UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

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

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

Fund Address:    100 Bellevue Parkway, Wilmington, DE 19809

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

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

Date of fiscal year end: 09/30/2018

Date of reporting period: 12/31/2017

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited) December 31, 2017 BlackRock Balanced Capital Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares/ Investment Value		Value
Investment Companies — 2.0%
BlackRock Total Factor Fund(b)		97,858	$	997,178
iShares Edge MSCI Multifactor USA ETF(b)		620,540		19,726,966
Total Investment Companies — 2.0% (Cost: $21,062,657)				20,724,144
Mutual Funds — 90.9%
Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC(b)	$	608,814,847		608,814,847
Master Total Return Portfolio of Master Bond LLC(b)		355,262,625		355,262,625
Total Mutual Funds — 90.9% (Cost: $875,969,144)				964,077,472
Total Long-Term Investments — 92.9% (Cost: $897,031,801)				984,801,616

Security	Shares		Value
Short-Term Securities — 7.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.17%(a)(b)		74,898,283	$	74,898,283
Total Short-Term Securities — 7.1% (Cost: $74,898,283)				74,898,283
Total Investments — 100.0% (Cost: $971,930,084)				1,059,699,899
Other Assets Less Liabilities — 0.0%				254,134
Net Assets — 100.0%			$	1,059,954,033

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

^(b)  During the period ended December 31, 2017, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliate	Shares/ Investment Value Held at 09/30/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 12/31/17		Value at 12/31/17		Income		Net Realized Gain (Loss) (a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		106,283,056		—			(31,384,773	)(b)		74,898,283	$	74,898,283	$	274,062	$	461		$	—
BlackRock Total Factor Fund		—		97,858			—			97,858		997,178		—		44,029			(46,859	)
iShares Core U.S. Aggregate Bond ETF		226,789		—			(226,789	)		—		—		155,609		(320,827	)		134,289
iShares Edge MSCI Multifactor USA ETF		—		620,540			—			620,540		19,726,966		96,525		—			(291,654	)
Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC	$	614,070,118		—		$	(5,255,271	)(b)(c)	$	608,814,847		608,814,847		2,330,192		24,029,918			20,819,357
Master Total Return Portfolio of Master Bond LLC	$	276,947,940	$	78,314,685	(c)(d)		—		$	355,262,625		355,262,625		2,772,624		336,220			5,334,124
Total											$	1,059,699,899	$	5,629,012	$	24,089,801		$	25,949,257

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

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

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

^(d)  Represents net investment value purchased.

BlackRock Balanced Capital Fund, Inc. (the “Fund”) seeks to achieve its investment objective by investing a significant amount of its assets in Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC (collectively the “Master Portfolios”), which have the same investment objectives and strategies as the Fund. As of period end, the value of the investments and the percentage owned by the Fund of Master Advantage Large Cap Core Portfolio and Master Total Return Portfolio was $608,814,847 and $355,262,625, respectively and 21.6% and 2.9%, respectively.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Nikkei 225 Index		106		March 2018	$21,402	$	14,846
U.S. Treasury Notes (10 Year)		678		March 2018	84,104		303,670
							318,516

SCHEDULE OF INVESTMENTS 1

Schedule of Investments  (unaudited) (continued) December 31, 2017 BlackRock Balanced Capital Fund, Inc.

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Short Contracts
E-Mini S&P 500 Index		60		March 2018	$  8,028	$	(162,973	)
U.S. Ultra Treasury Bonds		555		March 2018	93,049		(1,672,355	)
							(1,835,328	)
						$	(1,516,812	)

Portfolio Abbreviations

ETF      Exchange-Traded Fund

S&P      Standard & Poor’s

Fair Value Hierarchy as of Period End

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

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

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

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

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

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

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

	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Investment Companies	$	20,724,144		$	—	$	—		20,724,144
Short-Term Securities		74,898,283			—		—		74,898,283
Subtotal	$	95,622,427		$	—	$	—	$	95,622,427
Investments Valued at NAV(a)									964,077,472
Total Investments								$	1,059,699,899
Derivative Financial Instruments(b)
Assets:
Equity contracts	$	14,846		$	—	$	—	$	14,846
Interest rate contracts		303,670			—		—		303,670
Liabilities:
Equity contracts		(162,973	)		—		—		(162,973	)
Interest rate contracts		(1,672,355	)		—		—		(1,672,355	)
Total	$	(1,516,812	)	$	—	$	—	$	(1,516,812	)

^(a)  As of December 31, 2017, certain investments of the Fund were fair valued using net asset value per share or its equivalent as no quoted market value is available and therefore have been excluded from the fair value hierarchy.

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

During the period ended December 31, 2017, there were no transfers between levels.

2 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) December 31, 2017 Master Advantage Large Cap Core Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 98.9%
Aerospace & Defense — 3.2%
Boeing Co.		134,622	$	39,701,374
Lockheed Martin Corp.		35,043		11,250,555
Orbital ATK, Inc.		6,359		836,208
Raytheon Co.		192,560		36,172,396
Rockwell Collins, Inc.		17,946		2,433,837
				90,394,370
Auto Components — 1.6%
Aptiv PLC		117,352		9,954,970
BorgWarner, Inc.		620,080		31,679,887
Delphi Technologies PLC(a)		39,117		2,052,469
Tenneco, Inc.		10,058		588,795
				44,276,121
Banks — 6.1%
Bank of America Corp.		1,705,038		50,332,722
Citigroup, Inc.		240,960		17,929,834
Citizens Financial Group, Inc.		660,850		27,742,483
First Horizon National Corp.		423,254		8,460,847
First Republic Bank		372,947		32,312,128
JPMorgan Chase & Co.		92,869		9,931,411
SunTrust Banks, Inc.		262,489		16,954,164
Synovus Financial Corp.		94,166		4,514,318
Western Alliance Bancorp(a)		29,770		1,685,577
Wintrust Financial Corp.		10,729		883,748
				170,747,232
Beverages — 0.8%
Coca-Cola European Partners PLC		217,923		8,684,232
Dr. Pepper Snapple Group, Inc.		58,915		5,718,290
Molson Coors Brewing Co., Class B		106,826		8,767,210
				23,169,732
Biotechnology — 3.6%
AbbVie, Inc.		492,455		47,625,323
Amgen, Inc.		12,276		2,134,796
Celgene Corp.(a)		166,434		17,369,052
Gilead Sciences, Inc.		465,883		33,375,858
				100,505,029
Capital Markets — 3.6%
CME Group, Inc.		43,791		6,395,676
Evercore, Inc., Class A		86,195		7,757,550
Intercontinental Exchange, Inc.		509,852		35,975,157
Invesco Ltd.		53,528		1,955,913
S&P Global, Inc.		169,132		28,650,961
SEI Investments Co.		290,286		20,859,952
				101,595,209
Chemicals — 2.2%
Air Products & Chemicals, Inc.		212,964		34,943,133
Celanese Corp., Series A		16,181		1,732,661
Eastman Chemical Co.		225,920		20,929,229
NewMarket Corp.		1,167		463,754
WR Grace & Co.		62,304		4,369,379
				62,438,156
Commercial Services & Supplies — 0.1%
Brink’s Co.		15,416		1,213,239
KAR Auction Services, Inc.		8,934		451,256
LSC Communications, Inc.		60,295		913,469
				2,577,964
Communications Equipment — 0.3%
InterDigital, Inc.		87,083		6,631,370
Palo Alto Networks, Inc.(a)		12,907		1,870,741
				8,502,111
Containers & Packaging — 0.4%
Crown Holdings, Inc.(a)		18,155		1,021,219

Security	Shares		Value
Containers & Packaging (continued)
WestRock Co.		143,841	$	9,092,190
				10,113,409
Diversified Consumer Services — 0.3%
H&R Block, Inc.		333,748		8,750,873
Diversified Financial Services — 0.7%
Berkshire Hathaway, Inc., Class B(a)		99,011		19,625,960
Diversified Telecommunication Services — 0.3%
Zayo Group Holdings, Inc.(a)		248,676		9,151,277
Electric Utilities — 1.7%
Portland General Electric Co.		330,695		15,073,078
PPL Corp.		34,648		1,072,356
Westar Energy, Inc.		456,367		24,096,178
Xcel Energy, Inc.		146,467		7,046,527
				47,288,139
Electrical Equipment — 1.8%
AMETEK, Inc.		75,088		5,441,627
Hubbell, Inc.		141,788		19,189,588
Rockwell Automation, Inc.		133,722		26,256,315
				50,887,530
Electronic Equipment, Instruments & Components — 1.1%
Amphenol Corp., Class A		62,167		5,458,263
CDW Corp.		72,096		5,009,951
Dolby Laboratories, Inc., Class A		58,858		3,649,196
IPG Photonics Corp.(a)		30,175		6,461,373
SYNNEX Corp.		32,602		4,432,242
TE Connectivity, Ltd.		18,311		1,740,277
Zebra Technologies Corp., Class A(a)		43,095		4,473,261
				31,224,563
Energy Equipment & Services — 0.2%
Baker Hughes a GE Co.		16,261		514,498
Halliburton Co.		82,629		4,038,079
				4,552,577
Equity Real Estate Investment Trusts (REITs) — 2.7%
Alexandria Real Estate Equities, Inc.		136,124		17,776,433
Gaming and Leisure Properties, Inc.		128,380		4,750,060
National Retail Properties, Inc.		18,005		776,556
Outfront Media, Inc.		411,146		9,538,587
Prologis, Inc.		122,696		7,915,119
Simon Property Group, Inc.		90,087		15,471,541
Ventas, Inc.		222,980		13,381,030
Weingarten Realty Investors		197,413		6,488,965
				76,098,291
Food & Staples Retailing — 1.2%
Performance Food Group Co.(a)		434,039		14,366,691
Wal-Mart Stores, Inc.		198,052		19,557,635
				33,924,326
Food Products — 2.8%
Archer-Daniels-Midland Co.		568,729		22,794,658
Bunge, Ltd.		236,896		15,890,984
Hershey Co.		161,438		18,324,827
Kellogg Co.		180,792		12,290,240
Tyson Foods, Inc., Class A		133,263		10,803,631
				80,104,340
Gas Utilities — 0.2%
UGI Corp.		107,864		5,064,215
Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		110,527		6,307,776
Baxter International, Inc.		421,528		27,247,570
Danaher Corp.		393,584		36,532,467
Edwards Lifesciences Corp.(a)		116,259		13,103,552

