Schedule of Investments  (unaudited) June 30, 2019 BlackRock Total Return Fund, Inc. (Percentages shown are based on Net Assets)

Security	Value
Mutual Funds — 100.1%
Master Total Return Portfolio of Master Bond LLC	$	13,989,236,498
Total Investments — 100.1% (Cost: $13,641,416,011)		13,989,236,498
Liabilities in Excess of Other Assets — (0.1)%		(12,855,953	)
Net Assets — 100.0%	$	13,976,380,545

BlackRock Total Return Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Total Return Portfolio of Master Bond LLC (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of period end, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $13,989,236,498 and 94.9%, respectively.

The Fund records its investment in the Master Portfolio at fair value. The Fund’s investment in the Master Portfolio is valued pursuant to the pricing policies approved by the Board of Directors of the Master 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 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)

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. 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 semi-annual report.

As of June 30, 2019, 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.

1

Consolidated Schedule of Investments  (unaudited)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities — 10.6%
Accredited Mortgage Loan Trust, Series 2006-1, Class M2, (1 mo. LIBOR US + 0.340%), 2.74%, 04/25/36 (a)	USD		5,510	$	2,980,940
ACE Securities Corp. Home Equity Loan Trust:
Series 2003-OP1, Class A2, (1 mo. LIBOR US + 0.720%), 3.12%, 12/25/33 (a)			581		572,307
Series 2006-CW1, Class A2C, (1 mo. LIBOR US + 0.140%), 2.54%, 07/25/36 (a)			407		324,326
Series 2007-HE4, Class A2A, (1 mo. LIBOR US + 0.130%), 2.53%, 05/25/37 (a)			2,792		772,141
ACIS CLO Ltd., Series 2014-4A, Class A, (3 mo. LIBOR US + 1.420%), 4.00%, 05/01/26 (a)(b)			2,320		2,324,505
Adams Mill CLO Ltd., Series 2014-1A, Class A2R, (3 mo. LIBOR US + 1.100%), 3.70%, 07/15/26 (a)(b)			3,729		3,729,823
AIMCO CLO, Series 2017-AA, Class A, (3 mo. LIBOR US + 1.260%), 3.85%, 07/20/29 (a)(b)			500		500,408
Ajax Mortgage Loan Trust:
Series 2017-D, Class A, 3.75%, 12/25/57 (b)			10,480		10,768,393
Series 2017-D, Class B, 0.00%, 12/25/57 (b)(c)(d)			1,771		796,855
Series 2018-A, Class A, 3.85%, 04/25/58 (b)(c)			10,344		10,178,177
Series 2018-A, Class B, 0.00%, 04/25/58 (b)(c)(d)			2,685		1,557,227
Series 2018-B, Class A, 3.75%, 02/26/57 (b)(c)			6,766		6,758,149
Series 2018-B, Class B, 0.00%, 02/26/57 (b)(c)			3,360		940,837
Series 2018-D, Class A, 3.75%, 08/25/58 (b)(c)(d)			11,522		11,493,470
Series 2018-D, Class B, 0.00%, 08/25/58 (b)(c)(d)			2,865		1,604,435
Series 2018-E, Class A, 4.38%, 06/25/58 (b)(d)			4,907		4,961,605
Series 2018-E, Class B, 5.25%, 06/25/58 (b)(d)			840		865,138
Series 2018-E, Class C, 0.00%, 06/25/58 (b)(c)(d)			2,157		643,962
Series 2018-F, Class A, 4.38%, 11/25/58 (b)(c)(d)			17,064		17,192,150
Series 2018-F, Class B, 5.25%, 11/25/58 (b)(c)(d)			2,415		2,387,861
Series 2018-F, Class C, 0.00%, 11/25/58 (b)(c)			5,843		2,829,898
Series 2018-G, Class A, 4.38%, 06/25/57 (b)(c)(d)			15,840		15,841,828
Series 2018-G, Class B, 5.25%, 06/25/57 (b)(c)(d)			2,042		2,005,448
Series 2018-G, Class C, 0.00%, 06/25/57 (b)(c)			5,273		4,890,958
Series 2019-A, Class A, 3.75%, 08/25/57 (b)(d)			16,695		16,777,879
Series 2019-A, Class B, 5.25%, 08/25/57 (b)(c)(d)			1,720		1,684,912
Series 2019-A, Class C, 0.00%, 08/25/57 (b)			4,323		3,492,785
Series 2019-B, Class A, 3.75%, 01/25/59 (b)(d)			27,337		27,494,531
Series 2019-B, Class B, 5.25%, 01/25/59 (b)(d)			2,845		2,788,183

Security		Par (000)		Value
Ajax Mortgage Loan Trust: (continued)
Series 2019-B, Class C, 0.00%, 01/25/59 (b)(c)	USD		7,315	$	5,290,939
Series 2019-C, Class A, 3.95%, 10/25/58 (b)(c)(d)			7,549		7,581,279
Allegro CLO II-S Ltd., Series 2014-1RA, Class A1, (3 mo. LIBOR US + 1.080%), 3.67%, 10/21/28 (a)(b)			3,790		3,786,105
Allegro CLO IV Ltd.:
Series 2016-1A, Class AR, (3 mo. LIBOR US + 1.150%), 0.00%, 01/15/30 (a)(b)			6,640		6,640,000
Series 2016-1A, Class BR, (3 mo. LIBOR US + 1.700%), 0.00%, 01/15/30 (a)(b)			2,530		2,530,000
Allegro CLO V Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.240%), 3.84%, 10/16/30 (a)(b)			1,100		1,102,814
ALM V Ltd.:
Series 2012-5A, Class A1R3, (3 mo. LIBOR US + 0.910%), 3.51%, 10/18/27 (a)(b)			4,410		4,405,861
Series 2012-5A, Class A2R3, (3 mo. LIBOR US + 1.250%), 3.85%, 10/18/27 (a)(b)			1,600		1,572,976
Series 2012-5A, Class BR3, (3 mo. LIBOR US + 1.650%), 4.25%, 10/18/27 (a)(b)			2,140		2,116,496
ALM VI Ltd., Series 2012-6A, Class A2R3, (3 mo. LIBOR US + 1.400%), 4.00%, 07/15/26 (a)(b)			1,514		1,502,965
ALM VII Ltd.:
Series 2012-7A, Class A1A2, (3 mo. LIBOR US + 1.170%), 0.00%, 07/15/29 (a)(b)(c)			750		750,000
Series 2012-7A, Class A1R, (3 mo. LIBOR US + 1.480%), 4.08%, 10/15/28 (a)(b)			500		500,493
ALM VII R Ltd., Series 2013-7RA, Class A1R, (3 mo. LIBOR US + 1.410%), 4.01%, 10/15/28 (a)(b)			2,970		2,969,023
ALM VIII Ltd.:
Series 2013-8A, Class A1R, (3 mo. LIBOR US + 1.490%), 4.09%, 10/15/28 (a)(b)			9,310		9,308,663
Series 2013-8A, Class A2R, (3 mo. LIBOR US + 1.800%), 4.40%, 10/15/28 (a)(b)			600		599,182
ALM XII Ltd.:
Series 2015-12A, Class A1R2, (3 mo. LIBOR US + 0.890%), 3.49%, 04/16/27 (a)(b)			1,300		1,297,284
Series 2015-12A, Class BR2, (3 mo. LIBOR US + 1.650%), 4.25%, 04/16/27 (a)(b)			3,635		3,612,414
ALM XVI Ltd./ALM XVI LLC:
Series 2015-16A, Class A2R2, (3 mo. LIBOR US + 1.500%), 4.10%, 07/15/27 (a)(b)			6,284		6,263,744
Series 2015-16A, Class BR2, (3 mo. LIBOR US + 1.900%), 4.50%, 07/15/27 (a)(b)			2,060		2,027,622
ALM XVIII Ltd., Series 2016-18A, Class A2R, (3 mo. LIBOR US + 1.650%), 4.25%, 01/15/28 (a)(b)			750		750,076
AMMC CLO 19 Ltd., Series 2016-19A, Class C, (3 mo. LIBOR US + 2.800%), 5.40%, 10/15/28 (a)(b)			720		719,602
AMMC CLO 21 Ltd., Series 2017-21A, Class A, (3 mo. LIBOR US + 1.250%), 3.83%, 11/02/30 (a)(b)			750		748,562

CONSOLIDATED SCHEDULE OF INVESTMENTS 1

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
AMMC CLO XII Ltd., Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.200%), 3.75%, 11/10/30 (a)(b)	USD		540	$	537,676
AMMC CLO XIII Ltd., Series 2013-13A, Class A1LR, (3 mo. LIBOR US + 1.260%), 3.84%, 07/24/29 (a)(b)			2,620		2,633,210
AMMC CLO XIV Ltd., Series 2014-14A, Class A1LR, (3 mo. LIBOR US + 1.250%), 3.83%, 07/25/29 (a)(b)			6,220		6,225,832
Anchorage Capital CLO 3-R Ltd.:
Series 2014-3RA, Class A, (3 mo. LIBOR US + 1.050%), 3.63%, 01/28/31 (a)(b)			2,120		2,106,077
Series 2014-3RA, Class B, (3 mo. LIBOR US + 1.500%), 4.08%, 01/28/31 (a)(b)			3,600		3,561,926
Series 2014-3RA, Class C, (3 mo. LIBOR US + 1.850%), 4.43%, 01/28/31 (a)(b)			500		482,782
Anchorage Capital CLO 4-R Ltd.:
Series 2014-4RA, Class A, (3 mo. LIBOR US + 1.050%), 3.63%, 01/28/31 (a)(b)			5,330		5,293,733
Series 2014-4RA, Class C, (3 mo. LIBOR US + 1.850%), 4.43%, 01/28/31 (a)(b)			3,760		3,659,787
Anchorage Capital CLO 5-R Ltd.:
Series 2014-5RA, Class B, (3 mo. LIBOR US + 1.450%), 4.05%, 01/15/30 (a)(b)			9,200		9,069,846
Series 2014-5RA, Class C, (3 mo. LIBOR US + 1.850%), 4.45%, 01/15/30 (a)(b)			3,540		3,438,386
Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class AR, (3 mo. LIBOR US + 1.270%), 3.87%, 07/15/30 (a)(b)			4,010		4,001,984
Anchorage Capital CLO 7 Ltd.:
Series 2015-7A, Class B1R, (3 mo. LIBOR US + 1.300%), 3.90%, 10/15/27 (a)(b)			3,470		3,453,556
Series 2015-7A, Class CR, (3 mo. LIBOR US + 1.700%), 4.30%, 10/15/27 (a)(b)			2,880		2,848,646
Anchorage Capital CLO 8 Ltd.:
Series 2016-8A, Class AR, (3 mo. LIBOR US + 1.000%), 3.58%, 07/28/28 (a)(b)			2,430		2,425,215
Series 2016-8A, Class BR, (3 mo. LIBOR US + 1.600%), 4.18%, 07/28/28 (a)(b)			2,800		2,781,023
Anchorage Capital CLO Ltd.:
Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.250%), 3.85%, 10/13/30 (a)(b)			2,755		2,744,375
Series 2013-1A, Class BR, (3 mo. LIBOR US + 2.150%), 4.75%, 10/13/30 (a)(b)			1,410		1,395,559
Apidos CLO XII, Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.080%), 3.68%, 04/15/31 (a)(b)			2,402		2,387,845
Apidos CLO XV, Series 2013-15A, Class A1RR, (3 mo. LIBOR US + 1.010%), 3.60%, 04/20/31 (a)(b)			1,080		1,067,634
Apidos CLO XVI, Series 2013-16A, Class A1R, (3 mo. LIBOR US + 0.980%), 3.57%, 01/19/25 (a)(b)			491		491,111
Apidos CLO XVIII, Series 2018-18A, Class A1, (3 mo. LIBOR US + 1.140%), 3.73%, 10/22/30 (a)(b)			880		876,717
Arbor Realty Collateralized Loan Obligation Ltd., Series 2017-FL3, Class A, (1 mo. LIBOR US + 0.990%), 3.38%, 12/15/27 (a)(b)			3,740		3,737,413
Arbor Realty Commercial Real Estate Notes Ltd., Series 2017-FL2, Class A, (1 mo. LIBOR US + 0.990%), 3.38%, 08/15/27 (a)(b)			1,660		1,661,393
ARES XXXVII CLO Ltd., Series 2015-4A, Class A1R, (3 mo. LIBOR US + 1.170%), 3.77%, 10/15/30 (a)(b)			1,150		1,148,460

Security		Par (000)		Value
Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. LIBOR US + 0.480%), 2.88%, 05/25/35 (a)	USD		4,250	$	3,684,474
ASSURANT CLO I Ltd., Series 2017-1A, Class B, (3 mo. LIBOR US + 1.700%), 4.29%, 10/20/29 (a)(b)			900		896,871
Atrium IX, Series 9A, Class AR, (3 mo. LIBOR US + 1.240%), 3.76%, 05/28/30 (a)(b)			4,010		4,010,813
Atrium XII:
Series 12A, Class AR, (3 mo. LIBOR US + 0.830%), 3.42%, 04/22/27 (a)(b)			1,620		1,616,359
Series 12A, Class CR, (3 mo. LIBOR US + 1.650%), 4.24%, 04/22/27 (a)(b)			2,381		2,357,289
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.100%), 3.68%, 04/25/26 (a)(b)			20,642		20,659,552
Avery Point V CLO Ltd.:
Series 2014-5A, Class AR, (3 mo. LIBOR US + 0.980%), 3.57%, 07/17/26 (a)(b)			2,677		2,678,627
Series 2014-5A, Class BR, (3 mo. LIBOR US + 1.500%), 4.09%, 07/17/26 (a)(b)			2,250		2,241,054
Avery Point VI CLO Ltd.:
Series 2015-6A, Class AR, (3 mo. LIBOR US + 1.050%), 3.62%, 08/05/27 (a)(b)			3,960		3,956,059
Series 2015-6A, Class BR, (3 mo. LIBOR US + 1.500%), 4.07%, 08/05/27 (a)(b)			3,240		3,217,147
Avery Point VII CLO Ltd., Series 2015-7A, Class AR, (3 mo. LIBOR US + 1.140%), 3.54%, 01/15/28 (a)(b)			7,480		7,480,000
B2R Mortgage Trust:
Series 2015-1, Class A1, 2.52%, 05/15/48 (b)			105		104,918
Series 2015-2, Class A, 3.34%, 11/15/48 (b)			550		550,366
Babson CLO Ltd.:
Series 2015-2A, Class AR, (3 mo. LIBOR US + 1.190%), 3.78%, 10/20/30 (a)(b)			2,590		2,581,442
Series 2015-IA, Class BR, (3 mo. LIBOR US + 1.400%), 3.99%, 01/20/31 (a)(b)			610		596,449
Bain Capital Credit CLO, Series 2018-2A, Class A1, (3 mo. LIBOR US + 1.080%), 3.67%, 07/19/31 (a)(b)			1,420		1,407,957
BankAmerica Manufactured Housing Contract Trust:
Series 1997-2, Class B1, 7.07%, 02/10/22 (d)			1,680		1,328,358
Series 1998-2, Class B1, 7.93%, 12/10/25 (d)			2,790		1,685,157
Barings CLO Ltd., Series 2018-3A, Class A1, (3 mo. LIBOR US + 0.950%), 3.54%, 07/20/29 (a)(b)			1,085		1,078,703
Battalion CLO VII Ltd., Series 2014-7A, Class A1RR, (3 mo. LIBOR US + 1.040%), 3.63%, 07/17/28 (a)(b)			3,450		3,440,023
Battalion CLO X Ltd., Series 2016-10A, Class A1R, (3 mo. LIBOR US + 1.250%), 3.78%, 01/24/29 (a)(b)			22,870		22,876,948
Bayview Financial Revolving Asset Trust:
Series 2004-B, Class A1, (1 mo. LIBOR US + 1.000%), 3.40%, 05/28/39 (a)(b)			6,415		5,922,121
Series 2004-B, Class A2, (1 mo. LIBOR US + 1.300%), 3.70%, 05/28/39 (a)(b)			616		519,164
Series 2005-A, Class A1, (1 mo. LIBOR US + 1.000%), 3.40%, 02/28/40 (a)(b)			2,779		2,691,495

2

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(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%), 3.40%, 12/28/40 (a)(b)	USD		1,083	$	1,023,705
BCMSC Trust:
Series 2000-A, Class A2, 7.58%, 06/15/30 (d)			1,674		577,825
Series 2000-A, Class A3, 7.83%, 06/15/30 (d)			1,554		554,348
Series 2000-A, Class A4, 8.29%, 06/15/30 (d)			1,121		423,379
BDS Ltd., Series 2019-FL3, Class A, (1 mo. LIBOR US + 1.400%), 3.79%, 12/15/35 (a)(b)			4,680		4,690,260
Bear Stearns Asset-Backed Securities I Trust:
Series 2004-HE7, Class M2, (1 mo. LIBOR US + 1.725%), 4.13%, 08/25/34 (a)			243		243,154
Series 2006-HE1, Class 1M4, (1 mo. LIBOR US + 0.680%), 3.08%, 12/25/35 (a)			1,711		2,224,833
Series 2006-HE7, Class 1A2, (1 mo. LIBOR US + 0.170%), 2.57%, 09/25/36 (a)			3,357		3,927,132
Series 2007-FS1, Class 1A3, (1 mo. LIBOR US + 0.170%), 2.57%, 05/25/35 (a)			1,188		1,265,451
Series 2007-HE1, Class 21A2, (1 mo. LIBOR US + 0.160%), 2.56%, 01/25/37 (a)			694		681,591
Series 2007-HE2, Class 1A4, (1 mo. LIBOR US + 0.320%), 2.72%, 03/25/37 (a)			1,034		723,486
Series 2007-HE2, Class 22A, (1 mo. LIBOR US + 0.140%), 2.54%, 03/25/37 (a)			1,000		988,759
Series 2007-HE2, Class 23A, (1 mo. LIBOR US + 0.140%), 2.54%, 03/25/37 (a)			1,829		1,902,413
Series 2007-HE3, Class 1A3, (1 mo. LIBOR US + 0.250%), 2.65%, 04/25/37 (a)			1,114		1,181,696
Series 2007-HE3, Class 1A4, (1 mo. LIBOR US + 0.350%), 2.75%, 04/25/37 (a)			6,189		5,277,013
Bear Stearns Asset-Backed Securities Trust, Series 2005-4, Class M2, (1 mo. LIBOR US + 1.200%), 3.60%, 01/25/36 (a)			129		129,037
Bear Stearns Second Lien Trust, Series 2007-SV1A, Class M1, (1 mo. LIBOR US + 1.200%), 3.60%, 01/25/36 (a)(b)			24		24,415
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class A2R, (3 mo. LIBOR US + 1.750%), 4.35%, 07/15/29 (a)(b)			250		249,505
Benefit Street Partners CLO III Ltd., Series 2013-IIIA, Class A1R, (3 mo. LIBOR US + 1.250%), 3.84%, 07/20/29 (a)(b)			750		753,547
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class A1RR, (3 mo. LIBOR US + 1.250%), 3.84%, 01/20/29 (a)(b)			7,830		7,848,815
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, (3 mo. LIBOR US + 1.090%), 3.68%, 04/20/31 (a)(b)			1,450		1,441,262
Benefit Street Partners CLO VI Ltd.:
Series 2015-VIA, Class A1R, (3 mo. LIBOR US + 1.240%), 3.84%, 10/18/29 (a)(b)			12,030		12,007,163

Security		Par (000)		Value
Benefit Street Partners CLO VI Ltd.: (continued)
Series 2015-VIA, Class A2R, (3 mo. LIBOR US + 1.720%), 4.32%, 10/18/29 (a)(b)	USD		3,320	$	3,306,847
Benefit Street Partners CLO VII Ltd., Series 2015-VIIA, Class A1AR, (3 mo. LIBOR US + 0.780%), 3.38%, 07/18/27 (a)(b)			2,790		2,781,423
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, (3 mo. LIBOR US + 1.100%), 3.69%, 01/20/31 (a)(b)			1,250		1,241,328
Benefit Street Partners CLO X Ltd., Series 2016-10A, Class A1, (3 mo. LIBOR US + 1.490%), 4.09%, 01/15/29 (a)(b)			1,000		1,000,625
BlueMountain CLO Ltd.:
Series 2013-1A, Class A1R2, (3 mo. LIBOR US + 1.230%), 3.82%, 01/20/29 (a)(b)			4,012		4,014,520
Series 2013-2A, Class A1R, (3 mo. LIBOR US + 1.180%), 3.77%, 10/22/30 (a)(b)			6,370		6,363,594
Series 2015-3A, Class A1R, (3 mo. LIBOR US + 1.000%), 3.59%, 04/20/31 (a)(b)			2,550		2,533,051
Bowman Park CLO Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.180%), 3.70%, 11/23/25 (a)(b)			4,837		4,847,008
Carlyle Global Market Strategies CLO Ltd.:
Series 2013-2A, Class AR, (3 mo. LIBOR US + 0.890%), 3.49%, 01/18/29 (a)(b)			1,490		1,482,546
Series 2013-4A, Class A1RR, (3 mo. LIBOR US + 1.000%), 3.60%, 01/15/31 (a)(b)			1,880		1,864,066
Series 2014-1A, Class A1R2, (3 mo. LIBOR US + 0.970%), 3.56%, 04/17/31 (a)(b)			3,170		3,125,686
Series 2015-1A, Class BR, (3 mo. LIBOR US + 1.500%), 4.09%, 04/20/27 (a)(b)			750		746,711
Series 2015-1A, Class CR, (3 mo. LIBOR US + 2.000%), 4.59%, 04/20/27 (a)(b)			1,160		1,161,129
Series 2015-3A, Class A2R, (3 mo. LIBOR US + 1.600%), 4.18%, 07/28/28 (a)(b)			2,220		2,219,097
Carlyle U.S. CLO Ltd.:
Series 2016-4A, Class A2R, (3 mo. LIBOR US + 1.450%), 4.04%, 10/20/27 (a)(b)			750		741,552
Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.180%), 3.78%, 01/15/30 (a)(b)			4,620		4,606,303
Carrington Mortgage Loan Trust:
Series 2006-FRE2, Class A2, (1 mo. LIBOR US + 0.120%), 2.52%, 10/25/36 (a)			900		696,197
Series 2006-FRE2, Class A3, (1 mo. LIBOR US + 0.160%), 2.56%, 10/25/36 (a)			2,994		2,327,777
Series 2006-FRE2, Class A5, (1 mo. LIBOR US + 0.080%), 2.48%, 10/25/36 (a)			760		585,093
Series 2006-NC1, Class M2, (1 mo. LIBOR US + 0.420%), 2.82%, 01/25/36 (a)			610		472,521
Series 2006-NC3, Class A4, (1 mo. LIBOR US + 0.240%), 2.64%, 08/25/36 (a)			2,003		1,566,153
Series 2006-NC4, Class A3, (1 mo. LIBOR US + 0.160%), 2.56%, 10/25/36 (a)			975		904,143
Series 2006-NC5, Class A3, (1 mo. LIBOR US + 0.150%), 2.55%, 01/25/37 (a)			3,978		3,282,765
Series 2007-RFC1, Class A4, (1 mo. LIBOR US + 0.220%), 2.62%, 10/25/36 (a)			1,440		993,510

CONSOLIDATED SCHEDULE OF INVESTMENTS 3

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
CBAM Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.250%), 3.84%, 07/20/30 (a)(b)	USD		6,050	$	6,035,937
Series 2017-2A, Class B1, (3 mo. LIBOR US + 1.750%), 4.34%, 10/17/29 (a)(b)			2,955		2,949,458
Series 2017-3A, Class A, (3 mo. LIBOR US + 1.230%), 3.82%, 10/17/29 (a)(b)			3,780		3,781,658
Series 2017-3A, Class B1, (3 mo. LIBOR US + 1.700%), 4.29%, 10/17/29 (a)(b)			1,000		992,350
C-BASS Trust:
Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.160%), 2.56%, 10/25/36 (a)			646		497,152
Series 2007-CB1, Class AF4, 3.57%, 01/25/37 (e)			431		189,766
Cedar Funding II CLO Ltd.:
Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.230%), 3.68%, 06/09/30 (a)(b)			1,511		1,509,827
Series 2013-1A, Class BR, (3 mo. LIBOR US + 1.750%), 4.20%, 06/09/30 (a)(b)			2,450		2,443,288
Cedar Funding IV CLO Ltd., Series 2014-4A, Class AR, (3 mo. LIBOR US + 1.230%), 3.82%, 07/23/30 (a)(b)			3,790		3,789,204
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, (3 mo. LIBOR US + 0.980%), 3.57%, 04/20/31 (a)(b)			940		931,675
Cedar Funding V CLO Ltd., Series 2016-5A, Class A1R, (3 mo. LIBOR US + 1.100%), 3.69%, 07/17/31 (a)(b)			1,880		1,869,684
Cedar Funding VI CLO Ltd., Series 2016-6A, Class AR, (3 mo. LIBOR US + 1.090%), 3.68%, 10/20/28 (a)(b)			15,035		15,026,382
Cedar Funding VIII CLO Ltd.:
Series 2017-8A, Class A1, (3 mo. LIBOR US + 1.250%), 3.84%, 10/17/30 (a)(b)			16,520		16,506,690
Series 2017-8A, Class B, (3 mo. LIBOR US + 1.700%), 4.29%, 10/17/30 (a)(b)			2,628		2,604,397
Series 2017-8A, Class C, (3 mo. LIBOR US + 2.250%), 4.84%, 10/17/30 (a)(b)			750		735,063
Cent CLO Ltd.:
Series 2015-24A, Class A1R, (3 mo. LIBOR US + 1.070%), 3.67%, 10/15/26 (a)(b)			4,000		4,000,665
Series C17A, Class A1AR, (3 mo. LIBOR US + 1.030%), 3.61%, 04/30/31 (a)(b)			7,620		7,537,201
CIFC Funding Ltd.:
Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.750%), 4.35%, 07/16/30 (a)(b)			500		498,527
Series 2014-4RA, Class A1A, (3 mo. LIBOR US + 1.130%), 3.72%, 10/17/30 (a)(b)			25,820		25,777,890
Series 2015-2A, Class AR, (3 mo. LIBOR US + 0.780%), 3.38%, 04/15/27 (a)(b)			770		768,833
Series 2015-2A, Class CR, (3 mo. LIBOR US + 1.700%), 4.30%, 04/15/27 (a)(b)			4,620		4,577,329
Series 2017-1A, Class B, (3 mo. LIBOR US + 1.700%), 4.29%, 04/23/29 (a)(b)			2,410		2,404,607
Series 2018-1A, Class A, (3 mo. LIBOR US + 1.000%), 3.60%, 04/18/31 (a)(b)			1,834		1,813,844
Citicorp Residential Mortgage Trust, Series 2007-2, Class M1, 5.02%, 06/25/37 (e)			2,830		2,753,995
Citigroup Mortgage Loan Trust:
Series 2006-WFH4, Class M3, (1 mo. LIBOR US + 0.320%), 2.72%, 11/25/36 (a)			3,007		2,650,539

Security		Par (000)		Value
Citigroup Mortgage Loan Trust: (continued)
Series 2007-AHL2, Class A3B, (1 mo. LIBOR US + 0.200%), 2.60%, 05/25/37 (a)	USD		7,147	$	5,263,398
Series 2007-AHL2, Class A3C, (1 mo. LIBOR US + 0.270%), 2.67%, 05/25/37 (a)			3,247		2,413,764
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.55%, 12/05/22 (b)(d)			29,302		29,685,991
Conseco Finance Corp.:
Series 1997-3, Class M1, 7.53%, 03/15/28 (d)			1,774		1,779,052
Series 1997-6, Class M1, 7.21%, 01/15/29 (d)			327		333,156
Series 1998-4, Class M1, 6.83%, 04/01/30 (d)			353		322,237
Series 1998-8, Class A1, 6.28%, 09/01/30			874		927,294
Series 1998-8, Class M1, 6.98%, 09/01/30 (d)			2,589		2,289,509
Series 1999-5, Class A5, 7.86%, 03/01/30 (d)			1,490		1,061,182
Series 1999-5, Class A6, 7.50%, 03/01/30 (d)			1,090		750,214
Series 2001-D, Class B1, (1 mo. LIBOR US + 2.500%), 4.89%, 11/15/32 (a)			2,038		1,997,628
Conseco Finance Securitizations Corp.:
Series 2000-1, Class A5, 8.06%, 09/01/29 (d)			1,611		715,513
Series 2000-4, Class A5, 7.97%, 05/01/32			5,484		2,317,439
Series 2000-4, Class A6, 8.31%, 05/01/32 (d)			1,377		606,515
Series 2000-5, Class A6, 7.96%, 05/01/31			2,297		1,288,368
Series 2000-5, Class A7, 8.20%, 05/01/31			4,190		2,417,005
Countrywide Asset-Backed Certificates:
Series 2003-BC3, Class A2, (1 mo. LIBOR US + 0.620%), 3.02%, 09/25/33 (a)			572		563,720
Series 2004-5, Class A, (1 mo. LIBOR US + 0.900%), 3.30%, 10/25/34 (a)			597		590,849
Series 2005-16, Class 1AF, 5.69%, 05/25/36 (d)			3,922		3,897,318
Series 2005-16, Class 2AF3, 5.67%, 05/25/36 (d)			863		878,126
Series 2005-17, Class 1AF4, 6.05%, 05/25/36 (e)			2,886		2,924,576
Series 2006-11, Class 3AV2, (1 mo. LIBOR US + 0.160%), 2.56%, 09/25/46 (a)			255		251,589
Series 2006-17, Class 2A2, (1 mo. LIBOR US + 0.150%), 2.55%, 03/25/47 (a)			278		273,284
Series 2006-8, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.56%, 12/25/35 (a)			684		675,868
Series 2006-S10, Class A3, (1 mo. LIBOR US + 0.320%), 2.72%, 10/25/36 (a)			5,769		5,546,025
Series 2006-S3, Class A4, 6.66%, 01/25/29 (e)			494		545,064
Series 2006-SPS1, Class A, (1 mo. LIBOR US + 0.220%), 2.62%, 12/25/25 (a)			170		190,297
Countrywide Asset-Backed Certificates Revolving Home Equity Loan Trust, Series 2004-U, Class 2A, (1 mo. LIBOR US + 0.270%), 2.66%, 03/15/34 (a)			829		791,056
Credit Suisse First Boston Mortgage Securities Corp., Series 2001-MH29, Class B1, 8.10%, 09/25/31 (d)			1,750		1,869,700

4

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Credit-Based Asset Servicing & Securitization LLC:
Series 2006-CB2, Class AF4, 3.43%, 12/25/36 (e)	USD		473	$	433,845
Series 2006-MH1, Class B1, 6.25%, 10/25/36 (b)(e)			852		875,961
Series 2006-SL1, Class A2, 6.06%, 09/25/36 (b)(e)			3,158		462,567
Series 2007-CB6, Class A4, (1 mo. LIBOR US + 0.340%), 2.74%, 07/25/37 (a)(b)			680		462,362
Cumberland Park CLO Ltd., Series 2015-2A, Class CR, (3 mo. LIBOR US + 1.800%), 4.39%, 07/20/28 (a)(b)			1,190		1,164,647
CWHEQ Home Equity Loan Trust, Series 2006-S5, Class A5, 6.16%, 06/25/35			569		616,875
CWHEQ Revolving Home Equity Loan Resuritization Trust:
Series 2006-RES, Class 4Q1B, (1 mo. LIBOR US + 0.300%), 2.69%, 12/15/33 (a)(b)			936		891,084
Series 2006-RES, Class 5B1A, (1 mo. LIBOR US + 0.190%), 2.58%, 05/15/35 (a)(b)			438		412,975
Series 2006-RES, Class 5B1B, (1 mo. LIBOR US + 0.190%), 2.58%, 05/15/35 (a)(b)(c)			257		247,767
Series 2006-RES, Class 5F1A, (1 mo. LIBOR US + 0.240%), 2.63%, 12/15/35 (a)(b)			1,069		1,043,517
CWHEQ Revolving Home Equity Loan Trust:
Series 2005-B, Class 2A, (1 mo. LIBOR US + 0.180%), 2.57%, 05/15/35 (a)			606		586,818
Series 2006-C, Class 2A, (1 mo. LIBOR US + 0.180%), 2.57%, 05/15/36 (a)			3,485		3,384,701
Series 2006-H, Class 1A, (1 mo. LIBOR US + 0.150%), 2.54%, 11/15/36 (a)			2,021		1,660,692
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44 (b)			7,692		8,084,137
Deer Creek CLO Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.180%), 3.77%, 10/20/30 (a)(b)			1,000		994,507
Dorchester Park CLO DAC, Series 2015-1A, Class BR, (3 mo. LIBOR US + 1.450%), 4.04%, 04/20/28 (a)(b)			3,064		3,030,416
Dryden 53 CLO Ltd., Series 2017-53A, Class A, (3 mo. LIBOR US + 1.120%), 3.72%, 01/15/31 (a)(b)			18,720		18,715,938
Dryden 55 CLO Ltd., Series 2018-55A, Class A1, (3 mo. LIBOR US + 1.020%), 3.62%, 04/15/31 (a)(b)			250		248,528
Dryden XXV Senior Loan Fund:
Series 2012-25A, Class ARR, (3 mo. LIBOR US + 0.900%), 3.50%, 10/15/27 (a)(b)			11,030		11,006,661
Series 2012-25A, Class CRR, (3 mo. LIBOR US + 1.850%), 4.45%, 10/15/27 (a)(b)			1,340		1,329,761
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, (3 mo. LIBOR US + 0.900%), 3.50%, 04/15/29 (a)(b)			1,170		1,162,348
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class A1LR, (3 mo. LIBOR US + 1.200%), 3.72%, 08/15/30 (a)(b)			9,085		9,061,737
Elm CLO Ltd.:
Series 2014-1A, Class ARR, (3 mo. LIBOR US + 1.170%), 0.00%, 01/17/29 (a)(b)			15,650		15,650,000

Security		Par (000)		Value
Elm CLO Ltd.: (continued)
Series 2014-1A, Class BRR, (3 mo. LIBOR US + 1.750%), 0.00%, 01/17/29 (a)(b)	USD		1,950	$	1,950,000
Emerson Park CLO Ltd., Series 2013-1A, Class B1R, (3 mo. LIBOR US + 1.450%), 4.05%, 07/15/25 (a)(b)			1,000		999,223
Finance of America Structured Securities Trust, Series 2018-HB1, Class M5, 6.00%, 09/25/28 (b)(c)(d)			1,451		1,435,329
First Franklin Mortgage Loan Trust:
Series 2004-FFH3, Class M3, (1 mo. LIBOR US + 1.050%), 3.45%, 10/25/34 (a)			1,000		923,979
Series 2006-FF13, Class A1, (1 mo. LIBOR US + 0.120%), 2.52%, 10/25/36 (a)			2,772		2,260,741
Series 2006-FF16, Class 2A3, (1 mo. LIBOR US + 0.140%), 2.54%, 12/25/36 (a)			13,311		7,719,182
Series 2006-FF17, Class A5, (1 mo. LIBOR US + 0.150%), 2.55%, 12/25/36 (a)			19,014		16,672,239
Series 2006-FFH1, Class M2, (1 mo. LIBOR US + 0.400%), 2.80%, 01/25/36 (a)			2,781		1,627,905
Flatiron CLO Ltd., Series 2015-1A, Class AR, (3 mo. LIBOR US + 0.890%), 3.49%, 04/15/27 (a)(b)			2,750		2,751,027
Fremont Home Loan Trust, Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.140%), 2.54%, 02/25/37 (a)			7,126		5,466,338
Galaxy XV CLO Ltd., Series 2013-15A, Class AR, (3 mo. LIBOR US + 1.200%), 3.80%, 10/15/30 (a)(b)			1,350		1,344,454
Galaxy XXIX CLO Ltd.:
Series 2018-29A, Class B, (3 mo. LIBOR US + 1.400%), 3.92%, 11/15/26 (a)(b)			250		248,416
Series 2018-29A, Class C, (3 mo. LIBOR US + 1.680%), 4.20%, 11/15/26 (a)(b)			1,470		1,457,992
GE-WMC Asset-Backed Pass-Through Certificates:
Series 2005-2, Class A2C, (1 mo. LIBOR US + 0.250%), 2.65%, 12/25/35 (a)			384		382,609
Series 2005-2, Class M1, (1 mo. LIBOR US + 0.440%), 2.84%, 12/25/35 (a)			4,950		2,919,615
GLG Ore Hill CLO Ltd., Series 2013-1A, Class A, (3 mo. LIBOR US + 1.120%), 3.72%, 07/15/25 (a)(b)			110		110,149
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR2, (3 mo. LIBOR US + 1.110%), 3.69%, 10/29/29 (a)(b)			1,830		1,827,182
Greenpoint Manufactured Housing:
Series 1999-5, Class M1B, 8.29%, 12/15/29 (d)			870		928,762
Series 1999-5, Class M2, 9.23%, 12/15/29 (d)			1,167		983,668
Greystone Commercial Real Estate Notes Ltd., Series 2017-FL1A, Class A, (1 mo. LIBOR US + 1.550%), 3.94%, 03/15/27 (a)(b)			1,010		1,006,948
GSAA Home Equity Trust:
Series 2005-14, Class 1A2, (1 mo. LIBOR US + 0.350%), 2.75%, 12/25/35 (a)			836		366,491
Series 2006-4, Class 1A1, 4.06%, 03/25/36 (d)			3,037		2,635,523
Series 2006-5, Class 2A1, (1 mo. LIBOR US + 0.070%), 2.47%, 03/25/36 (a)			15		7,467
Series 2007-2, Class AF3, 5.92%, 03/25/37 (d)			523		179,291

CONSOLIDATED SCHEDULE OF INVESTMENTS 5

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
GSAMP Trust:
Series 2006-FM3, Class A1, (1 mo. LIBOR US + 0.140%), 2.54%, 11/25/36 (a)	USD		5,519	$	3,230,262
Series 2007-H1, Class A1B, (1 mo. LIBOR US + 0.200%), 2.60%, 01/25/47 (a)			1,027		630,705
Series 2007-HS1, Class M6, (1 mo. LIBOR US + 2.250%), 4.65%, 02/25/47 (a)			1,300		1,339,724
Halcyon Loan Advisors Funding Ltd.:
Series 2013-2A, Class A, (3 mo. LIBOR US + 1.200%), 3.78%, 08/01/25 (a)(b)			130		129,711
Series 2014-1A, Class A1R, (3 mo. LIBOR US + 1.130%), 3.73%, 04/18/26 (a)(b)			101		101,344
Series 2015-2A, Class AR, (3 mo. LIBOR US + 1.080%), 3.66%, 07/25/27 (a)(b)			13,570		13,552,696
Highbridge Loan Management Ltd.:
Series 12A-18, Class A1B, (3 mo. LIBOR US + 1.250%), 3.85%, 07/18/31 (a)(b)			750		748,735
Series 6A-2015, Class A1R, (3 mo. LIBOR US + 1.000%), 3.57%, 02/05/31 (a)(b)			11,390		11,289,471
Series 7A-2015, Class BR, (3 mo. LIBOR US + 1.180%), 3.70%, 03/15/27 (a)(b)			500		491,423
Home Equity Asset Trust, Series 2007-1, Class 2A3, (1 mo. LIBOR US + 0.150%), 2.55%, 05/25/37 (a)			2,490		2,069,639
Home Equity Mortgage Loan Asset-Backed Trust:
Series 2004-A, Class M2, (1 mo. LIBOR US + 2.025%), 4.43%, 07/25/34 (a)			606		609,536
Series 2007-A, Class 2A2, (1 mo. LIBOR US + 0.190%), 2.59%, 04/25/37 (a)			2,077		1,564,652
Series 2007-B, Class 2A3, (1 mo. LIBOR US + 0.200%), 2.60%, 07/25/37 (a)			3,362		2,300,420
Home Equity Mortgage Trust, Series 2006-2, Class 1A1, 5.87%, 07/25/36 (e)			2,577		803,379
Home Loan Mortgage Loan Trust, Series 2005-1, Class A3, (1 mo. LIBOR US + 0.720%), 3.11%, 04/15/36 (a)			1,158		1,076,636
Home Partners of America Trust, Series 2016-2, Class A, (1 mo. LIBOR US + 1.150%), 3.54%, 10/17/33 (a)(b)			779		779,572
HPS Loan Management Ltd., Series 14A-19, Class A1, (3 mo. LIBOR US + 1.270%), 3.54%, 07/25/30 (a)(b)			1,300		1,299,386
ICG U.S. CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR US + 1.140%), 3.73%, 10/19/28 (a)(b)			4,820		4,815,003
Invitation Homes Trust:
Series 2018-SFR3, Class A, (1 mo. LIBOR US + 1.000%), 3.39%, 07/17/37 (a)(b)			2,881		2,872,733
Series 2018-SFR3, Class E, (1 mo. LIBOR US + 2.000%), 4.39%, 07/17/37 (a)(b)			2,468		2,472,074
Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, 6.53%, 09/25/37 (b)(e)			637		632,055
JPMorgan Mortgage Acquisition Trust, Series 2006-CW1, Class M1, (1 mo. LIBOR US + 0.270%), 2.67%, 05/25/36 (a)			1,170		1,130,825
Kayne CLO II Ltd.:
Series 2018-2A, Class A, (3 mo. LIBOR US + 1.240%), 3.84%, 10/15/31 (a)(b)			500		498,757
Series 2018-2A, Class B, (3 mo. LIBOR US + 1.900%), 4.50%, 10/15/31 (a)(b)			250		248,052
KKR CLO 16 Ltd., Series 16, Class A1R, (3 mo. LIBOR US + 1.250%), 3.69%, 01/20/29 (a)(b)			7,421		7,420,960

Security		Par (000)		Value
LCM 26 Ltd., Series 26A, Class A1, (3 mo. LIBOR US + 1.070%), 3.66%, 01/20/31 (a)(b)	USD		8,120	$	8,076,050
LCM XX LP:
Series 20A, Class AR, (3 mo. LIBOR US + 1.040%), 3.63%, 10/20/27 (a)(b)			3,740		3,739,623
Series 20A, Class BR, (3 mo. LIBOR US + 1.550%), 4.14%, 10/20/27 (a)(b)			250		248,263
LCM XXI LP, Series 21A, Class AR, (3 mo. LIBOR US + 0.880%), 3.47%, 04/20/28 (a)(b)			3,430		3,414,825
LCM XXIV Ltd., Series 24A, Class A, (3 mo. LIBOR US + 1.310%), 3.90%, 03/20/30 (a)(b)			500		500,968
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75%, 01/25/59 (b)(e)			2,765		2,763,813
Lehman ABS Manufactured Housing Contract Trust:
Series 2001-B, Class M1, 6.63%, 04/15/40 (d)			4,583		4,840,429
Series 2002-A, Class C, 0.00%, 06/15/33			448		375,349
Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. LIBOR US + 0.090%), 2.49%, 06/25/37 (a)(b)			484		350,047
Lendmark Funding Trust, Series 2017-1A, Class A, 2.83%, 12/22/25 (b)			14,346		14,306,514
Litigation Fee Residual Funding LLC, Series 2015-1, Class A, 4.00%, 10/01/27 (b)(c)			3,463		3,450,113
LoanCore Issuer Ltd., Series 2018-CRE1, Class A, (1 mo. LIBOR US + 1.130%), 3.52%, 05/15/28 (a)(b)			7,580		7,579,984
Long Beach Mortgage Loan Trust:
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.56%, 11/25/36 (a)			3,718		1,665,167
Series 2006-10, Class 2A4, (1 mo. LIBOR US + 0.220%), 2.62%, 11/25/36 (a)			2,209		1,001,265
Series 2006-2, Class 1A, (1 mo. LIBOR US + 0.180%), 2.58%, 03/25/46 (a)			6,861		5,495,274
Series 2006-4, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.56%, 05/25/36 (a)			10,858		4,754,760
Series 2006-4, Class 2A4, (1 mo. LIBOR US + 0.260%), 2.66%, 05/25/36 (a)			8,135		3,657,581
Series 2006-5, Class 2A3, (1 mo. LIBOR US + 0.150%), 2.55%, 06/25/36 (a)			4,026		2,229,790
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.56%, 08/25/36 (a)			6,777		3,510,350
Series 2006-8, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.56%, 09/25/36 (a)			3,018		1,254,029
Series 2006-9, Class 2A2, (1 mo. LIBOR US + 0.110%), 2.51%, 10/25/36 (a)			1,595		681,065
Series 2006-9, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.56%, 10/25/36 (a)			10,156		4,378,436
Series 2006-9, Class 2A4, (1 mo. LIBOR US + 0.230%), 2.63%, 10/25/36 (a)			1,606		701,329
Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. LIBOR US + 3.250%), 5.65%, 03/25/32 (a)			1,445		1,468,878
Madison Park Funding X Ltd.:
Series 2012-10A, Class AR2, (3 mo. LIBOR US + 1.220%), 3.66%, 01/20/29 (a)(b)			10,710		10,710,336

