC, 3.38%, 05/12/32	GBP		5,200		6,249,783
IHO Verwaltungs GmbH, 3.75% (3.75% Cash or 4.50% PIK), 09/15/26 (k)	EUR		1,580		1,733,349
Mahle GmbH, 2.50%, 05/14/21			300		349,648
ZF North America Capital, Inc., 4.75%, 04/29/25 (b)	USD		11,192		10,416,028
					21,745,061
Automobiles — 0.6%
BMW US Capital LLC, 2.80%, 04/11/26 (b)			3,205		2,937,985
Daimler AG:
0.50%, 09/09/19	EUR		720		828,034
0.25%, 05/11/20			930		1,065,996
Daimler Finance North America LLC:
3.10%, 05/04/20 (b)	USD		10,030		9,974,519
2.30%, 02/12/21 (b)			9,320		9,093,713
3.35%, 05/04/21 (b)			12,800		12,761,178
3.75%, 11/05/21 (b)			1,290		1,294,398
Fiat Chrysler Automobiles NV, 4.50%, 04/15/20			336		336,403
General Motors Co.:
6.25%, 10/02/43			1,070		1,002,957
6.75%, 04/01/46			1,600		1,548,967
5.40%, 04/01/48			1,280		1,090,110
RCI Banque SA, (3 mo. EURIBOR + 0.650%), 0.33%, 04/12/21 (a)	EUR		740		836,252
Toyota Motor Corp., 3.67%, 07/20/28	USD		1,860		1,882,251
Volkswagen Group of America Finance LLC:
2.40%, 05/22/20 (b)			6,950		6,841,950
3.88%, 11/13/20 (b)			10,970		11,023,520
4.00%, 11/12/21 (b)			5,945		5,941,308
Volkswagen International Finance NV, (3 mo.
EURIBOR + 0.350%), 0.04%, 03/30/19 (a)	EUR		700		801,883
Volkswagen Leasing GmbH, 0.25%, 02/16/21			2,500		2,841,061
Volvo Car AB, 2.00%, 01/24/25			1,790		1,918,099
					74,020,584
Banks — 6.8%
ABN AMRO Bank NV, 2.65%, 01/19/21 (b)	USD		8,940		8,811,318
Banco BPM SpA, 1.75%, 04/24/23	EUR		413		448,072
Banco Espirito Santo SA:
2.63%, 05/08/17 (f)(l)			400		135,199
4.75%, 01/15/18 (f)(l)			2,200		724,688
4.00%, 01/21/19 (f)(l)			6,300		2,021,105
Banco Santander SA, 3.85%, 04/12/23	USD		7,200		6,995,979
Bank of America Corp.:
2.63%, 10/19/20			5,775		5,714,471
(3 mo. LIBOR US + 0.660%), 2.37%, 07/21/21 (m)			14,085		13,832,942
(3 mo. LIBOR US + 0.630%), 2.33%, 10/01/21 (m)			37,283		36,555,264
5.70%, 01/24/22			6,560		6,952,768
(3 mo. LIBOR US + 0.630%), 3.50%, 05/17/22 (m)			8,260		8,261,240
3.30%, 01/11/23			1,307		1,287,211
(3 mo. EURIBOR + 0.780%), 0.46%, 05/04/23 (a)	EUR		740		833,259
4.00%, 04/01/24	USD		2,085		2,096,556
4.20%, 08/26/24			9,480		9,402,265

Security		Par (000)		Value
Banks (continued)
Bank of America Corp.: (continued) 3.95%, 04/21/25	USD		9,130	$	8,846,377
3.88%, 08/01/25			13,368		13,224,473
(3 mo. LIBOR US + 0.810%), 3.37%, 01/23/26 (m)			4,150		3,967,780
3.50%, 04/19/26			5,111		4,918,501
Series L, 4.18%, 11/25/27			4,220		4,056,121
(3 mo. LIBOR US + 1.040%), 3.42%, 12/20/28 (m)			27,480		25,670,429
(3 mo. LIBOR US + 1.070%), 3.97%, 03/05/29 (m)			3,930		3,820,109
Bank of Ireland Group PLC, (5 yr. Note Generic Bid Yield, UK Govt Bonds + 2.700%), 3.13%, 09/19/27 (m)	GBP		200		237,373
Bankia SA, (5 yr. Euro Swap + 3.166%), 4.00%, 05/22/24 (m)	EUR		600		687,794
Barclays PLC:
(3 mo. LIBOR US + 1.356%), 4.34%, 05/16/24 (m)	USD		11,060		10,753,048
(3 mo. LIBOR US + 1.902%), 4.97%, 05/16/29 (m)			9,280		8,947,568
4.95%, 01/10/47			7,178		6,343,176
BBVA Bancomer SA, 6.75%, 09/30/22 (b)			903		948,150
BNP Paribas SA:
2.95%, 05/23/22 (b)			8,225		7,926,629
3.80%, 01/10/24 (b)			10,347		10,074,055
BPCE SA, 3.00%, 05/22/22 (b)			9,005		8,698,290
CaixaBank SA:
1.75%, 10/24/23	EUR		1,700		1,934,571
(5 yr. Euro Swap + 2.350%), 2.75%, 07/14/28 (m)			700		786,805
Chong Hing Bank Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.030%), 3.88%, 07/26/27 (m)	USD		670		645,367
Citigroup, Inc.:
2.50%, 07/29/19			10,612		10,575,750
2.90%, 12/08/21			17,940		17,649,866
(3 mo. LIBOR US + 0.950%), 2.88%, 07/24/23 (m)			4,389		4,247,360
3.75%, 06/16/24			5,935		5,893,385
4.40%, 06/10/25			4,740		4,638,773
(3 mo. LIBOR US + 1.563%), 3.89%, 01/10/28 (m)			3,255		3,140,778
Citizens Bank N.A.:
2.25%, 03/02/20			14,776		14,617,814
2.65%, 05/26/22			15,070		14,641,050
Fifth Third Bank, 2.25%, 06/14/21			7,204		7,032,517
Gilex Holding Sarl, 8.50%, 05/02/23 (b)			2,688		2,718,240
HSBC Holdings PLC:
5.10%, 04/05/21			5,089		5,262,587
2.65%, 01/05/22			10,400		10,089,335
(3 mo. LIBOR US + 0.987%), 3.95%, 05/18/24 (m)			4,875		4,848,675
HSBC USA, Inc., 2.35%, 03/05/20			18,862		18,671,561
Huntington National Bank, 3.25%, 05/14/21			9,040		9,017,518
ING Bank NV, 5.80%, 09/25/23 (b)			4,879		5,096,256
ING Groep NV, 4.10%, 10/02/23			13,135		13,127,020
Intesa Sanpaolo SpA:
6.50%, 02/24/21 (b)			3,034		3,110,398
3.38%, 01/12/23 (b)			4,192		3,883,266
2.13%, 08/30/23	EUR		1,440		1,656,002
5.02%, 06/26/24 (b)	USD		15,696		14,234,428
JPMorgan Chase & Co.:
2.55%, 03/01/21			7,110		7,009,746
4.63%, 05/10/21			5,176		5,326,758
(3 mo. LIBOR US + 0.610%), 3.51%, 06/18/22 (m)			9,145		9,165,692
2.97%, 01/15/23			4,688		4,570,701

12

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks (continued)
JPMorgan Chase & Co.: (continued)
(3 mo. LIBOR US + 0.730%), 3.56%, 04/23/24 (m)	USD		2,560	$	2,540,639
(3 mo. LIBOR US + 0.890%), 3.80%, 07/23/24 (m)			13,546		13,570,455
(3 mo. LIBOR US + 1.000%), 4.02%, 12/05/24 (m)			22,830		23,011,651
(3 mo. LIBOR US + 1.337%), 3.78%, 02/01/28 (m)			9,290		9,017,986
(3 mo. LIBOR US + 1.380%), 3.54%, 05/01/28 (m)			6,390		6,092,139
(3 mo. LIBOR US + 1.260%), 4.20%, 07/23/29 (m)			9,640		9,610,695
(3 mo. LIBOR US + 1.330%), 4.45%, 12/05/29 (m)			3,630		3,692,235
(3 mo. LIBOR US + 1.360%), 3.88%, 07/24/38 (m)			11,240		10,208,033
KeyBank NA, 3.35%, 06/15/21			1,500		1,504,683
Keycorp, 4.15%, 10/29/25			3,045		3,092,964
Lloyds Banking Group PLC:
4.45%, 05/08/25			6,170		6,126,591
4.65%, 03/24/26			15,440		14,516,515
3.75%, 01/11/27			5,024		4,615,536
Mitsubishi UFJ Financial Group, Inc.:
3.54%, 07/26/21			1,810		1,816,802
3.00%, 02/22/22			3,776		3,723,128
3.46%, 03/02/23			27,130		26,963,450
Mizuho Financial Group, Inc.:
2.63%, 04/12/21 (b)			7,250		7,112,494
2.27%, 09/13/21			3,139		3,039,315
2.95%, 02/28/22			43,040		42,195,017
2.60%, 09/11/22			2,990		2,891,999
Nordea Bank Abp:
2.13%, 05/29/20 (b)			9,883		9,732,993
3.75%, 08/30/23 (b)			6,345		6,258,489
Promerica Financial Corp., 9.70%, 05/14/24 (b)			2,541		2,604,525
Royal Bank of Scotland Group PLC:
(3 mo. LIBOR US + 1.480%), 3.50%, 05/15/23 (m)			4,685		4,505,177
(3 mo. LIBOR US + 1.754%), 4.89%, 05/18/29 (m)			1,100		1,050,001
(3 mo. LIBOR US + 1.905%), 5.08%, 01/27/30 (m)			10,730		10,346,571
Santander UK Group Holdings PLC, 2.88%, 08/05/21			14,289		13,783,941
Santander UK PLC, 5.00%, 11/07/23 (b)			12,770		12,469,777
Shizuoka Bank Ltd., (3 mo. LIBOR US -0.500%), 1.99%, 01/25/23 (a)(i)			200		192,038
Standard Chartered PLC, (3 mo. LIBOR US + 1.150%), 4.25%, 01/20/23 (b)(m)			17,600		17,423,243
Sumitomo Mitsui Trust Bank Ltd.:
2.05%, 03/06/19 (b)			44,355		44,278,004
1.95%, 09/19/19 (b)			15,285		15,149,200
SunTrust Banks, Inc., 4.00%, 05/01/25			2,065		2,071,636
Synchrony Bank, 3.65%, 05/24/21			9,060		8,864,723
Toronto-Dominion Bank, 3.50%, 07/19/23			3,580		3,604,646
U.S. Bancorp, 2.95%, 07/15/22			7,244		7,145,431
U.S. Bank NA, (3 mo. LIBOR US + 0.290%), 3.10%, 05/21/21 (m)			3,410		3,405,339
UniCredit SpA, (USD Swap Rate 11:00 am NY 1 + 3.703%), 5.86%, 06/19/32 (b)(m)			8,852		7,769,967
Volkswagen Bank GmbH, (3 mo. EURIBOR + 0.420%), 0.11%, 06/15/21 (a)	EUR		700		787,065
Washington Mutual Escrow Bonds:
0.00% (c)(f)(l)(n)	USD		2,570		—
0.00% (c)(f)(l)(n)			3,115		—
0.00% (c)(f)(l)(n)			11,911		1

Security		Par (000)		Value
Banks (continued)
Washington Mutual Escrow Bonds: (continued)
0.00% (c)(f)(l)(n)	USD		13,308	$	1
Wells Fargo & Co.:
2.60%, 07/22/20			4,233		4,191,970
2.55%, 12/07/20			3,376		3,328,427
2.50%, 03/04/21			13,915		13,686,416
3.50%, 03/08/22			4,852		4,835,848
2.63%, 07/22/22			12,645		12,193,079
(3 mo. LIBOR US + 1.310%), 3.58%, 05/22/28 (m)			11,450		10,992,871
Wells Fargo Bank NA:
(3 mo. LIBOR US + 0.490%), 3.33%, 07/23/21 (m)			14,400		14,385,966
3.55%, 08/14/23			2,540		2,529,261
Woori Bank, 5.13%, 08/06/28			600		609,644
Yamaguchi Financial Group, Inc., (3 mo. LIBOR US - 0.500%), 2.32%, 03/26/20 (a)(i)			1,000		981,629
Yes Bank Ifsc Banking Unit Branch, 3.75%, 02/06/23			1,300		1,126,125
					862,430,760
Beverages — 0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch
InBev Worldwide, Inc.:
3.65%, 02/01/26 (b)			1,855		1,753,992
4.70%, 02/01/36 (b)			19,230		17,833,859
4.90%, 02/01/46 (b)			6,450		5,981,636
Anheuser-Busch InBev Finance, Inc.:
2.63%, 01/17/23			2,853		2,715,441
3.30%, 02/01/23			16,545		16,087,508
Anheuser-Busch InBev SA, (3 mo. EURIBOR + 0.750%), 0.44%, 03/17/20 (a)	EUR		1,400		1,611,318
Anheuser-Busch InBev Worldwide, Inc., 2.50%, 07/15/22	USD		490		467,847
Coca-Cola European Partners PLC, (3 mo. EURIBOR + 0.180%), 0.00%, 11/16/21 (a)	EUR		1,200		1,363,461
Constellation Brands, Inc., (3 mo. LIBOR US + 0.700%), 3.21%, 11/15/21 (a)	USD		6,500		6,422,142
Diageo Finance PLC, 0.00%, 11/17/20	EUR		720		824,187
Heineken NV, 1.25%, 09/10/21			720		844,923
Keurig Dr Pepper, Inc., 4.06%, 05/25/23 (b)	USD		4,190		4,175,496
Molson Coors Brewing Co., (3 mo. EURIBOR + 0.350%), 0.04%, 03/15/19 (a)	EUR		740		847,929
PepsiCo, Inc., 4.00%, 05/02/47	USD		4,830		4,721,760
					65,651,499
Biotechnology — 0.6%
AbbVie, Inc.:
2.30%, 05/14/21			2,920		2,851,589
3.75%, 11/14/23			4,165		4,143,948
3.60%, 05/14/25			6,000		5,755,109
4.25%, 11/14/28			3,545		3,441,477
4.50%, 05/14/35			9,440		8,733,009
4.40%, 11/06/42			2,270		1,996,261
Amgen, Inc., 4.40%, 05/01/45			5,396		5,046,275
Baxalta, Inc., 5.25%, 06/23/45			1,131		1,146,402
Celgene Corp.:
3.95%, 10/15/20			840		849,036
3.25%, 08/15/22			4,110		4,035,129
3.55%, 08/15/22			3,980		3,936,285
3.25%, 02/20/23			7,005		6,840,050
Gilead Sciences, Inc.:
2.50%, 09/01/23			3,486		3,362,911
3.70%, 04/01/24			9,335		9,319,404
4.60%, 09/01/35			1,057		1,067,193
4.00%, 09/01/36			3,080		2,807,789
5.65%, 12/01/41			4,180		4,618,026
4.50%, 02/01/45			2,446		2,352,331

13

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Biotechnology (continued)
Gilead Sciences, Inc.: (continued) 4.15%, 03/01/47	USD		2,451	$	2,257,717
					74,559,941
Building Products — 0.0%
Johnson Controls International PLC, 5.13%, 09/14/45			1,750		1,747,297
LIXIL Group Corp.:
0.00%, 03/04/20 (i)(j)	JPY		80,000		709,861
0.00%, 03/04/22 (i)(j)			30,000		263,763
Masonite International Corp.:
5.63%, 03/15/23 (b)	USD		2,418		2,345,460
5.75%, 09/15/26 (b)			120		113,100
					5,179,481
Capital Markets — 2.3%
Bagan Capital Ltd., 0.00%, 09/23/21 (i)(j)			1,800		1,736,847
Bank of New York Mellon Corp., (3 mo. LIBOR US + 1.069%), 3.44%, 02/07/28 (m)			3,313		3,232,635
CCTI 2017 Ltd., 3.63%, 08/08/22.			1,675		1,599,432
Cindai Capital Ltd., 0.00%, 02/08/23 (i)(j)			2,461		2,277,402
CME Group, Inc., 3.75%, 06/15/28			295		298,959
Credit Suisse Group AG, (3 mo. LIBOR US + 1.240%), 4.21%, 06/12/24 (b)(m)			9,600		9,575,152
Credit Suisse Group Funding Guernsey Ltd.:
2.75%, 03/26/20			11,121		11,001,018
3.13%, 12/10/20			26,140		25,884,339
Deutsche Bank AG:
2.70%, 07/13/20			13,510		13,140,332
2.95%, 08/20/20			8,408		8,160,946
4.25%, 02/04/21			14,200		13,994,327
4.25%, 10/14/21			3,652		3,570,753
1.13%, 08/30/23	EUR		4,425		5,040,730
Goldman Sachs Group, Inc.:
2.00%, 04/25/19	USD		2,308		2,299,949
2.75%, 09/15/20			2,492		2,466,237
2.35%, 11/15/21			14,988		14,451,598
(3 mo. LIBOR US + 1.170%), 3.79%, 05/15/26 (a)			10,315		9,900,066
(3 mo. LIBOR US + 1.510%), 3.69%, 06/05/28 (m)			15,700		14,591,116
(3 mo. LIBOR US + 1.301%), 4.22%, 05/01/29 (m)			9,570		9,210,056
(3 mo. LIBOR US + 1.373%), 4.02%, 10/31/38 (m)			4,160		3,660,827
Haitong International Securities Group Ltd., 0.00%, 10/25/21 (i)(j)	HKD		10,000		1,234,857
Intercontinental Exchange, Inc.:
3.45%, 09/21/23	USD		3,180		3,195,964
4.00%, 10/15/23			5,460		5,590,494
3.75%, 09/21/28			1,220		1,220,777
Lehman Brothers Holdings, Inc., 6.75%, 12/28/17 (c)(f)(l)			7,360		1
Moody’s Corp., 2.75%, 12/15/21			6,246		6,125,431
Morgan Stanley:
2.75%, 05/19/22			16,910		16,451,410
6.25%, 08/09/26			7,358		8,147,659
3.63%, 01/20/27			5,110		4,856,533
(3 mo. LIBOR US + 1.340%), 3.59%, 07/22/28 (m)			20,490		19,373,371
(3 mo. LIBOR US + 1.140%), 3.77%, 01/24/29 (m)			11,390		10,897,665
Nidda BondCo GmbH, 7.25%, 09/30/25	EUR		1,110		1,252,071
Northern Trust Corp., (3 mo. LIBOR US + 1.131%), 3.38%, 05/08/32 (m)	USD		5,200		4,838,634
Nuveen LLC, 4.00%, 11/01/28 (b)			3,255		3,354,038
Poseidon Finance 1 Ltd., 0.00%, 02/01/25 (i)(j)			740		688,534
State Street Corp., 2.65%, 05/19/26			3,056		2,861,303

Security		Par (000)		Value
Capital Markets (continued)
UBS AG, (3 mo. EURIBOR + 0.500%), 0.18%, 04/23/21 (a)	EUR		2,050	$	2,347,761
UBS Group Funding Switzerland AG:
2.95%, 09/24/20 (b)	USD		13,400		13,258,324
(3 mo. LIBOR US + 0.954%), 2.86%, 08/15/23 (b)(m)			14,300		13,753,534
4.13%, 09/24/25 (b)			17,714		17,648,502
					293,189,584
Chemicals — 0.4%
Air Liquide Finance SA, 2.50%, 09/27/26 (b)			1,970		1,811,835
Cydsa SAB de CV, 6.25%, 10/04/27 (b)			3,391		3,030,707
Dow Chemical Co.:
9.00%, 04/01/21			3,960		4,391,162
4.38%, 11/15/42			1,370		1,202,239
4.63%, 10/01/44			2,072		1,882,682
DowDuPont, Inc.:
4.49%, 11/15/25			18,670		19,222,184
5.42%, 11/15/48			10,230		10,628,384
Kansai Paint Co. Ltd., 0.00%, 06/17/22 (i)(j)	JPY		80,000		740,892
LG Chem Ltd., 0.00%, 04/16/21 (i)(j)	EUR		300		341,503
Mexichem SAB de CV, 5.50%, 01/15/48 (b)	USD		1,440		1,231,200
Mitsubishi Chemical Holdings Corp.:
0.00%, 03/30/22 (i)(j)	JPY		150,000		1,371,464
0.00%, 03/29/24 (i)(j)			40,000		370,750
Monitchem HoldCo 3 SA, 5.25%, 06/15/21	EUR		100		111,424
OCI NV, 5.00%, 04/15/23			200		233,545
Petkim Petrokimya Holding AS, 5.88%, 01/26/23 (b)	USD		1,693		1,536,398
PSPC Escrow Corp., 6.00%, 02/01/23	EUR		483		565,849
Rock International Investment, Inc., 6.63%, 03/27/20	USD		362		277,282
Sherwin-Williams Co.:
4.00%, 12/15/42			971		816,388
4.50%, 06/01/47			2,050		1,848,617
UPL Corp. Ltd., 4.50%, 03/08/28			1,040		952,215
					52,566,720
Commercial Services & Supplies — 0.2%
AA Bond Co. Ltd., 4.88%, 07/31/43	GBP		1,925		2,332,411
Beijing Environment Bvi Co. Ltd., 5.30%, 10/18/21	USD		680		680,000
Blitz F18-674 GmbH, 6.00%, 07/30/26	EUR		200		215,968
IKB Deutsche Industriebank AG, (5 yr. Euro Swap + 3.617%), 4.00%, 01/31/28 (m)			800		868,604
Intertrust Group BV, 3.38%, 11/15/25			146		164,436
Intrum AB, 2.75%, 07/15/22			200		210,688
Paprec Holding SA, 4.00%, 03/31/25			200		193,288
Rentokil Initial PLC, 3.25%, 10/07/21			200		245,061
Republic Services, Inc.:
4.75%, 05/15/23	USD		2,010		2,103,933
2.90%, 07/01/26			2,804		2,644,822
3.95%, 05/15/28			3,150		3,152,036
S&P Global, Inc., 4.00%, 06/15/25			1,055		1,074,248
University of Notre Dame du Lac, 3.39%, 02/15/48			2,480		2,343,670
University of Southern California, 3.03%, 10/01/39			366		331,891
Waste Management, Inc., 3.90%, 03/01/35			3,336		3,237,905
					19,798,961
Communications Equipment — 0.2%
Cisco Systems, Inc., 2.95%, 02/28/26			2,190		2,088,072
Harris Corp.:
2.70%, 04/27/20			1,299		1,287,937
4.40%, 06/15/28			10,295		10,248,361

14

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Communications Equipment (continued)
Harris Corp.: (continued)
5.05%, 04/27/45	USD		3,945	$	4,058,114
Juniper Networks, Inc., 3.30%, 06/15/20			2,728		2,717,791
					20,400,275
Construction & Engineering — 0.0%
China City Construction International Co. Ltd., 5.35%, 07/03/17 (f)(l)	CNH		340		34,624
China Singyes Solar Technologies Holdings Ltd., 7.95%, 02/15/19 (f)(l)	USD		350		192,063
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/22			2,458		2,497,942
Shimizu Corp., 0.00%, 10/16/20 (i)(j)	JPY		50,000		455,478
Wijaya Karya Persero Tbk PT, 7.70%, 01/31/21	IDR		6,160,000		402,842
Zhaohai Investment BVI Ltd., 4.00%, 07/23/20	USD		400		384,000
					3,966,949
Construction Materials — 0.0%
LafargeHolcim Finance U.S. LLC, 4.75%, 09/22/46 (b)			4,445		3,860,322
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23			134		132,660
					3,992,982
Consumer Finance — 1.7%
Alpha Holding SA de CV, 10.00%, 12/19/22 (b)			1,194		867,106
American Express Co, 3.70%, 11/05/21			13,370		13,490,112
American Express Co., 3.70%, 08/03/23			6,245		6,263,058
American Express Credit Corp., 2.25%, 08/15/19			6,261		6,232,565
Capital One Financial Corp.:
2.40%, 10/30/20			7,757		7,594,246
3.45%, 04/30/21			5,125		5,122,591
3.75%, 03/09/27			2,310		2,145,515
Credivalores-Crediservicios SAS, 9.75%, 07/27/22 (b)			1,882		1,635,336
Discover Bank, 4.65%, 09/13/28			1,835		1,800,705
Discover Financial Services, 4.10%, 02/09/27			3,062		2,858,587
Financial & Risk US Holdings, Inc.:
4.50%, 05/15/26	EUR		2,225		2,479,190
6.88%, 11/15/26			2,729		2,884,431
8.25%, 11/15/26 (b)	USD		471		430,376
Ford Motor Credit Co. LLC:
3.16%, 08/04/20			1,740		1,705,079
3.20%, 01/15/21			4,641		4,500,631
5.75%, 02/01/21			9,558		9,748,179
3.34%, 03/18/21			214		207,647
(3 mo. EURIBOR + 0.430%), 0.11%, 05/14/21 (a)	EUR		2,900		3,173,775
5.88%, 08/02/21	USD		2,275		2,333,169
3.22%, 01/09/22			31,365		29,453,817
2.98%, 08/03/22			7,725		7,139,574
(3 mo. EURIBOR + 0.420%), 0.10%, 12/07/22 (a)	EUR		395		413,180
3.10%, 05/04/23	USD		6,840		6,183,223
General Motors Financial Co., Inc.:
3.10%, 01/15/19			1,546		1,545,939
4.20%, 03/01/21			2,711		2,709,544
(3 mo. EURIBOR + 0.680%), 0.36%, 05/10/21 (a)	EUR		740		825,004
3.20%, 07/06/21	USD		20,017		19,552,731
4.20%, 11/06/21			26,045		26,033,279
3.15%, 06/30/22			15,215		14,532,724
4.00%, 01/15/25			10,062		9,412,164
4.00%, 10/06/26			1,360		1,221,037
Hyundai Capital Services, Inc., 3.00%, 08/29/22 (b)			7,790		7,527,302

Security		Par (000)		Value
Consumer Finance (continued)
Synchrony Financial:
2.60%, 01/15/19	USD		3,356	$	3,354,856
2.70%, 02/03/20			1,986		1,952,263
Tarjeta Naranja SA, (30 to 35 Days Argentina Deposit Rates Badlar Private Banks + 3.500%), 52.29%, 04/11/22 (a)(b)			3,141		1,256,419
Toyota Motor Credit Corp., 3.05%, 01/11/28			3,390		3,271,071
Unifin Financiera SAB de CV SOFOM ENR:
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 6.308%), 8.88% (b)(m)(n)			1,871		1,545,914
7.25%, 09/27/23 (b)			903		830,083
Volkswagen Financial Services AG:
1.38%, 10/16/23	EUR		975		1,104,283
2.25%, 10/16/26			825		931,041
					216,267,746
Containers & Packaging — 0.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.25%, 09/15/22 (b)	USD		336		320,040
6.75%, 05/15/24	EUR		200		239,599
Crown European Holdings SA, 2.25%, 02/01/23 (b)			200		229,136
Graphic Packaging International LLC, 4.75%, 04/15/21	USD		104		103,740
Klabin Finance SA, 4.88%, 09/19/27 (b)			3,015		2,724,806
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg:
6.88%, 02/15/21			545		545,103
7.00%, 07/15/24 (b)			155		147,638
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 5.75%, 10/15/20			7,423		7,404,807
Silgan Holdings, Inc., 3.25%, 03/15/25	EUR		200		228,279
					11,943,148
Distributors — 0.0%
Docuformas SAPI de CV, 9.25%, 10/11/22 (b)	USD		952		849,184
LKQ Italia Bondco SpA, 3.88%, 04/01/24	EUR		200		233,733
					1,082,917
Diversified Consumer Services — 0.1%
Boston University, 4.06%, 10/01/48	USD		2,468		2,475,565
George Washington University, 4.13%, 09/15/48			4,389		4,391,966
Massachusetts Institute of Technology, 3.96%, 07/01/38			1,385		1,421,872
Wesleyan University, 4.78%, 07/01/2116			2,249		2,299,829
					10,589,232
Diversified Financial Services — 1.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust:
4.63%, 10/30/20			12,390		12,476,455
4.50%, 05/15/21			3,660		3,670,562
Altice Financing SA, 7.50%, 05/15/26 (b)			8,000		7,300,000
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		1,810		2,054,176
Asciano Finance Ltd., 4.75%, 03/22/28	USD		1,100		1,054,526
AXA Equitable Holdings, Inc.:
3.90%, 04/20/23 (b)			880		869,095
5.00%, 04/20/48 (b)			2,480		2,199,838
Azul Investments LLP, 5.88%, 10/26/24 (b)			234		217,912

15

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Financial Services (continued)
Baoxin Auto Finance I Ltd., (3 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 8.909%), 5.63% (m)(n)	USD		1,400	$	1,169,077
BAT International Finance PLC, 4.00%, 07/07/20	EUR		200		241,608
BHP Billiton Finance USA Ltd., 5.00%, 09/30/43	USD		2,600		2,840,474
BMW Finance NV, 0.25%, 01/14/22	EUR		800		909,222
BP Capital Markets PLC, 2.32%, 02/13/20	USD		1,834		1,818,327
Bracken MidCo1 PLC, 8.88% (8.88% Cash or 8.88% PIK), 10/15/23 (k)	GBP		200		234,310
Cable & Wireless International Finance BV, 8.63%, 03/25/19			230		296,078
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23	USD		2,919		2,890,650
CK Hutchison International 17 II Ltd., 3.25%, 09/29/27			600		566,543
Deutsche Telekom International Finance BV, 3.60%, 01/19/27 (b)			3,640		3,433,110
DKT Finance ApS, 7.00%, 06/17/23	EUR		463		559,076
E.ON International Finance BV, 5.75%, 05/07/20			765		943,341
Easy Tactic Ltd., 7.00%, 04/25/21	USD		200		193,500
Encavis Finance BV, (5 yr. Euro Swap + 1.100%), 5.25% (i)(m)(n)	EUR		900		1,025,245
Energuate Trust, 5.88%, 05/03/27 (b)	USD		747		689,107
European Investment Bank, 1.38%, 09/15/21	EUR		800		959,016
Experian Finance PLC, 4.75%, 02/04/20			800		963,956
Garfunkelux Holdco 2 SA, 11.00%, 11/01/23	GBP		1,400		1,338,044
Garfunkelux Holdco 3 SA, (3 mo. EURIBOR + 4.500%), 4.50%, 09/01/23 (a)	EUR		100		94,529
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35	USD		10,800		9,045,720
GlaxoSmithKline Capital PLC:
0.63%, 12/02/19	EUR		800		922,227
0.00%, 09/12/20			900		1,029,441
2.85%, 05/08/22	USD		10,530		10,402,310
GlaxoSmithKline Capital, Inc., 3.88%, 05/15/28			2,795		2,840,324
Gohl Capital Ltd., 4.25%, 01/24/27			725		684,012
GS Secured Notes, 2.78%, 02/08/19 (b)(d)			77,000		76,951,963
Guojing Capital BVI Ltd., 3.95%, 12/11/22			498		479,452
Huarong Universe Investment Holding Ltd., 1.63%, 12/05/22	EUR		775		791,822
Hyundai Capital America, 2.55%, 04/03/20 (b)	USD		21,316		21,039,851
IBM Credit LLC, 3.45%, 11/30/20			4,870		4,895,179
Iceland Bondco PLC, 4.63%, 03/15/25	GBP		300		324,258
Imperial Brands Finance PLC, 0.50%, 07/27/21	EUR		500		568,862
Intelsat Connect Finance SA, 9.50%, 02/15/23 (b)	USD		653		561,580
Jerrold Finco PLC:
6.25%, 09/15/21	GBP		700		876,071
6.13%, 01/15/24			1,442		1,764,583
LHC3 PLC, 4.13% (4.13% Cash or 4.88% PIK), 08/15/24 (k)	EUR		269		292,987
Maple Escrow Subsidiary, Inc., 3.55%, 05/25/21 (b)	USD		2,760		2,755,819
Merck Financial Services GmbH, 4.50%, 03/24/20	EUR		309		373,785
Mulhacen Pte Ltd., 6.50% (6.50% Cash or 7.25% PIK), 08/01/23 (k)			4,577		4,929,456
Neptune Energy Bondco PLC, 6.63%, 05/15/25 (b)	USD		3,695		3,427,112
New Lion Bridge Co. Ltd., 9.75%, 10/10/20			430		387,161
Nexi Capital SpA, (3 mo. EURIBOR + 3.625%), 3.63%, 05/01/23 (a)	EUR		100		113,143
Oman Sovereign Sukuk SAOC, 5.93%, 10/31/25 (b)	USD		5,795		5,512,494
ORIX Corp., 2.90%, 07/18/22			4,455		4,352,973

Security		Par (000)		Value
Diversified Financial Services (continued)
Pearl Holding III Ltd., 9.50%, 12/11/22	USD		600	$	516,000
Prime Bloom Holdings Ltd., 6.95%, 07/05/22			890		689,617
Shell International Finance BV:
2.25%, 01/06/23			10,015		9,631,642
3.25%, 05/11/25			3,000		2,958,118
4.13%, 05/11/35			1,648		1,635,569
3.63%, 08/21/42			2,135		1,935,358
Shop Direct Funding PLC, 7.75%, 11/15/22	GBP		1,800		1,832,042
Silversea Cruise Finance Ltd., 7.25%, 02/01/25 (b)	USD		2,647		2,798,408
Virgin Media Secured Finance PLC:
5.50%, 01/15/25	GBP		90		113,796
5.00%, 04/15/27			800		963,381
6.25%, 03/28/29			292		372,462
Woodside Finance Ltd., 3.65%, 03/05/25 (b)	USD		562		533,805
Yunnan Energy Investment Overseas Finance Co. Ltd., 4.25%, 11/14/22			520		445,809
					230,756,369
Diversified Telecommunication Services — 1.5%
Altice Finco SA:
7.63%, 02/15/25 (b)			2,400		1,992,000
4.75%, 01/15/28	EUR		2,550		2,324,915
AT&T Inc.:
(3 mo. EURIBOR + 0.580%), 0.26%, 06/04/19 (a)			460		527,622
(3 mo. EURIBOR + 0.400%), 0.08%, 08/03/20 (a)			4,400		5,039,247
0.00%, 11/27/22 (b)(j)	USD		3,000		2,600,285
3.40%, 05/15/25			2,215		2,085,761
4.13%, 02/17/26			1,385		1,353,425
4.30%, 02/15/30			30,785		29,091,385
5.25%, 03/01/37			6,384		6,270,540
4.35%, 06/15/45			15,220		12,861,923
5.15%, 02/15/50			6,810		6,308,847
Axtel SAB de CV, 6.38%, 11/14/24 (b)			3,763		3,560,739
Intelsat Jackson Holdings SA, 8.00%, 02/15/24 (b)			155		159,650
Intelsat SA, 4.50%, 06/15/25 (b)(i)			503		729,592
Level 3 Financing, Inc.:
6.13%, 01/15/21			462		462,000
5.38%, 08/15/22			310		303,949
5.63%, 02/01/23			124		121,830
Oi SA, 10.00% (10.00% Cash or 12.00% PIK), 07/27/25 (k)			2,597		2,561,291
OTE PLC, 3.50%, 07/09/20	EUR		200		235,997
Sable International Finance Ltd., 6.88%, 08/01/22 (b)	USD		1,600		1,632,800
TDC A/S, 3.75%, 03/02/22	EUR		200		252,065
Telecom Italia Capital SA, 7.18%, 06/18/19	USD		540		543,748
Telecom Italia SpA, 1.13%, 03/26/22 (i)	EUR		5,200		5,596,284
Telefonica Emisiones SAU, 4.67%, 03/06/38	USD		6,690		6,051,716
Telenet Finance VI Luxembourg SCA, 4.88%, 07/15/27	EUR		180		219,352
TELUS Corp., 4.60%, 11/16/48	USD		825		817,786
United Group BV:
4.38%, 07/01/22	EUR		1,454		1,648,593
(3 mo. EURIBOR + 4.375%), 4.38%, 07/01/23 (a)			200		226,859
4.88%, 07/01/24			200		224,558
UPC Holding BV:
5.50%, 01/15/28 (b)	USD		2,310		2,073,225
3.88%, 06/15/29	EUR		4,800		5,100,883
Verizon Communications, Inc.:
(3 mo. LIBOR US + 0.550%), 3.20%, 05/22/20 (a)	USD		9,865		9,843,458
4.33%, 09/21/28			42,713		42,888,541
4.50%, 08/10/33			11,430		11,282,390
4.40%, 11/01/34			2,549		2,456,705

16

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Verizon Communications, Inc.: (continued)
4.13%, 08/15/46	USD		3,960	$	3,493,817
5.50%, 03/16/47			14,870		15,812,990
Wind Tre SpA:
(3 mo. EURIBOR + 2.750%), 2.75%, 01/20/24 (a)	EUR		200		204,517
3.13%, 01/20/25			249		253,671
5.00%, 01/20/26 (b)	USD		600		493,320
Ziggo BV, 4.25%, 01/15/27	EUR		2,659		2,992,476
					192,700,752
Electric Utilities — 1.8%
Adani Transmission Ltd., 4.00%, 08/03/26	USD		662		566,528
AEP Texas, Inc., 3.95%, 06/01/28 (b)			9,030		9,043,466
AEP Transmission Co. LLC, 4.25%, 09/15/48			4,930		4,967,488
Alabama Power Co.:
4.15%, 08/15/44			1,050		1,027,256
Series A, 4.30%, 07/15/48			5,435		5,443,766
Baltimore Gas & Electric Co.:
3.50%, 08/15/46			2,327		2,065,053
3.75%, 08/15/47			2,530		2,319,964
4.25%, 09/15/48			2,925		2,904,697
CenterPoint Energy Houston Electric LLC:
3.55%, 08/01/42			2,240		2,037,737
3.95%, 03/01/48			1,350		1,311,652
ContourGlobal Power Holdings SA, 3.38%, 08/01/23	EUR		200		216,476
DTE Electric Co., 4.05%, 05/15/48	USD		5,910		5,856,206
Duke Energy Carolinas LLC:
3.95%, 11/15/28			5,755		5,904,161
3.70%, 12/01/47			2,530		2,297,948
Duke Energy Corp.:
4.80%, 12/15/45			6,510		6,630,461
3.75%, 09/01/46			6,985		6,038,912
Duke Energy Florida LLC:
3.80%, 07/15/28			2,780		2,807,783
4.20%, 07/15/48			2,060		2,051,106
Duke Energy Progress LLC:
3.00%, 09/15/21			1,710		1,712,442
3.25%, 08/15/25			4,025		3,916,675
3.70%, 09/01/28			10,090		10,192,435
Emera U.S. Finance LP:
2.15%, 06/15/19			4,838		4,798,445
2.70%, 06/15/21			7,299		7,110,657
Entergy Corp., 2.95%, 09/01/26			6,108		5,635,109
Entergy Louisiana LLC:
5.40%, 11/01/24			1,470		1,615,855
4.20%, 09/01/48			5,580		5,507,291
Eversource Energy, 2.90%, 10/01/24			8,685		8,323,392
Exelon Corp.:
2.45%, 04/15/21			1,306		1,277,316
4.95%, 06/15/35			1,409		1,418,721
4.45%, 04/15/46			9,785		9,203,878
FirstEnergy Transmission LLC, 4.35%, 01/15/25 (b)			13,860		14,004,969
Florida Power & Light Co.:
3.95%, 03/01/48			4,873		4,759,179
4.13%, 06/01/48			4,485		4,496,488
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 07/27/23 (b)			3,805		3,215,225
Huachen Energy Co. Ltd., 6.63%, 05/18/20 (f)(l)			600		319,509
ITC Holdings Corp., 2.70%, 11/15/22			4,730		4,571,909
Kansas City Power & Light Co., 4.20%, 03/15/48			6,840		6,633,897
MidAmerican Energy Co., 4.40%, 10/15/44			2,689		2,770,358
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/28 (b)			1,950		1,936,110
Northern States Power Co.:
3.40%, 08/15/42			4,895		4,411,520