4 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2017 Master Advantage Large Cap Core Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
IDEXX Laboratories, Inc.(a)		131,651	$	20,587,583
				103,778,948
Health Care Providers & Services — 2.4%
Aetna, Inc.		35,295		6,366,865
AmerisourceBergen Corp.		100,264		9,206,240
Humana, Inc.		108,765		26,981,334
McKesson Corp.		62,186		9,697,907
UnitedHealth Group, Inc.		65,027		14,335,852
WellCare Health Plans, Inc.(a)		3,579		719,773
				67,307,971
Health Care Technology — 0.4%
Veeva Systems, Inc., Class A(a)		220,051		12,164,419
Hotels, Restaurants & Leisure — 3.0%
Carnival Corp.		485,875		32,247,524
Choice Hotels International, Inc.		8,106		629,026
Extended Stay America, Inc.		207,668		3,945,692
International Game Technology PLC		55,199		1,463,325
McDonald’s Corp.		265,922		45,770,495
				84,056,062
Household Durables — 0.0%
Whirlpool Corp.		1,668		281,292
Industrial Conglomerates — 1.8%
3M Co.		196,689		46,294,690
General Electric Co.		317,026		5,532,104
				51,826,794
Insurance — 3.5%
Allstate Corp.		65,814		6,891,384
Aon PLC		7,041		943,494
Athene Holding Ltd., Class A(a)		65,578		3,391,038
First American Financial Corp.		77,295		4,331,612
Hartford Financial Services Group, Inc.		258,517		14,549,337
Lincoln National Corp.		321,193		24,690,106
Marsh & McLennan Cos., Inc.		160,215		13,039,899
Principal Financial Group, Inc.		15,052		1,062,069
Prudential Financial, Inc.		179,819		20,675,589
Reinsurance Group of America, Inc.		5,796		903,770
Unum Group		137,657		7,555,993
				98,034,291
Internet & Direct Marketing Retail — 1.6%
Amazon.com, Inc.(a)		37,391		43,727,653
Netflix, Inc.(a)		3,493		670,516
Priceline Group, Inc.(a)		868		1,508,358
				45,906,527
Internet Software & Services — 5.1%
Alphabet, Inc., Class A(a)		25,469		26,829,045
Alphabet, Inc., Class C(a)		33,447		34,998,941
Facebook, Inc., Class A(a)		431,097		76,071,377
VeriSign, Inc.(a)		39,451		4,514,772
Yelp, Inc.(a)		41		1,720
				142,415,855
IT Services — 4.4%
Booz Allen Hamilton Holding Corp.		53,181		2,027,791
Broadridge Financial Solutions, Inc.		133,737		12,113,897
EPAM Systems, Inc.(a)		18,168		1,951,788
Euronet Worldwide, Inc.(a)		30,591		2,577,904
Fidelity National Information Services, Inc.		100,349		9,441,837
International Business Machines Corp.		130,686		20,049,846
Mastercard, Inc., Class A		307,639		46,564,239
Total System Services, Inc.		56,294		4,452,292
Visa, Inc., Class A		215,701		24,594,228
				123,773,822

Security	Shares		Value
Leisure Products — 0.1%
Hasbro, Inc.		25,422	$	2,310,606
Life Sciences Tools & Services — 0.1%
Agilent Technologies, Inc.		21,529		1,441,797
Waters Corp.(a)		11,478		2,217,435
				3,659,232
Machinery — 3.8%
Cummins, Inc.		66,142		11,683,323
Graco, Inc.		8,751		395,720
Illinois Tool Works, Inc.		146,149		24,384,961
Ingersoll-Rand PLC		61,452		5,480,904
Oshkosh Corp.		95,633		8,692,083
PACCAR, Inc.		470,299		33,428,853
Xylem, Inc.		314,144		21,424,621
				105,490,465
Media — 2.6%
Comcast Corp., Class A		69,401		2,779,510
John Wiley & Sons, Inc., Class A		283,427		18,635,325
Scripps Networks Interactive, Inc., Class A		9,540		814,525
Time Warner, Inc.		85,927		7,859,743
Walt Disney Co.		394,502		42,412,910
				72,502,013
Metals & Mining — 1.2%
Newmont Mining Corp.		891,944		33,465,739
Multiline Retail — 1.1%
Kohl’s Corp.		97,885		5,308,304
Target Corp.		396,143		25,848,331
				31,156,635
Multi-Utilities — 1.5%
CMS Energy Corp.		687,600		32,523,480
Vectren Corp.		148,763		9,672,570
				42,196,050
Oil, Gas & Consumable Fuels — 5.2%
Anadarko Petroleum Corp.		218,698		11,730,961
ConocoPhillips		690,398		37,895,946
Exxon Mobil Corp.		195,008		16,310,469
Marathon Petroleum Corp.		192,811		12,721,670
Occidental Petroleum Corp.		253,407		18,665,960
ONEOK, Inc.		50,972		2,724,453
Suncor Energy, Inc.		229,503		8,427,350
Valero Energy Corp.		324,554		29,829,758
Williams Cos., Inc.		269,159		8,206,658
				146,513,225
Personal Products — 1.2%
Estee Lauder Cos., Inc., Class A		266,060		33,853,474
Herbalife Ltd.(a)		6,477		438,622
				34,292,096
Pharmaceuticals — 3.3%
Bristol-Myers Squibb Co.		575,425		35,262,044
Catalent, Inc.(a)		143,078		5,877,644
Johnson & Johnson		88,172		12,319,392
Merck & Co., Inc.		207,651		11,684,522
Zoetis, Inc.		391,222		28,183,633
				93,327,235
Real Estate Management & Development — 0.7%
CBRE Group, Inc., Class A(a)		405,833		17,576,627
Jones Lang LaSalle, Inc.		9,748		1,451,770
				19,028,397
Road & Rail — 0.2%
Norfolk Southern Corp.		43,038		6,236,206

SCHEDULE OF INVESTMENTS 5

Schedule of Investments  (unaudited) (continued) December 31, 2017 Master Advantage Large Cap Core Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 3.6%
Intel Corp.		149,831	$	6,916,199
KLA-Tencor Corp.		21,999		2,311,435
Lam Research Corp.		8,048		1,481,395
Maxim Integrated Products, Inc.		614,217		32,111,265
QUALCOMM, Inc.		162,675		10,414,453
Skyworks Solutions, Inc.		61,265		5,817,112
Texas Instruments, Inc.		404,438		42,239,505
				101,291,364
Software — 4.2%
Activision Blizzard, Inc.		437,932		27,729,854
Adobe Systems, Inc.(a)		105,591		18,503,767
Intuit, Inc.		19,583		3,089,806
Microsoft Corp.		467,564		39,995,425
Oracle Corp.		530,644		25,088,848
Synopsys, Inc.(a)		30,600		2,608,344
Verint Systems, Inc.(a)		31,962		1,337,610
				118,353,654
Specialty Retail — 2.0%
Aaron’s, Inc.		109,746		4,373,378
Lowe’s Cos., Inc.		345,521		32,112,722
Penske Automotive Group, Inc.		418,182		20,010,009
Tiffany & Co.		5,336		554,677
				57,050,786
Technology Hardware, Storage & Peripherals — 4.1%
Apple Inc.		647,790		109,625,502
HP Inc.		265,512		5,578,407
Pure Storage, Inc., Class A(a)		72,017		1,142,190
				116,346,099
Textiles, Apparel & Luxury Goods — 0.5%
Ralph Lauren Corp.		29,797		3,089,651

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Skechers U.S.A., Inc., Class A(a)		293,902	$	11,121,252
				14,210,903
Thrifts & Mortgage Finance — 0.4%
Essent Group Ltd.(a)		264,805		11,497,833
Tobacco — 1.1%
Altria Group, Inc.		452,308		32,299,314
Wireless Telecommunication Services — 1.2%
Sprint Corp.(a)		895,791		5,276,209
Telephone & Data Systems, Inc.		156,692		4,356,038
T-Mobile U.S., Inc.(a)		359,009		22,800,662
				32,432,909
Total Long-Term Investments — 98.9% (Cost: $2,466,516,329)				2,784,198,166
Short-Term Securities — 1.1%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.17%(b)(c)		29,475,194		29,475,194
Total Short-Term Investments — 1.1% (Cost: $29,475,194)				29,475,194
Total Investments — 100.0% (Cost: $2,495,991,523)			$	2,813,673,360
Other Assets Less Liabilities — 0.0%				498,820
Net Assets — 100.0%			$	2,814,172,180

Notes to Schedule of Investments

^(a)  Non-income producing security.

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

^(c)  During the year ended December 31, 2017, investments in issuers considered to be affiliates of the Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 09/30/17		Net Activity		Shares Held at 12/31/17		Value at 12/31/17		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		20,828,948		8,646,246		29,475,194	$	29,475,194	$	95,089		$	89	$	—
SL Liquidity Series, LLC, Money Market Series		—		—		—		—		633	(b)		—		—
							$	29,475,194	$	95,722		$	89	$	—

^(a)  Includes net capital gain distributions.

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

Portfolio Abbreviation

S&P             Standard & Poor’s

• For Portfolio compliance purposes, the Portfolio’s industry classifications refer to one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings 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.

6 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) December 31, 2017 Master Advantage Large Cap Core Portfolio

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
E-Mini S&P 500 Index		266		March 2018	$	35,591		(205	)

Fair Value Hierarchy as of Period End

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

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

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

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

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

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

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

	Level 1			Level 2		Level 3		Total
Investments
Assets
Long-Term Investments
Common Stocks(a)	$	2,784,198,166		$	—	$	—	$	2,784,198,166
Short-Term Securities		29,475,194			—		—		29,475,194
Subtotal	$	2,813,673,360		$	—	$	—	$	2,813,673,360
Derivative Financial Instruments(b)
Liabilities
Equity contracts	$	(205	)	$	—	$	—	$	(205	)

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

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

During the period ended December 31, 2017, there were no transfers between levels.