6

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Madison Park Funding X Ltd.: (continued)
Series 2012-10A, Class BR2, (3 mo. LIBOR US + 1.800%), 4.24%, 01/20/29 (a)(b)	USD		250	$	249,958
Madison Park Funding XI Ltd., Series 2013-11A, Class AR, (3 mo. LIBOR US + 1.160%), 3.75%, 07/23/29 (a)(b)			4,830		4,830,522
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, (3 mo. LIBOR US + 0.950%), 3.54%, 04/19/30 (a)(b)			7,780		7,753,219
Madison Park Funding XIX Ltd.:
Series 2015-19A, Class A1R, (3 mo. LIBOR US + 1.250%), 3.75%, 01/22/28 (a)(b)			5,420		5,421,502
Series 2015-19A, Class A2R, (3 mo. LIBOR US + 1.750%), 4.25%, 01/22/28 (a)(b)			1,000		1,000,085
Madison Park Funding XVI Ltd., Series 2015-16A, Class A2R, (3 mo. LIBOR US + 1.900%), 4.49%, 04/20/26 (a)(b)			500		500,247
Madison Park Funding XVIII Ltd., Series 2015-18A, Class A1R, (3 mo. LIBOR US + 1.190%), 3.78%, 10/21/30 (a)(b)			14,970		14,941,768
Madison Park Funding XXIII Ltd., Series 2017-23A, Class A, (3 mo. LIBOR US + 1.210%), 3.79%, 07/27/30 (a)(b)			250		249,797
Madison Park Funding XXVI Ltd., Series 2017-26A, Class AR, (3 mo. LIBOR US + 1.200%), 3.78%, 07/29/30 (a)(b)			11,115		11,118,080
Marathon CRE Ltd., Series 2018-FL1, Class A, (1 mo. LIBOR US + 1.150%), 3.54%, 06/15/28 (a)(b)			1,780		1,779,997
Marble Point CLO XI Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.180%), 3.78%, 12/18/30 (a)(b)			2,000		1,990,215
Mariner CLO 5 Ltd., Series 2018-5A, Class A, (3 mo. LIBOR US + 1.110%), 3.69%, 04/25/31 (a)(b)			3,550		3,526,775
Mariner CLO LLC, Series 2017-4A, Class A, (3 mo. LIBOR US + 1.210%), 3.80%, 10/26/29 (a)(b)			1,800		1,795,618
Mariner Finance Issuance Trust:
Series 2019-AA, Class A, 2.96%, 07/20/32 (b)			14,870		14,867,196
Series 2019-AA, Class B, 3.51%, 07/20/32 (b)			2,420		2,419,504
Series 2019-AA, Class C, 4.01%, 07/20/32 (b)			2,150		2,149,874
MASTR Asset-Backed Securities Trust:
Series 2006-AM2, Class A4, (1 mo. LIBOR US + 0.260%), 2.66%, 06/25/36 (a)(b)			1,837		1,648,292
Series 2006-HE2, Class A3, (1 mo. LIBOR US + 0.150%), 2.55%, 06/25/36 (a)			5,904		3,320,000
Series 2007-HE1, Class A4, (1 mo. LIBOR US + 0.280%), 2.68%, 05/25/37 (a)			1,318		1,150,818
MASTR Specialized Loan Trust, Series 2006-3, Class A, (1 mo. LIBOR US + 0.260%), 2.66%, 06/25/46 (a)(b)			568		541,146
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2, Class A2C, (1 mo. LIBOR US + 0.240%), 2.64%, 05/25/37 (a)			2,043		1,545,836
Merrill Lynch Mortgage Investors Trust:
Series 2006-OPT1, Class M1, (1 mo. LIBOR US + 0.260%), 2.66%, 08/25/37 (a)			402		190,114

Security		Par (000)		Value
Merrill Lynch Mortgage Investors Trust: (continued)
Series 2006-RM3, Class A2B, (1 mo. LIBOR US + 0.090%), 2.49%, 06/25/37 (a)	USD		957	$	285,133
MidOcean Credit CLO III, Series 2014-3A, Class A3A2, (3 mo. LIBOR US + 0.970%), 3.56%, 04/21/31 (a)(b)			2,020		1,989,139
Morgan Stanley ABS Capital I, Inc. Trust:
Series 2005-HE1, Class A2MZ, (1 mo. LIBOR US + 0.600%), 3.00%, 12/25/34 (a)			820		818,412
Series 2005-HE5, Class M4, (1 mo. LIBOR US + 0.870%), 3.27%, 09/25/35 (a)			3,946		2,088,595
Series 2007-NC1, Class A1, (1 mo. LIBOR US + 0.130%), 2.53%, 11/25/36 (a)			13,511		8,069,452
Morgan Stanley Mortgage Loan Trust, Series 2007-9SL, Class A, (1 mo. LIBOR US + 0.320%), 2.72%, 07/25/37 (a)			1,301		1,243,271
Mountain Hawk II CLO Ltd., Series 2013-2A, Class BR, (3 mo. LIBOR US + 1.600%), 4.19%, 07/20/24 (a)(b)			4,047		4,047,860
MP CLO III Ltd., Series 2013-1A, Class AR, (3 mo. LIBOR US + 1.250%), 3.84%, 10/20/30 (a)(b)			2,820		2,807,653
MP CLO VII Ltd., Series 2015-1A, Class ARR, (3 mo. LIBOR US + 1.080%), 3.68%, 10/18/28 (a)(b)			490		487,032
MP CLO VIII Ltd.:
Series 2015-2A, Class AR, (3 mo. LIBOR US + 0.910%), 3.49%, 10/28/27 (a)(b)			5,910		5,900,490
Series 2015-2A, Class BR, (3 mo. LIBOR US + 1.420%), 4.00%, 10/28/27 (a)(b)			3,250		3,218,807
Nationstar Home Equity Loan Trust, Series 2007-C, Class 2AV3, (1 mo. LIBOR US + 0.180%), 2.58%, 06/25/37 (a)			202		201,661
Navient Private Education Loan Trust:
Series 2014-AA, Class B, 3.50%, 08/15/44 (b)			6,000		6,089,045
Series 2014-CTA, Class B, (1 mo. LIBOR US + 1.750%), 4.14%, 10/17/44 (a)(b)			8,550		8,603,634
Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class A, (3 mo. LIBOR US + 0.850%), 3.45%, 01/15/28 (a)(b)			1,200		1,195,624
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class AR, (3 mo. LIBOR US + 0.800%), 3.40%, 01/15/28 (a)(b)			1,000		994,332
Neuberger Berman Loan Advisers CLO 26 Ltd., Series 2017-26A, Class A, (3 mo. LIBOR US + 1.170%), 3.77%, 10/18/30 (a)(b)			5,520		5,519,037
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. LIBOR US + 0.400%), 2.80%, 10/25/36 (a)(b)			311		290,593
Oaktree CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR US + 0.870%), 3.46%, 10/20/27 (a)(b)			500		499,661
Oakwood Mortgage Investors, Inc.:
Series 2001-D, Class A2, 5.26%, 01/15/20 (d)			776		566,684
Series 2001-D, Class A4, 6.93%, 09/15/31 (d)			493		412,174
Series 2002-B, Class M1, 7.62%, 06/15/32 (d)			4,427		3,764,470

CONSOLIDATED SCHEDULE OF INVESTMENTS 7

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
OCP CLO Ltd.:
Series 2014-5A, Class A1R, (3 mo. LIBOR US + 1.080%), 3.67%, 04/26/31 (a)(b)	USD	660	$	654,093
Series 2015-10A, Class A1R, (3 mo. LIBOR US + 0.820%), 3.41%, 10/26/27 (a)(b)		820		817,519
Series 2015-10A, Class BR, (3 mo. LIBOR US + 1.850%), 4.44%, 10/26/27 (a)(b)		1,120		1,114,424
Series 2016-12A, Class A1R, (3 mo. LIBOR US + 1.120%), 3.72%, 10/18/28 (a)(b)		7,806		7,796,904
Series 2016-12A, Class A2R, (3 mo. LIBOR US + 1.600%), 4.20%, 10/18/28 (a)(b)		500		494,840
Series 2017-13A, Class A1A, (3 mo. LIBOR US + 1.260%), 3.86%, 07/15/30 (a)(b)		9,170		9,174,709
Series 2017-14A, Class B, (3 mo. LIBOR US + 1.950%), 4.47%, 11/20/30 (a)(b)		500		486,922
Octagon Investment Partners 18-R Ltd., Series 2018-18A, Class A1A, (3 mo. LIBOR US + 0.960%), 3.56%, 04/16/31 (a)(b)		7,300		7,220,694
Octagon Investment Partners 33 Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.190%), 3.78%, 01/20/31 (a)(b)		1,310		1,305,964
Octagon Investment Partners XIX Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.100%), 3.70%, 04/15/26 (a)(b)		1,451		1,451,805
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.020%), 3.61%, 07/17/30 (a)(b)		3,580		3,537,427
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, (3 mo. LIBOR US + 1.000%), 3.58%, 01/25/31 (a)(b)		7,240		7,160,980
Octagon Investment Partners XXIII Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 1.850%), 4.45%, 07/15/27 (a)(b)		1,380		1,366,507
OFSI Fund VI Ltd., Series 2014-6A, Class A2R, (3 mo. LIBOR US + 1.130%), 3.73%, 03/20/25 (a)(b)		11,430		11,403,626
OFSI Fund VII Ltd., Series 2014-7A, Class AR, (3 mo. LIBOR US + 0.900%), 3.50%, 10/18/26 (a)(b)		2,579		2,577,305
OHA Credit Partners IX Ltd., Series 2013-9A, Class DR, (3 mo. LIBOR US + 1.010%), 3.60%, 10/20/25 (a)(b)		206		206,502
OHA Loan Funding Ltd.:
Series 2013-2A, Class AR, (3 mo. LIBOR US + 1.040%), 3.56%, 05/23/31 (a)(b)		5,315		5,268,845
Series 2015-1A, Class AR, (3 mo. LIBOR US + 1.410%), 3.93%, 08/15/29 (a)(b)		3,185		3,193,293
Series 2016-1A, Class B1, (3 mo. LIBOR US + 1.800%), 4.39%, 01/20/28 (a)(b)		300		299,942
Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-4, Class A2, (1 mo. LIBOR US + 0.640%), 3.04%, 07/25/33 (a)		915		907,780
Option One Mortgage Loan Trust:
Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.140%), 2.54%, 02/25/37 (a)		1,335		969,962
Series 2007-CP1, Class 2A3, (1 mo. LIBOR US + 0.210%), 2.61%, 03/25/37 (a)		2,360		1,626,140
Series 2007-FXD1, Class 1A1, 5.87%, 01/25/37 (e)		2,971		2,852,513

Security	Par (000)		Value
Option One Mortgage Loan Trust: (continued)
Series 2007-FXD1, Class 2A1, 5.87%, 01/25/37 (e)	USD	7,558	$	7,238,308
Series 2007-FXD2, Class 1A1, 5.82%, 03/25/37 (e)		12,638		12,861,608
Origen Manufactured Housing Contract Trust:
Series 2001-A, Class M1, 7.82%, 03/15/32 (d)		1,522		1,534,272
Series 2007-B, Class A1, (1 mo. LIBOR US + 1.200%), 3.59%, 10/15/37 (a)(b)(c)		2,311		2,267,873
Ownit Mortgage Loan Trust Series, Series 2006-2, Class A2C, 6.00%, 01/25/37 (e)		1,990		1,901,978
OZLM Funding IV Ltd.:
Series 2013-4A, Class A1R, (3 mo. LIBOR US + 1.250%), 3.84%, 10/22/30 (a)(b)		13,285		13,244,782
Series 2013-4A, Class A2R, (3 mo. LIBOR US + 1.700%), 4.29%, 10/22/30 (a)(b)		2,120		2,098,980
OZLM Funding Ltd., Series 2012-1A, Class A2R2, (3 mo. LIBOR US + 1.850%), 4.44%, 07/22/29 (a)(b)		495		495,240
OZLM VIII Ltd., Series 2014-8A, Class BRR, (3 mo. LIBOR US + 2.200%), 4.79%, 10/17/29 (a)(b)		1,160		1,132,844
OZLM XIV Ltd., Series 2015-14A, Class A2AR, (3 mo. LIBOR US + 1.700%), 4.30%, 01/15/29 (a)(b)		5,770		5,736,071
OZLM XIX Ltd., Series 2017-19A, Class A1, (3 mo. LIBOR US + 1.220%), 3.82%, 11/22/30 (a)(b)		2,160		2,160,970
OZLM XV Ltd.:
Series 2016-15A, Class A1, (3 mo. LIBOR US + 1.490%), 4.08%, 01/20/29 (a)(b)		4,740		4,739,291
Series 2016-15A, Class A2A, (3 mo. LIBOR US + 2.100%), 4.69%, 01/20/29 (a)(b)		1,940		1,938,085
OZLM XXI Ltd., Series 2017-21A, Class B, (3 mo. LIBOR US + 1.900%), 4.49%, 01/20/31 (a)(b)		930		899,344
Palmer Square CLO Ltd.:
Series 2014-1A, Class A1R2, (3 mo. LIBOR US + 1.130%), 3.72%, 01/17/31 (a)(b)		4,548		4,525,443
Series 2015-1A, Class A1R2, (3 mo. LIBOR US + 1.220%), 3.74%, 05/21/29 (a)(b)(c)		10,965		10,965,000
Series 2015-1A, Class A2R2, (3 mo. LIBOR US + 1.650%), 4.17%, 05/21/29 (a)(b)(c)		2,460		2,460,000
Series 2018-1A, Class A1, (3 mo. LIBOR US + 1.030%), 3.63%, 04/18/31 (a)(b)		3,360		3,329,411
Series 2018-2A, Class A1A, (3 mo. LIBOR US + 1.100%), 3.70%, 07/16/31 (a)(b)		4,820		4,789,293
Series 2018-3A, Class A2, (3 mo. LIBOR US + 1.350%), 3.87%, 08/15/26 (a)(b)		3,323		3,306,766
Palmer Square Loan Funding Ltd.:
, (3 mo. LIBOR US + 1.600%), 0.00%, 08/20/27 (a)		2,110		2,110,000
Series 2017-1A, Class A2, (3 mo. LIBOR US + 1.300%), 3.90%, 10/15/25 (a)(b)		6,400		6,365,839
Parallel Ltd.:
Series 2015-1A, Class AR, (3 mo. LIBOR US + 0.850%), 3.44%, 07/20/27 (a)(b)		3,990		3,985,444
Series 2015-1A, Class C1R, (3 mo. LIBOR US + 1.750%), 4.34%, 07/20/27 (a)(b)		1,150		1,115,260

8

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Park Avenue Institutional Advisers CLO Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.220%), 3.75%, 11/14/29 (a)(b)		USD  6,970	$	6,953,680
Series 2017-1A, Class A2, (3 mo. LIBOR US + 1.700%), 4.23%, 11/14/29 (a)(b)		2,940		2,924,591
Preston Ridge Partners Mortgage LLC, Series 2017-1A, Class A1, 4.25%, 01/25/22 (b)(e)		162		163,681
Progress Residential Trust:
Series 2015-SFR2, Class A, 2.74%, 06/12/32 (b)		1,717		1,715,985
Series 2015-SFR3, Class F, 6.64%, 11/12/32 (b)		500		505,470
Series 2017-SFR1, Class A, 2.77%, 08/17/34 (b)		2,642		2,658,273
Series 2018-SFR1, Class F, 4.78%, 03/17/35 (b)		1,620		1,652,204
Series 2018-SFR2, Class E, 4.66%, 08/17/35 (b)		870		901,816
Series 2018-SFR2, Class F, 4.95%, 08/17/35 (b)		1,030		1,059,510
Race Point IX CLO Ltd., Series 2015-9A, Class A1AR, (3 mo. LIBOR US + 1.210%), 3.81%, 10/15/30 (a)(b)		3,730		3,733,239
Race Point X CLO Ltd., Series 2016-10A, Class A1R, (3 mo. LIBOR US + 1.100%), 3.68%, 07/25/31 (a)(b)		5,550		5,504,640
Regatta Funding LP, Series 2013-2A, Class A1R2, (3 mo. LIBOR US + 1.250%), 3.75%, 01/15/29 (a)(b)		1,300		1,300,308
Regatta VI Funding Ltd., Series 2016-1A, Class AR, (3 mo. LIBOR US + 1.080%), 3.67%, 07/20/28 (a)(b)		10,290		10,271,279
Riserva CLO Ltd., Series 2016-3A, Class AR, (3 mo. LIBOR US + 1.140%), 3.54%, 10/18/28 (a)(b)(c)		4,670		4,670,000
Rockford Tower CLO Ltd.:
Series 2017-1A, Class A, (3 mo. LIBOR US + 1.370%), 3.97%, 04/15/29 (a)(b)		9,130		9,129,918
Series 2017-1A, Class B, (3 mo. LIBOR US + 1.800%), 4.40%, 04/15/29 (a)(b)		3,870		3,862,890
Series 2017-2A, Class B, (3 mo. LIBOR US + 1.750%), 4.35%, 10/15/29 (a)(b)		6,049		6,019,336
Series 2017-2A, Class C, (3 mo. LIBOR US + 2.300%), 4.90%, 10/15/29 (a)(b)		940		928,333
Series 2017-3A, Class A, (3 mo. LIBOR US + 1.190%), 3.78%, 10/20/30 (a)(b)		9,076		9,065,740
Romark WM-R Ltd., Series 2018-1A, Class A1, (3 mo. LIBOR US + 1.030%), 3.62%, 04/20/31 (a)(b)		2,910		2,877,048
RR 3 Ltd., Series 2018-3A, Class A1R2, (3 mo. LIBOR US + 1.090%), 3.69%, 01/15/30 (a)(b)		2,020		2,005,653
RR 6 Ltd., Series 2019-6A, Class A1A, (3 mo. LIBOR US + 1.250%), 3.63%, 04/15/30 (a)(b)		9,840		9,840,000
SACO I Trust, Series 2006-9, Class A1, (1 mo. LIBOR US + 0.300%), 2.70%, 08/25/36 (a)		417		408,502
SCOF-2 Ltd., Series 2015-2A, Class AR, (3 mo. LIBOR US + 1.180%), 3.78%, 07/15/28 (a)(b)		2,780		2,787,502
Securitized Asset-Backed Receivables LLC Trust:
Series 2006-WM4, Class A1, (1 mo. LIBOR US + 0.190%), 2.59%, 11/25/36 (a)(b)		2,886		1,688,853
Series 2006-WM4, Class A2A, (1 mo. LIBOR US + 0.080%), 2.48%, 11/25/36 (a)		1,396		533,477

Security	Par (000)		Value
Securitized Asset-Backed Receivables LLC Trust: (continued)
Series 2006-WM4, Class A2C, (1 mo. LIBOR US + 0.160%), 2.56%, 11/25/36 (a)	USD	4,182	$	1,621,424
Security National Mortgage Loan Trust, Series 2007-1A, Class 2A, (1 mo. LIBOR US + 0.350%), 2.75%, 04/25/37 (a)(b)		716		707,620
Seneca Park CLO Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.120%), 3.71%, 07/17/26 (a)(b)		263		262,875
SG Mortgage Securities Trust, Series 2006-FRE2, Class A2C, (1 mo. LIBOR US + 0.160%), 2.56%, 07/25/36 (a)		980		301,325
Silver Creek CLO Ltd.:
Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.240%), 3.83%, 07/20/30 (a)(b)		3,920		3,917,944
Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.300%), 4.89%, 07/20/30 (a)(b)		500		494,896
SLM Private Credit Student Loan Trust:
Series 2004-A, Class A3, (3 mo. LIBOR US + 0.400%), 2.81%, 06/15/33 (a)		2,280		2,249,730
Series 2004-B, Class A3, (3 mo. LIBOR US + 0.330%), 2.74%, 03/15/24 (a)		9,519		9,488,640
Series 2006-B, Class A5, (3 mo. LIBOR US + 0.270%), 2.68%, 12/15/39 (a)		569		555,489
SLM Private Education Loan Trust:
Series 2013-A, Class B, 2.50%, 03/15/47 (b)		437		436,693
Series 2013-B, Class B, 3.00%, 05/16/44 (b)		2,095		2,093,630
Series 2013-C, Class A2B, (1 mo. LIBOR US + 1.400%), 3.79%, 10/15/31 (a)(b)		33		32,786
SMB Private Education Loan Trust, Series 2015-B, Class B, 3.50%, 12/17/40 (b)		2,480		2,536,211
Sound Point CLO II Ltd., Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.070%), 3.66%, 01/26/31 (a)(b)		500		494,579
Sound Point CLO XI Ltd., Series 2016-1A, Class CR, (3 mo. LIBOR US + 2.250%), 4.84%, 07/20/28 (a)(b)		440		439,356
Sound Point CLO XIV Ltd.:
Series 2016-3A, Class A, (3 mo. LIBOR US + 1.530%), 4.12%, 01/23/29 (a)(b)		7,330		7,329,300
Series 2016-3A, Class C, (3 mo. LIBOR US + 2.650%), 5.24%, 01/23/29 (a)(b)		1,000		1,000,256
Sound Point CLO XV Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.390%), 3.98%, 01/23/29 (a)(b)		1,240		1,239,610
Sound Point CLO XVIII Ltd., Series 2017-4A, Class B, (3 mo. LIBOR US + 1.800%), 4.39%, 01/21/31 (a)(b)		500		483,322
Sound Point CLO XXIII, Series 2019-2A, Class A1, (3 mo. LIBOR US + 1.400%), 3.88%, 04/15/32 (a)(b)		19,610		19,618,597
Soundview Home Loan Trust, Series 2004-WMC1, Class M2, (1 mo. LIBOR US + 0.795%), 3.20%, 01/25/35 (a)		58		57,267
Steele Creek CLO Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.250%), 3.85%, 01/15/30 (a)(b)		4,140		4,132,676
Stewart Park CLO Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 1.800%), 4.40%, 01/15/30 (a)(b)		1,630		1,583,120

CONSOLIDATED SCHEDULE OF INVESTMENTS 9

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Structured Asset Securities Corp. Assistance Loan Trust, Series 2003-AL2, Class A, 3.36%, 01/25/31 (b)	USD	324	$	322,590
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-23XS, Class 2A1, (1 mo. LIBOR US + 0.300%), 2.70%, 01/25/35 (a)		568		562,423
Symphony CLO XII Ltd., Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.030%), 3.63%, 10/15/25 (a)(b)		2,445		2,445,596
Symphony CLO XVII Ltd., Series 2016-17A, Class AR, (3 mo. LIBOR US + 0.880%), 3.48%, 04/15/28 (a)(b)		3,620		3,605,162
TCI-Flatiron CLO Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.200%), 3.73%, 11/17/30 (a)(b)		3,290		3,291,575
Thacher Park CLO Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.160%), 3.75%, 10/20/26 (a)(b)		478		478,622
THL Credit Wind River CLO Ltd.:
Series 2012-1A, Class BR2, (3 mo. LIBOR US + 1.450%), 0.00%, 01/15/26 (a)(b)		920		920,000
Series 2016-1A, Class AR, (3 mo. LIBOR US + 1.050%), 3.65%, 07/15/28 (a)(b)		4,880		4,876,695
TIAA CLO II Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.280%), 3.87%, 04/20/29 (a)(b)		2,340		2,343,321
TIAA CLO III Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.150%), 3.75%, 01/16/31 (a)(b)		1,467		1,456,002
TICP CLO I Ltd., Series 2015-1A, Class AR, (3 mo. LIBOR US + 0.800%), 3.39%, 07/20/27 (a)(b)		1,000		996,243
TICP CLO VI Ltd., Series 2016-6A, Class BR, (3 mo. LIBOR US + 1.700%), 4.08%, 01/15/29 (a)(b)		5,360		5,353,300
Towd Point Mortgage Trust:
Series 2019-HY2, Class A1, (1 mo. LIBOR US + 1.000%), 3.40%, 05/25/58 (a)(b)		2,197		2,209,349
Series 2019-SJ2, Class A2, 4.25%, 11/25/58 (b)(c)(d)		3,280		3,378,480
Series 2019-SJ2, Class M1, 4.50%, 11/25/58 (b)(c)(d)		8,260		8,585,641
Tricon American Homes Trust:
Series 2017-SFR2, Class F, 5.10%, 01/17/36 (b)		2,010		2,088,880
Series 2018-SFR1, Class E, 4.56%, 05/17/37 (b)		890		931,109
Series 2018-SFR1, Class F, 4.96%, 05/17/37 (b)		610		633,007
Venture CLO Ltd.:
Series 2018-32A, Class A2A, (3 mo. LIBOR US + 1.070%), 3.67%, 07/18/31 (a)(b)		1,480		1,467,380
Series 2018-35A, Class AS, (3 mo. LIBOR US + 1.150%), 3.74%, 10/22/31 (a)(b)		2,810		2,806,666
Venture XVIII CLO Ltd., Series 2014-18A, Class AR, (3 mo. LIBOR US + 1.220%), 3.82%, 10/15/29 (a)(b)		9,820		9,855,464
Venture XXIV CLO Ltd., Series 2016-24A, Class A1D, (3 mo. LIBOR US + 1.420%), 4.01%, 10/20/28 (a)(b)		3,168		3,171,085
Vericrest Opportunity Loan Trust:
Series 2019-NPL2, Class A1, 3.97%, 02/25/49 (b)(e)		1,542		1,556,036

Security	Par (000)		Value
Vericrest Opportunity Loan Trust: (continued)
Series 2019-NPL3, Class A1, 3.97%, 03/25/49 (b)(e)	USD	9,539	$	9,607,687
Vibrant CLO V Ltd., Series 2016-5A, Class A, (3 mo. LIBOR US + 1.550%), 4.14%, 01/20/29 (a)(b)		2,480		2,479,703
Vibrant CLO VII Ltd., Series 2017-7A, Class A1, (3 mo. LIBOR US + 1.270%), 3.86%, 09/15/30 (a)(b)		1,750		1,740,639
Voya CLO Ltd.:
Series 2015-2A, Class BR, (3 mo. LIBOR US + 1.500%), 4.09%, 07/23/27 (a)(b)		780		772,876
Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.130%), 3.73%, 10/15/30 (a)(b)		6,640		6,620,388
Series 2019-1A, Class A, (3 mo. LIBOR US + 1.170%), 3.81%, 04/15/29 (a)(b)		10,580		10,588,681
Wachovia Asset Securitization Issuance II LLC Trust, Series 2007-HE2A, Class A, (1 mo. LIBOR US + 0.130%), 2.53%, 07/25/37 (a)(b)		1,825		1,721,874
Washington Mutual Asset-Backed Certificates Trust:
Series 2006-HE4, Class 2A2, (1 mo. LIBOR US + 0.180%), 2.58%, 09/25/36 (a)		5,327		2,492,331
Series 2006-HE5, Class 1A, (1 mo. LIBOR US + 0.155%), 2.56%, 10/25/36 (a)		2,113		1,708,843
Series 2007-HE2, Class 2A2, (1 mo. LIBOR US + 0.220%), 2.62%, 02/25/37 (a)		5,495		2,382,544
Series 2007-HE2, Class 2A3, (1 mo. LIBOR US + 0.250%), 2.65%, 04/25/37 (a)		9,773		5,142,417
Series 2007-HE2, Class 2A4, (1 mo. LIBOR US + 0.360%), 2.76%, 04/25/37 (a)		1,050		561,389
Wellfleet CLO Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.320%), 3.91%, 04/20/29 (a)(b)		2,160		2,159,114
Series 2017-3A, Class B, (3 mo. LIBOR US + 1.950%), 4.54%, 01/17/31 (a)(b)		750		729,934
West CLO Ltd., Series 2013-1A, Class A1AR, (3 mo. LIBOR US + 1.160%), 3.73%, 11/07/25 (a)(b)		685		685,225
Westcott Park CLO Ltd., Series 2016-1A, Class AR, (3 mo. LIBOR US + 1.210%), 3.68%, 07/20/28 (a)(b)		5,610		5,610,327
Yale Mortgage Loan Trust, Series 2007-1, Class A, (1 mo. LIBOR US + 0.400%), 2.80%, 06/25/37 (a)(b)		2,565		1,074,735
York CLO-3 Ltd., Series 2016-1A, Class BR, (3 mo. LIBOR US + 1.750%), 4.34%, 10/20/29 (a)(b)		2,480		2,469,037
York CLO-4 Ltd., Series 2016-2A, Class A, (3 mo. LIBOR US + 1.630%), 4.22%, 01/20/30 (a)(b)		3,380		3,394,737
Total Asset-Backed Securities — 10.6% (Cost: $1,578,063,092)				1,563,345,758

10

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 0.3%
Diversified Financial Services — 0.0%
Pure Acquisition Corp. (f)		900	$	9,126
Diversified Telecommunication Services — 0.0%
Intelsat SA (f)		35,775		695,824
Energy Equipment & Services — 0.0%
Liberty Oilfield Services, Inc., Class A		105,933		1,713,996
Vantage Drilling Co. (f)		311,000		3,514
				1,717,510
Entertainment — 0.0%
Sciplay Corp. (f)		70,707		969,393
Health Care Providers & Services — 0.0%
HCA Healthcare, Inc.		16,247		2,196,107
Hotels, Restaurants & Leisure — 0.1%
Caesars Entertainment Corp. (f)		726,605		8,588,471
Golden Entertainment, Inc. (f)		35,439		496,146
International Game Technology PLC		43,375		562,574
Scientific Games Corp. (f)		17,182		340,547
Target Hospitality Corp. (f)(g)		236,970		2,156,427
				12,144,165
Household Durables — 0.1%
Beazer Homes USA, Inc. (f)		50,435		484,680
Century Communities, Inc. (f)		78,526		2,087,221
M/I Homes, Inc. (f)		26,738		763,103
Taylor Morrison Home Corp. (f)		133,681		2,801,954
William Lyon Homes, Class A (f)		93,411		1,702,883
				7,839,841
Independent Power and Renewable Electricity Producers — 0.0%
Vistra Energy Corp.		44,033		996,907
IT Services — 0.0%
Everi Holdings, Inc. (f)		51,332		612,391
Media — 0.0%
Altice USA, Inc., Class A (f)		114,636		2,791,387
Metals & Mining — 0.0%
Northern Graphite Corp. (f)		99,612		10,649
Oil, Gas & Consumable Fuels — 0.1%
Centennial Resource Development, Inc. (f)		82,800		628,452
Diamondback Energy, Inc.		30,633		3,338,078
Rattler Midstream LP (f)		309,124		5,993,914
Sunoco LP		136,638		4,274,037
				14,234,481
Total Common Stocks — 0.3% (Cost: $42,075,458)				44,217,781
	Par (000)
Corporate Bonds — 36.3%
Aerospace & Defense — 1.5%
Airbus SE, 3.95%, 04/10/47 (b)	USD	4,240		4,592,386
Arconic, Inc.:
6.15%, 08/15/20		4,555		4,714,552
5.40%, 04/15/21		312		323,423
BAE Systems Holdings, Inc.:
3.80%, 10/07/24 (b)		595		622,817
3.85%, 12/15/25 (b)		10,355		10,824,295
4.75%, 10/07/44 (b)		259		287,230
Boeing Co.:
3.83%, 03/01/59		1,980		1,983,246
3.60%, 05/01/34		2,540		2,648,461
3.38%, 06/15/46		980		937,175
General Dynamics Corp., 3.75%, 05/15/28		3,690		4,038,911

Security	Par (000)		Value
Aerospace & Defense (continued)
L3 Technologies, Inc.:
4.95%, 02/15/21	USD	250	$	258,327
3.85%, 06/15/23		16,190		16,892,866
3.85%, 12/15/26		9,052		9,475,257
4.40%, 06/15/28		1,200		1,310,523
L3Harris Technologies, Inc.:
2.70%, 04/27/20		1,299		1,300,333
3.83%, 04/27/25		14		14,726
4.40%, 06/15/28		10,818		11,820,320
6.15%, 12/15/40		80		103,161
5.05%, 04/27/45		4,280		5,019,008
Lockheed Martin Corp.:
2.90%, 03/01/25		1,370		1,408,650
3.55%, 01/15/26		1,596		1,696,240
3.60%, 03/01/35		22,498		23,460,145
4.50%, 05/15/36		632		725,163
4.07%, 12/15/42		7,840		8,673,691
3.80%, 03/01/45		1,252		1,332,624
Northrop Grumman Corp.:
2.93%, 01/15/25		10,230		10,419,219
3.25%, 01/15/28		10,826		11,113,194
4.75%, 06/01/43		592		684,414
3.85%, 04/15/45		2,310		2,380,569
4.03%, 10/15/47		6,975		7,440,664
Raytheon Co.:
7.20%, 08/15/27		2,353		3,080,111
7.00%, 11/01/28		7,205		9,387,934
4.70%, 12/15/41		2,609		3,040,985
4.20%, 12/15/44		1,700		1,867,982
Textron, Inc.:
3.65%, 03/15/27		2,985		3,057,404
3.90%, 09/17/29		5,526		5,762,478
TransDigm, Inc., 6.00%, 07/15/22		252		254,520
United Technologies Corp.:
3.35%, 08/16/21		358		365,908
1.95%, 11/01/21		13,880		13,768,233
3.10%, 06/01/22		31		31,715
4.13%, 11/16/28		14,025		15,407,887
5.40%, 05/01/35		2,411		2,915,892
6.13%, 07/15/38		4,600		6,100,745
4.50%, 06/01/42		9,185		10,391,430
				221,934,814
Air Freight & Logistics — 0.1%
FedEx Corp.:
3.90%, 02/01/35		2,104		2,114,980
3.88%, 08/01/42		13,238		12,433,185
GLP China Holdings Ltd., 4.97%, 02/26/24		925		968,650
United Parcel Service, Inc.:
3.40%, 03/15/29		4,975		5,259,513
4.88%, 11/15/40		350		409,696
XPO Logistics, Inc., 6.50%, 06/15/22 (b)		100		102,000
				21,288,024
Airlines — 0.8%
Air Canada Pass-Through Trust:
Series 2015, Class 2B, 5.00%, 06/15/25 (b)		1,426		1,488,180
Series 2017-1, Class B, 3.70%, 07/15/27 (b)		24		23,693
Series 2017, Class 1AA, 3.30%, 07/15/31 (b)		2,143		2,159,260
American Airlines Group, Inc.:
5.50%, 10/01/19 (b)		312		313,404
4.63%, 03/01/20 (b)		3,144		3,163,650
5.00%, 06/01/22 (b)		5,635		5,805,740
American Airlines Pass-Through Trust:
Series 2014-1, Class B, 4.38%, 04/01/24		77		78,718
Series 2015-1, Class B, 3.70%, 11/01/24		767		771,088
Series 2015-2, Class B, 4.40%, 03/22/25		6,656		6,837,023
Series 2016-1, Class B, 5.25%, 07/15/25		4,438		4,678,682
4.00%, 12/15/25		2,006		2,006,000
Series 2017-1, Class B, 4.95%, 08/15/26		1,421		1,485,926

CONSOLIDATED SCHEDULE OF INVESTMENTS 11

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Airlines (continued)
American Airlines Pass-Through Trust: (continued)
Series 2017-2, Class B, 3.70%, 04/15/27	USD	1,699	$	1,692,243
Series 2016-3, Class B, 3.75%, 04/15/27		82		82,977
3.50%, 12/15/27		5,099		5,099,000
Series 2015-2, Class AA, 3.60%, 03/22/29		1,127		1,164,060
Series 2016-2, Class AA, 3.20%, 12/15/29		1,994		2,009,654
Series 2016-3, Class AA, 3.00%, 04/15/30		4,504		4,493,826
Series 2017-1, Class AA, 3.65%, 08/15/30		1,573		1,630,582
Series 2017-2, Class AA, 3.35%, 04/15/31		1,957		1,977,811
American Airlines, Inc.:
Series 2019-1C, 4.13%, 06/15/22		15,927		15,927,000
Series 2011-1B, 4.87%, 04/22/25 (c)		1,342		1,375,651
ANA Holdings, Inc.:
0.00%, 09/16/22 (h)(i)	JPY	10,000		91,882
0.00%, 09/19/24 (h)(i)		60,000		552,256
Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd., 8.38%, 05/10/20	USD	383		367,756
Continental Airlines Pass-Through Trust, 6.25%, 10/11/21		29		29,973
Delta Air Lines Pass-Through Trust, 3.20%, 10/25/25		4,265		4,416,997
Delta Air Lines, Inc., 2.88%, 03/13/20		26,462		26,494,138
Gol Finance, Inc., 7.00%, 01/31/25 (b)		3,123		3,044,925
Turkish Airlines Pass-Through Trust,
Series 2015-1, Class A, 4.20%, 09/15/28 (b)		1,507		1,373,706
United Airlines Pass-Through Trust:
Series 2014-1, Class B, 4.75%, 10/11/23		424		436,701
Series 2014-2, Class B, 4.63%, 03/03/24		523		538,460
Series 2016-2, Class B, 3.65%, 04/07/27		266		266,692
Series 2016-1, Class B, 3.65%, 07/07/27		311		311,081
Series 2018-1, Class B, 4.60%, 09/01/27		2,223		2,306,475
Series 2015-1, Class AA, 3.45%, 06/01/29		774		793,685
Series 2016-1, Class AA, 3.10%, 01/07/30		299		300,667
Series 2016-2, Class AA, 2.88%, 04/07/30		1,922		1,902,685
Series 2018-1, Class AA, 3.50%, 09/01/31		1,317		1,345,614
Series 2019-1, Class AA, 4.15%, 02/25/33		2,760		2,961,500
US Airways Pass-Through Trust:
Series 2012-2, Class B, 6.75%, 12/03/22		147		155,599
Series 2013-1, Class B, 5.38%, 05/15/23		570		593,933
				112,548,893
Auto Components — 0.0%
Aptiv PLC, 4.25%, 01/15/26		1,322		1,390,322
Automobiles — 0.3%
BMW US Capital LLC, 2.80%, 04/11/26 (b)		2,685		2,705,578
Daimler Finance North America LLC:
3.10%, 05/04/20 (b)		10,030		10,083,390
2.30%, 02/12/21 (b)		9,320		9,283,854
3.35%, 05/04/21 (b)		14,480		14,683,698
3.75%, 11/05/21 (b)		1,290		1,322,895
Fiat Chrysler Automobiles NV, 4.50%, 04/15/20		336		339,763
General Motors Co.:
6.60%, 04/01/36		2,875		3,182,637
6.25%, 10/02/43		2,315		2,464,342
5.40%, 04/01/48		1,280		1,251,170
				45,317,327
Banks — 6.6%
ABN AMRO Bank NV, 2.65%, 01/19/21 (b)		8,940		8,970,678
Australia & New Zealand Banking Group Ltd.:
2.55%, 11/23/21		1,361		1,370,632
2.63%, 11/09/22		1,075		1,085,013
Banco Espirito Santo SA:
2.63%, 05/08/17 (f)(j)	EUR	400		100,065

Security	Par (000)		Value
Banks (continued)
Banco Espirito Santo SA: (continued) 4.75%, 01/15/18 (f)(j)	EUR	2,200	$	550,356
4.00%, 01/21/19 (f)(j)		6,300		1,576,021
Banco Santander SA:
3.85%, 04/12/23	USD	7,200		7,474,318
2.71%, 06/27/24		6,200		6,211,780
3.31%, 06/27/29		3,200		3,222,495
Bank Mandiri Persero Tbk PT, 3.75%, 04/11/24		705		718,439
Bank of America Corp.:
2.63%, 10/19/20		5,775		5,797,721
(3 mo. LIBOR US + 0.660%), 2.37%, 07/21/21 (k)		14,085		14,069,647
(3 mo. LIBOR US + 0.630%), 2.33%, 10/01/21 (k)		37,283		37,237,888
5.70%, 01/24/22		311		337,474
(3 mo. LIBOR US + 0.630%), 3.50%, 05/17/22 (k)		8,260		8,419,185
3.30%, 01/11/23		1,307		1,347,225
(3 mo. LIBOR US + 1.160%), 3.12%, 01/20/23 (k)		540		548,002
(3 mo. LIBOR US + 1.021%), 2.88%, 04/24/23 (k)		768		776,023
(3 mo. LIBOR US + 0.930%), 2.82%, 07/21/23 (k)		7,970		8,049,667
(3 mo. LIBOR US + 0.780%), 3.55%, 03/05/24 (k)		741		768,179
4.00%, 04/01/24		2,085		2,221,806
4.20%, 08/26/24		3,627		3,855,506
(3 mo. LIBOR US + 0.970%), 3.46%, 03/15/25 (k)		5,985		6,212,779
3.95%, 04/21/25		3,272		3,430,927
(3 mo. LIBOR US + 0.810%), 3.37%, 01/23/26 (k)		331		341,556
4.45%, 03/03/26		10,821		11,671,995
(3 mo. LIBOR US + 1.060%), 3.56%, 04/23/27 (k)		5,865		6,122,564
3.25%, 10/21/27		106		108,607
Series L, 4.18%, 11/25/27		1,100		1,165,320
(3 mo. LIBOR US + 1.575%), 3.82%, 01/20/28 (k)		16,444		17,406,768
(3 mo. LIBOR US + 1.512%), 3.71%, 04/24/28 (k)		20,830		21,886,121
(3 mo. LIBOR US + 1.040%), 3.42%, 12/20/28 (k)		31,968		32,894,943
(3 mo. LIBOR US + 1.070%), 3.97%, 03/05/29 (k)		2,250		2,404,823
(3 mo. LIBOR US + 1.310%), 4.27%, 07/23/29 (k)		146		159,461
(3 mo. LIBOR US + 1.210%), 3.97%, 02/07/30 (k)		2,395		2,567,205
Bank of Montreal:
3.10%, 04/13/21		476		483,340
1.90%, 08/27/21		281		279,221
2.90%, 03/26/22		1,473		1,495,548
2.55%, 11/06/22		364		367,086
Barclays PLC:
(3 mo. LIBOR US + 1.610%), 3.93%, 05/07/25 (k)		1,650		1,679,267
(3 mo. LIBOR US + 1.902%), 4.97%, 05/16/29 (k)		9,280		9,897,881
4.95%, 01/10/47		4,378		4,633,329
BNP Paribas SA:
3.50%, 03/01/23 (b)		8,225		8,460,781
3.80%, 01/10/24 (b)		5,947		6,174,183