Security		Par (000)		Value
Electric Utilities (continued)
Northern States Power Co.: (continued)
4.00%, 08/15/45	USD		2,800	$	2,728,636
4.20%, 09/01/48			2,160		2,124,475
Ohio Power Co., 6.60%, 02/15/33			3,415		4,263,422
Oncor Electric Delivery Co LLC, 3.70%, 11/15/28 (b)			570		576,025
Oncor Electric Delivery Co. LLC, 4.55%, 12/01/41			2,575		2,684,852
Pacificorp, 4.13%, 01/15/49			1,910		1,879,606
Public Service Electric & Gas Co., 3.65%, 09/01/28			6,260		6,338,107
Southern Co., 4.40%, 07/01/46			6,810		6,261,527
Southwestern Electric Power Co., 4.10%, 09/15/28			3,190		3,201,296
Tampa Electric Co.:
2.60%, 09/15/22			2,580		2,501,193
4.30%, 06/15/48			885		845,681
4.45%, 06/15/49			2,500		2,437,186
Tohoku Electric Power Co., Inc., 0.00%, 12/03/20 (i)(j)	JPY		110,000		991,540
Trans-Allegheny Interstate Line Co., 3.85%, 06/01/25 (b)	USD		6,547		6,519,303
Vistra Energy Corp.:
7.38%, 11/01/22			11,700		12,080,250
7.63%, 11/01/24			311		328,105
					227,083,244
Electrical Equipment — 0.0%
Bizlink Holding, Inc., 0.00%, 02/01/23 (i)(j)			750		782,788
Suzlon Energy Ltd., 5.75%, 07/16/19 (e)(i)			500		397,363
					1,180,151
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp., 3.20%, 04/01/24			3,096		3,002,007
Corning, Inc., 4.38%, 11/15/57			9,400		7,889,425
Hon Hai Precision Industry Co. Ltd., 0.00%, 11/06/22 (i)(j)			600		560,564
Zhen Ding Technology Holding Ltd., 0.00%, 06/26/19 (i)(j)			200		204,805
					11,656,801
Energy Equipment & Services — 0.4%
Bristow Group, Inc., 8.75%, 03/01/23 (b)			6,867		4,909,905
Halliburton Co.:
3.80%, 11/15/25			17,405		16,865,250
5.00%, 11/15/45			1,146		1,125,185
Nabors Industries, Inc., 5.50%, 01/15/23			2		1,587
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35%, 12/01/21 (b)			1,205		1,157,069
Schlumberger Holdings Corp., 3.00%, 12/21/20 (b)			5,877		5,826,061
SEACOR Holdings, Inc., 3.25%, 05/15/30 (i)			4,204		3,534,294
Transocean Guardian Ltd., 5.88%, 01/15/24 (b)			1,189		1,138,468
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (b)			9,299		9,252,704
Transocean Proteus Ltd., 6.25%, 12/01/24 (b)			934		893,922
					44,704,445
Equity Real Estate Investment Trusts (REITs) — 0.5%
American Tower Corp.:
3.30%, 02/15/21			2,758		2,742,180
3.45%, 09/15/21			2,787		2,786,477
3.50%, 01/31/23			783		769,512
3.00%, 06/15/23			17,415		16,755,385
5.00%, 02/15/24			785		812,033
4.40%, 02/15/26			541		540,577
Cromwell SPV Finance Pty Ltd., 2.50%, 03/29/25 (i)	EUR		500		560,602
Crown Castle International Corp.:
3.40%, 02/15/21	USD		1,628		1,627,432
2.25%, 09/01/21			5,986		5,787,385

17

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Crown Castle International Corp.: (continued)
3.20%, 09/01/24	USD		11,755	$	11,152,029
Equinix, Inc.:
5.38%, 01/01/22			620		624,650
5.38%, 04/01/23			156		155,220
2.88%, 03/15/24	EUR		200		228,176
ESH Hospitality, Inc., 5.25%, 05/01/25 (b)	USD		300		279,000
GLP Capital LP/GLP Financing II, Inc.:
4.88%, 11/01/20			8,141		8,210,198
5.38%, 11/01/23			156		158,137
5.25%, 06/01/25			5,124		5,087,722
5.38%, 04/15/26			410		405,494
5.75%, 06/01/28			310		313,100
Inmobiliaria Colonial Socimi SA, 2.50%, 11/28/29	EUR		900		976,763
Iron Mountain, Inc.:
4.38%, 06/01/21 (b)	USD		312		308,100
6.00%, 08/15/23			153		154,912
3.00%, 01/15/25	EUR		200		212,056
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 5.63%, 05/01/24	USD		3,100		3,069,000
Suntec Real Estate Investment Trust, 1.75%, 11/30/24 (i)	SGD		1,250		879,755
Trust F/1401, 6.95%, 01/30/44	USD		700		659,750
Unibail-Rodamco SE, 0.13%, 05/14/21	EUR		1,800		2,059,733
					67,315,378
Food & Staples Retailing — 0.7%
Casino Guichard Perrachon SA, 4.56%, 01/25/23			200		213,338
CVS Health Corp.:
3.70%, 03/09/23	USD		10,000		9,892,951
4.00%, 12/05/23			6,885		6,904,674
4.10%, 03/25/25			9,645		9,548,765
4.78%, 03/25/38			2,410		2,309,396
5.13%, 07/20/45			18,545		18,051,871
5.05%, 03/25/48			8,200		7,975,401
Distribuidora Internacional de Alimentacion SA:
1.50%, 07/22/19	EUR		300		236,208
1.00%, 04/28/21			300		206,924
0.88%, 04/06/23			100		64,733
Koninklijke Ahold Delhaize NV, (3 mo. EURIBOR + 0.180%), 0.00%, 03/19/21 (a)			740		846,370
Kroger Co., 2.65%, 10/15/26	USD		7,820		6,963,403
Tesco PLC, 5.13%, 04/10/47	EUR		400		510,592
Walgreens Boots Alliance, Inc.:
3.80%, 11/18/24	USD		6,775		6,671,971
3.45%, 06/01/26			14,695		13,826,345
4.80%, 11/18/44			267		243,096
Walmart, Inc.:
3.55%, 06/26/25			4,680		4,731,612
4.05%, 06/29/48			2,215		2,203,967
					91,401,617
Food Products — 0.3%
Boparan Finance PLC, 4.38%, 07/15/21	EUR		760		625,562
Campbell Soup Co., 8.88%, 05/01/21	USD		2,350		2,597,638
Cargill, Inc., 1.88%, 09/04/19	EUR		800		927,861
Conagra Brands, Inc., 3.80%, 10/22/21	USD		1,463		1,463,516
Ezaki Glico Co. Ltd., 0.00%, 01/30/24 (i)(j)	JPY		10,000		93,013
General Mills, Inc.:
3.20%, 04/16/21	USD		2,960		2,943,746
4.00%, 04/17/25			3,442		3,387,425
Grupo Bimbo SAB de CV, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.280%), 5.95% (b)(m)(n)			1,485		1,438,594
Knight Castle Investments Ltd., 7.99%, 01/23/21			200		161,822
MARB BondCo PLC, 6.88%, 01/19/25 (b)			5,376		4,986,240

Security		Par (000)		Value
Food Products (continued)
Marfrig Holdings Europe BV, 8.00%, 06/08/23 (b)	USD		1,600	$	1,600,000
Mondelez International, Inc., 2.38%, 01/26/21	EUR		300		358,849
SSMS Plantation Holdings Pte Ltd., 7.75%, 01/23/23	USD		600		515,250
Tyson Foods, Inc.:
3.90%, 09/28/23			885		883,768
3.95%, 08/15/24			5,440		5,408,451
3.55%, 06/02/27			4,990		4,650,397
5.10%, 09/28/48			1,020		978,791
					33,020,923
Health Care Equipment & Supplies — 0.6%
Abbott Laboratories:
3.40%, 11/30/23			1,212		1,208,304
3.88%, 09/15/25			952		963,982
3.75%, 11/30/26			10,138		10,012,253
Baxter International, Inc., 1.70%, 08/15/21			500		479,700
Becton Dickinson and Co.:
2.13%, 06/06/19			16,315		16,219,960
2.68%, 12/15/19			4,549		4,505,743
2.89%, 06/06/22			11,575		11,210,619
3.30%, 03/01/23			5,026		4,937,872
4.69%, 12/15/44			703		657,982
Covidien International Finance SA, 2.95%, 06/15/23			3,090		3,025,403
Edwards Lifesciences Corp., 4.30%, 06/15/28			1,660		1,678,318
Medtronic, Inc.:
3.50%, 03/15/25			6,520		6,494,241
4.38%, 03/15/35			12,140		12,429,413
					73,823,790
Health Care Providers & Services — 1.3%
Aetna, Inc.:
4.50%, 05/15/42			2,824		2,621,631
4.13%, 11/15/42			1,329		1,150,498
4.75%, 03/15/44			1,703		1,624,858
AHS Hospital Corp., 5.02%, 07/01/45			1,432		1,590,572
Anthem, Inc.:
3.50%, 08/15/24			1,045		1,025,012
4.10%, 03/01/28			3,335		3,268,754
Baylor Scott & White Holdings, 4.19%, 11/15/45			1,525		1,503,178
Catholic Health Initiatives, 4.35%, 11/01/42			1,075		972,401
CHRISTUS Health, 4.34%, 07/01/28			3,319		3,386,929
Cigna Corp.:
3.20%, 09/17/20 (b)			26,345		26,236,718
3.25%, 04/15/25			8,469		8,048,542
Dignity Health, 2.64%, 11/01/19			4,325		4,299,740
FMC Finance VII SA, 5.25%, 02/15/21	EUR		300		376,115
HCA, Inc.:
4.25%, 10/15/19	USD		924		921,690
6.50%, 02/15/20			17,732		18,175,300
5.88%, 03/15/22			2,581		2,645,525
4.75%, 05/01/23			4,699		4,628,515
5.00%, 03/15/24			6,756		6,688,440
5.25%, 04/15/25			306		304,470
5.25%, 06/15/26			668		662,990
4.50%, 02/15/27			305		288,225
Kaiser Foundation Hospitals:
3.50%, 04/01/22			4,233		4,303,591
4.15%, 05/01/47			1,044		1,031,128
Laboratory Corp. of America Holdings, 2.63%, 02/01/20			2,946		2,925,527
Mercy Health, 4.30%, 07/01/28			1,832		1,868,819
Montefiore Obligated Group, 5.25%, 11/01/48			3,838		3,715,848
Ochsner Clinic Foundation, 5.90%, 05/15/45			1,215		1,471,065
Partners Healthcare System, Inc., 3.44%, 07/01/21			590		595,990

18

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
PeaceHealth Obligated Group, 4.79%, 11/15/48	USD		3,164	$	3,344,848
Providence St Joseph Health Obligated Group, 3.93%, 10/01/48			2,843		2,708,064
Redco Group, 6.38%, 02/27/19			460		454,250
Southern Baptist Hospital of Florida, Inc., 4.86%, 07/15/45			1,250		1,360,472
SSM Health Care Corp., 3.69%, 06/01/23			8,263		8,338,791
Sutter Health, 3.70%, 08/15/28			3,484		3,493,548
Tenet Healthcare Corp.:
5.50%, 03/01/19			571		571,571
6.00%, 10/01/20			11,655		11,800,688
4.50%, 04/01/21			205		199,363
Toledo Hospital, 5.75%, 11/15/38			5,835		6,161,250
Trinity Health Corp., 4.13%, 12/01/45			1,522		1,446,111
Unilabs Subholding AB, 5.75%, 05/15/25	EUR		200		206,363
UnitedHealth Group, Inc.:
3.75%, 07/15/25	USD		6,450		6,529,119
3.70%, 12/15/25			4,035		4,075,263
3.10%, 03/15/26			2,125		2,050,804
3.85%, 06/15/28			1,575		1,592,165
4.63%, 07/15/35			689		730,335
4.20%, 01/15/47			3,410		3,388,269
3.75%, 10/15/47			3,390		3,102,423
4.45%, 12/15/48			1,285		1,322,695
					169,208,463
Hotels, Restaurants & Leisure — 0.4%
1011778 BC ULC/New Red Finance, Inc., 4.63%, 01/15/22 (b)			2,067		1,999,823
Accor SA, 2.63%, 02/05/21	EUR		500		597,904
Carlson Travel, Inc.:
6.75%, 12/15/23 (b)	USD		1,351		1,302,026
9.50%, 12/15/24 (b)			215		195,112
Codere Finance 2 Luxembourg SA, 7.63%, 11/01/21 (b)			1,265		1,074,415
HIS Co. Ltd.:
0.00%, 08/30/19 (i)(j)	JPY		10,000		92,323
0.00%, 11/15/24 (i)(j)			150,000		1,438,485
International Game Technology PLC:
6.25%, 02/15/22 (b)	USD		4,246		4,256,615
4.75%, 02/15/23	EUR		200		243,463
McDonald’s Corp.:
0.50%, 01/15/21			800		922,405
3.35%, 04/01/23	USD		7,675		7,636,189
3.70%, 01/30/26			5,015		4,916,157
4.70%, 12/09/35			4,725		4,745,836
3.70%, 02/15/42			2,000		1,728,894
4.88%, 12/09/45			3,880		3,905,781
4.45%, 03/01/47			595		568,880
4.45%, 09/01/48			915		870,424
MGM Resorts International:
8.63%, 02/01/19			807		808,009
5.25%, 03/31/20			156		156,390
Resorttrust, Inc., 0.00%, 12/01/21 (i)(j)	JPY		70,000		612,655
REXLot Holdings Ltd., 4.50%, 04/17/19 (f)(i)(l)	HKD		1,161		118,598
Scientific Games International, Inc., 10.00%, 12/01/22	USD		9,256		9,394,840
Sisal Group SpA, 7.00%, 07/31/23	EUR		1,778		2,051,348
Stonegate Pub Co. Financing PLC, 4.88%, 03/15/22	GBP		200		244,723
Unique Pub Finance Co. PLC:
Series A4, 5.66%, 06/30/27			2,126		2,946,022
Series N, 6.46%, 03/30/32			1,273		1,540,639
Vinpearl JSC, 3.50%, 06/14/23 (i)	USD		800		779,952
					55,147,908
Household Durables — 0.3%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.88%, 02/15/21 (b)			4,353		4,178,880

Security		Par (000)		Value
Household Durables (continued)
Beazer Homes USA, Inc., 8.75%, 03/15/22	USD		3,654	$	3,654,000
Brookfield Residential Properties, Inc., 6.50%, 12/15/20 (b)			3,581		3,576,524
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.13%, 07/01/22 (b)			467		441,315
Century Communities, Inc., 6.88%, 05/15/22			1,021		987,817
Controladora Mabe SA de CV, 5.60%, 10/23/28 (b)			2,979		2,770,470
GLP Capital LP/GLP Financing II, Inc., 4.38%, 04/15/21			539		536,806
Harvest International Co., 0.00%, 11/21/22 (i)(j)	HKD		8,000		962,324
Iida Group Holdings Co. Ltd., 0.00%, 06/18/20 (i)(j)	JPY		100,000		903,266
K Hovnanian Enterprises, Inc.:
10.00%, 07/15/22 (b)	USD		3,774		3,302,250
10.50%, 07/15/24 (b)			3,647		3,027,010
KB Home:
4.75%, 05/15/19			941		938,647
8.00%, 03/15/20			165		170,362
Lennar Corp.:
4.50%, 06/15/19			1,557		1,553,107
4.50%, 11/15/19			1,105		1,096,712
2.95%, 11/29/20			20		19,378
8.38%, 01/15/21			755		802,187
4.75%, 04/01/21			447		443,089
5.88%, 11/15/24			4,092		4,092,000
5.25%, 06/01/26			60		56,550
PulteGroup, Inc.:
4.25%, 03/01/21			152		150,860
5.00%, 01/15/27			204		184,620
6.00%, 02/15/35			53		45,845
Toll Brothers Finance Corp., 4.38%, 04/15/23			3,100		2,906,250
TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 4.38%, 06/15/19			976		968,680
Whirlpool Corp., 0.63%, 03/12/20	EUR		800		920,106
					38,689,055
Household Products — 0.0%
Energizer Gamma Acquisition BV, 4.63%, 07/15/26			200		214,255
Henkel AG & Co. KGaA, 0.00%, 09/13/21			230		263,222
					477,477
Independent Power and Renewable Electricity Producers — 0.2%
AES Panama SRL, 6.00%, 06/25/22 (b)	USD		527		529,635
GCL New Energy Holdings Ltd., 7.10%, 01/30/21			892		763,226
Genneia SA, 8.75%, 01/20/22 (b)			4,042		3,642,852
Inkia Energy Ltd., 5.88%, 11/09/27 (b)			1,409		1,303,325
NRG Energy, Inc.:
6.25%, 05/01/24			155		157,325
2.75%, 06/01/48 (b)(i)			2,906		3,129,413
Orazul Energy Egenor S en C por A, 5.63%, 04/28/27 (b)			1,497		1,319,231
Stoneway Capital Corp., 10.00%, 03/01/27 (b)			7,610		6,801,650
Talen Energy Supply LLC:
9.50%, 07/15/22 (b)			156		156,780
6.50%, 06/01/25			3,607		2,560,970
					20,364,407
Industrial Conglomerates — 0.1%
3M Co., (3 mo. EURIBOR + 0.230%), 0.00%, 05/15/20 (a)	EUR		1,560		1,788,540
Eaton Corp., 2.75%, 11/02/22	USD		3,529		3,432,281
General Electric Co.:
(3 mo. EURIBOR + 0.300%), 0.00%, 05/28/20 (a)	EUR		740		830,318
4.50%, 03/11/44	USD		1,923		1,568,358
Grupo KUO SAB de CV, 5.75%, 07/07/27 (b)			3,203		2,900,044

19

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Industrial Conglomerates (continued)
Honeywell International, Inc., 3.81%, 11/21/47	USD		1,550	$	1,471,404
Tyco Electronics Group SA:
3.45%, 08/01/24			865		841,938
3.13%, 08/15/27			1,860		1,720,486
					14,553,369
Insurance — 0.5%
Ambac Assurance Corp., 5.10%, 06/07/20 (b)			462		614,730
Ambac LSNI LLC, (3 mo. LIBOR US + 5.000%), 7.80%, 02/12/23 (a)(b)			2,956		2,959,589
Aon Corp., 4.50%, 12/15/28			8,280		8,381,922
Aon PLC, 4.75%, 05/15/45			1,475		1,447,300
Ardonagh Midco 3 PLC, 8.38%, 07/15/23	GBP		1,240		1,329,140
BNP Paribas Cardif SA, (3 mo. EURIBOR + 3.930%), 4.03% (m)(n)	EUR		1,300		1,474,547
China Reinsurance Finance Corp. Ltd., 3.38%, 03/09/22	USD		1,311		1,262,919
Credit Agricole Assurances SA, (5 yr. Euro Swap + 4.350%), 4.50% (m)(n)	EUR		700		799,219
Mapfre SA, (3 mo. EURIBOR + 4.300%), 4.13%, 09/07/48 (m)			1,600		1,825,431
Marsh & McLennan Cos., Inc.:
4.05%, 10/15/23	USD		2,451		2,486,828
3.50%, 06/03/24			8,930		8,796,352
3.50%, 03/10/25			3,180		3,123,903
3.75%, 03/14/26			177		174,911
4.35%, 01/30/47			751		700,347
4.20%, 03/01/48			4,465		4,055,327
MetLife, Inc., 4.13%, 08/13/42			960		898,853
NN Group NV, (3 mo. EURIBOR + 3.900%), 4.38% (m)(n)	EUR		1,700		1,957,305
Principal Financial Group, Inc., 4.30%, 11/15/46	USD		1,190		1,094,894
Prudential Financial, Inc., 3.88%, 03/27/28			7,190		7,225,611
QBE Insurance Group Ltd., (10 yr. Swap Semi 30/360 US + 4.395%), 5.88%, 06/17/46 (m)			450		426,986
T&D Holdings, Inc., 0.00%, 06/05/20 (i)(j)	JPY		80,000		726,157
Travelers Cos., Inc., 4.60%, 08/01/43	USD		3,289		3,410,244
Trinity Acquisition PLC, 4.40%, 03/15/26			1,850		1,838,374
Union Life Insurance Co. Ltd., 3.00%, 09/19/21			229		171,295
Willis North America, Inc., 3.60%, 05/15/24			9,260		9,041,095
					66,223,279
Interactive Media & Services — 0.0%
Baidu, Inc., 4.38%, 05/14/24			3,320		3,340,790
Internet & Direct Marketing Retail — 0.0%
Alibaba Group Holding Ltd., 3.60%, 11/28/24			5,095		4,964,845
Ctrip.com International Ltd., 1.25%, 09/15/22 (i)			162		156,540
Netflix, Inc., 4.63%, 05/15/29	EUR		100		112,297
					5,233,682
IT Services — 0.5%
Banff Merger Sub, Inc., 8.38%, 09/01/26			1,960		2,072,576
Capgemini SE, 1.75%, 07/01/20			500		584,020
DXC Technology Co., 2.88%, 03/27/20	USD		3,053		3,026,616
Fidelity National Information Services, Inc.:
3.63%, 10/15/20			277		278,259
3.00%, 08/15/26			15,110		13,900,696
4.50%, 08/15/46			1,179		1,072,233
4.75%, 05/15/48			4,550		4,229,478
Fiserv, Inc.:
3.85%, 06/01/25			1,580		1,565,928
4.20%, 10/01/28			4,485		4,476,011
International Business Machines Corp., 2.90%, 11/01/21			2,285		2,254,074
LINE Corp., 0.00%, 09/19/25 (i)(j)	JPY		70,000		591,276
Sabre GLBL, Inc., 5.25%, 11/15/23 (b)	USD		300		296,250
Total System Services, Inc.:
3.80%, 04/01/21			1,910		1,909,620

Security		Par (000)		Value
IT Services (continued)
Total System Services, Inc.: (continued)
3.75%, 06/01/23	USD		2,350	$	2,330,882
4.80%, 04/01/26			8,040		8,102,556
Transcosmos, Inc., 0.00%, 12/22/20 (i)(j)	JPY		40,000		361,817
Vantiv LLC/Vantiv Issuer Corp., 3.88%, 11/15/25 (b)	GBP		107		127,759
VeriSign, Inc., 4.63%, 05/01/23	USD		9,359		9,218,615
Visa, Inc.:
3.15%, 12/14/25			4,625		4,544,943
4.15%, 12/14/35			3,084		3,189,504
4.30%, 12/14/45			2,265		2,340,838
					66,473,951
Leisure Products — 0.0%
Pinnacle Bidco PLC, 6.38%, 02/15/25	GBP		659		833,284
Life Sciences Tools & Services — 0.2%
IQVIA, Inc., 3.25%, 03/15/25	EUR		200		224,464
Thermo Fisher Scientific, Inc.:
4.50%, 03/01/21	USD		6,360		6,500,183
3.00%, 04/15/23			3,150		3,064,598
4.15%, 02/01/24			7,300		7,394,727
2.95%, 09/19/26			8,644		7,977,082
					25,161,054
Machinery — 0.1%
Caterpillar International Finance DAC, 0.75%, 10/13/20	EUR		300		348,403
China Conch Venture Holdings International Ltd., 0.00%, 09/05/23 (i)(j)	HKD		6,000		742,484
CRRC Corp. Ltd., 0.00%, 02/05/21 (i)(j)	USD		1,000		996,250
Gates Global LLC/Gates Global Co., 6.00%, 07/15/22 (b)			445		436,100
Haitian International Holdings Ltd., 2.00%, 02/13/19 (i)			1,000		989,868
Novafives SAS, 5.00%, 06/15/25	EUR		500		458,873
Platin 1426 GmbH, 5.38%, 06/15/23			2,017		2,122,635
					6,094,613
Media — 1.7%
Altice France SA, 5.88%, 02/01/27			1,120		1,268,997
Altice Luxembourg SA, 7.75%, 05/15/22 (b)	USD		700		637,000
Cablevision SA, 6.50%, 06/15/21 (b)			542		520,997
CBS Corp., 2.30%, 08/15/19			4,291		4,259,180
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.25%, 09/30/22			561		556,091
5.13%, 02/15/23			307		299,325
5.13%, 05/01/23 (b)			305		296,612
5.75%, 01/15/24			153		151,470
Charter Communications Operating LLC/Charter
Communications Operating Capital:
3.58%, 07/23/20			13,315		13,300,645
4.46%, 07/23/22			2,721		2,747,137
(3 mo. LIBOR US + 1.650%), 4.19%, 02/01/24 (a)			208		204,505
4.50%, 02/01/24			7,170		7,159,111
4.91%, 07/23/25			9,864		9,808,364
6.38%, 10/23/35			13,680		14,041,796
5.75%, 04/01/48			7,805		7,308,749
Comcast Corp.:
3.30%, 10/01/20			14,015		14,068,605
3.38%, 02/15/25			1,054		1,032,318
3.15%, 03/01/26			10,540		10,084,823
4.15%, 10/15/28			4,830		4,904,539
4.25%, 10/15/30			3,915		3,959,269
4.40%, 08/15/35			2,849		2,756,110
3.20%, 07/15/36			16,465		14,163,294
3.40%, 07/15/46			11,556		9,575,024
4.95%, 10/15/58			2,645		2,689,043
Cox Communications, Inc., 3.15%, 08/15/24 (b)			14,660		14,102,973

20

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security	Par (000)			Value
Media (continued)
CSC Holdings LLC:
8.63%, 02/15/19		USD	415	$	416,037
10.13%, 01/15/23 (b)			1,882		2,025,502
10.88%, 10/15/25 (b)			777		873,154
Discovery Communications LLC:
4.38%, 06/15/21			4,940		5,027,077
3.80%, 03/13/24			4,497		4,386,970
3.95%, 06/15/25 (b)			4,175		4,010,384
5.20%, 09/20/47			2,355		2,164,334
DISH DBS Corp., 7.88%, 09/01/19			307		313,232
Interpublic Group of Cos., Inc.:
3.50%, 10/01/20			1,680		1,682,080
3.75%, 10/01/21			905		910,646
Kakao Corp., 0.00%, 05/11/21 (i)(j)		KRW	400,000		360,550
Lamar Media Corp., 5.38%, 01/15/24		USD	463		463,000
NBCUniversal Media LLC, 4.45%, 01/15/43			3,047		2,937,095
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.25%, 02/15/22			520		517,400
Tele Columbus AG, 3.88%, 05/02/25		EUR	1,320		1,366,446
Time Warner Cable LLC:
5.00%, 02/01/20		USD	2,900		2,940,672
4.13%, 02/15/21			5,862		5,886,011
4.00%, 09/01/21			911		905,464
5.50%, 09/01/41			2,025		1,845,348
4.50%, 09/15/42			314		252,426
Unitymedia GmbH:
6.13%, 01/15/25 (b)			819		823,013
3.75%, 01/15/27		EUR	8,083		9,478,019
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.00%, 01/15/25 (b)		USD	539		526,603
Viacom, Inc.:
4.50%, 03/01/21			3,389		3,448,888
6.88%, 04/30/36			2,460		2,639,981
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24		GBP	200		244,302
Warner Media LLC:
2.10%, 06/01/19		USD	9,144		9,091,589
3.55%, 06/01/24			2,480		2,392,348
3.60%, 07/15/25			2,168		2,053,360
3.80%, 02/15/27			1,895		1,778,085
4.65%, 06/01/44			1,620		1,417,801
4.85%, 07/15/45			5,725		5,136,871
WMG Acquisition Corp., 4.13%, 11/01/24		EUR	180		211,907
Ziggo Bond Co. BV:
7.13%, 05/15/24			1,833		2,195,719
4.63%, 01/15/25			800		884,520
					221,502,811
Metals & Mining — 0.2%
Anglo American Capital PLC, 3.63%, 09/11/24 (b)		USD	7,445		7,037,385
ArcelorMittal, 5.25%, 08/05/20			200		202,942
Barrick Gold Corp., 5.25%, 04/01/42			2,470		2,469,899
Kaiser Aluminum Corp., 5.88%, 05/15/24			82		80,155
Largo Resources Ltd., 9.25%, 06/01/21 (b)			328		344,810
Newmont Mining Corp.:
3.50%, 03/15/22			6,890		6,818,095
4.88%, 03/15/42			95		89,830
Nucor Corp., 5.20%, 08/01/43			1,640		1,739,244
Samarco Mineracao SA, 4.13%, 11/01/22 (f)(l)			1,930		1,452,325
Shandong Iron And Steel Xinheng International Co. Ltd., 6.50%, 06/14/21			285		267,116
Steel Dynamics, Inc.:
5.13%, 10/01/21			7,560		7,550,550
5.25%, 04/15/23			312		307,710
5.50%, 10/01/24			155		153,450
					28,513,511
Multi-Utilities — 0.4%
Alliant Energy Finance LLC, 3.75%, 06/15/23 (b)			1,795		1,806,073

Security	Par (000)			Value
Multi-Utilities (continued)
Ameren Illinois Co., 3.80%, 05/15/28		USD	3,730	$	3,794,442
Consumers Energy Co., 4.05%, 05/15/48			1,325		1,306,552
DTE Energy Co., 3.70%, 08/01/23			2,960		2,939,275
NiSource, Inc.:
2.65%, 11/17/22			850		813,775
3.49%, 05/15/27			5,615		5,358,082
Pacific Gas & Electric Co., 6.05%, 03/01/34			2,340		2,168,143
Virginia Electric & Power Co.:
Series C, 2.75%, 03/15/23			6,530		6,367,066
Series A, 3.50%, 03/15/27			7,943		7,822,465
4.00%, 01/15/43			5,720		5,402,097
4.45%, 02/15/44			1,674		1,683,327
Series B, 4.20%, 05/15/45			2,462		2,388,277
Series C, 4.00%, 11/15/46			3,275		3,097,674
4.60%, 12/01/48			110		114,730
WEC Energy Group, Inc., 3.38%, 06/15/21			1,330		1,329,165
					46,391,143
Oil, Gas & Consumable Fuels — 4.8%
Anadarko Petroleum Corp.:
0.00%, 10/10/36 (j)			8,000		3,336,394
6.20%, 03/15/40			7,600		7,852,655
Andeavor Logistics LP/Tesoro Logistics Finance Corp.:
5.50%, 10/15/19			15,048		15,174,716
6.38%, 05/01/24			207		213,728
5.25%, 01/15/25			850		865,271
4.25%, 12/01/27			1,615		1,524,568
5.20%, 12/01/47			4,355		3,920,727
Antero Resources Corp.:
5.38%, 11/01/21			3,518		3,394,870
5.13%, 12/01/22			2,999		2,819,060
5.63%, 06/01/23			2,430		2,308,500
5.00%, 03/01/25			2,042		1,848,010
Apache Corp.:
2.63%, 01/15/23			2,997		2,830,979
5.10%, 09/01/40			2,505		2,268,867
4.75%, 04/15/43			7,170		6,150,142
BP Capital Markets America, Inc., 3.79%, 02/06/24			3,955		3,997,672
Bruin E&P Partners LLC, 8.88%, 08/01/23 (b)			4,386		3,903,540
Buckeye Partners LP, 4.88%, 02/01/21			11,110		11,233,446
Bukit Makmur Mandiri Utama PT, 7.75%, 02/13/22			250		248,438
Carrizo Oil & Gas, Inc., 6.25%, 04/15/23			844		780,700
Centennial Resource Production LLC, 5.38%, 01/15/26 (b)			297		276,210
Chaparral Energy, Inc., 8.75%, 07/15/23 (b)			1,946		1,391,390
Cheniere Corp.us Christi Holdings LLC:
7.00%, 06/30/24			517		545,435
5.88%, 03/31/25			205		203,975
Cheniere Energy Partners LP, 5.25%, 10/01/25			156		145,470
Cheniere Energy, Inc., 4.88% (4.88 Cash or 4.88% PIK), 05/28/21 (b)(i)(k)			14,936		15,214,774
Chesapeake Energy Corp.:
6.63%, 08/15/20			623		602,752
6.13%, 02/15/21			260		244,400
7.00%, 10/01/24			9,547		8,258,155
5.50%, 09/15/26 (i)			5,756		4,632,786
Cimarex Energy Co.:
4.38%, 06/01/24			9,040		8,989,667
3.90%, 05/15/27			6,100		5,660,436
Concho Resources, Inc.:
4.38%, 01/15/25			6,530		6,449,703
3.75%, 10/01/27			10,795		10,162,023
Continental Resources, Inc.:
5.00%, 09/15/22			14,190		14,089,318
4.50%, 04/15/23			18,258		17,969,107

21

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Continental Resources, Inc.: (continued) 3.80%, 06/01/24		USD	5,830	$	5,519,082
CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/01/22			311		306,335
DCP Midstream Operating LP:
2.70%, 04/01/19			26		25,789
5.35%, 03/15/20 (b)			308		309,155
DEA Finance SA, 7.50%, 10/15/22		EUR	413		494,016
Devon Energy Corp., 4.00%, 07/15/21		USD	2,889		2,891,846
Diamondback Energy, Inc.:
4.75%, 11/01/24			1,020		984,300
5.38%, 05/31/25			4,436		4,325,100
Enbridge, Inc.:
2.90%, 07/15/22			5,945		5,753,347
3.70%, 07/15/27			4,740		4,489,464
Energy Resources LLC, 8.00%, 09/30/22 (d)			152		139,785
Energy Transfer Equity LP:
4.25%, 03/15/23			16,310		15,698,375
5.88%, 01/15/24			9,889		10,062,057
Energy Transfer LP, 7.50%, 10/15/20			722		750,880
Energy Transfer Operating LP, 6.50%, 02/01/42			10,400		10,379,458
Energy Transfer Partners LP, 4.90%, 02/01/24			1,170		1,184,137
Energy Transfer Partners LP/Regency Energy Finance Corp.:
5.75%, 09/01/20			740		759,456
5.88%, 03/01/22			12,000		12,485,695
5.00%, 10/01/22			2,290		2,337,035
4.50%, 11/01/23			11,495		11,498,731
Ensco Jersey Finance Ltd., 3.00%, 01/31/24 (i)			1,020		674,489
Enterprise Products Operating LLC:
4.45%, 02/15/43			5,273		4,784,990
5.10%, 02/15/45			1,248		1,252,527
4.80%, 02/01/49			1,090		1,058,882
EOG Resources, Inc.:
4.15%, 01/15/26			2,601		2,669,598
3.90%, 04/01/35			1,670		1,576,657
EQT Corp., 8.13%, 06/01/19			581		590,859
Exxon Mobil Corp., 1.82%, 03/15/19			7,393		7,379,379
Frontera Energy Corp., 9.70%, 06/25/23 (b)			1,859		1,833,439
Hammerhead Resources, Inc., 9.00%, 07/10/22			4,789		4,357,990
Hess Corp., 5.80%, 04/01/47			2,600		2,333,625
Kinder Morgan Energy Partners LP:
5.80%, 03/15/35			2,195		2,243,998
6.38%, 03/01/41			910		965,795
5.00%, 03/01/43			1,265		1,147,877
Kinder Morgan, Inc.:
3.05%, 12/01/19			7,370		7,327,514
3.15%, 01/15/23			12,130		11,787,166
5.55%, 06/01/45			530		524,896
5.05%, 02/15/46			11,410		10,418,890
Marathon Oil Corp., 2.70%, 06/01/20			10,000		9,852,242
Marathon Petroleum Corp.:
5.13%, 03/01/21			11,940		12,284,657
4.75%, 12/15/23 (b)			17,860		18,326,063
5.85%, 12/15/45			1,915		1,890,683
Medco Straits Services Pte Ltd., 8.50%, 08/17/22			1,250		1,217,188
MPLX LP:
4.88%, 12/01/24			9,040		9,202,095
4.88%, 06/01/25			2,731		2,756,023
4.13%, 03/01/27			6,280		5,979,274
5.20%, 03/01/47			1,844		1,697,397
Newfield Exploration Co., 5.38%, 01/01/26			4,140		4,057,200
NGPL PipeCo LLC, 4.38%, 08/15/22 (b)			4,784		4,652,440
Northern Oil and Gas, Inc., 9.50% (8.50% Cash or 9.50% PIK), 05/15/23 (k)			1,392		1,339,800
Northwest Pipeline LLC, 4.00%, 04/01/27			9,485		9,219,121

Security	Par (000)			Value
Oil, Gas & Consumable Fuels (continued)
Oasis Petroleum, Inc.:
6.50%, 11/01/21		USD	1,547	$	1,531,530
6.88%, 03/15/22			5,280		4,976,400
Odebrecht Offshore Drilling Finance Ltd.:
6.72%, 12/01/22 (b)			1,135		1,049,564
7.72% (7.72% Cash or 7.72% PIK), 12/01/26 (b)(k)			37		9,586
Odebrecht Oil & Gas Finance Ltd., 0.00% (b)(j)(n)			193		1,445
Pacific Drilling First Lien Escrow Issuer Ltd., 8.38%, 10/01/23 (b)			4,348		4,152,340
Pioneer Natural Resources Co.:
3.95%, 07/15/22			1,000		1,002,969
4.45%, 01/15/26			14,452		14,591,449
Plains All American Pipeline LP/PAA Finance Corp., 3.65%, 06/01/22			955		937,552
Puma International Financing SA:
5.13%, 10/06/24 (b)			442		353,048
5.00%, 01/24/26 (b)			3,148		2,471,180
Resolute Energy Corp., 8.50%, 05/01/20			6,539		6,440,915
Rockies Express Pipeline LLC:
6.00%, 01/15/19 (b)			6,615		6,615,000
5.63%, 04/15/20 (b)			7,914		7,914,000
Sabine Pass Liquefaction LLC:
6.25%, 03/15/22			300		315,447
5.63%, 04/15/23			12,277		12,934,813
5.75%, 05/15/24			11,909		12,425,340
5.63%, 03/01/25			12,820		13,313,052
5.88%, 06/30/26			10,084		10,676,981
Sable Permian Resources Land LLC, 13.00%, 11/30/20 (b)			1,080		1,123,200
Spectra Energy Partners LP, 4.50%, 03/15/45			6,470		5,850,345
Sunoco Logistics Partners Operations LP, 5.40%, 10/01/47			7,980		7,231,525
Talos Production LLC/Talos Production Finance, Inc., 11.00%, 04/03/22			5,130		4,924,800
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
4.13%, 11/15/19			3,501		3,470,366
5.13%, 02/01/25			154		144,375
Tecpetrol SA, 4.88%, 12/12/22 (b)			1,072		983,560
Texas Eastern Transmission LP:
3.50%, 01/15/28 (b)			4,350		4,106,948
4.15%, 01/15/48 (b)			2,200		1,958,072
TransCanada PipeLines Ltd.:
4.88%, 01/15/26			6,970		7,214,132
4.25%, 05/15/28			3,315		3,282,979
6.10%, 06/01/40			4,780		5,335,050
Transcontinental Gas Pipe Line Co. LLC:
7.85%, 02/01/26			3,073		3,714,908
4.00%, 03/15/28			6,240		6,101,718
4.60%, 03/15/48			1,270		1,187,472
Tullow Oil Jersey Ltd., 6.63%, 07/12/21 (i)			4,000		4,382,148
Tullow Oil PLC, 6.25%, 04/15/22 (b)			3,000		2,872,500
Valero Energy Corp.:
3.65%, 03/15/25			5,346		5,101,647
3.40%, 09/15/26			3,409		3,127,203
Whiting Petroleum Corp., 1.25%, 04/01/20 (i)			1,056		998,358
Williams Cos., Inc.:
4.13%, 11/15/20			5,420		5,463,038
7.88%, 09/01/21			1,550		1,692,686
4.00%, 11/15/21			2,380		2,389,256
3.70%, 01/15/23			3,762		3,669,870
4.55%, 06/24/24			2,090		2,110,293
7.50%, 01/15/31			2,400		2,864,915
5.75%, 06/24/44			5,080		5,105,549
Williams Partners LP, 4.00%, 09/15/25			6,610		6,382,366