SCHEDULE OF INVESTMENTS 7

Consolidated Schedule of Investments  (unaudited)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities — 12.5%
Accredited Mortgage Loan Trust, Series 2006-1, Class M2, (1 mo. LIBOR US + 0.340%), 1.89%, 04/25/36(a)	USD		5,510	$	2,853,096
ACE Securities Corp. Home Equity Loan Trust:
Series 2003-OP1, Class A2, (1 mo. LIBOR US + 0.720%), 2.27%, 12/25/33(a)			581		561,329
Series 2006-CW1, Class A2C, (1 mo. LIBOR US + 0.140%), 1.69%, 07/25/36(a)			620		496,952
Series 2007-HE4, Class A2A, (1 mo. LIBOR US + 0.130%), 1.68%, 05/25/37(a)			2,997		994,702
Adagio V CLO Designated Activity Co., Series V-X, Class E, (3 mo. EURIBOR + 6.700%), 6.70%, 10/15/29(a)	EUR		340		417,392
Adams Mill CLO Ltd., Series 2014-1A, Class A2R, (3 mo. LIBOR US + 1.100%), 2.46%, 07/15/26(a)(b)	USD		4,730		4,744,325
Ajax Mortgage Loan Trust:
Series 2016-1, Class A, 4.25%, 07/25/47(b)(c)			2,227		2,207,330
Series 2016-B, Class A, 4.00%, 09/25/65(b)(c)			3,043		3,038,655
Series 2016-C, Class A, 4.00%, 10/25/57(b)(c)			2,068		2,082,979
Series 2017-A, Class A, 3.47%, 04/25/57(b)(c)			10,010		10,024,556
Series 2017-D, Class A, 3.75%, 12/25/57(b)(d)(e)			14,160		14,160,000
Series 2017-D, Class B, 0.00%, 12/25/57(b)(d)(e)			2,080		1,290,848
Allegro CLO II Ltd., Series 2014-1A, Class A1R, (3 mo. LIBOR US + 1.310%), 2.67%, 01/21/27(a)(b)			2,340		2,350,612
Allegro CLO V Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.240%), 2.61%, 10/16/30(a)(b)			1,100		1,099,540
Allegro CLO VI Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.130%), 0.00%, 01/16/30(a)(b)(d)			4,000		4,000,000
ALM V Ltd.:
Series 2012-5A, Class A1R3, (3 mo. LIBOR US + 0.910%), 2.26%, 10/18/27(a)(b)			4,410		4,412,835
Series 2012-5A, Class A2R3, (3 mo. LIBOR US + 1.250%), 2.61%, 10/18/27(a)(b)			1,600		1,601,410
Series 2012-5A, Class BR3, (3 mo. LIBOR US + 1.650%), 3.00%, 10/18/27(a)(b)			2,140		2,142,645
ALM VI Ltd., Series 2012-6A, Class A2RR, (3 mo. LIBOR US + 1.600%), 2.96%, 07/15/26(a)(b)			1,264		1,264,833
ALM XI Ltd., Series 2014-11A, Class A1R, (3 mo. LIBOR US + 1.140%), 2.49%, 10/17/26(a)(b)			14,020		14,073,213
ALM XII Ltd.:
Series 2015-12A, Class A1R, (3 mo. LIBOR US + 1.050%), 2.41%, 04/16/27(a)(b)			10,010		10,032,514
Series 2015-12A, Class BR, (3 mo. LIBOR US + 2.050%), 3.41%, 04/16/27(a)(b)			3,635		3,661,102

Security		Par (000)		Value
ALM XIV Ltd.:
Series 2014-14A, Class A1R, (3 mo. LIBOR US + 1.150%), 2.53%, 07/28/26(a)(b)	USD		10,785	$	10,787,487
Series 2014-14A, Class BR, (3 mo. LIBOR US + 2.100%), 3.48%, 07/28/26(a)(b)			1,236		1,236,112
ALM XVI Ltd./ALM XVI LLC, Series 2015-16A, Class BR, (3 mo. LIBOR US + 2.050%), 3.41%, 07/15/27(a)(b)			2,060		2,075,684
ALME Loan Funding V BV, Series 5X, Class E, (3 mo. EURIBOR + 6.000%), 6.00%, 07/15/29(a)	EUR		1,080		1,309,997
AMMC CLO 17 Ltd., Series 2015-17A, Class B, (3 mo. LIBOR US + 2.300%), 3.72%, 11/15/27(a)(b)	USD		1,180		1,190,707
AMMC CLO 18 Ltd., Series 2016-18A, Class AL1, (3 mo. LIBOR US + 1.570%), 3.03%, 05/26/28(a)(b)			5,320		5,354,545
AMMC CLO 19 Ltd., Series 2016-19A, Class C, (3 mo. LIBOR US + 2.800%), 4.16%, 10/15/28(a)(b)			720		731,533
AMMC CLO 21 Ltd., Series 2017-21A, Class A, (3 mo. LIBOR US + 1.250%), 2.64%, 11/02/30(a)(b)			750		754,510
AMMC CLO XII Ltd., Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.200%), 2.61%, 11/10/30(a)(b)			540		543,331
AMMC CLO XIII Ltd., Series 2013-13A, Class A1LR, (3 mo. LIBOR US + 1.260%), 2.62%, 07/24/29(a)(b)			2,620		2,639,672
AMMC CLO XIV Ltd., Series 2014-14A, Class A1LR, (3 mo. LIBOR US + 1.250%), 2.62%, 07/25/29(a)(b)			5,470		5,517,684
Anchorage Capital CLO 3 Ltd.:
Series 2014-3A, Class A2AR, (3 mo. LIBOR US + 2.050%), 3.43%, 04/28/26(a)(b)			1,620		1,627,175
Series 2014-3A, Class BR, (3 mo. LIBOR US + 2.650%), 4.03%, 04/28/26(a)(b)			500		501,285
Anchorage Capital CLO 4 Ltd., Series 2014-4A, Class A1AR, (3 mo. LIBOR US + 1.140%), 2.52%, 07/28/26(a)(b)			3,080		3,086,859
Anchorage Capital CLO 5 Ltd., Series 2014-5A, Class CR, (3 mo. LIBOR US + 2.200%), 3.56%, 10/15/26(a)(b)			1,690		1,690,037
Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class AR, (3 mo. LIBOR US + 1.270%), 2.63%, 07/15/30(a)(b)			4,010		4,038,381
Anchorage Capital CLO 7 Ltd.:
Series 2015-7A, Class AR, (3 mo. LIBOR US + 0.960%), 2.32%, 10/15/27(a)(b)			21,810		21,820,342
Series 2015-7A, Class B1R, (3 mo. LIBOR US + 1.300%), 2.66%, 10/15/27(a)(b)			3,470		3,474,737
Series 2015-7A, Class CR, (3 mo. LIBOR US + 1.700%), 3.06%, 10/15/27(a)(b)			1,180		1,182,079
Anchorage Capital CLO Ltd.:
Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.250%), 2.61%, 10/13/30(a)(b)			2,005		2,012,505
Series 2013-1A, Class BR, (3 mo. LIBOR US + 2.150%), 3.51%, 10/13/30(a)(b)			1,410		1,426,407
Series 2014-5RA, Class B, (3 mo. LIBOR US + 1.450%), 0.00%, 01/15/30(a)(b)(d)			7,580		7,580,000

CONSOLIDATED SCHEDULE OF INVESTMENTS 1

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Anchorage Capital CLO Ltd.: (continued)
Series 2014-5RA, Class C, (3 mo. LIBOR US + 1.850%), 0.00%, 01/15/30(a)(b)(d)	USD		2,790	$	2,790,000
Apidos CLO XII, Series 2013-12A, Class A, (3 mo. LIBOR US + 1.100%), 2.46%, 04/15/25(a)(b)			13,300		13,325,829
Apidos CLO XV, Series 2013-15A, Class A1R, (3 mo. LIBOR US + 1.100%), 2.46%, 10/20/25(a)(b)			1,080		1,081,561
Apidos CLO XVI, Series 2013-16A, Class A1R, (3 mo. LIBOR US + 0.980%), 2.34%, 01/19/25(a)(b)			2,965		2,970,009
Apidos CLO XVIII, Series 2014-18A, Class A1R, (3 mo. LIBOR US + 1.120%), 2.48%, 07/22/26(a)(b)			880		883,954
Apidos CLO XX, Series 2015-20A, Class A1R, (3 mo. LIBOR US + 1.330%), 2.69%, 01/16/27(a)(b)			2,250		2,268,790
Aqueduct European CLO DAC:
Series 2017-2X, Class B1, (3 mo. EURIBOR + 1.200%), 1.20%, 10/15/30(a)(d)	EUR		1,259		1,512,495
Series 2017-2X, Class E, (3 mo. EURIBOR + 4.400%), 4.40%, 10/15/30(a)(d)			289		336,353
Arbor Realty CLO Ltd., Series 2015-FL2A, Class A, (1 mo. LIBOR US + 1.750%), 3.23%, 09/15/25(a)(b)	USD		2,220		2,238,003
Arbor Realty Collateralized Loan Obligation Ltd., Series 2017-FL3, Class A, (1 mo. LIBOR US + 0.990%), 2.23%, 11/15/22(a)(b)(d)			3,740		3,742,356
Arbor Realty Commercial Real Estate Notes Ltd.:
Series 2016-FL1A, Class A, (1 mo. LIBOR US + 1.700%), 3.18%, 09/15/26(a)(b)			3,940		4,002,611
Series 2017-FL2, Class A, (1 mo. LIBOR US + 0.990%), 2.47%, 08/15/27(a)(b)			1,660		1,662,262
Arbour CLO IV DAC, Series 4X, Class E, (3 mo. EURIBOR + 5.600%), 5.60%, 01/15/30(a)	EUR		550		671,450
Arbour CLO Ltd., Series 2014-1X, Class E, (3 mo. EURIBOR + 5.000%), 5.00%, 07/15/27(a)			238		287,436
ARES European CLO VIII BV, Series 8X, Class E, (3 mo. EURIBOR + 6.350%), 6.35%, 02/17/30(a)			281		346,050
ARES XXVIII CLO Ltd.:
Series 2013-3A, Class B1R, (3 mo. LIBOR US + 1.500%), 2.85%, 10/17/24(a)(b)	USD		2,150		2,157,256
Series 2013-3A, Class C1R, (3 mo. LIBOR US + 2.100%), 3.45%, 10/17/24(a)(b)			1,850		1,850,205
ARES XXXIII CLO Ltd.:
Series 2015-1A, Class A2R, (3 mo. LIBOR US + 1.950%), 3.44%, 12/05/25(a)(b)			1,420		1,436,202
Series 2015-1A, Class B2R, (3 mo. LIBOR US + 2.800%), 4.29%, 12/05/25(a)(b)			500		511,153
ARES XXXVII CLO Ltd., Series 2015-4A, Class A1R, (3 mo. LIBOR US + 1.170%), 2.54%, 10/15/30(a)(b)			1,150		1,157,711
Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. LIBOR US + 0.240%), 1.79%, 05/25/35(a)(d)			4,915		3,759,655
ArrowMark Colorado Holdings:
Series 2017-8A, Class A1, (3 mo. LIBOR US + 1.160%), 0.00%, 10/25/30(a)(b)			2,320		2,320,000
Series 2017-8A, Class C, (3 mo. LIBOR US + 2.050%), 0.00%, 10/25/30(a)(b)			1,125		1,125,000