12

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
BNP Paribas SA: (continued)
(3 mo. LIBOR US + 2.235%), 4.71%, 01/10/25 (b)(k)	USD	4,115	$	4,415,108
BPCE SA, 3.00%, 05/22/22 (b)		2,699		2,723,485
Chong Hing Bank Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.030%), 3.88%, 07/26/27 (k)		670		668,116
Citibank NA:
3.40%, 07/23/21		10,990		11,223,901
3.65%, 01/23/24		30,530		32,144,791
Citigroup, Inc.:
2.50%, 07/29/19		10,612		10,613,077
2.75%, 04/25/22		62		62,568
(3 mo. LIBOR US + 0.897%), 3.35%, 04/24/25 (k)		1,320		1,363,533
4.40%, 06/10/25		4,740		5,058,743
3.40%, 05/01/26		291		301,200
4.45%, 09/29/27		5,950		6,410,558
(3 mo. LIBOR US + 1.563%), 3.89%, 01/10/28 (k)		15,400		16,292,694
(3 mo. LIBOR US + 1.390%), 3.67%, 07/24/28 (k)		17,590		18,357,134
(3 mo. LIBOR US + 1.168%), 3.88%, 01/24/39 (k)		162		168,130
4.65%, 07/23/48		238		276,916
Citizens Bank N.A., 2.25%, 03/02/20		14,776		14,762,841
Danske Bank A/S:
5.00%, 01/12/22 (b)		12,395		12,965,757
5.38%, 01/12/24 (b)		8,820		9,533,254
Fifth Third Bancorp, 3.65%, 01/25/24		2,460		2,584,992
HSBC Holdings PLC:
5.10%, 04/05/21		5,085		5,313,470
(3 mo. LIBOR US + 0.987%), 3.95%, 05/18/24 (k)		1,875		1,961,612
(3 mo. LIBOR US + 1.546%), 4.04%, 03/13/28 (k)		14,972		15,727,457
(3 mo. LIBOR US + 1.610%), 3.97%, 05/22/30 (k)		935		976,660
HSBC USA, Inc., 2.35%, 03/05/20		18,862		18,862,753
Huntington National Bank, 3.25%, 05/14/21		3,780		3,842,456
ING Groep NV:
4.10%, 10/02/23		13,135		13,875,582
3.55%, 04/09/24		9,439		9,764,084
Intesa Sanpaolo SpA, 6.50%, 02/24/21 (b)		3,034		3,193,178
JPMorgan Chase & Co.:
2.55%, 03/01/21		7,110		7,134,823
4.63%, 05/10/21		5,281		5,497,505
(3 mo. LIBOR US + 0.610%), 3.51%, 06/18/22 (k)		7,145		7,301,945
3.25%, 09/23/22		4,558		4,682,572
2.97%, 01/15/23		7,538		7,647,398
(3 mo. LIBOR US + 0.695%), 3.21%, 04/01/23 (k)		25,500		26,025,000
2.70%, 05/18/23		4,468		4,513,808
(3 mo. LIBOR US + 0.730%), 3.56%, 04/23/24 (k)		2,613		2,709,086
(3 mo. LIBOR US + 0.890%), 3.80%, 07/23/24 (k)		13,546		14,206,453
(3 mo. LIBOR US + 1.000%), 4.02%, 12/05/24 (k)		23,515		24,991,539
(3 mo. LIBOR US + 1.155%), 3.22%, 03/01/25 (k)		56		57,585
4.13%, 12/15/26		1,800		1,925,211
(3 mo. LIBOR US + 1.337%), 3.78%, 02/01/28 (k)		29,976		31,777,865
(3 mo. LIBOR US + 1.380%), 3.54%, 05/01/28 (k)		30,149		31,382,078

Security	Par (000)		Value
Banks (continued)
JPMorgan Chase & Co.: (continued)
(3 mo. LIBOR US + 0.945%), 3.51%, 01/23/29 (k)	USD	2,232	$	2,320,467
(3 mo. LIBOR US + 1.260%), 4.20%, 07/23/29 (k)		10,690		11,688,040
(3 mo. LIBOR US + 1.330%), 4.45%, 12/05/29 (k)		152		169,486
(3 mo. LIBOR US + 1.160%), 3.70%, 05/06/30 (k)		1,100		1,159,807
(3 mo. LIBOR US + 1.360%), 3.88%, 07/24/38 (k)		2,002		2,098,547
KeyBank NA, 3.35%, 06/15/21		1,500		1,530,759
Keycorp, 4.15%, 10/29/25		1,795		1,944,614
Lloyds Banking Group PLC:
4.45%, 05/08/25		3,220		3,428,197
3.75%, 01/11/27		5,024		5,115,211
Mitsubishi UFJ Financial Group, Inc.:
3.54%, 07/26/21		1,810		1,850,711
3.00%, 02/22/22		3,776		3,835,188
2.67%, 07/25/22		140		140,388
3.46%, 03/02/23		28,535		29,336,747
3.76%, 07/26/23		8,810		9,212,359
3.85%, 03/01/26		604		640,988
2.76%, 09/13/26		323		322,582
3.29%, 07/25/27		477		492,738
Mizuho Financial Group, Inc.:
2.63%, 04/12/21 (b)		7,250		7,272,666
2.27%, 09/13/21		3,139		3,128,853
2.95%, 02/28/22		31,890		32,256,246
3.66%, 02/28/27		1,293		1,363,585
Nordea Bank Abp, 2.13%, 05/29/20 (b)		9,883		9,861,878
Royal Bank of Scotland Group PLC:
(3 mo. LIBOR US + 1.480%), 3.50%, 05/15/23 (k)		4,685		4,737,192
(3 mo. LIBOR US + 1.550%), 4.52%, 06/25/24 (k)		884		920,717
(3 mo. LIBOR US + 1.754%), 4.89%, 05/18/29 (k)		1,100		1,174,636
(3 mo. LIBOR US + 1.905%), 5.08%, 01/27/30 (k)		1,380		1,497,211
(3 mo. LIBOR US + 1.871%), 4.45%, 05/08/30 (k)		1,350		1,397,415
Santander UK Group Holdings PLC, 2.88%, 08/05/21		14,289		14,297,145
Santander UK PLC, 5.00%, 11/07/23 (b)		15,570		16,420,859
Shizuoka Bank Ltd., (3 mo. LIBOR US -0.500%), 2.08%, 01/25/23 (a)(h)		200		187,807
Standard Chartered PLC:
(3 mo. LIBOR US + 1.150%), 4.25%, 01/20/23 (b)(k)		17,600		18,158,282
(3 mo. LIBOR US + 1.080%), 3.89%, 03/15/24 (b)(k)		1,465		1,501,487
Sumitomo Mitsui Trust Bank Ltd., 1.95%, 09/19/19 (b)		15,285		15,267,728
SunTrust Bank, 2.80%, 05/17/22		4,550		4,607,952
Svenska Handelsbanken AB, 3.35%, 05/24/21		3,000		3,055,836
Toronto-Dominion Bank, 3.50%, 07/19/23		3,580		3,755,835
U.S. Bancorp, 2.95%, 07/15/22		5,719		5,839,558
U.S. Bank NA, (3 mo. LIBOR US + 0.290%), 3.10%, 05/21/21 (k)		3,410		3,434,040
UniCredit SpA, 6.57%, 01/14/22 (b)		1,000		1,063,057
Washington Mutual Escrow Bonds:
0.00% (c)(f)(j)(l)		3,115		—
0.00% (c)(f)(j)(l)		2,570		—
0.00% (c)(f)(j)(l)		11,911		1
0.00% (c)(f)(j)(l)		13,308		1

CONSOLIDATED SCHEDULE OF INVESTMENTS 13

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks (continued)
Wells Fargo & Co.:
2.60%, 07/22/20	USD		4,233	$	4,246,922
2.55%, 12/07/20			3,376		3,385,465
2.50%, 03/04/21			13,915		13,945,349
4.60%, 04/01/21			376		390,280
3.50%, 03/08/22			6,466		6,652,860
2.63%, 07/22/22			12,645		12,736,268
3.75%, 01/24/24			20,560		21,615,976
(3 mo. LIBOR US + 1.310%), 3.58%, 05/22/28 (k)			16,590		17,321,177
Wells Fargo Bank NA:
(3 mo. LIBOR US + 0.490%), 3.33%, 07/23/21 (k)			14,400		14,537,615
3.55%, 08/14/23			2,040		2,129,235
Woori Bank, 5.13%, 08/06/28			600		664,490
Yamaguchi Financial Group, Inc., (3 mo. LIBOR US — 0.500%), 1.83%, 03/26/20 (a)(h)			1,000		976,550
					972,937,746
Beverages — 0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.:
4.70%, 02/01/36			27,115		29,744,349
4.90%, 02/01/46			6,450		7,181,635
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 01/23/29			26,450		30,026,203
Keurig Dr Pepper, Inc.:
3.55%, 05/25/21			2,760		2,819,481
4.06%, 05/25/23			886		930,191
PepsiCo, Inc.:
3.45%, 10/06/46			2,650		2,724,761
4.00%, 05/02/47			4,830		5,438,558
					78,865,178
Biotechnology — 0.5%
AbbVie, Inc.:
2.30%, 05/14/21			2,920		2,902,344
4.50%, 05/14/35			14,080		14,524,834
Amgen, Inc., 4.40%, 05/01/45			9,426		10,013,461
Baxalta, Inc., 5.25%, 06/23/45			1,131		1,360,325
Celgene Corp.:
3.95%, 10/15/20			840		856,506
3.25%, 08/15/22			4,110		4,221,544
3.55%, 08/15/22			3,980		4,121,347
2.75%, 02/15/23			5,783		5,834,314
3.25%, 02/20/23			12,189		12,494,688
3.63%, 05/15/24			48		50,390
Gilead Sciences, Inc.:
3.50%, 02/01/25			9,335		9,795,218
4.60%, 09/01/35			4,180		4,704,912
4.00%, 09/01/36			2,106		2,219,829
4.80%, 04/01/44			974		1,106,661
					74,206,373
Building Products — 0.0%
Johnson Controls International PLC:
4.63%, 07/02/44			1,950		2,010,683
5.13%, 09/14/45			163		178,049
LIXIL Group Corp.:
0.00%, 03/04/20 (h)(i)	JPY		80,000		731,952
0.00%, 03/04/22 (h)(i)			30,000		272,441
Masonite International Corp.:
5.63%, 03/15/23 (b)	USD		2,418		2,490,540
5.75%, 09/15/26 (b)			120		123,600
					5,807,265
Capital Markets — 2.0%
Bagan Capital Ltd., 0.00%, 09/23/21 (h)(i)			1,800		1,782,000

Security		Par (000)		Value
Capital Markets (continued)
Bank of New York Mellon Corp.:
(3 mo. LIBOR US + 0.634%), 2.66%, 05/16/23 (k)	USD		763	$	769,184
3.65%, 02/04/24			175		184,839
2.80%, 05/04/26			1,250		1,262,270
(3 mo. LIBOR US + 1.069%), 3.44%, 02/07/28 (k)			5,641		5,873,756
CCTI 2017 Ltd., 3.63%, 08/08/22			1,675		1,651,969
Charles Schwab Corp., 3.20%, 03/02/27			3,391		3,492,656
Cindai Capital Ltd., 0.00%, 02/08/23 (h)(i)			2,461		2,427,235
CME Group, Inc.:
3.00%, 09/15/22			255		261,795
3.75%, 06/15/28			1,221		1,330,524
Credit Suisse Group AG:
(3 mo. LIBOR US + 1.200%), 3.00%, 12/14/23 (b)(k)			15,500		15,631,938
(3 mo. LIBOR US + 1.240%), 4.21%, 06/12/24 (b)(k)			9,600		10,073,405
4.28%, 01/09/28 (b)			900		950,117
Credit Suisse Group Funding Guernsey Ltd.:
3.80%, 06/09/23			1,000		1,037,072
3.75%, 03/26/25			790		825,068
Deutsche Bank AG:
2.70%, 07/13/20			12,042		11,990,926
2.95%, 08/20/20			925		918,335
4.25%, 02/04/21			2,930		2,955,889
4.25%, 10/14/21			3,652		3,702,311
Goldman Sachs Group, Inc.:
2.55%, 10/23/19			17,220		17,226,383
2.75%, 09/15/20			2,492		2,502,392
5.25%, 07/27/21			81		85,613
2.35%, 11/15/21			14,988		14,973,057
5.75%, 01/24/22			1,691		1,827,606
(3 mo. LIBOR US + 1.053%), 2.91%, 06/05/23 (k)			668		675,184
(3 mo. LIBOR US + 0.990%), 2.91%, 07/24/23 (k)			193		194,866
(3 mo. LIBOR US + 1.170%), 3.69%, 05/15/26 (a)			10,315		10,170,646
3.85%, 01/26/27			9,801		10,243,962
(3 mo. LIBOR US + 1.510%), 3.69%, 06/05/28 (k)			15,032		15,524,552
(3 mo. LIBOR US + 1.301%), 4.22%, 05/01/29 (k)			2,770		2,970,848
(3 mo. LIBOR US + 1.373%), 4.02%, 10/31/38 (k)			4,160		4,296,562
Intercontinental Exchange, Inc.:
4.00%, 10/15/23			1,000		1,063,666
3.75%, 12/01/25			2,600		2,777,081
3.10%, 09/15/27			1,680		1,722,474
3.75%, 09/21/28			6,270		6,758,815
4.25%, 09/21/48			1,050		1,171,279
Lehman Brothers Holdings, Inc., 6.75%, 12/28/17 (c)(f)(j)			7,360		1
Moody’s Corp., 5.25%, 07/15/44			345		409,407
Morgan Stanley:
2.75%, 05/19/22			16,910		17,087,403
6.25%, 08/09/26			7,358		8,829,386
3.63%, 01/20/27			26,095		27,387,649
(3 mo. LIBOR US + 1.340%), 3.59%, 07/22/28 (k)			20,490		21,335,215
(3 mo. LIBOR US + 1.140%), 3.77%, 01/24/29 (k)			14,718		15,441,256

14

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Capital Markets (continued)
Morgan Stanley: (continued)
(3 mo. LIBOR US + 1.628%), 4.43%, 01/23/30 (k)	USD		1,413	$	1,563,145
Northern Trust Corp., (3 mo. LIBOR US + 1.131%), 3.38%, 05/08/32 (k)			5,200		5,244,429
Nuveen LLC, 4.00%, 11/01/28 (b)			3,081		3,380,668
Poseidon Finance 1 Ltd., 0.00%, 02/01/25 (h)(i)			2,140		2,101,480
State Street Corp., 2.65%, 05/19/26			3,056		3,061,133
UBS Group Funding Switzerland AG:
3.49%, 05/23/23 (b)			3,000		3,075,531
(3 mo. LIBOR US + 0.954%), 2.86%, 08/15/23 (b)(k)			14,300		14,425,013
4.13%, 09/24/25 (b)			8,464		9,033,350
4.13%, 04/15/26 (b)			825		881,360
4.25%, 03/23/28 (b)			3,000		3,233,570
					297,796,271
Chemicals — 0.5%
Air Liquide Finance SA, 2.50%, 09/27/26 (b)			1,050		1,032,478
Braskem Netherlands Finance BV, 4.50%, 01/10/28 (b)			1,103		1,112,065
Cydsa SAB de CV, 6.25%, 10/04/27 (b)			2,415		2,415,755
Dow Chemical Co.:
9.00%, 04/01/21			3,960		4,394,643
4.13%, 11/15/21			136		140,752
3.15%, 05/15/24 (b)			3,875		3,952,086
4.55%, 11/30/25 (b)			1,875		2,042,447
3.63%, 05/15/26 (b)			3,750		3,888,708
4.80%, 11/30/28 (b)			1,015		1,141,552
4.38%, 11/15/42			6,037		6,105,955
DuPont de Nemours, Inc.:
4.21%, 11/15/23			109		116,677
4.49%, 11/15/25			18,670		20,659,472
5.42%, 11/15/48			13,580		16,501,255
Kansai Paint Co. Ltd., 0.00%, 06/17/22 (h)(i)	JPY		80,000		757,884
LG Chem Ltd., 0.00%, 04/16/21 (h)(i)	EUR		300		347,100
Mitsubishi Chemical Holdings Corp.:
0.00%, 03/30/22 (h)(i)	JPY		150,000		1,393,217
0.00%, 03/29/24 (h)(i)			40,000		370,623
Rock International Investment, Inc., 6.63%, 03/27/20	USD		500		396,250
RPM International, Inc., 4.25%, 01/15/48			608		554,577
Sherwin-Williams Co.:
4.00%, 12/15/42			971		941,674
4.50%, 06/01/47			1,391		1,483,634
Sociedad Quimica y Minera de Chile SA, 4.25%, 05/07/29 (b)			1,753		1,841,526
UPL Corp. Ltd., 4.50%, 03/08/28			1,040		1,054,562
					72,644,892
Commercial Services & Supplies — 0.2%
Beijing Environment Bvi Co. Ltd., 5.30%, 10/18/21			680		688,773
Republic Services, Inc.:
3.55%, 06/01/22			1,454		1,499,106
4.75%, 05/15/23			5,974		6,448,545
2.90%, 07/01/26			2,994		3,009,951
3.95%, 05/15/28			5,620		6,062,580
Waste Management, Inc.:
3.13%, 03/01/25			1,035		1,069,581
3.90%, 03/01/35			3,336		3,565,412
4.00%, 07/15/39			5,820		6,235,566
4.15%, 07/15/49			3,590		3,921,162
					32,500,676
Communications Equipment — 0.0%
Cisco Systems, Inc., 2.95%, 02/28/26			554		571,137

Security		Par (000)		Value
Communications Equipment (continued)
Juniper Networks, Inc., 3.30%, 06/15/20	USD		2,728	$	2,744,045
					3,315,182
Construction & Engineering — 0.0%
China City Construction International Co. Ltd., 5.35%, 07/03/17 (c)(f)(j)	CNH		340		34,612
China Singyes Solar Technologies Holdings Ltd., 7.95%, 02/15/19 (f)(j)	USD		350		291,476
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/22			2,048		2,168,320
Shimizu Corp., 0.00%, 10/16/20 (h)(i)	JPY		50,000		465,104
Wijaya Karya Persero Tbk PT, 7.70%, 01/31/21	IDR		6,160,000		425,477
					3,384,989
Construction Materials — 0.0%
Cemex SAB de CV, 3.72%, 03/15/20 (h)	USD		593		592,073
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23			134		135,675
					727,748
Consumer Finance — 1.1%
American Express Co.:
2.50%, 08/01/22			2,604		2,620,530
3.70%, 08/03/23			6,277		6,589,035
4.20%, 11/06/25			3,624		3,958,071
3.13%, 05/20/26			10,000		10,269,344
American Express Credit Corp.:
2.25%, 08/15/19			6,261		6,259,585
2.38%, 05/26/20			563		563,237
2.25%, 05/05/21			1,064		1,064,315
2.70%, 03/03/22			218		220,329
Capital One Financial Corp.:
3.45%, 04/30/21			635		646,530
4.75%, 07/15/21			185		193,389
3.90%, 01/29/24			12,616		13,258,689
3.30%, 10/30/24			125		128,219
4.25%, 04/30/25			4,545		4,870,531
3.75%, 03/09/27			3,676		3,794,739
Credivalores-Crediservicios SAS, 9.75%, 07/27/22 (b)			1,482		1,460,696
Discover Financial Services, 4.10%, 02/09/27			1,762		1,835,403
Ford Motor Credit Co. LLC:
2.43%, 06/12/20			2,180		2,171,726
3.16%, 08/04/20			2,330		2,338,719
3.20%, 01/15/21			2,396		2,403,409
5.75%, 02/01/21			7,810		8,130,044
3.34%, 03/18/21			4,864		4,888,976
5.88%, 08/02/21			1,390		1,465,698
3.22%, 01/09/22			31,157		31,168,673
3.34%, 03/28/22			2,303		2,312,031
2.98%, 08/03/22			7,725		7,643,095
3.10%, 05/04/23			5,175		5,099,282
5.58%, 03/18/24			5,046		5,416,264
General Motors Financial Co., Inc.:
4.20%, 11/06/21			875		900,976
4.00%, 01/15/25			11,962		12,141,789
4.00%, 10/06/26			1,360		1,371,372
Hyundai Capital Services, Inc., 3.00%, 08/29/22 (b)			7,790		7,802,172
Synchrony Financial:
2.70%, 02/03/20			1,986		1,986,169
4.38%, 03/19/24			1,940		2,031,451
3.70%, 08/04/26			4		3,970
Tarjeta Naranja SA, (30 to 35 Days Argentina Deposit Rates Badlar Private Banks + 3.500%), 51.94%, 04/11/22 (a)(b)			3,141		1,074,958

CONSOLIDATED SCHEDULE OF INVESTMENTS 15

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Consumer Finance (continued)
Toyota Motor Credit Corp.:
3.05%, 01/11/28	USD		3,390	$	3,497,268
3.65%, 01/08/29			1,860		2,010,605
Unifin Financiera SAB de CV SOFOM ENR, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 6.308%), 8.88% (b)(k)(l)			2,052		1,875,015
					165,466,304
Containers & Packaging — 0.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.25%, 09/15/22 (b)			336		339,360
Graphic Packaging International LLC, 4.75%, 04/15/21			104		105,820
International Paper Co., 6.00%, 11/15/41			4,020		4,712,137
Klabin Finance SA, 4.88%, 09/19/27 (b)			3,015		3,058,341
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg:
6.88%, 02/15/21			545		546,466
7.00%, 07/15/24 (b)			155		160,273
					8,922,397
Diversified Consumer Services — 0.1%
American University, 3.67%, 04/01/49			6,416		6,635,842
China Education Group Holdings Ltd., 2.00%, 03/28/24 (h)	HKD		8,000		1,109,874
George Washington University, 4.13%, 09/15/48	USD		3,257		3,657,537
Massachusetts Institute of Technology, 3.96%, 07/01/38			1,385		1,523,372
Pepperdine University, 3.95%, 12/01/57			2,000		2,188,580
University of Notre Dame du Lac, 3.39%, 02/15/48			2,480		2,547,344
University of Southern California, 3.03%, 10/01/39			366		358,048
Wesleyan University, 4.78%, 07/01/2116			1,285		1,447,562
					19,468,159
Diversified Financial Services — 0.9%
AXA Equitable Holdings, Inc.:
3.90%, 04/20/23			880		916,831
5.00%, 04/20/48			1,640		1,692,236
Azul Investments LLP, 5.88%, 10/26/24 (b)			234		229,832
Baoxin Auto Finance I Ltd.:
(3 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 8.909%), 5.63% (k)(l)			700		634,594
7.90%, 02/09/20			290		286,375
BAT International Finance PLC, 3.95%, 06/15/25 (b)			12,755		13,202,429
BHP Billiton Finance USA Ltd.:
4.13%, 02/24/42			1,604		1,771,347
5.00%, 09/30/43			996		1,247,791
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23			2,459		2,569,062
CK Hutchison International 17 II Ltd., 3.25%, 09/29/27			600		605,625
Deutsche Telekom International Finance BV, 3.60%, 01/19/27 (b)			3,640		3,731,669
Easy Tactic Ltd.:
7.00%, 04/25/21			200		204,000
9.13%, 07/28/22			630		667,800
Energuate Trust, 5.88%, 05/03/27 (b)			747		763,808
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35			8,729		8,639,586
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29			5,500		5,817,313
GlaxoSmithKline Capital, Inc., 3.88%, 05/15/28			2,795		3,059,266
Guojing Capital BVI Ltd., 3.95%, 12/11/22			498		496,599
Holcim U.S. Finance Sarl & Cie SCS, 5.15%, 09/12/23 (b)			4,045		4,338,309

Security		Par (000)		Value
Diversified Financial Services (continued)
Hyundai Capital America:
2.55%, 04/03/20 (b)	USD		21,316	$	21,342,645
3.95%, 02/01/22 (b)			11,376		11,666,771
IBM Credit LLC, 3.45%, 11/30/20			4,770		4,849,720
Intelsat Connect Finance SA, 9.50%, 02/15/23 (b)			653		577,905
Intelsat Jackson Holdings SA, 8.00%, 02/15/24 (b)			155		161,588
Latam Finance Ltd., 7.00%, 03/01/26 (b)			2,051		2,143,808
New Lion Bridge Co. Ltd., 9.75%, 10/10/20			430		403,877
ORIX Corp., 2.90%, 07/18/22			4,455		4,522,840
Pacific National Finance Pty Ltd., 4.75%, 03/22/28			1,100		1,120,211
Pearl Holding III Ltd., 9.50%, 12/11/22			600		488,700
Prime Bloom Holdings Ltd., 6.95%, 07/05/22			890		694,200
RELX Capital, Inc.:
3.50%, 03/16/23			6,730		6,950,122
4.00%, 03/18/29			6,770		7,165,343
Santos Finance Ltd., 5.25%, 03/13/29			1,500		1,566,988
Shell International Finance BV:
2.25%, 01/06/23			900		901,844
3.25%, 05/11/25			3,000		3,147,549
4.13%, 05/11/35			7,698		8,557,468
3.63%, 08/21/42			2,135		2,203,553
4.55%, 08/12/43			2,555		2,992,718
Silversea Cruise Finance Ltd., 7.25%, 02/01/25 (b)			2,647		2,844,731
Vertex Capital Investment Ltd., 4.75%, 04/03/24			575		590,329
Woodside Finance Ltd., 3.65%, 03/05/25 (b)			562		576,840
					136,344,222
Diversified Telecommunication Services — 1.5%
AT&T Inc.:
3.20%, 03/01/22			2,658		2,714,577
0.00%, 11/27/22 (b)(i)			18,000		16,436,856
3.60%, 07/15/25			2,168		2,248,722
4.13%, 02/17/26			1,385		1,473,283
3.80%, 02/15/27			1,895		1,972,078
4.30%, 02/15/30			26,377		28,231,728
4.50%, 05/15/35			5,975		6,254,670
4.90%, 08/15/37			156		168,142
6.00%, 08/15/40			6,534		7,765,743
6.38%, 03/01/41			96		119,300
4.65%, 06/01/44			1,620		1,671,695
4.35%, 06/15/45			9,979		9,975,762
4.85%, 07/15/45			5,725		6,118,429
4.75%, 05/15/46			15		15,840
5.15%, 11/15/46			224		247,687
5.15%, 02/15/50			6,344		7,004,460
Axtel SAB de CV, 6.38%, 11/14/24 (b)			1,612		1,643,736
C&W Senior Financing DAC, 6.88%, 09/15/27 (b)			3,437		3,549,046
Empresa Nacional de Telecomunicaciones SA, 4.75%, 08/01/26 (b)			1,285		1,355,033
Intelsat SA, 4.50%, 06/15/25 (b)(h)			3,270		4,523,780
Level 3 Financing, Inc.:
6.13%, 01/15/21			462		464,310
5.38%, 08/15/22			4,662		4,667,828
5.63%, 02/01/23			2,376		2,405,605
Oi SA, 10.00% (10.00% Cash or 12.00% PIK), 07/27/25 (m)			3,967		4,100,886
Telefonica del Peru SAA, 7.38%, 04/10/27 (b)	PEN		4,500		1,383,274
Verizon Communications, Inc.:
3.38%, 02/15/25	USD		674		703,510
4.13%, 03/16/27			43,963		47,813,531
4.50%, 08/10/33			8,930		10,060,242
4.27%, 01/15/36			28,450		30,814,270
5.25%, 03/16/37			2,680		3,205,633

16

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services (continued)
Verizon Communications, Inc.: (continued)
4.81%, 03/15/39	USD		271	$	311,550
4.75%, 11/01/41			481		540,098
3.85%, 11/01/42			3,475		3,550,836
					213,512,140
Electric Utilities — 2.1%
Adani Transmission Ltd., 4.00%, 08/03/26			662		661,172
AEP Texas, Inc.:
3.95%, 06/01/28			9,781		10,454,269
4.15%, 05/01/49			93		100,632
AEP Transmission Co. LLC, 4.25%, 09/15/48			4,930		5,409,843
Alabama Power Co.:
4.15%, 08/15/44			1,050		1,132,657
3.75%, 03/01/45			5,240		5,383,544
Series A, 4.30%, 07/15/48			5,435		6,093,231
Baltimore Gas & Electric Co.:
3.50%, 08/15/46			4,327		4,274,437
3.75%, 08/15/47			2,530		2,584,084
4.25%, 09/15/48			2,925		3,242,849
Bi Hai Co. Ltd., 6.25%, 03/05/22			400		409,210
CenterPoint Energy Houston Electric LLC:
3.55%, 08/01/42			2,240		2,245,473
3.95%, 03/01/48			1,350		1,441,578
Commonwealth Edison Co., 2.95%, 08/15/27			1,275		1,292,902
Dayton Power & Light Co., 3.95%, 06/15/49 (b)			4,358		4,477,898
DTE Electric Co., 4.05%, 05/15/48			6,670		7,378,583
Duke Energy Carolinas LLC:
3.05%, 03/15/23			1,085		1,115,030
3.95%, 11/15/28			5,755		6,264,732
5.30%, 02/15/40			1,373		1,711,037
4.25%, 12/15/41			682		749,536
4.00%, 09/30/42			1,150		1,227,042
3.88%, 03/15/46			1,550		1,627,204
3.70%, 12/01/47			3,510		3,585,969
3.95%, 03/15/48			1,930		2,036,033
Duke Energy Florida LLC:
3.80%, 07/15/28			2,807		3,024,254
6.40%, 06/15/38			3,550		4,970,082
3.40%, 10/01/46			2,060		2,011,268
Duke Energy Ohio, Inc., 3.65%, 02/01/29			10,000		10,735,028
Duke Energy Progress LLC:
3.00%, 09/15/21			1,710		1,738,483
3.25%, 08/15/25			4,025		4,182,345
3.70%, 09/01/28			10,090		10,801,633
3.45%, 03/15/29			599		631,538
4.10%, 05/15/42			2,622		2,810,971
4.10%, 03/15/43			2,545		2,727,490
4.38%, 03/30/44			625		697,823
3.70%, 10/15/46			49		49,779
Entergy Corp., 2.95%, 09/01/26			779		780,288
Entergy Louisiana LLC:
5.40%, 11/01/24			1,470		1,693,162
4.20%, 09/01/48			5,580		6,172,006
Eversource Energy, 2.90%, 10/01/24			6,905		7,018,826
Exelon Corp.:
4.95%, 06/15/35			1,409		1,576,718
4.45%, 04/15/46			1,185		1,261,054
FirstEnergy Transmission LLC:
4.35%, 01/15/25 (b)			13,860		14,875,686
4.55%, 04/01/49 (b)			4,200		4,593,280
Florida Power & Light Co.:
(3 mo. LIBOR US + 0.400%), 2.97%, 05/06/22 (a)			26,545		26,557,036
3.95%, 03/01/48			5,586		6,113,486
4.13%, 06/01/48			4,485		5,033,306
3.99%, 03/01/49			1,070		1,173,511
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 07/27/23 (b)			2,911		2,428,866

Security		Par (000)		Value
Electric Utilities (continued)
Huachen Energy Co. Ltd., 6.63%, 05/18/20 (f)(j)	USD		400	$	257,812
Indiana Michigan Power Co.:
4.55%, 03/15/46			366		411,529
3.75%, 07/01/47			734		741,915
4.25%, 08/15/48			195		214,599
ITC Holdings Corp., 2.70%, 11/15/22			3,406		3,422,961
Kansas City Power & Light Co., 4.20%, 03/15/48			6,600		7,227,446
LLPL Capital Pte Ltd., 6.88%, 02/04/39			650		740,187
MidAmerican Energy Co.:
4.40%, 10/15/44			2,689		3,061,546
3.65%, 08/01/48			1,200		1,238,510
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/28 (b)			1,152		1,226,516
Northern States Power Co.:
3.40%, 08/15/42			4,895		4,839,561
4.00%, 08/15/45			2,800		2,982,929
3.60%, 09/15/47			1,435		1,463,652
4.20%, 09/01/48			2,160		2,339,053
NSTAR Electric Co., 3.20%, 05/15/27			1,157		1,191,787
Ohio Power Co.:
Series G, 6.60%, 02/15/33			3,415		4,637,645
4.00%, 06/01/49			2,719		2,929,207
Oklahoma Gas & Electric Co., 3.30%, 03/15/30			9,325		9,469,401
Oncor Electric Delivery Co. LLC:
3.70%, 11/15/28 (b)			4,815		5,185,285
4.55%, 12/01/41			2,575		2,996,380
3.80%, 09/30/47			3,845		4,021,058
4.10%, 11/15/48			470		525,960
Pacificorp:
4.10%, 02/01/42			6,000		6,438,321
4.13%, 01/15/49			2,525		2,785,282
Public Service Electric & Gas Co.:
2.38%, 05/15/23			990		994,995
3.65%, 09/01/28			6,363		6,821,220
Southern Co Gas Capital Corp., 3.95%, 10/01/46			310		304,650
Southwestern Electric Power Co., 4.10%, 09/15/28			2,674		2,881,852
Southwestern Public Service Co.:
4.50%, 08/15/41			147		163,000
3.40%, 08/15/46			400		388,559
3.75%, 06/15/49			775		782,546
Tampa Electric Co.:
4.35%, 05/15/44			1,250		1,344,497
4.30%, 06/15/48			1,017		1,089,389
4.45%, 06/15/49			2,500		2,788,067
Tohoku Electric Power Co., Inc., 0.00%, 12/03/20 (h)(i)	JPY		110,000		1,010,022
Trans-Allegheny Interstate Line Co., 3.85%, 06/01/25 (b)	USD		6,547		6,921,190
Union Electric Co., 3.50%, 03/15/29			3,935		4,169,077
Vistra Operations Co. LLC:
3.55%, 07/15/24 (b)			5,420		5,451,884
5.00%, 07/31/27 (b)			2,527		2,618,604
4.30%, 07/15/29 (b)			4,960		5,028,250
					311,663,208
Electrical Equipment — 0.0%
Bizlink Holding, Inc., 0.00%, 02/01/23 (h)(i)			750		784,858
Suzlon Energy Ltd., 5.75%, 07/16/19 (e)(h)			500		300,625
					1,085,483
Electronic Equipment, Instruments & Components — 0.0%
Amphenol Corp., 3.20%, 04/01/24			2,262		2,318,057
Corning, Inc.:
3.70%, 11/15/23			775		808,128

CONSOLIDATED SCHEDULE OF INVESTMENTS 17

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Electronic Equipment, Instruments & Components (continued)
Corning, Inc.: (continued)
4.38%, 11/15/57	USD		1,800	$	1,750,437
Hon Hai Precision Industry Co. Ltd., 0.00%, 11/06/22 (h)(i)			600		565,559
					5,442,181
Energy Equipment & Services — 0.4%
Anton Oilfield Services Group/Hong Kong,
9.75%, 12/05/20			410		418,907
Bristow Group, Inc., 8.75%, 03/01/23 (b)(f)(j)			5,877		5,700,690
Halliburton Co.:
3.80%, 11/15/25			21,405		22,443,810
5.00%, 11/15/45			1,146		1,250,332
Nabors Industries, Inc., 5.50%, 01/15/23			2		1,870
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35%, 12/01/21 (b)			1,014		993,875
Schlumberger Holdings Corp., 3.90%, 05/17/28 (b)			9,428		9,811,063
SEACOR Holdings, Inc., 3.25%, 05/15/30 (h)			4,204		3,971,292
Transocean Guardian Ltd., 5.88%, 01/15/24 (b)			1,124		1,141,864
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (b)			8,718		9,306,465
Transocean Proteus Ltd., 6.25%, 12/01/24 (b)			875		902,602
Transocean, Inc., 9.00%, 07/15/23 (b)			2,172		2,313,180
					58,255,950
Equity Real Estate Investment Trusts (REITs) — 0.5%
American Tower Corp.:
3.50%, 01/31/23			4,983		5,144,130
3.00%, 06/15/23			2,810		2,837,255
5.00%, 02/15/24			785		864,235
4.40%, 02/15/26			32		34,579
3.13%, 01/15/27			541		536,701
Crown Castle International Corp.:
3.40%, 02/15/21			32		32,437
4.88%, 04/15/22			144		153,096
5.25%, 01/15/23			681		740,500
3.15%, 07/15/23			2,357		2,402,654
3.20%, 09/01/24			18,123		18,507,151
4.45%, 02/15/26			534		576,009
3.70%, 06/15/26			5,890		6,116,841
4.00%, 03/01/27			548		575,162
4.30%, 02/15/29			1,120		1,210,265
Equinix, Inc.:
5.38%, 01/01/22			620		636,275
5.38%, 04/01/23			156		159,120
ESH Hospitality, Inc., 5.25%, 05/01/25 (b)			300		307,125
GLP Capital LP/GLP Financing II, Inc.:
4.88%, 11/01/20			8,141		8,282,328
4.38%, 04/15/21			539		548,362
5.38%, 11/01/23			156		167,260
5.25%, 06/01/25			3,515		3,765,971
Iron Mountain, Inc.:
4.38%, 06/01/21 (b)			312		315,120
6.00%, 08/15/23			153		157,208
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc., 5.63%, 05/01/24			2,741		2,953,428
PLA Administradora Industrial S de RL de CV, 5.25%, 11/10/22 (b)			1,666		1,726,913
Realty Income Corp., 4.13%, 10/15/26			2,860		3,091,114
Trust F/1401:
6.39%, 01/15/50 (b)			1,776		1,821,998
4.87%, 01/15/30 (b)			1,856		1,871,776
					65,535,013
Food & Staples Retailing — 0.6%
CVS Health Corp.:
3.70%, 03/09/23			11,315		11,701,366
4.10%, 03/25/25			1,489		1,570,434

Security		Par (000)		Value
Food & Staples Retailing (continued)
CVS Health Corp.: (continued)
4.78%, 03/25/38	USD		1,585	$	1,653,431
5.13%, 07/20/45			12,087		12,889,757
5.05%, 03/25/48			4,350		4,633,269
Kroger Co., 2.65%, 10/15/26			7,213		6,952,068
Walgreens Boots Alliance, Inc.:
3.45%, 06/01/26			20,064		20,255,247
4.80%, 11/18/44			267		268,240
Walmart, Inc.:
3.55%, 06/26/25			4,680		5,000,556
3.25%, 07/08/29			8,153		8,595,700
3.95%, 06/28/38			6,100		6,794,317
4.00%, 04/11/43			2,215		2,435,618
					82,750,003
Food Products — 0.1%
BRF GmbH, 4.35%, 09/29/26 (b)			2,256		2,166,437
Campbell Soup Co., 8.88%, 05/01/21			2,350		2,592,981
Ezaki Glico Co. Ltd., 0.00%, 01/30/24 (h)(i)	JPY		10,000		91,598
Grupo Bimbo SAB de CV, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.280%), 5.95% (b)(k)(l)	USD		2,190		2,299,281
Knight Castle Investments Ltd., 7.99%, 01/23/21			700		490,602
Marfrig Holdings Europe BV, 8.00%, 06/08/23 (b)			1,600		1,664,000
Tyson Foods, Inc.:
3.55%, 06/02/27			5,220		5,398,469
5.15%, 08/15/44			480		536,600
5.10%, 09/28/48			1,020		1,152,105
					16,392,073
Gas Utilities — 0.0%
Atmos Energy Corp.:
4.15%, 01/15/43			47		50,818
4.13%, 03/15/49			1,400		1,533,497
					1,584,315
Health Care Equipment & Supplies — 0.4%
Abbott Laboratories:
3.40%, 11/30/23			1,212		1,263,648
3.75%, 11/30/26			18,829		20,357,847
Baxter International, Inc., 1.70%, 08/15/21			500		493,974
Becton Dickinson and Co.:
2.68%, 12/15/19			6,989		6,991,207
3.30%, 03/01/23			5,026		5,082,868
4.69%, 12/15/44			139		154,193
Covidien International Finance SA, 2.95%, 06/15/23			3,090		3,163,241
Edwards Lifesciences Corp., 4.30%, 06/15/28			1,612		1,742,701
Medtronic, Inc.:
3.50%, 03/15/25			6,520		6,915,338
4.38%, 03/15/35			14,555		16,756,297
					62,921,314
Health Care Providers & Services — 1.4%
Aetna, Inc.:
4.50%, 05/15/42			5,359		5,308,372
4.13%, 11/15/42			1,329		1,243,340
4.75%, 03/15/44			1,703		1,736,011
Anthem, Inc.:
3.50%, 08/15/24			1,045		1,085,238
4.10%, 03/01/28			2,385		2,551,420
Baylor Scott & White Holdings, 4.19%, 11/15/45			1,525		1,676,696
Catholic Health Initiatives, 4.35%, 11/01/42			1,075		1,080,798
CHRISTUS Health, 4.34%, 07/01/28			11,064		12,293,774
Cigna Corp.:
3.20%, 09/17/20 (b)			5,035		5,081,497

18

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
Cigna Corp.: (continued)
4.38%, 10/15/28 (b)	USD		8,400	$	9,062,468
Cigna Holding Co., 3.25%, 04/15/25			6,834		6,949,269
Dignity Health:
2.64%, 11/01/19			2,493		2,490,297
3.81%, 11/01/24			2,030		2,138,022
HCA, Inc.:
4.25%, 10/15/19			924		927,749
6.50%, 02/15/20			18,267		18,687,428
5.88%, 03/15/22			12,190		13,323,163
4.75%, 05/01/23			7,315		7,829,987
5.00%, 03/15/24			4,586		4,996,164
5.25%, 04/15/25			10,206		11,307,815
5.25%, 06/15/26			2,130		2,358,354
4.50%, 02/15/27			153		163,230
4.13%, 06/15/29			6,022		6,190,496
Kaiser Foundation Hospitals, 3.50%, 04/01/22			2,749		2,844,635
Laboratory Corp. of America Holdings, 2.63%, 02/01/20			2,946		2,947,821
Montefiore Obligated Group, 5.25%, 11/01/48			3,453		3,830,171
Ochsner Clinic Foundation, 5.90%, 05/15/45			1,175		1,534,252
PeaceHealth Obligated Group, 4.79%, 11/15/48			462		558,161
Providence St. Joseph Health Obligated Group, 3.93%, 10/01/48			2,270		2,376,800
Redco Group, 13.50%, 01/21/20			490		504,700
SSM Health Care Corp., 3.69%, 06/01/23			8,263		8,614,724
Sutter Health, 3.70%, 08/15/28			3,083		3,291,026
Tenet Healthcare Corp.:
4.75%, 06/01/20			436		440,360
6.00%, 10/01/20			13,423		13,818,140
4.50%, 04/01/21			205		208,331
Toledo Hospital, 5.75%, 11/15/38			5,230		6,049,520
UnitedHealth Group, Inc.:
3.75%, 07/15/25			16,830		17,975,278
3.70%, 12/15/25			4,035		4,297,268
3.10%, 03/15/26			2,125		2,188,548
3.85%, 06/15/28			1,446		1,566,168
4.63%, 07/15/35			689		791,821
4.63%, 11/15/41			3,478		3,964,759
3.75%, 10/15/47			3,272		3,353,722
4.45%, 12/15/48			1,091		1,256,314
					200,894,107
Hotels, Restaurants & Leisure — 0.2%
1011778 BC ULC/New Red Finance, Inc., 4.63%, 01/15/22 (b)			2,067		2,067,000
Carlson Travel, Inc., 9.50%, 12/15/24 (b)			215		214,463
Eldorado Resorts, Inc., 7.00%, 08/01/23			296		309,320
HIS Co. Ltd.:
0.00%, 08/30/19 (h)(i)	JPY		10,000		81,923
0.00%, 11/15/24 (h)(i)			40,000		365,948
International Game Technology PLC, 6.25%, 02/15/22 (b)	USD		4,246		4,484,838
McDonald’s Corp.:
3.70%, 01/30/26			5,015		5,331,263
6.30%, 10/15/37			455		593,584
3.70%, 02/15/42			1,330		1,300,242
3.63%, 05/01/43			2,065		1,986,472
4.88%, 12/09/45			9,905		11,371,542
4.45%, 03/01/47			262		287,315
MGM Resorts International, 5.25%, 03/31/20			156		158,535
REXLot Holdings Ltd., 4.50%, 04/17/19 (f)(h)(j)	HKD		1,161		74,302
Scientific Games International, Inc., 10.00%, 12/01/22	USD		5,050		5,296,187
Studio City Finance Ltd., 7.25%, 02/11/24			1,000		1,037,500
Vinpearl JSC, 3.50%, 06/14/23 (h)			800		873,571
					35,834,005