22

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Yankuang Group Cayman Ltd., 4.75%, 11/30/20	USD	770	$	743,050
				610,549,621
Paper & Forest Products — 0.2%
Daio Paper Corp., 0.00%, 09/17/20 (i)(j)	JPY	140,000		1,283,301
Eldorado Intl. Finance GmbH, 8.63%, 06/16/21 (b)	USD	1,939		2,004,441
Georgia-Pacific LLC:
5.40%, 11/01/20 (b)		3,385		3,507,450
3.73%, 07/15/23 (b)		2,916		2,943,750
7.38%, 12/01/25		3,288		3,964,866
Sappi Papier Holding GmbH, 4.00%, 04/01/23	EUR	200		231,751
Smurfit Kappa Acquisitions ULC:
2.38%, 02/01/24		1,500		1,728,887
2.88%, 01/15/26		381		432,559
Suzano Austria GmbH, 6.00%, 01/15/29 (b)	USD	3,096		3,154,050
				19,251,055
Personal Products — 0.0%
Unilever NV, 1.75%, 08/05/20	EUR	442		520,467
Pharmaceuticals — 1.2%
Allergan Finance LLC, 3.25%, 10/01/22	USD	7,075		6,917,373
Allergan Funding SCS:
3.45%, 03/15/22		11,840		11,651,065
3.80%, 03/15/25		32,321		31,552,521
2.63%, 11/15/28	EUR	1,125		1,304,053
Bayer US Finance II LLC: 3.38%, 07/15/24 (b)	USD	733		697,283
3.60%, 07/15/42 (b)		2,845		2,099,031
Bayer US Finance LLC, 3.38%, 10/08/24 (b)		2,902		2,736,567
Johnson & Johnson:
2.63%, 01/15/25		5,263		5,069,005
2.45%, 03/01/26		1,000		939,216
3.63%, 03/03/37		1,075		1,034,044
Merck & Co., Inc., 3.60%, 09/15/42		835		788,722
Rossini Sarl, 6.75%, 10/30/25	EUR	3,467		3,936,568
Sanofi, 0.00%, 03/21/20 (a)		2,400		2,754,250
Shire Acquisitions Investments Ireland DAC:
1.90%, 09/23/19	USD	22,280		21,967,764
2.40%, 09/23/21		2,500		2,417,460
3.20%, 09/23/26		9,877		8,937,912
Takeda Pharmaceutical Co. Ltd.:
3.80%, 11/26/20 (b)		4,825		4,854,107
(3 mo. EURIBOR + 1.100%), 0.78%, 11/21/22 (a)	EUR	4,050		4,617,099
4.40%, 11/26/23 (b)	USD	8,515		8,608,261
5.00%, 11/26/28 (b)		8,060		8,232,162
Teva Pharmaceutical Finance Netherlands III BV, 1.70%, 07/19/19		521		511,718
Valeant Pharmaceuticals International, Inc.:
6.50%, 03/15/22 (b)		5,656		5,684,280
7.00%, 03/15/24 (b)		1,594		1,609,940
Wyeth LLC:
6.45%, 02/01/24		985		1,127,878
5.95%, 04/01/37		5,860		7,027,694
				147,075,973
Professional Services — 0.0%
Nielsen Finance LLC/Nielsen Finance Co., 4.50%, 10/01/20		110		108,625
Real Estate Management & Development — 0.2%
ADLER Real Estate AG:
1.50%, 12/06/21	EUR	560		622,824
1.88%, 04/27/23		200		214,607
2.13%, 02/06/24		2,897		3,083,060
3.00%, 04/27/26		1,300		1,366,524
Agile Group Holdings Ltd., 8.50%, 07/18/21	USD	400		406,200

Security	Par (000)			Value
Real Estate Management & Development (continued)
Akelius Residential Property AB, (5 yr. Euro
Swap + 3.488%), 3.88%, 10/05/78 (m)		EUR	200	$	222,276
Central China Real Estate Ltd., 6.88%, 10/23/20		USD	1,000		977,500
China Evergrande Group:
4.25%, 02/14/23 (i)		HKD	15,000		1,690,745
7.50%, 06/28/23		USD	476		418,963
8.75%, 06/28/25			296		249,010
China SCE Property Holdings Ltd., 7.45%, 04/17/21			400		391,000
CIFI Holdings Group Co. Ltd.:
0.00%, 02/12/19 (i)(j)		HKD	4,000		515,858
6.38%, 05/02/20		USD	700		696,500
6.88%, 04/23/21			980		958,043
5.50%, 01/23/22			1,300		1,176,500
Fantasia Holdings Group Co. Ltd.:
8.38%, 03/08/21			510		390,150
7.38%, 10/04/21			645		468,322
7.95%, 07/05/22			530		368,252
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (b)			104		100,360
Future Land Development Holdings Ltd.:
2.25%, 02/10/19		HKD	7,300		932,071
5.00%, 02/16/20		USD	400		391,514
6.50%, 09/12/20			700		689,500
Global Prime Capital Pte Ltd., 7.25%, 04/26/21			440		441,100
Greenland Global Investment Ltd., 6.75%, 05/22/19			300		299,625
Intu Jersey 2 Ltd., 2.88%, 11/01/22 (i)		GBP	500		522,722
Jingrui Holdings Ltd., 9.45%, 04/23/21		USD	700		640,689
Kaisa Group Holdings Ltd., 8.50%, 06/30/22			254		187,065
Lodha Developers International Ltd., 12.00%, 03/13/20			200		176,000
New Metro Global Ltd., 6.50%, 04/23/21			200		193,460
No Va Land Investment Group Corp., 5.50%, 04/27/23 (i)			800		744,000
Poly Real Estate Finance Ltd., 4.75%, 09/17/23			850		837,946
Powerlong Real Estate Holdings Ltd.:
0.00%, 02/11/19 (j)		HKD	5,000		641,815
6.95%, 04/17/21		USD	400		374,000
RPG Byty SRO, 3.38%, 10/15/24		EUR	200		222,377
Shui On Development Holding Ltd., (5 yr. Swap Semi 30/360 US + 8.809%), 7.50% (i)(m)(n)		USD	500		496,937
Singha Estate PCL, 2.00%, 07/20/22 (i)			1,000		982,924
Summit Germany Ltd., 2.00%, 01/31/25		EUR	200		208,773
Sunac China Holdings Ltd.:
8.63%, 07/27/20		USD	400		403,000
6.88%, 08/08/20			800		785,548
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.25%, 04/15/21 (b)			2,305		2,281,950
Times China Holdings Ltd.:
6.25%, 01/17/21			200		191,988
5.75%, 04/26/22			200		178,335
VLL International, Inc., 5.75%, 11/28/24			375		344,394
Xinyuan Real Estate Co. Ltd., 9.88%, 03/19/20			410		364,900
Yuzhou Properties Co. Ltd., 7.90%, 05/11/21			1,200		1,189,590
					29,038,917
Road & Rail — 0.5%
Avis Budget Finance PLC, 4.75%, 01/30/26		EUR	3,319		3,584,090
Burlington Northern Santa Fe LLC:
6.15%, 05/01/37		USD	1,656		2,017,260
4.15%, 04/01/45			1,419		1,375,754
4.70%, 09/01/45			1,265		1,322,717
4.13%, 06/15/47			4,080		3,948,529
4.15%, 12/15/48			720		701,175
CSX Corp.:
4.25%, 03/15/29			3,570		3,624,627

23

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security	Par (000)			Value
Road & Rail (continued)
CSX Corp.: (continued)
4.75%, 11/15/48		USD	1,800	$	1,819,533
4.25%, 11/01/66			2,578		2,228,762
Hertz Corp.:
5.88%, 10/15/20			516		500,520
7.38%, 01/15/21			3,267		3,177,157
Hertz Holdings Netherlands BV, 5.50%, 03/30/23		EUR	1,076		1,214,212
Norfolk Southern Corp.:
3.65%, 08/01/25		USD	4,095		4,116,368
2.90%, 06/15/26			5,595		5,298,023
4.05%, 08/15/52			3,247		2,899,851
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40%, 11/15/26 (b)			7,682		7,179,343
Ryder System, Inc., 3.75%, 06/09/23			455		452,204
Union Pacific Corp.:
3.75%, 07/15/25			4,275		4,315,566
3.38%, 02/01/35			4,034		3,530,421
3.60%, 09/15/37			5,060		4,522,257
3.80%, 10/01/51			1,440		1,221,354
3.88%, 02/01/55			4,114		3,512,705
Union Pacific Railroad Co. Pass-Through Trust, Series 2014-1, 3.23%, 05/14/26			2,893		2,841,068
					65,403,496
Semiconductors & Semiconductor Equipment — 1.3%
Analog Devices, Inc.:
2.50%, 12/05/21			6,304		6,153,655
3.90%, 12/15/25			680		667,311
3.50%, 12/05/26			3,570		3,416,864
5.30%, 12/15/45			2,074		2,181,723
Applied Materials, Inc.:
3.90%, 10/01/25			7,995		8,045,440
5.10%, 10/01/35			4,030		4,288,788
4.35%, 04/01/47			3,498		3,419,955
ASM Pacific Technology Ltd., 2.00%, 03/28/19 (i)		HKD	6,000		765,196
Broadcom Corp./Broadcom Cayman Finance Ltd.:
2.38%, 01/15/20		USD	16,809		16,599,075
2.20%, 01/15/21			4,190		4,050,752
3.00%, 01/15/22			37,309		35,880,193
Lam Research Corp.:
2.75%, 03/15/20			3,359		3,327,438
2.80%, 06/15/21			2,410		2,383,158
NVIDIA Corp., 3.20%, 09/16/26			5,730		5,434,602
NXP BV/NXP Funding LLC:
4.13%, 06/15/20 (b)			7,682		7,646,209
4.13%, 06/01/21 (b)			15,517		15,323,037
4.63%, 06/15/22 (b)			2,745		2,703,825
3.88%, 09/01/22 (b)			11,145		10,699,200
4.63%, 06/01/23 (b)			610		597,800
4.88%, 03/01/24 (b)			3,910		3,927,165
QUALCOMM, Inc.:
2.60%, 01/30/23			4,495		4,325,643
2.90%, 05/20/24			3,400		3,237,470
3.45%, 05/20/25			2,515		2,419,764
4.80%, 05/20/45			3,119		2,970,851
4.30%, 05/20/47			8,715		7,740,257
Texas Instruments, Inc.:
2.25%, 05/01/23			2,000		1,921,955
4.15%, 05/15/48			2,275		2,270,063
					162,397,389
Software — 0.6%
Autodesk, Inc., 3.50%, 06/15/27			12,270		11,468,740
CDK Global, Inc., 3.80%, 10/15/19			2,000		1,990,000
Microsoft Corp.:
3.50%, 02/12/35			5,373		5,128,023

Security	Par (000)			Value
Software (continued)
Microsoft Corp.: (continued)
3.45%, 08/08/36		USD	14,080	$	13,261,386
3.70%, 08/08/46			14,915		14,288,321
Oracle Corp.:
2.25%, 01/10/21		EUR	600		718,242
2.50%, 10/15/22		USD	853		830,186
2.40%, 09/15/23			3,005		2,883,696
3.40%, 07/08/24			4,300		4,291,453
2.65%, 07/15/26			4,215		3,906,301
3.25%, 11/15/27			2,549		2,458,469
3.90%, 05/15/35			5,276		5,050,313
4.00%, 07/15/46			5,854		5,462,282
4.00%, 11/15/47			2,015		1,877,375
SAP SE:
(3 mo. EURIBOR + 0.300%), 0.00%, 04/01/20 (a)		EUR	310		355,514
1.25%, 03/10/28			1,000		1,149,894
VMware, Inc., 2.30%, 08/21/20		USD	6,036		5,912,008
					81,032,203
Specialty Retail — 0.1%
Home Depot, Inc.:
3.90%, 12/06/28			1,840		1,884,631
5.88%, 12/16/36			2,385		2,865,463
3.50%, 09/15/56			1,810		1,521,904
Lowe’s Cos., Inc., 4.38%, 09/15/45			4,380		3,933,110
					10,205,108
Technology Hardware, Storage & Peripherals — 0.4%
Apple Inc.:
3.00%, 02/09/24			7,371		7,279,358
2.85%, 05/11/24			16,215		15,820,025
4.50%, 02/23/36			1,890		1,987,538
3.85%, 05/04/43			7,410		7,017,114
3.45%, 02/09/45			1,934		1,712,506
4.65%, 02/23/46			6,205		6,568,230
Dell International LLC/EMC Corp.:
5.88%, 06/15/21 (b)			463		462,501
7.13%, 06/15/24 (b)			356		362,230
8.35%, 07/15/46 (b)			1,058		1,145,592
Dell, Inc., 5.88%, 06/15/19			771		773,891
EMC Corp., 2.65%, 06/01/20			310		297,731
Seagate HDD Cayman, 4.25%, 03/01/22			2,330		2,226,739
					45,653,455
Textiles, Apparel & Luxury Goods — 0.0%
European TopSoho Sarl, 4.00%, 09/21/21 (i)		EUR	700		708,830
PVH Corp., 3.13%, 12/15/27			471		502,862
					1,211,692
Tobacco — 0.4%
Altria Group, Inc.:
2.85%, 08/09/22		USD	1,750		1,679,959
4.00%, 01/31/24			8,815		8,662,905
BAT Capital Corp.:
(3 mo. EURIBOR + 0.500%), 0.18%, 08/16/21 (a)		EUR	740		829,076
3.22%, 08/15/24		USD	12,755		11,748,554
4.54%, 08/15/47			6,417		5,108,256
Philip Morris International, Inc., 1.75%, 03/19/20		EUR	220		256,950
Reynolds American, Inc., 4.45%, 06/12/25		USD	17,240		16,623,406
					44,909,106
Trading Companies & Distributors — 0.2%
Air Lease Corp., 2.63%, 07/01/22			5,215		4,943,318
Ashtead Capital, Inc.:
5.63%, 10/01/24 (b)			2,016		2,036,160
4.13%, 08/15/25 (b)			998		913,170

24

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Trading Companies & Distributors (continued)
Ashtead Capital, Inc.: (continued)
5.25%, 08/01/26 (b)	USD		330	$	318,450
Beacon Roofing Supply, Inc., 6.38%, 10/01/23			134		132,660
GATX Corp.:
2.60%, 03/30/20			2,962		2,933,208
3.85%, 03/30/27			2,336		2,219,560
Herc Rentals, Inc.:
7.50%, 06/01/22 (b)			6,635		6,883,812
7.75%, 06/01/24 (b)			6,540		6,817,950
					27,198,288
Transportation Infrastructure — 0.1%
Adani Ports & Special Economic Zone Ltd., 4.00%, 07/30/27			203		180,701
Aeropuertos Argentina 2000 SA, 6.88%, 02/01/27 (b)			1,183		1,089,839
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29 (b)			706		683,055
APRR SA, 1.13%, 01/15/21	EUR		400		466,751
Hidrovias International Finance S.à r.l., 5.95%, 01/24/25 (b)	USD		1,890		1,708,087
Jasa Marga Persero Tbk PT, 7.50%, 12/11/20	IDR		6,700,000		436,898
Newcastle Coal Infrastructure Group Pty Ltd., 4.40%, 09/29/27	USD		212		191,796
Rumo Luxembourg Sarl:
7.38%, 02/09/24 (b)			1,228		1,275,585
5.88%, 01/18/25 (b)			2,174		2,081,605
Shanghai Port Group BVI Holding Co. Ltd., 0.00%, 08/09/22 (i)(j)			1,400		1,374,323
Zhejiang Expressway Co. Ltd., 0.00%, 04/21/22 (i)(j)	EUR		1,100		1,199,698
					10,688,338
Wireless Telecommunication Services — 0.8%
Digicel Group Ltd., 7.13%, 04/01/22 (b)	USD		520		230,821
Matterhorn Telecom SA, 3.88%, 05/01/22	EUR		700		779,184
Rogers Communications, Inc., 5.00%, 03/15/44	USD		775		805,916
SoftBank Group Corp.:
4.00%, 04/20/23	EUR		391		460,308
5.00%, 04/15/28			2,431		2,692,987
Sprint Capital Corp., 6.90%, 05/01/19	USD		675		678,375
Sprint Communications, Inc., 7.00%, 03/01/20 (b)			1,024		1,049,600
Sprint Corp.:
7.88%, 09/15/23			312		320,190
7.13%, 06/15/24			156		154,493
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II
LLC/Sprint Spectrum Co. III LLC:
3.36%, 03/20/23 (b)			19,566		19,321,672
4.74%, 09/20/29 (b)			31,575		30,982,969
Vodafone Group PLC:
0.00%, 11/26/20 (i)(j)	GBP		800		982,782
3.75%, 01/16/24	USD		24,888		24,530,396
4.13%, 05/30/25			4,285		4,233,111
5.25%, 05/30/48			11,060		10,383,528
					97,606,332
Total Corporate Bonds — 40.0% (Cost: $5,212,455,487)	.				5,069,275,852

Security	Par (000)			Value
Floating Rate Loan Interests(a) — 2.3%
Aerospace & Defense — 0.0%
Hensoldt Holding Gmbh (FKA Kite Holding Germany Gmbh), Facility B3 (3 mo. EURIBOR + 3.250%, 0.000% Floor), 3.50%, 02/28/24		EUR	1,000	$	1,123,982
Airlines — 0.1%
Gol Luxco SA, Term Loan (6 mo. FIXED US + 6.500%, 0.000% Floor), 6.50%, 08/31/20 (o)		USD	7,462		7,629,895
Capital Markets — 0.3%
ION Trading Technologies S.à r.l., Initial Euro Term Loan (2018) (First Lien), 11/21/24 (p)		EUR	1,476		1,628,203
LSTAR Securities Investment Ltd., Term Loan, (1 mo. LIBOR US + 2.000%) 2.000%, 04/01/21 (a)(c)		USD	39,137		38,999,751
					40,627,954
Chemicals — 0.0%
Allnex (Luxembourg) & Cy SCA (FKA AI Chem & Cy SCA), Tranche B-1 Term Loan (3 mo. EURIBOR + 3.250%, 0.000% Floor), 3.25%, 09/13/23		EUR	1,481		1,665,870
Chemours Co., Tranche B-2 Euro Term Loan (3 mo. EURIBOR + 2.000%, 0.500% Floor), 2.50%, 04/03/25			905		1,028,534
MacDermid, Inc. (Platform Specialty Products Corp.), Euro Tranche C-6 Term Loan (1 mo. EURIBOR + 2.500%, 0.750% Floor), 3.25%, 06/07/20			663		756,976
Starfruit Finco BV (Starfruit U.S. Holdco LLC) (AKA AkzoNobel), Initial Euro Term Loan (3 mo. EURIBOR + 3.750%, 0.000% Floor), 09/19/25 (p)			1,000		1,125,987
					4,577,367
Commercial Services & Supplies — 0.1%
Bach Finance Ltd. (AKA Nord Anglia), Initial Euro Term Loan (First Lien) (3 mo. EURIBOR + 3.250%, 0.000% Floor), 3.25%, 08/30/24			1,000		1,123,913
NRC U.S. Holding Co. LLC, Initial Term Loan (3 mo. LIBOR US + 5.250%, 1.000% Floor), 7.49%, 06/11/24		USD	7,897		7,822,938
Verisure Holding AB (Public):
Facility B1E (3 mo. EURIBOR + 3.000%, 0.000% Floor), 10/21/22 (p)		EUR	1,500		1,671,949
Facility B1F, 10/21/22 (p)			2,000		2,261,071
					12,879,871
Construction & Engineering — 0.1%
PLH Infrastructure Services, Inc., Term Loan (3 mo. LIBOR US + 6.000%, 0.000% Floor), 8.34%, 08/07/23 (c)		USD	2,852		2,766,057
Ply Gem Midco, Inc., Initial Term Loan (3 mo. LIBOR US + 3.750%, 0.000% Floor), 6.09%, 04/12/25			3,151		2,867,281
					5,633,338

25

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security	Par (000)			Value
Construction Materials — 0.0%
LSF10 XL Bidco SCA (AKA Xella Int), Facility B (1 mo. EURIBOR + 4.000%, 0.000% Floor), 4.00%, 04/11/24		EUR	1,333	$	1,493,355
Diversified Financial Services — 0.3%
BSREP II Houston Office 1HC Owner LLC, Mezzanine Loan (1 mo. LIBOR US + 2.500%, 0.000% Floor), 4.62%, 12/09/22		USD	13,000		13,000,000
CD&R Firefly Bidco Ltd., Facility B1 (3 mo. LIBOR US + 4.500%, 0.000% Floor), 5.25%, 06/23/25		GBP	1,000		1,249,108
Intelsat Jackson Holdings SA, Tranche B-3 Term Loan (1 mo. LIBOR US + 3.750%, 1.000% Floor), 5.98%, 11/27/23		USD	1,275		1,231,739
Stars Group Holdings BV, USD Term Loan (3 mo. LIBOR US + 3.500%, 0.000% Floor), 5.89%, 07/10/25			11,230		10,828,027
Veritas U.S., Inc., New Euro Term B Loan (3 mo. EURIBOR + 4.500%, 1.000% Floor), 5.50%, 01/27/23		EUR	1,641		1,647,805
Virgin Media SFA Finance Ltd., L Facility (1 mo. LIBOR US + 3.250%, 0.000% Floor), 3.97%, 01/15/27		GBP	2,000		2,465,713
					30,422,392
Diversified Telecommunication Services — 0.1%
Euskaltel SA, Facility B-4 (3 mo. EURIBOR + 2.750%, 0.000% Floor), 2.75%, 11/27/24		EUR	1,000		1,127,705
TDC A/S, Facility B3 (1 mo. EURIBOR + 2.750%, 0.000% Floor), 3.50%, 06/04/25			3,276		3,713,352
Ziggo Secured Finance BV, Term Loan F Facility, 04/15/25 (p)			1,200		1,345,341
					6,186,398
Electronic Equipment, Instruments & Components — 0.0%
Robertshaw U.S. Holding Corp. (FKA Fox U.S. Bidco Corp.), Initial Term Loan (Second Lien) (1 mo. LIBOR US + 8.000%, 1.000% Floor), 10.25%, 02/28/26		USD	1,795		1,633,450
Energy Equipment & Services — 0.1%
Pioneer Energy Services Corp. (FKA Pioneer Drilling Co.), Term Loan (1 mo. LIBOR US + 7.750%, 1.000% Floor), 9.90%, 11/08/22 (c)			6,928		6,824,268
Health Care Providers & Services — 0.0%
Diaverum Holding S.a r.l. (FKA Velox Bidco S.a.r.l.), Facility B (6 mo. EURIBOR + 3.250%, 0.000% Floor), 3.25%, 07/04/24		EUR	2,000		2,224,201
HomeVi, Senior Facility B (3 mo. EURIBOR + 3.250%, 0.000% Floor), 10/31/24 (p)			1,000		1,134,053
					3,358,254
Hotels, Restaurants & Leisure — 0.1%
GVC Holdings PLC, Facility B1 (6 mo. EURIBOR + 2.750%, 0.000% Floor), 2.75%, 03/02/23			1,500		1,706,820
Vue International Bidco, Private Loan, 07/31/23 (p)			3,000		3,265,390
Wynn Resorts Ltd., Term Facility Loan (1 mo. LIBOR US + 2.250%, 0.000% Floor), 10/30/24		USD	3,960		3,734,795
					8,707,005

Security	Par (000)			Value
Household Durables — 0.0%
Keter Group BV:
Facility B1 (3 mo. EURIBOR + 4.250%, 1.000% Floor), 10/31/23 (p)		EUR	397	$	360,750
Facility B3-A (3 mo. EURIBOR + 4.250%, 1.000% Floor), 10/31/23 (p)			1,000		908,008
Term Loan B4 (3 mo. EURIBOR + 4.250%, 1.000% Floor), 10/31/23 (p)			1,103		1,001,262
					2,270,020
Machinery — 0.0%
Gates Global LLC, Initial B-2 Dollar Term Loan (1 mo. LIBOR US + 2.750%, 1.000% Floor), 4.99%, 04/01/24		USD	1,327		1,258,145
Media — 0.1%
Altice France SA (Ypso France SAS) (AKA Numericable U.S. LLC), EUR TLB-11 Term Loan (3 mo. EURIBOR + 3.000%, 0.000% Floor), 3.00%, 07/31/25		EUR	1,327		1,427,164
Charter Communications Operating LLC (AKA CCO Safari LLC), Term A-2 Loan (1 mo. LIBOR US + 1.500%, 0.000% Floor), 3.75%, 03/31/23		USD	7,369		7,000,124
Promotora De Informaciones:
11/30/22 (p)		EUR	2,861		3,068,944
12/31/22 (p)			350		365,765
Springer Science+Business Media Deutschland GMBH (FKA Blitz 13-253 GmbH), Initial Term B14 Loan (1 mo. EURIBOR + 3.250%, 0.500% Floor), 08/14/22			975		1,102,079
					12,964,076
Metals & Mining — 0.0%
Samarco Mineracao SA, Term Loan, 12/02/18 (p)		USD	1,846		1,292,200
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
ATX Office Owner, Term Loan (1 mo. LIBOR US + 2.247%, 0.000% Floor), 4.38%, 11/01/24 (c)			5,000		5,000,000
Chimera Special Holding LLC, Term Loan,, 10/06/19 (c)(p)			37,115		37,114,675
					42,114,675
Oil, Gas & Consumable Fuels — 0.2%
BCP Raptor II LLC, Initial Term Loan (3 mo. LIBOR US + 4.750%, 0.000% Floor), 11/03/25 (c)			9,547		8,819,041
California Resources Corp.:
Initial Loan (1 mo. LIBOR US + 4.750%, 1.000% Floor), 6.96%, 12/31/22 (c)			5,498		5,314,752
Loan (1 mo. LIBOR US + 10.375%, 1.000% Floor), 10.38%, 12/31/21 (c)			7,760		7,585,400
EG Group Ltd., Facility B (EUR) (3 mo. EURIBOR + 4.000%, 0.000% Floor), 4.00%, 02/07/25		EUR	1,317		1,463,979
Midcoast Energy LLC, Tranche B Term Loan (3 mo. LIBOR US + 5.500%, 0.000% Floor), 7.84%, 08/01/25		USD	3,835		3,714,343
Rain Carbon, Inc., Initial Term Loan (3 mo. EURIBOR + 2.750%, 0.000% Floor), 3.00%, 01/16/25		EUR	1,500		1,701,011
					28,598,526

26

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Paper & Forest Products — 0.0%
Pfleiderer Group SA, Facility B (1 mo. EURIBOR + 5.000%, 0.000% Floor), 5.00%, 08/01/24	EUR		2,000	$	2,259,994
Personal Products — 0.0%
IWH UK Midco Ltd., Facility B (3 mo. EURIBOR + 4.000%, 0.000% Floor), 4.00%, 01/31/25			1,000		1,140,973
Real Estate Management & Development — 0.2%
MT II LLC, Term Loan (1 mo. LIBOR US + 2.800%, 1.250% Floor), 06/09/21 (c)(p)	USD		16,923		16,880,658
VICI Properties 1 LLC, Term B Loan (1 mo. LIBOR US + 2.000%, 0.000% Floor), 4.21%, 12/20/24			1,670		1,591,375
					18,472,033
Specialty Retail — 0.0%
EG Group Ltd., Facility B3 (EUR) (3 mo. EURIBOR + 4.000%, 0.000% Floor), 4.00%, 02/07/25 (c)	EUR		671		744,409
Peer Holdings III BV, Facility B (3 mo. EURIBOR + 3.250%, 0.000% Floor), 3.50%, 03/07/25			1,000		1,117,726
					1,862,135
Thrifts & Mortgage Finance — 0.3%
Caliber Home Loans, Inc., Term Loan, (1 mo. LIBOR US + 3.250%, 0.000% Floor), 5.60%, 04/24/21 (c)	USD		15,971		15,931,254
Roundpoint Mortgage Servicing Corp., Closing Date Term Loan, (1 mo. LIBOR US + 3.375%, 0.000% Floor), 5.85%, 08/27/20 (c)			21,859		21,859,209
					37,790,463
Trading Companies & Distributors — 0.0%
Foundation Building Materials Holding Company LLC, Term Loan (1 mo. LIBOR US + 3.250%, 0.000% Floor), 5.40%, 08/13/25 (c)			4,010		3,749,350
Transportation Infrastructure — 0.0%
Silk Bidco AS, Facility B (6 mo. EURIBOR + 3.750%, 0.000% Floor), 4.00%, 02/24/25	EUR		1,500		1,694,274
Swissport International AG, 2018 Incremental Euro Term Loan (3 mo. EURIBOR + 4.375%, 0.000% Floor), 4.38%, 02/09/22			2,129		2,434,889
					4,129,163
Total Floating Rate Loan Interests — 2.3% (Cost: $295,174,522)					288,999,282
Foreign Agency Obligations — 0.3%
Argentina — 0.0%
YPF SA:
8.75%, 04/04/24 (b)	USD		2,036		1,913,840
8.75%, 04/04/24			924		868,560
					2,782,400
Brazil — 0.1%
Petrobras Global Finance BV:
8.75%, 05/23/26			3,099		3,478,628
7.38%, 01/17/27			5,800		5,959,500
6.00%, 01/27/28			3,099		2,920,808
					12,358,936
China — 0.1%
Chalco Hong Kong Investment Co. Ltd., 4.88%, 09/07/21			775		779,464

Security		Par (000)		Value
China (continued)
Chang Development International Ltd., 3.63%, 01/20/20	USD		750	$	731,288
Chengdu Xingcheng Investment Group Co. Ltd., 2.50%, 03/20/21	EUR		800		857,035
China Minmetals Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.717%), 3.75% (m)(n)	USD		339		305,454
China Railway Construction Corp. Ltd., 1.50%, 12/21/21 (i)	CNH		4,000		576,125
Chinalco Capital Holdings Ltd., 4.25%, 04/21/22	USD		1,025		978,419
CNAC HK Finbridge Co. Ltd.:
4.63%, 03/14/23			1,675		1,688,258
5.13%, 03/14/28			200		202,409
CNAC HK Synbridge Co. Ltd., 5.00%, 05/05/20			2,857		2,864,143
Guangxi Financial Investment Group Co. Ltd., 5.75%, 01/23/21			500		422,958
HeSteel Hong Kong Co. Ltd., 4.25%, 04/07/20			492		482,600
Hongkong Xiangyu Investment Co. Ltd., 4.50%, 01/30/23			785		704,538
Hubei Science & Technology Investment Group Hong Kong Ltd., 4.38%, 03/05/21			255		245,119
Inner Mongolia High-Grade High Way Construction And Development Co. Ltd., 4.38%, 12/04/20			300		276,000
Leader Goal International Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 6.919%), 4.25% (m)(n)			700		646,625
					11,760,435
Colombia — 0.0%
Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28 (b)			1,501		1,517,886
France — 0.1%
Electricite de France SA, 4.50%, 09/21/28 (b)			4,815		4,666,877
Orano SA, 4.88%, 09/23/24	EUR		850		961,582
					5,628,459
Germany — 0.0%
Deutsche Bahn Finance GMBH, (3 mo. EURIBOR + 0.280%), 0.00%, 09/09/22 (a)			310		357,183
India — 0.0%
Greenko Investment Co., 4.88%, 08/16/23	USD		789		705,169
Power Finance Corp. Ltd., 3.75%, 12/06/27			1,730		1,427,250
Rural Electrification Corp. Ltd.:
3.88%, 07/07/27			400		364,500
4.63%, 03/22/28			270		254,247
					2,751,166
Indonesia — 0.0%
Indonesia Asahan Aluminium Persero PT, 5.71%, 11/15/23			1,925		1,958,688
Malaysia — 0.0%
TNB Global Ventures Capital Bhd, 4.85%, 11/01/28			250		254,250
Mexico — 0.0%
Mexico City Airport Trust, 4.25%, 10/31/26 (b)			1,795		1,606,525
Panama — 0.0%
Aeropuerto Internacional de Tocumen SA, 5.63%, 05/18/36 (b)			1,172		1,183,720

27

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Saudi Arabia — 0.0%
SABIC Capital II BV, 4.00%, 10/10/23 (b)	USD		1,864	$	1,852,350
Total Foreign Agency Obligations — 0.3% (Cost: $45,265,887)					44,011,998
Foreign Government Obligations — 2.2%
Argentina — 0.3%
Argentina Bonar Bonds:
8.00%, 10/08/20			4,478		4,188,005
8.75%, 05/07/24			4,418		4,016,646
Bonos de la Nacion Argentina con Ajuste por CER, 4.00%, 03/06/20	ARS		56,870		1,846,905
Provincia de Rio Negro, 7.75%, 12/07/25 (b)	USD		1,950		1,365,000
Republic of Argentina:
3.38%, 10/12/20	CHF		385		355,262
6.88%, 04/22/21	USD		5,763		5,208,311
5.63%, 01/26/22			6,474		5,462,437
4.63%, 01/11/23			2,233		1,761,279
7.63%, 04/22/46			4,498		3,249,805
6.88%, 01/11/48			6,153		4,268,644
7.13%, 06/28/2117			3,602		2,575,430
					34,297,724
China — 0.0%
People’s Republic of China, 3.30%, 07/04/23	CNH		3,500		500,155
Colombia — 0.3%
Republic of Colombia:
7.50%, 08/26/26	COP		33,257,000		10,779,116
3.88%, 04/25/27	USD		24,970		23,827,622
7.00%, 06/30/32	COP		24,019,000		7,282,064
					41,888,802
Egypt — 0.1%
Arab Republic of Egypt:
5.75%, 04/29/20	USD		4,105		4,140,919
6.13%, 01/31/22			2,220		2,175,600
5.58%, 02/21/23 (b)			2,211		2,089,395
4.75%, 04/16/26 (b)	EUR		1,712		1,775,181
7.90%, 02/21/48 (b)	USD		2,565		2,205,900
					12,386,995
Hungary — 0.1%
Republic of Hungary, 5.38%, 03/25/24			8,710		9,284,738
Indonesia — 0.1%
Republic of Indonesia:
4.10%, 04/24/28			5,130		4,969,687
7.50%, 05/15/38	IDR		107,256,000		6,791,140
5.35%, 02/11/49	USD		875		899,102
					12,659,929
Maldives — 0.0%
Republic of Maldives, 7.00%, 06/07/22			775		724,625
Mexico — 0.8%
United Mexican States:
5.75%, 03/05/26	MXN		38,367		1,648,218
4.15%, 03/28/27	USD		77,798		74,977,823
7.50%, 06/03/27	MXN		66,794		3,154,642
7.75%, 11/23/34			122,493		5,647,305
10.00%, 11/20/36			74,000		4,139,928
8.50%, 11/18/38			153,000		7,484,356
7.75%, 11/13/42			157,000		7,042,315
					104,094,587
Nigeria — 0.0%
Federal Republic of Nigeria, 9.25%, 01/21/49 (b)	USD		4,576		4,444,440

Security			Par (000)		Value
Panama — 0.1%
Republic of Panama, 3.75%, 03/16/25		USD		12,640	$	12,542,040
Peru — 0.1%
Republic of Peru, 7.35%, 07/21/25				10,368		12,581,568
Philippines — 0.2%
Republic of the Philippines, 3.00%, 02/01/28				20,370		19,275,113
South Africa — 0.0%
Republic of South Africa, 8.75%, 02/28/48		ZAR		56,685		3,503,938
Uruguay — 0.1%
Republic of Uruguay, 4.38%, 10/27/27		USD		10,768		10,792,558
Total Foreign Government Obligations — 2.2% (Cost: $291,481,270)						278,977,212
	Shares
Investment Companies — 0.8%
iShares iBoxx High Yield Corporate Bond ETF (g)(v)				779,900		63,249,890
iShares J.P. Morgan USD Emerging Markets Bond ETF (v)				350,248		36,394,270
Total Investment Companies — 0.8% (Cost: $99,673,679)						99,644,160
	Par (000)
Non-Agency Mortgage-Backed Securities — 4.5%
Collateralized Mortgage Obligations — 1.6%
American Home Mortgage Assets Trust:
Series 2006-3, Class 2A11, (12 mo. Federal Reserve Cumulative Average US + 0.940%), 3.10%, 10/25/46 (a)		USD		1,005		879,736
Series 2006-4, Class 1A12, (1 mo. LIBOR US + 0.210%), 2.72%, 10/25/46 (a)				2,924		2,081,210
Series 2006-5, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.920%), 3.08%, 11/25/46 (a)				3,810		1,893,788
Series 2007-1, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.700%), 2.86%, 02/25/47 (a)				873		529,778
APS Resecuritization Trust:
Series 2016-1, Class 1MZ, 4.71%, 07/31/57 (b)(d)				6,811		2,048,886
Series 2016-3, Class 3A, (1 mo. LIBOR US + 2.850%), 5.36%, 09/27/46 (a)(b)(c)				6,598		6,597,877
Series 2016-3, Class 4A, (1 mo. LIBOR US + 2.600%), 5.11%, 04/27/47 (a)(b)(c)				1,601		1,537,048
ARI Investments LLC, Series 2017-1, Class A, 4.48%, 01/06/25 (c)(d)				3,302		3,302,046
Banc of America Funding Trust:
Series 2014-R2, Class 1C, 0.00%, 11/26/36 (b)(d)				4,336		860,910
Series 2016-R2, Class 1A1, 4.70%, 05/01/33 (b)(c)(d)				1,612		1,653,361
Bear Stearns Asset-Backed Securities I Trust, Series 2005-AC9, Class A5, 6.25%, 12/25/35 (e)				310		298,351
Bear Stearns Mortgage Funding Trust:
Series 2006-SL1, Class A1, (1 mo. LIBOR US + 0.280%), 2.79%, 08/25/36 (a)				1,926		1,914,351