Security		Par (000)		Value
Atlas Senior Loan Fund IV Ltd.:
Series 2013-2A, Class A1LR, (3 mo. LIBOR US + 0.980%), 2.40%, 02/17/26(a)(b)	USD		7,030	$	7,036,768
Series 2013-2A, Class A2LR, (3 mo. LIBOR US + 1.450%), 2.87%, 02/17/26(a)(b)			3,000		3,001,895
Atlas Senior Loan Fund VI Ltd., Series 2014-6A, Class CR, (3 mo. LIBOR US + 2.400%), 3.76%, 10/15/26(a)(b)			930		932,314
Atrium X:
Series 10A, Class B1R, (3 mo. LIBOR US + 1.450%), 2.81%, 07/16/25(a)(b)			4,300		4,301,999
Series 10A, Class CR, (3 mo. LIBOR US + 1.950%), 3.31%, 07/16/25(a)(b)			2,070		2,078,707
Atrium XI, Series 11A, Class A1R, (3 mo. LIBOR US + 1.140%), 2.50%, 10/23/25(a)(b)			1,060		1,063,992
Atrium XII, Series 12A, Class CR, (3 mo. LIBOR US + 1.650%), 3.02%, 04/22/27(a)(b)			2,381		2,382,826
Avery Point V CLO Ltd.:
Series 2014-5A, Class AR, (3 mo. LIBOR US + 0.980%), 2.33%, 07/17/26(a)(b)			3,620		3,631,083
Series 2014-5A, Class BR, (3 mo. LIBOR US + 1.500%), 2.85%, 07/17/26(a)(b)			2,250		2,259,675
Avery Point VII CLO Ltd., Series 2015-7A, Class A1, (3 mo. LIBOR US + 1.500%), 2.86%, 01/15/28(a)(b)			7,916		7,996,158
Avoca Capital CLO X Ltd., Series 10X, Class ER, (3 mo. EURIBOR + 6.050%), 6.05%, 01/15/30(a)	EUR		600		743,474
Avoca CLO XIV Designated Activity Co.:
Series 14X, Class ER, (3 mo. EURIBOR + 4.700%), 4.70%, 01/12/31(a)			690		808,397
Series 14X, Class FR, (3 mo. EURIBOR + 6.350%), 6.35%, 01/12/31(a)			900		1,036,925
Avoca CLO XIV Ltd., Series 14X, Class SUB, 0.00%, 07/12/28(e)			1,290		1,230,843
Avoca CLO XV DAC, Series 15X, Class E, (3 mo. EURIBOR + 5.000%), 5.00%, 01/15/29(a)			470		561,623
Avoca CLO XV Ltd.:
Series 15X, Class F, (3 mo. EURIBOR + 6.750%), 6.75%, 01/15/29(a)			585		687,209
Series 15X, Class M1, 0.00%, 01/15/29(e)			1,100		943,797
Avoca CLO XVII DAC, Series 17X, Class E, (3 mo. EURIBOR + 5.950%), 5.95%, 01/15/30(a)			546		657,243
B2R Mortgage Trust:
Series 2015-1, Class A1, 2.52%, 05/15/48(b)	USD		777		773,390
Series 2015-2, Class A, 3.34%, 11/15/48(b)			1,133		1,144,491
Babson CLO Ltd., Series 2015-2A, Class AR, (3 mo. LIBOR US + 1.190%), 2.55%, 10/20/30(a)(b)			2,590		2,611,501
Ballyrock CLO Ltd., Series 2016-1A, Class A, (3 mo. LIBOR US + 1.590%), 2.95%, 10/15/28(a)(b)			1,935		1,965,527
BankAmerica Manufactured Housing Contract
Trust, Series 1998-2, Class B1, 7.93%, 12/10/25(e)			2,790		2,028,768
Battalion CLO IV Ltd., Series 2013-4A, Class A1R, (3 mo. LIBOR US + 1.140%), 2.50%, 10/22/25(a)(b)			4,715		4,718,703

2 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Bayview Financial Revolving Asset Trust:
Series 2004-B, Class A1, (1 mo. LIBOR US + 0.500%), 2.56%, 05/28/39(a)(b)	USD		7,633	$	6,994,512
Series 2004-B, Class A2, (1 mo. LIBOR US + 0.650%), 2.86%, 05/28/39(a)(b)(d)			733		484,573
Series 2005-A, Class A1, (1 mo. LIBOR US + 1.000%), 2.56%, 02/28/40(a)(b)			3,630		3,248,587
Series 2005-E, Class A1, (1 mo. LIBOR US + 1.000%), 2.56%, 12/28/40(a)(b)			1,545		1,397,933
BCMSC Trust:
Series 2000-A, Class A2, 7.58%, 06/15/30(e)			1,674		689,607
Series 2000-A, Class A3, 7.83%, 06/15/30(e)			1,554		661,589
Series 2000-A, Class A4, 8.29%, 06/15/30(e)			2,661		1,199,533
Bear Stearns Asset-Backed Securities I Trust:
Series 2004-HE7, Class M2, (1 mo. LIBOR US + 1.730%), 3.28%, 08/25/34(a)			292		289,323
Series 2006-HE1, Class 1M4, (1 mo. LIBOR US + 0.680%), 2.23%, 12/25/35(a)			1,978		2,232,563
Series 2006-HE7, Class 1A2, (1 mo. LIBOR US + 0.170%), 1.72%, 09/25/36(a)			4,086		4,494,998
Series 2007-FS1, Class 1A3, (1 mo. LIBOR US + 0.170%), 1.72%, 05/25/35(a)			1,220		1,241,696
Series 2007-HE1, Class 21A2, (1 mo. LIBOR US + 0.160%), 1.71%, 01/25/37(a)			894		873,788
Series 2007-HE2, Class 1A4, (1 mo. LIBOR US + 0.320%), 1.87%, 03/25/37(a)			1,072		784,259
Series 2007-HE2, Class 22A, (1 mo. LIBOR US + 0.140%), 1.69%, 03/25/37(a)			1,177		1,120,577
Series 2007-HE2, Class 23A, (1 mo. LIBOR US + 0.140%), 1.69%, 03/25/37(a)			2,327		2,254,212
Series 2007-HE3, Class 1A3, (1 mo. LIBOR US + 0.250%), 1.80%, 04/25/37(a)			1,162		1,180,649
Series 2007-HE3, Class 1A4, (1 mo. LIBOR US + 0.350%), 1.90%, 04/25/37(a)			6,452		5,077,716
Bear Stearns Asset-Backed Securities Trust, Series 2005-4, Class M2, (1 mo. LIBOR US + 1.200%), 2.53%, 01/25/36(a)			491		482,048
Bear Stearns Second Lien Trust, Series 2007-SV1A, Class M1, (1 mo. LIBOR US + 1.200%), 2.75%, 12/25/36(a)(b)			1,200		1,161,726
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class A1R, (3 mo. LIBOR US + 1.490%), 2.85%, 01/20/29(a)(b)			4,020		4,053,137
Benefit Street Partners CLO VI Ltd.:
Series 2015-VIA, Class A1R, (3 mo. LIBOR US + 1.240%), 2.59%, 10/18/29(a)(b)			11,030		11,044,868
Series 2015-VIA, Class A2R, (3 mo. LIBOR US + 1.720%), 3.07%, 10/18/29(a)(b)			3,320		3,354,202
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A2, (3 mo. LIBOR US + 2.250%), 3.61%, 01/20/28(a)(b)			3,990		3,997,588
Betony CLO Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 2.850%), 4.21%, 04/15/27(a)(b)			1,230		1,234,032

Security		Par (000)		Value
BlueMountain CLO Ltd.:
Series 2013-2A, Class A1R, (3 mo. LIBOR US + 1.180%), 2.54%, 10/22/30(a)(b)	USD		850	$	854,821
Series 2013-3A, Class AR, (3 mo. LIBOR US + 0.890%), 2.27%, 10/29/25(a)(b)			2,480		2,480,511
Series 2013-3A, Class B1R, (3 mo. LIBOR US + 1.400%), 2.78%, 10/29/25(a)(b)			750		750,253
Series 2013-3A, Class CR, (3 mo. LIBOR US + 1.900%), 3.28%, 10/29/25(a)(b)			3,030		3,032,031
Series 2013-4A, Class AR, (3 mo. LIBOR US + 1.010%), 2.37%, 04/15/25(a)(b)			7,590		7,611,036
Series 2014-1A, Class A1R, (3 mo. LIBOR US + 1.260%), 2.64%, 04/30/26(a)(b)			2,400		2,416,353
Series 2014-2A, Class AR, (3 mo. LIBOR US + 0.930%), 2.29%, 07/20/26(a)(b)			670		671,129
Series 2014-4A, Class A1R, (3 mo. LIBOR US + 1.350%), 2.82%, 11/30/26(a)(b)			3,020		3,038,937
Series 2015-3A, Class A1, (3 mo. LIBOR US + 1.480%), 2.84%, 10/20/27(a)(b)			2,000		2,013,486
BlueMountain EUR CLO DAC, Series 2016-1X, Class E, (3 mo. EURIBOR + 6.600%), 6.60%, 04/25/30(a)	EUR		1,200		1,442,022
Bowman Park CLO Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.180%), 2.64%, 11/23/25(a)(b)	USD		5,500		5,527,834
Brookside Mill CLO Ltd., Series 2013-1A, Class A1, (3 mo. LIBOR US + 1.150%), 2.50%, 04/17/25(a)(b)			3,717		3,719,773
BSPRT Issuer Ltd., Series 2017-FL1, Class A, (1 mo. LIBOR US + 1.350%), 2.83%, 06/15/27(a)(b)(d)			3,790		3,798,338
Cadogan Square CLO VII BV, Series 7X, Class E, (3 mo. EURIBOR + 6.000%), 6.00%, 05/25/29(a)	EUR		1,000		1,214,479
Cadogan Square CLO X DAC, Series 10X, Class M, 0.00%, 10/15/30(d)(e)			300		332,957
Cairn CLO VI BV, Series 2016-6X, Class E, (3 mo. EURIBOR + 6.250%), 6.25%, 07/25/29(a)			600		727,934
Canyon Capital CLO Ltd., Series 2006-1A, Class A1, (3 mo. LIBOR US + 0.250%), 1.84%, 12/15/20(a)(b)	USD		624		624,316
Carlyle Global Market Strategies CLO Ltd.:
Series 2012-4A, Class AR, (3 mo. LIBOR US + 1.450%), 2.81%, 01/20/29(a)(b)			6,630		6,725,945
Series 2013-2A, Class AR, (3 mo. LIBOR US + 0.890%), 2.24%, 01/18/29(a)(b)(d)			1,490		1,490,000
Series 2013-4A, Class A1, (3 mo. LIBOR US + 1.470%), 2.83%, 10/15/25(a)(b)			1,880		1,881,267
Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.750%), 4.10%, 04/17/25(a)(b)			1,740		1,743,581
Series 2014-3A, Class BR, (3 mo. LIBOR US + 2.150%), 3.52%, 07/27/26(a)(b)			750		750,822
Series 2015-1A, Class CR, (3 mo. LIBOR US + 2.000%), 3.36%, 04/20/27(a)(b)			1,160		1,163,358
Carlyle Global Market Strategies Euro CLO DAC, Series 2015-3X, Class D, (3 mo. EURIBOR + 5.550%), 5.55%, 01/15/29(a)	EUR		1,200		1,441,047
Carlyle U.S. CLO Ltd., Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.180%), 2.67%, 01/15/30(a)(b)	USD		4,620		4,622,982
Carrington Mortgage Loan Trust:
Series 2005-FRE1, Class M1, (1 mo. LIBOR US + 0.470%), 2.02%, 12/25/35(a)			2,317		2,302,004