Security		Par (000)		Value
Household Durables — 0.3%
Ashton Woods USA LLC/Ashton Woods Finance Co.:
6.75%, 08/01/25 (b)	USD		1,069	$	1,031,585
9.88%, 04/01/27 (b)			3,448		3,633,330
Beazer Homes USA, Inc., 8.75%, 03/15/22			3,654		3,800,160
Brookfield Residential Properties, Inc., 6.50%, 12/15/20 (b)			3,581		3,585,476
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.13%, 07/01/22 (b)			467		475,173
Century Communities, Inc., 6.75%, 06/01/27 (b)			5,674		5,752,018
Harvest International Co., 0.00%, 11/21/22 (h)(i)	HKD		8,000		1,024,745
Iida Group Holdings Co. Ltd., 0.00%, 06/18/20 (h)(i)	JPY		100,000		908,291
KB Home:
8.00%, 03/15/20	USD		165		170,396
7.63%, 05/15/23			1,769		1,976,858
Lennar Corp.:
4.50%, 11/15/19			1,105		1,109,144
2.95%, 11/29/20			20		19,900
8.38%, 01/15/21			755		811,625
4.75%, 04/01/21			447		458,734
5.88%, 11/15/24			4,092		4,485,855
5.25%, 06/01/26			60		63,900
LGI Homes, Inc., 6.88%, 07/15/26 (b)			1,069		1,093,053
PulteGroup, Inc.:
4.25%, 03/01/21			152		154,850
5.00%, 01/15/27			204		213,651
6.00%, 02/15/35			53		54,325
Shea Homes LP/Shea Homes Funding Corp.,
5.88%, 04/01/23 (b)			58		59,160
Toll Brothers Finance Corp., 4.38%, 04/15/23			3,100		3,204,625
TRI Pointe Group, Inc., 5.25%, 06/01/27			2,378		2,288,825
Weekley Homes LLC/Weekley Finance Corp.,
6.00%, 02/01/23			2,406		2,375,925
William Lyon Homes, Inc., 6.00%, 09/01/23			1,520		1,542,800
					40,294,404
Household Products — 0.0%
Clorox Co., 3.10%, 10/01/27			1,100		1,126,177
Independent Power and Renewable Electricity Producers — 0.2%
AES Panama SRL, 6.00%, 06/25/22 (b)			527		541,987
Inkia Energy Ltd., 5.88%, 11/09/27 (b)			1,009		1,032,964
NRG Energy, Inc.:
3.75%, 06/15/24 (b)			554		569,156
4.45%, 06/15/29 (b)			1,534		1,596,102
2.75%, 06/01/48 (h)			2,906		3,103,844
Orazul Energy Egenor S en C por A, 5.63%, 04/28/27 (b)			1,497		1,524,695
ReNew Power Synthetic, 6.67%, 03/12/24			800		816,548
Stoneway Capital Corp., 10.00%, 03/01/27 (b)			6,295		5,925,437
Talen Energy Supply LLC:
6.50%, 06/01/25			3,071		2,571,962
7.25%, 05/15/27 (b)			3,890		3,987,250
Vistra Energy Corp.:
7.38%, 11/01/22			10,896		11,290,980
5.88%, 06/01/23			350		357,875
7.63%, 11/01/24			311		328,876
					33,647,676
Industrial Conglomerates — 0.2%
3M Co.:
2.88%, 10/15/27			1,433		1,444,058
3.38%, 03/01/29			4,712		4,966,186
3.63%, 10/15/47			80		80,447
General Electric Co.:
4.13%, 10/09/42			8,335		7,676,859

CONSOLIDATED SCHEDULE OF INVESTMENTS 19

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Industrial Conglomerates (continued)
General Electric Co.: (continued) 4.50%, 03/11/44	USD		1,923	$	1,865,738
Grupo KUO SAB de CV, 5.75%, 07/07/27 (b)			3,203		3,251,045
Honeywell International, Inc., 3.81%, 11/21/47			1,550		1,653,788
Tyco Electronics Group SA:
3.45%, 08/01/24			865		898,155
3.13%, 08/15/27			1,860		1,863,937
					23,700,213
Insurance — 0.6%
Ambac Assurance Corp., 5.10%, 06/07/20 (b)			462		654,017
Ambac LSNI LLC, (3 mo. LIBOR US + 5.000%), 7.32%, 02/12/23 (a)(b)			2,936		2,983,575
Aon Corp.:
4.50%, 12/15/28			8,860		9,751,458
3.75%, 05/02/29			8,600		8,963,323
Aon PLC, 4.75%, 05/15/45			1,475		1,648,103
Berkshire Hathaway Finance Corp.:
4.40%, 05/15/42			950		1,067,927
4.25%, 01/15/49			1,060		1,193,132
China Reinsurance Finance Corp. Ltd., 3.38%, 03/09/22			1,311		1,308,952
Marsh & McLennan Cos., Inc.:
4.05%, 10/15/23			2,451		2,586,198
3.50%, 06/03/24			8,930		9,311,367
3.50%, 03/10/25			3,180		3,306,377
3.75%, 03/14/26			177		186,772
4.38%, 03/15/29			5,140		5,670,949
4.35%, 01/30/47			751		814,322
4.20%, 03/01/48			4,465		4,715,684
MetLife, Inc., 4.13%, 08/13/42			960		1,035,442
Principal Financial Group, Inc., 3.70%, 05/15/29			2,435		2,545,232
Prudential Financial, Inc., 3.88%, 03/27/28			7,204		7,831,872
QBE Insurance Group Ltd., (10 yr. Swap Semi 30/360 US + 4.395%), 5.88%, 06/17/46 (k)			450		471,414
T&D Holdings, Inc., 0.00%, 06/05/20 (h)(i)	JPY		80,000		734,592
Travelers Cos., Inc.:
6.25%, 06/15/37	USD		65		89,504
4.60%, 08/01/43			3,224		3,819,960
Trinity Acquisition PLC, 4.40%, 03/15/26			1,850		1,967,725
Union Life Insurance Co. Ltd., 3.00%, 09/19/21			229		195,437
Willis North America, Inc., 3.60%, 05/15/24			14,810		15,297,563
					88,150,897
Interactive Media & Services — 0.0%
Baidu, Inc., 4.38%, 05/14/24			3,320		3,512,404
Tencent Holdings Ltd.:
3.98%, 04/11/29			1,400		1,460,308
4.53%, 04/11/49			275		301,331
YY, Inc., 0.75%, 06/15/25 (b)(h)			166		167,443
					5,441,486
Internet & Direct Marketing Retail — 0.1%
Alibaba Group Holding Ltd., 3.60%, 11/28/24			5,095		5,303,232
Amazon.com, Inc., 3.88%, 08/22/37			6,650		7,332,428
Baozun, Inc., 1.63%, 05/01/24 (b)(h)			258		299,484
Ctrip.com International Ltd., 1.25%, 09/15/22 (h)			162		161,393
					13,096,537
IT Services — 0.9%
21Vianet Group, Inc., 7.88%, 10/15/21			485		498,337
Fidelity National Information Services, Inc.:
3.63%, 10/15/20			277		281,092
3.00%, 08/15/26			15,110		15,288,985
4.50%, 08/15/46			1,179		1,242,326
4.75%, 05/15/48			3,700		4,129,726
Fiserv, Inc.:
4.75%, 06/15/21			1,600		1,670,942
2.75%, 07/01/24			4,525		4,565,326
3.85%, 06/01/25			1,580		1,672,330

Security		Par (000)		Value
IT Services (continued)
Fiserv, Inc.: (continued)
3.20%, 07/01/26	USD		16,235	$	16,570,742
4.20%, 10/01/28			9,990		10,814,977
International Business Machines Corp.:
2.90%, 11/01/21			535		542,982
3.63%, 02/12/24			5,876		6,177,790
3.30%, 05/15/26			19,512		20,226,386
4.15%, 05/15/39			2,171		2,319,249
LINE Corp., 0.00%, 09/19/25 (h)(i)	JPY		70,000		583,179
Mastercard, Inc.:
2.95%, 11/21/26	USD		2,250		2,319,689
2.95%, 06/01/29			8,075		8,329,255
3.65%, 06/01/49			1,535		1,627,499
Sabre GLBL, Inc., 5.25%, 11/15/23 (b)			300		309,000
Total System Services, Inc.:
3.80%, 04/01/21			1,910		1,945,339
3.75%, 06/01/23			2,350		2,425,624
4.80%, 04/01/26			8,040		8,817,946
Transcosmos, Inc., 0.00%, 12/22/20 (h)(i)	JPY		40,000		367,674
VeriSign, Inc., 4.63%, 05/01/23	USD		9,359		9,511,552
Visa, Inc.:
4.15%, 12/14/35			4,019		4,618,721
4.30%, 12/14/45			2,265		2,682,951
					129,539,619
Life Sciences Tools & Services — 0.2%
Agilent Technologies, Inc.:
3.88%, 07/15/23			658		688,233
3.05%, 09/22/26			9,247		9,331,830
Thermo Fisher Scientific, Inc., 2.95%, 09/19/26			17,354		17,452,904
					27,472,967
Machinery — 0.0%
China Conch Venture Holdings International Ltd., 0.00%, 09/05/23 (h)(i)	HKD		6,000		783,374
CNH Industrial NV, 3.85%, 11/15/27	USD		1,190		1,188,320
Gates Global LLC/Gates Global Co., 6.00%, 07/15/22 (b)			445		445,278
					2,416,972
Media — 1.4%
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.25%, 09/30/22			561		569,471
5.13%, 02/15/23			307		311,851
5.13%, 05/01/23 (b)			305		311,386
5.75%, 01/15/24			153		156,423
Charter Communications Operating LLC/Charter Communications Operating Capital:
(3 mo. LIBOR US + 1.650%), 4.23%, 02/01/24 (a)			208		208,855
4.50%, 02/01/24			7,170		7,641,454
4.91%, 07/23/25			9,864		10,708,786
6.38%, 10/23/35			13,831		16,243,310
5.38%, 04/01/38			6,221		6,661,842
6.48%, 10/23/45			7,565		8,913,904
6.83%, 10/23/55			64		76,020
Comcast Corp.:
3.30%, 10/01/20			13,872		14,062,177
3.38%, 02/15/25			1,054		1,103,427
3.15%, 03/01/26			10,540		10,908,717
2.35%, 01/15/27			740		721,647
4.15%, 10/15/28			668		736,236
4.25%, 10/15/30			2,493		2,782,230
4.40%, 08/15/35			2,760		3,074,132
6.50%, 11/15/35			1,550		2,100,642
3.20%, 07/15/36			19,548		18,987,401
6.95%, 08/15/37			1,150		1,629,448
4.60%, 10/15/38			672		769,472
3.40%, 07/15/46			7,286		6,986,316
4.95%, 10/15/58			2,645		3,228,590

20

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Media (continued)
Cox Communications, Inc.:
3.15%, 08/15/24 (b)	USD		13,811	$	14,001,662
3.35%, 09/15/26 (b)			849		857,316
CSC Holdings LLC, 10.88%, 10/15/25 (b)			777		890,636
Discovery Communications LLC:
3.80%, 03/13/24			4,497		4,667,293
4.88%, 04/01/43			815		809,085
5.20%, 09/20/47			2,355		2,489,085
5.30%, 05/15/49			489		526,211
DISH DBS Corp., 7.88%, 09/01/19			307		308,151
Fox Corp.:
4.03%, 01/25/24 (b)			2,145		2,281,526
4.71%, 01/25/29 (b)			3,650		4,083,428
Grupo Televisa SAB, 5.25%, 05/24/49			3,233		3,321,746
Historic TW, Inc., 6.63%, 05/15/29			420		514,909
Kakao Corp., 0.00%, 05/11/21 (h)(i)	KRW		400,000		392,543
Lamar Media Corp., 5.38%, 01/15/24	USD		463		476,311
NBCUniversal Media LLC:
6.40%, 04/30/40			89		120,422
5.95%, 04/01/41			4,270		5,607,555
4.45%, 01/15/43			3,047		3,359,035
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.25%, 02/15/22			520		526,968
Sirius XM Radio, Inc., 4.63%, 07/15/24 (b)			1,750		1,790,740
Time Warner Cable LLC:
5.00%, 02/01/20			2,900		2,938,130
4.00%, 09/01/21			911		935,060
5.50%, 09/01/41			3,125		3,276,329
4.50%, 09/15/42			314		293,404
TWDC Enterprises 18 Corp., 7.00%, 03/01/32			530		759,584
Unitymedia GmbH, 6.13%, 01/15/25 (b)			2,322		2,415,460
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.00%, 01/15/25 (b)			993		1,022,790
Viacom, Inc.:
3.88%, 12/15/21			78		80,137
4.25%, 09/01/23			30		31,737
6.88%, 04/30/36			2,504		3,172,666
Walt Disney Co.:
6.20%, 12/15/34 (b)			825		1,118,578
6.40%, 12/15/35 (b)			4,033		5,499,217
6.15%, 03/01/37 (b)			5,830		7,920,704
6.90%, 08/15/39 (b)			285		420,035
Warner Media LLC, 7.63%, 04/15/31			1,815		2,420,474
					198,222,664
Metals & Mining — 0.3%
Anglo American Capital PLC:
3.63%, 09/11/24 (b)			7,445		7,604,840
4.75%, 04/10/27 (b)			4,150		4,395,664
4.50%, 03/15/28 (b)			584		605,610
ArcelorMittal:
5.25%, 08/05/20			200		205,091
6.13%, 06/01/25			2,700		3,069,378
4.55%, 03/11/26			390		412,230
Barrick Gold Corp., 5.25%, 04/01/42			2,470		2,896,648
Evraz PLC, 5.25%, 04/02/24 (b)			1,886		1,961,440
Kaiser Aluminum Corp., 5.88%, 05/15/24			82		85,280
Largo Resources Ltd., 9.25%, 06/01/21 (b)			328		343,547
Newmont Mining Corp., 4.88%, 03/15/42			95		106,298
Novolipetsk Steel Via Steel Funding DAC, 4.70%, 05/30/26 (b)			2,149		2,188,359
Nucor Corp., 5.20%, 08/01/43			1,640		1,950,719
Shandong Iron And Steel Xinheng International Co. Ltd., 6.50%, 06/14/21			285		284,487
Steel Dynamics, Inc.:
5.13%, 10/01/21			9,507		9,606,063
5.25%, 04/15/23			312		317,460

Security		Par (000)		Value
Metals & Mining (continued)
Steel Dynamics, Inc.: (continued)
5.50%, 10/01/24	USD		155	$	160,619
Vale Overseas Ltd., 4.38%, 01/11/22			1,494		1,540,221
Vedanta Resources Finance II PLC, 8.00%, 04/23/23			500		505,625
Vedanta Resources PLC, 6.38%, 07/30/22			1,000		988,437
Zekelman Industries, Inc., 9.88%, 06/15/23 (b)			379		400,082
					39,628,098
Multiline Retail — 0.0%
Dollar General Corp., 3.88%, 04/15/27			450		467,422
Multi-Utilities — 0.4%
Alliant Energy Finance LLC, 3.75%, 06/15/23 (b)			1,795		1,864,169
Ameren Illinois Co., 3.80%, 05/15/28			3,730		3,999,872
Berkshire Hathaway Energy Co.:
6.13%, 04/01/36			449		600,797
5.95%, 05/15/37			231		298,184
Black Hills Corp., 3.95%, 01/15/26			1,812		1,889,823
CMS Energy Corp., 4.88%, 03/01/44			350		402,077
Consumers Energy Co.:
3.75%, 02/15/50			3,150		3,319,895
3.95%, 05/15/43			505		538,824
3.25%, 08/15/46			995		951,758
3.95%, 07/15/47			410		443,447
4.05%, 05/15/48			1,325		1,461,279
Dominion Energy Gas Holdings LLC:
4.80%, 11/01/43			1,110		1,251,633
4.60%, 12/15/44			1,555		1,739,237
DTE Energy Co., 3.70%, 08/01/23			2,960		3,088,674
NiSource, Inc., 3.49%, 05/15/27			6,865		7,101,030
Virginia Electric & Power Co.:
Series C, 2.75%, 03/15/23			6,506		6,598,341
Series A, 3.50%, 03/15/27			6,635		6,991,595
4.00%, 01/15/43			5,610		5,927,001
4.45%, 02/15/44			1,674		1,890,892
Series B, 4.20%, 05/15/45			2,952		3,197,703
Series C, 4.00%, 11/15/46			6,944		7,333,208
					60,889,439
Oil, Gas & Consumable Fuels — 3.8%
Anadarko Petroleum Corp., 0.00%, 10/10/36 (i)			14,000		6,614,304
Andeavor Logistics LP/Tesoro Logistics Finance Corp.:
5.50%, 10/15/19			16,323		16,398,885
6.38%, 05/01/24			207		216,832
5.25%, 01/15/25			850		899,410
4.25%, 12/01/27			21,580		22,795,210
5.20%, 12/01/47			4,355		4,611,112
Antero Resources Corp.:
5.38%, 11/01/21			6,681		6,597,488
5.13%, 12/01/22			2,999		2,879,040
5.63%, 06/01/23			2,430		2,345,436
Apache Corp., 4.38%, 10/15/28			5		5,225
Boardwalk Pipelines LP, 4.80%, 05/03/29			1,730		1,805,590
BP Capital Markets America, Inc.:
3.79%, 02/06/24			3,955		4,187,654
3.80%, 09/21/25			8,507		9,078,448
3.12%, 05/04/26			2,440		2,486,476
BP Capital Markets PLC, 2.32%, 02/13/20			1,834		1,833,542
Bruin E&P Partners LLC, 8.88%, 08/01/23 (b)			3,397		2,853,480
Bukit Makmur Mandiri Utama PT, 7.75%, 02/13/22			500		516,250
Carrizo Oil & Gas, Inc., 6.25%, 04/15/23			844		814,460
Centennial Resource Production LLC:
5.38%, 01/15/26 (b)			297		282,150
6.88%, 04/01/27 (b)			1,460		1,474,600

CONSOLIDATED SCHEDULE OF INVESTMENTS 21

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Cheniere Corpus Christi Holdings LLC:
7.00%, 06/30/24	USD		5,227	$	6,011,573
5.88%, 03/31/25			205		228,319
Cheniere Energy Partners LP, 5.25%, 10/01/25			156		161,265
Cheniere Energy, Inc., 4.88% (4.88 Cash or 4.88% PIK), 05/28/21 (b)(h)(m)			15,300		16,059,951
Chesapeake Energy Corp.:
6.63%, 08/15/20			623		627,673
6.13%, 02/15/21			260		263,900
5.50%, 09/15/26 (h)			5,756		4,594,315
Cimarex Energy Co.:
4.38%, 06/01/24			9,040		9,574,615
3.90%, 05/15/27			6,100		6,268,597
Concho Resources, Inc., 3.75%, 10/01/27			4,161		4,305,668
Continental Resources, Inc.:
5.00%, 09/15/22			7,368		7,428,462
4.50%, 04/15/23			16,873		17,728,150
3.80%, 06/01/24			306		314,626
CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/01/22			311		317,065
DCP Midstream Operating LP, 5.35%, 03/15/20 (b)			2,852		2,891,215
Devon Energy Corp.:
4.00%, 07/15/21			40		41,034
3.25%, 05/15/22			122		124,305
5.85%, 12/15/25			5,062		5,997,103
Diamondback Energy, Inc.:
4.75%, 11/01/24			2,945		3,029,669
5.38%, 05/31/25			4,436		4,663,345
Enbridge, Inc.:
2.90%, 07/15/22			2,385		2,420,138
3.70%, 07/15/27			4,740		4,895,552
Endeavor Energy Resources LP/EER Finance, Inc., 5.50%, 01/30/26 (b)			1,075		1,113,969
Energen Corp., 4.63%, 09/01/21			377		380,770
Energy Transfer Operating LP:
7.50%, 10/15/20			5,092		5,401,133
5.88%, 01/15/24			11,495		12,795,823
6.05%, 06/01/41			700		783,766
6.50%, 02/01/42			10,400		12,294,264
6.13%, 12/15/45			4,540		5,143,886
5.30%, 04/15/47			570		594,546
Ensco Jersey Finance Ltd., 3.00%, 01/31/24 (h)			1,020		792,874
Enterprise Products Operating LLC:
3.90%, 02/15/24			1,449		1,534,913
6.88%, 03/01/33			2,904		3,890,659
6.65%, 10/15/34			205		270,951
4.45%, 02/15/43			5,113		5,339,449
5.10%, 02/15/45			1,987		2,271,270
4.25%, 02/15/48			550		569,677
4.80%, 02/01/49			56		62,143
EOG Resources, Inc.:
4.15%, 01/15/26			756		823,256
3.90%, 04/01/35			1,120		1,177,058
Frontera Energy Corp., 9.70%, 06/25/23 (b)			1,316		1,399,484
Gran Tierra Energy, Inc., 7.75%, 05/23/27 (b)			1,723		1,695,432
Great Western Petroleum LLC/Great Western Finance Corp., 9.00%, 09/30/21 (b)			1,025		832,813
Hammerhead Resources, Inc., 9.00%, 07/10/22			4,789		4,369,963
Hess Corp., 5.80%, 04/01/47			2,600		2,886,832
Kinder Morgan Energy Partners LP:
5.80%, 03/15/35			2,195		2,531,192
6.50%, 02/01/37			4,900		5,884,009
6.95%, 01/15/38			665		852,639
6.38%, 03/01/41			910		1,099,411
5.63%, 09/01/41			85		94,534

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Kinder Morgan Energy Partners LP: (continued)
5.00%, 03/01/43	USD		3,625	$	3,800,950
Kinder Morgan, Inc.:
3.05%, 12/01/19			7,370		7,383,281
3.15%, 01/15/23			12,130		12,339,063
4.30%, 06/01/25			2,190		2,339,479
4.30%, 03/01/28			8,900		9,539,145
5.55%, 06/01/45			530		613,277
5.05%, 02/15/46			11,410		12,433,509
Marathon Petroleum Corp.:
4.75%, 12/15/23			3,050		3,290,085
5.85%, 12/15/45			1,915		2,112,505
Medco Straits Services Pte Ltd., 8.50%, 08/17/22			1,250		1,346,484
MPLX LP:
4.88%, 12/01/24			9,040		9,834,014
4.00%, 02/15/25			4,040		4,218,765
4.13%, 03/01/27			22,209		23,247,444
5.20%, 03/01/47			1,475		1,585,411
5.50%, 02/15/49			369		419,100
NGPL PipeCo LLC, 4.38%, 08/15/22 (b)			4,784		4,927,520
Northern Oil and Gas, Inc., 9.50% (8.50% Cash or 9.50% PIK), 05/15/23 (m)			1,399		1,444,434
Northwest Pipeline LLC, 4.00%, 04/01/27			10,235		10,716,048
Oasis Petroleum, Inc., 6.50%, 11/01/21			1,547		1,523,795
Odebrecht Offshore Drilling Finance Ltd.:
6.72%, 12/01/22 (b)			1,066		1,024,755
7.72% (7.72% Cash or 7.72% PIK), 12/01/26 (b)(m)			38		9,339
Odebrecht Oil & Gas Finance Ltd., 0.00% (b)(i)(l)			193		1,637
Pacific Drilling SA, 8.38%, 10/01/23 (b)			4,348		4,304,520
Parsley Energy LLC/Parsley Finance Corp.:
6.25%, 06/01/24 (b)			2,004		2,084,160
5.25%, 08/15/25 (b)			500		507,500
Petrobras Global Finance BV:
8.75%, 05/23/26			2,256		2,786,386
7.25%, 03/17/44			7,271		8,084,443
Plains All American Pipeline LP/PAA Finance Corp.:
2.60%, 12/15/19			1,050		1,049,113
3.65%, 06/01/22			955		978,157
Puma International Financing SA, 5.00%, 01/24/26 (b)			3,148		2,801,757
Rockies Express Pipeline LLC, 5.63%, 04/15/20 (b)			10,242		10,408,432
Sabine Pass Liquefaction LLC:
5.63%, 02/01/21			165		171,387
6.25%, 03/15/22			440		477,603
5.63%, 04/15/23			7,916		8,621,876
5.75%, 05/15/24			12,723		14,149,151
5.63%, 03/01/25			13,963		15,639,568
5.88%, 06/30/26			10,120		11,564,480
5.00%, 03/15/27			5,669		6,215,804
Sable Permian Resources Land LLC/AEPB Finance Corp., 13.00%, 11/30/20 (b)(f)(j)			1,080		1,026,000
Spectra Energy Partners LP, 4.50%, 03/15/45			6,470		6,835,553
Sunoco Logistics Partners Operations LP:
5.35%, 05/15/45			2,249		2,338,889
5.40%, 10/01/47			2,786		2,959,023
Talos Production LLC/Talos Production Finance, Inc., 11.00%, 04/03/22			5,130		5,418,562
Targa Resources Partners LP/Targa Resources Partners Finance Corp.:
5.13%, 02/01/25			154		159,005
6.50%, 07/15/27 (b)			666		726,772

22

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Texas Eastern Transmission LP:
3.50%, 01/15/28 (b)	USD		4,350	$	4,420,482
4.15%, 01/15/48 (b)			2,200		2,245,279
TransCanada PipeLines Ltd.:
4.88%, 01/15/26			11,120		12,272,941
4.25%, 05/15/28			3,315		3,583,754
4.63%, 03/01/34			1,370		1,520,856
5.85%, 03/15/36			1,026		1,233,284
4.75%, 05/15/38			110		120,591
6.10%, 06/01/40			3,814		4,717,883
Transcontinental Gas Pipe Line Co. LLC:
7.85%, 02/01/26			3,073		3,923,613
4.00%, 03/15/28			6,240		6,512,825
4.45%, 08/01/42			440		454,845
4.60%, 03/15/48			1,270		1,347,623
Valero Energy Corp.:
3.65%, 03/15/25			5,346		5,546,271
3.40%, 09/15/26			2,209		2,252,590
Western Midstream Operating LP:
4.00%, 07/01/22			940		952,223
4.65%, 07/01/26			2,305		2,336,843
5.45%, 04/01/44			720		680,130
Whiting Petroleum Corp., 1.25%, 04/01/20 (h)			1,056		1,021,680
Williams Cos., Inc.:
4.55%, 06/24/24			2,090		2,252,064
3.75%, 06/15/27			3,010		3,107,717
7.50%, 01/15/31			2,400		3,105,315
5.75%, 06/24/44			2,630		3,069,429
Yankuang Group Cayman Ltd., 4.75%, 11/30/20			770		768,160
					554,433,427
Paper & Forest Products — 0.2%
Celulosa Arauco y Constitucion SA, 4.25%, 04/30/29 (b)			1,305		1,370,250
Daio Paper Corp., 0.00%, 09/17/20 (h)(i)	JPY		140,000		1,304,942
Eldorado Intl. Finance GmbH, 8.63%, 06/16/21 (b)	USD		1,939		2,032,860
Georgia-Pacific LLC:
5.40%, 11/01/20 (b)			3,718		3,864,312
3.73%, 07/15/23 (b)			3,907		4,088,896
3.60%, 03/01/25 (b)			1,475		1,548,917
7.38%, 12/01/25			3,288		4,165,607
7.75%, 11/15/29			1,275		1,805,529
Klabin Austria GmbH, 5.75%, 04/03/29 (b)			1,635		1,738,659
Suzano Austria GmbH:
6.00%, 01/15/29 (b)			3,096		3,382,380
5.00%, 01/15/30 (b)			1,075		1,090,910
7.00%, 03/16/47 (b)			2,148		2,443,350
					28,836,612
Personal Products — 0.0%
Top Glove Labuan Ltd., 2.00%, 03/01/24 (h)			800		804,522
Pharmaceuticals — 1.1%
Allergan Finance LLC, 3.25%, 10/01/22			975		987,098
Allergan Funding SCS:
3.80%, 03/15/25			20,261		21,026,312
4.55%, 03/15/35			8,970		9,056,823
Bausch Health Cos., Inc.:
6.50%, 03/15/22 (b)			5,656		5,861,030
7.00%, 03/15/24 (b)			1,594		1,693,784
Bayer U.S. Finance II LLC:
3.88%, 12/15/23 (b)			910		944,946
3.38%, 07/15/24 (b)			733		737,072
2.85%, 04/15/25 (b)			2,800		2,639,311
3.60%, 07/15/42 (b)			2,845		2,258,451
Bayer U.S. Finance LLC, 3.38%, 10/08/24 (b)			2,902		2,915,706
Bristol-Myers Squibb Co.:
3.20%, 06/15/26 (b)			17,412		18,091,255

Security		Par (000)		Value
Pharmaceuticals (continued)
Bristol-Myers Squibb Co.: (continued)
4.13%, 06/15/39 (b)	USD		1,060	$	1,143,119
Eli Lilly & Co., 4.15%, 03/15/59			3,890		4,270,004
Johnson & Johnson, 2.45%, 03/01/26			2,262		2,274,381
Jubilant Pharma Ltd., 6.00%, 03/05/24			700		715,029
Luye Pharma Group Ltd., 1.50%, 07/09/24 (h)			900		915,750
Merck & Co., Inc.:
3.60%, 09/15/42			835		853,585
3.70%, 02/10/45			1,145		1,211,085
4.00%, 03/07/49			585		650,280
Novartis Capital Corp.:
3.40%, 05/06/24			4,070		4,279,935
3.10%, 05/17/27			4,070		4,218,403
4.40%, 05/06/44			1,245		1,457,344
Pfizer, Inc., 4.00%, 12/15/36			2,508		2,734,113
Shire Acquisitions Investments Ireland DAC:
1.90%, 09/23/19			35,985		35,929,223
2.88%, 09/23/23			4,400		4,443,012
3.20%, 09/23/26			9,124		9,200,525
Takeda Pharmaceutical Co. Ltd.:
4.40%, 11/26/23 (b)			330		353,582
5.00%, 11/26/28 (b)			10,490		11,888,716
Teva Pharmaceutical Finance IV LLC, 2.25%, 03/18/20			1,081		1,067,352
Teva Pharmaceutical Finance Netherlands III BV, 1.70%, 07/19/19			521		519,600
Wyeth LLC:
6.45%, 02/01/24			985		1,163,150
5.95%, 04/01/37			5,860		7,768,287
					163,268,263
Professional Services — 0.0%
Nielsen Finance LLC/Nielsen Finance Co., 4.50%, 10/01/20			110		110,261
Real Estate Management & Development — 0.3%
Agile Group Holdings Ltd., 8.50%, 07/18/21			400		424,783
Alam Synergy Pte Ltd., 6.63%, 04/24/22			415		405,662
Arrow Bidco LLC, 9.50%, 03/15/24 (b)			2,177		2,190,606
Central China Real Estate Ltd.:
7.33%, 01/27/20			455		458,412
6.88%, 10/23/20			500		506,875
6.50%, 03/05/21			260		261,622
CFLD Cayman Investment Ltd.:
8.63%, 02/28/21			900		933,750
8.60%, 04/08/24			200		202,250
China Aoyuan Group Ltd.:
7.95%, 09/07/21			630		657,989
8.50%, 01/23/22			640		675,756
7.95%, 02/19/23			600		625,164
China Evergrande Group:
7.00%, 03/23/20			1,200		1,206,375
6.25%, 06/28/21			213		205,478
9.50%, 04/11/22			465		460,350
4.25%, 02/14/23 (h)	HKD		15,000		1,799,584
10.00%, 04/11/23	USD		600		583,326
7.50%, 06/28/23			800		720,000
8.75%, 06/28/25			1,500		1,329,375
China SCE Group Holdings Ltd.:
8.75%, 01/15/21			800		838,000
7.45%, 04/17/21			400		409,291
CIFI Holdings Group Co. Ltd.:
6.38%, 05/02/20			700		705,250
6.88%, 04/23/21			980		1,002,823
5.50%, 01/23/22			1,300		1,287,548
Fantasia Holdings Group Co. Ltd.:
8.38%, 03/08/21			510		487,050
11.75%, 04/17/22			230		225,400

CONSOLIDATED SCHEDULE OF INVESTMENTS 23

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Real Estate Management & Development (continued)
Fantasia Holdings Group Co. Ltd.: (continued)
7.95%, 07/05/22	USD		530	$	474,019
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (b)			3,380		3,396,968
Forestar Group, Inc., 8.00%, 04/15/24 (b)			8,346		8,752,868
Future Land Development Holdings Ltd.:
5.00%, 02/16/20			400		400,000
6.50%, 09/12/20			700		707,000
7.50%, 01/22/21			700		719,250
Global Prime Capital Pte Ltd., 7.25%, 04/26/21	.		440		455,906
Jingrui Holdings Ltd., 9.45%, 04/23/21			700		667,975
Kaisa Group Holdings Ltd., 8.50%, 06/30/22			254		242,729
Logan Property Holdings Co. Ltd.:
6.88%, 04/24/21			285		290,472
7.50%, 08/25/22			600		621,000
New Metro Global Ltd., 6.50%, 04/23/21			600		606,000
No Va Land Investment Group Corp., 5.50%, 04/27/23 (h)			1,500		1,396,875
Powerlong Real Estate Holdings Ltd., 6.95%, 04/17/21			600		600,000
Realogy Group LLC/Realogy Co-Issuer Corp., 9.38%, 04/01/27 (b)			410		359,262
Ronshine China Holdings Ltd.:
11.25%, 08/22/21			265		283,219
8.75%, 10/25/22			530		523,432
Shui On Development Holding Ltd., (5 yr. Swap Semi 30/360 US + 8.809%), 7.50% (h)(k)(l)			500		518,125
Singha Estate PCL, 2.00%, 07/20/22 (h)			1,000		990,937
Sunac China Holdings Ltd., 7.25%, 06/14/22			605		605,756
Times China Holdings Ltd.:
7.63%, 02/21/22			800		824,000
5.75%, 04/26/22			500		490,000
Xinyuan Real Estate Co. Ltd., 9.88%, 03/19/20	.		410		403,466
Yuzhou Properties Co. Ltd.:
8.63%, 01/23/22			700		731,500
8.50%, 02/26/24			700		716,187
					44,379,665
Road & Rail — 0.6%
Burlington Northern Santa Fe LLC:
3.00%, 04/01/25			625		643,229
6.15%, 05/01/37			1,599		2,149,507
5.75%, 05/01/40			4,400		5,799,601
5.05%, 03/01/41			399		483,952
4.55%, 09/01/44			1,322		1,532,545
4.15%, 04/01/45			5,499		6,145,406
4.15%, 12/15/48			267		301,942
CSX Corp.:
4.25%, 03/15/29			1,995		2,222,001
6.15%, 05/01/37			875		1,129,800
5.50%, 04/15/41			285		344,257
4.75%, 11/15/48			1,800		2,093,813
4.25%, 11/01/66			2,578		2,657,395
Hertz Corp., 7.38%, 01/15/21			3,267		3,271,084
Norfolk Southern Corp.:
3.65%, 08/01/25			4,095		4,318,004
2.90%, 06/15/26			5,595		5,678,927
4.84%, 10/01/41			485		561,633
4.10%, 05/15/49			495		527,746
4.05%, 08/15/52			4,322		4,504,893
Penske Truck Leasing Co. LP/PTL Finance Corp.:
4.45%, 01/29/26 (b)			3,900		4,183,339
3.40%, 11/15/26 (b)			4,889		4,884,347
4.20%, 04/01/27 (b)			2,992		3,110,064
Ryder System, Inc.:
2.25%, 09/01/21			66		65,790
2.50%, 09/01/22			345		345,660
Union Pacific Corp.:
3.15%, 03/01/24			2,885		2,974,776

Security		Par (000)		Value
Road & Rail (continued)
Union Pacific Corp.: (continued)
2.75%, 03/01/26	USD		4,737	$	4,759,041
3.38%, 02/01/35			7,443		7,407,827
3.60%, 09/15/37			4,858		4,936,582
4.38%, 09/10/38			202		223,787
4.75%, 09/15/41			1,100		1,251,809
3.80%, 10/01/51			1,440		1,447,381
3.88%, 02/01/55			4,114		4,116,336
Union Pacific Railroad Co. Pass-Through Trust, Series 2014-1, 3.23%, 05/14/26			2,778		2,876,023
					86,948,497
Semiconductors & Semiconductor Equipment — 1.4%
Analog Devices, Inc.:
3.90%, 12/15/25			485		512,287
3.50%, 12/05/26			3,430		3,495,453
5.30%, 12/15/45			2,105		2,432,418
Applied Materials, Inc.:
3.30%, 04/01/27			7,995		8,302,647
5.10%, 10/01/35			4,030		4,883,688
5.85%, 06/15/41			645		831,978
4.35%, 04/01/47			7,598		8,487,496
Broadcom Corp./Broadcom Cayman Finance Ltd.:
2.38%, 01/15/20			16,809		16,779,780
2.20%, 01/15/21			4,190		4,153,613
3.63%, 01/15/24			6,000		6,056,822
3.88%, 01/15/27			8,710		8,534,940
Broadcom, Inc.:
3.13%, 04/15/21 (b)			19,057		19,180,395
3.63%, 10/15/24 (b)			18,200		18,290,470
4.25%, 04/15/26 (b)			17,230		17,486,305
Intel Corp., 4.80%, 10/01/41			3,100		3,658,355
KLA-Tencor Corp.:
4.10%, 03/15/29			10,120		10,646,373
5.00%, 03/15/49			4,200		4,678,593
Lam Research Corp.:
2.75%, 03/15/20			3,359		3,361,953
3.75%, 03/15/26			6,728		7,079,084
4.88%, 03/15/49			2,870		3,160,678
NVIDIA Corp., 3.20%, 09/16/26			11,915		12,187,891
NXP BV/NXP Funding LLC:
4.13%, 06/01/21 (b)			13,058		13,359,640
4.63%, 06/15/22 (b)			6,545		6,855,888
3.88%, 09/01/22 (b)			535		550,108
4.63%, 06/01/23 (b)			9,245		9,745,155
NXP BV/NXP Funding LLC/NXP USA, Inc.:
3.88%, 06/18/26 (b)			3,010		3,093,526
4.30%, 06/18/29 (b)			3,850		3,968,888
QUALCOMM, Inc., 4.65%, 05/20/35			5,585		6,236,402
Texas Instruments, Inc.:
2.25%, 05/01/23			2,000		2,003,783
4.15%, 05/15/48			1,427		1,619,132
					211,633,741
Software — 0.6%
Autodesk, Inc., 3.50%, 06/15/27			12,230		12,360,789
CDK Global, Inc., 3.80%, 10/15/19			2,000		2,002,500
Microsoft Corp.:
3.50%, 02/12/35			7,483		7,984,350
3.45%, 08/08/36			16,280		17,226,797
3.70%, 08/08/46			14,787		15,982,331
Oracle Corp.:
2.50%, 10/15/22			853		859,025
3.40%, 07/08/24			4,300		4,506,521
2.65%, 07/15/26			4,215		4,234,279
3.25%, 11/15/27			2,549		2,669,145
3.90%, 05/15/35			5,276		5,711,935
3.85%, 07/15/36			532		564,398
3.80%, 11/15/37			758		804,288

24

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Software (continued)
Oracle Corp.: (continued)
4.13%, 05/15/45	USD		1,575	$	1,704,336
4.00%, 07/15/46			6,704		7,187,514
4.00%, 11/15/47			1,483		1,593,692
					85,391,900
Specialty Retail — 0.2%
Home Depot, Inc.:
1.80%, 06/05/20			201		200,302
2.13%, 09/15/26			1,695		1,658,803
3.90%, 12/06/28			1,840		2,024,950
2.95%, 06/15/29			2,050		2,102,933
5.88%, 12/16/36			3,811		5,056,788
5.95%, 04/01/41			514		696,857
4.20%, 04/01/43			895		995,230
4.88%, 02/15/44			930		1,127,445
3.50%, 09/15/56			1,810		1,786,567
Lowe’s Cos., Inc.:
4.38%, 09/15/45			4,380		4,563,757
4.05%, 05/03/47			1,707		1,693,764
					21,907,396
Technology Hardware, Storage & Peripherals — 0.3%
Apple Inc.:
3.00%, 02/09/24			6,163		6,365,672
3.85%, 05/04/43			17,790		18,855,151
3.45%, 02/09/45			6,784		6,760,093
4.38%, 05/13/45			1,069		1,218,380
Dell International LLC/EMC Corp.:
4.42%, 06/15/21 (b)			2,940		3,029,495
5.88%, 06/15/21 (b)			463		470,686
7.13%, 06/15/24 (b)			356		375,839
6.02%, 06/15/26 (b)			1,360		1,500,327
EMC Corp., 2.65%, 06/01/20			310		308,301
Seagate HDD Cayman, 4.25%, 03/01/22			2,330		2,369,517
					41,253,461
Thrifts & Mortgage Finance — 0.0%
Mongolian Mortgage Corp. Hfc LLC, 9.75%, 01/29/22			800		809,750
Tobacco — 0.4%
Altria Group, Inc.:
6.20%, 02/14/59			861		981,297
4.00%, 01/31/24			8,815		9,237,740
4.40%, 02/14/26			800		856,040
4.80%, 02/14/29			4,270		4,593,629
4.25%, 08/09/42			5,425		5,013,595
4.50%, 05/02/43			480		455,954
5.38%, 01/31/44			7,340		7,871,945
Philip Morris International, Inc.:
2.88%, 05/01/24			1,600		1,623,880
4.50%, 03/20/42			780		839,971
3.88%, 08/21/42			440		436,282
Reynolds American, Inc.:
4.45%, 06/12/25			19,762		20,955,626
5.85%, 08/15/45			817		879,917
					53,745,876
Trading Companies & Distributors — 0.1%
Ashtead Capital, Inc.:
5.63%, 10/01/24 (b)			2,016		2,086,560
4.13%, 08/15/25 (b)			998		1,010,475
5.25%, 08/01/26 (b)			330		344,025
Beacon Roofing Supply, Inc., 6.38%, 10/01/23			134		139,193
GATX Corp., 2.60%, 03/30/20			2,962		2,959,323
Herc Rentals, Inc.:
7.50%, 06/01/22 (b)			6,635		6,890,448

Security		Par (000)		Value
Trading Companies & Distributors (continued)
Herc Rentals, Inc.: (continued)
7.75%, 06/01/24 (b)	USD		5,197	$	5,504,662
					18,934,686
Transportation Infrastructure — 0.0%
Adani Ports & Special Economic Zone Ltd.:
4.00%, 07/30/27			203		202,810
4.38%, 07/03/29 (b)			1,842		1,875,346
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29 (b)			706		742,182
Jasa Marga Persero Tbk PT, 7.50%, 12/11/20	IDR		5,400,000		374,013
Rumo Luxembourg Sarl, 5.88%, 01/18/25 (b)	USD		2,174		2,304,358
					5,498,709
Wireless Telecommunication Services — 0.3%
Digicel Group Two Ltd.:
8.25%, 09/30/22 (b)			1,182		252,991
9.13% (7.13% Cash or 9.13% PIK), 04/01/24 (b)(m)			522		117,500
Digicel Ltd., 6.75%, 03/01/23 (b)			233		131,936
Millicom International Cellular SA, 6.63%, 10/15/26 (b)			1,100		1,198,526
Sprint Communications, Inc., 7.00%, 03/01/20 (b)			1,024		1,049,600
Sprint Corp.:
7.88%, 09/15/23			312		338,910
7.13%, 06/15/24			156		165,407
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 03/20/23 (b)			10,088		10,090,498
Vodafone Group PLC:
3.75%, 01/16/24			7,343		7,677,387
4.13%, 05/30/25			4,285		4,555,947
6.15%, 02/27/37			6,410		7,786,836
5.25%, 05/30/48			3,905		4,310,692
					37,676,230
Total Corporate Bonds — 36.3% (Cost: $5,140,744,551)					5,350,464,141
Floating Rate Loan Interests(a) — 2.1%
Airlines — 0.1%
Allegiant Travel Co., Class B Term Loan (3 mo. LIBOR US + 4.500%, 0.000% Floor), 7.07%, 02/05/24			7,300		7,295,179
Gol Luxco SA, Term Loan (6 mo. FIXED US + 6.500%, 0.000% Floor), 6.50%, 08/31/20 (c)(n)			7,462		7,536,620
					14,831,799
Banks — 0.1%
Goldman Sachs Bank USA, Term Loan B (MFA), (3 mo. LIBOR US + 0.000%, 0.25% Floor), 4.50%, 09/17/20 (c)			11,984		11,924,215
Building Products — 0.0%
Tamko Building Products, Inc.:
Initial Term Loan (1 mo. LIBOR US + 3.250%, 0.000% Floor), 5.65%, 05/29/26 (c)			634		631,456
Initial Term Loan (1 mo. LIBOR US + 3.250%, 0.000% Floor), 5.58%, 05/29/26 (c)			3,169		3,157,283
					3,788,739