28

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Bear Stearns Mortgage Funding Trust: (continued)
Series 2007-AR2, Class A1, (1 mo. LIBOR US + 0.170%), 2.68%, 03/25/37 (a)	USD		518	$	467,510
Series 2007-AR3, Class 1A1, (1 mo. LIBOR US + 0.140%), 2.65%, 03/25/37 (a)			774		740,677
Series 2007-AR4, Class 2A1, (1 mo. LIBOR US + 0.210%), 2.72%, 06/25/37 (a)			851		797,594
BlackRock Capital Finance LP, Series 1997-R2, Class AP, 1.54%, 12/25/35 (b)(d)(v)			3		2,975
Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37			28,823		21,300,795
CIM Trust, Series 17-6, Class A1, 3.02%, 06/25/57 (b)(c)(d)			1,800		1,762,003
Citicorp Mortgage Securities Trust:
Series 2007-9, Class 1A1, 6.25%, 12/25/37			2,382		2,071,146
Series 2008-2, Class 1A1, 6.50%, 06/25/38			7,133		6,015,041
Citigroup Mortgage Loan Trust, Series 2007-2, Class 2A, 6.00%, 11/25/36			24		23,944
Countrywide Alternative Loan Trust:
Series 2005-22T1, Class A1, (1 mo. LIBOR US + 0.350%), 2.86%, 06/25/35 (a)			4,820		4,268,598
Series 2005-72, Class A3, (1 mo. LIBOR US + 0.600%), 3.11%, 01/25/36 (a).			801		676,736
Series 2005-76, Class 2A1, (12 mo. Federal Reserve Cumulative Average US + 1.000%), 3.16%, 02/25/36 (a)			978		889,955
Series 2006-11CB, Class 3A1, 6.50%, 05/25/36			1,976		1,529,996
Series 2006-15CB, Class A1, 6.50%, 06/25/36			462		345,298
Series 2006-23CB, Class 2A5, (1 mo. LIBOR US + 0.400%), 2.91%, 08/25/36 (a)			6,502		2,437,208
Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 1.730%), 3.89%, 11/25/46 (a)			4,151		3,582,281
Series 2006-OA16, Class A4C, (1 mo. LIBOR US + 0.340%), 2.85%, 10/25/46 (a)			4,389		2,850,663
Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.190%), 2.66%, 03/20/47 (a)			11,232		9,417,353
Series 2006-OA6, Class 1A2, (1 mo. LIBOR US + 0.210%), 2.72%, 07/25/46 (a)			4,095		3,778,286
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.190%), 2.70%, 07/25/46 (a)			589		562,412
Series 2006-OC10, Class 2A3, (1 mo. LIBOR US + 0.230%), 2.74%, 11/25/36 (a)			1,727		1,331,656
Series 2006-OC7, Class 2A3, (1 mo. LIBOR US + 0.250%), 2.76%, 07/25/46 (a)			2,528		1,971,391
Series 2007-3T1, Class 1A1, 6.00%, 04/25/37			448		320,878
Series 2007-OA3, Class 1A1, (1 mo. LIBOR US + 0.140%), 2.65%, 04/25/47 (a)			1,282		1,213,406
Series 2007-OA3, Class 2A2, (1 mo. LIBOR US + 0.180%), 2.69%, 04/25/47 (a)			241		37,348
Series 2007-OA8, Class 2A1, (1 mo. LIBOR US + 0.180%), 2.69%, 06/25/47 (a)			464		356,027
Series 2007-OH2, Class A2A, (1 mo. LIBOR US + 0.240%), 2.75%, 08/25/47 (a)			672		508,066
Countrywide Home Loan Mortgage Pass-Through Trust:
Series 2004-29, Class 1A1, (1 mo. LIBOR US + 0.540%), 3.05%, 02/25/35 (a)			319		301,759

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Countrywide Home Loan Mortgage Pass-Through Trust: (continued)
Series 2006-OA4, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 3.12%, 04/25/46 (a)	USD		1,586	$	799,920
Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.200%), 2.71%, 04/25/46 (a)			816		750,299
Series 2007-15, Class 2A2, 6.50%, 09/25/37			11,248		8,284,792
Credit Suisse Commercial Mortgage Trust, Series 2014-4R, Class 16A3, (1 mo. LIBOR US + 0.200%), 2.52%, 02/27/36 (a)(b)			830		775,688
Credit Suisse Mortgage Capital Certificates:
Series 2010-20R, Class 9A1, 4.02%, 01/27/36 (b)(d)			199		199,183
Series 2011-5R, Class 3A1, 4.15%, 09/27/47 (b)(d)			517		512,499
Series 2014-11R, Class 16A1, 4.05%, 09/27/47 (b)(d)			1,953		1,966,965
Series 2015-6R, Class 5A1, (1 mo. LIBOR US + 0.180%), 2.68%, 03/27/36 (a)(b)			297		292,854
Series 2015-6R, Class 5A2, (1 mo. LIBOR US + 0.180%), 2.68%, 03/27/36 (a)(b)(c)			2,721		1,422,689
Credit Suisse Mortgage Trust:
Series 2009-12R, Class 3A1, 6.50%, 10/27/37 (b)			8,103		4,636,030
Series 2009-5R, Class 4A4, 3.80%, 06/25/36 (b)(d)			2,005		1,849,695
Series 2014-9R, Class 9A1, (1 mo. LIBOR US + 0.120%), 2.44%, 08/27/36 (a)(b)(c)			1,666		1,460,126
CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR US + 1.350%), 3.86%, 11/25/35 (a)			1,380		491,977
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA4, Class A2A, (1 mo. LIBOR US + 0.170%), 2.68%, 08/25/47 (a)			1,698		1,158,265
Deutsche Alt-A Securities, Inc., Series 2007-RS1, Class A2, (1 mo. LIBOR US + 0.500%), 2.82%, 01/27/37 (a)(b)(c)			198		193,961
Deutsche Alt-B Securities Mortgage Loan Trust:
Series 2006-AB3, Class A3, 6.51%, 07/25/36 (d)			608		533,336
Series 2006-AB3, Class A8, 6.36%, 07/25/36 (d)			388		340,111
GreenPoint Mortgage Funding Trust, Series 2006-AR2, Class 4A1, (12 mo. Federal Reserve Cumulative Average US + 2.000%), 4.16%, 03/25/36 (a)			970		916,265
HarborView Mortgage Loan Trust:
Series 2007-3, Class 2A1B, (1 mo. LIBOR US + 0.230%), 2.70%, 05/19/47 (a)			655		525,505
Series 2007-4, Class 2A2, (1 mo. LIBOR US + 0.250%), 2.72%, 07/19/47 (a)			946		831,279
Impac CMB Trust:
Series 2004-11, Class 1A2, (1 mo. LIBOR US + 0.520%), 3.03%, 03/25/35 (a)			1,698		1,609,202
Series 2005-6, Class 1A1, (1 mo. LIBOR US + 0.500%), 3.01%, 10/25/35 (a)			1,209		1,159,099
IndyMac INDX Mortgage Loan Trust:
Series 2007-AR19, Class 3A1, 3.74%, 09/25/37 (d)			3,590		2,479,816

29

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security	Par (000)			Value
Collateralized Mortgage Obligations (continued)
IndyMac INDX Mortgage Loan Trust: (continued)
Series 2007-FLX5, Class 2A2, (1 mo. LIBOR US + 0.240%), 2.75%, 08/25/37 (a)		USD	1,290	$	1,131,556
JPMorgan Alternative Loan Trust:
Series 2007-A1, Class 1A4, (1 mo. LIBOR US + 0.210%), 2.72%, 03/25/37 (a)			1,919		1,758,951
Series 2007-A2, Class 2A1, 4.11%, 05/25/37 (d)			451		400,871
Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR US + 1.150%), 3.66%, 12/25/37 (a)			1,222		1,122,932
LSTAR Securities Investment Ltd., Series 2018-1, Class A, (1 mo. LIBOR US + 1.550%), 4.07%, 02/01/23 (a)(b)			4,522		4,566,968
MASTR Resecuritization Trust, Series 2008-3, Class A1, 2.72%, 08/25/37 (b)(d)			1,440		1,078,143
MCM:
Series 18-NPL1, Class A, 2.51%, 06/25/58 (b)(c)(d)			7,093		6,965,263
Series 18-NPL1, Class B, 2.51%, 06/25/58 (b)(c)(d)			13,100		2,096,000
Series 18-NPL2, Class A, 4.00%, 10/25/28 (b)(c)			14,000		13,818,000
Series 18-NPL2, Class B, 0.00%, 10/25/28 (b)(c)			19,270		5,476,534
Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR US + 0.210%), 2.72%, 04/25/37 (a)			2,651		2,230,579
Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 6A1, 3.63%, 05/25/36 (d)			2,126		1,938,250
Mortgage Loan Resecuritization Trust, Series 2009-RS1, Class A85, (1 mo. LIBOR US + 0.340%), 2.69%, 04/16/36 (a)(b)			9,245		8,077,127
Nomura Asset Acceptance Corp. Alternative Loan Trust:
Series 2001-R1A, Class A, 7.00%, 02/19/30 (b)(d)			574		574,860
Series 2006-AF1, Class 1A4, 6.63%, 05/25/36 (e)			634		236,188
Series 2007-2, Class A4, (1 mo. LIBOR US + 0.420%), 2.93%, 06/25/37 (a)			528		444,721
Paragon Mortgages No. 13 PLC, Series 13X, Class A2C, (3 mo. LIBOR US + 0.180%), 2.62%, 01/15/39 (a)			354		328,819
RALI Trust, Series 2007-QH9, Class A1, 3.41%, 11/25/37 (d)			979		869,094
Reperforming Loan REMIC Trust:
Series 2005-R2, Class 1AF1, (1 mo. LIBOR US + 0.340%), 2.85%, 06/25/35 (a)(b)			602		578,655
Series 2005-R3, Class AF, (1 mo. LIBOR US + 0.400%), 2.91%, 09/25/35 (a)(b)			202		186,930
Seasoned Credit Risk Transfer Trust:
Series 2017-3, Class M2, 4.75%, 07/25/56 (b)(d)			1,550		1,495,802
Series 2018-1, Class BX, 6.88%, 05/25/57 (c)(d)			560		282,190
Series 2018-1, Class M, 4.75%, 05/25/57 (d)			500		471,454
Series 2018-3, Class M, 4.75%, 08/25/57 (b)(d)			2,700		2,611,979
STACR Trust, Series 2018-DNA2, Class M2, (1 mo. LIBOR US + 2.150%), 4.66%, 12/25/30 (a)(b)			3,320		3,223,073

Security	Par (000)			Value
Collateralized Mortgage Obligations (continued)
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 3.79%, 04/25/36 (d)		USD	1,163	$	959,942
Structured Asset Mortgage Investments II Trust:
Series 2006-AR4, Class 3A1, (1 mo. LIBOR US + 0.190%), 2.70%, 06/25/36 (a)(c)			3,368		2,896,584
Series 2006-AR5, Class 2A1, (1 mo. LIBOR US + 0.210%), 2.72%, 05/25/46 (a)			656		551,522
Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR US + 1.250%), 4.32%, 06/25/47 (a)			605		539,855
WaMu Mortgage Pass-Through Certificates Trust, Series 2005-AR2, Class B1, (1 mo. LIBOR US + 0.530%), 3.04%, 01/25/45 (a)			661		445,772
Washington Mutual Mortgage Pass-Through Certificates Trust:
Series 2006-4, Class 1A1, 6.00%, 04/25/36			4,926		4,416,423
Series 2006-4, Class 3A1, 6.50%, 05/25/36 (e)			1,689		1,445,326
Series 2006-4, Class 3A5, 6.35%, 05/25/36 (e)			655		560,415
Total Collateralized Mortgage Obligations — 1.6% (Cost: $206,828,466)					200,128,678
Commercial Mortgage-Backed Securities — 2.8%
245 Park Avenue Trust, Series 2017-245P, Class E, 3.66%, 06/05/37 (b)(d)			1,169		1,048,914
280 Park Avenue Mortgage Trust, Series 2017-280P, Class E, (1 mo. LIBOR US + 2.119%), 4.57%, 09/15/34 (a)(b)			5,475		5,364,768
Americold LLC, Series 2010-ARTA, Class C, 6.81%, 01/14/29 (b)			700		742,235
AOA Mortgage Trust, Series 2015-1177, Class C, 3.01%, 12/13/29 (b)(d)			1,340		1,308,245
AREIT Trust, Series 2018-CRE1, Class A, (1 mo. LIBOR US + 0.850%), 3.29%, 02/14/35 (a)(b)			674		673,675
Ashford Hospitality Trust, Series 2018-ASHF, Class D, (1 mo. LIBOR US + 2.100%), 4.56%, 04/15/35 (a)(b)			3,450		3,398,320
Asset Securitization Corp., Series 1997-D5, Class B2, 6.93%, 02/14/43			274		279,441
Atrium Hotel Portfolio Trust:
Series 2017-ATRM, Class D, (1 mo. LIBOR US + 1.950%), 4.41%, 12/15/36 (a)(b)			4,840		4,779,746
Series 2017-ATRM, Class E, (1 mo. LIBOR US + 3.050%), 5.51%, 12/15/36 (a)(b)			1,490		1,457,020
Series 2018-ATRM, Class E, (1 mo. LIBOR US + 3.400%), 5.86%, 06/15/35 (a)(b)			1,640		1,625,703
Aventura Mall Trust, Series 2013-AVM, Class D, 3.74%, 12/05/32 (b)(d)			300		305,160
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class D, (1 mo. LIBOR US + 1.700%), 4.16%, 09/15/34 (a)(b)			2,375		2,368,892
Banc of America Commercial Mortgage Trust, Series 2007-1, Class AMFX, 5.48%, 01/15/49 (d)			158		158,371
Banc of America Merrill Lynch Commercial Mortgage Securities Trust:
Series 2015-200P, Class F, 3.60%, 04/14/33 (b)(d)			731		691,194
Series 2016-ISQ, Class E, 3.61%, 08/14/34 (b)(d)			6,140		5,388,114

30

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Banc of America Merrill Lynch Commercial Mortgage Securities Trust: (continued)
Series 2017-SCH, Class CL, (1 mo. LIBOR US + 1.500%), 3.96%, 11/15/32 (a)(b)	USD		970	$	970,000
Series 2017-SCH, Class DL, (1 mo. LIBOR US + 2.000%), 4.46%, 11/15/32 (a)(b)			1,930		1,930,000
Bancorp Commercial Mortgage Trust, Series 2018-CR3, Class A, (1 mo. LIBOR US + 0.850%), 3.31%, 01/15/33 (a)(b)			2,114		2,095,254
BANK, Series 2018-BN13, Class A5, 4.22%, 08/15/61			1,850		1,915,227
Barclays Commercial Mortgage Trust:
Series 2015-STP, Class E, 4.28%, 09/10/28 (b)(d)			100		96,936
Series 2018-TALL, Class A, (1 mo. LIBOR US + 0.722%), 3.18%, 03/15/37 (a)(b)			918		901,843
Series 2018-TALL, Class D, (1 mo. LIBOR US + 1.449%), 3.90%, 03/15/37 (a)(b)			1,120		1,086,446
Bayview Commercial Asset Trust:
Series 2005-2A, Class A1, (1 mo. LIBOR US + 0.310%), 2.82%, 08/25/35 (a)(b)			1,462		1,385,815
Series 2005-4A, Class A1, (1 mo. LIBOR US + 0.300%), 2.81%, 01/25/36 (a)(b)			369		350,445
Series 2005-4A, Class A2, (1 mo. LIBOR US + 0.390%), 2.90%, 01/25/36 (a)(b)			104		99,224
Series 2005-4A, Class M1, (1 mo. LIBOR US + 0.450%), 2.96%, 01/25/36 (a)(b)			277		264,422
Series 2006-1A, Class A2, (1 mo. LIBOR US + 0.360%), 2.87%, 04/25/36 (a)(b)			380		364,744
Series 2006-3A, Class A1, (1 mo. LIBOR US + 0.250%), 2.76%, 10/25/36 (a)(b) .			698		658,582
Series 2006-3A, Class A2, (1 mo. LIBOR US + 0.300%), 2.81%, 10/25/36 (a)(b)			487		460,350
Series 2006-4A, Class A1, (1 mo. LIBOR US + 0.230%), 2.74%, 12/25/36 (a)(b)			1,023		983,959
Series 2007-6A, Class A4A, (1 mo. LIBOR US + 1.500%), 4.01%, 12/25/37 (a)(b)			1,980		1,484,643
BBCMS Mortgage Trust, Series 2018-CHRS, Class E, 4.27%, 08/05/38 (b)(d)			980		858,245
BBCMS Trust, Series 2015-SRCH, Class A1, 3.31%, 08/10/35 (b)			2,730		2,682,304
BB-UBS Trust, Series 2012-SHOW, Class E, 4.03%, 11/05/36 (b)(d)			790		744,666
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-T26, Class AM, 5.47%, 01/12/45 (d)			966		971,056
Benchmark Mortgage Trust:
Series 2018-B3, Class D, 3.06%, 04/10/51 (b)			210		169,046
Series 2018-B5, Class A4, 4.21%, 07/15/51			1,390		1,443,627
BHMS:
Series 2018-ATLS, Class A, (1 mo. LIBOR US + 1.250%), 3.71%, 07/15/35 (a)(b)			2,770		2,756,304
Series 2018-ATLS, Class C, (1 mo. LIBOR US + 1.900%), 4.36%, 07/15/35 (a)(b)			950		936,965
BSPRT Issuer Ltd., Series 2017-FL2, Class A, (1 mo. LIBOR US + 0.820%) 3.28%, 10/15/34 (a)(b)(c)			236		234,959
BWAY Mortgage Trust:
Series 2013-1515, Class A2, 3.45%, 03/10/33 (b)			2,920		2,907,197
Series 2013-1515, Class D, 3.63%, 03/10/33 (b)			1,400		1,361,661

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
BWAY Mortgage Trust: (continued)
Series 2013-1515, Class E, 3.72%, 03/10/33 (b)	USD		250	$	241,006
BX Commercial Mortgage Trust, Series 2018-IND, Class H, (1 mo. LIBOR US + 3.000%), 5.46%, 11/15/35 (a)(b)			15,657		15,490,367
BXP Trust:
Series 2017-CC, Class D, 3.55%, 08/13/37 (b)(d)			750		699,436
Series 2017-CC, Class E, 3.55%, 08/13/37 (b)(d)			1,450		1,254,883
Series 2017-GM, Class E, 3.43%, 06/13/39 (b)(d)			1,240		1,130,792
CCRESG Commercial Mortgage Trust, Series 2016-HEAT, Class D, 5.49%, 04/10/29 (b)(d)			560		572,144
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A4, 3.54%, 11/15/50			632		625,829
CD Mortgage Trust, Series 2018-CD7, Class A4, 4.28%, 08/15/51			2,190		2,285,202
CFCRE Commercial Mortgage Trust:
Series 2016-C3, Class A3, 3.87%, 01/10/48			410		415,105
Series 2018-TAN, Class C, 5.30%, 02/15/33 (b)			1,160		1,186,573
CGBAM Commercial Mortgage Trust:
Series 2015-SMRT, Class E, 3.79%, 04/10/28 (b)(d)			1,880		1,870,204
Series 2015-SMRT, Class F, 3.79%, 04/10/28 (b)(d)			230		228,270
CGDBB Commercial Mortgage Trust:
Series 2017-BIOC, Class A, (1 mo. LIBOR US + 0.790%), 3.25%, 07/15/32 (a)(b)			4,330		4,289,523
Series 2017-BIOC, Class D, (1 mo. LIBOR US + 1.600%), 4.06%, 07/15/32 (a)(b)			3,190		3,138,304
Series 2017-BIOC, Class E, (1 mo. LIBOR US + 2.150%), 4.61%, 07/15/32 (a)(b)			4,870		4,793,577
Citigroup Commercial Mortgage Trust:
Series 2014-GC19, Class C, 5.06%, 03/10/47 (d)			440		456,994
Series 2015-SHP2, Class F, (1 mo. LIBOR US + 5.200%), 7.66%, 07/15/27 (a)(b)			370		369,505
Series 2016-C1, Class C, 4.95%, 05/10/49 (d)			1,290		1,298,822
Series 2016-GC37, Class C, 4.92%, 04/10/49 (d)			640		656,710
Series 2016-P3, Class C, 4.83%, 04/15/49 (d)			120		122,363
Citigroup/Deutsche Bank Commercial Mortgage Trust:
Series 2006-CD3, Class AM, 5.65%, 10/15/48			4,578		4,704,633
Series 2017-CD3, Class A4, 3.63%, 02/10/50			850		851,207
CLNS Trust, Series 2017-IKPR, Class E, (1 mo. LIBOR US + 3.500%), 5.90%, 06/11/32 (a)(b)			3,560		3,531,815
Commercial Mortgage Pass-Through Certificates:
Series 2005-C6, Class F, 5.68%, 06/10/44 (b)(d)			457		463,325
Series 2013-GAM, Class A2, 3.37%, 02/10/28 (b)			1,656		1,643,916
Series 2014-CR14, Class A4, 4.24%, 02/10/47 (d)			855		889,920

31

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Pass-Through Certificates: (continued)
Series 2014-CR15, Class C, 4.72%, 02/10/47 (d)	USD		260	$	269,236
Series 2014-CR16, Class A4, 4.05%, 04/10/47			4,806		4,959,228
Series 2014-CR17, Class A5, 3.98%, 05/10/47			2,642		2,719,200
Series 2014-CR18, Class A4, 3.55%, 07/15/47			390		392,422
Series 2014-CR19, Class A5, 3.80%, 08/10/47			1,391		1,418,241
Series 2014-CR21, Class C, 4.42%, 12/10/47 (d)			1,010		1,012,866
Series 2014-PAT, Class E, (1 mo. LIBOR US + 3.150%), 5.54%, 08/13/27 (a)(b)			540		542,818
Series 2014-TWC, Class B, (1 mo. LIBOR US + 1.600%), 3.99%, 02/13/32 (a)(b)			3,190		3,175,848
Series 2015-CR23, Class CMC, 3.69%, 05/10/48 (b)(d)			210		207,929
Series 2015-CR23, Class CMD, 3.69%, 05/10/48 (b)(d)			5,250		5,186,166
Series 2015-CR23, Class CME, 3.69%, 05/10/48 (b)(d)			2,600		2,568,073
Series 2015-CR25, Class A4, 3.76%, 08/10/48			2,850		2,889,216
Series 2015-CR25, Class C, 4.54%, 08/10/48 (d)			1,010		986,660
Series 2015-LC19, Class A4, 3.18%, 02/10/48			1,785		1,760,436
Series 2015-LC19, Class C, 4.26%, 02/10/48 (d)			700		689,666
Series 2015-LC19, Class D, 2.87%, 02/10/48 (b)			890		737,401
Series 2015-LC21, Class C, 4.30%, 07/10/48 (d)			1,600		1,587,079
Series 2017-COR2, Class D, 3.00%, 09/10/50 (b)			860		681,733
Series 2018-HCLV, Class B, (1 mo. LIBOR US + 1.400%), 3.86%, 09/15/33 (a)(b)			1,420		1,420,000
Commercial Mortgage Trust:
Series 2014-LC15, Class A4, 4.01%, 04/10/47			2,350		2,420,069
Series 2014-PAT, Class A, (1 mo. LIBOR US + 0.800%), 3.19%, 08/13/27 (a)(b)			4,938		4,933,722
Series 2014-TWC, Class A, (1 mo. LIBOR US + 0.850%), 3.24%, 02/13/32 (a)(b)			1,715		1,709,863
Series 2014-UBS4, Class C, 4.62%, 08/10/47 (d)			2,395		2,374,808
Series 2015-LC23, Class A4, 3.77%, 10/10/48			380		385,598
Series 2016-667M, Class D, 3.18%, 10/10/36 (b)(d)			630		570,861
Core Industrial Trust:
Series 2015-CALW, Class G, 3.85%, 02/10/34 (b)(d)			1,971		1,927,031
Series 2015-TEXW, Class A, 3.08%, 02/10/34 (b)			2,948		2,935,312
Series 2015-TEXW, Class D, 3.85%, 02/10/34 (b)(d)			1,330		1,319,073

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Core Industrial Trust: (continued)
Series 2015-TEXW, Class E, 3.85%, 02/10/34 (b)(d)	USD		250	$	245,817
Series 2015-TEXW, Class F, 3.85%, 02/10/34 (b)(d)			5,869		5,704,984
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class C, 4.95%, 07/15/37 (d)			172		173,898
Credit Suisse Mortgage Capital Certificates:
Series 2015-GLPB, Class A, 3.64%, 11/15/34 (b)			2,330		2,373,845
Series 2017-PFHP, Class A, (1 mo. LIBOR US + 0.950%), 3.41%, 12/15/30 (a)(b)			900		896,305
Series 2017-TIME, Class A, 3.65%, 11/13/39 (b)			850		848,993
Credit Suisse Mortgage Trust, Series 2016-MFF, Class A, (1 mo. LIBOR US + 1.600%), 4.06%, 11/15/33 (a)(b)			478		479,597
CSWF, Series 2018-TOP, Class A, (1 mo. LIBOR US + 1.000%), 3.46%, 08/15/35 (a)(b)			1,388		1,371,988
Deutsche Bank UBS Mortgage Trust:
Series 2017-BRBK, Class A, 3.45%, 10/10/34 (b)			2,540		2,522,505
Series 2017-BRBK, Class E, 3.53%, 10/10/34 (b)(d)			4,290		4,034,168
Series 2017-BRBK, Class F, 3.53%, 10/10/34 (b)(c)(d)			880		781,109
Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class A, 3.56%, 09/10/35 (b)(d)			1,190		1,196,494
FREMF Mortgage Trust:
Series 2016-K54, Class B, 4.05%, 04/25/48 (b)(d)			1,280		1,262,833
Series 2017-K64, Class B, 3.98%, 05/25/50 (b)(d)			766		741,061
Series 2018-K74, Class B, 4.09%, 02/25/51 (b)(d)			780		756,299
Series 2018-K77, Class B, 4.16%, 05/25/51 (b)			770		745,286
Series 2018-K80, Class B, 4.23%, 08/25/50 (b)(d)			1,510		1,462,674
FRESB Mortgage Trust:
Series 2018-SB52, Class A10F, 3.48%, 06/25/28 (d)			2,512		2,515,875
Series 2018-SB53, Class A10F, 3.66%, 06/25/28 (d)			1,477		1,495,139
GAHR Commercial Mortgage Trust, Series 2015-NRF, Class EFX, 3.38%, 12/15/34 (b)(d)			2,071		2,032,711
GPMT Ltd., Series 2018-FL1, Class A, (1 mo. LIBOR US + 0.900%), 3.38%, 11/21/35 (a)(b)			2,977		2,950,653
Grace Mortgage Trust, Series 2014-GRCE, Class F, 3.59%, 06/10/28 (b)(d)			1,662		1,636,324
GS Mortgage Securities Corp Trust:
Series 2017-500K, Class D, (1 mo. LIBOR US + 1.300%), 3.76%, 07/15/32 (a)(b)			230		227,474
Series 2017-500K, Class E, (1 mo. LIBOR US + 1.500%), 3.96%, 07/15/32 (a)(b)			480		472,538
Series 2017-500K, Class F, (1 mo. LIBOR US + 1.800%), 4.26%, 07/15/32 (a)(b)			549		540,510

32

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
GS Mortgage Securities Corp Trust: (continued)
Series 2017-500K, Class G, (1 mo. LIBOR US + 2.500%), 4.96%, 07/15/32 (a)(b)	USD		170	$	167,184
GS Mortgage Securities Corp. II:
Series 2005-ROCK, Class A, 5.37%, 05/03/32 (b)			2,750		3,059,821
Series 2013-KING, Class E, 3.44%, 12/10/27 (b)(d)			2,990		2,957,293
GS Mortgage Securities Corp. Trust:
Series 2017-GPTX, Class A, 2.86%, 05/10/34 (b)			2,290		2,270,693
Series 2018-CHLL, Class E, (1 mo. LIBOR US + 2.350%), 4.81%, 02/15/37 (a)(b)			730		729,819
Series 2018-HULA, Class D, (1 mo. LIBOR US + 1.800%), 4.26%, 07/15/25 (a)(b)			1,220		1,201,839
GS Mortgage Securities Trust:
Series 2010-C1, Class A1, 3.68%, 08/10/43 (b)			232		232,203
Series 2014-GC20, Class B, 4.53%, 04/10/47 (d)			140		139,195
Series 2014-GC22, Class D, 4.69%, 06/10/47 (b)(d)			71		63,448
Series 2014-GC24, Class A5, 3.93%, 09/10/47			882		903,808
Series 2015-GC32, Class C, 4.41%, 07/10/48 (d)			1,370		1,354,143
Series 2015-GC32, Class D, 3.35%, 07/10/48			268		228,573
Series 2016-RENT, Class C, 4.07%, 02/10/29 (b)(d)			1,070		1,073,317
Series 2017-GS7, Class D, 3.00%, 08/10/50 (b)			530		443,736
Series 2017-GS7, Class E, 3.00%, 08/10/50 (b)			180		146,302
HMH Trust, Series 2017-NSS, Class A, 3.06%, 07/05/31 (b)			3,390		3,320,404
Hudson Yards Mortgage Trust, Series 2016-10HY, Class A, 2.84%, 08/10/38 (b)			2,640		2,502,743
IMT Trust:
Series 2017-APTS, Class AFX, 3.48%, 06/15/34 (b)			1,540		1,548,139
Series 2017-APTS, Class DFX, 3.50%, 06/15/34 (b)(d)			1,600		1,528,241
Series 2017-APTS, Class EFX, 3.50%, 06/15/34 (b)(d)			810		753,330
InTown Hotel Portfolio Trust, Series 2018-STAY, Class A, (1 mo. LIBOR US + 0.700%), 3.16%, 01/15/33 (a)(b)			620		614,904
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C26, Class A4, 3.49%, 01/15/48			1,247		1,248,158
Series 2015-C33, Class D1, 4.12%, 12/15/48 (b)(d)			1,873		1,753,521
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class D, 4.57%, 03/15/50 (b)(d)			3,549		3,246,157
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2012-CBX, Class A4FL, (1 mo. LIBOR US + 1.300%), 3.76%, 06/15/45 (a)(b)			430		438,869
Series 2014-C20, Class A5, 3.81%, 07/15/47			1,990		2,025,167
Series 2014-C21, Class A5, 3.78%, 08/15/47			1,420		1,441,944
Series 2014-C22, Class A4, 3.80%, 09/15/47			563		572,269

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust: (continued)
Series 2015-UES, Class C, 3.62%, 09/05/32 (b)(d)	USD		3,431	$	3,417,160
Series 2015-UES, Class E, 3.62%, 09/05/32 (b)(d)			3,880		3,799,476
Series 2016-NINE, Class A, 2.85%, 10/06/38 (b)(d)			4,650		4,417,224
Series 2017-JP5, Class D, 4.65%, 03/15/50 (b)(d)			1,650		1,560,534
Series 2017-JP7, Class B, 4.05%, 09/15/50			320		314,347
Series 2017-MAUI, Class D, (1 mo. LIBOR US + 1.950%), 4.34%, 07/15/34 (a)(b)			470		461,541
Series 2017-MAUI, Class F, (1 mo. LIBOR US + 3.750%), 6.14%, 07/15/34 (a)(b)			240		234,083
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class F, 6.19%, 06/15/38 (d)			297		303,347
Lehman Brothers Small Balance Commercial Mortgage Trust:
Series 2006-2A, Class M2, (1 mo. LIBOR US + 0.390%), 2.90%, 09/25/36 (a)(b)			670		646,406
Series 2007-1A, Class 1A, (1 mo. LIBOR US + 0.250%), 2.76%, 03/25/37 (a)(b)			1,337		1,284,681
MAD Mortgage Trust:
Series 2017-330M, Class D, 3.98%, 08/15/34 (b)(d)			1,085		1,058,173
Series 2017-330M, Class E, 4.03%, 08/15/34 (b)(d)			3,010		2,893,853
Merrill Lynch Mortgage Trust, Series 2005-MKB2, Class F, 6.32%, 09/12/42 (b)(d)			1,350		1,380,330
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2014-C16, Class A5, 3.89%, 06/15/47			3,880		3,965,917
Series 2015-C23, Class A4, 3.72%, 07/15/50			1,016		1,027,068
Series 2015-C23, Class D, 4.13%, 07/15/50 (b)(d)			412		372,635
Series 2015-C24, Class A4, 3.73%, 05/15/48			840		849,311
Series 2015-C25, Class C, 4.53%, 10/15/48 (d)			430		430,937
Series 2015-C26, Class A5, 3.53%, 10/15/48			810		808,921
Series 2015-C26, Class D, 3.06%, 10/15/48 (b)			762		647,586
Series 2017-C33, Class C, 4.56%, 05/15/50 (d)			840		830,711
Morgan Stanley Capital Barclays Bank Trust, Series 2016-MART, Class A, 2.20%, 09/13/31 (b)			820		802,612
Morgan Stanley Capital I Trust:
Series 2006-IQ11, Class C, 6.26%, 10/15/42 (d)			1,601		1,649,338
Series 2006-T21, Class AJ, 5.24%, 10/12/52 (d)			164		164,445
Series 2007-T27, Class AJ, 5.95%, 06/11/42 (d)			2,199		2,346,036
Series 2014-CPT, Class E, 3.45%, 07/13/29 (b)(d)			250		245,446
Series 2014-CPT, Class F, 3.45%, 07/13/29 (b)(d)			1,789		1,733,998
Series 2014-CPT, Class G, 3.45%, 07/13/29 (b)(d)			1,290		1,235,600
Series 2015-MS1, Class C, 4.03%, 05/15/48 (d)			1,000		947,436

33

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Capital I Trust: (continued)
Series 2015-MS1, Class D, 4.03%, 05/05/48 (b)(d)	USD		310	$	277,004
Series 2017-CLS, Class F, (1 mo. LIBOR US + 2.600%), 5.06%, 11/15/34 (a)(b)			6,092		5,989,091
Series 2017-H1, Class A5, 3.53%, 06/15/50			1,090		1,077,735
Series 2017-H1, Class C, 4.28%, 06/15/50 (d)			950		914,467
Series 2017-H1, Class D, 2.55%, 06/15/50 (b)			4,190		3,125,949
Series 2017-JWDR, Class D, (1 mo. LIBOR US + 1.950%), 4.41%, 11/15/34 (a)(b)			1,020		1,005,104
Series 2018-H3, Class C, 4.85%, 07/15/51 (d)			1,400		1,393,378
Series 2018-MP, Class E, 4.28%, 07/11/40 (b)(d)			1,640		1,514,938
Series 2018-SUN, Class F, (1 mo. LIBOR US + 2.550%), 4.61%, 07/15/35 (a)(b)			2,240		2,203,571
Morgan Stanley Capital I, Inc.:
Series 2017-HR2, Class D, 2.73%, 12/15/50			430		328,022
Series 2017-JWDR, Class E, (1 mo. LIBOR US + 3.050%), 5.51%, 11/15/34 (a)(b)			1,890		1,864,052
Series 2018-H3, Class A5, 4.18%, 07/15/51			1,670		1,722,228
Series 2018-H3, Class D, 3.00%, 07/15/51 (b)			960		785,472
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class A, (1 mo. LIBOR US
+ 0.950%), 3.26%, 06/15/35 (a)(b)			810		799,993
Olympic Tower Mortgage Trust, Series 2017-OT, Class E, 3.95%, 05/10/39 (b)(d)			3,730		3,328,575
Prima Capital CRE Securitization Ltd.,
Series 2015-4A, Class C, 4.00%, 08/24/49 (b)(c)			900		889,200
RAIT Trust, Series 2017-FL7, Class C, (1 mo. LIBOR US + 2.500%), 4.96%, 06/15/37 (a)(b)			550		545,180
Resource Capital Corp. Ltd.:
Series 2017-CRE5, Class A, (1 mo. LIBOR US + 0.800%), 3.26%, 07/15/34 (a)(b)			977		977,369
Series 2017-CRE5, Class B, (1 mo. LIBOR US + 2.000%), 4.46%, 07/15/34 (a)(b)			939		934,074
RSO, Series 17, Class REPO, 5.20%, 07/17/20 (c)			9,872		9,871,994
U.S. Mortgage, Series 2018-USDC, Class F, 4.49%, 05/09/38 (b)(d)			1,420		1,340,052
Velocity Commercial Capital Loan Trust:
Series 2015-1, Class AFL, (1 mo. LIBOR US + 2.430%), 4.94%, 06/25/45 (a)(b)			104		103,868
Series 2016-1, Class M4, 8.29%, 04/25/46 (b)(d)			370		431,473
Series 2016-2, Class M1, 3.66%, 10/25/46 (d)			360		362,490
Series 2016-2, Class M2, 4.46%, 10/25/46 (d)			200		200,687
Series 2016-2, Class M3, 5.50%, 10/25/46 (d)			800		816,304
Series 2016-2, Class M4, 7.23%, 10/25/46 (d)			370		381,900
Series 2017-1, Class M2, 4.45%, 05/25/47 (b)(d)			410		404,744
Series 2017-1, Class M3, 5.35%, 05/25/47 (b)(d)			410		411,335
Series 2017-2, Class M3, 4.24%, 11/25/47 (b)(d)			712		705,855
Series 2017-2, Class M4, 5.00%, 11/25/47 (b)(d)			427		422,652
Series 2018-1, Class M2, 4.26%, 04/25/48 (b)			365		362,977
VNDO Mortgage Trust, Series 2013-PENN, Class D, 3.95%, 12/13/29 (b)(d)			550		548,611
Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class A, (1 mo. LIBOR US + 1.350%), 3.81%, 06/15/29 (a)(b)			4,735		4,725,745

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust:
Series 2014-LC18, Class A5, 3.41%, 12/15/47	USD		550	$	550,492
Series 2015-C27, Class C, 3.89%, 02/15/48			902		852,880
Series 2015-C31, Class A4, 3.70%, 11/15/48			1,800		1,816,036
Series 2015-NXS2, Class A5, 3.77%, 07/15/58 (d)			3,050		3,093,341
Series 2015-NXS4, Class A4, 3.72%, 12/15/48			608		614,613
Series 2015-NXS4, Class D, 3.60%, 12/15/48 (d)			95		86,595
Series 2015-P2, Class A4, 3.81%, 12/15/48			2,150		2,195,735
Series 2017-C38, Class A5, 3.45%, 07/15/50			1,261		1,236,571
Series 2017-C39, Class C, 4.12%, 09/15/50			590		566,751
Series 2017-C39, Class D, 4.36%, 09/15/50 (b)(d)			430		387,399
Series 2017-C41, Class D, 2.60%, 11/15/50 (b)(d)			1,772		1,415,316
Series 2017-HSDB, Class A, (1 mo. LIBOR US + 0.850%), 3.28%, 12/13/31 (a)(b)			1,508		1,500,858
Series 2018-1745, Class A, 3.75%, 06/15/36 (b)(d)			930		939,720
Series 2018-BXI, Class E, (1 mo. LIBOR US + 2.157%), 4.61%, 12/15/36 (a)(b)			890		878,628
Series 2018-C44, Class D, 3.00%, 05/15/51 (b)			1,100		862,660
Series 2018-C45, Class C, 4.73%, 06/15/51			530		525,119
WFRBS Commercial Mortgage Trust:
Series 2011-C3, Class A3FL, (1 mo. LIBOR US + 0.950%), 3.41%, 03/15/44 (a)(b)			77		77,177
Series 2014-C21, Class A5, 3.68%, 08/15/47			1,515		1,537,401
Total Commercial Mortgage-Backed Securities — 2.8% (Cost: $351,087,745)					347,861,531
Interest Only Collateralized Mortgage Obligations — 0.0%
Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 1.24%, 07/25/56 (b)(d)			3,289		376,283
Interest Only Commercial Mortgage-Backed Securities — 0.1%
245 Park Avenue Trust, Series 2017-245P, Class XA, 0.15%, 06/05/37 (b)(d)			13,000		184,210
Banc of America Commercial Mortgage Trust:
Series 2017-BNK3, Class XB, 0.63%, 02/15/50 (d)			11,850		536,094
Series 2017-BNK3, Class XD, 1.29%, 02/15/50 (b)(d)			5,000		431,100
Barclays Commercial Mortgage Trust, Series 2015-SRCH, Class XA, 0.96%, 08/10/35 (b)(d)			17,710		1,127,773
CFCRE Commercial Mortgage Trust:
Series 2016-C3, Class XD, 1.70%, 01/10/48 (b)(d)			5,497		555,637
Series 2016-C4, Class XA, 1.73%, 05/10/58 (d)			6,161		579,756
Series 2016-C4, Class XB, 0.73%, 05/10/58 (c)(d)			5,810		281,785
Commercial Mortgage Pass-Through Certificates:
Series 2013-CR6, Class XA, 1.07%, 03/10/46 (d)			20,585		585,663