CONSOLIDATED SCHEDULE OF INVESTMENTS 3

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Carrington Mortgage Loan Trust: (continued)
Series 2006-FRE2, Class A2, (1 mo. LIBOR US + 0.120%), 1.67%, 10/25/36(a)	USD		1,111	$	738,472
Series 2006-FRE2, Class A3, (1 mo. LIBOR US + 0.160%), 1.71%, 10/25/36(a)			3,698		2,468,932
Series 2006-FRE2, Class A5, (1 mo. LIBOR US + 0.080%), 1.63%, 10/25/36(a)			938		620,692
Series 2006-NC1, Class M2, (1 mo. LIBOR US + 0.420%), 1.97%, 01/25/36(a)			610		444,317
Series 2006-NC2, Class A3, (1 mo. LIBOR US + 0.150%), 1.70%, 06/25/36(a)			3,195		3,158,727
Series 2006-NC3, Class A4, (1 mo. LIBOR US + 0.240%), 1.79%, 08/25/36(a)			2,003		1,299,288
Series 2006-NC4, Class A3, (1 mo. LIBOR US + 0.160%), 1.71%, 10/25/36(a)			1,180		1,051,931
Series 2006-NC5, Class A3, (1 mo. LIBOR US + 0.150%), 1.70%, 01/25/37(a)			7,250		5,224,130
Series 2006-NC5, Class A5, (1 mo. LIBOR US + 0.060%), 1.61%, 01/25/37(a)			359		332,249
Series 2007-HE1, Class A2, (1 mo. LIBOR US + 0.150%), 1.70%, 06/25/37(a)			854		844,706
Series 2007-RFC1, Class A4, (1 mo. LIBOR US + 0.220%), 1.77%, 10/25/36(a)			1,440		1,012,144
Catamaran CLO Ltd., Series 2012-1A, Class BR, (3 mo. LIBOR US + 1.950%), 3.58%, 12/20/23(a)(b)			2,830		2,834,029
CBAM Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.250%), 2.58%, 07/20/30(a)(b)			6,050		6,102,593
Series 2017-2A, Class B1, (3 mo. LIBOR US + 1.750%), 3.14%, 10/17/29(a)(b)			2,955		2,978,056
Series 2017-3A, Class A, (3 mo. LIBOR US + 1.230%), 2.60%, 10/17/29(a)(b)			3,780		3,801,165
Series 2017-3A, Class B1, (3 mo. LIBOR US + 1.700%), 3.07%, 10/17/29(a)(b)			1,000		1,006,936
C-BASS Trust:
Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.160%), 1.71%, 10/25/36(a)			731		522,631
Series 2006-CB9, Class A2, (1 mo. LIBOR US + 0.110%), 1.66%, 11/25/36(a)			1,238		809,604
Series 2006-CB9, Class A4, (1 mo. LIBOR US + 0.230%), 1.78%, 11/25/36(a)			208		138,795
Series 2007-CB1, Class AF2, 3.71%, 01/25/37(c)			6,182		3,054,166
Series 2007-CB1, Class AF4, 3.71%, 01/25/37(c)			465		229,681
Series 2007-CB5, Class A2, (1 mo. LIBOR US + 0.170%), 1.50%, 04/25/37(a)			1,110		836,637
Cedar Funding IV CLO Ltd., Series 2014-4A, Class AR, (3 mo. LIBOR US + 1.230%), 2.59%, 07/23/30(a)(b)			1,200		1,206,611
Cedar Funding V CLO Ltd., Series 2016-5A, Class A1, (3 mo. LIBOR US + 1.610%), 2.96%, 07/17/28(a)(b)			1,880		1,891,810
Cedar Funding VIII CLO Ltd.:
Series 2017-8A, Class A1, (3 mo. LIBOR US + 1.250%), 2.62%, 10/17/30(a)(b)			14,920		14,995,149
Series 2017-8A, Class B, (3 mo. LIBOR US + 1.700%), 3.07%, 10/17/30(a)(b)			2,628		2,646,680

Security		Par (000)		Value
Cedar Funding VIII CLO Ltd.: (continued)
Series 2017-8A, Class C, (3 mo. LIBOR US + 2.250%), 3.62%, 10/17/30(a)(b)	USD		750	$	751,980
CIFC Funding Ltd.:
Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.750%), 3.11%, 07/16/30(a)(b)			500		504,353
Series 2013-2A, Class A1LR, (3 mo. LIBOR US + 1.210%), 2.56%, 10/18/30(a)(b)			6,290		6,342,459
Series 2013-4A, Class B1R, (3 mo. LIBOR US + 1.500%), 2.96%, 11/27/24(a)(b)			4,270		4,278,892
Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.050%), 2.40%, 04/18/25(a)(b)			3,590		3,598,650
Series 2014-2A, Class A1LR, (3 mo. LIBOR US + 1.200%), 2.65%, 05/24/26(a)(b)			8,484		8,527,201
Series 2014-3A, Class B1R, (3 mo. LIBOR US + 1.500%), 2.86%, 07/22/26(a)(b)			710		711,919
Series 2014-3A, Class C1R, (3 mo. LIBOR US + 1.900%), 3.26%, 07/22/26(a)(b)			1,120		1,124,611
Series 2014-4A, Class A1R, (3 mo. LIBOR US + 1.380%), 2.73%, 10/17/26(a)(b)			6,270		6,282,713
Series 2014-5A, Class A1R, (3 mo. LIBOR US + 1.400%), 2.75%, 01/17/27(a)(b)			26,215		26,307,660
Series 2014-5A, Class CR, (3 mo. LIBOR US + 2.700%), 4.05%, 01/17/27(a)(b)			710		714,051
Series 2015-1A, Class ARR, (3 mo. LIBOR US + 1.110%), 2.47%, 01/22/31(a)(b)(d)			1,520		1,520,000
Series 2015-2A, Class AR, (3 mo. LIBOR US + 0.780%), 2.42%, 04/15/27(a)(b)(d)			2,710		2,707,279
Series 2015-2A, Class CR, (3 mo. LIBOR US + 1.700%), 3.34%, 04/15/27(a)(b)(d)			4,620		4,620,000
Series 2015-3A, Class A, (3 mo. LIBOR US + 1.420%), 2.78%, 10/19/27(a)(b)			3,160		3,179,231
Citicorp Residential Mortgage Trust, Series 2007-2, Class M1, 5.24%, 06/25/37(c)			2,830		2,723,246
Citigroup Mortgage Loan Trust:
Series 2006-NC1, Class A2D, (1 mo. LIBOR US + 0.250%), 1.80%, 08/25/36(a)			3,550		2,887,096
Series 2007-AHL2, Class A3B, (1 mo. LIBOR US + 0.200%), 1.75%, 05/25/37(a)			7,946		5,908,535
Series 2007-AHL2, Class A3C, (1 mo. LIBOR US + 0.270%), 1.82%, 05/25/37(a)			3,610		2,704,667
Citigroup Mortgage Loan Trust, Inc.,
Series 2006-WFH4, Class M3, (1 mo. LIBOR US + 0.320%), 1.87%, 11/25/36(a)			3,007		2,552,385
Colony American Homes, Series 2015-1A, Class A, (1 mo. LIBOR US + 1.200%), 2.63%, 07/17/32(a)(b)			8,033		8,060,176
Conseco Finance Corp.:
Series 1998-4, Class M1, 6.83%, 04/01/30(e)			356		314,888
Series 1998-8, Class M1, 6.98%, 09/01/30(e)			2,784		2,321,397
Series 2001-D, Class B1, (1 mo. LIBOR US + 2.500%), 3.98%, 11/15/32(a)			2,038		2,030,324
Conseco Finance Securitizations Corp.:
Series 2000-1, Class A5, 8.06%, 09/01/29(e)			1,639		898,781
Series 2000-4, Class A5, 7.97%, 05/01/32			5,541		2,853,737

4 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Conseco Finance Securitizations Corp.: (continued)
Series 2000-4, Class A6, 8.31%, 05/01/32(e)	USD		1,391	$	746,297
Series 2000-5, Class A6, 7.96%, 05/01/31			2,398		1,585,243
Series 2000-5, Class A7, 8.20%, 05/01/31			4,375		2,967,707
Conseco Financial Corp.:
Series 1997-3, Class M1, 7.53%, 03/15/28(e)			2,201		2,183,217
Series 1997-6, Class M1, 7.21%, 01/15/29(e)			416		407,183
Series 1998-8, Class A1, 6.28%, 09/01/30			1,252		1,309,706
Series 1999-5, Class A5, 7.86%, 03/01/30(e)			1,645		1,324,298
Series 1999-5, Class A6, 7.50%, 03/01/30(e)			1,203		938,707
Countrywide Asset-Backed Certificates:
Series 2003-BC3, Class A2, (1 mo. LIBOR US + 0.620%), 2.17%, 09/25/33(a)			662		647,673
Series 2004-5, Class A, (1 mo. LIBOR US + 0.900%), 2.45%, 10/25/34(a)			722		730,732
Series 2005-16, Class 1AF, 5.07%, 05/25/36(e)			4,918		6,094,201
Series 2006-11, Class 3AV2, (1 mo. LIBOR US + 0.160%), 1.49%, 09/25/46(a)			338		332,867
Series 2006-17, Class 2A2, (1 mo. LIBOR US + 0.150%), 1.70%, 03/25/47(a)			348		335,466
Series 2006-8, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.71%, 01/25/46(a)			915		906,469
Series 2006-S10, Class A3, (1 mo. LIBOR US + 0.320%), 1.87%, 10/25/36(a)			8,702		8,208,516
Series 2006-S3, Class A4, 7.02%, 01/25/29(c)			786		874,697
Series 2006-SPS1, Class A, (1 mo. LIBOR US + 0.220%), 1.77%, 12/25/25(a)			250		274,379
Series 2007-S3, Class A3, (1 mo. LIBOR US + 0.380%), 1.93%, 05/25/37(a)			3,210		2,898,487
Credit Suisse First Boston Mortgage Securities Corp., Series 2001-MH29, Class B1, 8.10%, 09/25/31(e)			1,750		1,875,499
Credit-Based Asset Servicing & Securitization LLC:
Series 2006-CB2, Class AF4, 3.43%, 12/25/36(c)			528		442,164
Series 2006-MH1, Class B1, 6.25%, 10/25/36(b)(c)			852		876,338
Series 2006-SL1, Class A2, 5.56%, 09/25/36(b)(c)			3,349		689,375
Series 2007-CB6, Class A4, (1 mo. LIBOR US + 0.340%), 1.58%, 07/25/37(a)(b)			799		540,087
Series 2007-RP1, Class A, (1 mo. LIBOR US + 0.310%), 1.86%, 05/25/46(a)(b)			756		662,772
CVC Cordatus Loan Fund VI DAC, Series 6X, Class SUB, 0.00%, 04/15/29(e)	EUR		2,385		2,572,652
CVC Cordatus Loan Fund VII DAC, Series 7X, Class E, (3 mo. EURIBOR + 7.000%), 7.00%, 08/15/29(a)			560		694,484
CVC Cordatus Loan Fund VIII DAC, Series 8X,
Class E, (3 mo. EURIBOR + 5.700%), 5.70%, 04/23/30(a)			300		367,598
CWABS Asset-Backed Certificates Trust:
Series 2005-16, Class 2AF3, 4.59%, 05/25/36(e)	USD		1,240		1,554,144