CONSOLIDATED SCHEDULE OF INVESTMENTS 25

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		value
Capital Markets — 0.2%
LSTAR Securities Financing Vehicle LLC, Loan (1 mo. LIBOR US + 2.000%, 0.000% Floor), 4.44%, 05/30/22 (c)	USD		24,884	$	24,883,861
Commercial Services & Supplies — 0.1%
NRC U.S. Holding Co. LLC, Initial Term Loan (3 mo. LIBOR US + 5.250%, 1.000% Floor), 7.58%, 06/11/24			7,857		7,808,142
Construction & Engineering — 0.0%
PLH Infrastructure Services, Inc., Term Loan (3 mo. LIBOR US + 6.000%, 0.000% Floor), 8.57%, 08/07/23 (c)			2,762		2,706,496
Ply Gem Midco, Inc., Initial Term Loan (3 mo. LIBOR US + 3.750%, 0.000% Floor), 6.35%, 04/12/25			3,135		3,040,974
					5,747,470
Diversified Financial Services — 0.3%
BSREP II Houston Office 1HC Owner LLC, Mezzanine Loan (1 mo. LIBOR US + 2.500%, 0.000% Floor), 4.94%, 12/09/22			13,000		13,000,000
Goldman Sachs Lending Partners LLC, Term Loan A (MFA), (3 mo. LIBOR US + 0.000%, 0.25% Floor), 4.50%, 08/26/20 (c)			4,994		4,968,728
Intelsat Jackson Holdings SA:
Tranche B-3 Term Loan (1 mo. LIBOR US + 3.750%, 1.000% Floor), 6.15%, 11/27/23			1,275		1,260,656
Tranche B-4 Term Loan (o)			1,458		1,461,187
RNTR-1 LLC, Initial Term Loan (1 mo. LIBOR US + 2.050%, 0.250% Floor), 4.80%, 12/20/21			7,860		7,860,000
Stars Group Holdings BV, USD Term Loan (3 mo. LIBOR US + 3.500%, 0.000% Floor), 5.83%, 07/10/25			10,069		10,063,876
					38,614,447
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), 10.44%, 02/28/26			1,795		1,539,212
Energy Equipment & Services — 0.1%
Bristow Group, Inc., Term Loan, 05/10/22 (c)(o)			1,738		1,672,015
Pioneer Energy Services Corp. (FKA Pioneer Drilling Co.), Term Loan (1 mo. LIBOR US + 7.750%, 1.000% Floor), 10.15%, 11/08/22 (c)			6,928		6,512,499
					8,184,514
Food Products — 0.0%
JBS USA Lux SA (FKA JBS USA LLC), New Term Loan (1 mo. LIBOR US + 2.500%, 0.000% Floor), 4.90%, 05/01/26			4,781		4,769,065
Hotels, Restaurants & Leisure — 0.2%
DuPont Hotel Project Owner LLC, Loan (3 mo. LIBOR US + 2.500%, 1.000% Floor), 4.91%, 04/01/24 (c)			12,000		11,970,000
MGM Growth Properties Operating Partnership LP, Term B Loan (1 mo. LIBOR US + 2.000%, 0.000% Floor), 4.40%, 03/21/25			12,349		12,262,221

Security		Par (000)		value
Hotels, Restaurants & Leisure (continued)
PCI Gaming Authority, Term B Facility Loan (1 mo. LIBOR US + 3.000%, 0.000% Floor), 5.40%, 05/29/26	USD		7,511	$	7,518,811
Wynn Resorts Ltd., Term Facility Loan (1 mo. LIBOR US + 2.250%, 0.000% Floor), 4.69%, 10/30/24			3,950		3,914,431
					35,665,463
Machinery — 0.0%
Gates Global LLC, Initial B-2 Dollar Term Loan (1 mo. LIBOR US + 2.750%, 1.000% Floor), 5.15%, 04/01/24			991		984,316
Media — 0.0%
Charter Communications Operating LLC (AKA CCO Safari LLC), Term A-2 Loan (3 mo. LIBOR US + 1.500%, 0.000% Floor), 3.83%, 03/31/23			7,175		7,141,783
Metals & Mining — 0.0%
Samarco Mineracao Sa, Term Loan, 12/02/18 (f)(j)(o)			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), 4.70%, 11/01/24 (c)			5,000		5,000,000
Chimera Special Holding LLC, Term Loan (1 mo. LIBOR US + 2.000%), 4.44%, 10/06/19 (a)(c)			32,925		32,924,940
					37,924,940
Oil, Gas & Consumable Fuels — 0.2%
BCP Raptor II LLC, Initial Term Loan (1 mo. LIBOR US + 4.750%, 0.000% Floor), 7.15%, 11/03/25			9,547		9,061,726
California Resources Corp.:
Initial Loan (1 mo. LIBOR US + 4.750%, 1.000% Floor), 7.15%, 12/31/22			5,498		5,246,686
Loan (1 mo. LIBOR US + 10.375%, 1.000% Floor), 12.78%, 12/31/21			7,760		7,860,880
Midcoast Energy LLC, Tranche B Term Loan (3 mo. LIBOR US + 5.500%, 0.000% Floor), 7.83%, 08/01/25			3,816		3,820,933
					25,990,225
Real Estate Management & Development — 0.2%
BRE Park Avenue Tower Owner LLC, Mezzanine A Loan (o)			17,000		17,000,000
MT II LLC, Term Loan (1 mo. LIBOR US + 2.800%, 1.250% Floor), 5.20%, 06/09/21 (c)			5,042		5,042,204
VICI Properties 1 LLC, Term B Loan (1 mo. LIBOR US + 2.000%, 0.000% Floor), 4.40%, 12/20/24			1,670		1,649,574
					23,691,778
Specialty Retail — 0.0%
Peer Holdings III BV (AKA Action Holding), Facility B (3 mo. EURIBOR US + 3.250%, 0.000% Floor), 3.25%, 03/07/25	EUR		1,000		1,122,295

26

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		value
Technology Hardware, Storage & Peripherals — 0.1%
Aligned Energy Data Centers (SLC) Propco LLC, Term Loan (3 mo. LIBOR US + 3.500%, 0.000% Floor), 6.00%, 10/09/23	USD		15,000	$	14,909,512
Thrifts & Mortgage Finance — 0.2%
Caliber Home Loans, Inc., Term Loan (1 mo. LIBOR US + 3.250%, 0.000% Floor), 5.69%, 04/24/21 (c)			14,311		14,275,701
Roundpoint Mortgage Servicing Corp., Closing Date Term Loan (1 mo. LIBOR US + 3.375%, 0.000% Floor), 5.82%, 08/27/20 (c)			19,038		19,043,637
					33,319,338
Trading Companies & Distributors — 0.0%
Foundation Building Materials Holding Company LLC, Term Loan (1 mo. LIBOR US + 3.000%, 0.000% Floor), 5.40%, 08/13/25 (c)			3,990		3,970,000
Total Floating Rate Loan Interests — 2.1% (Cost: $309,872,994)					308,103,314
Foreign Agency Obligations — 0.7%
China — 0.1%
Chalco Hong Kong Investment Co. Ltd., 4.88%, 09/07/21			775		798,940
Chang Development International Ltd., 3.63%, 01/20/20			750		746,286
Chengdu Xingcheng Investment Group Co. Ltd., 2.50%, 03/20/21	EUR		800		893,192
China Cinda Finance 2017 I Ltd., 4.75%, 02/21/29	USD		710		766,313
China Construction Bank Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 1.880%), 4.25%, 02/27/29 (k)			805		831,162
China Minmetals Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.717%), 3.75% (k)(l)			339		336,987
China Railway Construction Corp. Ltd., 1.50%, 12/21/21 (h)	CNH		4,000		578,107
Chinalco Capital Holdings Ltd., 4.25%, 04/21/22	USD		1,025		1,015,006
CNAC HK Finbridge Co. Ltd., 4.63%, 03/14/23			1,675		1,751,665
CNAC HK Synbridge Co. Ltd., 5.00%, 05/05/20			2,857		2,875,570
Guangxi Financial Investment Group Co. Ltd., 5.75%, 01/23/21			500		482,925
HBIS Group Hong Kong Co. Ltd., 4.25%, 04/07/20			492		490,770
Hubei Science & Technology Investment Group Hong Kong Ltd., 4.38%, 03/05/21			255		254,663
Inner Mongolia High-Grade High Way Construction And Development Co. Ltd., 4.38%, 12/04/20			300		295,752
Leader Goal International Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 6.919%), 4.25% (k)(l)			700		706,562
Rongshi International Finance Ltd., 3.75%, 05/21/29			1,945		2,021,500
Sino-Ocean Land Treasure IV Ltd., 5.25%, 04/30/22			480		496,913
Xi’an Municipal Infrastructure Construction Investment Group Corp. Ltd., 4.00%, 06/24/22			645		647,257
					15,989,570

Security		Par (000)		value
Colombia — 0.0%
Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28 (b)	USD		1,501	$	1,686,373
Hong Kong — 0.0%
Joy Treasure Assets Holdings, Inc., 4.50%, 03/20/29			470		494,234
India — 0.0%
Greenko Investment Co., 4.88%, 08/16/23			589		574,275
Oil India Ltd., 5.13%, 02/04/29			880		961,884
Power Finance Corp. Ltd.:
3.75%, 06/18/24			1,060		1,068,159
3.75%, 12/06/27			1,130		1,108,106
4.50%, 06/18/29			1,385		1,416,181
REC Ltd., 4.63%, 03/22/28			670		688,216
					5,816,821
Indonesia — 0.0%
Indonesia Asahan Aluminium Persero PT, 5.71%, 11/15/23			1,925		2,110,281
Perusahaan Listrik Negara PT:
5.45%, 05/21/28			300		332,625
5.38%, 01/25/29			300		330,375
6.15%, 05/21/48			200		236,375
					3,009,656
Malaysia — 0.0%
1MDB Energy Ltd., 5.99%, 05/11/22			1,500		1,563,758
Mexico — 0.4%
Petroleos Mexicanos:
6.38%, 02/04/21			5,442		5,590,294
6.88%, 08/04/26			4,512		4,549,901
6.50%, 03/13/27			37,875		37,484,887
5.35%, 02/12/28			6,035		5,492,453
5.63%, 01/23/46			4,578		3,687,579
6.75%, 09/21/47			549		486,997
					57,292,111
Saudi Arabia — 0.1%
SABIC Capital II BV, 4.00%, 10/10/23 (b)			1,864		1,930,172
Saudi Arabian Oil Co., 3.50%, 04/16/29 (b)			6,028		6,095,815
Saudi Telecom Co., 3.89%, 05/13/29 (b)			1,699		1,755,916
					9,781,903
South Africa — 0.1%
Eskom Holdings SOC Ltd.:
5.75%, 01/26/21 (b)			2,400		2,424,000
6.75%, 08/06/23 (b)			2,325		2,438,344
7.13%, 02/11/25 (b)			2,594		2,720,458
					7,582,802
United Arab Emirates — 0.0%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47			1,100		1,208,625
Total Foreign Agency Obligations — 0.7% (Cost: $103,410,683)					104,425,853
Foreign Government Obligations — 3.5%
Argentina — 0.1%
Bonos de la Nacion Argentina con Ajuste por CER, 4.00%, 03/06/20	ARS		69,723		1,370,956
Republic of Argentina:
3.38%, 10/12/20	CHF		385		355,071
4.63%, 01/11/23	USD		1,871		1,499,723
7.13%, 07/06/36			1,280		980,800

CONSOLIDATED SCHEDULE OF INVESTMENTS 27

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Argentina (continued)
Republic of Argentina: (continued) 6.88%, 01/11/48	USD		5,442	$	4,033,883
					8,240,433
Brazil — 0.1%
Federative Republic of Brazil, 4.50%, 05/30/29			17,113		17,578,260
China — 0.0%
People’s Republic of China, 3.30%, 07/04/23	CNH		3,500		514,198
Colombia — 0.2%
Republic of Colombia, 3.88%, 04/25/27	USD		30,816		32,156,496
Egypt — 0.1%
Arab Republic of Egypt:
5.75%, 04/29/20			4,105		4,166,575
4.75%, 04/11/25 (b)	EUR		2,767		3,217,149
4.75%, 04/16/26 (b)			1,712		1,958,274
6.38%, 04/11/31 (b)			2,459		2,845,062
6.88%, 04/30/40	USD		3,055		2,909,887
8.70%, 03/01/49 (b)			1,978		2,121,405
					17,218,352
France — 0.6%
Republic of France, 1.50%, 05/25/50 (b)	EUR		68,860		90,123,969
Hungary — 0.1%
Republic of Hungary, 5.38%, 03/25/24	USD		8,710		9,836,856
Indonesia — 0.4%
Republic of Indonesia:
4.10%, 04/24/28			5,130		5,418,563
8.25%, 05/15/29	IDR393,264,000				29,528,204
8.38%, 03/15/34	106,527,000				7,992,824
8.38%, 04/15/39	195,428,000				14,388,536
7.38%, 05/15/48	101,271,000				6,442,563
					63,770,690
Maldives — 0.0%
Republic of Maldives, 7.00%, 06/07/22	USD		775		744,000
Mexico — 0.6%
United Mexican States:
5.75%, 03/05/26	MXN		78,245		3,699,576
4.15%, 03/28/27	USD		47,338		49,704,900
7.50%, 06/03/27	MXN		66,794		3,467,572
8.50%, 05/31/29			241,537		13,344,658
7.75%, 11/23/34			62,493		3,265,584
10.00%, 11/20/36			74,000		4,661,167
7.75%, 11/13/42			131,200		6,759,746
					84,903,203
Nigeria — 0.0%
Republic of Nigeria, 9.25%, 01/21/49	USD		3,415		3,867,061
Panama — 0.1%
Republic of Panama, 3.88%, 03/17/28			12,440		13,303,025
Peru — 0.1%
Republic of Peru, 4.13%, 08/25/27			10,672		11,909,285
Philippines — 0.2%
Republic of the Philippines, 3.00%, 02/01/28			22,148		22,729,385
Qatar — 0.0%
State of Qatar, 4.82%, 03/14/49 (b)			3,469		3,972,005
Russia — 0.4%
Russian Federation:
6.90%, 05/23/29	RUB		1,478,830		22,766,539
8.50%, 09/17/31			1,636,060		28,245,959
					51,012,498

Security			Par (000)		Value
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia:
4.50%, 10/26/46		USD		2,359	$	2,397,923
5.00%, 04/17/49				3,503		3,835,785
						6,233,708
South Africa — 0.3%
Republic of South Africa:
6.25%, 03/31/36		ZAR		347,136		18,107,607
9.00%, 01/31/40				263,879		17,627,449
8.75%, 01/31/44				121,314		7,846,459
						43,581,515
Sri Lanka — 0.0%
Republic of Sri Lanka, 6.85%, 03/14/24		USD		425		433,500
Turkey — 0.0%
Republic of Turkey, 7.63%, 04/26/29				4,710		4,821,862
Ukraine — 0.0%
Ukraine Government, 9.75%, 11/01/28				4,633		5,232,394
Uruguay — 0.1%
Republic of Uruguay, 4.38%, 10/27/27				14,750		15,934,965
Total Foreign Government Obligations — 3.5% (Cost: $489,065,559)						508,117,660
	Shares
Investment Companies — 0.0%
VanEck Vectors JPMorgan EM Local Currency Bond ETF				148,378		5,148,717
Total Investment Companies — 0.0% (Cost: $5,130,911)						5,148,717
	Par     (000)
Non-Agency Mortgage-Backed Securities — 5.4%
Collateralized Mortgage Obligations — 1.9%
American Home Mortgage Assets Trust:
Series 2006-3, Class 2A11, (12 mo. Federal Reserve Cumulative Average US + 0.940%), 3.44%, 10/25/46 (a)		USD		960		858,811
Series 2006-4, Class 1A12, (1 mo. LIBOR US + 0.210%), 2.61%, 10/25/46 (a)				2,784		1,951,726
Series 2006-5, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.920%), 3.42%, 11/25/46 (a)				3,687		1,838,492
Series 2007-1, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.700%), 3.20%, 02/25/47 (a)				843		523,271
APS Resecuritization Trust:
Series 2016-1, Class 1MZ, 4.04%, 07/31/57 (b)(d)				6,955		2,611,675
Series 2016-3, Class 3A, (1 mo. LIBOR US + 2.850%), 5.25%, 09/27/46 (a)(b)(c)				6,158		6,250,352
Series 2016-3, Class 4A, (1 mo. LIBOR US + 2.600%), 5.00%, 04/27/47 (a)(b)(c)				1,394		1,369,805
ARI Investments LLC, Series 2017-1, Class A, 5.32%, 01/06/25 (c)(d)				3,052		3,052,029
Banc of America Funding Trust:
Series 2014-R2, Class 1C, 0.00%, 11/26/36 (b)(d)				4,220		943,526

28

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Banc of America Funding Trust: (continued)
Series 2016-R2, Class 1A1, 4.70%, 05/01/33 (b)(c)(d)	USD		1,544	$	1,593,502
Bear Stearns Asset-Backed Securities I Trust, Series 2005-AC9, Class A5, 6.25%, 12/25/35 (e)			256		253,169
Bear Stearns Mortgage Funding Trust:
Series 2006-SL1, Class A1, (1 mo. LIBOR US + 0.280%), 2.68%, 08/25/36 (a)			1,653		1,652,978
Series 2007-AR2, Class A1, (1 mo. LIBOR US + 0.170%), 2.57%, 03/25/37 (a)			499		462,912
Series 2007-AR3, Class 1A1, (1 mo. LIBOR US + 0.140%), 2.54%, 03/25/37 (a)			740		706,053
Series 2007-AR4, Class 2A1, (1 mo. LIBOR US + 0.210%), 2.61%, 06/25/37 (a)			812		781,378
BlackRock Capital Finance LP, Series 1997-R2, Class AP, 1.45%, 12/25/35 (b)(d)(v)			3		3,110
Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37			27,235		20,128,887
CIM Trust:
Series 17-6, Class A1, 3.02%, 06/25/57 (b)(d)			1,671		1,671,431
Series 2019-INV1, Class A1, 4.00%, 02/25/49 (b)(d)			6,354		6,506,141
Citicorp Mortgage Securities Trust:
Series 2007-9, Class 1A1, 6.25%, 12/25/37			2,325		2,092,279
Series 2008-2, Class 1A1, 6.50%, 06/25/38			6,699		5,828,315
Citigroup Mortgage Loan Trust, Series 2007-2, Class 2A, 6.00%, 11/25/36			21		21,044
Countrywide Alternative Loan Trust:
Series 2005-22T1, Class A1, (1 mo. LIBOR US + 0.350%), 2.75%, 06/25/35 (a)			4,721		4,124,074
Series 2005-72, Class A3, (1 mo. LIBOR US + 0.600%), 3.00%, 01/25/36 (a)			752		649,367
Series 2005-76, Class 2A1, (12 mo. Federal Reserve Cumulative Average US + 1.000%), 3.50%, 02/25/36 (a)			918		859,860
Series 2006-11CB, Class 3A1, 6.50%, 05/25/36			1,904		1,488,828
Series 2006-15CB, Class A1, 6.50%, 06/25/36			444		335,870
Series 2006-23CB, Class 2A5, (1 mo. LIBOR US + 0.400%), 2.80%, 08/25/36 (a)			6,307		2,227,808
Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 1.730%), 4.23%, 11/25/46 (a)			3,836		3,370,437
Series 2006-OA16, Class A4C, (1 mo. LIBOR US + 0.340%), 2.74%, 10/25/46 (a)			4,303		2,828,128
Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.190%), 2.57%, 03/20/47 (a)			10,228		8,803,620
Series 2006-OA6, Class 1A2, (1 mo. LIBOR US + 0.210%), 2.61%, 07/25/46 (a)			3,690		3,578,729
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.190%), 2.59%, 07/25/46 (a)			554		534,245
Series 2006-OC10, Class 2A3, (1 mo. LIBOR US + 0.230%), 2.63%, 11/25/36 (a)			1,679		1,366,519
Series 2006-OC7, Class 2A3, (1 mo. LIBOR US + 0.250%), 2.65%, 07/25/46 (a)			2,489		2,010,877
Series 2007-3T1, Class 1A1, 6.00%, 04/25/37			426		304,484
Series 2007-OA3, Class 1A1, (1 mo. LIBOR US + 0.140%), 2.54%, 04/25/47 (a)			1,214		1,153,497

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Countrywide Alternative Loan Trust: (continued)
Series 2007-OA3, Class 2A2, (1 mo. LIBOR US + 0.180%), 2.58%, 04/25/47 (a)	USD		196	$	62,134
Series 2007-OA8, Class 2A1, (1 mo. LIBOR US + 0.180%), 2.58%, 06/25/47 (a)			434		342,873
Series 2007-OH2, Class A2A, (1 mo. LIBOR US + 0.240%), 2.64%, 08/25/47 (a)			594		459,395
Countrywide Home Loan Mortgage Pass-Through Trust:
Series 2004-29, Class 1A1, (1 mo. LIBOR US + 0.540%), 2.94%, 02/25/35 (a)			295		284,942
Series 2006-OA4, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 3.46%, 04/25/46 (a)			1,538		761,278
Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.200%), 2.60%, 04/25/46 (a)			780		734,707
Series 2007-15, Class 2A2, 6.50%, 09/25/37			10,667		7,789,907
Credit Suisse Commercial Mortgage Trust:
Series 19-JR1, Class A1, 4.10%, 09/27/66 (b)			45,873		46,208,867
Series 2009-12R, Class 3A1, 6.50%, 10/27/37 (b)			8,103		4,655,695
Series 2009-5R, Class 4A4, 4.30%, 06/25/36 (b)(d)			2,005		1,865,237
Series 2011-5R, Class 3A1, 4.12%, 09/27/47 (b)(d)			162		161,695
Series 2014-11R, Class 16A1, 4.10%, 09/27/47 (b)(d)			1,804		1,832,929
Series 2014-4R, Class 16A3, (1 mo. LIBOR US + 0.200%), 2.63%, 02/27/36 (a)(b)(c)			830		762,323
Series 2014-9R, Class 9A1, (1 mo. LIBOR US + 0.120%), 2.55%, 08/27/36 (a)(b)(c)			1,550		1,379,313
Series 2015-6R, Class 5A1, (1 mo. LIBOR US + 0.180%), 2.79%, 03/27/36 (a)(b)			173		171,586
Series 2015-6R, Class 5A2, (1 mo. LIBOR US + 0.180%), 2.79%, 03/27/36 (a)(b)			2,721		2,079,364
Series 2019-RPL4, Class A1, 3.83%, 08/26/58 (b)			6,407		6,467,110
CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR US + 1.350%), 3.75%, 11/25/35 (a)			1,306		415,887
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA4, Class A2A, (1 mo. LIBOR US + 0.170%), 2.57%, 08/25/47 (a)			1,500		1,032,834
Deutsche Alt-A Securities, Inc., Series 2007-RS1, Class A2, (1 mo. LIBOR US + 0.500%), 2.93%, 01/27/37 (a)(b)			137		132,656
Deutsche Alt-B Securities Mortgage Loan Trust:
Series 2006-AB3, Class A3, 6.51%, 07/25/36 (d)			550		514,813
Series 2006-AB3, Class A8, 6.36%, 07/25/36 (d)			351		328,291
GreenPoint Mortgage Funding Trust, Series 2006-AR2, Class 4A1, (12 mo. Federal Reserve Cumulative Average US + 2.000%), 4.50%, 03/25/36 (a)			964		948,498
GSR Mortgage Loan Trust:
Series 2006-OA1, Class 1A1, (1 mo. LIBOR US + 0.220%), 2.62%, 08/25/46 (a)			18,772		7,550,813

CONSOLIDATED SCHEDULE OF INVESTMENTS 29

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
GSR Mortgage Loan Trust: (continued)
Series 2007-1F, Class 2A4, 5.50%, 01/25/37	USD	322	$	353,852
HarborView Mortgage Loan Trust, Series 2007-4, Class 2A2, (1 mo. LIBOR US + 0.250%), 2.64%, 07/19/47 (a)		857		776,210
Impac CMB Trust:
Series 2004-11, Class 1A2, (1 mo. LIBOR US + 0.520%), 2.92%, 03/25/35 (a)		1,548		1,511,239
Series 2005-6, Class 1A1, (1 mo. LIBOR US + 0.500%), 2.90%, 10/25/35 (a)		1,134		1,108,469
IndyMac INDX Mortgage Loan Trust:
Series 2007-AR19, Class 3A1, 3.75%, 09/25/37 (d)		3,555		2,540,729
Series 2007-FLX5, Class 2A2, (1 mo. LIBOR US + 0.240%), 2.64%, 08/25/37 (a)		1,213		1,081,253
JPMorgan Alternative Loan Trust:
Series 2007-A1, Class 1A4, (1 mo. LIBOR US + 0.210%), 2.61%, 03/25/37 (a)		1,834		1,740,048
Series 2007-A2, Class 2A1, 4.35%, 05/25/37 (d)		419		381,374
Legacy Mortgage Asset Trust, Series 2019-SL1, Class A 4.00%, 12/25/54 (b)(d)		11,175		11,226,516
Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR US + 1.150%), 3.55%, 12/25/37 (a)		1,149		1,079,539
LSTAR Securities Investment Trust:
Series 2019-1, Class A1, (1 mo. LIBOR US + 1.700%), 4.10%, 03/01/24 (a)(b)		4,201		4,213,995
Series 2019-2, Class A1, (1 mo. LIBOR US + 1.500%), 3.90%, 04/01/24 (a)(b)		4,728		4,737,322
MASTR Resecuritization Trust, Series 2008-3, Class A1, 2.86%, 08/25/37 (b)(c)(d)		1,341		1,055,689
MCM Trust:
Series 2018-NPL1, Class A, 4.00%, 06/25/58 (b)(c)(d)		6,249		6,232,409
Series 2018-NPL1, Class B, 0.00%, 06/25/58 (b)(c)(d)		11,279		1,579,031
Series 2018-NPL2, Class A, 4.00%, 10/25/28 (b)(c)		11,961		11,942,306
Series 2018-NPL2, Class B, 0.00%, 10/25/28 (b)(c)		17,935		3,945,673
Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR US + 0.210%), 2.61%, 04/25/37 (a)		2,651		2,306,704
Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 6A1, 4.10%, 05/25/36 (d)		1,756		1,629,232
Mortgage Loan Resecuritization Trust, Series 2009-RS1, Class A85, (1 mo. LIBOR US + 0.340%), 2.78%, 04/16/36 (a)(b)		8,783		7,670,261
New Residential Mortgage Loan Trust:
Series 2019-2A, Class A1, 4.25%, 12/25/57 (b)(d)		2,460		2,555,628
Series 2019-RPL1, Class A1, 4.34%, 02/26/24 (b)(e)		7,071		7,173,047
Nomura Asset Acceptance Corp. Alternative Loan Trust:
Series 2001-R1A, Class A, 7.00%, 02/19/30 (b)(d)		516		527,960
Series 2006-AF1, Class 1A4, 6.63%, 05/25/36 (e)		616		237,876

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Nomura Asset Acceptance Corp. Alternative Loan Trust: (continued)
Series 2007-2, Class A4, (1 mo. LIBOR US + 0.420%), 2.82%, 06/25/37 (a)	USD	472	$	389,958
Paragon Mortgages No. 13 PLC, Series 13X, Class A2C, (3 mo. LIBOR US + 0.180%), 2.78%, 01/15/39 (a)		341		320,216
RALI Trust, Series 2007-QH9, Class A1, 3.75%, 11/25/37 (d)		915		844,390
Reperforming Loan REMIC Trust:
Series 2005-R2, Class 1AF1, (1 mo. LIBOR US + 0.340%), 2.74%, 06/25/35 (a)(b)		551		528,216
Series 2005-R3, Class AF, (1 mo. LIBOR US + 0.400%), 2.80%, 09/25/35 (a)(b)		185		170,029
Seasoned Credit Risk Transfer Trust:
Series 2017-3, Class M2, 4.75%, 07/25/56 (b)(d)		1,550		1,528,367
Series 2018-1, Class BX, 6.32%, 05/25/57 (c)(d)		557		292,803
Series 2018-1, Class M, 4.75%, 05/25/57 (d)		500		489,012
Series 2018-3, Class M, 4.75%, 08/25/57 (b)(d)		2,700		2,656,425
STACR Trust, Series 2018-DNA2, Class M2, (1 mo. LIBOR US + 2.150%), 4.55%, 12/25/30 (a)(b)		1,430		1,426,727
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 4.11%, 04/25/36 (d)		1,065		891,175
Structured Asset Mortgage Investments II Trust:
Series 2006-AR4, Class 3A1, (1 mo. LIBOR US + 0.190%), 2.59%, 06/25/36 (a)(c)		3,137		2,855,012
Series 2006-AR5, Class 2A1, (1 mo. LIBOR US + 0.210%), 2.61%, 05/25/46 (a)		638		549,429
Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR US + 1.250%), 3.45%, 06/25/47 (a)		495		450,695
Washington Mutual Mortgage Pass-Through Certificates, Series 2006-1, Class 4CB, 6.50%, 02/25/36		1,586		1,405,217
Washington Mutual Mortgage Pass-Through Certificates Trust:
Series 2005-AR2, Class B1, (1 mo. LIBOR US + 0.530%), 2.93%, 01/25/45 (a)		630		476,633
Series 2006-4, Class 1A1, 6.00%, 04/25/36		4,639		4,345,659
Series 2006-4, Class 3A1, 6.50%, 05/25/36 (e)		1,605		1,452,382
Series 2006-4, Class 3A5, 6.35%, 05/25/36 (e)		622		563,139
Total Collateralized Mortgage Obligations — 1.9% (Cost: $285,666,747)				280,922,222
Commercial Mortgage-Backed Securities — 3.3%
1211 Avenue of the Americas Trust, Series 2015-1211, Class D, 4.28%, 08/10/35 (b)(d)		660		694,686
245 Park Avenue Trust:
Series 2017-245P, Class D, 3.66%, 06/05/37 (b)(d)		480		489,717
Series 2017-245P, Class E, 3.66%, 06/05/37 (b)(d)		1,699		1,661,111

30

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
280 Park Avenue Mortgage Trust:
Series 2017-280P, Class D, (1 mo. LIBOR US + 1.537%), 3.93%, 09/15/34 (a)(b)	USD	2,920	$	2,925,453
Series 2017-280P, Class E, (1 mo. LIBOR US + 2.119%), 4.51%, 09/15/34 (a)(b)		5,835		5,849,617
Americold LLC, Series 2010-ARTA, Class C, 6.81%, 01/14/29 (b)		700		733,223
AOA Mortgage Trust, Series 2015-1177, Class C, 3.11%, 12/13/29 (b)(d)		1,340		1,339,013
AREIT Trust, Series 2018-CRE1, Class A, (1 mo. LIBOR US + 0.850%), 3.25%, 02/14/35 (a)(b)(c)		180		180,283
Ashford Hospitality Trust, Series 2018-ASHF, Class D, (1 mo. LIBOR US + 2.100%), 4.49%, 04/15/35 (a)(b)		3,450		3,463,998
Asset Securitization Corp., Series 1997-D5, Class B2, 6.93%, 02/14/43		143		145,394
Atrium Hotel Portfolio Trust:
Series 2017-ATRM, Class D, (1 mo. LIBOR US + 1.950%), 4.34%, 12/15/36 (a)(b)		4,840		4,853,552
Series 2017-ATRM, Class E, (1 mo. LIBOR US + 3.050%), 5.44%, 12/15/36 (a)(b)		910		916,761
Series 2018-ATRM, Class E, (1 mo. LIBOR US + 3.400%), 5.79%, 06/15/35 (a)(b)		1,640		1,648,184
Aventura Mall Trust, Series 2013-AVM, Class D, 3.74%, 12/05/32 (b)(d)		300		304,319
Banc of America Commercial Mortgage Trust, Series 2007-1, Class AMFX, 5.48%, 01/15/49 (d)		158		158,187
Banc of America Merrill Lynch Commercial Mortgage Securities Trust:
Series 2015-200P, Class F, 3.72%, 04/14/33 (b)(d)		1,241		1,237,345
Series 2016-ISQ, Class C, 3.73%, 08/14/34 (b)(d)		445		457,646
Series 2016-ISQ, Class E, 3.73%, 08/14/34 (b)(d)		6,140		5,977,983
Series 2017-SCH, Class BF, (1 mo. LIBOR US + 1.400%), 3.79%, 11/15/33 (a)(b)		2,170		2,173,525
Series 2017-SCH, Class CL, (1 mo. LIBOR US + 1.500%), 3.89%, 11/15/32 (a)(b)		970		970,000
Series 2017-SCH, Class DL, (1 mo. LIBOR US + 2.000%), 4.39%, 11/15/32 (a)(b)		1,930		1,930,000
Series 2018-DSNY, Class D, (1 mo. LIBOR US + 1.700%), 4.09%, 09/15/34 (a)(b)		3,275		3,286,801
Series 2019-AHT, Class C, (1 mo. LIBOR US + 2.000%), 4.39%, 03/15/34 (a)(b)		877		880,675
Bancorp Commercial Mortgage Trust, Series 2018-CR3, Class A, (1 mo. LIBOR US + 0.850%), 3.24%, 01/15/33 (a)(b)		1,864		1,855,047
Barclays Commercial Mortgage Trust:
Series 2015-STP, Class E, 4.43%, 09/10/28 (b)(d)		100		98,667
Series 2018-TALL, Class A, (1 mo. LIBOR US + 0.722%), 3.12%, 03/15/37 (a)(b)		918		914,547
Series 2018-TALL, Class D, (1 mo. LIBOR US + 1.449%), 3.84%, 03/15/37 (a)(b)		1,120		1,119,643
Series 2019-C3, Class C, 4.18%, 05/15/52		1,514		1,562,536
Series 2019-C3, Class D, 3.00%, 05/15/52 (b)		1,189		1,051,950
Bayview Commercial Asset Trust:
Series 2005-2A, Class A1, (1 mo. LIBOR US + 0.310%), 2.71%, 08/25/35 (a)(b)		1,373		1,318,298

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Bayview Commercial Asset Trust: (continued)
Series 2005-4A, Class A1, (1 mo. LIBOR US + 0.300%), 2.70%, 01/25/36 (a)(b)	USD	340	$	327,769
Series 2005-4A, Class A2, (1 mo. LIBOR US + 0.390%), 2.79%, 01/25/36 (a)(b)		96		92,811
Series 2005-4A, Class M1, (1 mo. LIBOR US + 0.450%), 2.85%, 01/25/36 (a)(b)		255		245,996
Series 2006-1A, Class A2, (1 mo. LIBOR US + 0.360%), 2.76%, 04/25/36 (a)(b)		342		330,154
Series 2006-3A, Class A1, (1 mo. LIBOR US + 0.250%), 2.65%, 10/25/36 (a)(b)		615		587,807
Series 2006-3A, Class A2, (1 mo. LIBOR US + 0.300%), 2.70%, 10/25/36 (a)(b)		429		410,822
Series 2006-4A, Class A1, (1 mo. LIBOR US + 0.230%), 2.63%, 12/25/36 (a)(b)		891		866,824
Series 2007-6A, Class A4A, (1 mo. LIBOR US + 1.500%), 3.90%, 12/25/37 (a)(b)		1,980		1,695,610
BBCMS Mortgage Trust, Series 2018-CHRS, Class E, 4.27%, 08/05/38 (b)(d)		980		888,409
BBCMS Trust, Series 2015-SRCH, Class A1, 3.31%, 08/10/35 (b)		2,730		2,825,248
BB-UBS Trust, Series 2012-SHOW, Class E, 4.03%, 11/05/36 (b)(d)		790		786,706
Bear Stearns Commercial Mortgage Securities Trust, Series 2007-T26, Class AM, 5.51%, 01/12/45 (d)		954		951,494
Benchmark Mortgage Trust:
Series 2018-B3, Class D, 3.06%, 04/10/51 (b)		210		191,105
Series 2019-B10, Class 3CCA, 4.03%, 03/15/62 (b)(d)		4,860		4,988,401
Series 2019-B9, Class C, 4.97%, 03/15/52 (d)		2,908		3,241,870
BHMS, Series 2018-ATLS, Class A, (1 mo. LIBOR US + 1.250%), 3.64%, 07/15/35 (a)(b)		7,050		7,052,111
BWAY Mortgage Trust:
Series 2013-1515, Class A2, 3.45%, 03/10/33 (b)		2,920		3,062,057
Series 2013-1515, Class D, 3.63%, 03/10/33 (b)		1,400		1,427,912
Series 2013-1515, Class E, 3.72%, 03/10/33 (b)		250		253,486
Series 2013-1515, Class F, 4.06%, 03/10/33 (b)(d)		250		252,068
BX Commercial Mortgage Trust, Series 2018-IND, Class H, (1 mo. LIBOR US + 3.000%), 5.39%, 11/15/35 (a)(b)		12,734		12,773,858
BXP Trust:
Series 2017-CC, Class D, 3.67%, 08/13/37 (b)(d)		750		744,711
Series 2017-CC, Class E, 3.67%, 08/13/37 (b)(d)		1,450		1,371,857
Series 2017-GM, Class D, 3.54%, 06/13/39 (b)(d)		590		596,695
Series 2017-GM, Class E, 3.54%, 06/13/39 (b)(d)		1,240		1,195,449
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, (1 mo. LIBOR US + 1.750%), 4.14%, 12/15/37 (a)(b)		5,121		5,152,459
CCRESG Commercial Mortgage Trust, Series 2016-HEAT, Class D, 5.67%, 04/10/29 (b)(d)		560		573,403
CFCRE Commercial Mortgage Trust:
Series 2016-C3, Class A3, 3.87%, 01/10/48		410		438,596

CONSOLIDATED SCHEDULE OF INVESTMENTS 31

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
CFCRE Commercial Mortgage Trust: (continued)
Series 2018-TAN, Class C, 5.30%, 02/15/33 (b)	USD	1,160	$	1,240,229
CFK Trust, Series 2019-FAX, Class D, 4.64%, 01/15/39 (b)		2,643		2,921,663
CGBAM Commercial Mortgage Trust:
Series 2015-SMRT, Class E, 3.91%, 04/10/28 (b)(d)		1,880		1,894,926
Series 2015-SMRT, Class F, 3.91%, 04/10/28 (b)(d)		230		231,950
CGDBB Commercial Mortgage Trust:
Series 2017-BIOC, Class A, (1 mo. LIBOR US + 0.790%), 3.18%, 07/15/32 (a)(b)		4,330		4,330,005
Series 2017-BIOC, Class D, (1 mo. LIBOR US + 1.600%), 3.99%, 07/15/32 (a)(b)		3,190		3,196,009
Series 2017-BIOC, Class E, (1 mo. LIBOR US + 2.150%), 4.54%, 07/15/32 (a)(b)		7,000		6,999,996
CHC Commercial Mortgage Trust, Series 2019-CHC, Class B, (1 mo. LIBOR US + 1.500%), 3.90%, 06/15/34 (a)(b)		7,293		7,293,000
Citigroup Commercial Mortgage Trust:
Series 2014-GC19, Class C, 5.26%, 03/10/47 (d)		440		473,849
Series 2015-SHP2, Class F, (1 mo. LIBOR US + 5.200%), 7.59%, 07/15/27 (a)(b)		370		370,028
Series 2016-C1, Class C, 5.12%, 05/10/49 (d)		1,290		1,410,477
Series 2016-C1, Class D, 5.12%, 05/10/49 (b)(d)		450		456,105
Series 2016-GC37, Class C, 5.09%, 04/10/49 (d)		640		686,231
Series 2016-P3, Class C, 5.00%, 04/15/49 (d)		120		129,331
Series 2016-P3, Class D, 2.80%, 04/15/49 (b)(d)		380		328,519
Series 2017-C4, Class A4, 3.47%, 10/12/50		1,220		1,287,420
Series 2019-SMRT, Class D, 4.90%, 01/10/24 (b)(d)		4,870		5,159,447
Series 2019-SMRT, Class E, 4.90%, 01/10/24 (b)(d)		419		434,357
Citigroup/Deutsche Bank Commercial Mortgage Trust:
Series 2006-CD3, Class AM, 5.65%, 10/15/48		3,575		3,713,526
Series 2017-CD3, Class A4, 3.63%, 02/10/50		850		906,543
Series 2017-CD4, Class A4, 3.51%, 05/10/50 (d)		50		52,728
CLNS Trust, Series 2017-IKPR, Class E, (1 mo. LIBOR US + 3.500%), 5.91%, 06/11/32 (a)(b)		1,554		1,561,762
Commercial Mortgage Pass-Through Certificates:
Series 2005-C6, Class F, 5.90%, 06/10/44 (b)(d)		396		403,802
Series 2013-GAM, Class A2, 3.37%, 02/10/28 (b)		1,656		1,666,214
Series 2014-CR14, Class A4, 4.24%, 02/10/47 (d)		855		920,891
Series 2014-CR15, Class C, 4.90%, 02/10/47 (d)		260		280,285
Series 2014-CR16, Class A4, 4.05%, 04/10/47		4,806		5,144,635
Series 2014-CR17, Class A5, 3.98%, 05/10/47		2,642		2,829,597

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Pass-Through Certificates: (continued)
Series 2014-CR18, Class A4, 3.55%, 07/15/47	USD	390	$	407,702
Series 2014-CR19, Class A5, 3.80%, 08/10/47		1,391		1,480,657
Series 2014-CR21, Class C, 4.58%, 12/10/47 (d)		1,010		1,060,801
Series 2015-CR23, Class CMC, 3.81%, 05/10/48 (b)(d)		210		210,507
Series 2015-CR23, Class CMD, 3.81%, 05/10/48 (b)(d)		10,150		10,160,602
Series 2015-CR23, Class CME, 3.81%, 05/10/48 (b)(d)		2,600		2,595,606
Series 2015-CR24, Class A5, 3.70%, 07/10/25		1,370		1,460,216
Series 2015-CR25, Class A4, 3.76%, 08/10/48		3,505		3,744,524
Series 2015-CR25, Class C, 4.70%, 08/10/48 (d)		1,010		1,050,334
Series 2015-LC19, Class A4, 3.18%, 02/10/48		1,785		1,851,156
Series 2015-LC19, Class C, 4.40%, 02/10/48 (d)		450		472,683
Series 2015-LC19, Class D, 2.87%, 02/10/48 (b)		890		819,262
Series 2015-LC21, Class C, 4.44%, 07/10/48 (d)		1,600		1,669,487
Series 2017-COR2, Class A3, 3.51%, 09/10/50		1,180		1,245,295
Series 2017-COR2, Class D, 3.00%, 09/10/50 (b)		860		784,134
Series 2018-HCLV, Class B, (1 mo. LIBOR US + 1.400%), 3.79%, 09/15/33 (a)(b)		1,420		1,414,206
Commercial Mortgage Trust:
Series 2014-LC15, Class A4, 4.01%, 04/10/47		2,350		2,508,268
Series 2014-UBS4, Class C, 4.78%, 08/10/47 (d)		2,395		2,480,102
Series 2015-CR23, Class A4, 3.50%, 05/10/48		810		853,262
Series 2015-LC23, Class A4, 3.77%, 10/10/48		1,040		1,114,150
Series 2016-667M, Class D, 3.29%, 10/10/36 (b)(d)		630		600,737
Core Industrial Trust:
Series 2015-CALW, Class G, 3.98%, 02/10/34 (b)(d)		1,971		2,006,231
Series 2015-TEXW, Class A, 3.08%, 02/10/34 (b)		2,948		3,018,985
Series 2015-TEXW, Class D, 3.98%, 02/10/34 (b)(d)		1,330		1,375,543
Series 2015-TEXW, Class E, 3.98%, 02/10/34 (b)(d)		250		257,163
Series 2015-TEXW, Class F, 3.98%, 02/10/34 (b)(d)		5,869		6,003,090
Credit Suisse Commercial Mortgage Trust:
Series 2015-GLPB, Class A, 3.64%, 11/15/34 (b)		2,330		2,432,209
Series 2017-PFHP, Class A, (1 mo. LIBOR US + 0.950%), 3.34%, 12/15/30 (a)(b)		900		896,592