34

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Pass-Through Certificates: (continued)
Series 2015-3BP, Class XA, 0.06%, 02/10/35 (b)(d)	USD		150,000	$	829,500
Series 2015-CR25, Class XA, 0.92%, 08/10/48 (d)			23,316		1,046,395
Series 2018-COR3, Class XD, 1.75%, 05/10/51 (b)(d)			3,200		417,097
Core Industrial Trust:
Series 2015-TEXW, Class XA, 0.77%, 02/10/34 (b)(d)			12,812		261,724
Series 2015-WEST, Class XA, 0.94%, 02/10/37 (b)(d)			9,716		492,430
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class XB, 0.14%, 11/15/50 (d)			12,490		205,953
Deutsche Bank JPMorgan Mortgage Trust, Series 2017-C6, Class XD, 1.00%, 06/10/50 (b)(d)			5,780		364,660
FREMF Mortgage Trust, Series 2015-K718, Class X2A, 0.10%, 02/25/48 (b)(d)			90,686		219,405
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C22, Class XA, 0.88%, 09/15/47 (d)			2,153		82,966
Series 2014-C23, Class XA, 0.75%, 09/15/47 (d)			34,285		942,338
Series 2015-C29, Class XA, 0.81%, 05/15/48 (d)			2,784		83,035
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class XC, 0.75%, 12/15/49 (b)(d)			4,940		241,883
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2013-LC11, Class XB, 0.51%, 04/15/46 (d)			4,570		97,965
Series 2016-JP3, Class XC, 0.75%, 08/15/49 (b)(d)			13,040		613,402
Series 2016-JP4, Class XA, 0.80%, 12/15/49 (d)			2,893		109,906
LSTAR Commercial Mortgage Trust, Series 2017-5, Class X, 1.11%, 03/10/50 (b)(d).			3,562		167,585
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2014-C19, Class XF, 1.19%, 12/15/47 (b)(d)			4,370		233,839
Series 2015-C22, Class XA, 1.11%, 04/15/48 (d)			2,978		146,617
Series 2015-C26, Class XD, 1.35%, 10/15/48 (b)(d)			4,490		352,824
Series 2016-C31, Class XA, 1.44%, 11/15/49 (d)			2,608		205,977
Morgan Stanley Capital I Trust:
Series 2016-UBS9, Class XD, 1.54%, 03/15/49 (b)(d)			13,984		1,336,451
Series 2017-H1, Class XD, 2.20%, 06/15/50 (b)(c)(d)			3,293		497,474
Series 2018-H4, Class XA, 0.87%, 12/15/51 (d)			13,997		917,989
Olympic Tower Mortgage Trust, Series 2017-OT, Class XA, 0.38%, 05/10/39 (b)(d)			36,697		1,093,204

Security		Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
One Market Plaza Trust:
Series 2017-1MKT, Class XCP, 0.09%, 02/10/32 (b)(d)	USD		53,230	$	232,615
Series 2017-1MKT, Class XNCP, 0.00%, 02/10/32 (b)(c)(d)			10,646		106
UBS Commercial Mortgage Trust, Series 2018-C14, Class XA, 1.01%, 12/15/51 (d)			5,000		373,156
Wells Fargo Commercial Mortgage Trust:
Series 2015-NXS1, Class XB, 0.35%, 05/15/48 (d)			3,210		94,847
Series 2015-NXS4, Class XA, 0.93%, 12/15/48 (d)			3,188		153,571
Series 2016-BNK1, Class XD, 1.27%, 08/15/49 (b)(d)			3,420		272,731
Series 2018-C44, Class XA, 0.76%, 05/15/51 (d)			13,917		757,971
Total Interest Only Commercial Mortgage-Backed Securities — 0.1% (Cost: $17,175,081)					17,127,634
Principal Only Collateralized Mortgage Obligations — 0.0%
Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 0.00%, 07/25/56 (b)(j)			1,620		112,572
Total Non-Agency Mortgage-Backed Securities — 4.5% (Cost: $575,544,174)					565,606,698
Preferred Securities — 1.0%
Capital Trusts — 1.0%
Banks — 0.5%
ABN AMRO Bank NV:
(5 yr. Euro Swap + 3.898%), 4.75% (m)(n)	EUR		4,100		4,086,499
(5 yr. Euro Swap + 5.452%), 5.75% (m)(n)			800		934,566
Al Ahli Bank of Kuwait KSCP, (5 yr. Swap Semi 30/360 US + 4.172%), 7.25% (m)(n)	USD		408		403,920
Allied Irish Banks PLC, (5 yr. Euro Swap + 7.339%), 7.38% (m)(n)	EUR		300		357,217
Banco Bilbao Vizcaya Argentaria SA, (5 yr. Euro Swap + 9.177%), 8.88% (m)(n)			1,000		1,240,963
Banco Mercantil del Norte SA, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.035%), 6.88% (b)(m)(n)	USD		903		871,395
Banco Santander SA:
(5 yr. Euro Swap + 4.097%), 4.75% (m)(n)	EUR		3,000		2,730,485
(5 yr. Euro Swap + 5.410%), 6.25% (m)(n)			700		762,422
(5 yr. Euro Swap + 6.803%), 6.75% (m)(n)			2,700		3,143,364
Bank of East Asia Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.682%), 5.63% (m)(n)	USD		285		269,988
Bank of Ireland, (5 yr. Euro Swap + 6.956%), 7.38% (m)(n)	EUR		810		967,638
Bankia SA:
(5 yr. Euro Swap + 5.819%), 6.00% (m)(n)			3,200		3,455,072
(5 yr. Euro Swap + 6.224%), 6.38% (m)(n)			1,200		1,297,563
BNP Paribas SA:
(5 yr. Euro Swap + 5.230%), 6.13% (m)(n)			2,430		2,888,581
(5 yr. Swap Semi 30/360 US + 3.980%), 7.00% (b)(m)(n)	USD		2,745		2,611,181
CaixaBank SA, (5 yr. Euro Swap + 4.504%), 5.25% (m)(n)	EUR		800		779,034

35

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks (continued)
BNP Paribas SA: (continued)
Cooperatieve Rabobank UA, (5 yr. Euro Swap + 5.250%), 5.50% (m)(n)	EUR		700	$	821,074
Credit Agricole SA, (5 yr. Euro Swap + 5.120%), 6.50% (m)(n)			1,570		1,832,611
Danske Bank A/S:
(6 yr. Euro Swap + 4.640%), 5.75% (m)(n)			200		224,792
(7 yr. Euro Swap + 5.471%), 5.88% (m)(n)			850		974,683
DNB Bank ASA, (5 yr. Swap Semi 30/360 US + 4.075%), 5.75% (m)(n)	USD		800		780,400
Erste Group Bank AG, (5 yr. Euro Swap + 6.204%), 6.50% (m)(n)	EUR		400		466,894
Hongkong & Shanghai Banking Corp. Ltd.,
Series 3H, (3 mo. LIBOR US + 0.000%), 2.75% (a)(n)	USD		2,150		1,452,626
HSBC Holdings PLC:
(5 yr. Euro Swap + 3.844%), 4.75% (m)(n)	EUR		700		723,809
(5 yr. Euro Swap + 4.383%), 5.25% (m)(n)			800		909,726
(USD Swap Rate 11:00 am NY 1 + 3.626%), 5.63% (m)(n)	USD		300		290,625
(USD Swap Rate 11:00 am NY 1 + 3.746%), 6.00% (m)(n)			10,345		9,315,466
(USD Swap Rate 11:00 am NY 1 + 3.453%), 6.25% (m)(n)			1,200		1,125,000
(USD Swap Rate 11:00 am NY 1 + 3.705%), 6.38% (m)(n)			800		744,000
ING Groep NV, (5 yr. Swap Semi 30/360 US + 4.445%), 6.00% (m)(n)			740		718,836
Intesa Sanpaolo SpA, (5 yr. Euro Swap + 7.192%), 7.75% (m)(n)	EUR		1,400		1,677,748
Itau Unibanco Holding SA:
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.981%), 6.13% (b)(m)(n)	USD		1,607		1,502,545
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.863%), 6.50% (b)(m)(n)			946		896,406
Lehman Brothers Holdings Capital Trust VII, 5.86% (c)(f)(l)(n)			1,888		—
Lloyds Banking Group PLC:
(3 mo. LIBOR US + 1.495%), 6.41% (b)(m)(n)			500		487,500
(3 mo. LIBOR US + 1.270%), 6.66% (m)(n)			175		172,046
(3 mo. LIBOR US + 1.270%), 6.66% (b)(m)(n)			1,125		1,106,010
National Westminster Bank PLC, Series C, (3 mo. LIBOR US + 0.250%), 3.00% (a)(n)			2,000		1,480,000
Santander UK Group Holdings PLC,
(5 yr. GBP Swap + 5.543%), 7.38% (m)(n)	GBP		700		894,397
Shinhan Financial Group Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.051%), 5.88% (m)(n)	USD		900		886,500
Societe Generale SA, (5 yr. Swap Semi 30/360 US + 4.979%), 7.88% (m)(n)			300		296,625
UniCredit SpA, (5 yr. Euro Swap + 9.300%), 9.25% (m)(n)	EUR		400		493,819
United Overseas Bank Ltd., (5 yr. Swap Semi 30/360 US + 1.794%), 3.88% (m)(n)	USD		864		794,038
Woori Bank, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.347%), 5.25% (m)(n)			1,575		1,530,729
					59,398,793
Capital Markets — 0.2%
Bank of New York Mellon Corp., Series F, (3 mo. LIBOR US + 3.131%), 4.63% (m)(n)			6,967		6,244,174
Credit Suisse Group AG:
(5 yr. Swap Semi 30/360 US + 5.108%), 7.13% (m)(n)			440		434,500

Security		Par (000)		Value
Capital Markets (continued)
Credit Suisse Group AG: (continued)
(5 yr. Swap Semi 30/360 US + 4.332%), 7.25% (b)(m)(n)	USD		6,995	$	6,598,733
(5 yr. Swap Semi 30/360 US + 4.600%), 7.50% (m)(n)			500		487,500
(5 yr. Swap Semi 30/360 US + 4.600%), 7.50% (b)(m)(n)			1,750		1,706,250
(5 yr. Swap Semi 30/360 US + 4.598%), 7.50% (m)(n)			1,000		1,016,500
State Street Corp., (3 mo. LIBOR US + 2.539%), 5.63% (m)(n)			9,655		9,123,975
UBS Group Funding Switzerland AG:
(5 yr. Swap Semi 30/360 US + 2.432%), 5.00% (m)(n)			2,375		1,974,266
(5 yr. Euro Swap + 5.287%), 5.75% (m)(n)	EUR		700		849,849
(USD Swap Rate 11:00 am NY 1 + 5.497%), 6.88% (m)(n)	USD		800		800,000
(5 yr. Swap Semi 30/360 US + 5.883%), 7.13% (m)(n)			740		750,455
					29,986,202
Chemicals — 0.0%
Solvay SA, (5 yr. Euro Swap + 3.917%), 4.25% (m)(n)	EUR		400		457,689
Commercial Services & Supplies — 0.0%
King Talent Management Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.521%), 5.60% (m)(n)	USD		800		707,000
Construction & Engineering — 0.0%
Chalieco Hong Kong Corp. Ltd., (3 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 8.292%), 5.70% (m)(n)			200		199,097
Diversified Financial Services — 0.0%
HBOS Capital Funding LP, 6.85% (n)			2,294		2,285,443
Diversified Telecommunication Services — 0.0%
Koninklijke KPN NV:
(5 yr. GBP Swap + 5.505%), 6.88%, 03/14/73 (m)	GBP		200		265,117
(10 yr. Swap Semi 30/360 US + 5.330%), 7.00%, 03/28/73 (b)(m)	USD		700		717,500
Orange SA, (5 yr. Euro Swap + 3.668%), 5.25% (m)(n)	EUR		2,180		2,709,743
					3,692,360
Electric Utilities — 0.0%
Electricite de France SA, (8 yr. Euro Swap + 2.441%), 4.13% (m)(n)			400		466,687
Gas Natural Fenosa Finance BV:
(9 yr. Euro Swap + 3.079%), 3.38% (m)(n)			900		997,663
(8 yr. Euro Swap + 3.353%), 4.13% (m)(n)			300		351,038
					1,815,388
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26			200		224,205
Industrial Conglomerates — 0.0%
Tewoo Group No. 5 Ltd., (3 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 8.373%), 5.80% (m)(n)	USD		700		552,629
Insurance — 0.0%
Assicurazioni Generali SpA, (3 mo. LIBOR GBP + 2.200%), 6.42% (m)(n)	GBP		100		123,796
ELM BV for Helvetia Schweizerische Versich- erungsgesellschaft AG, (3 mo. EURIBOR + 3.650%), 3.38%, 09/29/47 (m)	EUR		700		782,320

36

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Insurance (continued)
Heungkuk Life Insurance Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.472%), 4.48%, 11/09/47 (m)	USD		488	$	430,050
KDB Life Insurance Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.658%), 7.50%, 05/21/78 (m)			900		855,000
					2,191,166
Machinery — 0.0%
Weichai International Hong Kong Energy Group Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 6.084%), 3.75% (m)(n)			278		247,120
Media — 0.1%
NBCUniversal Enterprise, Inc., 5.25% (b)(n)			7,400		7,492,500
Multi-Utilities — 0.0%
RWE AG, (5 yr. Euro Swap + 2.643%), 2.75%, 04/21/75 (m)	EUR		86		96,683
Oil, Gas & Consumable Fuels — 0.1%
Enbridge, Inc., (3 mo. LIBOR US + 3.418%), 5.50%, 07/15/77 (m)	USD		5,170		4,377,464
PTTEP Treasury Center Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.724%),4.60% (m)(n)			825		773,438
Repsol International Finance BV, (10 yr. Euro Swap + 4.200%), 4.50%, 03/25/75 (m)	EUR		459		537,732
					5,688,634
Real Estate Management & Development — 0.0%
Agile Group Holdings Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 9.216%), 6.88% (m)(n)	USD		200		166,250
ATF Netherlands BV, (5 yr. Euro Swap + 4.375%), 3.75% (m)(n)	EUR		200		220,538
					386,788
Transportation Infrastructure — 0.0%
Royal Capital BV, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.930%), 4.88% (m)(n)	USD		219		201,480
Wireless Telecommunication Services — 0.1%
Telefonica Europe BV:
(5 yr. Euro Swap + 2.327%), 2.63% (m)(n)	EUR		200		210,245
(10 yr. Euro Swap + 4.301%), 5.88% (m)(n)			3,300		4,022,016
(8 yr. Euro Swap + 5.586%), 7.63% (m)(n)			400		521,165
Vodafone Group PLC:
(5 yr. Euro Swap + 3.427%), 4.20%, 10/03/78 (m)			875		914,811
(5 yr. GBP Swap + 3.267%), 4.88%, 10/03/78 (m)	GBP		275		331,699
(5 yr. Swap Semi 30/360 US + 3.051%), 6.25%, 10/03/78 (m)	USD		4,600		4,266,500
					10,266,436
Total Capital Trusts — 1.0%
(Cost: $136,461,056)					125,889,613

Security			Shares		Value
Preferred Stocks — 0.0%
Diversified Financial Services — 0.0%
Concrete Investment II SCA, 0.00%, 08/27/44 (c)(f)				12,471	$	217,902
Total Preferred Stocks — 0.0%
(Cost: $1,088,511)						217,902
Total Preferred Securities — 1.0%
(Cost: $137,549,567)						126,107,515
	Par (000)
Taxable Municipal Bonds — 6.7%
Adams & Weld Counties School District No. 27J Brighton GO, 5.00%, 12/01/42		USD		1,780		2,029,627
Alamo Community College District GO:
5.00%, 08/15/35				1,260		1,460,428
5.00%, 08/15/36				1,250		1,441,625
5.00%, 08/15/37				1,600		1,838,720
5.00%, 08/15/38				1,570		1,796,551
American Municipal Power, Inc. RB:
7.83%, 02/15/41				1,500		2,198,235
6.45%, 02/15/44				4,635		5,951,155
Arizona Health Facilities Authority RB, 2.68%, 01/01/37 (d)				1,355		1,290,258
Arizona State University RB, 5.00%, 07/01/43				1,160		1,316,994
Bay Area Toll Authority RB:
6.92%, 04/01/40				3,145		4,198,732
7.04%, 04/01/50				8,725		12,396,393
Berks County Industrial Development Authority RB:
5.00%, 11/01/47				1,780		1,924,963
5.00%, 11/01/50				1,660		1,784,915
Buckeye Tobacco Settlement Financing Authority RB, 5.88%, 06/01/47				5,210		4,942,935
Buena Park School District GO, 5.00%, 08/01/47				900		1,023,552
California Health Facilities Financing Authority RB:
5.00%, 08/15/33				1,190		1,380,816
5.00%, 08/15/47				1,650		1,810,792
California Infrastructure & Economic Development Bank RB:
5.00%, 05/15/47				700		795,788
5.00%, 05/15/52				710		802,882
California Municipal Finance Authority RB, 5.00%, 12/31/47				1,110		1,205,171
California Pollution Control Financing Authority RB, 5.00%, 11/21/45 (b)				1,000		1,034,280
Canaveral Port Authority RB:
5.00%, 06/01/45				1,890		2,046,208
5.00%, 06/01/48				1,890		2,080,550
Central Puget Sound Regional Transit Authority RB, 5.00%, 11/01/50				1,730		1,930,801
Central Texas Regional Mobility Authority RB:
5.00%, 01/01/45				900		968,076
5.00%, 01/01/46				900		971,523
Chesapeake Bay Bridge & Tunnel District RB, 5.00%, 07/01/51				700		756,231

37

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Chesapeake Bay Bridge & Tunnel District RB AGM, 5.00%, 07/01/41	USD		880	$	991,047
Chicago O’Hare International Airport RB, 4.47%, 01/01/49			8,375		8,496,521
City & County of Denver, CO Airport System Revenue RB:
5.00%, 11/15/29			1,180		1,372,482
5.00%, 11/15/30			945		1,091,947
City & County of Denver, CO RB:
5.00%, 08/01/44			2,950		3,304,737
5.00%, 08/01/48			2,170		2,420,114
City of Atlanta, GA Water & Wastewater RB, 5.00%, 11/01/47			1,760		2,000,434
City of Atlanta, GA Water & Wastewater Revenue RB:
5.00%, 11/01/40			885		983,589
5.00%, 11/01/41			2,630		3,002,303
5.00%, 11/01/43			1,660		1,892,251
City of Aurora, CO Water Revenue RB:
5.00%, 08/01/41			3,500		3,948,490
5.00%, 08/01/46			3,530		3,977,251
City of Austin, TX Water & Wastewater System Revenue RB, 5.00%, 11/15/43			1,650		1,817,557
City of Cartersville, GA RB, 5.00%, 06/01/48			1,000		1,140,890
City of Colorado Springs, CO Utilities System Revenue RB, 5.00%, 11/15/42			880		1,005,787
City of Columbia, SC Waterworks & Sewer System Revenue RB:
5.00%, 02/01/42			1,350		1,548,112
5.00%, 02/01/48			1,460		1,666,824
City of Long Beach, CA Harbor RB, 5.00%, 05/15/47			2,040		2,315,604
City of New York, NY GO:
5.00%, 04/01/40			2,600		2,967,380
5.00%, 04/01/45			1,970		2,238,235
City of Philadelphia, PA Airport Revenue RB, 5.00%, 07/01/42			1,000		1,099,370
City of Portland, OR GO:
5.00%, 06/15/37			1,115		1,311,352
5.00%, 06/15/40			1,280		1,491,571
City of Riverside, CA Electric Revenue RB, 7.61%, 10/01/40			1,325		1,938,621
City of San Antonio, TX Electric & Gas Systems Revenue RB, 5.00%, 02/01/48			730		787,378
City Public Service Board of San Antonio, TX RB, 5.81%, 02/01/41			3,260		4,133,713
Clark County School District GO:
5.00%, 06/15/30			910		1,059,595
5.00%, 06/15/31			2,000		2,318,080
5.00%, 06/15/33			2,210		2,541,876
5.00%, 06/15/34			2,130		2,429,308
Colorado Health Facilities Authority RB, 5.25%, 02/01/31			785		824,674
Commonwealth Financing Authority RB:
3.86%, 06/01/38			2,325		2,292,868
4.14%, 06/01/38			1,730		1,748,217
Commonwealth of Massachusetts GO:
5.00%, 11/01/42			1,890		2,151,311
5.00%, 01/01/45			2,380		2,704,561
5.00%, 11/01/45			1,830		2,075,476
Commonwealth of Massachusetts Transportation Fund RB, 5.00%, 06/01/48			3,600		4,107,204
Commonwealth of Puerto Rico GO, 8.00%, 07/01/35 (f)(l)			12,415		6,673,063
Connecticut State Health & Educational Facility Authority RB, 5.00%, 07/01/45			1,700		1,806,369

Security		Par (000)		Value
Contra Costa Community College District GO, 6.50%, 08/01/34	USD		570	$	724,213
County of Anne Arundel, MD GO, 5.00%, 10/01/47			1,640		1,879,702
County of Clark, NV GO:
5.00%, 06/01/43			3,220		3,682,070
5.00%, 05/01/48			7,480		8,488,379
County of Franklin, OH Sales Tax Revenue RB:
5.00%, 06/01/43			1,600		1,842,224
5.00%, 06/01/48			3,170		3,635,990
County of King, WA Sewer Revenue RB:
5.00%, 07/01/42			1,090		1,242,753
5.00%, 07/01/47			1,780		1,963,714
County of Miami-Dade, FL Aviation RB, 4.06%, 10/01/31			1,765		1,810,343
County of Miami-Dade, FL Aviation Revenue RB:
2.50%, 10/01/24			2,490		2,408,726
3.35%, 10/01/29			560		534,856
3.45%, 10/01/30			1,030		984,443
3.50%, 10/01/31			965		918,989
5.00%, 10/01/38			1,600		1,746,000
5.00%, 10/01/40			1,650		1,828,414
County of Miami-Dade, FL GO, 5.00%, 07/01/35			800		911,280
Dallas Area Rapid Transit RB:
5.00%, 12/01/41			1,780		1,988,901
5.00%, 12/01/46			2,410		2,684,909
Dallas/Fort Worth International Airport RB:
5.00%, 11/01/42			2,025		2,115,457
Series A, 5.00%, 11/01/43			60		61,987
5.00%, 11/01/45			3,670		3,790,192
5.00%, 11/01/45			2,650		2,766,176
Denton Independent School District GO PSF, 5.00%, 08/15/43			2,750		3,122,322
District of Columbia GO, 5.00%, 06/01/42			1,750		1,984,780
District of Columbia RB:
5.00%, 07/15/34			775		856,065
5.00%, 07/15/35			775		852,996
District of Columbia Water & Sewer Authority RB, 5.00%, 10/01/49			1,415		1,606,449
DuBois Hospital Authority RB, 5.00%, 07/15/43			1,290		1,416,717
Dutchess County Local Development Corp. RB, 5.00%, 07/01/46			2,685		2,933,685
Florida Department of Management Services CP:
5.00%, 11/01/27			1,810		2,185,521
5.00%, 11/01/28			1,860		2,270,149
5.00%, 11/01/29			905		1,116,498
Grand Parkway Transportation Corp. RB, 5.00%, 10/01/43			5,180		5,867,645
Grant County Public Utility District No. 2 RB, 4.58%, 01/01/40			600		630,876
Great Lakes Water Authority Water Supply System Revenue RB, 5.25%, 07/01/33			755		875,392
Health & Educational Facilities Authority of the State of Missouri RB:
5.00%, 11/15/29			840		953,837
3.65%, 01/15/46			1,165		1,122,384
3.09%, 09/15/51			4,665		3,986,103
3.65%, 08/15/57			2,410		2,275,281
Houston Independent School District GO, 5.00%, 07/15/36			1,510		1,766,957
Idaho Health Facilities Authority RB, 5.00%, 12/01/47			1,155		1,285,677
Indiana Finance Authority RB:
5.00%, 02/01/35			1,740		2,054,105

38

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Indiana Finance Authority RB: (continued) 5.00%, 10/01/45	USD		3,120	$	3,402,142
Indiana Housing & Community Development Authority RB GNMA Collateral, 3.80%, 07/01/38			930		933,525
JobsOhio Beverage System RB, 3.99%, 01/01/29			2,760		2,844,014
Kentucky Economic Development Finance Authority RB, 5.25%, 06/01/50			850		889,941
Kentucky Turnpike Authority RB, 5.00%, 07/01/20			1,330		1,389,863
Las Vegas Convention & Visitors Authority RB, 5.00%, 07/01/43			1,785		1,996,647
Las Vegas Valley Water District GO, 5.00%, 06/01/46			1,050		1,170,130
Lexington County Health Services District, Inc. RB, 5.00%, 11/01/41			960		1,028,592
Los Angeles Community College District GO, 6.60%, 08/01/42			6,050		8,312,821
Los Angeles County Metropolitan Transportation Authority RB, 5.00%, 07/01/42			2,650		3,042,677
Los Angeles Department of Water & Power Power System RB, 6.57%, 07/01/45			1,385		1,920,483
Los Angeles Department of Water & Power RB, 6.60%, 07/01/50			3,355		4,735,046
Los Angeles Unified School District GO:
5.75%, 07/01/34			415		491,074
6.76%, 07/01/34			7,405		9,529,569
Louisiana Public Facilities Authority RB, 5.00%, 07/01/48			1,240		1,350,930
Maryland Community Development Administration RB, 3.85%, 09/01/33			1,620		1,648,642
Maryland Health & Higher Educational Facilities Authority RB, 5.25%, 07/01/27			815		913,387
Maryland Stadium Authority RB, 5.00%, 05/01/41			1,580		1,761,115
Massachusetts Bay Transportation Authority RB:
5.00%, 07/01/39			970		1,102,056
5.00%, 07/01/40			1,020		1,156,425
5.00%, 07/01/41			1,060		1,200,090
5.00%, 07/01/42			1,115		1,261,478
5.00%, 07/01/43			890		1,005,504
Massachusetts Development Finance Agency RB:
5.00%, 07/01/43			2,390		2,608,828
5.00%, 09/01/45			985		1,102,333
5.00%, 07/01/47			1,260		1,385,383
5.00%, 07/01/48			4,440		4,828,100
5.00%, 07/01/53			2,500		2,691,775
Massachusetts Educational Financing Authority RB, 5.00%, 01/01/22			500		536,895
Massachusetts Housing Finance Agency RB:
4.50%, 12/01/39			940		971,753
4.60%, 12/01/44			995		1,027,626
4.50%, 12/01/48			1,160		1,198,245
Massachusetts Port Authority RB, 5.00%, 07/01/43			1,590		1,752,641
Massachusetts School Building Authority RB, 5.25%, 02/15/48			2,605		3,017,580
Massachusetts Water Resources Authority RB, 5.00%, 08/01/40			920		1,035,902
Mesquite Independent School District GO PSF, 5.00%, 08/15/42			1,700		1,904,119
Metropolitan Atlanta Rapid Transit Authority RB:
5.00%, 07/01/41			1,750		1,945,317
5.00%, 07/01/42			1,750		1,944,232
5.00%, 07/01/45			1,380		1,549,243

Security		Par (000)		Value
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB:
5.00%, 07/01/40	USD		930	$	1,003,451
5.00%, 07/01/46			1,800		1,933,650
Metropolitan St. Louis Sewer District RB:
5.00%, 05/01/42			2,670		3,041,824
5.00%, 05/01/47			2,290		2,590,929
Metropolitan Transportation Authority RB:
5.87%, 11/15/39			735		872,658
6.67%, 11/15/39			350		455,826
6.69%, 11/15/40			1,160		1,495,681
6.81%, 11/15/40			860		1,142,312
5.00%, 11/15/42			1,700		1,924,332
5.00%, 11/15/45			880		953,146
5.25%, 11/15/57			2,090		2,316,431
Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB:
7.46%, 10/01/46			1,060		1,522,573
5.00%, 10/01/53			1,000		1,032,540
Metropolitan Washington Airports Authority RB:
5.00%, 10/01/32			2,710		3,071,948
5.00%, 10/01/43			2,770		3,093,453
Miami-Dade County Educational Facilities Authority RB:
5.00%, 04/01/48			1,740		1,935,802
5.07%, 04/01/50			1,300		1,463,150
5.00%, 04/01/53			2,875		3,169,946
Michigan Finance Authority RB:
5.00%, 06/01/39			840		917,608
5.00%, 11/15/41			850		915,764
5.00%, 12/01/47			7,010		7,483,525
Michigan State Housing Development Authority RB:
3.55%, 10/01/33			1,055		1,056,530
4.00%, 10/01/43			1,010		1,003,667
4.05%, 10/01/48			465		461,791
4.15%, 10/01/53			2,400		2,399,880
Mississippi Hospital Equipment & Facilities Authority RB, 5.00%, 09/01/46			1,610		1,713,072
Municipal Electric Authority of Georgia RB, 6.64%, 04/01/57			1,610		1,702,156
New Hope Cultural Education Facilities Finance Corp. RB, 5.00%, 08/15/47			1,380		1,534,960
New Jersey State Turnpike Authority RB, 7.41%, 01/01/40			2,329		3,281,561
New Jersey Transportation Trust Fund Authority RB, 5.00%, 06/15/29			915		1,015,705
New Orleans Aviation Board RB, 5.00%, 01/01/40			1,140		1,225,363
New York City Housing Development Corp. RB:
3.70%, 11/01/38			1,090		1,083,896
3.85%, 11/01/43			3,300		3,294,621
4.00%, 11/01/53			3,510		3,490,239
New York City Transitional Finance Authority Building Aid Revenue RB, 5.00%, 07/15/40			930		1,032,030
New York City Transitional Finance Authority Future Tax Secured Revenue RB:
3.55%, 05/01/25			5,040		5,093,575
3.05%, 05/01/27			4,675		4,498,332
5.00%, 08/01/31			470		542,577
5.00%, 02/01/35			1,040		1,176,687
5.00%, 05/01/36			990		1,120,036
New York City Water & Sewer System RB:
5.00%, 06/15/39			3,720		4,278,632
5.00%, 06/15/40			2,660		3,050,089
5.75%, 06/15/41			1,330		1,663,311
6.01%, 06/15/42			665		858,329

39

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
New York City Water & Sewer System RB: (continued)
5.38%, 06/15/43	USD		4,410	$	4,678,393
5.44%, 06/15/43			1,775		2,151,176
5.50%, 06/15/43			5,285		5,630,692
5.88%, 06/15/44			1,240		1,589,990
New York Convention Center Development Corp. RB:
5.00%, 11/15/40			930		1,036,671
5.00%, 11/15/46			2,370		2,654,021
New York Liberty Development Corp. RB, 5.00%, 11/15/44 (b)			2,200		2,257,178
New York State Dormitory Authority RB:
5.00%, 02/15/31			780		903,318
5.00%, 03/15/32			1,395		1,594,066
5.00%, 02/15/36			1,870		2,149,004
5.00%, 02/15/37			950		1,087,864
5.00%, 02/15/38			940		1,072,587
5.00%, 10/01/38			2,830		3,316,279
5.00%, 02/15/39			940		1,069,541
5.00%, 03/15/39			2,840		3,259,127
5.00%, 02/15/40			945		1,073,709
5.39%, 03/15/40			1,470		1,721,884
5.00%, 02/15/41			1,870		2,120,169
5.00%, 03/15/41			1,750		1,999,235
5.00%, 02/15/42			2,540		2,877,769
5.00%, 03/15/42			1,750		1,997,747
5.00%, 02/15/43			1,550		1,754,863
5.00%, 03/15/43			1,820		2,051,759
5.00%, 03/15/43			1,750		1,996,242
5.00%, 03/15/48			9,170		10,479,109
5.00%, 10/01/48			1,120		1,473,853
New York State Urban Development Corp. RB:
2.86%, 03/15/24			5,580		5,534,802
3.12%, 03/15/25			2,900		2,876,249
3.32%, 03/15/29			4,035		3,938,644
New York Transportation Development Corp. RB:
5.00%, 08/01/20			2,200		2,275,174
5.00%, 07/01/46			730		767,522
5.25%, 01/01/50			5,190		5,515,050
North Carolina Turnpike Authority RB AGM, 5.00%, 01/01/35			1,290		1,476,586
North Texas Tollway Authority RB, 5.00%, 01/01/43			1,245		1,396,205
Ohio Turnpike & Infrastructure Commission RB, 5.00%, 02/15/48			1,720		1,843,272
Oklahoma Development Finance Authority RB:
5.25%, 08/15/43			1,000		1,084,800
5.25%, 08/15/48			500		540,340
5.50%, 08/15/57			4,760		5,213,628
Omaha Public Power District RB, 5.00%, 02/01/42			2,070		2,355,122
Orange County Local Transportation Authority
RB, 6.91%, 02/15/41			2,790		3,692,984
Oregon School Boards Association GO:
5.48%, 06/30/22			4,895		5,343,039
5.49%, 06/30/23			4,215		4,694,793
Oregon School Boards Association GO AMBAC, 4.76%, 06/30/28			4,460		4,813,812
Pennsylvania Economic Development Financing Authority RB:
5.00%, 12/31/22			1,000		1,077,490
5.00%, 12/31/38			320		342,893
Pennsylvania State University RB:
5.00%, 09/01/43			1,240		1,427,525
5.00%, 09/01/48			1,450		1,662,773
Pennsylvania Turnpike Commission RB:
5.00%, 12/01/43			3,460		3,842,399

Security		Par (000)		Value
Pennsylvania Turnpike Commission RB: (continued)
5.00%, 12/01/46	USD		1,120	$	1,217,373
5.00%, 12/01/48			11,290		12,677,541
5.00%, 12/01/48			2,805		3,102,723
Permanent University Fund — University of Texas System RB, 3.38%, 07/01/47			2,010		1,820,618
Port Authority of New York & New Jersey RB:
5.65%, 11/01/40			2,165		2,636,710
4.96%, 08/01/46			2,660		3,053,813
5.00%, 11/15/47			860		954,110
4.93%, 10/01/51			1,045		1,196,107
4.46%, 10/01/62			3,155		3,209,929
4.81%, 10/15/65			870		944,716
Port of Seattle, WA RB, 5.00%, 05/01/43			930		1,019,420
Public Power Generation Agency RB, 5.00%, 01/01/35			1,070		1,189,904
Putnam County Development Authority RB, 5.00%, 03/15/42			2,965		3,276,414
Regents of the University of California Medical Center Pooled Revenue RB:
5.00%, 05/15/47			1,500		1,668,600
6.58%, 05/15/49			2,860		3,782,951
Royal Oak Hospital Finance Authority RB, 5.00%, 09/01/39			1,160		1,252,823
Sacramento County Sanitation Districts Financing Authority RB, 2.37%, 12/01/35 (d)			1,940		1,884,225
Salt Lake City Corp. Airport Revenue RB:
5.00%, 07/01/47			2,960		3,258,694
5.00%, 07/01/47			1,100		1,232,352
Salt River Project Agricultural Improvement & Power District RB:
5.00%, 01/01/36			1,840		2,158,302
5.00%, 12/01/45			6,365		7,066,996
San Antonio Water System RB, 5.00%, 05/15/39			4,390		4,897,967
San Diego County Regional Airport Authority RB, 5.00%, 07/01/47			1,640		1,847,657
San Diego Public Facilities Financing Authority Sewer Revenue RB, 5.00%, 05/15/39			1,250		1,433,663
San Diego Unified School District GO, 5.00%, 07/01/41			2,370		2,730,785
San Francisco City & County Airport Comm-San Francisco International Airport RB, 5.00%, 05/01/46			3,330		3,652,477
San Francisco City & County Airport RB, 5.00%, 05/01/47			1,890		2,090,302
San Jose Redevelopment Agency Successor Agency TA:
2.96%, 08/01/24			7,265		7,189,444
3.13%, 08/01/28			4,275		4,111,182
3.25%, 08/01/29			3,585		3,449,917
South Carolina Ports Authority RB, 5.00%, 07/01/55			1,690		1,827,972
South Carolina Public Service Authority RB:
2.39%, 12/01/23			2,692		2,554,520
5.00%, 12/01/49			1,730		1,802,262
5.00%, 12/01/50			1,730		1,811,967
Spartanburg County School District No. 7 GO SCSDE, 5.00%, 03/01/48			645		741,382
State Board of Administration Finance Corp. RB, 2.64%, 07/01/21			4,400		4,382,048
State of Alabama GO, 5.00%, 11/01/38			1,930		2,259,953
State of California GO:
2.25%, 10/01/23			4,050		3,942,067
7.50%, 04/01/34			2,210		3,011,633
4.60%, 04/01/38			16,540		17,058,529
7.55%, 04/01/39			3,715		5,321,923