Security		Par (000)		Value
CWABS Asset-Backed Certificates Trust: (continued)
Series 2005-17, Class 1AF4, 4.61%, 05/25/36(c)	USD		3,021	$	3,587,813
CWABS Revolving Home Equity Loan Trust, Series 2004-U, Class 2A, (1 mo. LIBOR US + 0.270%), 1.75%, 03/15/34(a)			1,177		1,057,251
CWHEQ Home Equity Loan Trust:
Series 2006-S5, Class A4, 5.84%, 06/25/35			513		598,774
Series 2006-S5, Class A5, 6.16%, 06/25/35			634		702,723
Series 2007-S1, Class A3, 5.81%, 11/25/36(e)			988		986,043
CWHEQ Revolving Home Equity Loan Resuritization Trust:
Series 2006-RES, Class 4Q1B, (1 mo. LIBOR US + 0.300%), 1.78%, 12/15/33(a)(b)(d)			1,240		1,141,077
Series 2006-RES, Class 5B1A, (1 mo. LIBOR US + 0.190%), 1.67%, 05/15/35(a)(b)			775		742,772
Series 2006-RES, Class 5B1B, (1 mo. LIBOR US + 0.190%), 1.67%, 05/15/35(a)(b)(d)			420		373,756
Series 2006-RES, Class 5F1A, (1 mo. LIBOR US + 0.240%), 1.72%, 12/15/35(a)(b)			2,614		2,378,668
CWHEQ Revolving Home Equity Loan Trust:
Series 2005-B, Class 2A, (1 mo. LIBOR US + 0.180%), 1.66%, 05/15/35(a)			1,048		972,761
Series 2006-H, Class 1A, (1 mo. LIBOR US + 0.150%), 1.63%, 11/15/36(a)			2,811		2,241,736
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44(b)			7,878		8,109,205
Dryden 34 Senior Loan Fund, Series 2014-34A, Class AR, (3 mo. LIBOR US + 1.160%), 2.52%, 10/15/26(a)(b)			1,250		1,257,413
Dryden 41 Senior Loan Fund, Series 2015-41A, Class A, (3 mo. LIBOR US + 1.500%), 2.86%, 01/15/28(a)(b)			2,250		2,262,009
Dryden 46 Euro CLO BV, Series 2016-46X, Class E, (3 mo. EURIBOR + 5.750%), 5.75%, 01/15/30(a)	EUR		364		443,756
Dryden 53 CLO Ltd., Series 2017-53A, Class A, (3 mo. LIBOR US + 1.120%), 0.00%, 01/15/31(a)(b)	USD		18,720		18,720,000
Dryden 56 Euro CLO BV, Series 2017-56X, Class E, (3 mo. EURIBOR + 4.720%), 4.72%, 01/15/32(a)	EUR		585		676,021
Dryden XXV Senior Loan Fund:
Series 2012-25A, Class ARR, (3 mo. LIBOR US + 0.900%), 2.26%, 10/15/27(a)(b)	USD		9,270		9,288,788
Series 2012-25A, Class CRR, (3 mo. LIBOR US + 1.850%), 3.21%, 10/15/27(a)(b)			1,340		1,350,172
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class A1LR, (3 mo. LIBOR US + 1.200%), 2.62%, 08/15/30(a)(b)			2,090		2,105,957

CONSOLIDATED SCHEDULE OF INVESTMENTS 5

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Euro-Galaxy V CLO BV, Series 2016-5X, Class E, (3 mo. EURIBOR + 6.300%), 6.30%, 11/10/30(a)	EUR		400	$	491,882
Fannie Mae REMIC Trust, Series 2003-W5, Class A, (1 mo. LIBOR US + 0.110%), 1.66%, 04/25/33(a)	USD		3		2,671
First Franklin Mortgage Loan Trust:
Series 2004-FFH3, Class M3, (1 mo. LIBOR US + 1.050%), 2.60%, 10/25/34(a)			1,000		885,821
Series 2006-FF16, Class 2A3, (1 mo. LIBOR US + 0.140%), 1.69%, 12/25/36(a)			14,865		9,253,865
Series 2006-FF17, Class A5, (1 mo. LIBOR US + 0.150%), 1.70%, 12/25/36(a)			21,948		18,183,318
Series 2006-FF5, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.71%, 04/25/36(a)			1,211		1,143,944
Series 2006-FFH1, Class M2, (1 mo. LIBOR US + 0.400%), 1.95%, 01/25/36(a)			3,556		2,199,463
Flatiron CLO Ltd., Series 2015-1A, Class AR, (3 mo. LIBOR US + 0.890%), 2.25%, 04/15/27(a)(b)			2,750		2,753,940
Fremont Home Loan Trust, Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.140%), 1.69%, 02/25/37(a)			8,197		6,594,176
Galaxy XV CLO Ltd., Series 2013-15A, Class AR, (3 mo. LIBOR US + 1.200%), 2.56%, 10/15/30(a)(b)			1,350		1,360,749
Galaxy XVI CLO Ltd., Series 2013-16A, Class CR, (3 mo. LIBOR US + 2.250%), 3.67%, 11/16/25(a)(b)			1,000		1,003,533
GCAT LLC, Series 2017-4, Class A1, 3.23%, 05/25/22(b)(c)			2,472		2,472,296
GE-WMC Asset-Backed Pass-Through Certificates:
Series 2005-2, Class A2C, (1 mo. LIBOR US + 0.250%), 1.80%, 12/25/35(a)			623		625,840
Series 2005-2, Class M1, (1 mo. LIBOR US + 0.440%), 1.99%, 12/25/35(a)			5,290		3,151,008
GE-WMC Mortgage Securities Trust:
Series 2006-1, Class A2A, (1 mo. LIBOR US + 0.040%), 1.59%, 08/25/36(a)			1,159		720,757
Series 2006-1, Class A2B, (1 mo. LIBOR US + 0.150%), 1.70%, 08/25/36(a)			21,006		13,394,134
Series 2006-1, Class A2C, (1 mo. LIBOR US + 0.240%), 1.79%, 08/25/36(a)			1,532		996,857
GMACM Home Equity Loan Trust, Series 2006-HE4, Class A2, (1 mo. LIBOR US + 0.180%), 1.51%, 12/25/36(a)			137		132,726
Goldentree Loan Opportunities XI Ltd., Series 2015-11A, Class AR2, (3 mo. LIBOR US + 1.070%), 2.60%, 01/19/31(a)(b)(d)			1,100		1,100,000
Greenpoint Manufactured Housing:
Series 1999-5, Class M1B, 8.29%, 12/15/29(e)			870		935,021
Series 1999-5, Class M2, 9.23%, 12/15/29(e)			1,266		1,083,492
Greystone Commercial Real Estate Notes Ltd., Series 2017-FL1A, Class A, (1 mo. LIBOR US + 1.550%), 3.03%, 03/15/27(a)(b)(d)			1,010		1,009,899
Greywolf CLO IV Ltd., Series 2014-2A, Class BR, (3 mo. LIBOR US + 2.350%), 3.70%, 01/17/27(a)(b)			930		933,545

Security		Par (000)		Value
GSAA Home Equity Trust:
Series 2006-5, Class 2A1, (1 mo. LIBOR US + 0.070%), 1.62%, 03/25/36(a)	USD		18	$	10,569
Series 2007-4, Class A3B, (1 mo. LIBOR US + 0.350%), 1.90%, 03/25/37(a)			3,550		492,353
GSAA Trust, Series 2007-2, Class AF3, 5.92%, 03/25/37(e)			558		228,436
GSAMP Trust:
Series 2006-FM2, Class A2B, (1 mo. LIBOR US + 0.120%), 1.67%, 09/25/36(a)			2,885		1,373,184
Series 2007-H1, Class A1B, (1 mo. LIBOR US + 0.200%), 1.75%, 01/25/47(a)			1,134		776,788
Series 2007-HS1, Class M6, (1 mo. LIBOR US + 2.250%), 3.80%, 02/25/47(a)			1,300		1,327,709
GT Loan Financing I Ltd., Series 2013-1A, Class A, (3 mo. LIBOR US + 1.270%), 2.65%, 10/28/24(a)(b)			5,105		5,113,563
Harvest CLO XVI DAC, Series 16X, Class E, (3 mo. EURIBOR + 6.400%), 6.40%, 10/15/29(a)	EUR		480		580,960
Highbridge Loan Management Ltd.:
Series 5A-2015, Class C1R, (3 mo. LIBOR US + 2.100%), 3.48%, 01/29/26(a)(b)	USD		1,920		1,931,615
Series 5A-2015, Class C2R, (3 mo. LIBOR US + 2.100%), 3.48%, 01/29/26(a)(b)			750		752,612
Series 6A-2015, Class A, (3 mo. LIBOR US + 1.450%), 2.84%, 05/05/27(a)(b)			7,500		7,511,200
Home Equity Asset Trust, Series 2007-1, Class 2A3, (1 mo. LIBOR US + 0.150%), 1.70%, 05/25/37(a)			2,490		2,053,208
Home Equity Mortgage Loan Asset-Backed Trust:
Series 2004-A, Class M2, (1 mo. LIBOR US + 2.030%), 3.58%, 07/25/34(a)			716		722,082
Series 2007-B, Class 2A3, (1 mo. LIBOR US + 0.200%), 1.75%, 07/25/37(a)			3,645		2,469,541
Home Equity Mortgage Trust, Series 2006-2, Class 1A1, 5.87%, 07/25/36(c)			2,895		1,129,695
Home Loan Mortgage Loan Trust, Series 2005-1, Class A3, (1 mo. LIBOR US + 0.720%), 2.20%, 04/15/36(a)			1,566		1,438,784
Invitation Homes Trust:
Series 2015-SFR3, Class A, (1 mo. LIBOR US + 1.300%), 2.76%, 08/17/32(a)(b)			9,023		9,079,441
Series 2015-SFR3, Class E, (1 mo. LIBOR US + 3.750%), 5.21%, 08/17/32(a)(b)			1,582		1,605,753
Irwin Home Equity Loan Trust:
Series 2006-2, Class 2A2, 6.24%, 02/25/36(b)(c)			65		64,828
Series 2006-3, Class 2A3, 6.03%, 09/25/37(b)(c)			1,266		1,229,120
JPMorgan Mortgage Acquisition Trust:
Series 2006-CW1, Class M1, (1 mo. LIBOR US + 0.270%), 1.82%, 05/25/36(a)			1,170		1,105,609
Series 2006-WF1, Class A3A, 5.83%, 07/25/36(c)			807		439,610
Series 2006-WF1, Class A5, 6.41%, 07/25/36(c)			1,101		598,933
Series 2006-WF1, Class A6, 6.00%, 07/25/36(c)			809		440,282
Jubilee CDO VIII BV, Series VIII-X, Class SUB, (6 mo. EURIBOR + 5.000%), 4.73%, 01/15/24(a)(d)	EUR		464		—