32

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Credit Suisse Commercial Mortgage Trust: (continued)
Series 2017-TIME, Class A, 3.65%, 11/13/39 (b)	USD	850	$	882,805
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class C, 4.95%, 07/15/37 (d)		7		6,655
CSAIL Commercial Mortgage Trust:
Series 2015-C2, Class A4, 3.50%, 06/15/57		1,160		1,213,560
Series 2018-C14, Class C, 5.06%, 11/15/51 (d)		1,250		1,365,230
Series 2019-C15, Class A4, 4.05%, 03/15/52		3,683		4,044,520
Series 2019-C15, Class C, 5.15%, 03/15/52 (d)		2,755		2,988,620
Series 2019-C15, Class D, 3.00%, 03/15/52 (b)		1,285		1,127,258
Series 2019-C16, Class A3, 3.33%, 06/15/52		2,650		2,745,744
Series 2019-C16, Class C, 4.24%, 06/15/52 (d)		3,600		3,720,007
CSWF, Series 2018-TOP, Class A, (1 mo. LIBOR US + 1.000%), 3.39%, 08/15/35 (a)(b)		1,388		1,388,851
DBGS Mortgage Trust, Series 2019-1735, Class F, 4.33%, 04/10/37 (b)(d)		1,144		1,096,362
Deutsche Bank JPMorgan Mortgage Trust, Series 2016-C1, Class A4, 3.28%, 02/10/26		1,430		1,490,247
Deutsche Bank UBS Mortgage Trust:
Series 2017-BRBK, Class A, 3.45%, 10/10/34 (b)		2,540		2,664,091
Series 2017-BRBK, Class E, 3.65%, 10/10/34 (b)(d)		4,290		4,306,657
Series 2017-BRBK, Class F, 3.65%, 10/10/34 (b)(d)		880		869,713
Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class A, 3.67%, 09/10/35 (b)(d)		1,190		1,260,482
Exantas Capital Corp. Ltd., Series 2019-RSO7, Class AS, (1 mo. LIBOR US + 1.500%), 3.89%, 04/15/36 (a)(b)		3,495		3,494,992
FREMF Mortgage Trust:
Series 2016-K54, Class B, 4.19%, 04/25/48 (b)(d)		1,280		1,342,323
Series 2017-K64, Class B, 4.12%, 05/25/50 (b)(d)		766		801,099
Series 2017-KGX1, Class BFX, 3.71%, 10/25/27 (b)(d)		1,190		1,151,051
Series 2018-K74, Class B, 4.23%, 02/25/51 (b)(d)		120		126,492
Series 2018-K77, Class B, 4.16%, 05/25/51 (b)(d)		770		810,297
Series 2018-K80, Class B, 4.37%, 08/25/50 (b)(d)		1,510		1,597,541
FRESB Mortgage Trust:
Series 2018-SB52, Class A10F, 3.48%, 06/25/28 (d)		2,500		2,628,811
Series 2018-SB53, Class A10F, 3.66%, 06/25/28 (d)		1,472		1,566,203
GPMT Ltd., Series 2018-FL1, Class A, (1 mo. LIBOR US + 0.900%), 3.28%, 11/21/35 (a)(b)		1,826		1,825,823
Grace Mortgage Trust, Series 2014-GRCE, Class F, 3.71%, 06/10/28 (b)(d)		1,662		1,663,280
GS Mortgage Securities Corp Trust:
Series 2017-500K, Class D, (1 mo. LIBOR US + 1.300%), 3.69%, 07/15/32 (a)(b)		230		229,291

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
GS Mortgage Securities Corp Trust: (continued)
Series 2017-500K, Class E, (1 mo. LIBOR US + 1.500%), 3.89%, 07/15/32 (a)(b)	USD		480	$	479,850
Series 2017-500K, Class F, (1 mo. LIBOR US + 1.800%), 4.19%, 07/15/32 (a)(b)			549		546,605
Series 2017-500K, Class G, (1 mo. LIBOR US + 2.500%), 4.89%, 07/15/32 (a)(b)			170		168,877
GS Mortgage Securities Corp. II:
Series 2005-ROCK, Class A, 5.37%, 05/03/32 (b)			2,750		3,162,198
Series 2013-KING, Class E, 3.55%, 12/10/27 (b)(d)			2,990		2,979,007
GS Mortgage Securities Corp. Trust:
Series 2017-GPTX, Class A, 2.86%, 05/10/34 (b)			2,290		2,299,787
Series 2018-HULA, Class D, (1 mo. LIBOR US + 1.800%), 4.19%, 07/15/25 (a)(b)			1,212		1,218,411
Series 2019-BOCA, Class A, (1 mo. LIBOR US + 1.200%), 3.65%, 06/15/38 (a)(b)			1,431		1,431,551
Series 2019-SOHO, Class E, (1 mo. LIBOR US + 1.875%), 4.33%, 06/15/36 (a)(b)			4,020		4,010,955
GS Mortgage Securities Trust:
Series 2010-C1, Class A1, 3.68%, 08/10/43 (b)			124		124,487
Series 2014-GC20, Class B, 4.53%, 04/10/47 (d)			140		144,698
Series 2014-GC24, Class A5, 3.93%, 09/10/47			882		942,484
Series 2015-590M, Class E, 3.93%, 10/10/35 (b)(d)			1,410		1,423,945
Series 2015-GC28, Class B, 3.98%, 02/10/48			680		710,814
Series 2015-GC32, Class C, 4.56%, 07/10/48 (d)			1,370		1,445,359
Series 2015-GS1, Class A3, 3.73%, 11/10/48			670		713,128
Series 2016-RENT, Class C, 4.20%, 02/10/29 (b)(d)			1,070		1,084,812
Series 2017-GS6, Class A3, 3.43%, 05/10/50			1,290		1,357,211
Series 2017-GS7, Class A4, 3.43%, 08/10/50			3,001		3,126,001
Series 2017-GS7, Class D, 3.00%, 08/10/50 (b)			530		475,103
Series 2017-GS7, Class E, 3.00%, 08/10/50 (b)			180		160,157
HMH Trust, Series 2017-NSS, Class A, 3.06%, 07/05/31 (b)			3,390		3,434,622
Hudson Yards Mortgage Trust:
Series 2016-10HY, Class A, 2.84%, 08/10/38 (b)			2,640		2,675,018
Series 2019-30HY, Class E, 3.56%, 07/10/39 (b)(d)			6,210		5,991,764
IMT Trust:
Series 2017-APTS, Class AFX, 3.48%, 06/15/34 (b)			1,540		1,612,758
Series 2017-APTS, Class DFX, 3.61%, 06/15/34 (b)(d)			1,600		1,613,379
Series 2017-APTS, Class EFX, 3.61%, 06/15/34 (b)(d)			810		800,815
InTown Hotel Portfolio Trust, Series 2018-STAY, Class A, (1 mo. LIBOR US + 0.700%), 3.09%, 01/15/33 (a)(b)			620		619,032

CONSOLIDATED SCHEDULE OF INVESTMENTS 33

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C26, Class A4, 3.49%, 01/15/48	USD	1,247	$	1,309,010
Series 2015-C33, Class D1, 4.27%, 12/15/48 (b)(d)		1,873		1,862,627
JPMDB Commercial Mortgage Securities Trust:
Series 2017-C5, Class A5, 3.69%, 03/15/50		1,880		2,013,829
Series 2017-C5, Class C, 4.51%, 03/15/50 (d)		240		254,356
Series 2017-C5, Class D, 4.72%, 03/15/50 (b)(d)		3,549		3,612,345
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2012-CBX, Class A4FL, (1 mo. LIBOR US + 1.300%), 3.69%, 06/15/45 (a)(b)		430		437,786
Series 2014-C20, Class A5, 3.81%, 07/15/47		1,990		2,098,636
Series 2014-C21, Class A5, 3.78%, 08/15/47		1,420		1,502,073
Series 2014-C22, Class A4, 3.80%, 09/15/47		563		596,884
Series 2015-JP1, Class A5, 3.91%, 01/15/49		339		364,753
Series 2015-JP1, Class C, 4.89%, 01/15/49 (d)		710		754,904
Series 2015-UES, Class C, 3.62%, 09/05/32 (b)(d)		3,431		3,456,750
Series 2015-UES, Class E, 3.62%, 09/05/32 (b)(d)		3,880		3,885,488
Series 2015-UES, Class F, 3.62%, 09/05/32 (b)(d)		350		348,660
Series 2016-NINE, Class A, 2.85%, 10/06/38 (b)(d)		4,650		4,725,650
Series 2017-JP5, Class C, 4.05%, 03/15/50 (d)		1,260		1,293,069
Series 2017-JP5, Class D, 4.80%, 03/15/50 (b)(d)		1,650		1,687,577
Series 2017-JP6, Class A5, 3.49%, 07/15/50		1,180		1,243,001
Series 2017-JP7, Class B, 4.05%, 09/15/50		320		337,353
Series 2019-COR5, Class C, 3.75%, 06/13/52		3,052		3,060,792
Series 2019-MFP, Class C, (1 mo. LIBOR US + 1.360%), 3.74%, 07/15/36 (a)(b)		900		898,251
Series 2019-MFP, Class E, (1 mo. LIBOR US + 2.160%), 4.54%, 07/15/36 (a)(b)		2,460		2,450,517
Series 2019-MFP, Class F, (1 mo. LIBOR US + 3.000%), 5.38%, 07/15/36 (a)(b)		891		890,319
Series 2019-OSB, Class E, 3.78%, 06/05/39 (b)(d)		1,384		1,401,373
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, (1 mo. LIBOR US + 1.800%), 4.19%, 05/15/36 (a)(b)		11,283		11,282,097
LB-UBS Commercial Mortgage Trust, Series 2006-C4, Class F, 6.36%, 06/15/38 (d)		238		242,531
Lehman Brothers Small Balance Commercial Mortgage Trust: Series 2006-2A, Class M2, (1 mo. LIBOR US + 0.390%), 2.79%, 09/25/36 (a)(b)		670		651,554
Series 2007-1A, Class 1A, (1 mo. LIBOR US + 0.250%), 2.65%, 03/25/37 (a)(b)		1,166		1,132,827
LSTAR Commercial Mortgage Trust, Series 2015-3, Class AS, 3.27%, 04/20/48 (b)(d)		1,620		1,647,131
MAD Mortgage Trust:
Series 2017-330M, Class D, 4.11%, 08/15/34 (b)(d)		1,085		1,107,561

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
MAD Mortgage Trust: (continued)
Series 2017-330M, Class E, 4.17%, 08/15/34 (b)(d)	USD	3,010	$	2,975,793
Merrill Lynch Mortgage Trust, Series 2005-MKB2, Class F, 6.53%, 09/12/42 (b)(d)		1,350		1,366,842
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2014-C16, Class A5, 3.89%, 06/15/47		3,880		4,130,272
Series 2015-C23, Class A4, 3.72%, 07/15/50		1,016		1,080,819
Series 2015-C23, Class D, 4.27%, 07/15/50 (b)(d)		412		402,446
Series 2015-C24, Class A4, 3.73%, 05/15/48		840		895,861
Series 2015-C25, Class C, 4.68%, 10/15/48 (d)		430		458,978
Series 2015-C26, Class A5, 3.53%, 10/15/48		1,144		1,207,290
Series 2015-C26, Class D, 3.06%, 10/15/48 (b)		762		705,934
Series 2017-C33, Class C, 4.56%, 05/15/50 (d)		840		891,372
Morgan Stanley Capital Barclays Bank Trust, Series 2016-MART, Class A, 2.20%, 09/13/31 (b)		820		819,028
Morgan Stanley Capital I Trust:
Series 2006-IQ11, Class C, 6.38%, 10/15/42 (d)		1,601		1,648,840
Series 2007-T27, Class AJ, 6.14%, 06/11/42 (d)		2,163		2,296,924
Series 2014-CPT, Class E, 3.56%, 07/13/29 (b)(d)		250		251,958
Series 2014-CPT, Class F, 3.56%, 07/13/29 (b)(d)		2,059		2,062,654
Series 2014-CPT, Class G, 3.56%, 07/13/29 (b)(d)		1,290		1,280,556
Series 2015-MS1, Class A4, 3.78%, 05/15/48 (d)		420		448,409
Series 2015-MS1, Class C, 4.17%, 05/15/48 (d)		1,000		1,032,434
Series 2015-MS1, Class D, 4.17%, 05/05/48 (b)(d)		310		299,432
Series 2017-CLS, Class F, (1 mo. LIBOR US + 2.600%), 4.99%, 11/15/34 (a)(b)		6,092		6,064,991
Series 2017-H1, Class D, 2.55%, 06/15/50 (b)		4,190		3,523,748
Series 2017-HR2, Class D, 2.73%, 12/15/50		430		382,255
Series 2017-JWDR, Class D, (1 mo. LIBOR US + 1.950%), 4.34%, 11/15/34 (a)(b)		1,020		1,025,275
Series 2018-H3, Class C, 5.01%, 07/15/51 (d)		1,400		1,511,360
Series 2018-MP, Class E, 4.42%, 07/11/40 (b)(d)		2,670		2,625,363
Series 2018-SUN, Class F, (1 mo. LIBOR US + 2.550%), 4.61%, 07/15/35 (a)(b)		1,015		1,025,697
Series 2019-AGLN, Class D, (1 mo. LIBOR US + 1.750%), 4.14%, 03/15/34 (a)(b)		3,605		3,604,960
Series 2019-AGLN, Class F, (1 mo. LIBOR US + 2.600%), 4.99%, 03/15/34 (a)(b)		3,840		3,844,823
Series 2019-H6, Class A4, 3.42%, 06/15/52		1,858		1,945,808
Series 2019-L2, Class A4, 4.07%, 03/15/52		1,485		1,640,013
Morgan Stanley Capital I, Inc.:
Series 2017-JWDR, Class E, (1 mo. LIBOR US + 3.050%), 5.44%, 11/15/34 (a)(b)		1,213		1,222,850

34

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Capital I, Inc.: (continued)
Series 2018-H3, Class D, 3.00%, 07/15/51 (b)	USD	960	$	847,175
Natixis Commercial Mortgage Securities Trust:
Series 2018-FL1, Class A, (1 mo. LIBOR US + 0.950%), 3.39%, 06/15/35 (a)(b)		778		775,168
Series 2018-FL1, Class MCR1, (1 mo. LIBOR US + 2.350%), 4.79%, 06/15/35 (a)(b)		690		686,068
Series 2019-10K, Class D, 4.27%, 05/15/39 (b)(d)		4,070		4,163,439
Olympic Tower Mortgage Trust, Series 2017-OT, Class E, 4.08%, 05/10/39 (b)(d)		2,910		2,846,338
PFP Ltd.:
Series 2019-5, Class A, (1 mo. LIBOR US + 0.970%), 3.37%, 04/14/36 (a)(b)		1,534		1,533,500
Series 2019-5, Class AS, (1 mo. LIBOR US + 1.420%), 3.82%, 04/14/36 (a)(b)		900		900,000
Prima Capital CRE Securitization Ltd.:
Series 2015-4A, Class C, 4.00%, 08/24/49 (b)(c)		900		897,300
Series 2016-6A, Class C, 4.00%, 08/24/40 (b)(c)		7,170		7,122,678
RAIT Trust, Series 2017-FL7, Class C, (1 mo. LIBOR US + 2.500%), 4.89%, 06/15/37 (a)(b)		550		542,160
RSO, Series 17, Class REPO, 5.20%, 07/17/20 (b)(c)(i)		8,761		8,673,328
Scorpio European Loan Conduit No. 34 DAC, Series 34A, Class C, (3 mo. LIBOR GBP + 2.100%), 2.91%, 05/17/29 (a)(b)	GBP	1,185		1,504,896
U.S. Mortgage, Series 2018-USDC, Class F, 4.64%, 05/09/38 (b)(d)	USD	1,420		1,419,533
US, Series 2018-USDC, Class E, 4.64%, 05/13/38 (b)(d)		1,160		1,209,017
Velocity Commercial Capital Loan Trust:
Series 2016-1, Class M4, 8.91%, 04/25/46 (b)(d)		370		423,362
Series 2016-2, Class M1, 3.66%, 10/25/46 (d)		360		369,027
Series 2016-2, Class M2, 4.46%, 10/25/46 (d)		200		204,136
Series 2016-2, Class M3, 5.50%, 10/25/46 (d)		800		839,030
Series 2016-2, Class M4, 7.23%, 10/25/46 (d)		370		390,693
Series 2017-1, Class M2, 4.45%, 05/25/47 (b)(d)		410		414,550
Series 2017-1, Class M3, 5.35%, 05/25/47 (b)(d)		410		421,647
Series 2017-2, Class M3, 4.24%, 11/25/47 (b)(d)		640		647,345
Series 2017-2, Class M4, 5.00%, 11/25/47 (b)(d)		384		388,874
Series 2018-1, Class M2, 4.26%, 04/25/48 (b)		350		361,142
VNDO Mortgage Trust, Series 2013-PENN, Class D, 4.08%, 12/13/29 (b)(d)		550		554,303
Wells Fargo Commercial Mortgage Trust:
Series 2014-LC18, Class A5, 3.41%, 12/15/47		550		575,144
Series 2015-C27, Class C, 3.89%, 02/15/48		902		898,419
Series 2015-C28, Class A4, 3.54%, 05/15/48		930		980,138
Series 2015-C30, Class A4, 3.66%, 09/15/48		1,715		1,821,194
Series 2015-C31, Class A4, 3.70%, 11/15/48		590		628,823
Series 2015-NXS1, Class A5, 3.15%, 05/15/48		399		412,302
Series 2015-NXS2, Class A5, 3.77%, 07/15/58 (d)		3,050		3,255,172
Series 2015-NXS4, Class A4, 3.72%, 12/15/48		608		648,262

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust: (continued)
Series 2015-NXS4, Class D, 3.75%, 12/15/48 (d)	USD	95	$	94,234
Series 2015-P2, Class A4, 3.81%, 12/15/48		2,150		2,305,299
Series 2015-P2, Class D, 3.24%, 12/15/48 (b)		1,784		1,562,811
Series 2017-C39, Class C, 4.12%, 09/15/50		590		599,048
Series 2017-C39, Class D, 4.50%, 09/15/50 (b)(d)		594		587,027
Series 2017-C41, Class D, 2.60%, 11/15/50 (b)(d)		1,772		1,513,957
Series 2017-HSDB, Class A, (1 mo. LIBOR US + 0.850%), 3.26%, 12/13/31 (a)(b)		1,508		1,502,465
Series 2018-1745, Class A, 3.87%, 06/15/36 (b)(d)		930		996,330
Series 2018-BXI, Class E, (1 mo. LIBOR US + 2.157%), 4.55%, 12/15/36 (a)(b)		877		875,900
Series 2018-C44, Class D, 3.00%, 05/15/51 (b)		1,100		994,561
Series 2018-C45, Class C, 4.73%, 06/15/51		530		559,789
Series 2019-C49, Class A5, 4.02%, 03/15/52		2,283		2,506,360
WFRBS Commercial Mortgage Trust:
Series 2011-C3, Class A3FL, (1 mo. LIBOR US + 0.950%), 3.34%, 03/15/44 (a)(b)		51		51,323
Series 2014-C21, Class A5, 3.68%, 08/15/47		1,515		1,600,827
Series 2014-C24, Class B, 4.20%, 11/15/47 (d)		770		792,559
Total Commercial Mortgage-Backed Securities — 3.3% (Cost: $468,713,731)				480,101,053
Interest Only Collateralized Mortgage Obligations — 0.0%
Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 1.09%, 07/25/56 (b)(d)		3,275		396,846
Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 5.19%, 02/25/38 (b)(d)		14,703		5,473,288
Total Interest Only Collateralized Mortgage Obligations — 0.0% (Cost: $5,834,749)				5,870,134
Interest Only Commercial Mortgage-Backed Securities — 0.2%
245 Park Avenue Trust, Series 2017-245P, Class XA, 0.15%, 06/05/37 (b)(d)		13,000		180,050
Banc of America Commercial Mortgage Trust:
Series 2017-BNK3, Class XB, 0.78%, 02/15/50 (d)		11,850		524,116
Series 2017-BNK3, Class XD, 1.44%, 02/15/50 (b)(d)		5,000		418,400
Barclays Commercial Mortgage Trust: Series 2015-SRCH, Class XA, 1.12%, 08/10/35 (b)(d)		17,710		1,085,446
Series 2019-C3, Class XA, 1.35%, 05/15/52 (d)		19,836		2,110,852
Benchmark Mortgage Trust, Series 2019-B9, Class XA, 1.22%, 03/15/52 (d)		21,022		1,740,295
CFCRE Commercial Mortgage Trust:
Series 2016-C3, Class XD, 1.86%, 01/10/48 (b)(d)		5,497		533,429
Series 2016-C4, Class XB, 0.89%, 05/10/58 (d)		5,810		267,899

CONSOLIDATED SCHEDULE OF INVESTMENTS 35

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Pass-Through Certificates:
Series 2013-CR6, Class XA, 1.19%, 03/10/46 (d)	USD	20,334	$	570,804
Series 2015-3BP, Class XA, 0.17%, 02/10/35 (b)(d)		150,000		807,000
Series 2015-CR25, Class XA, 1.05%, 08/10/48 (d)		8,100		339,363
Series 2018-COR3, Class XD, 1.75%, 05/10/51 (b)(d)		3,200		410,377
Core Industrial Trust:
Series 2015-TEXW, Class XA, 0.90%, 02/10/34 (b)(d)		12,812		216,409
Series 2015-WEST, Class XA, 1.08%, 02/10/37 (b)(d)		9,716		460,561
CSAIL Commercial Mortgage Trust:
Series 2017-CX10, Class XB, 0.22%, 11/15/50 (d)		12,490		209,260
Series 2019-C16, Class XA, 1.57%, 06/15/52 (d)		50,934		6,382,804
DBGS Mortgage Trust, Series 2019-1735, Class X, 0.43%, 04/10/37 (b)(d)		21,535		602,549
Deutsche Bank JPMorgan Mortgage Trust, Series 2017-C6, Class XD, 1.00%, 06/10/50 (b)(d)		5,780		356,857
FREMF Mortgage Trust, Series 2015-K718, Class X2A, 0.10%, 02/25/48 (b)(d)		89,860		177,626
GS Mortgage Securities Corp. II, Series 2005-ROCK, Class X1, 0.21%, 05/03/32 (b)(d)		21,000		316,161
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C22, Class XA, 1.01%, 09/15/47 (d)		2,093		74,749
Series 2014-C23, Class XA, 0.84%, 09/15/47 (d)		32,383		833,757
Series 2015-C29, Class XA, 0.91%, 05/15/48 (d)		2,673		72,087
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class XC, 0.75%, 12/15/49 (b)(d)		4,940		234,182
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2013-LC11, Class XB, 0.65%, 04/15/46 (d)		4,570		88,817
Series 2016-JP3, Class XC, 0.75%, 08/15/49 (b)(d)		13,040		595,537
LSTAR Commercial Mortgage Trust, Series 2017-5, Class X, 1.27%, 03/10/50 (b)(d)		3,551		153,727
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2014-C19, Class XF, 1.33%, 12/15/47 (b)(d)		4,370		222,783
Series 2015-C26, Class XD, 1.49%, 10/15/48 (b)(d)		4,490		337,828
Series 2016-C31, Class XA, 1.57%, 11/15/49 (d)		2,587		196,561
Morgan Stanley Capital I Trust:
Series 2016-UBS9, Class XD, 1.69%, 03/15/49 (b)(d)		13,984		1,300,232
Series 2017-H1, Class XD, 2.36%, 06/15/50 (b)(d)		3,293		488,385

Security	Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Capital I Trust: (continued)
Series 2018-H4, Class XA, 1.04%, 12/15/51 (d)	USD	13,966	$	929,210
Series 2019-H6, Class XB, 0.72%, 06/15/52 (d)		23,510		1,488,322
Series 2019-L2, Class XA, 1.20%, 03/15/52 (d)		8,868		734,190
Olympic Tower Mortgage Trust, Series 2017-OT, Class XA, 0.51%, 05/10/39 (b)(d)		36,697		1,063,112
One Market Plaza Trust:
Series 2017-1MKT, Class XCP, 0.22%, 02/10/32 (b)(d)		53,230		204,403
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, 1.18%, 12/15/51 (d)		4,985		376,726
Wells Fargo Commercial Mortgage Trust:
Series 2015-NXS1, Class XB, 0.49%, 05/15/48 (d)		3,210		92,315
Series 2015-NXS4, Class XA, 1.06%, 12/15/48 (d)		3,171		143,982
Series 2016-BNK1, Class XD, 1.41%, 08/15/49 (b)(d)		3,420		250,652
Series 2018-C44, Class XA, 0.92%, 05/15/51 (d)		25,906		1,389,309
Series 2019-C50, Class XA, 1.64%, 05/15/52 (d)		21,578		2,336,443
Total Interest Only Commercial Mortgage-Backed Securities — 0.2% (Cost: $30,983,462)				31,317,673
Principal Only Collateralized Mortgage Obligations — 0.0%
Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 0.00%, 07/25/56 (b)(i)		1,609		138,496
Total Non-Agency Mortgage-Backed Securities — 5.4% (Cost: $791,345,708)				798,349,578
Preferred Securities — 1.3%
Capital Trusts — 1.3%
Banks — 0.6%
Banco Mercantil del Norte SA:
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.035%), 6.88% (b)(k)(l)		903		911,821
(10 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.353%), 7.63% (b)(k)(l)		903		927,833
Bank of America Corp., (3 mo. LIBOR US + 2.931%), 5.88% (k)(l)		13,900		14,508,820
Bank of East Asia Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.682%), 5.63% (k)(l)		285		283,880
BNP Paribas SA:
(5 yr. Swap Semi 30/360 US + 3.980%), 7.00% (b)(k)(l)		7,700		8,219,750
(5 yr. Swap Semi 30/360 US + 5.150%), 7.38% (b)(k)(l)		9,900		11,001,375
(5 yr. Swap Semi 30/360 US + 6.314%), 7.63% (b)(k)(l)		10,470		11,085,113

36

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Credit Agricole SA, (5 yr. Swap Semi 30/360 US + 6.185%), 8.13% (b)(k)(l)	USD	10,300	$	11,911,785
Emirates NBD PJSC, (6 yr. Swap Semi 30/360 US + 3.656%), 6.13% (k)(l)		1,650		1,701,047
HSBC Holdings PLC:
(USD Swap Rate 11:00 am NY 1 + 3.746%), 6.00% (k)(l)		10,345		10,577,763
(USD Swap Rate 11:00 am NY 1 + 3.606%), 6.50% (k)(l)		5,320		5,576,850
Itau Unibanco Holding SA:
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.981%), 6.13% (b)(k)(l)		1,607		1,636,328
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.863%), 6.50% (b)(k)(l)		946		972,606
Kookmin Bank, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.639%), 4.35% (k)(l)		1,700		1,713,600
Lehman Brothers Holdings Capital Trust VII, 5.86% (c)(f)(j)(l)		1,888		—
Nordea Bank Abp, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.110%), 6.63% (b)(k)(l)		7,420		7,828,100
Shinhan Financial Group Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.051%), 5.88% (k)(l)		900		953,719
United Overseas Bank Ltd., (5 yr. Swap Semi 30/360 US + 1.794%), 3.88% (k)(l)		864		860,490
				90,670,880
Capital Markets — 0.4%
Bank of New York Mellon Corp.:
Series F, (3 mo. LIBOR US + 3.131%), 4.63% (k)(l)		6,967		6,937,112
(3 mo. LIBOR US + 3.420%), 4.95% (k)(l)		4,380		4,449,029
Credit Suisse Group AG:
(5 yr. Swap Semi 30/360 US + 4.332%), 7.25% (b)(k)(l)		12,000		12,900,000
(5 yr. Swap Semi 30/360 US + 4.600%), 7.50% (b)(k)(l)		12,000		12,816,840
State Street Corp.:
(3 mo. LIBOR US + 3.597%), 5.25% (k)(l)		4,015		4,118,547
(3 mo. LIBOR US + 2.539%), 5.63% (k)(l)		9,655		9,739,481
UBS Group Funding Switzerland AG, (5 yr. Swap Semi 30/360 US + 4.344%), 7.00% (b)(k)(l)		11,250		11,951,100
				62,912,109
Commercial Services & Supplies — 0.0%
King Talent Management Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.521%), 5.60% (k)(l)		600		522,000
Construction & Engineering — 0.0%
Chalieco Hong Kong Corp. Ltd., (3 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 8.292%), 5.70% (k)(l)		200		200,869
Consumer Finance — 0.0%
Credito Real SAB de CV SOFOM ER, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 7.026%), 9.13% (b)(k)(l)		480		485,550
Industrial Conglomerates — 0.0%
Tewoo Group No. 5 Ltd., (3 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 8.373%), 5.80% (k)(l)		350		178,281

Security	Par (000)		Value
Insurance — 0.0%
Heungkuk Life Insurance Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.472%), 4.48%, 11/09/47 (k)	USD	1,000	$	965,000
KDB Life Insurance Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.658%), 7.50%, 05/21/78 (k)		900		875,812
Mitsui Sumitomo Insurance Co. Ltd., (5 yr. Swap Semi 30/360 US + 3.256%), 4.95% (k)(l)		2,000		2,152,500
				3,993,312
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% (k)(l)		278		273,562
Media — 0.1%
NBCUniversal Enterprise, Inc., 5.25% (b)(l)		13,310		13,629,440
Oil, Gas & Consumable Fuels — 0.1%
Enbridge, Inc., (3 mo. LIBOR US + 3.418%), 5.50%, 07/15/77 (k)		10,120		9,785,635
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% (k)(l)		200		196,187
Transportation Infrastructure — 0.0%
Royal Capital BV, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.930%), 4.88% (k)(l)		219		217,084
Wireless Telecommunication Services — 0.1%
Vodafone Group PLC, (5 yr. Swap Semi 30/360 US + 4.873%), 7.00%, 04/04/79 (k)		10,585		11,430,531
Total Preferred Securities — 1.3% (Cost: $188,943,127)				194,495,440
Taxable Municipal Bonds — 5.4%
Aldine Independent School District GO PSF, 5.00%, 02/15/43		1,020		1,227,019
American Municipal Power, Inc. RB:
7.83%, 02/15/41		1,500		2,371,155
6.45%, 02/15/44		4,635		6,490,576
Arizona Health Facilities Authority RB, 2.36%, 01/01/37 (d)		1,355		1,340,623
Arizona State University RB, 5.00%, 07/01/43		1,160		1,387,464
Bay Area Toll Authority RB:
6.92%, 04/01/40		3,145		4,572,327
7.04%, 04/01/50		17,715		28,650,824
Berks County Industrial Development Authority RB:
5.00%, 11/01/47		1,780		2,028,737
5.00%, 11/01/50		1,660		1,891,304
Buckeye Tobacco Settlement Financing
Authority RB, 5.88%, 06/01/47		5,210		5,102,622
California Health Facilities Financing Authority RB:
5.00%, 08/15/33		1,190		1,436,544
5.00%, 08/15/47		1,650		1,904,265

CONSOLIDATED SCHEDULE OF INVESTMENTS 37

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
California Health Facilities Financing Authority RB: (continued) 5.00%, 11/01/47	USD	1,610	$	2,310,608
California Pollution Control Financing Authority
RB, 5.00%, 11/21/45 (b)		1,000		1,067,230
Canaveral Port Authority RB:
5.00%, 06/01/45		1,890		2,177,771
5.00%, 06/01/48		1,890		2,215,458
Central Puget Sound Regional Transit Authority
RB, 5.00%, 11/01/50		1,730		2,013,115
Central Texas Regional Mobility Authority RB:
5.00%, 01/01/45		900		1,009,314
5.00%, 01/01/46		900		1,014,183
Chesapeake Bay Bridge & Tunnel District RB:
AGM, 5.00%, 07/01/41		880		1,022,551
5.00%, 07/01/51		700		790,741
City & County of Denver, CO RB:
5.00%, 08/01/44		2,950		3,435,659
5.00%, 08/01/48		2,170		2,521,453
City of Atlanta, GA Water & Wastewater Revenue RB:
5.00%, 11/01/40		885		1,023,219
5.00%, 11/01/41		1,680		2,017,747
City of Aurora, CO Water Revenue RB:
5.00%, 08/01/41		3,500		4,175,605
5.00%, 08/01/46		3,530		4,176,731
City of Austin, TX Water & Wastewater System Revenue RB, 5.00%, 11/15/43		1,650		1,875,242
City of Columbia, SC Waterworks & Sewer System Revenue RB, 5.00%, 02/01/42		1,350		1,629,221
City of New York, NY GO, 3.76%, 12/01/27		2,675		2,904,783
City of Philadelphia, PA Airport Revenue RB, 5.00%, 07/01/42		1,000		1,160,170
City of Riverside, CA Electric Revenue RB, 7.61%, 10/01/40		1,325		2,057,089
City of San Antonio, TX Electric & Gas Systems Revenue RB, 5.00%, 02/01/48		730		797,700
City Public Service Board of San Antonio, TX
RB, 5.81%, 02/01/41		3,260		4,464,146
Colorado Health Facilities Authority RB, 5.25%, 02/01/31		785		824,572
Commonwealth Financing Authority RB:
3.86%, 06/01/38		2,325		2,398,121
4.14%, 06/01/38		1,730		1,873,313
3.81%, 06/01/41		11,155		11,716,208
Commonwealth of Puerto Rico GO, 8.00%, 07/01/35 (f)(j)		12,415		6,517,875
Connecticut State Health & Educational Facility
Authority RB, 5.00%, 07/01/45		1,700		1,857,828
Contra Costa Community College District GO, 6.50%, 08/01/34		570		745,070
County of Clark Department of Aviation RB:
5.00%, 07/01/32 (p)		820		1,031,724
5.00%, 07/01/33 (p)		820		1,027,517
5.00%, 07/01/35 (p)		1,730		2,151,722
5.00%, 07/01/40 (p)		860		1,056,347
5.00%, 07/01/41 (p)		2,220		2,719,655
5.00%, 07/01/42 (p)		2,890		3,527,303
County of King, WA Sewer Revenue RB, 5.00%, 07/01/47		1,780		2,041,304
County of Miami-Dade, FL Aviation RB, 4.06%, 10/01/31		1,765		1,935,676
County of Miami-Dade, FL Aviation Revenue RB:
3.35%, 10/01/29		560		583,873
3.45%, 10/01/30		1,030		1,078,616
3.50%, 10/01/31		965		1,009,882
5.00%, 10/01/38		1,600		1,829,680

Security	Par (000)		Value
County of Miami-Dade, FL Aviation Revenue RB: (continued) 5.00%, 10/01/40	USD	1,650	$	1,934,213
Dallas Area Rapid Transit RB:
5.00%, 12/01/41		1,780		2,074,234
5.00%, 12/01/46		2,410		2,794,178
Dallas/Fort Worth International Airport RB:
5.00%, 11/01/42		2,025		2,144,252
Series A, 5.00%, 11/01/43		60		62,118
5.00%, 11/01/45		3,670		3,799,368
5.00%, 11/01/45		2,650		2,796,757
District of Columbia RB:
5.00%, 07/15/34		775		906,161
5.00%, 07/15/35		775		905,650
DuBois Hospital Authority RB, 5.00%, 07/15/43		1,290		1,491,459
Dutchess County Local Development Corp. RB, 5.00%, 07/01/46		2,685		3,058,994
Grand Parkway Transportation Corp. RB, 5.00%, 10/01/43		3,230		3,841,019
Grant County Public Utility District No. 2 RB, 4.58%, 01/01/40		600		676,650
Great Lakes Water Authority Water Supply System Revenue RB, 5.25%, 07/01/33		755		904,505
Health & Educational Facilities Authority of the
State of Missouri RB:
5.00%, 11/15/29		840		999,860
3.65%, 01/15/46		605		629,974
3.09%, 09/15/51		3,955		3,685,309
Idaho Health Facilities Authority RB, 5.00%, 12/01/47		1,155		1,363,674
Indiana Finance Authority RB, 5.00%, 10/01/45		3,120		3,529,094
Indiana Housing & Community Development Authority RB GNMA Collateral, 3.80%, 07/01/38		930		974,659
JobsOhio Beverage System RB, 3.99%, 01/01/29		8,385		9,138,979
Kansas City Industrial Development Authority
RB AGM, 5.00%, 03/01/49		6,400		7,549,440
Kentucky Economic Development Finance
Authority RB, 5.25%, 06/01/50		850		922,038
Kentucky Turnpike Authority RB, 5.00%, 07/01/20		1,330		1,375,526
Las Vegas Valley Water District GO, 5.00%, 06/01/46		1,050		1,225,676
Lexington County Health Services District, Inc.
RB, 5.00%, 11/01/41		960		1,100,659
Los Angeles Community College District GO, 6.60%, 08/01/42		5,160		7,739,742
Los Angeles Department of Water & Power RB, 6.60%, 07/01/50		2,645		4,173,493
Los Angeles Unified School District GO:
5.75%, 07/01/34		415		528,855
6.76%, 07/01/34		7,405		10,169,212
Louisiana Public Facilities Authority RB, 5.00%, 07/01/48		1,240		1,446,311
Louisville & Jefferson County Metropolitan
Sewer District RB, 5.00%, 05/15/25		1,975		2,360,026
Maryland Community Development Administration RB, 3.85%, 09/01/33		1,620		1,746,149
Maryland Health & Higher Educational Facilities
Authority RB, 5.25%, 07/01/27		815		935,294
Maryland Stadium Authority RB, 5.00%, 05/01/41		1,580		1,842,264
Massachusetts Bay Transportation Authority RB:
5.00%, 07/01/39		970		1,163,273
5.00%, 07/01/40		1,020		1,221,532

38

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Massachusetts Development Finance Agency RB:
5.00%, 07/01/43	USD	2,390	$	2,787,672
5.00%, 07/01/47		1,260		1,476,166
5.00%, 07/01/48		2,535		2,940,854
5.00%, 07/01/53		2,500		2,878,100
Massachusetts Educational Financing Authority RB, 5.00%, 01/01/22		500		538,890
Massachusetts Housing Finance Agency RB:
4.50%, 12/01/39		940		972,317
4.60%, 12/01/44		995		1,049,098
4.50%, 12/01/48		1,160		1,210,193
Massachusetts Port Authority RB, 5.00%, 07/01/43		1,590		1,828,436
Massachusetts Water Resources Authority RB, 5.00%, 08/01/40		920		1,098,581
Matagorda County Navigation District No. 1 RB, 2.60%, 11/01/29 (p)		2,740		2,780,196
Mesquite Independent School District GO, PSF, 5.00%, 08/15/42		1,700		2,008,703
Metropolitan Atlanta Rapid Transit Authority RB:
4.00%, 07/01/25		1,425		1,635,729
5.00%, 07/01/41		2,720		3,155,146
5.00%, 07/01/45		1,380		1,638,364
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB:
5.00%, 07/01/40		930		1,072,244
5.00%, 07/01/46		1,800		2,058,102
Metropolitan St. Louis Sewer District RB:
5.00%, 05/01/42		2,670		3,174,069
5.00%, 05/01/47		2,290		2,708,085
Metropolitan Transportation Authority RB:
5.00%, 11/15/52		3,410		4,046,067
5.00%, 05/15/22		12,410		13,654,847
5.87%, 11/15/39		735		939,065
6.67%, 11/15/39		350		489,108
6.69%, 11/15/40		1,160		1,615,590
6.81%, 11/15/40		860		1,214,079
5.00%, 11/15/45		880		999,909
Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB:
7.46%, 10/01/46		1,060		1,685,739
5.00%, 10/01/53		1,000		1,063,880
Metropolitan Washington Airports Authority RB, 5.00%, 10/01/32		2,710		3,224,195
Miami-Dade County Educational Facilities
Authority RB, 5.00%, 04/01/53		1,860		2,174,135
Michigan Finance Authority RB:
5.00%, 06/01/39		840		943,555
5.00%, 11/15/41		850		981,368
5.00%, 12/01/47		7,010		7,625,338
2.86%, 09/01/49 (d)		6,090		6,180,132
Michigan State Housing Development Authority RB:
3.55%, 10/01/33		1,055		1,108,647
4.00%, 10/01/43		1,010		1,073,075
4.05%, 10/01/48		465		492,044
4.15%, 10/01/53		2,400		2,540,088
Mississippi Hospital Equipment & Facilities Authority RB, 5.00%, 09/01/46		1,610		1,778,567
Municipal Electric Authority of Georgia RB, 6.64%, 04/01/57		1,601		1,924,962
New Hope Cultural Education Facilities Finance Corp. RB, 5.00%, 08/15/47		1,380		1,628,400
New Jersey State Turnpike Authority RB, 7.41%, 01/01/40		2,329		3,603,801

Security	Par (000)		Value
New Jersey Transportation Trust Fund Authority RB:
5.75%, 12/15/28	USD	3,350	$	3,852,936
5.00%, 06/15/29		915		1,070,193
New Orleans Aviation Board RB, 5.00%, 01/01/40		1,140		1,269,892
New York City Housing Development Corp. RB:
3.70%, 11/01/38		1,090		1,123,823
3.85%, 11/01/43		3,300		3,389,925
4.00%, 11/01/53		3,510		3,643,380
New York City Transitional Finance Authority Building Aid Revenue RB, 5.00%, 07/15/40		930		1,076,010
New York City Transitional Finance Authority Future Tax Secured Revenue RB:
3.65%, 11/01/24		4,050		4,264,934
3.55%, 05/01/25		5,040		5,349,154
3.75%, 11/01/25		4,050		4,263,030
3.05%, 05/01/27		4,675		4,829,228
3.35%, 11/01/30		6,190		6,478,887
3.90%, 08/01/31		4,860		5,272,614
5.00%, 05/01/36		990		1,175,892
New York City Water & Sewer System RB:
5.75%, 06/15/41		1,330		1,840,308
6.01%, 06/15/42		665		943,735
5.38%, 06/15/43		2,920		3,098,208
5.38%, 06/15/43		1,490		1,563,919
5.44%, 06/15/43		1,775		2,365,099
5.50%, 06/15/43		5,285		5,617,057
5.88%, 06/15/44		1,240		1,753,844
New York Convention Center Development Corp. RB:
5.00%, 11/15/40		930		1,085,226
5.00%, 11/15/46		2,370		2,783,494
New York Liberty Development Corp. RB, 5.00%, 11/15/44 (b)		2,200		2,402,884
New York State Dormitory Authority RB:
5.00%, 02/15/36		1,870		2,253,948
5.00%, 02/15/37		950		1,145,387
5.00%, 02/15/38		940		1,133,433
5.00%, 02/15/40		945		1,133,310
5.39%, 03/15/40		1,470		1,870,546
New York State Urban Development Corp. RB:
3.12%, 03/15/25		2,900		3,003,994
3.25%, 03/15/25		2,325		2,428,579
3.32%, 03/15/29		4,035		4,221,740
New York Transportation Development Corp. RB:
5.00%, 08/01/20		2,200		2,279,552
5.00%, 07/01/46		730		797,598
5.25%, 01/01/50		9,190		10,209,631
North Carolina Turnpike Authority RB, AGM, 5.00%, 01/01/35		1,290		1,561,274
North Texas Tollway Authority RB, 5.00%, 01/01/43		1,245		1,467,345
Ohio Turnpike & Infrastructure Commission RB, 5.00%, 02/15/48		1,720		1,883,297
Oklahoma Development Finance Authority RB:
5.25%, 08/15/43		1,000		1,180,050
5.25%, 08/15/48		500		585,185
5.50%, 08/15/57		4,760		5,636,364
Orange County Local Transportation Authority RB, 6.91%, 02/15/41		2,790		3,954,128
Oregon School Boards Association GO:
AMBAC, 4.76%, 06/30/28		8,300		9,191,669
5.55%, 06/30/28		7,175		8,490,967
5.68%, 06/30/28		5,125		6,180,032