40

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
State of California GO: (continued)
7.30%, 10/01/39	USD		2,575	$	3,534,754
7.35%, 11/01/39			1,320		1,822,247
State of Connecticut GO, 3.31%, 01/15/26			4,655		4,563,250
State of Illinois GO:
5.00%, 05/01/20			1,380		1,416,874
5.00%, 11/01/22			1,735		1,829,939
5.00%, 11/01/24			4,450		4,748,150
5.00%, 12/01/24			870		928,577
5.00%, 11/01/25			4,350		4,650,324
5.10%, 06/01/33			13,140		12,528,070
State of Minnesota GO:
5.00%, 08/01/31			925		1,118,232
5.00%, 08/01/32			920		1,106,981
5.00%, 08/01/33			910		1,090,680
5.00%, 08/01/34			930		1,109,443
5.00%, 08/01/35			1,780		2,115,174
State of Mississippi GO, 5.00%, 11/01/35			1,020		1,171,307
State of Ohio GO, 5.00%, 03/15/32			2,380		2,667,123
State of Texas GO:
5.00%, 04/01/40			1,310		1,479,396
5.00%, 04/01/43			2,100		2,358,468
State of Washington GO:
5.00%, 07/01/30			4,470		5,077,875
5.00%, 08/01/30			1,000		1,167,080
5.00%, 08/01/40			2,720		3,037,315
5.00%, 08/01/40			1,120		1,276,464
5.00%, 02/01/41			1,880		2,126,299
5.00%, 08/01/41			1,175		1,337,256
5.00%, 08/01/42			1,245		1,415,914
State of West Virginia GO:
5.00%, 06/01/40			2,400		2,752,800
5.00%, 12/01/40			2,480		2,844,560
5.00%, 12/01/41			2,370		2,714,243
State of Wisconsin GO:
5.00%, 05/01/32			1,040		1,187,992
5.00%, 05/01/33			940		1,071,403
5.00%, 11/01/33			1,520		1,780,346
5.00%, 05/01/34			1,220		1,389,019
5.00%, 05/01/36			1,520		1,722,996
5.00%, 05/01/38			1,530		1,718,236
State of Wisconsin RB, 3.15%, 05/01/27			3,355		3,307,862
Sumter Landing Community Development District RB, 4.17%, 10/01/47			920		916,872
Tennessee Housing Development Agency RB:
3.75%, 07/01/38			980		979,961
3.85%, 07/01/43			460		457,829
3.95%, 01/01/49			370		370,000
Texas A&M University RB:
2.76%, 05/15/26			5,045		4,881,946
2.84%, 05/15/27			2,240		2,154,992
Texas Municipal Gas Acquisition & Supply Corp. RB, 6.25%, 12/15/26			790		902,678
Texas Private Activity Bond Surface Transportation Corp. RB, 5.00%, 12/31/55			370		388,008
Texas Water Development Board RB:
5.00%, 10/15/38			2,650		3,086,588
5.00%, 10/15/43			2,570		2,941,108
5.00%, 10/15/47			1,030		1,169,246
5.00%, 04/15/49			17,120		19,628,251
Tobacco Settlement Finance Authority RB, 7.47%, 06/01/47			6,640		6,505,407
Tobacco Settlement Financing Corp. RB, 6.71%, 06/01/46			4,195		3,958,696
TSASC, Inc. RB, 5.00%, 06/01/41			1,700		1,754,094
University of California RB:
3.06%, 07/01/25			1,865		1,840,624
4.60%, 05/15/31			1,950		2,093,618

Security		Par (000)		Value
University of California RB: (continued)
4.86%, 05/15/2112	USD		1,415	$	1,485,354
University of Delaware RB, 4.22%, 11/01/58			2,175		2,226,852
University of Houston RB:
5.00%, 02/15/33			955		1,088,366
5.00%, 02/15/34			875		993,571
5.00%, 02/15/35			1,990		2,251,446
5.00%, 02/15/36			2,560		2,885,837
University of Oregon RB, 5.00%, 04/01/46			1,270		1,421,067
Upper Arlington City School District GO, 5.00%, 12/01/48			2,290		2,605,425
Virginia Small Business Financing Authority RB:
5.00%, 12/31/52			2,535		2,699,091
5.00%, 12/31/56			2,190		2,323,678
Washington Metropolitan Area Transit Authority RB, 5.00%, 07/01/36			1,045		1,202,387
Washington State Convention Center Public Facilities District RB, 5.00%, 07/01/58			7,060		7,807,019
Weld County School District No. RE-4 GO, 5.25%, 12/01/41			1,560		1,799,585
West Virginia Hospital Finance Authority RB:
5.00%, 06/01/19			895		906,474
5.00%, 06/01/20			965		1,003,282
5.00%, 06/01/21			960		1,022,304
5.00%, 06/01/22			1,050		1,143,923
5.00%, 06/01/23			870		966,440
5.00%, 06/01/24			935		1,056,129
Wisconsin Health & Educational Facilities Authority RB, 5.00%, 12/15/44			790		843,080
Total Taxable Municipal Bonds — 6.7% (Cost: $853,593,084)					850,088,427
U.S. Government Sponsored Agency Securities — 83.6%
Agency Obligations — 0.0%
Fannie Mae 6.63%, 11/15/30			1,450		1,943,619
Freddie Mac 3.75%, 03/27/19			3,650		3,661,257
					5,604,876
Collateralized Mortgage Obligations — 0.2%
Fannie Mae:
Series 2003-W5, Class A, (1 mo. LIBOR US + 0.110%), 2.62%, 04/25/33 (a)			2		2,136
Series 2005-48, Class AR, 5.50%, 02/25/35			2		1,513
Series 2016-C06, Class 1M2, (1 mo. LIBOR US + 4.250%), 6.76%, 04/25/29 (a)			4,038		4,436,140
Series 2017-C03, Class 1B1, (1 mo. LIBOR US + 4.850%), 7.36%, 10/25/29 (a)			7,360		7,939,715
Series 2017-C05, Class 1B1, (1 mo. LIBOR US + 3.600%), 6.11%, 01/25/30 (a)			3,152		3,130,617
Series 2017-C07, Class 1B1, (1 mo. LIBOR US + 4.000%), 6.51%, 05/25/30 (a)			3,464		3,473,448
Freddie Mac:
Series 2015-DN1, Class B, (1 mo. LIBOR US + 11.500%), 14.01%, 01/25/25 (a)			498		657,177
Series 2015-HQ2, Class B, (1 mo. LIBOR US + 7.950%), 10.46%, 05/25/25 (a)			527		619,990
Series 2016-DNA4, Class M3, (1 mo. LIBOR US + 3.800%), 6.31%, 03/25/29 (a)			3,200		3,451,513
Series 2017-DNA2, Class B1, (1 mo. LIBOR US + 5.150%), 7.66%, 10/25/29 (a)			590		661,052
Series 2017-DNA2, Class M2, (1 mo. LIBOR US + 3.450%), 5.96%, 10/25/29 (a)			1,040		1,100,250

41

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Freddie Mac: (continued)
Series 2017-DNA3, Class B1, (1 mo. LIBOR US + 4.450%), 6.96%, 03/25/30 (a)	USD		1,860	$	1,968,080
Series 2017-HRP1, Class M2, (1 mo. LIBOR US + 2.450%), 4.96%, 12/25/42 (a)			810		822,117
Series 2018-DNA1, Class M2, (1 mo. LIBOR US + 1.800%), 4.31%, 07/25/30 (a)			627		602,586
					28,866,334
Commercial Mortgage-Backed Securities — 0.3%
Fannie Mae:
Series 2006-M2, Class A2A, 5.27%, 10/25/32 (d)			1,880		2,038,454
Series 2015-M10, Class A2, 3.09%, 04/25/27 (d)			1,000		981,866
Series 2017-M14, Class A2, 2.88%, 11/25/27 (d)			3,010		2,919,696
Series 2017-M7, Class A2, 2.96%, 02/25/27 (d)			5,649		5,495,978
Series 2018-M12, Class A1, 3.55%, 02/25/30			258		265,936
Series 2018-M14, Class A2, 3.58%, 08/25/28 (d)			3,103		3,163,363
Freddie Mac:
Series K058, Class A2, 2.65%, 08/25/26			618		594,817
Series K063, Class A2, 3.43%, 01/25/27 (d)			4,965		5,025,840
Series K064, Class A2, 3.22%, 03/25/27			1,493		1,489,801
Series K076, Class A2, 3.90%, 06/25/51			1,246		1,299,908
Series K085, Class A2, 4.06%, 10/25/28 (d)			6,443		6,785,339
Series KJ20, Class A2, 3.80%, 12/25/25			1,040		1,078,514
Series KW06, Class A2, 3.80%, 06/25/28 (d)			1,040		1,073,531
Ginnie Mae:
Series 2015-97, Class VA, 2.25%, 12/16/38			1,110		1,030,366
Series 2016-158, Class VA, 2.00%, 03/16/35 (c)			725		653,041
					33,896,450
Interest Only Commercial Mortgage-Backed Securities — 0.2%
Fannie Mae:
Series 2013-M5, Class X2, 2.18%, 01/25/22 (d)			8,524		258,993
Series 2015-M4, Class X2, 0.38%, 07/25/22 (d)			35,182		372,833
Series 2016-M4, Class X2, 2.63%, 01/25/39 (d)			7,817		701,249
Series 2017-M12, Class X, 0.33%, 06/25/27 (d)			13,628		213,137
Freddie Mac:
Series K718, Class X1, 0.62%, 01/25/22 (d)			5,796		92,736
Series KW01, Class X1, 0.98%, 01/25/26 (d)			9,754		536,750
Series KW03, Class X1, 0.85%, 06/25/27 (d)			7,694		413,553
Ginnie Mae:
Series 2012-23, Class IO, 0.58%, 06/16/53 (d)			3,575		86,155
Series 2013-191, Class IO, 0.75%, 11/16/53 (d)			2,922		101,904
Series 2013-30, Class IO, 0.80%, 09/16/53 (d)			13,309		553,669
Series 2013-63, Class IO, 0.79%, 09/16/51 (d)			17,748		933,623
Series 2013-78, Class IO, 0.79%, 10/16/54 (d)			15,211		657,587
Series 2014-40, Class AI, 1.00%, 02/16/39			3,281		41,242
Series 2014-52, Class AI, 0.83%, 08/16/41			4,454		93,036
Series 2015-171, Class IO, 0.89%, 11/16/55 (d)			11,051		680,688
Series 2015-173, Class IO, 0.89%, 09/16/55 (d)			6,726		441,707

Security		Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Ginnie Mae: (continued)
Series 2015-22, Class IO, 0.73%, 03/16/55 (d)	USD		10,666	$	560,196
Series 2015-37, Class IO, 0.83%, 10/16/56 (d)			2,611		156,934
Series 2015-48, Class IO, 0.67%, 02/16/50 (d)			5,793		258,359
Series 2016-110, Class IO, 1.03%, 05/16/58 (d)			6,453		477,357
Series 2016-113, Class IO, 1.19%, 02/16/58 (d)			8,697		789,682
Series 2016-119, Class IO, 1.12%, 04/16/58 (d)			11,082		918,190
Series 2016-125, Class IO, 1.06%, 12/16/57 (d)			9,134		716,862
Series 2016-128, Class IO, 0.95%, 09/16/56 (d)			13,507		1,048,072
Series 2016-152, Class IO, 0.93%, 08/15/58 (d)			16,848		1,274,636
Series 2016-158, Class IO, 0.91%, 06/16/58 (d)			6,492		480,994
Series 2016-162, Class IO, 1.00%, 09/16/58 (d)			26,429		2,132,564
Series 2016-165, Class IO, 0.97%, 12/16/57 (d)			6,670		534,629
Series 2016-26, Class IO, 0.97%, 02/16/58 (d)			17,134		1,183,659
Series 2016-34, Class IO, 0.99%, 01/16/58 (d)			10,065		770,725
Series 2016-36, Class IO, 0.94%, 08/16/57 (d)			11,820		814,659
Series 2016-67, Class IO, 1.17%, 07/16/57 (d)			12,232		981,739
Series 2016-87, Class IO, 1.00%, 08/16/58 (d)			18,838		1,416,800
Series 2016-96, Class IO, 0.99%, 12/16/57 (d)			17,479		1,291,656
Series 2016-97, Class IO, 1.04%, 07/16/56 (d)			9,961		815,002
Series 2017-100, Class IO, 0.81%, 05/16/59 (d)			9,964		673,384
Series 2017-151, Class IO, 0.71%, 09/16/57 (d)			13,528		843,298
Series 2017-86, Class IO, 0.77%, 05/16/59 (d)			6,071		408,175
Series 2018-106, Class IO, 0.49%, 04/16/60 (d)			11,229		616,359
Series 2018-85, Class IO, 0.52%, 07/16/60 (d)			12,017		719,855
					26,062,648
Mortgage-Backed Securities — 82.9%
Fannie Mae Mortgage-Backed Securities:
5.00%, 05/01/23-01/01/49 (q)			621,186		650,969,677
4.50%, 02/01/25-01/01/49 (q)			2,183,090		2,262,916,855
3.50%, 08/01/26-01/01/49 (q)			2,146,120		2,148,907,371
2.50%, 09/01/27-02/01/33			101,526		99,446,876
3.00%, 04/01/28-01/01/49 (q)			1,323,532		1,313,761,187
4.00%, 08/01/31-01/01/57 (q)			756,116		775,324,024
2.00%, 10/01/31-03/01/32			19,393		18,562,099
5.50%, 12/01/32-01/01/49 (q)			28,553		30,647,737
6.00%, 02/01/34-01/01/49 (q)			17,478		19,086,175
6.50%, 05/01/40			3,121		3,526,951
4.99%, 09/01/44			4,234		4,504,901
Freddie Mac Mortgage-Backed Securities:
2.50%, 02/01/24-01/01/34 (q)			67,623		66,100,810

42

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Mortgage-Backed Securities (continued)
Freddie Mac Mortgage-Backed Securities:
(continued) 3.00%, 09/01/27-01/01/49 (q)	USD		277,296	$	272,033,070
3.50%, 09/01/30-01/01/49 (q)			332,259		334,534,595
4.00%, 01/01/34-01/01/49 (q)			265,269		271,309,607
5.50%, 02/01/35-06/01/41			3,642		3,907,910
5.00%, 07/01/35-01/01/49 (q)			22,633		23,858,942
4.50%, 02/01/39-01/01/49 (q)			167,978		175,681,166
6.00%, 01/01/49 (q)			7,800		8,392,411
Ginnie Mae Mortgage-Backed Securities:
5.00%, 04/15/33-01/01/49 (q)			36,612		38,265,602
4.00%, 04/20/39-01/01/49 (q)			843,662		864,028,449
4.50%, 12/20/39-01/01/49 (q)			321,101		332,459,748
3.50%, 01/15/42-01/01/49 (q)(r)			386,152		389,147,653
3.00%, 12/20/44-01/01/49 (q)			398,947		393,305,400
5.50%, 01/15/49 (q)			5,800		6,068,477
					10,506,747,693
Total U.S. Government Sponsored Agency Securities — 83.6% (Cost: $10,566,161,581)					10,601,178,001
U.S. Treasury Obligations — 1.1%
U.S. Treasury Bonds, 3.00%, 08/15/48			1,700		1,691,965
U.S. Treasury Notes:
2.75%, 09/15/21-08/31/23			19,720		19,873,849
3.00%, 10/31/25			112,160		115,064,769
Total U.S. Treasury Obligations — 1.1% (Cost: $134,624,285)					136,630,583
Total Long-Term Investments — 153.2% (Cost: $19,600,233,931)					19,412,598,246
Short-Term Securities — 5.7%
Commercial Paper — 0.2%
AT&T Inc., 0.00%, 03/07/19			17,700		17,600,509
General Motors Financial Co, Inc., 0.00%, 03/27/19			12,580		12,484,584
Total Commercial Paper — 0.2% (Cost: $30,081,608)					30,085,093
Foreign Government Obligations — 3.2%
Arab Republic of Egypt Treasury Bills, 19.60%, 04/02/19 (s)	EGP		239,450		12,747,404
Federal Republic of Nigeria Treasury Bills, 0.00%, 04/04/19 (s)	NGN		461,802		1,232,837
Government of Japan Treasury Bills, (0.28)%, 01/19/21 (s)	JPY		43,294,650		395,033,019
Total Foreign Government Obligations — 3.2% (Cost: $400,162,492)					409,013,260
		Shares
Mutual Funds — 1.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.32% (t)(v)			58,198,971		58,198,971
SL Liquidity Series, LLC, Money Market Series, 2.57% (t)(u)(v)			64,534,596		64,528,142
Total Mutual Funds — 1.0% (Cost — $122,733,505)					122,727,113

Security		Par (000)		Value
U.S. Treasury Obligations — 0.1%
U.S. Treasury Bills, 2.38%, 07/18/19 (s)	USD		5,140	$	5,070,420
Total U.S. Treasury Obligations — 0.1% (Cost: $5,074,660)					5,070,420
Total Short-Term Investments — 4.5% (Cost: $558,052,265)					566,895,886
Options Purchased — 0.2% (Cost: $31,618,473)					32,938,779
Total Investments Before Options Written and TBA Sale Commitments — 157.9% (Cost: $20,189,904,669)					20,012,432,911
TBA Sale Commitments — (48.3)%(q)
Mortgage-Backed Securities — (48.3)%
Fannie Mae Mortgage-Backed Securities:
2.00%, 01/01/34			21,320		(20,404,323	)
2.50%, 01/01/34			508		(496,104	)
3.50%, 01/01/34-01/01/49			3,532,610		(3,532,777,375	)
4.00%, 01/01/34-01/01/49			223,517		(227,883,430	)
3.00%, 01/01/49			64,200		(62,576,011	)
4.50%, 01/01/49			1,467,316		(1,519,388,521	)
Freddie Mac Mortgage-Backed Securities:
2.50%, 01/01/34			4,258		(4,156,041	)
3.00%, 01/01/34-01/01/49			8,467		(8,322,593	)
3.50%, 01/01/34-01/01/49			22,061		(22,213,813	)
4.00%, 01/01/49			14,745		(15,031,548	)
Ginnie Mae Mortgage-Backed Securities:
3.00%, 01/01/49-01/15/49			292,830		(288,327,781	)
3.50%, 01/01/49-01/15/49			87,102		(87,616,454	)
4.00%, 01/15/49			316,327		(323,889,192	)
Total TBA Sale Commitments — (48.3)% (Proceeds: $6,037,899,953)					(6,113,083,186	)
Options Written — (0.1)% (Premiums Received: $13,062,238)					(15,111,278	)
Total Investments Net of Options Written and TBA Sale Commitments — 109.5%					13,884,238,447
Liabilities in Excess of Other Assets — (9.5)%					(1,210,019,620	)
Net Assets — 100.0%				$	12,674,218,827

43

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

^(a) Variable rate security. Rate shown is the rate in effect as of period end.

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

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

^(d) Variable or floating rate security, which interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.

^(e) Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate as of period end.

^(f) Non-income producing security.

^(g) Security, or a portion of the security, is on loan.

^(h) A security contractually bound to one or more other securities to form a single saleable unit which cannot be sold separately.

⁽ⁱ⁾ Convertible security.

^(j) Zero-coupon bond.

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

^(l) Issuer filed for bankruptcy and/or is in default.

^(m) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.

⁽ⁿ⁾ Perpetual security with no stated maturity date.

^(o) Fixed rate.

^(p) Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

^(q) Represents or includes a TBA transaction.

^(r) All or a portion of the security has been pledged as collateral in connection with outstanding TBA commitments.

^(s) Rates are discount rates or a range of discount rates as of period end.

^(t) Annualized 7-day yield as of period end.

^(u) Security was purchased with the cash collateral from loaned securities.

^(v) During the period ended December 31, 2018, investments in issuers considered to be affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliated persons and/or related parties	Par/Shares Held at 09/30/18		Par/Shares Purchased			Par/Shares Sold			Par/Shares Held at 12/31/18		Value at 12/31/18		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Capital Finance LP, Series 1997-R2, Class AP	$	3,374	$	—		$	—		$	3,374	$	2,975	$	—		$	—		$	(17	)
BlackRock Liquidity Funds, T-Fund, Institutional Class		791,503,000		—			(733,304,029	)(b)		58,198,971		58,198,971		7,962			—			—
iShares iBoxx $ High Yield Corporate Bond ETF		—		820,600			(40,700	)		779,900		63,249,890		—			(15,281	)		(57,609	)
iShares JPMorgan USD Emerging Markets Bond ETF		1,201,638		1,093,793			(1,945,183	)		350,248		36,394,270		2,969,209			(4,233,722	)		(575,353	)
SL Liquidity Series, LLC, Money Market Series		8,009,890		56,524,706	(c)		—			64,534,596		64,528,142		48,383	(d)		208			(6,808	)
											$	222,374,248	$	3,025,554		$	(4,248,795	)	$	(639,787	)

^(a) Includes net capital gain distributions, if applicable.

^(b) Represents net shares sold.

^(c) Represents net shares purchased.

^(d) Represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

For Master Portfolio compliance purposes, the Master Portfolio’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
CBOE Volatility Index		184		01/16/19	$	4,448	$	445,147
STOXX Europe 600 Index		4		03/15/19		30		(978	)
U.S. Treasury Bonds (30 Year)		528		03/20/19		77,088		462,152
U.S. Ultra Treasury Bonds		5,097		03/20/19		818,865		41,253,761
U.S. Ultra Treasury Bonds (10 Year)		2,598		03/20/19		337,943		8,472,498
U.S. Treasury Notes (2 Year)		5,645		03/29/19		1,198,504		7,203,744
U.S. Treasury Notes (5 Year)		15,451		03/29/19		1,772,037		21,004,453
								78,840,777

44

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
Euro-Bobl		110		03/07/19	$	16,702	$	(40,444	)
Euro-Bund		1,886		03/07/19		353,391		(1,766,522	)
Euro-Buxl		157		03/07/19		32,490		(64,732	)
Euro-Schatz		6		03/07/19		770		(762	)
Japanese Government Bonds (10 Year)		76		03/13/19		105,729		(512,021	)
S&P 500 E-Mini		570		03/15/19		71,398		(6,811	)
U.S. Treasury Notes (10 Year)		4,092		03/20/19		499,288		(2,444,055	)
Long Gilt British		56		03/27/19		8,792		(80,710	)
Euro Dollar		3,951		12/14/20		963,353		(4,006,433	)
Euro Dollar		1,035		03/15/21		252,437		(721,467	)
								(9,643,957	)
							$	69,196,820

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	4,961,485	USD	1,277,400	Citibank N.A.		01/03/19	$	2,512
BRL	51,788,369	USD	13,333,600	Citibank N.A.		01/03/19		26,219
BRL	6,110,149	USD	1,574,375	Goldman Sachs International		01/03/19		1,857
USD	1,574,375	BRL	6,081,181	Goldman Sachs International		01/03/19		5,616
USD	2,554,800	BRL	9,868,170	Goldman Sachs International		01/03/19		9,113
USD	6,637,605	BRL	25,638,413	Goldman Sachs International		01/03/19		23,677
USD	2,554,800	ZAR	36,341,008	BNP Paribas S.A.		01/10/19		32,047
USD	1,717,500	COP	5,514,033,750	NatWest Markets PLC		01/11/19		20,542
ARS	25,317,500	USD	650,000	BNP Paribas S.A.		01/16/19		6,959
ARS	25,103,000	USD	650,000	Citibank N.A.		01/16/19		1,393
ARS	12,951,250	USD	325,000	Citibank N.A.		01/16/19		11,069
ARS	12,967,500	USD	325,000	Deutsche Bank AG		01/16/19		11,491
ARS	51,522,600	USD	1,290,000	Deutsche Bank AG		01/16/19		46,950
ARS	12,977,250	USD	325,000	NatWest Markets PLC		01/16/19		11,744
MXN	31,601,678	USD	1,574,375	Goldman Sachs International		01/16/19		29,516
USD	40,691	CLP	27,277,415	BNP Paribas S.A.		01/16/19		1,367
USD	3,222,309	CLP	2,221,459,825	BNP Paribas S.A.		01/16/19		19,810
USD	10,000	CLP	6,703,100	Citibank N.A.		01/16/19		337
USD	3,230,000	RUB	217,734,300	Bank of America N.A.		01/16/19		112,322
USD	9,680,000	ZAR	139,200,626	BNP Paribas S.A.		01/16/19		24,002
USD	10,000	ZAR	138,795	Citibank N.A.		01/16/19		372
IDR	143,836,000,000	USD	9,337,000	Barclays Bank PLC		01/18/19		646,389
CNH	103,987,500	USD	15,000,000	HSBC Bank PLC		01/31/19		138,556
JPY	7,725,395,000	USD	70,234,612	JPMorgan Chase Bank N.A.		02/05/19		450,705
USD	37,397,338	GBP	29,241,000	JPMorgan Chase Bank N.A.		02/05/19		58,744
USD	5,110,000	KRW	5,645,528,000	Morgan Stanley & Co. International PLC		02/07/19		44,077
ARS	12,874,549	USD	305,446	BNP Paribas S.A.		03/07/19		8,052
ARS	42,566,300	USD	1,022,000	BNP Paribas S.A.		03/11/19		9,797
JPY	31,749,000	USD	287,689	Australia & New Zealand Banking Group Ltd.		03/14/19		3,704
JPY	29,860,000	USD	266,426	JPMorgan Chase Bank N.A.		03/14/19		7,630
JPY	30,000,000	USD	266,506	Morgan Stanley & Co. International PLC		03/14/19		8,834
USD	1,176,379	CNH	8,066,079	Bank of America N.A.		03/14/19		2,227
USD	258,561	HKD	2,016,778	Goldman Sachs International		03/14/19		439
USD	3,873,893	HKD	30,181,498	Morgan Stanley & Co. International PLC		03/14/19		11,049
USD	3,873,899	HKD	30,180,000	Morgan Stanley & Co. International PLC		03/14/19		11,247

45

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
IDR	348,247,902	USD	23,935	Bank of America N.A.		03/15/19		$	86
USD	402,518	KRW	444,098,451	Bank of America N.A.		03/15/19			3,462
USD	1,272,215	TWD	38,600,260	JPMorgan Chase Bank N.A.		03/15/19			8,593
EUR	15,991,023	USD	18,427,000	Deutsche Bank AG		03/20/19			18,508
GBP	51,623,000	USD	65,552,388	Barclays Bank PLC		03/20/19			502,387
USD	4,607,000	AUD	6,520,822	Bank of America N.A.		03/20/19			7,811
USD	4,607,000	CAD	6,272,443	Goldman Sachs International		03/20/19			3,974
USD	13,394,000	CHF	13,048,328	Citibank N.A.		03/20/19			18,587
USD	5,430,000	MXN	106,916,700	Barclays Bank PLC		06/14/19			135,092
USD	43,851,570	EUR	33,810,000	Deutsche Bank AG		12/13/19			3,940,509
USD	44,135,574	EUR	33,810,000	Deutsche Bank AG		02/25/20			3,987,243
JPY	4,504,440,000	USD	41,738,695	JPMorgan Chase Bank N.A.		03/16/20			906,229
USD	44,963,466	JPY	4,504,440,000	HSBC Bank PLC		03/16/20			2,318,542
									13,651,388
BRL	4,893,719	USD	1,277,400	Goldman Sachs International		01/03/19			(14,970	)
USD	6,695,995	BRL	26,228,212	Goldman Sachs International		01/03/19			(70,084	)
USD	5,110,000	TWD	157,709,930	BNP Paribas S.A.		01/03/19			(22,499	)
ZAR	35,994,833	USD	2,554,800	BNP Paribas S.A.		01/10/19			(56,078	)
COP	5,429,017,500	USD	1,717,500	BNP Paribas S.A.		01/11/19			(46,706	)
ARS	35,941,400	USD	935,000	Citibank N.A.		01/16/19			(2,364	)
CLP	1,712,757,025	USD	2,555,000	BNP Paribas S.A.		01/16/19			(85,857	)
CLP	1,712,757,025	USD	2,555,000	BNP Paribas S.A.		01/16/19			(85,857	)
CLP	2,190,029,760	USD	3,273,000	Deutsche Bank AG		01/16/19			(115,811	)
COP	5,483,307,675	USD	1,717,500	Goldman Sachs International		01/16/19			(30,437	)
RUB	214,665,800	USD	3,230,000	Bank of America N.A.		01/16/19			(156,259	)
USD	150,000	ARS	6,004,500	Goldman Sachs International		01/16/19			(5,810	)
USD	1,307,000	ARS	50,482,875	HSBC Bank PLC		01/16/19			(2,970	)
USD	440,000	BRL	1,708,520	Deutsche Bank AG		01/16/19			(413	)
USD	721,129	CHF	712,173	State Street Bank and Trust Co.		01/16/19			(4,501	)
USD	1,908,185	EUR	1,669,297	Goldman Sachs International		01/16/19			(7,042	)
USD	7,784,616	IDR	112,669,000,000	BNP Paribas S.A.		01/16/19			(37,171	)
USD	5,766,000	KRW	6,493,150,260	Citibank N.A.		01/16/19			(56,240	)
USD	6,460,000	MXN	130,066,932	Citibank N.A.		01/16/19			(141,333	)
USD	3,148,750	MXN	64,049,541	JPMorgan Chase Bank N.A.		01/16/19			(101,979	)
USD	3,148,750	MXN	64,049,541	JPMorgan Chase Bank N.A.		01/16/19			(101,979	)
ZAR	46,010,597	USD	3,230,000	HSBC Bank PLC		01/16/19			(38,360	)
ZAR	91,176,440	USD	6,460,000	UBS AG		01/16/19			(135,319	)
USD	9,337,000	IDR	137,693,000,000	JPMorgan Chase Bank N.A.		01/18/19			(219,965	)
USD	388,273,351	JPY	43,323,734,643	JPMorgan Chase Bank N.A.		01/22/19			(7,689,368	)
USD	2,092,194	COP	6,808,000,000	HSBC Bank PLC		01/23/19			(1,676	)
USD	8,075,859	COP	26,700,000,000	NatWest Markets PLC		01/23/19			(136,001	)
USD	7,314,919	COP	24,184,220,000	NatWest Markets PLC		01/23/19			(123,186	)
USD	688,957	COP	2,260,330,000	NatWest Markets PLC		01/23/19			(6,231	)
USD	15,450,877	MXN	312,460,000	Citibank N.A.		01/23/19			(389,444	)
USD	13,589,820	MXN	272,340,000	Citibank N.A.		01/23/19			(216,597	)
USD	2,510,832	ZAR	36,500,000	Bank of America N.A.		01/23/19			(18,895	)
USD	1,240,828	ZAR	18,030,000	Bank of America N.A.		01/23/19			(8,788	)
USD	8,515,000	CNH	59,661,199	Barclays Bank PLC		01/31/19			(170,510	)
USD	6,385,000	CNH	44,744,765	HSBC Bank PLC		01/31/19			(128,967	)
BRL	25,688,195	USD	6,637,605	Goldman Sachs International		02/04/19			(24,229	)
BRL	9,887,331	USD	2,554,800	Goldman Sachs International		02/04/19			(9,326	)
BRL	6,092,989	USD	1,574,375	Goldman Sachs International		02/04/19			(5,747	)

46

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,440,977	EUR	1,259,000	Bank of New York Mellon		02/05/19	$	(5,974	)
USD	43,446	EUR	38,000	Citibank N.A.		02/05/19		(227	)
USD	400,972	EUR	351,000	Goldman Sachs International		02/05/19		(2,427	)
USD	148,528	EUR	130,000	Goldman Sachs International		02/05/19		(879	)
USD	302,763,079	EUR	265,570,000	UBS AG		02/05/19		(2,452,708	)
USD	2,473,553	JPY	279,167,000	Citibank N.A.		02/05/19		(80,751	)
USD	22,204,629	JPY	2,506,447,416	Deutsche Bank AG		02/05/19		(728,700	)
USD	22,248,484	JPY	2,506,447,416	Deutsche Bank AG		02/05/19		(684,846	)
USD	22,119,609	JPY	2,506,447,416	National Australia Bank Ltd.		02/05/19		(813,721	)
USD	5,879,730	MXN	120,000,000	Goldman Sachs International		02/05/19		(191,261	)
USD	8,570,273	MXN	172,971,000	Standard Chartered Bank		02/05/19		(180,605	)
KRW	5,688,963,000	USD	5,110,000	Bank of America N.A.		02/07/19		(5,101	)
USD	655,000	ARS	26,396,500	BNP Paribas S.A.		02/11/19		(6,531	)
USD	655,000	ARS	26,396,500	JPMorgan Chase Bank N.A.		02/11/19		(6,531	)
USD	5,126,417	EUR	4,459,534	Barclays Bank PLC		03/14/19		(14,954	)
USD	5,843,091	JPY	655,104,026	Bank of America N.A.		03/14/19		(169,468	)
USD	5,843,712	JPY	655,100,000	Goldman Sachs International		03/14/19		(168,810	)
IDR	539,487,010	USD	37,301	UBS AG		03/15/19		(90	)
USD	1,172,078	IDR	17,868,327,363	Morgan Stanley & Co. International PLC		03/15/19		(60,406	)
AUD	26,091,882	USD	18,427,000	Morgan Stanley & Co. International PLC		03/20/19		(24,183	)
CAD	26,913,742	EUR	17,140,000	BNP Paribas S.A.		03/20/19		(20,214	)
CAD	15,147,473	EUR	9,645,000	BNP Paribas S.A.		03/20/19		(9,466	)
CAD	25,100,707	USD	18,427,000	Royal Bank of Canada		03/20/19		(6,870	)
CAD	36,492,902	USD	26,785,000	TD Securities, Inc.		03/20/19		(4,719	)
GBP	14,347,961	USD	18,427,000	NatWest Markets PLC		03/20/19		(67,910	)
USD	13,820,000	AUD	19,637,865	HSBC Bank PLC		03/20/19		(30,746	)
USD	13,820,000	CAD	18,834,341	Goldman Sachs International		03/20/19		(1,563	)
USD	4,607,000	EUR	4,000,309	Deutsche Bank AG		03/20/19		(7,322	)
USD	13,820,000	EUR	12,042,823	Goldman Sachs International		03/20/19		(71,292	)
USD	65,446,607	GBP	51,623,000	Morgan Stanley & Co. International PLC		03/20/19		(608,168	)
USD	13,820,000	GBP	10,897,724	Morgan Stanley & Co. International PLC		03/20/19		(124,302	)
USD	4,607,000	GBP	3,622,399	NatWest Markets PLC		03/20/19		(28,081	)
MXN	108,029,850	USD	5,430,000	Barclays Bank PLC		06/14/19		(79,965	)
TRY	10,171,008	USD	1,899,302	JPMorgan Chase Bank N.A.		06/19/19		(138,489	)
EUR	33,810,000	USD	41,367,211	JPMorgan Chase Bank N.A.		12/13/19		(1,456,151	)
EUR	33,810,000	USD	41,665,584	JPMorgan Chase Bank N.A.		02/25/20		(1,517,253	)
								(20,239,653	)
Net Unrealized Depreciation							$	(6,588,265	)

47

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise  Price		Notional Amount (000)		Value
Call
EURO STOXX 50 Index		66		01/18/19	EUR	3,500.00	EUR	1,981	$	151
EURO STOXX 50 Index		182		01/18/19	EUR	3,300.00	EUR	5,463		834
Anglo American PLC		53		02/15/19	GBP	16.60	GBP	926		99,642
										100,627
Put
CBOE Volatility Index		3,752		01/16/19	USD	19.00	USD	9,538		75,040
Anheuser Busch Inbev NV		728		01/18/19	USD	65.00	USD	4,791		106,288
Canon, Inc. - ADR		518		01/18/19	EUR	35.00	EUR	1,882		105,346
EURO STOXX 50 Index		497		01/18/19	EUR	3,050.00	EUR	14,917		538,689
EURO STOXX 50 Index		497		01/18/19	EUR	2,800.00	EUR	14,917		86,270
EURO STOXX 50 Index		120		01/18/19	EUR	3,100.00	EUR	3,602		177,637
iShares iBoxx $ High Yield Corporate Bond ETF		1,515		01/18/19	USD	81.00	USD	12,287		114,383
iShares iBoxx $ Investment Grade Corp. Bond Fund		3,706		01/18/19	USD	112.00	USD	41,811		92,650
S&P 500 Index		62		01/18/19	USD	2,550.00	USD	15,542		457,870
S&P 500 Index		62		01/18/19	USD	2,325.00	USD	15,542		64,790
S&P 500 Index		61		01/18/19	USD	2,775.00	USD	15,292		1,643,035
S&P 500 Index		61		01/18/19	USD	2,500.00	USD	15,292		299,815
U.S. Treasury Notes (5 Year)		543		01/25/19	USD	114.25	USD	62,275		84,844
E-mini S&P 500 European Style Weekly Options, Week 3(a)		2,173		02/15/19	USD	96.88	USD	529,587		13,581
U.S. Treasury Notes (5 Year)		230		02/22/19	USD	114.25	USD	26,378		66,484
Anheuser Busch Inbev NV		720		03/15/19	USD	65.00	USD	4,738		234,000
										4,160,722
									$	4,261,349

^(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

OTC Barrier Options Purchased

Description

Type of Option

Counterparty

Number of Contracts

Expiration Date

Exercise Price

Barrier Price/Range

Notional Amount (000)

Value

Call

USD Currency

Under-and-Out

Morgan Stanley & Co. International PLC

—

02/11/19

CNH

6.97

CNH

7.15

USD

36,400

$

25,501

2S-30S CMS

Cap

Citibank N.A.

—

05/15/19

USD

14.80

USD

9.15

USD

360,017

567,034

592,535

Put

USD Currency(a)

Under-and-In

Deutsche Bank AG

—

01/07/19

BRL

3.60

BRL

4.00

USD

12,740

1

USD Currency(a)

One-Touch

Citibank N.A.

—

01/28/19

USD

106.75

USD

106.75

USD

3,336

102

USD Currency(a)

Under-and-In

Deutsche Bank AG

—

02/07/19

BRL

3.50

BRL

4.00

USD

9,237

67

170

$

592,705

^(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

48

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

OTC Options Purchased

Description	Counterparty	Number of Contracts		Expiration Date	Exercise Price			Notional Amount (000)			Value
Call
	JPMorgan Chase
AUD Currency(a)	Bank N.A.		—	01/10/19		NZD	1.08		AUD	15,485	$	27
	Morgan Stanley &
	Co. International
USD Currency	PLC		—	01/10/19		BRL	3.92		USD	5,110		26,489
USD Currency	BNP Paribas S.A.		—	01/16/19		TRY	5.75		USD	18,000		28,437
	Barclays Bank
USD Currency	PLC		—	02/11/19		CNH	7.15		USD	35,817		18,880
USD Currency(a)	HSBC Bank PLC		—	02/11/19		CNH	7.35		USD	44,771		2,057
	Deutsche Bank
USD Currency	AG		—	04/03/19		JPY	112.00		USD	82,931		475,596
	Deutsche Bank
USD Currency	AG		—	07/19/19		TWD	31.00		USD	27,943		182,910
												734,396
Put
	JPMorgan Chase
USD Currency(a)	Bank N.A.		—	01/02/19		TRY	4.20		USD	27,356		3
USD Currency(a)	Citibank N.A.		—	01/03/19		TRY	4.19		USD	10,855		1
	JPMorgan Chase
EUR Currency(a)	Bank N.A.		—	01/04/19		GBP	0.85		EUR	21,500		2
	Goldman Sachs
USD Currency(a)	International		—	01/08/19		BRL	3.60		USD	6,360		9
	Morgan Stanley &
	Co. International
USD Currency	PLC		—	01/10/19		BRL	3.74		USD	5,110		2,720
	Goldman Sachs
USD Currency	International		—	01/16/19		TRY	5.45		USD	18,000		515,704
	Barclays Bank
USD Currency	PLC		—	01/31/19		CNH	6.88		USD	21,300		142,038
USD Currency	HSBC Bank PLC		—	01/31/19		KRW	1,110.00		USD	5,766		49,211
	Goldman Sachs
USD Currency	International		—	02/07/19		BRL	3.90		USD	5,110		103,016
USD Currency	HSBC Bank PLC		—	02/07/19		KRW	1,115.00		USD	5,110		61,716
	JPMorgan Chase
USD Currency	Bank N.A.		—	02/21/19		ZAR	13.50		USD	4,052		18,138
	Deutsche Bank
USD Currency	AG		—	04/03/19		JPY	112.00		USD	82,931		2,785,582
												3,678,140
											$	4,412,536

^(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

49

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

OTC Interest Rate Swaptions Purchased

Paid by the Fund

Received by the Fund

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Description

Rate

Frequency

Rate

Frequency

Call

10-Year Interest Rate Swap, 04/26/29

3-month LIBOR, 2.81%

Quarterly

2.75%

Semi- Annual

Citibank N.A.