6 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
LCM 26 Ltd., Series 26A, Class A1, (3 mo. LIBOR US + 1.070%), 0.00%, 01/20/31(a)(b)(d)	USD		8,120	$	8,120,000
LCM XIV LP, Series 14A, Class A, (3 mo. LIBOR US + 1.150%), 2.51%, 07/15/25(a)(b)			2,622		2,627,709
LCM XVIII LP:
Series 18A, Class B1, (3 mo. LIBOR US + 2.300%), 3.66%, 04/20/27(a)(b)			2,400		2,403,269
Series 18A, Class C1, (3 mo. LIBOR US + 3.150%), 4.51%, 04/20/27(a)(b)			500		500,261
LCM XXIV Ltd., Series 24A, Class A, (3 mo. LIBOR US + 1.310%), 2.67%, 03/20/30(a)(b)			500		502,131
Lehman ABS Manufactured Housing Contract Trust:
Series 2001-B, Class M1, 6.63%, 04/15/40(e)			4,790		4,991,810
Series 2002-A, Class C, 0.00%, 06/15/33 .			544		443,347
Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. LIBOR US + 0.090%), 1.64%, 06/25/37(a)(b)			563		393,058
Lendmark Funding Trust, Series 2017-1A, Class A, 2.83%, 01/22/24(b)			14,780		14,745,634
Lime Street CLO Ltd., Series 2007-1A, Class B, (3 mo. LIBOR US + 0.550%), 2.18%, 06/20/21(a)(b)			202		202,026
Litigation Fee Residual Funding LLC, Series 2015-1, Class A, 4.00%, 10/01/27(b)(d).			5,128		5,109,049
Long Beach Mortgage Loan Trust:
Series 2006-1, Class 1A, (1 mo. LIBOR US + 0.220%), 1.77%, 02/25/36(a)			3,893		3,713,835
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.71%, 11/25/36(a)			4,243		2,111,087
Series 2006-10, Class 2A4, (1 mo. LIBOR US + 0.220%), 1.77%, 11/25/36(a)			2,521		1,265,630
Series 2006-2, Class 2A3, (1 mo. LIBOR US + 0.190%), 1.74%, 03/25/46(a)			22,441		11,456,305
Series 2006-2, Class 2A4, (1 mo. LIBOR US + 0.290%), 1.84%, 03/25/46(a)			10,360		5,396,776
Series 2006-3, Class 2A3, (1 mo. LIBOR US + 0.180%), 1.73%, 05/25/46(a)			12,114		5,648,155
Series 2006-3, Class 2A4, (1 mo. LIBOR US + 0.270%), 1.82%, 05/25/46(a)			1,162		551,171
Series 2006-4, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.71%, 05/25/36(a)			12,788		6,587,886
Series 2006-4, Class 2A4, (1 mo. LIBOR US + 0.260%), 1.81%, 05/25/36(a)			9,581		5,025,314
Series 2006-5, Class 2A3, (1 mo. LIBOR US + 0.150%), 1.70%, 06/25/36(a)			1,959		1,160,223
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.71%, 08/25/36(a)			6,852		3,935,340
Series 2006-8, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.71%, 09/25/36(a)			3,399		1,575,511
Series 2006-9, Class 2A2, (1 mo. LIBOR US + 0.110%), 1.66%, 10/25/36(a)			1,804		893,291
Series 2006-9, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.71%, 10/25/36(a)			11,488		5,725,680
Series 2006-9, Class 2A4, (1 mo. LIBOR US + 0.230%), 1.78%, 10/25/36(a)			1,816		913,364
Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. LIBOR US + 3.250%), 4.80%, 03/25/32(a)			1,510		1,550,373

Security		Par (000)		Value
Madison Park Funding XIV Ltd., Series 2014-14A, Class A2R, (3 mo. LIBOR US + 1.120%), 2.48%, 07/20/26(a)(b)	USD		26,018	$	26,111,899
Madison Park Funding XVIII Ltd., Series 2015-18A, Class A1R, (3 mo. LIBOR US + 1.190%), 2.55%, 10/21/30(a)(b)			14,970		15,053,085
Madison Park Funding XXVI Ltd., Series 2017-26A, Class AR, (3 mo. LIBOR US + 1.200%), 2.52%, 07/29/30(a)(b)			6,150		6,197,976
Marble Point CLO XI Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.180%), 2.79%, 12/18/30(a)(b)			2,500		2,501,932
MASTR Asset-Backed Securities Trust:
Series 2006-AM2, Class A4, (1 mo. LIBOR US + 0.260%), 1.81%, 06/25/36(a)(b)			2,059		1,645,481
Series 2006-HE2, Class A3, (1 mo. LIBOR US + 0.150%), 1.70%, 06/25/36(a)			6,479		3,782,647
Series 2007-HE1, Class A4, (1 mo. LIBOR US + 0.280%), 1.83%, 05/25/37(a)			1,318		1,097,609
MASTR Specialized Loan Trust, Series 2006-3, Class A, (1 mo. LIBOR US + 0.260%), 1.81%, 06/25/46(a)(b)			671		628,505
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2, Class A2C, (1 mo. LIBOR US + 0.240%), 1.79%, 05/25/37(a)			2,297		1,608,420
Merrill Lynch Mortgage Investors Trust:
Series 2006-OPT1, Class M1, (1 mo. LIBOR US + 0.260%), 1.81%, 08/25/37(a)			529		143,312
Series 2006-RM3, Class A2B, (1 mo. LIBOR US + 0.090%), 1.64%, 06/25/37(a)			989		301,082
Morgan Stanley ABS Capital I, Inc. Trust:
Series 2005-HE1, Class A2MZ, (1 mo. LIBOR US + 0.600%), 2.15%, 12/25/34(a)			820		799,415
Series 2005-HE5, Class M4, (1 mo. LIBOR US + 0.870%), 2.42%, 09/25/35(a)			4,403		2,018,328
Series 2007-NC1, Class A1, (1 mo. LIBOR US + 0.130%), 1.68%, 11/25/36(a)			14,823		9,466,459
Morgan Stanley IXIS Real Estate Capital Trust, Series 2006-2, Class A2, (1 mo. LIBOR US + 0.110%), 1.66%, 11/25/36(a)			1,222		603,587
Morgan Stanley Mortgage Loan Trust, Series 2007-9SL, Class A, (1 mo. LIBOR US + 0.320%), 1.87%, 07/25/37(a)			1,683		1,512,499
Mountain Hawk I CLO Ltd., Series 2013-1A, Class B1, (3 mo. LIBOR US + 2.180%), 3.54%, 01/20/24(a)(b)			3,020		3,055,923
Mountain Hawk II CLO Ltd., Series 2013-2A, Class A1, (3 mo. LIBOR US + 1.160%), 2.52%, 07/22/24(a)(b)			1,467		1,470,027
MP CLO III Ltd., Series 2013-1A, Class AR, (3 mo. LIBOR US + 1.250%), 2.61%, 10/20/30(a)(b)			2,820		2,832,603
MP CLO VIII Ltd., Series 2015-2A, Class B, (3 mo. LIBOR US + 2.250%), 3.63%, 10/28/27(a)(b)			3,250		3,253,735
Nationstar Home Equity Loan Trust, Series 2007-C, Class 2AV3, (1 mo. LIBOR US + 0.180%), 1.73%, 06/25/37(a)			417		413,772

CONSOLIDATED SCHEDULE OF INVESTMENTS 7

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Navient Private Education Loan Trust:
Series 2014-AA, Class B, 3.50%, 08/15/44(b)	USD		6,000	$	5,815,733
Series 2014-CTA, Class B, (1 mo. LIBOR US + 1.750%), 3.23%, 10/17/44(a)(b)			8,550		8,681,330
Series 2016-AA, Class B, 3.50%, 12/16/58(b)(e)			2,040		1,972,091
Neuberger Berman CLO XVI Ltd., Series 2014-16A, Class B2R, (3 mo. LIBOR US + 2.170%), 3.53%, 04/15/26(a)(b)			1,875		1,876,831
Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class A, (3 mo. LIBOR US + 0.850%), 0.00%, 01/15/28(a)(b)			1,200		1,200,000
Neuberger Berman Loan Advisers CLO 26 Ltd., Series 2017-26A, Class A, (3 mo. LIBOR US + 1.170%), 2.56%, 10/18/30(a)(b)			3,350		3,364,944
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. LIBOR US + 0.400%), 1.95%, 10/25/36(a)(b)			431		384,570
Oak Hill Credit Partners IX Ltd., Series 2013-9A, Class DR, (3 mo. LIBOR US + 1.010%), 2.37%, 10/20/25(a)(b)			540		540,389
Oak Hill Credit Partners VIII Ltd., Series 2013-8A, Class A, (3 mo. LIBOR US + 1.120%), 2.48%, 04/20/25(a)(b)			3,633		3,639,328
Oak Hill European Credit Partners IV Designated Activity Co., Series 2015-4X, Class F, (6 mo. EURIBOR + 6.650%), 6.65%, 01/20/30(a)	EUR		670		801,741
Oaktree CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR US + 0.870%), 0.10%, 10/20/27(a)(b)(d)	USD		500		500,000
Oakwood Mortgage Investors, Inc.:
Series 2001-D, Class A2, 5.26%, 01/15/19(e)			900		711,312
Series 2001-D, Class A4, 6.93%, 09/15/31(e)			572		511,175
Series 2002-B, Class M1, 7.62%, 06/15/32(e)			4,564		3,797,957
OCP CLO Ltd.:
Series 2014-5A, Class A1, (3 mo. LIBOR US + 1.000%), 2.37%, 04/26/26(a)(b)			330		330,019
Series 2014-5A, Class A2, (3 mo. LIBOR US + 1.720%), 3.09%, 04/26/26(a)(b)			610		610,000
Series 2015-10A, Class A1R, (3 mo. LIBOR US + 0.820%), 2.19%, 10/26/27(a)(b)			820		820,443
Series 2015-10A, Class BR, (3 mo. LIBOR US + 1.850%), 3.22%, 10/26/27(a)(b)			1,120		1,120,518
Series 2015-8A, Class A1R, (3 mo. LIBOR US + 0.850%), 2.20%, 04/17/27(a)(b)			5,725		5,726,524
Series 2016-12A, Class A1, (3 mo. LIBOR US + 1.570%), 2.92%, 10/18/28(a)(b)			1,350		1,365,193
Series 2017-13A, Class A1A, (3 mo. LIBOR US + 1.260%), 2.56%, 07/15/30(a)(b)			9,170		9,244,343
Series 2017-14A, Class B, (3 mo. LIBOR US + 1.950%), 3.49%, 11/20/30(a)(b)(d)			500		500,000
OCP Euro CLO DAC:
Series 2017-2X, Class A, (3 mo. EURIBOR + 0.820%), 0.82%, 01/15/32(a)	EUR		600		721,726
Series 2017-2X, Class B, (3 mo. EURIBOR + 1.350%), 1.35%, 01/15/32(a)			750		902,770