CONSOLIDATED SCHEDULE OF INVESTMENTS 39

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Pennsylvania Economic Development Financing Authority RB:
5.00%, 12/31/22	USD	1,000	$	1,092,660
5.00%, 12/31/38		320		360,749
Pennsylvania Turnpike Commission RB:
5.00%, 12/01/43		3,460		4,103,560
5.00%, 12/01/46		1,120		1,286,152
5.25%, 06/01/47		2,370		2,751,357
5.00%, 12/01/48		11,290		13,393,666
5.00%, 12/01/48		2,805		3,316,043
Port Authority of New York & New Jersey RB:
5.65%, 11/01/40		2,165		2,883,802
4.96%, 08/01/46		2,660		3,365,485
5.00%, 11/15/47		860		1,014,955
4.93%, 10/01/51		1,045		1,331,821
4.46%, 10/01/62		3,155		3,788,114
Port of Seattle, WA RB, 5.00%, 05/01/43		930		1,072,708
Public Power Generation Agency RB, 5.00%, 01/01/35		1,070		1,241,328
Putnam County Development Authority RB, 5.00%, 03/15/42		2,965		3,450,608
Regents of the University of California Medical Center Pooled Revenue RB:
5.00%, 05/15/47		1,500		1,739,175
6.58%, 05/15/49		2,860		4,102,041
Royal Oak Hospital Finance Authority RB, 5.00%, 09/01/39		1,160		1,289,676
Sacramento County Sanitation Districts Financing Authority RB, 2.22%, 12/01/35 (d)		8,500		8,079,046
Salt Lake City Corp. Airport Revenue RB:
5.00%, 07/01/47		2,960		3,411,696
5.00%, 07/01/47		1,100		1,298,231
Salt River Project Agricultural Improvement & Power District RB:
5.00%, 01/01/36		1,840		2,253,227
5.00%, 12/01/45		6,365		7,342,155
San Antonio Water System RB, 5.00%, 05/15/39		1,520		1,758,777
San Diego County Regional Airport Authority RB, 5.00%, 07/01/47		1,640		1,945,253
San Diego Public Facilities Financing Authority Sewer Revenue RB, 5.00%, 05/15/39		1,250		1,501,937
San Francisco City & County Airport Comm-San Francisco International Airport RB, 5.00%, 05/01/46		3,330		3,825,371
San Jose Redevelopment Agency Successor Agency TA:
2.96%, 08/01/24		7,265		7,513,681
3.13%, 08/01/28		4,275		4,435,697
3.25%, 08/01/29		3,585		3,730,838
South Carolina Ports Authority RB, 5.00%, 07/01/55		920		1,070,908
South Carolina Public Service Authority RB, 2.39%, 12/01/23		7,497		7,409,210
Spartanburg County School District No. 7 GO, SCSDE, 5.00%, 03/01/48		645		781,108
State of California GO:
5.00%, 10/01/25		3,685		4,478,528
2.65%, 04/01/26		10,385		10,591,038
7.50%, 04/01/34		2,210		3,334,183
4.60%, 04/01/38		16,540		18,394,134
7.55%, 04/01/39		3,715		5,864,276
7.30%, 10/01/39		2,575		3,873,650
7.35%, 11/01/39		720		1,088,287
State of Connecticut GO:
2.99%, 01/15/23		3,680		3,754,630

Security	Par (000)		Value
State of Connecticut GO: (continued)
3.31%, 01/15/26	USD	4,655	$	4,846,600
5.09%, 10/01/30		7,910		9,121,575
5.85%, 03/15/32		10,760		13,587,943
State of Illinois GO:
5.00%, 05/01/20		1,380		1,416,694
5.00%, 11/01/22		785		857,542
5.00%, 11/01/24		4,450		5,011,768
5.00%, 12/01/24		870		979,498
5.00%, 11/01/25		4,300		4,881,876
5.00%, 11/01/26		3,620		4,141,280
5.10%, 06/01/33		22,035		23,182,803
State of Oregon GO, 5.89%, 06/01/27		8,145		9,819,449
State of Texas GO:
5.00%, 04/01/40		1,310		1,552,114
5.00%, 04/01/43		2,100		2,481,129
State of Washington GO:
5.00%, 08/01/40		2,720		3,166,651
5.00%, 08/01/40		1,120		1,337,728
5.00%, 02/01/41		1,880		2,232,763
5.00%, 08/01/41		1,175		1,400,988
State of West Virginia GO, 5.00%, 12/01/40		810		974,252
State of Wisconsin GO:
5.00%, 05/01/36		1,520		1,781,106
5.00%, 05/01/38		1,530		1,786,397
State of Wisconsin RB:
5.00%, 05/01/25		1,810		2,171,095
3.15%, 05/01/27		1,900		1,983,011
Sumter Landing Community Development District RB, 4.17%, 10/01/47		920		1,021,752
Tennessee Housing Development Agency RB:
3.75%, 07/01/38		980		1,022,238
3.85%, 07/01/43		460		476,629
3.95%, 01/01/49		360		375,962
Texas A&M University RB, 2.84%, 05/15/27		2,240		2,302,496
Texas Municipal Gas Acquisition & Supply Corp. RB, 6.25%, 12/15/26		790		923,202
Texas Private Activity Bond Surface Transportation Corp. RB, 5.00%, 12/31/55		370		404,958
Tobacco Settlement Finance Authority RB, 7.47%, 06/01/47		6,535		6,559,637
Tobacco Settlement Financing Corp. RB, 6.71%, 06/01/46		4,135		3,913,860
TSASC, Inc. RB, 5.00%, 06/01/41		1,700		1,855,040
University of California RB:
3.06%, 07/01/25		1,865		1,932,289
3.35%, 07/01/29		8,395		8,918,092
4.60%, 05/15/31		1,950		2,251,957
4.86%, 05/15/2112		1,415		1,717,555
University of Delaware RB, 4.22%, 11/01/58		2,175		2,486,199
University of Houston RB, 5.00%, 02/15/36		2,560		3,026,202
University of Oregon RB, 5.00%, 04/01/46		1,270		1,479,601
University of Texas System GO, 5.00%, 08/15/39		1,670		2,075,225
Virginia Small Business Financing Authority RB:
5.00%, 12/31/52		2,535		2,852,433
5.00%, 12/31/56		2,190		2,448,091
Washington Metropolitan Area Transit Authority RB, 5.00%, 07/01/36		1,045		1,254,721
Washington State Convention Center Public Facilities District RB, 5.00%, 07/01/58		2,000		2,302,400
Weld County School District No. RE-4 GO, 5.25%, 12/01/41		1,560		1,882,000
West Virginia Hospital Finance Authority RB:
5.00%, 06/01/20		965		995,349
5.00%, 06/01/21		960		1,022,179

40

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
West Virginia Hospital Finance Authority RB: (continued)
5.00%, 06/01/22	USD	1,050	$	1,151,503
5.00%, 06/01/23		870		980,159
5.00%, 06/01/24		935		1,079,055
Wisconsin Health & Educational Facilities Authority RB, 5.00%, 12/15/44		790		871,093
Total Taxable Municipal Bonds — 5.4% (Cost: $763,906,752)				800,135,216
U.S. Government Sponsored Agency Securities — 49.5%
Agency Obligations — 0.0%
Fannie Mae 6.63%, 11/15/30		1,450		2,073,018
Collateralized Mortgage Obligations — 0.0%
Fannie Mae:
Series 2003-W5, Class A, (1 mo. LIBOR US + 0.110%), 2.51%, 04/25/33 (a)		2		1,942
Series 2005-48, Class AR, 5.50%, 02/25/35		1		616
Freddie Mac:
Series 2015-DN1, Class B, (1 mo. LIBOR US + 11.500%), 13.90%, 01/25/25 (a)		495		692,242
Series 2015-HQ2, Class B, (1 mo. LIBOR US + 7.950%), 10.35%, 05/25/25 (a)		524		639,109
Series 2017-DNA2, Class B1, (1 mo. LIBOR US + 5.150%), 7.55%, 10/25/29 (a)		590		671,777
Series 2017-DNA3, Class B1, (1 mo. LIBOR US + 4.450%), 6.85%, 03/25/30 (a)		1,860		2,015,119
Series 2017-HRP1, Class M2, (1 mo. LIBOR US + 2.450%), 4.85%, 12/25/42 (a)		799		806,321
				4,827,126
Commercial Mortgage-Backed Securities — 0.1%
Fannie Mae Series 2006-M2, Class A2A, 5.27%, 10/25/32 (d)		1,636		1,835,666
Freddie Mac:
Series K076, Class A2, 3.90%, 06/25/51		1,246		1,383,804
Series KL4F, Class A2AS, 3.68%, 10/25/25 (d)		1,664		1,767,444
Series KW06, Class A2, 3.80%, 06/25/28 (d)		1,040		1,128,616
Ginnie Mae:
Series 2015-97, Class VA, 2.25%, 12/16/38		1,080		1,042,831
Series 2016-158, Class VA, 2.00%, 03/16/35		706		666,276
				7,824,637
Interest Only Commercial Mortgage-Backed Securities — 0.2%
Fannie Mae:
Series 2013-M5, Class X2, 2.36%, 01/25/22 (d)		6,436		163,088
Series 2015-M4, Class X2, 0.48%, 07/25/22 (d)		31,725		277,836
Series 2017-M12, Class X, 0.44%, 06/25/27 (d)		13,387		366,124
Freddie Mac:
Series K718, Class X1, 0.74%, 01/25/22 (d)		5,743		77,362
Series KW01, Class X1, 1.11%, 01/25/26 (d)		9,691		504,606
Series KW03, Class X1, 0.98%, 06/25/27 (d)		7,671		396,538
Ginnie Mae:
Series 2012-23, Class IO, 0.56%, 06/16/53 (d)		3,475		81,614
Series 2013-191, Class IO, 0.74%, 11/16/53 (d)		2,851		96,351
Series 2013-30, Class IO, 0.80%, 09/16/53 (d)		12,868		528,573

Security	Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Ginnie Mae: (continued)
Series 2013-63, Class IO, 0.79%, 09/16/51 (d)	USD	17,113	$	910,846
Series 2013-78, Class IO, 0.78%, 10/16/54 (d)		14,919		641,206
Series 2014-40, Class AI, 1.00%, 02/16/39		3,026		35,649
Series 2014-52, Class AI, 0.83%, 08/16/41		4,333		90,688
Series 2015-173, Class IO, 0.89%, 09/16/55 (d)		6,666		443,329
Series 2015-22, Class IO, 0.73%, 03/16/55 (d)		10,573		535,899
Series 2015-37, Class IO, 0.76%, 10/16/56 (d)		2,398		136,825
Series 2015-48, Class IO, 0.69%, 02/16/50 (d)		5,481		248,058
Series 2016-110, Class IO, 1.03%, 05/16/58 (d)		6,400		489,642
Series 2016-113, Class IO, 1.18%, 02/16/58 (d)		8,628		797,349
Series 2016-119, Class IO, 1.12%, 04/16/58 (d)		10,871		845,810
Series 2016-125, Class IO, 1.06%, 12/16/57 (d)		9,039		723,031
Series 2016-128, Class IO, 0.95%, 09/16/56 (d)		13,397		1,002,841
Series 2016-13, Class IO, 0.88%, 04/16/57 (d)		13,583		859,942
Series 2016-152, Class IO, 0.93%, 08/15/58 (d)		8,798		656,917
Series 2016-162, Class IO, 1.00%, 09/16/58 (d)		26,207		2,140,856
Series 2016-165, Class IO, 0.97%, 12/16/57 (d)		6,592		527,683
Series 2016-175, Class IO, 0.92%, 09/16/58 (d)		11,356		832,671
Series 2016-26, Class IO, 0.96%, 02/16/58 (d)		33,834		2,440,604
Series 2016-36, Class IO, 0.94%, 08/16/57 (d)		4,438		323,474
Series 2016-67, Class IO, 1.17%, 07/16/57 (d)		5,142		412,236
Series 2016-87, Class IO, 1.00%, 08/16/58 (d)		26,053		1,978,359
Series 2016-92, Class IO, 1.01%, 04/16/58 (d)		8,639		632,081
Series 2016-96, Class IO, 0.98%, 12/16/57 (d)		17,290		1,305,091
Series 2016-97, Class IO, 1.04%, 07/16/56 (d)		9,876		820,766
Series 2018-106, Class IO, 0.49%, 04/16/60 (d)		11,172		622,674
Series 2018-85, Class IO, 0.52%, 07/16/60 (d)		11,949		688,549
				23,635,168
Mortgage-Backed Securities — 49.2%
Fannie Mae Mortgage-Backed Securities:
5.00%, 05/01/23-07/01/49 (q)		64,292		69,068,611
4.50%, 02/01/25-07/01/49 (q)		1,496,385		1,578,522,878
2.50%, 09/01/27-07/01/34 (q)		136,201		137,254,047
3.00%, 04/01/28-07/01/49 (q)		1,783,625		1,813,144,677
3.50%, 08/01/28-07/01/49 (q)		1,145,757		1,180,404,678
4.00%, 08/01/31-07/01/49 (q)		780,797		819,677,350
2.00%, 10/01/31-03/01/32		18,136		17,957,454

CONSOLIDATED SCHEDULE OF INVESTMENTS 41

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Fannie Mae Mortgage-Backed Securities: (continued)
5.50%, 12/01/32-04/01/41	USD	24,128	$	26,670,580
6.00%, 02/01/34-07/01/49 (q)		23,881		26,649,896
6.50%, 05/01/40		2,834		3,320,643
Freddie Mac Mortgage-Backed Securities:
2.50%, 02/01/24-04/01/31		24,148		24,356,034
3.00%, 09/01/27-04/01/47		83,199		84,807,477
3.50%, 09/01/30-07/01/49 (q)		457,579		474,859,024
5.50%, 02/01/35-07/01/49 (q)		9,162		9,810,942
5.00%, 07/01/35-07/01/49 (q)		97,722		102,580,614
4.50%, 02/01/39-07/01/49 (q)(r)		305,876		326,993,253
4.00%, 08/01/40-07/01/49 (q)		360,176		375,626,553
Ginnie Mae Mortgage-Backed Securities:
5.00%, 04/15/33-07/20/44		7,810		8,564,368
4.00%, 04/20/39-10/20/46		20,047		21,222,184
4.50%, 12/20/39-07/20/48		73,778		77,584,865
3.50%, 01/15/42-10/20/46		69,176		71,821,716
3.00%, 12/20/44-02/15/45		4,647		4,750,285
				7,255,648,129
Total U.S. Government Sponsored Agency Securities — 49.5% (Cost: $7,240,062,608)				7,294,008,078
U.S. Treasury Obligations — 12.5%
U.S. Treasury Bonds:
4.25%, 05/15/39		7,020		9,183,586
4.50%, 08/15/39		7,020		9,482,484
4.38%, 11/15/39		7,020		9,333,858
3.13%, 02/15/43		27,000		30,107,109
2.88%, 05/15/43-11/15/46		52,960		56,659,614
3.63%, 08/15/43		27,000		32,590,898
3.75%, 11/15/43		27,000		33,237,422
3.00%, 02/15/48-02/15/49		59,720		65,517,358
U.S. Treasury Inflation Indexed Notes:
0.63%, 04/15/23		15,974		16,162,462
0.50%, 04/15/24		507,630		513,967,939
U.S. Treasury Notes:
2.00%, 07/31/20-02/15/25		220,710		222,048,801
2.50%, 12/31/20		77,900		78,654,656
1.13%, 07/31/21		116,850		115,343,731
1.50%, 01/31/22-08/15/26		179,170		176,670,875
1.75%, 04/30/22		98,670		98,754,795
2.13%, 12/31/22-05/15/25		213,490		216,924,187
2.75%, 05/31/23		51,930		53,915,917
2.25%, 08/15/27		51,930		53,189,708
2.88%, 08/15/28		15,580		16,742,414
3.13%, 11/15/28		15,580		17,088,704
2.63%, 02/15/29		15,580		16,429,597
Total U.S. Treasury Obligations — 12.5% (Cost: $1,797,920,818)				1,842,006,115
	Shares
Warrants — 0.0%
Capital Markets — 0.0%
Sentinel Energy Services, Inc., Class A (Issued/Exercisable 12/22/17, 1 Share for 1 Warrant, Expires 12/22/22, Strike Price USD 11.50) (f)		145,423		101,796
Diversified Financial Services — 0.0%
Pure Acquisition Corp. (Issued/Exercisable 4/17/18, 1 Share for 1 Warrant, Expires 4/17/23, Strike Price USD 11.50) (f)		20,627		22,277

Security	Shares		Value
Real Estate Management & Development — 0.0%
Target Hospitality Corp. (Issued/Exercisable 3/05/18, 1 Share for 1 Warrant, Expires 3/15/24, Strike Price USD 11.50) (f)(g)		8,280	$	16,560
Total Warrants — 0.0% (Cost: $132,492)				140,633
Total Long-Term Investments — 127.6% (Cost: $18,450,674,753)				18,812,958,284
Short-Term Securities — 1.0%
Mutual Funds — 1.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 2.26% (s)(v)		138,617,459		138,617,459
SL Liquidity Series, LLC, Money Market Series, 2.55% (s)(t)(v)		27,309		27,317
Total Mutual Funds — 1.0% (Cost — $138,644,767)				138,644,776

	Par (000)
U.S. Treasury Obligations — 0.0%
U.S. Treasury Bills, 2.38%, 07/18/19 (u)	USD	5,140		5,135,021
Total U.S. Treasury Obligations — 0.0% (Cost: $5,134,362)				5,135,021
Total Short-Term Investments — 1.0% (Cost: $143,779,129)				143,779,797
Options Purchased — 0.0% (Cost: $14,165,305)				10,203,214
Total Investments Before Options Written and TBA Sale Commitments — 128.6% (Cost: $18,608,619,187)				18,966,941,295
TBA Sale Commitments — (18.8)%(q)
Mortgage-Backed Securities — (18.8)%
Fannie Mae Mortgage-Backed Securities:
2.50%, 07/01/34		19,940		(20,079,814	)
3.00%, 07/01/49		995,952		(1,010,225,599	)
3.50%, 07/01/49		789,165		(806,785,204	)
4.00%, 07/01/49		33,927		(35,064,747	)
4.50%, 07/01/49		626,247		(654,397,554	)
5.50%, 07/01/49		1,113		(1,187,117	)
Freddie Mac Mortgage-Backed Securities, 5.00%, 07/01/49		43,232		(45,191,795	)
Ginnie Mae Mortgage-Backed Securities, 3.50%, 07/15/49		191,300		(197,614,394	)
Total TBA Sale Commitments — (18.8)% (Proceeds: $2,762,928,308)				(2,770,546,224	)
Options Written — (0.0)% (Premiums Received: $7,239,551)				(5,979,199	)
Total Investments Net of Options Written and TBA Sale Commitments — 109.8% (Cost: $15,838,451,328)				16,190,415,872
Liabilities in Excess of Other Assets — (9.8)%				(1,447,102,792	)
Net Assets — 100.0%			$	14,743,313,080

42

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

^(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)  Convertible security.

⁽ⁱ⁾  Zero-coupon bond.

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

^(k)  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.

^(l)  Perpetual security with no stated maturity date.

^(m)  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.

⁽ⁿ⁾  Fixed rate.

^(o)  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.

^(p)  When-issued security.

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

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

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

^(v) During the period ended June 30, 2019, investments in issuers considered to be an affiliate/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:

Affiliate	Par/Shares Held at 09/30/18		Par/Shares Purchased		Par/Shares Sold			Par/Shares Held at 06/30/19		Value at 06/30/19		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Capital Finance LP, Series 1997-R2, Class AP	$	3,374	$	—	$	—		$	3,374	$	3,110	$	—		$	—		$	117
BlackRock Liquidity Funds, T-Fund, Institutional Class		791,503,000		—		(652,885,541	)(b)		138,617,459		138,617,459		11,698,344			—			—
iShares China Large-Cap ETF(c)		—		40,000		(40,000	)		—		—		—			3,614			—
iShares Core MSCI Emerging Markets ETF(c)		—		40,000		(40,000	)		—		—		—			28,390			—
iShares iBoxx $ High Yield Corporate Bond ETF(c)		—		2,121,807		(2,121,807	)		—		—		270,501			100,959			—
iShares JPMorgan USD Emerging Markets Bond ETF(c)		1,201,638		1,093,793		(2,295,431	)		—		—		2,969,209			(4,216,578	)		(603,443	)
SL Liquidity Series, LLC, Money Market Series		8,009,890		—		(7,982,581	)(b)		27,309		27,317		87,517	(d)		1,330			(407	)
										$	138,647,886	$	15,025,571		$	(4,082,285	)	$	(603,733	)

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

^(b)  Represents net shares sold.

^(c)  As of period end, the entity is no longer held by the Master Portfolio.

^(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
Euro-Bund		2,388		09/06/19	$	469,057	$	1,525,140
Euro-Buxl		396		09/06/19		91,364		1,656,247
U.S. Ultra Treasury Bonds		4,076		09/19/19		723,745		15,087,259
U.S. Ultra Treasury Bonds (10 Year)		1,522		09/19/19		210,226		1,695,017
U.S. Treasury Notes (2 Year)		10,862		09/30/19		2,337,282		3,663,095
U.S. Treasury Notes (5 Year)		11,987		09/30/19		1,416,339		3,785,167
Euro Dollar		3,254		12/16/19		797,962		710,936
								28,122,861

CONSOLIDATED SCHEDULE OF INVESTMENTS 43

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
Euro-Bobl		339		09/06/19	$	51,824	$	(113,057	)
Euro-Schatz		4		09/06/19		511		(959	)
U.S. Treasury Bonds (30 Year)		381		09/19/19		59,281		(631,170	)
U.S. Treasury Notes (10 Year)		5,860		09/19/19		749,897		(1,143,469	)
E-Mini S&P 500 Index		762		09/20/19		112,174		(747,548	)
								(2,636,203	)
							$	25,486,658

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	17,032,400	USD	4,424,000	Bank of America N.A.		07/02/19	$	9,893
BRL	10,861,230	USD	2,820,000	Citibank N.A.		07/02/19		7,407
BRL	28,686,362	USD	7,347,000	Credit Suisse International		07/02/19		120,665
BRL	8,653,172	USD	2,171,000	Goldman Sachs International		07/02/19		81,603
BRL	496,586	USD	129,000	Morgan Stanley & Co. International PLC		07/02/19		272
BRL	11,341,871	USD	2,914,000	Morgan Stanley & Co. International PLC		07/02/19		38,528
AUD	45,121,962	USD	31,525,000	Morgan Stanley & Co. International PLC		07/05/19		160,970
CAD	41,449,858	USD	31,525,000	Bank of America N.A.		07/05/19		132,401
EUR	27,716,893	USD	31,525,000	Standard Chartered Bank		07/05/19		10,710
GBP	24,846,997	USD	31,525,000	NatWest Markets PLC		07/05/19		40,958
TWD	91,510,950	USD	2,895,000	BNP Paribas S.A.		07/05/19		52,573
TWD	23,828,428	USD	758,610	UBS AG		07/05/19		8,905
USD	31,525,000	EUR	27,699,546	Standard Chartered Bank		07/05/19		9,027
USD	31,525,000	GBP	24,801,841	Bank of America N.A.		07/05/19		16,408
TRY	8,573,771	USD	1,459,685	UBS AG		07/08/19		12,536
ZAR	37,163,324	USD	2,563,200	Citibank N.A.		07/08/19		71,937
TRY	6,833,303	USD	1,075,000	UBS AG		07/10/19		97,025
IDR	60,017,100,000	USD	4,197,000	BNP Paribas S.A.		07/16/19		42,514
COP	9,586,360,000	USD	2,920,000	UBS AG		07/17/19		58,603
USD	2,920,000	COP	9,349,840,000	NatWest Markets PLC		07/17/19		14,887
CLP	2,049,952,500	USD	2,939,000	Morgan Stanley & Co. International PLC		07/24/19		87,460
IDR	185,308,710,000	USD	12,918,000	Bank of America N.A.		07/24/19		159,968
KRW	5,181,831,200	USD	4,424,000	Bank of America N.A.		07/24/19		67,334
MXN	71,778,560	USD	3,719,000	Bank of America N.A.		07/24/19		4,351
MXN	54,313,511	USD	2,815,000	Morgan Stanley & Co. International PLC		07/24/19		2,391
PLN	16,629,374	USD	4,424,000	Bank of America N.A.		07/24/19		33,240
PLN	3,577,120	USD	940,403	BNP Paribas S.A.		07/24/19		18,388
PLN	8,941,350	USD	2,351,007	Deutsche Bank AG		07/24/19		45,580
PLN	1,458,913	USD	383,590	JPMorgan Chase Bank N.A.		07/24/19		7,448
TRY	8,711,196	USD	1,482,000	Bank of America N.A.		07/24/19		298
TRY	17,402,774	USD	2,949,000	BNP Paribas S.A.		07/24/19		12,257
USD	2,939,000	CLP	1,990,290,800	Credit Suisse International		07/24/19		622
USD	9,688,000	IDR	137,272,178,400	Citibank N.A.		07/24/19		160
USD	2,195,000	MXN	42,300,723	Bank of America N.A.		07/24/19		745
USD	2,718,000	MXN	52,365,021	Bank of America N.A.		07/24/19		1,683
USD	2,949,000	MXN	56,554,448	Bank of America N.A.		07/24/19		15,366
USD	1,631,250	MXN	31,368,119	Barclays Bank PLC		07/24/19		4,100
USD	188,023	MXN	3,617,376	BNP Paribas S.A.		07/24/19		380
USD	532,750	MXN	10,253,873	BNP Paribas S.A.		07/24/19		853

44

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,833,154	MXN	35,282,832	BNP Paribas S.A.		07/24/19	$	2,937
USD	3,486,977	MXN	67,104,888	BNP Paribas S.A.		07/24/19		6,062
USD	2,949,000	MXN	56,282,255	Citibank N.A.		07/24/19		29,485
USD	2,926,000	MXN	56,400,113	Deutsche Bank AG		07/24/19		371
USD	3,675,000	PLN	13,701,616	Deutsche Bank AG		07/24/19		2,499
USD	2,975,000	RUB	187,722,500	BNP Paribas S.A.		07/24/19		17,758
ZAR	33,871,044	USD	2,351,290	Bank of America N.A.		07/24/19		45,509
ZAR	33,680,777	USD	2,265,000	Bank of America N.A.		07/24/19		118,335
ZAR	13,542,554	USD	940,516	BNP Paribas S.A.		07/24/19		17,789
ZAR	42,198,126	USD	2,949,000	BNP Paribas S.A.		07/24/19		37,044
ZAR	63,303,795	USD	4,424,000	BNP Paribas S.A.		07/24/19		55,534
ZAR	13,542,022	USD	940,516	Morgan Stanley & Co. International PLC		07/24/19		17,751
ZAR	2,760,817	USD	191,677	UBS AG		07/24/19		3,685
ZAR	21,447,344	USD	1,470,000	UBS AG		07/24/19		47,667
BRL	11,384,320	USD	2,949,000	Credit Suisse International		08/02/19		5,883
BRL	17,078,410	USD	4,424,000	Credit Suisse International		08/02/19		8,825
BRL	28,362,359	USD	7,347,000	Credit Suisse International		08/02/19		14,656
USD	89,527,924	EUR	78,461,000	UBS AG		08/06/19		18,551
ARS	51,982,000	USD	1,106,000	BNP Paribas S.A.		08/21/19		22,107
USD	9,770,759	MXN	189,046,594	Barclays Bank PLC		08/21/19		11,495
USD	6,738,964	MXN	130,145,000	Barclays Bank PLC		08/21/19		20,413
ARS	16,467,250	USD	331,000	Citibank N.A.		09/18/19		12,144
AUD	238,000	USD	163,862	NatWest Markets PLC		09/18/19		3,635
AUD	6,407,000	USD	4,411,194	NatWest Markets PLC		09/18/19		97,861
BRL	69,786,912	USD	17,984,000	Morgan Stanley & Co. International PLC		09/18/19		47,494
CAD	6,236,615	USD	4,665,853	Barclays Bank PLC		09/18/19		103,608
CAD	3,911,719	USD	2,920,000	BNP Paribas S.A.		09/18/19		71,493
CAD	4,945,336	USD	3,774,000	Citibank N.A.		09/18/19		7,954
CAD	225,891	USD	169,000	Goldman Sachs International		09/18/19		3,750
CHF	9,251,000	JPY	1,022,642,544	Citibank N.A.		09/18/19		4,332
CHF	23,085,000	JPY	2,532,828,487	Citibank N.A.		09/18/19		188,841
EUR	8,370,000	USD	9,525,947	BNP Paribas S.A.		09/18/19		53,165
IDR	7,429,016,400	USD	520,000	UBS AG		09/18/19		1,019
JPY	1,162,961,400	USD	10,779,000	Standard Chartered Bank		09/18/19		72,495
NOK	1,469,234	USD	169,000	JPMorgan Chase Bank N.A.		09/18/19		3,620
NZD	26,946,000	SEK	165,094,882	Bank of America N.A.		09/18/19		247,788
TRY	1,032,422	USD	166,000	Citibank N.A.		09/18/19		4,713
USD	10,779,000	SEK	99,078,412	Bank of America N.A.		09/18/19		47,350
USD	48,927,000	TWD	1,508,908,680	Bank of America N.A.		09/18/19		120,785
ZAR	4,959,195	USD	331,000	HSBC Bank PLC		09/18/19		17,497
IDR	1,264,412,510	USD	88,482	Bank of America N.A.		09/20/19		177
USD	43,851,570	EUR	33,810,000	Deutsche Bank AG		12/13/19		4,904,020
USD	44,135,574	EUR	33,810,000	Deutsche Bank AG		02/25/20		4,992,445
JPY	4,504,440,000	USD	41,738,695	JPMorgan Chase Bank N.A.		03/16/20		820,608
USD	44,963,466	JPY	4,504,440,000	HSBC Bank PLC		03/16/20		2,404,163
								16,185,759
USD	2,922,888	BRL	11,301,346	BNP Paribas S.A.		07/02/19		(19,091	)
USD	7,347,000	BRL	28,278,603	Credit Suisse International		07/02/19		(14,516	)
USD	4,424,000	BRL	17,027,976	Credit Suisse International		07/02/19		(8,741	)
USD	2,949,000	BRL	11,350,701	Credit Suisse International		07/02/19		(5,827	)
USD	2,162,112	BRL	8,409,967	Morgan Stanley & Co. International PLC		07/02/19		(27,180	)
EUR	78,461,000	USD	89,280,772	UBS AG		07/03/19		(24,696	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 45

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	28,874,482	EUR	25,564,000	Commonwealth Bank of Australia		07/03/19	$	(206,748	)
USD	5,429,728	EUR	4,859,000	HSBC Bank PLC		07/03/19		(97,798	)
USD	28,997,242	EUR	25,860,000	State Street Bank and Trust Co.		07/03/19		(420,712	)
USD	28,376,524	EUR	25,283,000	State Street Bank and Trust Co.		07/03/19		(385,044	)
USD	31,525,000	AUD	44,960,534	Morgan Stanley & Co. International PLC		07/05/19		(47,610	)
USD	31,525,000	CAD	41,282,839	Royal Bank of Canada		07/05/19		(4,840	)
USD	3,653,610	TWD	114,321,457	BNP Paribas S.A.		07/05/19		(28,691	)
USD	1,459,685	TRY	8,595,630	Citibank N.A.		07/08/19		(16,289	)
USD	1,710,300	ZAR	24,745,476	BNP Paribas S.A.		07/08/19		(44,326	)
USD	852,900	ZAR	12,398,148	Goldman Sachs International		07/08/19		(26,215	)
USD	1,075,000	TRY	7,015,450	BNP Paribas S.A.		07/10/19		(128,266	)
USD	2,949,000	IDR	41,855,157,000	UBS AG		07/15/19		(7,920	)
USD	2,098,500	IDR	30,390,477,000	JPMorgan Chase Bank N.A.		07/16/19		(48,236	)
USD	2,098,500	IDR	30,690,562,500	UBS AG		07/16/19		(69,433	)
IDR	145,680,481,898	USD	10,281,417	Citibank N.A.		07/24/19		(169	)
MXN	56,498,160	USD	2,939,000	Bank of America N.A.		07/24/19		(8,285	)
MXN	133,724,890	USD	6,954,154	Barclays Bank PLC		07/24/19		(17,477	)
MXN	84,833,297	USD	4,424,000	Citibank N.A.		07/24/19		(23,464	)
MXN	110,704,053	USD	5,752,000	JPMorgan Chase Bank N.A.		07/24/19		(9,477	)
MXN	56,300,539	USD	2,949,000	Morgan Stanley & Co. International PLC		07/24/19		(28,537	)
RUB	187,796,875	USD	2,975,000	Deutsche Bank AG		07/24/19		(16,587	)
TRY	26,102,986	USD	4,459,000	Bank of America N.A.		07/24/19		(17,315	)
USD	10,281,417	IDR	147,486,926,865	Bank of America N.A.		07/24/19		(127,319	)
USD	3,230,000	IDR	46,395,720,000	JPMorgan Chase Bank N.A.		07/24/19		(44,329	)
USD	2,928,000	IDR	42,069,504,000	UBS AG		07/24/19		(41,011	)
USD	5,899,000	KRW	6,823,373,300	Bank of America N.A.		07/24/19		(15,134	)
USD	5,203,000	KRW	6,013,627,400	BNP Paribas S.A.		07/24/19		(9,290	)
USD	2,963,000	KRW	3,422,265,000	BNP Paribas S.A.		07/24/19		(3,236	)
USD	1,470,000	TRY	8,779,796	Citibank N.A.		07/24/19		(23,970	)
USD	4,424,000	ZAR	62,736,744	Bank of America N.A.		07/24/19		(15,408	)
USD	1,463,000	ZAR	21,615,528	BNP Paribas S.A.		07/24/19		(66,568	)
USD	1,470,000	ZAR	21,611,578	BNP Paribas S.A.		07/24/19		(59,289	)
USD	1,680,000	ZAR	24,253,987	Goldman Sachs International		07/24/19		(36,272	)
USD	4,424,000	ZAR	62,801,334	HSBC Bank PLC		07/24/19		(19,978	)
USD	2,071,000	ZAR	30,163,711	UBS AG		07/24/19		(63,459	)
USD	13,000	ZAR	189,342	UBS AG		07/24/19		(398	)
USD	15,966,735	IDR	234,758,899,583	Standard Chartered Bank		08/07/19		(573,435	)
USD	5,159,103	RUB	336,822,361	HSBC Bank PLC		08/07/19		(136,003	)
USD	2,403,227	RUB	158,613,009	HSBC Bank PLC		08/07/19		(90,291	)
USD	6,942,207	RUB	447,255,141	HSBC Bank PLC		08/07/19		(88,988	)
USD	3,400,105	RUB	224,491,943	Morgan Stanley & Co. International PLC		08/07/19		(129,081	)
USD	4,271,649	RUB	278,827,639	Morgan Stanley & Co. International PLC		08/07/19		(111,735	)
USD	1,755,388	RUB	116,075,000	Morgan Stanley & Co. International PLC		08/07/19		(69,401	)
USD	1,767,174	RUB	116,470,048	Morgan Stanley & Co. International PLC		08/07/19		(63,824	)
USD	310,814	IDR	4,515,658,632	BNP Paribas S.A.		08/08/19		(7,303	)
USD	5,938,617	IDR	86,632,540,114	UBS AG		08/08/19		(164,422	)
USD	15,880,866	IDR	234,758,899,582	Citibank N.A.		08/14/19		(645,238	)
USD	2,617,000	ARS	134,906,350	Bank of America N.A.		08/21/19		(310,720	)
USD	21,247,353	ZAR	313,508,943	Bank of America N.A.		08/21/19		(857,855	)
USD	17,544,056	ZAR	256,788,000	BNP Paribas S.A.		08/21/19		(561,814	)
ZAR	202,462,780	USD	14,282,585	Bank of America N.A.		08/21/19		(7,137	)
ARS	69,107,850	USD	1,491,000	Citibank N.A.		09/03/19		(18,719	)

46

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	717,267	CHF	712,173	Bank of America N.A.		09/09/19	$	(17,122	)
USD	5,942,077	EUR	5,226,000	Bank of America N.A.		09/09/19		(35,067	)
USD	1,884,171	EUR	1,669,297	JPMorgan Chase Bank N.A.		09/09/19		(25,058	)
JPY	1,191,953,137	CHF	10,779,000	Citibank N.A.		09/18/19		(1,321	)
JPY	1,673,918,104	CHF	15,272,000	HSBC Bank PLC		09/18/19		(140,675	)
JPY	688,720,356	CHF	6,285,000	HSBC Bank PLC		09/18/19		(59,383	)
JPY	5,240,840,068	USD	48,927,000	Bank of America N.A.		09/18/19		(25,162	)
JPY	5,238,014,044	USD	48,927,000	Morgan Stanley & Co. International PLC		09/18/19		(51,531	)
MXN	6,369,405	USD	328,000	Goldman Sachs International		09/18/19		(664	)
SEK	82,953,261	NZD	13,473,000	Bank of America N.A.		09/18/19		(79,937	)
SEK	82,966,734	NZD	13,473,000	Bank of America N.A.		09/18/19		(78,478	)
SEK	99,445,545	USD	10,779,000	Bank of America N.A.		09/18/19		(7,584	)
USD	4,491,390	AUD	6,407,000	Standard Chartered Bank		09/18/19		(17,664	)
USD	2,530,000	BRL	9,959,902	Standard Chartered Bank		09/18/19		(43,432	)
USD	3,774,000	CAD	5,033,263	Bank of America N.A.		09/18/19		(75,196	)
USD	2,920,000	CAD	3,869,418	Bank of America N.A.		09/18/19		(39,143	)
USD	4,756,744	CAD	6,236,615	Royal Bank of Canada		09/18/19		(12,717	)
USD	1,367,063	EUR	1,210,000	NatWest Markets PLC		09/18/19		(17,731	)
USD	9,523,549	EUR	8,370,000	Standard Chartered Bank		09/18/19		(55,563	)
USD	10,779,000	JPY	1,157,890,959	JPMorgan Chase Bank N.A.		09/18/19		(25,183	)
USD	1,330,000	RUB	86,728,187	BNP Paribas S.A.		09/18/19		(25,649	)
USD	48,927,000	SGD	66,147,836	HSBC Bank PLC		09/18/19		(23,125	)
USD	1,158,874	CNH	8,066,079	UBS AG		09/20/19		(14,481	)
USD	2,663,561	EUR	2,345,421	Barclays Bank PLC		09/20/19		(21,053	)
USD	2,813,547	HKD	22,035,000	Bank of America N.A.		09/20/19		(8,271	)
USD	2,813,142	HKD	22,034,776	HSBC Bank PLC		09/20/19		(8,648	)
USD	1,052,940	IDR	15,220,251,669	Morgan Stanley & Co. International PLC		09/20/19		(14,294	)
USD	9,607,829	JPY	1,034,374,026	Bank of America N.A.		09/20/19		(45,136	)
USD	377,250	KRW	444,098,451	Bank of America N.A.		09/20/19		(8,371	)
USD	1,230,248	TWD	38,600,260	Goldman Sachs International		09/20/19		(18,416	)
EUR	33,810,000	USD	41,367,211	JPMorgan Chase Bank N.A.		12/13/19		(2,419,661	)
EUR	33,810,000	USD	41,665,584	JPMorgan Chase Bank N.A.		02/25/20		(2,522,455	)
								(12,053,288	)
Net Unrealized Appreciation							$	4,132,471

Interest Rate Caps Purchased

Description	Exercise Rate	Counterparty	Expiration Date		Notional Amount (000)			Value		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
10Y-2Y CMS Index Cap	0.50%	Citibank N.A.		03/13/20		USD	1,017,480	$	729,940	$	391,730	$	338,210
10Y-2Y CMS Index Cap	0.40%	Goldman Sachs International		03/31/20		USD	860,000		1,126,591		718,100		408,491
								$	1,856,531	$	1,109,830	$	746,701

CONSOLIDATED SCHEDULE OF INVESTMENTS 47

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2019 Master Total Return Portfolio of Master Bond LLC

Exchange-Traded Options Purchased

Description	Number of Contracts	Expiration Date	Exercise Price		Notional Amount (000)		Value
Call
SPDR S&P 500 ETF Trust	3,380	07/19/19	USD	300.00	USD	99,034	$	410,670
SPDR S&P Oil & Gas Explore & Production ETF	1,489	07/19/19	USD	30.00	USD	4,058		14,890
SPDR S&P 500 ETF Trust	231	12/20/19	USD	290.00	USD	6,768		347,886
SPDR S&P 500 ETF Trust	178	12/20/19	USD	285.00	USD	5,215		331,703
Caesars Entertainment Corp.	2,336	01/17/20	USD	12.00	USD	2,761		109,792
VanEck Vectors JPMorgan EM Local Currency Bond ETF	4,462	01/17/20	USD	37.00	USD	15,483		44,620
								1,259,561
Put
SPDR S&P 500 ETF Trust	1,541	07/01/19	USD	290.00	USD	45,151		77,821
SPDR S&P 500 ETF Trust	4,000	07/05/19	USD	287.00	USD	117,200		238,000
U.S. Treasury Notes (10 Year)	2,210	07/05/19	USD	127.50	USD	282,811		448,906
Euro Dollar (1 Year) Mid-Curve	2,179	07/12/19	USD	98.13	USD	536,279		40,856
SPDR S&P 500 ETF Trust	3,500	07/19/19	USD	286.00	USD	102,550		490,000
Euro Dollar Futures	447	08/16/19	USD	97.88	USD	109,509		47,494
Euro Dollar Futures	2,736	12/16/19	USD	97.63	USD	670,936		171,000
Caesars Entertainment Corp.	499	01/17/20	USD	10.00	USD	590		8,733
								1,522,810
							$	2,782,371

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

One-Touch

Deutsche Bank AG

—

08/09/19

CNH

7.10

CNH

7.10

USD

327

$

20,278

Put

USD Currency

Down-and-Out

BNP Paribas S.A.

—

07/01/19

KRW

1,180.00

KRW

1,148.00

USD

7,238

32,199

USD Currency

Down-and-Out

Deutsche Bank AG

—

07/11/19

BRL

3.87

BRL

3.74

USD

5,853

29,063

AUD Currency

One-Touch

Bank of America N.A.

—

07/30/19

JPY

70.00

JPY

70.00

AUD

6,610

174,068

EUR Currency

One-Touch

Bank of America N.A.

—

11/27/19

USD

1.09

USD

1.09

EUR

1,130

87,276

EUR Currency

Under-and-In

BNP Paribas S.A.