04/24/19

2.75

%

USD

126,820

$

1,814,794

10-Year Interest Rate Swap, 04/26/29

3-month LIBOR, 2.81%

Quarterly

2.75%

Semi- Annual

Citibank N.A.

04/24/19

2.75

%

USD

30,840

441,320

10-Year Interest Rate Swap, 06/12/29

3-month LIBOR, 2.81%

Quarterly

2.70%

Semi- Annual

Barclays Bank PLC

06/10/19

2.70

%

USD

68,291

995,311

1-Year Interest Rate Swap, 08/11/20

3-month LIBOR, 2.81%

Quarterly

2.65%

Semi- Annual

Deutsche Bank AG

08/09/19

2.65

%

USD

184,680

341,106

1-Year Interest Rate Swap, 05/28/21

3-month LIBOR, 2.81%

Quarterly

2.70%

Semi- Annual

Bank of America N.A.

05/26/20

2.70

%

USD

317,500

1,393,866

10-Year Interest Rate Swap, 04/29/48

3-month LIBOR, 2.81%

Quarterly

3.04%

Semi- Annual

JPMorgan Chase Bank N.A.

04/27/38

3.04

%

USD

179,050

10,229,699

15,216,096

Put

10-Year Interest Rate Swap, 04/26/29

3.77%

Semi- Annual

3-month LIBOR, 2.81%

Quarterly

Citibank N.A.

04/24/19

3.77

%

USD

78,830

15,839

10-Year Interest Rate Swap, 04/29/48

3.04%

Semi- Annual

3-month LIBOR, 2.81%

Quarterly

JPMorgan Chase Bank N.A.

04/27/38

3.04

%

USD

179,050

8,440,254

8,456,093

$

23,672,189

Exchange-Traded Options Written

Description	Number of Contracts	Expiration Date	Exercise Price		Notional Amount (000)			Value
Call
CME CBOT U.S. Treasury Notes (10 Year) Week 1	51	01/04/19	USD	121.00		USD	6,223	$	(52,594	)
CME CBOT U.S. Treasury Notes (10 Year) Week 2	51	01/11/19	USD	121.50		USD	6,223		(34,266	)
EURO STOXX 50 Index	182	01/18/19	EUR	3,400.00		EUR	5,463		(626	)
U.S. Treasury Notes (10 Year)	51	01/18/19	USD	122.50		USD	6,223		(14,344	)
Anglo American PLC	53	02/15/19	GBP	20.00		GBP	926		(11,991	)
									(113,821	)
Put
CME CBOT U.S. Treasury Notes (10 Year) Week 1(a)	51	01/04/19	USD	120.00		USD	6,223		—
CME CBOT U.S. Treasury Notes (10 Year) Week 2	51	01/11/19	USD	120.50		USD	6,223		(1,594	)
E-mini S&P 500 European Style Weekly Options, Week 2(a)	3,600	01/11/19	USD	97.13		USD	878,040		(22,500	)
EURO STOXX 50 Index	497	01/18/19	EUR	2,950.00		EUR	14,917		(338,816	)
EURO STOXX 50 Index	617	01/18/19	EUR	2,900.00		EUR	18,519		(232,579	)
iShares iBoxx $ High Yield Corporate Bond ETF	2,671	01/18/19	USD	81.00		USD	21,662		(201,661	)
iShares iBoxx $ High Yield Corporate Bond ETF	1,515	01/18/19	USD	78.00		USD	12,287		(27,270	)
S&P 500 Index	62	01/18/19	USD	2,425.00		USD	15,542		(160,890	)
S&P 500 Index	62	01/18/19	USD	2,450.00		USD	15,542		(199,950	)

50

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Description	Number of Contracts	Expiration Date	Exercise Price		Notional Amount (000)		Value
S&P 500 Index	61	01/18/19	USD	2,625.00	USD	15,292	$	(776,225	)
S&P 500 Index	61	01/18/19	USD	2,650.00	USD	15,292		(907,985	)
U.S. Treasury Notes (10 Year)	51	01/18/19	USD	121.50	USD	6,223		(12,750	)
								(2,882,220	)
							$	(2,996,041	)

^(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

OTC Options Written

Description	Counterparty	Number of Contracts	Expiration Date	Exercise Price			Notional Amount (000)			Value
Call
	JPMorgan Chase
AUD Currency(a)	Bank N.A.	—	01/10/19		NZD	1.10		AUD	15,485	$	(1	)
	Morgan Stanley &
	Co. International
USD Currency	PLC	—	01/10/19		BRL	3.90		USD	5,110		(35,216	)
USD Currency	Citibank N.A.	—	01/11/19		MXN	20.90		USD	5,110		(719	)
USD Currency	BNP Paribas S.A.	—	01/16/19		TRY	5.45		USD	18,000		(159,599	)
	JPMorgan Chase
USD Currency	Bank N.A.	—	02/07/19		KRW	1,140.00		USD	2,555		(8,291	)
	Barclays Bank
USD Currency(a)	PLC	—	02/11/19		CNH	7.35		USD	44,771		(2,034	)
	Morgan Stanley &
	Co. International
USD Currency	PLC	—	04/03/19		JPY	112.00		USD	82,931		(473,551	)
USD Currency	HSBC Bank PLC	—	07/19/19		TWD	31.00		USD	27,943		(182,910	)
											(862,321	)
Put
	JPMorgan Chase
USD Currency(a)	Bank N.A.	—	01/02/19		TRY	3.77		USD	27,356		(3	)
USD Currency(a)	Citibank N.A.	—	01/03/19		TRY	3.76		USD	10,855		(1	)
	Morgan Stanley &
	Co. International
USD Currency(a)	PLC	—	01/10/19		BRL	3.60		USD	5,110		(33	)
	Goldman Sachs
USD Currency	International	—	01/16/19		TRY	5.75		USD	18,000		(1,398,421	)
	Morgan Stanley &
	Co. International
USD Currency	PLC	—	01/31/19		CNH	6.88		USD	21,300		(143,166	)
	Goldman Sachs
USD Currency	International	—	02/07/19		BRL	3.75		USD	7,665		(40,452	)
USD Currency	HSBC Bank PLC	—	02/07/19		KRW	1,085.00		USD	5,110		(13,280	)
	JPMorgan Chase
USD Currency	Bank N.A.	—	02/07/19		KRW	1,085.00		USD	2,555		(6,632	)
	Morgan Stanley &
	Co. International
USD Currency	PLC	—	04/03/19		JPY	112.00		USD	82,931		(2,790,895	)
											(4,392,883	)
										$	(5,255,204	)

^(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

51

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

OTC Interest Rate Swaptions Written

Paid by the Fund

Received by the Fund

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Description

Rate

Frequency

Rate

Frequency

Call

1-Year Interest Rate Swap, 05/28/21

2.20%

Semi- Annual

3-month LIBOR, 2.81%

Quarterly

Bank of America N.A.

05/26/20

2.20%

USD

369,200

$

(847,606

)

2-Year Interest Rate Swap, 10/18/22

2.75%

Semi- Annual

3-month LIBOR, 2.81%

Quarterly

Citibank N.A.

10/16/20

2.75%

USD

499,785

(5,417,173

)

(6,264,779

)

Put

2-Year Interest Rate Swap, 10/18/22

3-month LIBOR, 2.81%

Quarterly

3.75%

Semi- Annual

Citibank N.A.

10/16/20

3.75%

USD

499,785

(595,254

)

$

(6,860,033

)

Centrally Cleared Credit Default Swaps — Buy Protection

Reference Obligation	Financing Rate Paid by the Fund	Payment Frequency	Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.29.V1	5.00%	Quarterly	12/20/22		USD	13,500	$	(469,740	)	$	(833,342	)	$	363,602
ITRAXX.EUR.29.V1	1.00%	Quarterly	06/20/23		EUR	9,469		(109,514	)		(192,637	)		83,123
CDX.NA.HY.30.V1	5.00%	Quarterly	06/20/23		USD	10,260		(333,774	)		(667,840	)		334,066
ITRAXX.EUR.30.V1	1.00%	Quarterly	12/20/23		EUR	14,950		(104,882	)		(165,163	)		60,281
ITRAXX.XO.30.V1	5.00%	Quarterly	12/20/23		EUR	14,622		(1,093,947	)		(1,054,503	)		(39,444	)
ITRAXX.EUR.29.V1	1.00%	Quarterly	06/20/28		EUR	13,000		316,095			98,534			217,561
							$	(1,795,762	)	$	(2,814,951	)	$	1,019,189

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation	Financing Rate Received by the Fund	Payment Frequency	Termination Date	Credit Rating(a)		Notional Amount (000)(b)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
ITRAXX.XO.28.V1	5.00%	Quarterly	12/20/22		B+		EUR	6,828	$	497,904	$	794,808	$	(296,904	)
CDX.NA.HY.31.V1	5.00%	Quarterly	12/20/23		B+		USD	75,351		1,638,022		2,352,792		(714,770	)
									$	2,135,926	$	3,147,600	$	(1,011,674	)

^(a)  Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.

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

Centrally Cleared Inflation Swaps

Paid by the Fund

Received by the Fund

Termination Date

Notional Amount (000)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Reference

Frequency

Rate

Frequency

UK RPI All Items Monthly

At Termination

3.57%

At Termination

11/15/28

GBP

40,909

$

192,462

$

(19,355

)

$

211,817

52

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
7.36%	Monthly	28-day MXIBTIIE, 8.59%	Monthly	N/A		01/28/19	MXN	728,739	$	37,917		$	116		$	37,801
28-day MXIBTIIE, 8.59%	Monthly	8.21%	Monthly	N/A		10/07/20	MXN	665,409		(234,888	)		52			(234,940	)
28-day MXIBTIIE, 8.59%	Monthly	8.21%	Monthly	N/A		10/07/20	MXN	327,007		(115,779	)		26			(115,805	)
2.10%	Quarterly	3-month Australian Bank Bill Rate 2.09%	Quarterly	N/A		08/23/21	AUD	10,284		(7,669	)		65			(7,734	)
2.29%	Semi-Annual	6-month Australian Bank Bill Rate, 2.22%	Semi-Annual	N/A		11/02/21	AUD	5,057		(23,826	)		80			(23,906	)
6-month EURIBOR, (0.24)%	Semi-Annual	0.38%	Annual	11/09/20(a)		11/09/21	EUR	560,809		1,904,517			(24,621	)		1,929,138
6-month EURIBOR, (0.24)%	Semi-Annual	0.38%	Annual	11/09/20(a)		11/09/21	EUR	560,809		1,872,184			(5,488	)		1,877,672
1.55%	Semi-Annual	6-month GBP LIBOR, 1.03%	Semi-Annual	11/09/20(a)		11/09/21	GBP	1,018,311		(2,780,302	)		112,516			(2,892,818	)
6-month EURIBOR, (0.24)%	Semi-Annual	0.32%	Annual	11/16/20(a)		11/16/21	EUR	565,257		1,509,243			1,992			1,507,251
1.42%	Semi-Annual	6-month GBP LIBOR, 1.03%	Semi-Annual	11/16/20(a)		11/16/21	GBP	516,104		(591,668	)		2,144			(593,812	)
2.58%	Semi-Annual	3-month Canadian Bankers Accceptances, 2.31%	Semi-Annual	N/A		12/03/21	CAD	15,645		(117,141	)		255			(117,396	)
6-month CIBOR, (0.12)%	Semi-Annual	0.12%	Annual	N/A		12/06/21	DKK	92,248		24,763			2,437			22,326
6-month NIBOR, 1.41%	Semi-Annual	1.67%	Annual	N/A		12/06/21	NOK	123,771		27,197			114			27,083
6-month STIBOR, (0.03)%	Quarterly	0.17%	Annual	N/A		12/06/21	SEK	128,311		(1,875	)		1,877			(3,752	)
3.01%	Semi-Annual	3-month LIBOR, 2.81%	Quarterly	N/A		12/07/21	USD	11,851		(140,988	)		(3,125	)		(137,863	)
1.34%	Semi-Annual	6-month GBP LIBOR, 1.03%	Semi-Annual	12/10/20(a)		12/10/21	GBP	257,955		9,880			(5,156	)		15,036
6-month EURIBOR, (0.24)%	Semi-Annual	0.24%	Annual	12/14/20(a)		12/14/21	EUR	282,515		420,055			9,391			410,664
7.11%	Monthly	28-day MXIBTIIE, 8.59%	Monthly	N/A		10/14/22	MXN	146,271		365,131			69			365,062
7.11%	Monthly	28-day MXIBTIIE, 8.59%	Monthly	N/A		10/14/22	MXN	110,975		276,087			52			276,035

53

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

		Received by the Fund		Effective Date	Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Paid by the Fund
Rate	Frequency	Rate	Frequency
1.66%	Semi-Annual	6-month GBP LIBOR, 1.03%	Semi-Annual	11/08/21(a)	11/08/22	GBP	258,267	$	(828,415	)	$	24,008		$	(852,423	)
1.67%	Semi-Annual	6-month GBP LIBOR, 1.03%	Semi-Annual	11/08/21(a)	11/08/22	GBP	258,267		(860,212	)		60,170			(920,382	)
1.54%	Semi-Annual	6-month GBP LIBOR, 1.03%	Semi-Annual	11/15/21(a)	11/15/22	GBP	260,500		(455,573	)		1,681			(457,254	)
1.34%	Semi-Annual	6-month GBP LIBOR, 1.03%	Semi-Annual	N/A	11/30/23	GBP	5,478		(18,698	)		(5,622	)		(13,076	)
2.62%	Semi-Annual	3-month Canadian Bankers Accceptances, 2.31%	Semi-Annual	N/A	12/03/23	CAD	9,604		(113,980	)		(816	)		(113,164	)
6-month EURIBOR, (0.24)%	Semi-Annual	0.28%	Annual	N/A	12/04/23	EUR	7,490		44,623			1,106			43,517
6-month CIBOR, (0.12)%	Semi-Annual	0.42%	Annual	N/A	12/06/23	DKK	55,726		34,917			4,736			30,181
6-month STIBOR, (0.03)%	Quarterly	0.51%	Annual	N/A	12/06/23	SEK	77,818		14,454			2,648			11,806
3.00%	Semi-Annual	3-month LIBOR, 2.81%	Quarterly	N/A	12/07/23	USD	7,311		(142,721	)		(3,653	)		(139,068	)
28-day MXIBTIIE, 8.59%	Monthly	6.32%	Monthly	N/A	07/17/25	MXN	73,475		(446,881	)		368			(447,249	)
3-month LIBOR, 2.81%	Quarterly	2.13%	Semi-Annual	N/A	08/25/25	USD	2,360		(59,321	)		24			(59,345	)
2.27%	Semi-Annual	3-month LIBOR, 2.81%	Quarterly	N/A	09/11/25	USD	1,800		29,078			23			29,055
2.91%	Semi-Annual	3-month LIBOR, 2.81%	Quarterly	N/A	08/23/26	USD	3,692		(96,228	)		(46	)		(96,182	)
6-month EURIBOR, (0.24)%	Semi-Annual	0.82%	Annual	3/11/19(a)	02/15/28	EUR	192,340		1,435,730			3,341			1,432,389
6-month EURIBOR, (0.24)%	Semi-Annual	0.82%	Annual	3/11/19(a)	02/15/28	EUR	11,154		90,804			195			90,609
2.93%	Semi-Annual	3-month LIBOR, 2.81%	Quarterly	N/A	08/24/28	USD	8,170		(209,755	)		127			(209,882	)
3.16%	Semi-Annual	3-month LIBOR, 2.81%	Quarterly	N/A	10/03/28	USD	4,519		(177,925	)		71			(177,996	)
1.58%	Semi-Annual	6-month GBP LIBOR, 1.03%	Semi-Annual	N/A	11/21/28	GBP	54,268		(1,056,331	)		8,134			(1,064,465	)
1.54%	Semi-Annual	6-month GBP LIBOR, 1.03%	Semi-Annual	N/A	11/30/28	GBP	2,844		(40,468	)		(7,287	)		(33,181	)
2.75%	Semi-Annual	3-month Canadian Bankers Accceptances, 2.31%	Semi-Annual	N/A	12/03/28	CAD	5,110		(96,403	)		(2,133	)		(94,270	)

54

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Paid by the Fund		Received by the Fund		Effective Date		Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
6-month EURIBOR, (0.24)%	Semi-Annual	0.88%	Annual		N/A		12/04/28	EUR	3,872	$	39,176		$	683		$	38,493
6-month CIBOR, (0.12)%	Semi-Annual	1.03%	Annual		N/A		12/06/28	DKK	28,735		31,922			8,189			23,733
6-month STIBOR, (0.03)%	Quarterly	1.16%	Annual		N/A		12/06/28	SEK	40,557		24,883			7,151			17,732
3.08%	Semi-Annual	3-month LIBOR, 2.81%	Quarterly		N/A		12/07/28	USD	3,916		(123,081	)		(2,139	)		(120,942	)
2.85%	Semi-Annual	3-month LIBOR, 2.81%	Quarterly		N/A		12/24/28	USD	5,017		(55,236	)		79			(55,315	)
3.26%	Semi-Annual	3-month LIBOR, 2.81%	Quarterly		4/26/19(a)		04/26/29	USD	18,140		(841,908	)		284			(842,192	)
3-month LIBOR, 2.81%	Quarterly	3.35%	Semi-Annual		4/26/19(a)		04/26/29	USD	12,770		686,944			198			686,746
3.23%	Semi-Annual	3-month LIBOR, 2.81%	Quarterly		4/26/19(a)		04/26/29	USD	4,410		(192,274	)		69			(192,343	)
2.93%	Semi-Annual	3-month LIBOR, 2.81%	Quarterly		6/12/19(a)		06/12/29	USD	21,170		(356,476	)		332			(356,808	)
2.91%	Semi-Annual	3-month Canadian Bankers Accceptances, 2.31%	Semi-Annual		N/A		12/03/48	CAD	2,165		(79,841	)		(444	)		(79,397	)
6-month EURIBOR, (0.24)%	Semi-Annual	1.46%	Annual		N/A		12/04/48	EUR	1,518		37,007			94			36,913
1.73%	Semi-Annual	6-month GBP LIBOR, 1.03%	Semi-Annual		N/A		12/04/48	GBP	1,134		(66,646	)		1,687			(68,333	)
6-month CIBOR, (0.12)%	Semi-Annual	1.53%	Annual		N/A		12/06/48	DKK	11,141		23,686			711			22,975
6-month STIBOR, (0.03)%	Quarterly	1.68%	Annual		N/A		12/06/48	SEK	16,157		23,232			2,345			20,887
3.19%	Semi-Annual	3-month LIBOR, 2.81%	Quarterly		N/A		12/07/48	USD	1,695		(114,244	)		(1,494	)		(112,750	)
										$	(1,483,323	)	$	197,616		$	(1,680,939	)

^(a) Forward swap.

OTC Credit Default Swaps — Buy Protection

Reference Obligation	Financing Rate Paid by the Fund	Payment Frequency	Counterparty	Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Casino Guichard Perrachon SA	1.00%	Quarterly	Barclays Bank PLC		12/20/19	EUR	2,000		$  66,870		$  96,902		$30,032
Frontier Communications Corp.	5.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/19	USD	1,049		120,460		104,457		16,003
Thomas Cook Group PLC	5.00%	Quarterly	Credit Suisse International		12/20/19	EUR	300		10,693		15,749		5,056
Beazer Homes USA, Inc.	5.00%	Quarterly	Barclays Bank PLC		06/20/20	USD	2,050		90,042		125,478		35,436

55

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Reference Obligation	Financing Rate Paid by the Fund	Payment Frequency	Counterparty	Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
HCA, Inc.	5.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/20	USD	3,095		$209,334		$209,399		$         65
HCA, Inc.	5.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/20	USD	930		62,901		63,208		307
Thomas Cook Group PLC	5.00%	Quarterly	Bank of America N.A.		06/20/20	EUR	1,490		96,199		98,758		194,957
United Mexican States	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/20	USD	7,452		14,846		19,226		34,072
United Mexican States	1.00%	Quarterly	Bank of America N.A.		09/20/20	USD	7,452		13,360		32,191		45,551
Australia & New Zealand Banking Group Ltd.	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/20	USD	1,205		16,913		2,210		14,703
Australia & New Zealand Banking Group Ltd.	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/20	USD	1,000		14,039		142		13,897
Australia & New Zealand Banking Group Ltd.	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/20	USD	795		11,170		1,610		9,560
Commonwealth Bank of Australia	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/20	USD	1,150		15,978		1,659		14,319
Commonwealth Bank of Australia	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/20	USD	1,000		13,894		1,064		12,830
Itochu Corp.	1.00%	Quarterly	Goldman Sachs International		12/20/20	JPY	32,023		4,592		866		3,726
Itochu Corp.	1.00%	Quarterly	Goldman Sachs International		12/20/20	JPY	29,326		4,205		762		3,443
Itochu Corp.	1.00%	Quarterly	Goldman Sachs International		12/20/20	JPY	29,326		4,205		719		3,486
Itochu Corp.	1.00%	Quarterly	Goldman Sachs International		12/20/20	JPY	29,326		4,205		563		3,642
Mitsubishi Corp.	1.00%	Quarterly	Barclays Bank PLC		12/20/20	JPY	47,573		7,271		2,794		4,477
Mitsubishi Corp.	1.00%	Quarterly	Goldman Sachs International		12/20/20	JPY	29,326		4,482		1,499		2,983
Mitsui & Co. Ltd.	1.00%	Quarterly	Goldman Sachs International		12/20/20	JPY	58,651		8,865		1,178		7,687
Mitsui & Co. Ltd.	1.00%	Quarterly	Goldman Sachs International		12/20/20	JPY	29,326		4,432		430		4,002
National Australia Bank Ltd.	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/20	USD	1,000		14,277		537		13,740
Standard Chartered Bank	1.00%	Quarterly	BNP Paribas S.A.		12/20/20	EUR	810		13,025		8,018		21,043
Standard Chartered Bank	1.00%	Quarterly	BNP Paribas S.A.		12/20/20	EUR	460		7,397		4,748		12,145
Standard Chartered Bank	1.00%	Quarterly	Goldman Sachs International		12/20/20	EUR	610		9,808		2,691		12,499
Standard Chartered Bank	1.00%	Quarterly	Morgan Stanley & Co. International PLC		12/20/20	EUR	240		3,859		2,527		6,386
Sumitomo Corp.	1.00%	Quarterly	Barclays Bank PLC		12/20/20	JPY	24,938		3,662		442		4,104
Sumitomo Corp.	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/20	JPY	25,316		3,718		760		4,478
Westpac Banking Corp.	1.00%	Quarterly	Citibank N.A.		12/20/20	USD	1,000		14,417		1,251		13,166
Wind Tre SpA	5.00%	Quarterly	Credit Suisse International		12/20/20	EUR	1,400		108,557		91,645		16,912
Stena AB	5.00%	Quarterly	Goldman Sachs International		06/20/21	EUR	440		12,079		17,638		5,559
Unitymedia GmbH	5.00%	Quarterly	Credit Suisse International		12/20/22	EUR	300		56,045		52,478		3,567
Altice Luxembourg SA	5.00%	Quarterly	Citibank N.A.		06/20/23	EUR	3,000		377,998		222,459		155,539

56

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Reference Obligation	Financing Rate Paid by the Fund	Payment Frequency	Counterparty	Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Cable & Wireless Communications Ltd.	5.00%	Quarterly	Goldman Sachs International		06/20/23	EUR	450		$  81,013		$  75,289		$  5,724
Intesa Sanpaolo SpA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	EUR	1,400		194,038		141,196		52,842
Intesa Sanpaolo SpA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	EUR	749		103,811		73,905		29,906
Intesa Sanpaolo SpA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	EUR	500		69,299		49,561		19,738
Intesa Sanpaolo SpA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	EUR	500		69,300		49,787		19,513
Kroger Co.	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	USD	8,600		45,822		105,549		59,727
Nordstrom, Inc.	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	USD	4,280		116,665		89,811		26,854
Novafives SAS	5.00%	Quarterly	Citibank N.A.		06/20/23	EUR	300		27,546		18,338		45,884
Novafives SAS	5.00%	Quarterly	Citibank N.A.		06/20/23	EUR	300		27,545		12,858		40,403
Smurfit Kappa Acquisitions	5.00%	Quarterly	Barclays Bank PLC		06/20/23	EUR	300		55,920		67,364		11,444
Smurfit Kappa Acquisitions	5.00%	Quarterly	BNP Paribas S.A.		06/20/23	EUR	400		74,559		84,839		10,280
Smurfit Kappa Acquisitions	5.00%	Quarterly	Credit Suisse International		06/20/23	EUR	2,000		372,797		396,598		23,801
Smurfit Kappa Acquisitions	5.00%	Quarterly	Credit Suisse International		06/20/23	EUR	400		74,560		83,544		8,984
Smurfit Kappa Acquisitions	5.00%	Quarterly	Goldman Sachs International		06/20/23	EUR	400		74,560		80,215		5,655
Smurfit Kappa Acquisitions	5.00%	Quarterly	Goldman Sachs International		06/20/23	EUR	400		74,559		78,830		4,271
Smurfit Kappa Acquisitions	5.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	EUR	300		55,919		63,900		7,981
Unitymedia GmbH	5.00%	Quarterly	Barclays Bank PLC		06/20/23	EUR	370		74,439		80,412		5,973
Unitymedia GmbH	5.00%	Quarterly	Credit Suisse International		06/20/23	EUR	1,440		289,712		327,004		37,292
Unitymedia GmbH	5.00%	Quarterly	Credit Suisse International		06/20/23	EUR	1,180		237,403		254,491		17,088
Unitymedia GmbH	5.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	EUR	1,000		201,188		215,212		14,024
UPC Holding BV	5.00%	Quarterly	Citibank N.A.		06/20/23	EUR	410		68,248		68,009		239
UPC Holding BV	5.00%	Quarterly	Credit Suisse International		06/20/23	EUR	700		116,522		114,195		2,327
UPC Holding BV	5.00%	Quarterly	Credit Suisse International		06/20/23	EUR	400		66,584		70,642		4,058
UPC Holding BV	5.00%	Quarterly	Goldman Sachs International		06/20/23	EUR	300		49,938		51,775		1,837
UPC Holding BV	5.00%	Quarterly	Goldman Sachs International		06/20/23	EUR	280		46,609		45,898		711
Altice Luxembourg SA	5.00%	Quarterly	Barclays Bank PLC		12/20/23	EUR	292		43,766		34,149		9,617
Altice Luxembourg SA	5.00%	Quarterly	Barclays Bank PLC		12/20/23	EUR	146		21,883		14,635		7,248
Altice Luxembourg SA	5.00%	Quarterly	Citibank N.A.		12/20/23	EUR	820		122,906		81,243		41,663
Anglo American PLC	5.00%	Quarterly	Barclays Bank PLC		12/20/23	EUR	2,200		399,073		405,937		6,864
Anglo American PLC	5.00%	Quarterly	Barclays Bank PLC		12/20/23	EUR	300		54,419		55,776		1,357
ArcelorMittal	5.00%	Quarterly	Goldman Sachs International		12/20/23	EUR	700		106,273		131,663		25,390
Ardagh Packaging Finance PLC	5.00%	Quarterly	BNP Paribas S.A.		12/20/23	EUR	450		40,838		40,608		230

57

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Reference Obligation	Financing Rate Paid by the Fund	Payment Frequency	Counterparty	Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Ardagh Packaging Finance PLC	5.00%	Quarterly	Citibank N.A.		12/20/23	EUR	300		$  27,225		$  29,717		$  2,492
Banco Bilbao Vizcaya Argentaria SA	1.00%	Quarterly	BNP Paribas S.A.		12/20/23	EUR	1,470		120,896		108,827		12,069
BNP Paribas SA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/23	EUR	700		37,282		13,266		24,016
Cable & Wireless Ltd.	5.00%	Quarterly	BNP Paribas S.A.		12/20/23	EUR	300		56,503		60,872		4,369
Cable & Wireless Ltd.	5.00%	Quarterly	Goldman Sachs International		12/20/23	EUR	769		144,880		153,680		8,800
Cable & Wireless Ltd.	5.00%	Quarterly	Goldman Sachs International		12/20/23	EUR	730		137,491		153,001		15,510
Cable & Wireless Ltd.	5.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/23	EUR	750		141,258		157,476		16,218
Cellnex Telecom SA	5.00%	Quarterly	Credit Suisse International		12/20/23	EUR	2,200		444,159		436,702		7,457
Cellnex Telecom SA	5.00%	Quarterly	Credit Suisse International		12/20/23	EUR	800		161,513		160,810		703
Clariant AG	1.00%	Quarterly	Barclays Bank PLC		12/20/23	EUR	1,440		9,286		26,002		35,288
Clariant AG	1.00%	Quarterly	Barclays Bank PLC		12/20/23	EUR	723		4,662		3,578		8,240
Clariant AG	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/23	EUR	1,447		9,331		8,013		17,344
Deutsche Lufthansa AG	1.00%	Quarterly	BNP Paribas S.A.		12/20/23	EUR	3,400		41,097		31,187		9,910
Elis SA	5.00%	Quarterly	BNP Paribas S.A.		12/20/23	EUR	560		107,327		113,818		6,491
Elis SA	5.00%	Quarterly	BNP Paribas S.A.		12/20/23	EUR	100		19,165		20,265		1,100
Elis SA	5.00%	Quarterly	Goldman Sachs International		12/20/23	EUR	800		153,323		157,745		4,422
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	5,357		256,069		235,512		20,557
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	5,357		256,069		235,512		20,557
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	3,163		151,188		144,467		6,721
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	2,679		128,058		115,321		12,737
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	2,679		128,059		115,891		12,168
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	2,679		128,059		116,638		11,421
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	2,679		128,059		116,638		11,421
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	2,679		128,059		116,638		11,421
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	2,679		128,059		118,918		9,141
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	2,679		128,059		118,918		9,141
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	2,678		128,017		122,895		5,122
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	2,678		128,011		115,278		12,733
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	2,678		128,010		116,594		11,416
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	2,678		128,010		116,594		11,416

58

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Reference Obligation	Financing Rate Paid by the Fund	Payment Frequency	Counterparty	Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	2,678		$   128,011		$   119,829		$       8,182
Federative Republic of Brazil	1.00%	Quarterly	Goldman Sachs International		12/20/23	USD	10,350		494,740		877,310		382,570
Federative Republic of Brazil	1.00%	Quarterly	Goldman Sachs International		12/20/23	USD	1,799		85,994		79,670		6,324
Federative Republic of Brazil	1.00%	Quarterly	HSBC Bank PLC		12/20/23	USD	30,051		1,436,486		2,554,102		1,117,616
Fiat Chrysler Automobiles NV	5.00%	Quarterly	Barclays Bank PLC		12/20/23	EUR	1,040		177,027		175,572		1,455
Hapag-Lloyd AG	5.00%	Quarterly	Credit Suisse International		12/20/23	EUR	1,000		25,355		24,846		509
HeidelbergCement AG	5.00%	Quarterly	Bank of America N.A.		12/20/23	EUR	719		140,832		149,254		8,422
HeidelbergCement AG	5.00%	Quarterly	Barclays Bank PLC		12/20/23	EUR	1,151		225,330		234,916		9,586
HeidelbergCement AG	5.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/23	EUR	719		140,831		146,975		6,144
Hellenic Telecommunications Organization SA	5.00%	Quarterly	Bank of America N.A.		12/20/23	EUR	300		58,829		59,724		895
Hellenic Telecommunications Organization SA	5.00%	Quarterly	Goldman Sachs International		12/20/23	EUR	830		162,761		160,668		2,093
Hellenic Telecommunications Organization SA	5.00%	Quarterly	Goldman Sachs International		12/20/23	EUR	700		137,268		137,858		590
Hellenic Telecommunications Organization SA	5.00%	Quarterly	Goldman Sachs International		12/20/23	EUR	300		58,829		58,711		118
Ineos Group Holdings SA	5.00%	Quarterly	Barclays Bank PLC		12/20/23	EUR	1,610		105,264		122,716		17,452
Lanxess AG	1.00%	Quarterly	Bank of America N.A.		12/20/23	EUR	1,267		14,611		24,949		39,560
Leonardo SpA	5.00%	Quarterly	Goldman Sachs International		12/20/23	EUR	1,460		244,610		259,261		14,651
Marks and Spencer PLC	1.00%	Quarterly	Barclays Bank PLC		12/20/23	EUR	2,440		183,748		65,570		118,178
Marks and Spencer PLC	1.00%	Quarterly	BNP Paribas S.A.		12/20/23	EUR	990		75,373		28,261		47,112
Marks and Spencer PLC	1.00%	Quarterly	Citibank N.A.		12/20/23	EUR	1,710		128,774		58,504		70,270
Matterhorn Telecom Holding SA	5.00%	Quarterly	Barclays Bank PLC		12/20/23	EUR	400		37,167		36,651		516
Matterhorn Telecom Holding SA	5.00%	Quarterly	Goldman Sachs International		12/20/23	EUR	400		37,167		33,860		3,307
Next PLC	1.00%	Quarterly	Barclays Bank PLC		12/20/23	EUR	4,300		167,340		38,711		128,629
Next PLC	1.00%	Quarterly	Barclays Bank PLC		12/20/23	EUR	740		28,798		20,997		7,801
Next PLC	1.00%	Quarterly	Citibank N.A.		12/20/23	EUR	1,710		66,547		17,519		49,028
Next PLC	1.00%	Quarterly	Citibank N.A.		12/20/23	EUR	740		28,798		20,609		8,189
Next PLC	1.00%	Quarterly	Goldman Sachs International		12/20/23	EUR	990		39,346		5,422		33,924
NXP BV	5.00%	Quarterly	BNP Paribas S.A.		12/20/23	EUR	432		83,828		97,585		13,757
NXP BV	5.00%	Quarterly	Goldman Sachs International		12/20/23	EUR	328		63,648		71,904		8,256
NXP BV	5.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/23	EUR	360		69,857		78,133		8,276
OI European Group BV	5.00%	Quarterly	BNP Paribas S.A.		12/20/23	EUR	600		104,903		119,289		14,386
People’s Republic of China	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/23	USD	6,000		91,553		85,346		6,207
Pernod-Ricard SA	1.00%	Quarterly	Citibank N.A.		12/20/23	EUR	1,430		42,733		43,313		580
Pernod-Ricard SA	1.00%	Quarterly	Citibank N.A.		12/20/23	EUR	1,400		41,836		42,002		166
Pernod-Ricard SA	1.00%	Quarterly	Citibank N.A.		12/20/23	EUR	60		1,793		1,817		24

59

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Reference Obligation	Financing Rate Paid by the Fund	Payment Frequency	Counterparty	Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Peugeot SA	5.00%	Quarterly	Citibank N.A.		12/20/23	EUR	740		$142,704		$137,469		$  5,235
Peugeot SA	5.00%	Quarterly	Citibank N.A.		12/20/23	EUR	700		134,990		141,814		6,824
Peugeot SA	5.00%	Quarterly	Goldman Sachs International		12/20/23	EUR	1,350		260,338		285,920		25,582
Renault SA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/23	EUR	1,480		31,644		31,080		564
Repsol SA	1.00%	Quarterly	Barclays Bank PLC		12/20/23	EUR	1,500		8,556		3,299		5,257
Repsol SA	1.00%	Quarterly	Goldman Sachs International		12/20/23	EUR	2,910		16,598		35,085		18,487
Repsol SA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/23	EUR	1,460		8,327		11,254		2,927
Republic of Colombia	1.00%	Quarterly	Bank of America N.A.		12/20/23	USD	1,540		39,589		16,820		22,769
Republic of Colombia	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	2,594		66,684		49,563		17,121
Republic of Colombia	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	2,594		66,684		49,563		17,121
Republic of Colombia	1.00%	Quarterly	BNP Paribas S.A.		12/20/23	USD	2,701		69,428		45,649		23,779
Republic of Colombia	1.00%	Quarterly	BNP Paribas S.A.		12/20/23	USD	2,516		64,681		39,209		25,472
Republic of Colombia	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	2,534		65,142		47,315		17,827
Republic of Colombia	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	2,534		65,142		48,425		16,717
Republic of Colombia	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	2,534		65,142		50,090		15,052
Republic of Colombia	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	2,533		65,116		51,178		13,938
Republic of Colombia	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	2,053		52,777		15,675		37,102
Republic of Colombia	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	809		20,797		15,103		5,694
Republic of Colombia	1.00%	Quarterly	Deutsche Bank AG		12/20/23	USD	2,588		66,530		49,449		17,081
Republic of South Africa	1.00%	Quarterly	Morgan Stanley & Co. International PLC		12/20/23	USD	1,460		78,686		80,385		1,699
Republic of the Philippines	1.00%	Quarterly	BNP Paribas S.A.		12/20/23	USD	18,990		124,574		89,220		35,354
Republic of Turkey	1.00%	Quarterly	Morgan Stanley & Co. International PLC		12/20/23	USD	900		99,004		100,729		1,725
Rio Tinto Ltd.	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	5,900		50,668		97,123		46,455
Softbank Group Corp.	1.00%	Quarterly	Goldman Sachs International		12/20/23	JPY	358,614		260,828		163,647		97,181
Softbank Group Corp.	1.00%	Quarterly	Goldman Sachs International		12/20/23	JPY	191,700		139,428		117,694		21,734
Standard Chartered PLC	1.00%	Quarterly	Citibank N.A.		12/20/23	EUR	1,500		105,214		99,557		5,657
Standard Chartered PLC	1.00%	Quarterly	Citibank N.A.		12/20/23	EUR	1,420		99,603		97,163		2,440
Stena AB	5.00%	Quarterly	Citibank N.A.		12/20/23	EUR	1,430		149,061		44,618		104,443
Stena AB	5.00%	Quarterly	Credit Suisse International		12/20/23	EUR	290		30,229		8,726		21,503
Suedzucker AG	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/23	EUR	1,480		61,315		42,823		18,492
Sunrise Communications Holdings SA	5.00%	Quarterly	Citibank N.A.		12/20/23	EUR	1,480		375,032		364,817		10,215
Total SA	1.00%	Quarterly	BNP Paribas S.A.		12/20/23	EUR	2,910		92,145		103,073		10,928
Total SA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/23	EUR	1,460		46,231		44,151		2,080
Unicredit SpA	1.00%	Quarterly	Citibank N.A.		12/20/23	EUR	700		116,040		83,611		32,429
United Mexican States	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	4,661		115,967		35,604		80,363
United Mexican States	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	4,375		108,852		34,390		74,462

60

  Consolidated Schedule of Investments  (unaudited) (continued) December 31, 2018   Master Total Return Portfolio of Master Bond LLC  

Reference Obligation	Financing Rate Paid by the Fund	Payment Frequency	Counterparty	Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
United Mexican States	1.00%	Quarterly	Barclays Bank PLC		12/20/23	USD	2,188		$  54,439		$  16,714		$37,725
United Mexican States	1.00%	Quarterly	BNP Paribas S.A.		12/20/23	USD	2,551		63,470		56,388		7,082
United Mexican States	1.00%	Quarterly	BNP Paribas S.A.		12/20/23	USD	2,550		63,445		56,366		7,079
United Mexican States	1.00%	Quarterly	BNP Paribas S.A.		12/20/23	USD	2,181		54,264		16,541		37,723
United Mexican States	1.00%	Quarterly	BNP Paribas S.A.		12/20/23	USD	2,181		54,264		17,508		36,756
United Mexican States	1.00%	Quarterly	BNP Paribas S.A.		12/20/23	USD	2,181		54,264		17,508		36,756
United Mexican States	1.00%	Quarterly	BNP Paribas S.A.		12/20/23	USD	2,181		54,264		17,508		36,756
United Mexican States	1.00%	Quarterly	BNP Paribas S.A.		12/20/23	USD	2,097		52,174		46,353		5,821
United Mexican States	1.00%	Quarterly	BNP Paribas S.A.		12/20/23	USD	1,589		39,535		15,198		24,337
United Mexican States	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	8,600		213,970		188,222		25,748
United Mexican States	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	6,270		155,999		60,101		95,898
United Mexican States	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	3,800		94,545		36,425		58,120
United Mexican States	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	3,081		76,646		72,499		4,147
United Mexican States	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	3,062		76,175		54,546		21,629
United Mexican States	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	2,552		63,494		55,520		7,974
United Mexican States	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	2,551		63,470		48,809		14,661
United Mexican States	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	2,551		63,470		50,487		12,983
United Mexican States	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	2,551		63,470		57,726		5,744
United Mexican States	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	2,510		62,449		14,018		48,431
United Mexican States	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	2,145		53,368		11,502		41,866
United Mexican States	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	2,145		53,369		12,457		40,912
United Mexican States	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	2,131		53,020		15,805		37,215
United Mexican States	1.00%	Quarterly	Citibank N.A.		12/20/23	USD	2,110		52,498		12,723		39,775
United Mexican States	1.00%	Quarterly	Deutsche Bank AG		12/20/23	USD	2,036		50,656		19,923		30,733
United Mexican States	1.00%	Quarterly	Deutsche Bank AG		12/20/23	USD	2,035		50,631		19,913		30,718
United Mexican States	1.00%	Quarterly	Morgan Stanley & Co. International PLC		12/20/23	USD	2,088		51,950		17,224		34,726
United Mexican States	1.00%	Quarterly	Morgan Stanley & Co. International PLC		12/20/23	USD	1,439		35,803		14,815		20,988
CMBX.NA.9.A	2.00%	Monthly	Citigroup Global Markets, Inc.		09/17/58	USD	1,770		71,135		34,888		36,247
CMBX.NA.9.A	2.00%	Monthly	Credit Suisse International		09/17/58	USD	2,546		102,322		42,577		59,745
CMBX.NA.9.A	2.00%	Monthly	Credit Suisse International		09/17/58	USD	1,770		71,135		32,737		38,398
CMBX.NA.9.A	2.00%	Monthly	Goldman Sachs International		09/17/58	USD	900		36,170		17,933		18,237
CMBX.NA.9.A	2.00%	Annual	J.P. Morgan Securities LLC		09/17/58	USD	1,021		41,051		135,673		94,622
CMBX.NA.9.AAA	0.50%	Annual	Credit Suisse International		09/17/58	USD	4,540		16,567		53,733		37,166
CMBX.NA.9.AAA	0.50%	Annual	Deutsche Bank AG		09/17/58	USD	3,620		13,209		43,464		30,255
CMBX.NA.9.AAA	0.50%	Annual	Morgan Stanley & Co. International PLC		09/17/58	USD	5,570		20,326		72,334		52,008
CMBX.NA.9.AAA	0.50%	Annual	Morgan Stanley & Co. International PLC		09/17/58	USD	3,050		11,130		36,098		24,968

61

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Reference Obligation	Financing Rate Paid by the Fund	Payment Frequency		Counterparty	Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CMBX.NA.9.AAA	0.50%		Annual	Morgan Stanley & Co. International PLC		09/17/58	USD	2,530		$       9,232		$     29,944		$     20,712
CMBX.NA.6.AAA	0.50%		Monthly	Deutsche Bank AG		05/11/63	USD	6,363		39,508		2,021		41,529
CMBX.NA.6.AAA	0.50%		Annual	Deutsche Bank AG		05/11/63	USD	5,662		35,151		1,820		33,331
CMBX.NA.6.AAA	0.50%		Annual	Deutsche Bank AG		05/11/63	USD	3,976		24,685		762		25,447
CMBX.NA.6.BBB-	3.00%		Annual	J.P. Morgan Securities LLC		05/11/63	USD	850		136,575		82,635		53,940
										$2,851,633		$1,436,129		$1,415,504

OTC Credit Default Swaps — Sell Protection

Reference Obligation	Financing Rate Received by the Fund	Payment Frequency	Counterparty	Termination Date	Credit Rating(a)	Notional Amount (000)(b)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Scandinavian Airlines System Denmark Norway Sweden	5.00%	Quarterly	Goldman Sachs International	06/20/19	Not Rated	EUR	925	$	21,207		$	(11,053	)	$	32,260
United Mexican States	1.00%	Quarterly	Bank of America N.A.	06/20/20	BBB+	USD	7,452		14,845			(22,286	)		37,131
People’s Republic of China	1.00%	Quarterly	Barclays Bank PLC	09/20/20	A+	USD	1,000		13,094			(2,785	)		15,879
People’s Republic of China	1.00%	Quarterly	Goldman Sachs International	09/20/20	A+	USD	1,000		13,102			(2,940	)		16,042
United Mexican States	1.00%	Quarterly	JPMorgan Chase Bank N.A.	09/20/20	BBB+	USD	7,452		13,360			(28,044	)		41,404
ITRAXX.ASIA.XJ.IG.24.V1	1.00%	Quarterly	Goldman Sachs International	12/20/20	A-	USD	1,825		21,375			(20,059	)		41,434
Casino Guichard Perrachon SA	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/22	BB	EUR	50		(9,593	)		(1,752	)		(7,841	)
Telecom Italia SpA	1.00%	Quarterly	Citibank N.A.	12/20/22	BB+	EUR	40		(2,658	)		6,922			(9,580	)
Banco Bilbao Vizcaya Argentaria SA	1.00%	Quarterly	Barclays Bank PLC	06/20/23	A-	EUR	2,700		16,012			32,287			(16,275	)
Banco Bilbao Vizcaya Argentaria SA	1.00%	Quarterly	Citibank N.A.	06/20/23	A-	EUR	2,800		16,606			32,952			(16,346	)
Beazer Homes USA, Inc.	5.00%	Quarterly	Barclays Bank PLC	06/20/23	B-	USD	2,050		(71,955	)		148,387			(220,342	)
Beazer Homes USA, Inc.	5.00%	Quarterly	Goldman Sachs International	06/20/23	B-	USD	1,036		(36,363	)		41,898			(78,261	)
Beazer Homes USA, Inc.	5.00%	Quarterly	Goldman Sachs International	06/20/23	B-	USD	622		(21,818	)		25,846			(47,664	)
Boparan Finance PLC	5.00%	Quarterly	Barclays Bank PLC	06/20/23	CCC+	EUR	470		(126,383	)		(39,473	)		(86,910	)
Boparan Finance PLC	5.00%	Quarterly	Citibank N.A.	06/20/23	CCC+	EUR	700		(188,231	)		(48,111	)		(140,120	)
Boparan Finance PLC	5.00%	Quarterly	Credit Suisse International	06/20/23	CCC+	EUR	700		(188,230	)		(55,006	)		(133,224	)
Casino Guichard Perrachon SA	1.00%	Quarterly	Bank of America N.A.	06/20/23	BB	EUR	188		(40,505	)		(26,312	)		(14,193	)
Casino Guichard Perrachon SA	1.00%	Quarterly	Bank of America N.A.	06/20/23	BB	EUR	15		(3,320	)		(2,157	)		(1,163	)
Casino Guichard Perrachon SA	1.00%	Quarterly	Barclays Bank PLC	06/20/23	BB	EUR	300		(64,608	)		(35,133	)		(29,475	)
Casino Guichard Perrachon SA	1.00%	Quarterly	Barclays Bank PLC	06/20/23	BB	EUR	71		(15,365	)		(8,447	)		(6,918	)
Casino Guichard Perrachon SA	1.00%	Quarterly	Barclays Bank PLC	06/20/23	BB	EUR	56		(11,969	)		(6,590	)		(5,379	)
Casino Guichard Perrachon SA	1.00%	Quarterly	Barclays Bank PLC	06/20/23	BB	EUR	34		(7,414	)		(3,955	)		(3,459	)
Casino Guichard Perrachon SA	1.00%	Quarterly	BNP Paribas S.A.	06/20/23	BB	EUR	580		(124,910	)		(77,529	)		(47,381	)
Casino Guichard Perrachon SA	1.00%	Quarterly	BNP Paribas S.A.	06/20/23	BB	EUR	570		(122,756	)		(79,626	)		(43,130	)

62

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Reference Obligation	Financing Rate Received by the Fund			Payment Frequency	Counterparty	Termination Date	Credit Rating(a)	Notional Amount (000)(b)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Casino Guichard Perrachon SA		1.00	%	Quarterly	BNP Paribas S.A.	06/20/23	BB	EUR	540	$	(116,296	)		$  (49,186	)		$  (67,110	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	BNP Paribas S.A.	06/20/23	BB	EUR	530		(114,142	)		(48,275	)		(65,867	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	BNP Paribas S.A.	06/20/23	BB	EUR	10		(2,154	)		(911	)		(1,243	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	BNP Paribas S.A.	06/20/23	BB	EUR	10		(2,154	)		(911	)		(1,243	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	Citibank N.A.	06/20/23	BB	EUR	1,300		(279,971	)		(166,102	)		(113,869	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	Citibank N.A.	06/20/23	BB	EUR	700		(150,754	)		(83,713	)		(67,041	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	Citibank N.A.	06/20/23	BB	EUR	526		(113,198	)		(66,917	)		(46,281	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	Citibank N.A.	06/20/23	BB	EUR	489		(105,238	)		(56,140	)		(49,098	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	Citibank N.A.	06/20/23	BB	EUR	422		(90,866	)		(55,662	)		(35,204	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	Citibank N.A.	06/20/23	BB	EUR	400		(86,145	)		(53,336	)		(32,809	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	Citibank N.A.	06/20/23	BB	EUR	35		(7,449	)		(4,563	)		(2,886	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	Citibank N.A.	06/20/23	BB	EUR	15		(3,319	)		(1,962	)		(1,357	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	Goldman Sachs International	06/20/23	BB	EUR	550		(118,450	)		(50,669	)		(67,781	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	Goldman Sachs International	06/20/23	BB	EUR	10		(2,153	)		(921	)		(1,232	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	BB	EUR	710		(152,908	)		(127,398	)		(25,510	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	BB	EUR	540		(116,295	)		(48,708	)		(67,587	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	BB	EUR	526		(113,308	)		(66,982	)		(46,326	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	BB	EUR	420		(90,452	)		(52,001	)		(38,451	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	BB	EUR	316		(67,985	)		(37,619	)		(30,366	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	BB	EUR	210		(45,323	)		(25,079	)		(20,244	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	BB	EUR	15		(3,321	)		(1,963	)		(1,358	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	BB	EUR	10		(2,154	)		(902	)		(1,252	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	BB	EUR	9		(1,993	)		(1,103	)		(890	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	BB	EUR	6		(1,328	)		(735	)		(593	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	Morgan Stanley & Co. International PLC	06/20/23	BB	EUR	1,270		(273,510	)		(168,440	)		(105,070	)
Garfunkelux Holdco 2 SA		5.00	%	Quarterly	Credit Suisse International	06/20/23	B-	EUR	400		(100,522	)		(1,058	)		(99,464	)
Garfunkelux Holdco 2 SA		5.00	%	Quarterly	Morgan Stanley & Co. International PLC	06/20/23	B-	EUR	730		(183,453	)		(6,319	)		(177,134	)
Hema BondCo I BV		5.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	B-	EUR	800		(39,244	)		30,081			(69,325	)
Intesa San Paolo SpA		1.00	%	Quarterly	BNP Paribas S.A.	06/20/23	Not Rated	EUR	140		(5,018	)		(6,062	)		1,044
Intrum AB		5.00	%	Quarterly	Citibank N.A.	06/20/23	BB+	EUR	17		740			754			(14	)
Intrum AB		5.00	%	Quarterly	Citibank N.A.	06/20/23	BB+	EUR	8		333			338			(5	)
Intrum Justitia AB		5.00	%	Quarterly	Credit Suisse International	06/20/23	BB+	EUR	47		2,107			4,562			(2,455	)
Intrum Justitia AB		5.00	%	Quarterly	Credit Suisse International	06/20/23	BB+	EUR	10		429			876			(447	)
Intrum Justitia AB		5.00	%	Quarterly	Credit Suisse International	06/20/23	BB+	EUR	9		385			931			(546	)
Intrum Justitia AB		5.00	%	Quarterly	Morgan Stanley & Co. International PLC	06/20/23	BB+	EUR	29		1,300			3,142			(1,842	)

63

  Consolidated Schedule of Investments  (unaudited) (continued) December 31, 2018   Master Total Return Portfolio of Master Bond LLC  

Reference Obligation	Financing Rate Received by the Fund			Payment Frequency	Counterparty	Termination Date	Credit Rating(a)	Notional Amount (000)(b)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Thomas Cook Group PLC		5.00	%	Quarterly	Barclays Bank PLC	06/20/23	B+	EUR	280	$	(66,026	)		$  35,720			$(101,746	)
Thomas Cook Group PLC		5.00	%	Quarterly	Citibank N.A.	06/20/23	B+	EUR	1,180		(278,252	)		143,978			(422,230	)
Thomas Cook Group PLC		5.00	%	Quarterly	Citibank N.A.	06/20/23	B+	EUR	1,170		(275,893	)		138,088			(413,981	)
Thomas Cook Group PLC		5.00	%	Quarterly	Citibank N.A.	06/20/23	B+	EUR	18		(4,135	)		2,139			(6,274	)
Thomas Cook Group PLC		5.00	%	Quarterly	Goldman Sachs International	06/20/23	B+	EUR	420		(99,038	)		50,842			(149,880	)
Thomas Cook Group PLC		5.00	%	Quarterly	Goldman Sachs International	06/20/23	B+	EUR	400		(94,323	)		48,892			(143,215	)
Thomas Cook Group PLC		5.00	%	Quarterly	Goldman Sachs International	06/20/23	B+	EUR	350		(82,532	)		40,455			(122,987	)
Thomas Cook Group PLC		5.00	%	Quarterly	Goldman Sachs International	06/20/23	B+	EUR	90		(21,222	)		10,650			(31,872	)
Virgin Media Finance PLC		5.00	%	Quarterly	Goldman Sachs International	06/20/23	B	EUR	280		36,281			40,481			(4,200	)
Virgin Media Finance PLC		5.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	B	EUR	700		90,701			103,767			(13,066	)
Casino Guichard Perrachon SA		1.00	%	Quarterly	Goldman Sachs International	12/20/23	BB	EUR	50		(11,957	)		(7,850	)		(4,107	)
CMA CGM SA		5.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/23	B-	EUR	1,490		(198,260	)		(107,404	)		(90,856	)
Garfunkelux Holdco 2 SA		5.00	%	Quarterly	Credit Suisse International	12/20/23	B-	EUR	522		(141,347	)		9,929			(151,276	)
Garfunkelux Holdco 2 SA		5.00	%	Quarterly	Credit Suisse International	12/20/23	B-	EUR	116		(31,409	)		2,206			(33,615	)
Garfunkelux Holdco 2 SA		5.00	%	Quarterly	Credit Suisse International	12/20/23	B-	EUR	4		(1,010	)		71			(1,081	)
Garfunkelux Holdco 2 SA		5.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/23	B-	EUR	9		(2,320	)		(62	)		(2,258	)
Telecom Italia SpA		1.00	%	Quarterly	Barclays Bank PLC	12/20/23	BB+	EUR	500		(52,569	)		(48,339	)		(4,230	)
Telecom Italia SpA		1.00	%	Quarterly	Barclays Bank PLC	12/20/23	BB+	EUR	103		(10,839	)		(9,967	)		(872	)
Telecom Italia SpA		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/23	BB+	EUR	2,507		(263,572	)		(256,167	)		(7,405	)
Unicredit SpA		1.00	%	Quarterly	BNP Paribas S.A.	12/20/23	Not Rated	EUR	1,523		(65,461	)		(62,243	)		(3,218	)
Unicredit SpA		1.00	%	Quarterly	Citibank N.A.	12/20/23	Not Rated	EUR	1,800		(77,367	)		(97,921	)		20,554
Unicredit SpA		1.00	%	Quarterly	HSBC Bank PLC	12/20/23	Not Rated	EUR	1,067		(45,861	)		(46,343	)		482
Virgin Media Finance PLC		5.00	%	Quarterly	Barclays Bank PLC	12/20/23	B	EUR	1,480		188,088			220,166			(32,078	)
Vue International Bidco PLC		5.00	%	Quarterly	Citibank N.A.	12/20/23	B	EUR	520		22,302			50,755			(28,453	)
Vue International Bidco PLC		5.00	%	Quarterly	Citibank N.A.	12/20/23	B	EUR	223		9,557			21,993			(12,436	)
Vue International Bidco PLC		5.00	%	Quarterly	Credit Suisse International	12/20/23	B	EUR	1,261		54,082			156,157			(102,075	)
Vue International Bidco PLC		5.00	%	Quarterly	Credit Suisse International	12/20/23	B	EUR	630		27,041			76,395			(49,354	)
Vue International Bidco PLC		5.00	%	Quarterly	Credit Suisse International	12/20/23	B	EUR	630		27,041			78,185			(51,144	)
Ziggo Bond Finance BV		5.00	%	Quarterly	Barclays Bank PLC	12/20/23	B	EUR	770		86,312			77,410			8,902
Ziggo Bond Finance BV		5.00	%	Quarterly	Barclays Bank PLC	12/20/23	B	EUR	735		82,389			72,579			9,810
Ziggo Bond Finance BV		5.00	%	Quarterly	Barclays Bank PLC	12/20/23	B	EUR	420		47,079			42,360			4,719
Ziggo Bond Finance BV		5.00	%	Quarterly	Credit Suisse International	12/20/23	B	EUR	750		84,070			96,903			(12,833	)
Ziggo Bond Finance BV		5.00	%	Quarterly	Credit Suisse International	12/20/23	B	EUR	750		84,070			96,903			(12,833	)
Virgin Media Finance PLC		5.00	%	Quarterly	Credit Suisse International	06/20/25	B	EUR	1,410		172,823			240,839			(68,016	)
CMBX.NA.7.AAA		0.50	%	Monthly	Morgan Stanley & Co. International PLC	01/17/47	AAA	USD	5,000		28,264			(151,956	)		180,220
CMBX.NA.3.AM		0.50	%	Monthly	Credit Suisse International	12/13/49	A	USD	36		(118	)		(3,060	)		2,942

64

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Reference Obligation	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit Rating(a)	Notional Amount (000)(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.3.AM		0.50	%		Monthly	Goldman Sachs International		12/13/49	A		USD	92	$	(297	)	$	(7,813	)	$	7,516
CMBX.NA.3.AM		0.50	%		Monthly	JPMorgan Chase Bank N.A.		12/13/49	A		USD	198		(641	)		(15,979	)		15,338
CMBX.NA.4.AM		0.50	%		Annual	Deutsche Bank AG		02/17/51	BBB-		USD	3		(12	)		(350	)		338
CMBX.NA.8.A		2.00	%		Annual	Goldman Sachs International		10/17/57	Not Rated		USD	1,710		(63,191	)		(93,774	)		30,583
CMBX.NA.8.A		2.00	%		Monthly	Goldman Sachs International		10/17/57	Not Rated		USD	440		(16,260	)		(43,192	)		26,932
CMBX.NA.8.A		2.00	%		Annual	Morgan Stanley & Co. International PLC		10/17/57	Not Rated		USD	290		(10,717	)		(24,043	)		13,326
CMBX.NA.9.BBB-		3.00	%		Monthly	Credit Suisse International		09/17/58	Not Rated		USD	3,777		(456,466	)		(333,233	)		(123,233	)
CMBX.NA.9.BBB-		3.00	%		Monthly	Deutsche Bank AG		09/17/58	Not Rated		USD	2,190		(264,671	)		(235,987	)		(28,684	)
CMBX.NA.9.BBB-		3.00	%		Monthly	Deutsche Bank AG		09/17/58	Not Rated		USD	1,854		(224,063	)		(223,206	)		(857	)
CMBX.NA.9.BBB-		3.00	%		Monthly	J.P. Morgan Securities LLC		09/17/58	Not Rated		USD	955		(115,415	)		(84,813	)		(30,602	)
CMBX.NA.9.BBB-		3.00	%		Monthly	Morgan Stanley & Co. International PLC		09/17/58	Not Rated		USD	970		(117,229	)		(123,407	)		6,178
CMBX.NA.9.BBB-		3.00	%		Monthly	Morgan Stanley & Co. International PLC		09/17/58	Not Rated		USD	770		(93,058	)		(79,829	)		(13,229	)
CMBX.NA.9.BBB-		3.00	%		Annual	Morgan Stanley & Co. International PLC		09/17/58	Not Rated		USD	630		(76,138	)		(62,200	)		(13,938	)
CMBX.NA.9.BBB-		3.00	%		Monthly	Morgan Stanley & Co. International PLC		09/17/58	Not Rated		USD	356		(43,024	)		(43,505	)		481
CMBX.NA.9.BBB-		3.00	%		Monthly	Morgan Stanley & Co. International PLC		09/17/58	Not Rated		USD	127		(15,348	)		(15,217	)		(131	)
CMBX.NA.10.A		2.00	%		Monthly	Deutsche Bank AG		11/17/59	A-		USD	3,340		(140,923	)		(145,781	)		4,858
CMBX.NA.10.A		2.00	%		Monthly	Deutsche Bank AG		11/17/59	A-		USD	1,670		(70,461	)		(74,115	)		3,654
CMBX.NA.10.BBB-		3.00	%		Annual	J.P. Morgan Securities LLC		11/17/59	BBB-		USD	60		(6,867	)		(5,182	)		(1,685	)
CMBX.NA.6.BBB-		3.00	%		Annual	Credit Suisse International		05/11/63	BB+		USD	850		(136,575	)		(66,918	)		(69,657	)
													$	(5,925,053	)	$	(1,937,912	)	$	(3,987,141	)

^(a)  Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.

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

OTC Currency Swaps

Notional Amount (000)

Premiums

Unrealized

Fund

Notional

Expiration

Paid

Appreciation

Fund Pays

Receives

Notional Delivered

Received

Counterparty

Date(a)

Value

(Received)

(Depreciation)

3-month LIBOR, 2.81%

16.77% TRY

USD  1,899

TRY  10,171

JPMorgan Chase Bank N.A.

6/19/2024

$

79,401

$—

$79,401

^(a)  At expiration date, the notional amount delivered will be exchanged for the notional amount received.

OTC Interest Rate Swaps

Upfront

Paid by the Fund

Received by the Fund

Notional

Premium

Unrealized

Termination

Amount

Paid

Appreciation

Rate

Frequency

Rate

Frequency

Counterparty

Date

(000)

Value

(Received)

(Depreciation)

1-day BZDIOVER, 6.40%

At Termination

7.48%

At Termination

Bank of America N.A.

01/04/21

BRL  184,790

$

143,312

$—

$143,312

1-day BZDIOVER, 6.40%

At Termination

7.46%

At Termination

Bank of America N.A.

01/04/21

BRL    52,974

35,935

—

35,935

1-day BZDIOVER, 6.40%

At Termination

7.42%

At Termination

Credit Suisse International

01/04/21

BRL    92,345

43,185

—

43,185

65

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Paid by the Fund		Received by the Fund			Termination Date		Notional Amount (000)						Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency	Counterparty						Value
1-day BZDIOVER, 6.40%	At Termination	7.43%	At Termination	JPMorgan Chase Bank N.A.		01/04/21		BRL	39,471	$	20,433			$    —		$	20,433
3.27%	Quarterly	3-month LIBOR, 2.81%	Semi-Annual	Deutsche Bank AG		05/16/21		USD	9,510		(150,120	)		—			(150,120	)
1-day BZDIOVER, 6.40%	At Termination	8.53%	At Termination	Citibank N.A.		01/02/23		BRL	105,470		128,809			—			128,809
1.06%	Quarterly	3-month TAIBOR, 0.67%	Quarterly	Bank of America N.A.		09/19/23		TWD	232,527		(81,465	)		—			(81,465	)
1.06%	Quarterly	3-month TAIBOR, 0.67%	Quarterly	JPMorgan Chase Bank N.A.		09/19/23		TWD	334,613		(117,230	)		—			(117,230	)
5.73%	Monthly	28-day MXIBTIIE, 8.59%	Monthly	Bank of America N.A.		01/03/25		MXN	23,376		165,674			262			165,412
28-day MXIBTIIE, 8.59%	Monthly	6.33%	Monthly	Citibank N.A.		06/09/25		MXN	14,869		(88,205	)		(69	)		(88,136	)
28-day MXIBTIIE, 8.59%	Monthly	6.33%	Monthly	Citibank N.A.		07/17/25		MXN	36,610		(222,186	)		(133	)		(222,053	)
28-day MXIBTIIE, 8.59%	Monthly	6.32%	Monthly	Goldman Sachs International		08/06/25		MXN	109,616		(674,088	)		(391	)		(673,697	)
6.31%	Monthly	28-day MXIBTIIE, 8.59%	Monthly	Bank of America N.A.		08/11/25		MXN	36,783		227,090			154			226,936
6.31%	Monthly	28-day MXIBTIIE, 8.59%	Monthly	Bank of America N.A.		08/11/25		MXN	36,783		227,090			154			226,936
6.31%	Monthly	28-day MXIBTIIE, 8.59%	Monthly	Deutsche Bank AG		08/11/25		MXN	136,536		843,957			571			843,386
28-day MXIBTIIE, 8.59%	Monthly	6.27%	Monthly	Bank of America N.A.		12/05/25		MXN	4,348		(28,389	)		(42	)		(28,347	)
										$	473,802			$ 506		$	473,296

OTC Total Return Swaps

Upfront

Paid by the Fund

Received by the Fund

Termination Date

Notional Amount (000)

Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Rate

Frequency

Rate

Frequency

Counterparty

Value

Superior Energy Services, Inc.

Quarterly

3-month LIBOR plus 0.05%, 2.81%

Quarterly

BNP Paribas S.A.

02/07/19

USD

223

$

337,439

$    —

$337,439

SPDR S&P Oil & Gas Exploration & Production ETF

Monthly

1-month LIBOR minus 0.90%, 2.50%

Monthly

Merrill Lynch International

03/15/19

USD

1,288

79,589

—

79,589

iBoxx EUR Liquid High Yield Index

At Termination

3-month EURIBOR, (0.32)%

Quarterly

Bank of America N.A.

03/20/19

EUR

4,300

(12,837

)

(79

)

(12,758)

iBoxx EUR Liquid High Yield Index

At Termination

3-month EURIBOR, (0.32)%

Quarterly

JPMorgan Chase Bank N.A.

03/20/19

EUR

7,070

11

4,030

(4,019)

iBoxx EUR Liquid High Yield Index

At Termination

3-month EURIBOR, (0.32)%

Quarterly

JPMorgan Chase Bank N.A.

03/20/19

EUR

7,000

32,181

—

32,181

Markit iBoxx EUR Contingent Convertible Index

At Termination

3-month EURIBOR, (0.32)%

Quarterly

JPMorgan Chase Bank N.A.

03/20/19

EUR

2,600

(31,823

)

(1,591

)

(30,232)

66

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Paid by the Fund

Received by the Fund

Counterparty

Termination Date

Notional Amount (000)

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Rate

Frequency

Rate

Frequency

Value

SPDR S&P Oil & Gas Exploration & Production ETF

Monthly

1-month LIBOR minus 0.70%, 2.50%

Monthly

BNP Paribas S.A.

08/06/19

USD

551

$

106,189

$      —

$

106,189

Charter Communications, Inc.

Monthly

1-month LIBOR plus 0.10%, 2.50%

Monthly

Citibank N.A.

08/06/19

USD

414

61,439

—

61,439

Charter Communications, Inc.

Monthly

1-month LIBOR, 2.50%

Monthly

BNP Paribas S.A.

08/27/19

USD

824

(694

)

—

(694

)

Weatherford International PLC

Monthly

1-month LIBOR plus 0.08%, 2.50%

Monthly

BNP Paribas S.A.

08/30/19

USD

81

2,023

—

2,023

Superior Energy Services, Inc.

Quarterly

3-month LIBOR minus 0.75%, 2.81%

Quarterly

BNP Paribas S.A.

11/19/19

USD

18

17,718

—

17,718

Bristow Group, Inc.

Quarterly

3-month LIBOR minus 1.50%, 2.81%

Quarterly

BNP Paribas S.A.

11/19/19

USD

36

55,641

—

55,641

Bristow Group, Inc.

Quarterly

3-month LIBOR minus 1.50%, 2.81%

Quarterly

BNP Paribas S.A.

11/19/19

USD

12

17,531

—

17,531

Superior Energy Services, Inc.

Quarterly

3-month LIBOR minus 0.75%, 2.81%

Quarterly

BNP Paribas S.A.

11/19/19

USD

189

181,662

—

181,662

Canadian Natural Resources Ltd.

Quarterly

3-month LIBOR minus 0.45%, 2.81%

Quarterly

BNP Paribas S.A.

11/27/19

USD

478

10,274

—

10,274

$

856,343

$2,360

$

853,983

OTC Total Return Swaps^(a)

Reference Entity

Counterparty

Expiration Date

Net Notional

Unrealized Appreciation (Depreciation)

Net Value of Reference Entities

Gross Notional Amount Net Asset Percentage

Equity Securities Long/Short

Bank of America N.A.

02/15/23

USD 6,423,370

$

(272,265

)(b)

$

6,128,078

0.1

%

^(a) In regards to total return swaps with multiple financing rate benchmarks, the Master Portfolio receives or pays the total return on a portfolio of long and short positions underlying the total return swap. In addition, the Master Portfolio pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 25-500 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

EURIBOR 1 Week

Intercontinental Exchange LIBOR GBP 1 Week

^(b) Amount includes $23,027 of net dividends and financing fees

67

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Currency Abbreviations
ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan Offshore
COP	Colombian Peso
DKK	Danish Krone
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NGN	Nigerian Naira
NOK	Norwegian Krone
NZD	New Zealand Dollar
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish Lira
TWD	Taiwan New Dollar
USD	US Dollar
ZAR	South African Rand

68

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Portfolio Abbreviations
ABS	Asset-Backed Security
AGM	Assurance Guaranty Municipal Corp.
AKA	Also Known As
AMBAC	AMBAC Assurance Corp.
BZDIOVER	Overnight Brazil CETIP — Interbank Rate
CBOE	Chicago Board Options Exchange
CIBOR	Copenhagen Interbank Offered Rate
CLO	Collateralized Loan Obligation
CP	Certificate Participation
DAC	Designated Activity Company
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FKA	Formerly Known As
GNMA	Government National Mortgage Association
GO	General Obligation Bonds
LIBOR	London Interbank Offered Rate
MXIBTIIE	Mexico Interbank TIIE 28-Day
NIBOR	Norwegian Interbank Offered Rate
OTC	Over-the-counter
PIK	Payment-in-kind
PSF	Permanent School Fund
RB	Revenue Bonds
REMIC	Real Estate Mortgage Investment Conduit
S&P	Standard & Poor’s
SCA	Svenska Cellulosa Aktiebolaget
SCSDE	South Carolina State Department of Education
SPDR	Standard & Poor’s Depositary Receipts
STIBOR	Stockholm Interbank Offered Rate
TA	Tax Allocation
TAIBOR	Taiwan Interbank Offered Rate
TBA	To-be-announced
UK RPI	United Kingdom Retail Price Index

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments and derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by private companies. There may not be a secondary market, and/or there are a limited number of investors. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Global Valuation Committee in the absence of market information.

69

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments, refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy:

	Level 1			Level 2			Level 3			Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—		$	1,281,149,962		$	43,361,194		$	1,324,511,156
Common Stocks(a)		25,823,222			1,546,768			197,372			27,567,362
Corporate Bonds(a)		—			5,067,802,849			1,473,003			5,069,275,852
Floating Rate Loan Interests(a)		—			117,410,458			171,588,824			288,999,282
Foreign Agency Obligations		—			44,011,998			—			44,011,998
Foreign Government Obligations		—			278,977,212			—			278,977,212
Investment Companies		99,644,160			—			—			99,644,160
Non-Agency Mortgage-Backed Securities		—			503,586,389			62,020,309			565,606,698
Preferred Securities(a)		—			125,889,613			217,902			126,107,515
Taxable Municipal Bonds		—			850,088,427			—			850,088,427
U.S. Government Sponsored Agency Securities		—			10,600,524,960			653,041			10,601,178,001
U.S. Treasury Obligations		—			136,630,583			—			136,630,583
Short-Term Securities:
Commercial Paper		—			30,085,093			—			30,085,093
Foreign Government Obligations		—			409,013,260			—			409,013,260
Money Market Funds		58,198,971			—			—			58,198,971
U.S. Treasury Obligations		—			5,070,420			—			5,070,420
Options Purchased:
Equity contracts		4,096,440			—			13,581			4,110,021
Foreign currency exchange contracts		—			4,435,938			2,269			4,438,207
Interest rate contracts		151,328			24,239,223			—			24,390,551
Liabilities:
TBA Sale Commitments		—			(6,113,083,186	)		—			(6,113,083,186	)
Subtotal	$	187,914,121		$	13,367,379,967		$	279,527,495		$	13,834,821,583
Investments Valued at NAV(b)											64,528,142
Total Investments										$	13,899,349,725
(a) See above Consolidated Schedule of Investments for values in each industry. (b) Certain investments of the Master Portfolio were fair valued using net asset value (“NAV”) per share as no quoted market value is available and  therefore have been excluded from the fair value hierarchy.
	Level 1			Level 2			Level 3			Total
Derivative Financial Instruments(a)
Assets:
Credit contracts	$	—		$	5,280,456		$	—		$	5,280,456
Equity contracts		445,147			869,505			—			1,314,652
Foreign currency exchange contracts		—			13,651,388			—			13,651,388
Interest rate contracts		78,396,608			10,899,030			—			89,295,638
Other contracts		—			211,817			—			211,817
Liabilities:
Credit contracts		—			(7,844,578	)		—			(7,844,578	)
Equity contracts		(2,865,782	)		(272,959	)		(22,500	)		(3,161,241	)
Foreign currency exchange contracts		—			(25,492,785	)		(2,072	)		(25,494,857	)
Interest rate contracts		(9,752,694	)		(18,902,133	)		—			(28,654,827	)
	$	66,223,279		$	(21,600,259	)	$	(24,572	)	$	44,598,448

^(a)  Derivative financial instruments are swaps, financial futures contracts, forward foreign currency exchange contracts and options written. Swaps, financial futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value.

During the period ended December 31, 2018, there were no transfers between Level 1 and Level 2.

70

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2018

A reconciliation of Level 3 investments is presented when the Master Portfolio had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Asset-Backed Securities			Common Stocks			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage- Backed Securities
Assets:
Opening Balance, as of September 30, 2018	$	61,899,804		$	218,040		$	111,000,003		$	127,990,875		$	60,105,857
Transfers into Level 3		23,243,341			—			—			48,387,554			18,100,283
Transfers out of Level 3		(19,008,110	)		—			(77,000,000	)		(15,913,870	)		(8,992,014	)
Accrued discounts/premiums		(94,383	)		—			—			40,876			(353,372	)
Net realized gain (loss)		(107,631	)		—			—			347,054			(5,340,416	)
Net change in unrealized appreciation (depreciation)(a)		(4,208,403	)		(20,668	)		(34,000,000	)		(80,426,503	)		(11,457,160	)
Purchases		2,094,145			—			1,473,000			96,676,575			33,113,469
Sales		(20,457,569	)		—			—			(5,513,737	)		(23,156,338	)
Closing Balance, as of December 31, 2018	$	43,361,194		$	197,372		$	1,473,003		$	171,588,824		$	62,020,309
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2018(a)	$	(3,807,243	)	$	(20,668	)	$	1		$	(80,082,893	)	$	(15,996,817	)
				Preferred Securities			U.S. Government Sponsored Agency Securities			Options Purchased			Total
Assets:
Opening Balance, as of September 30, 2018				$	240,721		$	840,797		$	39		$	362,296,136
Transfers into Level 3					—			637,451			15,305			90,383,934
Transfers out of Level 3					—			(840,797	)		—			(121,754,791	)
Accrued discounts/premiums					—			(1,877	)		—			(408,756	)
Net realized gain (loss)					—			—			—			(5,100,993	)
Net change in unrealized appreciation (depreciation)(a)					(22,819	)		17,467			(352,722	)		(130,470,808	)
Purchases					—			—			353,228			133,710,417
Sales					—			—			—			(49,127,644	)
Closing Balance, as of December 31, 2018				$	217,902		$	653,041		$	15,850		$	279,527,495
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2018(a)				$	(22,819	)	$	17,467		$	(352,682	)	$	(100,265,654	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2018, is generally due to investments no longer held or categorized as Level 3 at period end.

The following table is a reconciliation of Level 3 derivative financial instruments for which significant unobservable inputs were used in determining fair value:

	Equity Contracts					Foreign Currency Exchange Contracts
	Assets		Liabilities			Assets		Liabilities			Total
Opening Balance, as of September 30, 2018	$	—	$	—		$	—	$	(39	)	$	(39	)
Transfers into Level 3		—		—			—		—			—
Transfers out of Level 3		—		—			—		—			—
Accrued discounts/premiums		—		—			—		—			—
Net realized gain (loss)		—		—			—		—			—
Net change in unrealized appreciation (depreciation)(a)		—		(22,500	)		—		(2,033	)		(24,533	)
Purchases		—		—			—		—			—
Issues		—		—			—		—			—
Sales		—		—			—		—			—
Settlements		—		—			—		—			—
Closing Balance, as of December 31, 2018	$	—	$	(22,500	)	$	—	$	(2,072	)	$	(24,572	)
Net change in unrealized appreciation (depreciation) on derivative financial instruments still held at December 31, 2018(a)	$	—	$	(22,500	)	$	—	$	(2,072	)	$	(24,572	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2018 is generally due to investments no longer held or categorized as Level 3 at period end.

The Master Portfolio’s investments that are categorized as Level 3 were valued utilizing third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of such Level 3 investments.

71

Item 2 – Controls and Procedures

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

2(b) – There were no changes in the registrants’ internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants’ last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants’ internal control over financial reporting.

Item 3 – Exhibits

           Certifications – Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, each registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock Balanced Capital Fund, Inc., Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of BlackRock Balanced Capital Fund, Inc., Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC

Date: February 22, 2019

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

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of BlackRock Balanced Capital Fund, Inc., Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC

Date: February 22, 2019

By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of BlackRock Balanced Capital Fund, Inc., Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC

Date: February 22, 2019