—

12/20/19

USD

1.11

USD

1.16

EUR

44,900

67,975

390,581

$

410,859

OTC Options Purchased

Description	Counterparty	Number of Contracts	Expiration Date	Exercise Price		Notional Amount (000)		Value
Call
USD Currency	Morgan Stanley & Co. International PLC	—	07/01/19	BRL	4.00	USD	4,524	$	4
USD Currency	Morgan Stanley & Co. International PLC	—	07/05/19	KRW	1,195.00	USD	2,852		171
USD Currency	BNP Paribas S.A.	—	07/11/19	TWD	31.60	USD	7,164		2,815
USD Currency	HSBC Bank PLC	—	07/11/19	TWD	31.20	USD	5,731		10,969
USD Currency	Deutsche Bank AG	—	07/12/19	TRY	6.65	USD	3,534		102
USD Currency	BNP Paribas S.A.	—	07/18/19	TWD	31.50	USD	7,185		6,763
USD Currency	Bank of America N.A.	—	07/19/19	CAD	1.36	USD	5,899		408

48

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

Description	Counterparty	Number of Contracts	Expiration Date	Exercise Price			Notional Amount (000)			Value
USD Currency	Deutsche Bank AG	—	07/19/19		TWD	31.00		USD	27,943	$	132,197
USD Currency	Bank of America N.A.	—	07/24/19		TWD	31.10		USD	7,409		29,245
USD Currency	BNP Paribas S.A.	—	07/25/19		CNH	7.02		USD	169,950		273,912
USD Currency	HSBC Bank PLC	—	07/26/19		CNH	7.03		USD	1,123,869		1,735,136
Hang Seng China
Enterprises Index	Citibank N.A.	42	07/30/19		HKD	11,245.54		HKD	22,852		20,544
USD Currency	Bank of America N.A.	—	07/30/19		CAD	1.33		USD	5,946		13,122
USD Currency	JPMorgan Chase Bank N.A.	—	07/30/19		TWD	31.10		USD	37,161		162,790
AUD Currency	HSBC Bank PLC	—	07/31/19		USD	0.71		AUD	6,385		29,624
EUR Currency	Bank of America N.A.	—	08/01/19		USD	1.15		EUR	358,775		1,293,639
											3,711,441
Put
USD Currency	Bank of America N.A.	—	07/02/19		MXN	19.00		USD	4,409		2,428
AUD Currency	Bank of America N.A.	—	07/03/19		USD	0.68		AUD	6,097		68
AUD Currency	BNP Paribas S.A.	—	07/03/19		USD	0.68		AUD	6,097		77
USD Currency	JPMorgan Chase Bank N.A.	—	07/03/19		PLN	3.75		USD	5,899		38,314
USD Currency	JPMorgan Chase Bank N.A.	—	07/05/19		KRW	1,150.00		USD	8,557		19,246
USD Currency	JPMorgan Chase Bank N.A.	—	07/05/19		KRW	1,165.00		USD	5,705		51,179
USD Currency	Morgan Stanley & Co. International PLC	—	07/05/19		KRW	1,140.00		USD	8,557		5,377
USD Currency	Deutsche Bank AG	—	07/09/19		MXN	19.06		USD	5,950		17,608
USD Currency	BNP Paribas S.A.	—	07/11/19		IDR	14,100.00		USD	8,589		32,367
USD Currency	Deutsche Bank AG	—	07/11/19		BRL	3.78		USD	5,853		23,639
USD Currency	Deutsche Bank AG	—	07/11/19		IDR	14,400.00		USD	5,726		110,277
GBP Currency	Barclays Bank PLC	—	07/15/19		USD	1.25		GBP	104,095		90,745
USD Currency	Bank of America N.A.	—	07/19/19		BRL	4.02		USD	5,745		277,700
USD Currency	Morgan Stanley & Co. International PLC	—	08/07/19		CNH	6.70		USD	36,300		41,688
USD Currency	HSBC Bank PLC	—	08/12/19		KRW	1,125.00		USD	25,690		44,110
USD Currency	Deutsche Bank AG	—	08/23/19		KRW	1,125.00		USD	5,927		13,960
USD Currency	JPMorgan Chase Bank N.A.	—	09/03/19		KRW	1,125.00		USD	36,424		109,782
EUR Currency	BNP Paribas S.A.	—	11/27/19		USD	1.11		EUR	57,240		230,480
EUR Currency	JPMorgan Chase Bank N.A.	—	04/29/20		USD	1.16		EUR	15,191		332,967
											1,442,012
										$	5,153,453

CONSOLIDATED SCHEDULE OF INVESTMENTS 49

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

Exchange-Traded Options Written

Description	Number of Contracts	Expiration Date	Exercise Price			Notional Amount (000)			Value
Call
iShares iBoxx $ High Yield Corporate Bond ETF	1,345	07/19/19		USD	88.00		USD	11,726	$	(7,398	)
Euro Dollar Futures	3,500	12/16/19		USD	98.38		USD	858,288		(590,625	)
Euro Dollar Futures	538	12/14/20		USD	98.00		USD	132,409		(790,188	)
										(1,388,211	)
Put
U.S. Treasury Notes (10 Year)	2,210	07/05/19		USD	127.00		USD	282,811		(172,656	)
Euro Dollar (1 Year) Mid-Curve	2,179	07/12/19		USD	97.88		USD	536,279		(13,619	)
U.S. Treasury Notes (10 Year)	249	08/23/19		USD	126.00		USD	31,864		(54,469	)
Euro Dollar Futures	2,736	12/16/19		USD	97.38		USD	670,936		(34,200	)
										(274,944	)
									$	(1,663,155	)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date	Exercise Price			Notional Amount (000)			Value
Call
USD Currency	Deutsche Bank AG		—	07/01/19		BRL	4.00		USD	4,524	$	(5	)
USD Currency	JPMorgan Chase Bank N.A.		—	07/05/19		KRW	1,195.00		USD	2,852		(169	)
USD Currency	Deutsche Bank AG		—	07/11/19		BRL	3.95		USD	5,853		(12,130	)
USD Currency	HSBC Bank PLC		—	07/11/19		TWD	31.60		USD	7,164		(2,812	)
USD Currency(a)	Deutsche Bank AG		—	07/12/19		TRY	7.20		USD	3,534		—
USD Currency	HSBC Bank PLC		—	07/19/19		TWD	31.00		USD	27,943		(132,197	)
USD Currency	BNP Paribas S.A.		—	07/25/19		CNH	6.95		USD	56,650		(166,056	)
USD Currency	HSBC Bank PLC		—	07/26/19		CNH	6.96		USD	374,623		(1,030,453	)
Hang Seng China
Enterprises Index	Citibank N.A.		42	07/30/19		HKD	11,791.44		HKD	22,852		(3,887	)
USD Currency	Bank of America N.A.		—	08/22/19		TWD	31.60		USD	7,409		(16,579	)
USD Currency	Deutsche Bank AG		—	08/23/19		KRW	1,195.00		USD	5,927		(14,809	)
												(1,379,097	)
Put
AUD Currency	Citibank N.A.		—	07/03/19		USD	0.68		AUD	12,194		(147	)
USD Currency	JPMorgan Chase Bank N.A.		—	07/05/19		KRW	1,140.00		USD	8,557		(5,428	)
USD Currency	Deutsche Bank AG		—	07/11/19		IDR	14,100.00		USD	8,589		(32,317	)
GBP Currency	Citibank N.A.		—	07/15/19		USD	1.25		GBP	104,095		(89,883	)
USD Currency	Bank of America N.A.		—	07/19/19		BRL	3.92		USD	8,617		(225,112	)
AUD Currency	HSBC Bank PLC		—	07/31/19		USD	0.69		AUD	6,385		(9,549	)
EUR Currency	BNP Paribas S.A.		—	11/27/19		USD	1.09		EUR	76,720		(141,612	)
												(504,048	)
											$	(1,883,145	)

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

50

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

OTC Interest Rate Swaptions Written

Description

Paid by the Fund

Received by the Fund

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Rate

Frequency

Rate

Frequency

Counterparty

Call

10-Year Interest Rate Swap, 06/22/32

1.90%

Semi- Annual

3-month LIBOR, 2.32%

Quarterly

Morgan Stanley & Co. International PLC

06/20/22

1.90

%

USD

438,240

$

(1,209,829

)

Put

10-Year Interest Rate Swap, 06/22/32

3-month LIBOR, 2.32%

Quarterly

2.40%

Semi- Annual

Morgan Stanley & Co. International PLC

06/20/22

2.40

%

USD

438,240

(1,223,070

)

$

(2,432,899

)

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.IG.32.V1	1.00%	Quarterly	06/20/24	USD	71,835	$	(1,573,370	)	$	(1,328,889	)	$	(244,481	)

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)

CDX.NA.HY.32.V1

5.00%

Quarterly

06/20/24

B+

USD

3,700

$

286,594

$

263,706

$

22,888

^(a)  Using S&P Global Ratings (“S&P”) 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

2.15%

At Termination

U.S. CPI Urban Consumers NAS (CPURNSA)

At Termination

04/15/29

USD

137,833

$(2,883,420)

$

3,212

$

(2,886,632

)

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
28-day MXIBTIIE, 8.49%	Monthly	8.21%	Monthly	N/A		10/07/20	MXN	665,409	$	164,721		$	37	$	164,684
3-month Canadian Bankers Acceptances, 1.97%	Semi-Annual	1.71%	Semi-Annual	N/A		06/20/21	CAD	496,410		(509,182	)		12,391		(521,573	)
3-month Canadian Bankers Acceptances, 1.97%	Semi-Annual	1.77%	Semi-Annual	N/A		06/26/21	CAD	56,565		(3,779	)		439		(4,218	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 51

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

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
3-month Canadian Bankers Acceptances, 1.97%	Semi-Annual	1.76%	Semi-Annual	N/A		06/26/21		CAD	56,565	$	(16,477	)	$	456		$	(16,933	)
2.10%	Quarterly	3-month Australian Bank Bill Rate 1.20%	Quarterly	N/A		08/23/21		AUD	10,284		(171,188	)		65			(171,253	)
6.73%	Quarterly	6-month JIBAR, 7.40%	Quarterly	9/18/19(a)		09/18/21		ZAR	567,520		(34,104	)		164			(34,268	)
6.74%	Quarterly	6-month JIBAR, 7.40%	Quarterly	9/18/19(a)		09/18/21		ZAR	567,520		(41,505	)		164			(41,669	)
2.29%	Semi-Annual	6-month Australian Bank Bill Rate, 1.22%	Semi-Annual	N/A		11/02/21		AUD	5,057		(99,411	)		80			(99,491	)
2.58%	Semi-Annual	3-month Canadian Bankers Acceptances, 1.97%	Semi-Annual	N/A		12/03/21		CAD	15,645		(241,620	)		255			(241,875	)
6-month CIBOR, (0.24)%	Semi-Annual	0.12%	Annual	N/A		12/06/21		DKK	92,248		152,618			2,028			150,590
6-month NIBOR, 1.72%	Semi-Annual	1.67%	Annual	N/A		12/06/21		NOK	123,771		98,023			95			97,928
6-month STIBOR, 0.06%	Quarterly	0.17%	Annual	N/A		12/06/21		SEK	128,311		91,532			1,571			89,961
3.01%	Semi-Annual	3-month LIBOR, 2.32%	Quarterly	N/A		12/07/21		USD	11,851		(353,970	)		(3,125	)		(350,845	)
7.11%	Monthly	28-day MXIBTIIE, 8.49%	Monthly	N/A		10/14/22		MXN	146,271		42,024			69			41,955
7.11%	Monthly	28-day MXIBTIIE, 8.49%	Monthly	N/A		10/14/22		MXN	110,975		31,024			52			30,972
2.05%	Semi-Annual	3-month LIBOR, 2.32%	Quarterly	10/03/19(a)		11/30/23		USD	173,703		(2,444,040	)		12,695			(2,456,735	)
2.62%	Semi-Annual	3-month Canadian Bankers Acceptances, 1.97%	Semi-Annual	N/A		12/03/23		CAD	9,604		(287,268	)		(816	)		(286,452	)
6-month EURIBOR, (0.31)%	Semi-Annual	0.28%	Annual	N/A		12/04/23		EUR	7,490		225,230			996			224,234
6-month CIBOR, (0.24)%	Semi-Annual	0.42%	Annual	N/A		12/06/23		DKK	55,726		256,745			4,264			252,481
6-month STIBOR, 0.06%	Quarterly	0.51%	Annual	N/A		12/06/23		SEK	77,818		194,839			2,391			192,448
3.00%	Semi-Annual	3-month LIBOR, 2.32%	Quarterly	N/A		12/07/23		USD	7,311		(393,758	)		(3,653	)		(390,105	)
28-day MXIBTIIE, 8.49%	Monthly	8.13%	Monthly	N/A		02/02/24		MXN	168,229		303,084			383			302,701
28-day MXIBTIIE, 8.49%	Monthly	8.14%	Monthly	N/A		02/05/24		MXN	120,900		219,114			125			218,989

52

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

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
28-day MXIBTIIE, 8.49%	Monthly	7.81%	Monthly	N/A		05/27/24		MXN	360,214	$	425,718		$	510		$	425,208
1.77%	Annual	6-month NIBOR, 1.72%	Semi-Annual	N/A		06/05/24		NOK	60,000		(10,029	)		68			(10,097	)
28-day MXIBTIIE, 8.49%	Monthly	6.32%	Monthly	N/A		07/17/25		MXN	73,475		(190,982	)		339			(191,321	)
3-month LIBOR, 2.32%	Quarterly	2.13%	Semi-Annual	N/A		08/25/25		USD	2,360		56,334			22			56,312
2.27%	Semi-Annual	3-month LIBOR, 2.32%	Quarterly	N/A		09/11/25		USD	1,800		(59,294	)		23			(59,317	)
2.91%	Semi-Annual	3-month LIBOR, 2.32%	Quarterly	N/A		08/23/26		USD	3,692		(293,846	)		(46	)		(293,800	)
0.16%	Annual	6-month EURIBOR, (0.31)%	Semi-Annual	9/10/19(a)		08/15/28		EUR	146,855		(615,148	)		2,548			(617,696	)
0.20%	Annual	6-month EURIBOR, (0.31)%	Semi-Annual	9/10/19(a)		08/15/28		EUR	146,855		(1,242,018	)		2,545			(1,244,563	)
0.14%	Annual	6-month EURIBOR, (0.31)%	Semi-Annual	9/10/19(a)		08/15/28		EUR	74,460		(185,543	)		1,299			(186,842	)
0.15%	Annual	6-month EURIBOR, (0.31)%	Semi-Annual	9/10/19(a)		08/15/28		EUR	74,460		(256,431	)		1,299			(257,730	)
2.93%	Semi-Annual	3-month LIBOR, 2.32%	Quarterly	N/A		08/24/28		USD	8,170		(751,211	)		128			(751,339	)
3.16%	Semi-Annual	3-month LIBOR, 2.32%	Quarterly	N/A		10/03/28		USD	4,519		(478,419	)		71			(478,490	)
2.75%	Semi-Annual	3-month Canadian Bankers Acceptances, 1.97%	Semi-Annual	N/A		12/03/28		CAD	5,110		(316,197	)		(2,133	)		(314,064	)
6-month EURIBOR, (0.31)%	Semi-Annual	0.88%	Annual	N/A		12/04/28		EUR	3,872		340,487			649			339,838
6-month CIBOR, (0.24)%	Semi-Annual	1.03%	Annual	N/A		12/06/28		DKK	28,735		372,657			7,785			364,872
6-month STIBOR, 0.06%	Quarterly	1.16%	Annual	N/A		12/06/28		SEK	40,557		299,896			6,807			293,089
3.08%	Semi-Annual	3-month LIBOR, 2.32%	Quarterly	N/A		12/07/28		USD	3,916		(389,500	)		(2,139	)		(387,361	)
1.86%	Annual	6-month NIBOR, 1.72%	Semi-Annual	N/A		06/05/29		NOK	32,000		(9,089	)		63			(9,152	)
2.91%	Semi-Annual	3-month Canadian Bankers Acceptances, 1.97%	Semi-Annual	N/A		12/03/48		CAD	2,165		(304,611	)		(444	)		(304,167	)
6-month EURIBOR, (0.31)%	Semi-Annual	1.46%	Annual	N/A		12/04/48		EUR	1,518		367,519			93			367,426
1.73%	Semi-Annual	6-month GBP LIBOR, 0.85%	Semi-Annual	N/A		12/04/48		GBP	1,134		(180,208	)		1,687			(181,895	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 53

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

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 CIBOR, (0.24)%	Semi-Annual	1.53%	Annual		N/A		12/06/48		DKK	11,141	$	389,187		$	699		$	388,488
6-month STIBOR, 0.06%	Quarterly	1.68%	Annual		N/A		12/06/48		SEK	16,157		294,309			2,308			292,001
3.19%	Semi-Annual	3-month LIBOR, 2.32%	Quarterly		N/A		12/07/48		USD	1,695		(362,106	)		(1,494	)		(360,612	)
											$	(5,915,873	)	$	53,813		$	(5,969,686	)

^(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)
Frontier Communications Corp.	5.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/19		USD	1,049	$	141,471		$	51,042		$	90,429
Beazer Homes USA, Inc.	5.00%	Quarterly	Barclays Bank PLC		06/20/20		USD	2,050		(86,285	)		(83,261	)		(3,024	)
HCA, Inc.	5.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/20		USD	3,095		(150,932	)		(138,947	)		(11,985	)
HCA, Inc.	5.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/20		USD	930		(45,353	)		(41,942	)		(3,411	)
United Mexican States	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/20		USD	7,452		(48,919	)		12,758			(61,677	)
United Mexican States	1.00%	Quarterly	Bank of America N.A.		09/20/20		USD	7,452		(54,846	)		22,950			(77,796	)
Australia & New Zealand Banking Group Ltd.	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/20		USD	1,205		(15,398	)		(1,656	)		(13,742	)
Australia & New Zealand Banking Group Ltd.	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/20		USD	1,000		(12,781	)		(106	)		(12,675	)
Australia & New Zealand Banking Group Ltd.	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/20		USD	795		(10,164	)		(1,204	)		(8,960	)
Commonwealth Bank of Australia	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/20		USD	1,150		(15,052	)		(1,243	)		(13,809	)
Commonwealth Bank of Australia	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/20		USD	1,000		(13,088	)		(797	)		(12,291	)
Itochu Corp.	1.00%	Quarterly	Goldman Sachs International		12/20/20		JPY	32,023		(4,087	)		(601	)		(3,486	)
Itochu Corp.	1.00%	Quarterly	Goldman Sachs International		12/20/20		JPY	29,326		(3,742	)		(533	)		(3,209	)
Itochu Corp.	1.00%	Quarterly	Goldman Sachs International		12/20/20		JPY	29,326		(3,742	)		(502	)		(3,240	)
Itochu Corp.	1.00%	Quarterly	Goldman Sachs International		12/20/20		JPY	29,326		(3,742	)		(398	)		(3,344	)
Mitsubishi Corp.	1.00%	Quarterly	Barclays Bank PLC		12/20/20		JPY	47,573		(6,164	)		(1,976	)		(4,188	)
Mitsubishi Corp.	1.00%	Quarterly	Goldman Sachs International		12/20/20		JPY	29,326		(3,800	)		(1,048	)		(2,752	)
Mitsui & Co. Ltd.	1.00%	Quarterly	Goldman Sachs International		12/20/20		JPY	58,651		(7,553	)		(823	)		(6,730	)
Mitsui & Co. Ltd.	1.00%	Quarterly	Goldman Sachs International		12/20/20		JPY	29,326		(3,777	)		(305	)		(3,472	)
National Australia Bank Ltd.	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/20		USD	1,000		(12,918	)		(402	)		(12,516	)
Standard Chartered Bank	1.00%	Quarterly	BNP Paribas S.A.		12/20/20		EUR	810		(12,620	)		5,961			(18,581	)
Standard Chartered Bank	1.00%	Quarterly	BNP Paribas S.A.		12/20/20		EUR	460		(7,169	)		3,527			(10,696	)
Standard Chartered Bank	1.00%	Quarterly	Goldman Sachs International		12/20/20		EUR	610		(9,505	)		2,000			(11,505	)
Standard Chartered			Morgan Stanley & Co. International
Bank	1.00%	Quarterly	PLC		12/20/20		EUR	240		(3,739	)		1,879			(5,618	)
Sumitomo Corp.	1.00%	Quarterly	Barclays Bank PLC		12/20/20		JPY	24,938		(3,170	)		309			(3,479	)
Sumitomo Corp.	1.00%	Quarterly	JPMorgan Chase Bank N.A.		12/20/20		JPY	25,316		(3,218	)		538			(3,756	)
Westpac Banking Corp.	1.00%	Quarterly	Citibank N.A.		12/20/20		USD	1,000		(12,913	)		(938	)		(11,975	)
Frontier Communications Corp.	5.00%	Quarterly	Barclays Bank PLC		06/20/21		USD	1,661		529,580			409,639			119,941
Frontier Communications Corp.	5.00%	Quarterly	Barclays Bank PLC		06/20/21		USD	1,049		332,994			298,198			34,796

54

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

Reference Obligation	Financing Rate Paid by the Fund		Payment Frequency		Counterparty	Termination Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Frontier Communications Corp.		5.00%		Quarterly	Barclays Bank PLC		06/20/21		USD	725	$	231,153		$	178,801		$	52,352
Transocean, Inc.		1.00%		Quarterly	Morgan Stanley & Co. International PLC		06/20/22		USD	2,172		157,474			198,347			(40,873	)
DISH DBS Corp.		5.00%		Quarterly	Goldman Sachs International		12/20/23		USD	2,168		(67,061	)		100,029			(167,090	)
DISH DBS Corp.		5.00%		Quarterly	Goldman Sachs International		12/20/23		USD	2,150		(66,491	)		69,191			(135,682	)
KB Home		5.00%		Quarterly	JPMorgan Chase Bank N.A.		12/20/23		USD	2,138		(297,461	)		(160,796	)		(136,665	)
Realogy Group LLC		5.00%		Quarterly	JPMorgan Chase Bank N.A.		12/20/23		USD	1,069		89,216			(9,398	)		98,614
RR Donnelley & Sons Co.		5.00%		Quarterly	JPMorgan Chase Bank N.A.		12/20/23		USD	1,070		133,554			48,617			84,937
Devon Energy Corp.		1.00%		Quarterly	JPMorgan Chase Bank N.A.		06/20/24		USD	2,891		(18,291	)		(17,158	)		(1,133	)
Federative Republic of Brazil		1.00%		Quarterly	BNP Paribas S.A.		06/20/24		USD	16,100		366,724			516,072			(149,348	)
Federative Republic of Brazil		1.00%		Quarterly	BNP Paribas S.A.		06/20/24		USD	4,420		100,678			141,679			(41,001	)
Federative Republic of Brazil		1.00%		Quarterly	Citibank N.A.		06/20/24		USD	35,147		800,571			1,048,611			(248,040	)
Federative Republic of Brazil		1.00%		Quarterly	Citibank N.A.		06/20/24		USD	20,173		459,499			655,336			(195,837	)
Federative Republic of Brazil		1.00%		Quarterly	Citibank N.A.		06/20/24		USD	5,517		125,666			179,224			(53,558	)
Republic of Argentina		5.00%		Quarterly	Barclays Bank PLC		06/20/24		USD	1,025		166,633			136,480			30,153
Republic of Argentina		5.00%		Quarterly	Goldman Sachs International		06/20/24		USD	589		95,753			74,880			20,873
Republic of Argentina		5.00%		Quarterly	HSBC Bank PLC		06/20/24		USD	1,100		178,825			136,325			42,500
Republic of Colombia		1.00%		Quarterly	Citibank N.A.		06/20/24		USD	27,530		(123,411	)		256,424			(379,835	)
Republic of South Africa		1.00%		Quarterly	Goldman Sachs International		06/20/24		USD	25,361		782,455			1,071,776			(289,321	)
Republic of the Philippines		1.00%		Quarterly	Citibank N.A.		06/20/24		USD	18,990		(475,278	)		(287,400	)		(187,878	)
Republic of Turkey		1.00%		Quarterly	BNP Paribas S.A.		06/20/24		USD	5,400		682,811			513,826			168,985
Republic of Turkey		1.00%		Quarterly	Morgan Stanley & Co. International PLC		06/20/24		USD	6,175		780,756			591,949			188,807
State of Qatar		1.00%		Quarterly	Morgan Stanley & Co. International PLC		06/20/24		USD	4,095		(72,506	)		(59,564	)		(12,942	)
Tenet Healthcare Corp.		5.00%		Quarterly	Goldman Sachs International		06/20/24		USD	1,175		(4,756	)		(42,260	)		37,504
Tenet Healthcare Corp.		5.00%		Quarterly	Goldman Sachs International		06/20/24		USD	1,175		(4,755	)		(42,223	)		37,468
Tenet Healthcare Corp.		5.00%		Quarterly	Goldman Sachs International		06/20/24		USD	1,150		(4,655	)		(41,325	)		36,670
Tenet Healthcare Corp.		5.00%		Quarterly	JPMorgan Chase Bank N.A.		06/20/24		USD	500		(2,024	)		(6,859	)		4,835
United Mexican States		1.00%		Quarterly	Citibank N.A.		06/20/24		USD	15,739		76,358			263,402			(187,044	)
United Mexican States		1.00%		Quarterly	Citibank N.A.		06/20/24		USD	4,219		20,470			70,611			(50,141	)
United Mexican States		1.00%		Quarterly	HSBC Bank PLC		06/20/24		USD	25,287		122,674			435,263			(312,589	)
United Mexican States		1.00%		Quarterly	HSBC Bank PLC		06/20/24		USD	6,779		32,885			116,682			(83,797	)
CMBX.NA.9.AAA		0.50%		Annual	Credit Suisse International		09/17/58		USD	4,540		(46,551	)		53,066			(99,617	)
CMBX.NA.9.AAA		0.50%		Annual	Deutsche Bank AG		09/17/58		USD	3,620		(37,118	)		42,925			(80,043	)
CMBX.NA.9.AAA		0.50%		Annual	Morgan Stanley & Co. International PLC		09/17/58		USD	5,570		(57,112	)		71,436			(128,548	)
CMBX.NA.9.AAA		0.50%		Annual	Morgan Stanley & Co. International PLC		09/17/58		USD	3,050		(31,273	)		35,650			(66,923	)
CMBX.NA.9.AAA		0.50%		Annual	Morgan Stanley & Co. International PLC		09/17/58		USD	2,530		(25,941	)		29,572			(55,513	)
CMBX.NA.9.BBB-		3.00%		Monthly	Citigroup Global Markets, Inc.		09/17/58		USD	2,080		67,765			73,048			(5,283	)
CMBX.NA.9.BBB-		3.00%		Monthly	Morgan Stanley & Co. International PLC		09/17/58		USD	204		6,646			11,730			(5,084	)
CMBX.NA.6.AAA		0.50%		Annual	Deutsche Bank AG		05/11/63		USD	5,562		(48,348	)		(1,768	)		(46,580	)
CMBX.NA.6.AAA		0.50%		Annual	Deutsche Bank AG		05/11/63		USD	2,289		(19,897	)		434			(20,331	)
CMBX.NA.6.BBB-		3.00%		Annual	J.P. Morgan Securities LLC		05/11/63		USD	850		84,909			81,717			3,192
											$	4,609,914		$	7,066,471		$	(2,456,557	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 55

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

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)
United Mexican States	1.00	%	Quarterly	Bank of America N.A.	06/20/20	BBB+	USD	7,452	$48,919	$	(14,788	)	$	63,707
People’s Republic of China	1.00	%	Quarterly	Barclays Bank PLC	09/20/20	A+	USD	1,000	11,227		(1,985	)		13,212
People’s Republic of China	1.00	%	Quarterly	Goldman Sachs International	09/20/20	A+	USD	1,000	11,227		(2,099	)		13,326
United Mexican States	1.00	%	Quarterly	JPMorgan Chase Bank N.A.	09/20/20	BBB+	USD	7,452	54,846		(19,993	)		74,839
ITRAXX.ASIA.XJ.IG.24.V1	1.00	%	Quarterly	Goldman Sachs International	12/20/20	A-	USD	1,825	25,343		(15,030	)		40,373
Beazer Homes USA, Inc.	5.00	%	Quarterly	Barclays Bank PLC	06/20/23	B-	USD	2,050	103,531		132,000			(28,469	)
Beazer Homes USA, Inc.	5.00	%	Quarterly	Goldman Sachs International	06/20/23	B-	USD	1,036	52,320		37,271			15,049
Beazer Homes USA, Inc.	5.00	%	Quarterly	Goldman Sachs International	06/20/23	B-	USD	622	31,392		22,992			8,400
CMBX.NA.7.AAA	0.50	%	Monthly	Morgan Stanley & Co. International PLC	01/17/47	AAA	USD	4,977	54,095		(148,613	)		202,708
CMBX.NA.3.AM	0.50	%	Monthly	Credit Suisse International	12/13/49	A	USD	12	(46)		(966	)		920
CMBX.NA.3.AM	0.50	%	Monthly	Goldman Sachs International	12/13/49	A	USD	29	(109)		(2,465	)		2,356
CMBX.NA.3.AM	0.50	%	Monthly	JPMorgan Chase Bank N.A.	12/13/49	A	USD	63	(236)		(5,042	)		4,806
CMBX.NA.4.AM	0.50	%	Annual	Deutsche Bank AG	02/17/51	A-	USD	0	(3)		(61	)		58
CMBX.NA.8.A	2.00	%	Annual	Goldman Sachs International	10/17/57	Not Rated	USD	1,146	17,379		(62,047	)		79,426
CMBX.NA.8.A	2.00	%	Monthly	Goldman Sachs International	10/17/57	Not Rated	USD	440	6,673		(42,643	)		49,316
CMBX.NA.9.BBB-	3.00	%	Monthly	Deutsche Bank AG	09/17/58	Not Rated	USD	906	(29,517)		(107,721	)		78,204
CMBX.NA.9.BBB-	3.00	%	Monthly	J.P. Morgan Securities LLC	09/17/58	Not Rated	USD	955	(31,113)		(83,761	)		52,648
CMBX.NA.9.BBB-	3.00	%	Monthly	Morgan Stanley & Co. International PLC	09/17/58	Not Rated	USD	1,060	(34,534)		(53,228	)		18,694
CMBX.NA.9.BBB-	3.00	%	Quarterly	Morgan Stanley & Co. International PLC	09/17/58	Not Rated	USD	486	(15,833)		(29,339	)		13,506
CMBX.NA.10.A	2.00	%	Monthly	Deutsche Bank AG	11/17/59	A-	USD	3,340	31,632		(144,023	)		175,655
CMBX.NA.10.A	2.00	%	Monthly	Deutsche Bank AG	11/17/59	A-	USD	1,670	15,816		(73,222	)		89,038
CMBX.NA.10.BBB-	3.00	%	Annual	J.P. Morgan Securities LLC	11/17/59	BBB-	USD	60	(1,893)		(5,119	)		3,226
CMBX.NA.6.BBB-	3.00	%	Annual	Credit Suisse International	05/11/63	BB+	USD	850	(84,908)		(66,174	)		(18,734	)
									$266,208	$	(686,056	)	$	952,264

^(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 Interest Rate Swaps

Paid by the Fund		Received by the Fund			Termination	Notional Amount					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Counterparty	Date	(000)		Value			(Received)			(Depreciation)
3.27%	Quarterly	3-month LIBOR, 2.60%	Semi-Annual	Deutsche Bank AG	05/16/21	USD	9,510	$	(262,907)		$	—		$	(262,907	)
1-day BZDIOVER, 0.02%	At Termination	8.27%	At Termination	JPMorgan Chase Bank N.A.	01/02/23	BRL	62,487		1,063,701			—			1,063,701
1-day BZDIOVER, 0.02%	At Termination	8.49%	At Termination	Citibank N.A.	01/02/25	BRL	62,394		1,504,773			—			1,504,773
5.73%	Monthly	28-day MXIBTIIE, 8.52%	Monthly	Bank of America N.A.	01/03/25	MXN	23,376		88,026			262			87,764
28-day MXIBTIIE, 8.52%	Monthly	6.33%	Monthly	Citibank N.A.	06/09/25	MXN	14,869		(38,081	)		(65	)		(38,016	)

56

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

Paid by the Fund			Received by the Fund					Termination	Notional Amount					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency		Rate		Frequency	Counterparty		Date	(000)		Value			(Received)			(Depreciation)
28-day MXIBTIIE, 8.52%		Monthly		6.33%	Monthly		Citibank N.A.	07/17/25	MXN	36,610	$	(94,681	)	$	(125)		$	(94,556)
28-day MXIBTIIE, 8.52%		Monthly		6.32%	Monthly		Goldman Sachs International	08/06/25	MXN	109,616		(290,544	)		(368	)		(290,176	)
6.31%		Monthly		28-day MXIBTIIE, 8.52%	Monthly		Bank of America N.A.	08/11/25	MXN	36,783		98,237			154			98,083
6.31%		Monthly		28-day MXIBTIIE, 8.52%	Monthly		Bank of America N.A.	08/11/25	MXN	36,783		98,237			154			98,083
6.31%		Monthly		28-day MXIBTIIE, 8.52%	Monthly		Deutsche Bank AG	08/11/25	MXN	136,536		365,662			571			365,091
28-day MXIBTIIE, 8.52%		Monthly		6.27%	Monthly		Bank of America N.A.	12/05/25	MXN	4,348		(12,764	)		(40	)		(12,724	)
											$	2,519,659		$	543		$	2,519,116

OTC Total Return Swaps

Paid by the Fund

Received by the Fund

Termination

Notional Amount

Upfront Premium Paid

Unrealized Appreciation

Rate

Frequency

Rate

Frequency

Counterparty

Date

(000)

Value

(Received)

(Depreciation)

SPDR S&P Oil & Gas Exploration & Production ETF

Monthly

1-month LIBOR minus 0.70%, 2.40%

Monthly

BNP Paribas S.A.

08/06/19

USD

566

$

(31,765

)

$

—

$

(31,765

)

Charter Communications, Inc.

Monthly

1-month LIBOR plus 0.10%, 2.40%

Monthly

Citibank N.A.

08/06/19

USD

574

(10,728

)

—

(10,728

)

Charter Communications, Inc.

Monthly

1-month LIBOR, 2.40%

Monthly

BNP Paribas S.A.

08/27/19

USD

1,143

(50,399

)

—

(50,399

)

Canadian Natural Resources Ltd.

Quarterly

3-month LIBOR minus 0.45%, 2.32%

Quarterly

BNP Paribas S.A.

11/27/19

USD

534

(18,776

)

—

(18,776

)

Superior Energy Services, Inc.

Quarterly

3-month LIBOR minus 0.45%, 2.32%

Quarterly

BNP Paribas S.A.

01/31/20

USD

86

153,117

—

153,117

SPDR S&P Oil & Gas Exploration & Production ETF

Monthly

1-month LIBOR minus 0.47%, 2.40%

Monthly

Merrill Lynch International

03/17/20

USD

1,323

(94,214

)

—

(94,214

)

Occidental Petroleum Corp.

Quarterly

3-month LIBOR, 2.32%

Quarterly

BNP Paribas S.A.

05/15/20

USD

2,750

147,040

—

147,040

Superior Energy Services, Inc.

Quarterly

3-month LIBOR minus 0.15%, 2.32%

Quarterly

Citibank N.A.

05/15/20

USD

199

212,706

—

212,706

Superior Energy Services, Inc.

Quarterly

3-month LIBOR minus 0.15%, 2.32%

Quarterly

Citibank N.A.

05/15/20

USD

116

124,138

—

124,138

CONSOLIDATED SCHEDULE OF INVESTMENTS 57

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

Paid by the Fund

Received by the Fund

Termination

Notional Amount

Upfront Premium Paid

Unrealized Appreciation

Rate

Frequency

Rate

Frequency

Counterparty

Date

(000)

Value

(Received)

(Depreciation)

Superior Energy Services, Inc.

Quarterly

3-month LIBOR minus 0.15%, 2.32%

Quarterly

Citibank N.A.

05/15/20

USD

111

$

103,975

$

—

$

103,975

Sprint Corp.

Quarterly

3-month LIBOR, 2.32%

Quarterly

Citibank N.A.

06/11/20

USD

783

2,517

—

2,517

Sprint Corp.

Quarterly

3-month LIBOR, 2.32%

Quarterly

Citibank N.A.

06/11/20

USD

783

883

—

883

Intelsat SA

Quarterly

3-month LIBOR minus 0.52%, 2.32%

Quarterly

Credit Suisse International

06/11/20

USD

1,856

(3,397

)

—

(3,397

)

Quorum Health Corp.

Quarterly

3-month LIBOR minus 1.25%, 2.32%

Quarterly

JPMorgan Chase Bank N.A.

06/11/20

USD

118

(5,157

)

—

(5,157

)

Quorum Health Corp.

Quarterly

3-month LIBOR minus 1.25%, 2.32%

Quarterly

JPMorgan Chase Bank N.A.

06/11/20

USD

46

4,358

—

4,358

Quorum Health Corp.

Quarterly

3-month LIBOR minus 1.25%, 2.32%

Quarterly

JPMorgan Chase Bank N.A.

06/11/20

USD

33

(1,751

)

—

(1,751

)

Quorum Health Corp.

Quarterly

3-month LIBOR minus 1.25%, 2.32%

Quarterly

JPMorgan Chase Bank N.A.

06/11/20

USD

29

(2,432

)

—

(2,432

)

Quorum Health Corp.

Quarterly

3-month LIBOR minus 1.25%, 2.32%

Quarterly

JPMorgan Chase Bank N.A.

06/11/20

USD

25

(1,263

)

—

(1,263

)

Quorum Health Corp.

Quarterly

3-month LIBOR minus 1.25%, 2.32%

Quarterly

JPMorgan Chase Bank N.A.

06/11/20

USD

19

1,982

—

1,982

Quorum Health Corp.

Quarterly

3-month LIBOR minus 1.25%, 2.32%

Quarterly

JPMorgan Chase Bank N.A.

06/11/20

USD

17

3,739

—

3,739

Quorum Health Corp.

Quarterly

3-month LIBOR minus 1.25%, 2.32%

Quarterly

JPMorgan Chase Bank N.A.

06/11/20

USD

13

(1,056

)

—

(1,056

)

Quorum Health Corp.

Quarterly

3-month LIBOR minus 1.25%, 2.32%

Quarterly

JPMorgan Chase Bank N.A.

06/11/20

USD

11

402

—

402

58

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

Paid by the Fund

Received by the Fund

Termination

Notional Amount

Upfront Premium Paid

Unrealized Appreciation

Rate

Frequency

Rate

Frequency

Counterparty

Date

(000)

Value

(Received)

(Depreciation)

Quorum Health Corp.

Quarterly

3-month LIBOR minus 1.25%, 2.32%

Quarterly

JPMorgan Chase Bank N.A.

06/11/20

USD   11

$

1,888

$

—

$    1,888

Quorum Health Corp.

Quarterly

3-month LIBOR minus 1.25%, 2.32%

Quarterly

JPMorgan Chase Bank N.A.

06/11/20

USD 10

(265

)

—

(265

)

$

535,542

$

—

$535,542

OTC Correlation Swaps

Reference	Stirke Correlation Rate		Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
GBP/EUR — GBP/USD		76.5%(a)	Citibank N.A.		07/17/19	GBP	13	$	(75,968	)	$	—	$	(75,968	)
GBP/EUR — GBP/USD		75.0%(a)	Citibank N.A.		07/17/19	GBP	10		(74,297	)		—		(74,297	)
								$	(150,265	)	$	—	$	(150,265	)

^(a)  At expiration, the Master Portfolio pays or receives an amount based on the difference between the strike correlation rate and the realized price correlation.

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
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
TRY	Turkish Lira
TWD	Taiwan New Dollar
USD	US Dollar
ZAR	South African Rand

CONSOLIDATED SCHEDULE OF INVESTMENTS 59

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

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
CIBOR	Copenhagen Interbank Offered Rate
CLO	Collateralized Loan Obligation
CPI	Consumer Price Index
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
JIBAR	Johannesburg Interbank Average Rate
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
SPDR	Standard & Poor’s Depositary Receipts
STIBOR	Stockholm Interbank Offered Rate
TA	Tax Allocation
TBA	To-be-announced

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. 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 semi-annual report.

60

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

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	$	—	$	1,443,421,291		$	119,924,467	$	1,563,345,758
Common Stocks(a)		44,217,781		—			—		44,217,781
Corporate Bonds(a)		—		5,349,053,875			1,410,266		5,350,464,141
Floating Rate Loan Interests(a)		—		151,883,659			156,219,655		308,103,314
Foreign Agency Obligations		—		104,425,853			—		104,425,853
Foreign Government Obligations		—		508,117,660			—		508,117,660
Investment Companies		5,148,717		—			—		5,148,717
Non-Agency Mortgage-Backed Securities		—		739,165,636			59,183,942		798,349,578
Preferred Securities(a)		—		194,495,440			—		194,495,440
Taxable Municipal Bonds		—		800,135,216			—		800,135,216
U.S. Government Sponsored Agency Securities		—		7,294,008,078			—		7,294,008,078
U.S. Treasury Obligations		—		1,842,006,115			—		1,842,006,115
Warrants		140,633		—			—		140,633
Short-Term Securities:
Money Market Funds		138,617,459		—			—		138,617,459
U.S. Treasury Obligations		—		5,135,021			—		5,135,021
Options Purchased:
Equity contracts		2,029,495		65,164			—		2,094,659
Foreign currency exchange contracts		—		5,543,768			—		5,543,768
Interest rate contracts		708,256		1,856,531			—		2,564,787
Liabilities:
TBA Sale Commitments		—		(2,770,546,224	)		—		(2,770,546,224	)
Subtotal	$	190,862,341	$	15,668,767,083		$	336,738,330	$	16,196,367,754
Investments Valued at Net Asset Value (“NAV”)(b)									27,317
Total Investments								$	16,196,395,071

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

^(b)  Certain investments of the Master Portfolio were fair valued using 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	$	—		$	2,074,411		$	—	$	2,074,411
Equity contracts		—			756,745			—		756,745
Foreign currency exchange contracts		—			16,185,759			—		16,185,759
Interest rate contracts		28,122,861			7,511,672			—		35,634,533
Liabilities:
Credit contracts		—			(3,800,297	)		—		(3,800,297	)
Equity contracts		(754,946	)		(225,090	)		—		(980,036	)
Foreign currency exchange contracts		—			(14,082,811	)		—		(14,082,811	)
Interest rate contracts		(3,544,412	)		(13,395,141	)		—		(16,939,553	)
Other contracts		—			(2,886,632	)		—		(2,886,632	)
	$	23,823,503		$	(7,861,384	)		—	$	15,962,119

^(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.

CONSOLIDATED SCHEDULE OF INVESTMENTS 61

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
June 30, 2019

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		25,955,285			—			34,521			59,686,847			1,880,091
Transfers out of Level 3		(19,008,110	)		—			—			(15,913,870	)		(6,944,467	)
Accrued discounts/premiums		213,817			—			—			31,044			376,197
Net realized gain (loss)		1,066,344			(342,007	)		—			116,271			(3,157,499	)
Net change in unrealized appreciation (depreciation)(a)		(884,998	)		324,431			33,644			(3,301,562	)		1,968,266
Purchases		87,898,227			—			1,473,000			62,287,169			26,416,175
Sales		(37,215,902	)		(200,464	)		(111,130,902	)		(74,677,119	)		(21,460,678	)
Closing Balance, as of June 30, 2019	$	119,924,467		$	—		$	1,410,266		$	156,219,655		$	59,183,942
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2019(a)	$	(1,206,829	)	$	—		$	33,644		$	(3,378,308	)	$	(2,300,835	)

	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		—			—			—			87,556,744
Transfers out of Level 3		—			—			—			(41,866,447	)
Accrued discounts/premiums		—			—			—			621,058
Net realized gain (loss)		(867,195	)		(93,030	)		—			(3,277,116	)
Net change in unrealized appreciation (depreciation)(a)		847,791			73,932			(39	)		(938,535	)
Purchases		—			—			—			178,074,571
Sales		(221,317	)		(821,699	)		—			(245,728,081	)
Closing Balance, as of June 30, 2019	$	—		$	—		$	—		$	336,738,330
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2019(a)	$	—		$	—		$	—		$	(6,852,328	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2019, 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:

	Foreign Currency Exchange Contracts
	Assets		Liabilities
Opening Balance, as of September 30, 2018	$	—	$	(39	)
Transfers into Level 3		—		—
Transfers out of Level 3		—		—
Accrued discounts/premiums		—		—
Net realized gain (loss)		—		—
Net change in unrealized appreciation (depreciation)(a)		—		39
Purchases		—		—
Issues		—		—
Sales		—		—
Settlements		—		—
Closing Balance, as of June 30, 2019	$	—	$	—
Net change in unrealized appreciation (depreciation) on derivative financial instruments still held at June 30, 2019(a)	$	—	$	—

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2019 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.

62