Security		Par (000)		Value
OCP Euro CLO DAC: (continued)
Series 2017-2X, Class E, (3 mo. EURIBOR + 5.000%), 5.00%, 01/15/32(a)	EUR		447	$	527,151
Series 2017-2X, Class F, (3 mo. EURIBOR + 6.400%), 6.40%, 01/15/32(a)			300		338,520
OCP Euro DAC, Series 2017-1X, Class E, (3 mo. EURIBOR + 5.350%), 5.35%, 06/18/30(a)			200		241,358
Octagon Investment Partners 24 Ltd.:
Series 2015-1A, Class A1R, (3 mo. LIBOR US + 0.900%), 2.34%, 05/21/27(a)(b)	USD		13,710		13,716,667
Series 2015-1A, Class A2AR, (3 mo. LIBOR US + 1.350%), 2.79%, 05/21/27(a)(b)			9,100		9,106,174
Octagon Investment Partners 33 Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.190%), 2.59%, 01/20/31(a)(b)			1,310		1,312,893
Octagon Investment Partners XIX Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.100%), 2.46%, 04/15/26(a)(b)			3,100		3,102,297
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class A, (3 mo. LIBOR US + 1.120%), 2.47%, 07/17/25(a)(b)			5,257		5,266,330
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.680%), 3.05%, 10/25/25(a)(b)			7,240		7,260,727
OFSI Fund VI Ltd., Series 2014-6A, Class A2, (3 mo. LIBOR US + 1.900%), 3.26%, 03/20/25(a)(b)			10,508		10,522,410
OHA Loan Funding LLC, Series 2014-1A, Class A1R, (3 mo. LIBOR US + 1.150%), 2.51%, 10/20/26(a)(b)			2,844		2,855,090
OHA Loan Funding Ltd., Series 2013-2A, Class A, (3 mo. LIBOR US + 1.270%), 2.58%, 08/23/24(a)(b)			5,005		5,009,155
OneMain Financial Issuance Trust:
Series 2014-2A, Class B, 3.02%, 09/18/24(b)			2,805		2,806,251
Series 2014-2A, Class D, 5.31%, 09/18/24(b)			1,885		1,902,942
Series 2015-1A, Class C, 5.12%, 03/18/26(b)			1,536		1,553,622
Series 2015-2A, Class C, 4.32%, 07/18/25(b)			4,830		4,846,903
Series 2016-2A, Class A, 4.10%, 03/20/28(b)			3,248		3,289,959
Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-4, Class A2, (1 mo. LIBOR US + 0.640%), 2.19%, 07/25/33(a)			1,049		1,038,576
Option One Mortgage Loan Trust:
Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.140%), 1.69%, 02/25/37(a)			1,483		1,092,231
Series 2007-CP1, Class 2A3, (1 mo. LIBOR US + 0.210%), 1.76%, 03/25/37(a)			2,360		1,654,400
Series 2007-FXD2, Class 1A1, 5.82%, 03/25/37(c)			14,629		14,386,483
Origen Manufactured Housing Contract Trust: Series 2001-A, Class M1, 7.82%, 03/15/32(e)			1,571		1,548,665

8 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Origen Manufactured Housing Contract Trust: (continued)
Series 2007-B, Class A1, (1 mo. LIBOR US + 1.200%), 2.68%, 10/15/37(a)(b)	USD		3,344	$	3,284,676
Ownit Mortgage Loan Trust Series, Series 2006-2, Class A2C, 6.00%, 01/25/37(c)			1,990		1,839,566
OZLM Funding II Ltd., Series 2012-2A, Class A1R, (3 mo. LIBOR US + 1.440%), 2.82%, 10/30/27(a)(b)			19,348		19,394,085
OZLM Funding IV Ltd.:
Series 2013-4A, Class A1R, (3 mo. LIBOR US + 1.250%), 2.61%, 10/22/30(a)(b)			13,035		13,120,334
Series 2013-4A, Class A2R, (3 mo. LIBOR US + 1.700%), 3.06%, 10/22/30(a)(b)			2,120		2,142,993
OZLM Funding V Ltd., Series 2013-5A, Class BR, (3 mo. LIBOR US + 2.350%), 3.70%, 01/17/26(a)(b)			3,720		3,725,778
OZLM IX Ltd., Series 2014-9A, Class CR, (3 mo. LIBOR US + 3.550%), 4.91%, 01/20/27(a)(b)			4,360		4,373,888
OZLM VI Ltd., Series 2014-6A, Class BR, (3 mo. LIBOR US + 2.700%), 4.05%, 04/17/26(a)(b)			2,360		2,365,165
OZLM VII Ltd.:
Series 2014-7A, Class A1BR, (3 mo. LIBOR US + 1.150%), 2.50%, 07/17/26(a)(b)			250		250,973
Series 2014-7A, Class B1R, (3 mo. LIBOR US + 2.250%), 3.60%, 07/17/26(a)(b)			1,400		1,403,558
OZLM VIII Ltd.:
Series 2014-8A, Class A1AR, (3 mo. LIBOR US + 1.130%), 2.48%, 10/17/26(a)(b)			3,370		3,379,247
Series 2014-8A, Class BR, (3 mo. LIBOR US + 2.250%), 3.60%, 10/17/26(a)(b)			1,160		1,162,991
OZLM XI Ltd., Series 2015-11A, Class A1R, (3 mo. LIBOR US + 1.250%), 2.63%, 10/30/30(a)(b)			9,443		9,519,839
OZLM XII Ltd., Series 2015-12A, Class A1, (3 mo. LIBOR US + 1.450%), 2.83%, 04/30/27(a)(b)			570		573,672
OZLM XIV Ltd., Series 2015-14A, Class B1, (3 mo. LIBOR US + 3.150%), 4.51%, 01/15/29(a)(b)			1,710		1,711,485
OZLM XIX Ltd., Series 2017-19A, Class A1, (3 mo. LIBOR US + 1.220%), 2.59%, 11/22/30(a)(b)			2,160		2,163,128
OZLM XV Ltd.:
Series 2016-15A, Class A1, (3 mo. LIBOR US + 1.490%), 2.85%, 01/20/29(a)(b)			4,740		4,793,203
Series 2016-15A, Class A2A, (3 mo. LIBOR US + 2.100%), 3.46%, 01/20/29(a)(b)			1,940		1,965,992
OZLM XXI Ltd., Series 2017-21A, Class B, (3 mo. LIBOR US + 1.900%), 0.00%, 01/20/31(a)(b)			930		930,000
OZLME BV, Series 1X, Class E, (3 mo. EURIBOR + 6.450%), 6.45%, 01/18/30(a)	EUR		475		584,931
OZLME II DAC, Series 2X, Class E, (3 mo. EURIBOR + 4.900%), 4.90%, 10/15/30(a)			422		490,430
OZLME III DAC:
Series 3X, Class A1, (3 mo. EURIBOR + 0.750%), 0.00%, 08/24/30(a)			2,300		2,759,647
Series 3X, Class E, (3 mo. EURIBOR + 4.800%), 0.00%, 08/24/30(a)			900		1,053,297

Security		Par (000)		Value
OZLME III DAC: (continued)
Series 3X, Class SUB, (3 mo. EURIBOR + 0.000%), 0.00%, 08/24/30(a)	EUR		1,500	$	1,619,793
Palmer Square CLO Ltd.:
Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.500%), 2.92%, 05/15/25(a)(b)	USD		5,311		5,312,045
Series 2013-2A, Class A1AR, (3 mo. LIBOR US + 1.220%), 2.57%, 10/17/27(a)(b)			2,280		2,290,687
Series 2013-2A, Class BR, (3 mo. LIBOR US + 2.250%), 3.60%, 10/17/27(a)(b)			890		896,923
Series 2014-1A, Class A1R2, (3 mo. LIBOR US + 1.130%), 2.86%, 01/17/31(a)(b)(d)			250		250,000
Palmer Square Loan Funding Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 0.740%), 2.06%, 10/15/25(a)(b)			12,010		12,011,740
Series 2017-1A, Class A2, (3 mo. LIBOR US + 1.300%), 2.62%, 10/15/25(a)(b)			6,400		6,412,922
Park Avenue Institutional Advisers CLO Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.220%), 2.63%, 11/14/29(a)(b)			6,970		6,994,019
Series 2017-1A, Class A2, (3 mo. LIBOR US + 1.700%), 3.11%, 11/14/29(a)(b)			2,940		2,949,992
Preston Ridge Partners Mortgage LLC, Series 2017-1A, Class A1, 4.25%, 01/25/22(b)(c)(d)			584		585,711
Pretium Mortgage Credit Partners I LLC, Series 2017-NPL2, Class A1, 3.25%, 03/28/57(b)(c)			4,753		4,757,600
Progress Residential Trust: Series 2015-SFR2, Class A, 2.74%, 06/12/32(b)			1,724		1,719,958
Series 2015-SFR3, Class F, 6.64%, 11/12/32(b)			500		527,473
Series 2016-SFR1, Class A, (1 mo. LIBOR US + 1.500%), 2.96%, 09/17/33(a)(b)			4,311		4,359,482
Series 2016-SFR1, Class E, (1 mo. LIBOR US + 3.850%), 5.31%, 09/17/33(a)(b)			2,940		3,017,729
Series 2016-SFR2, Class E, (1 mo. LIBOR US + 3.550%), 5.01%, 01/17/34(a)(b)			1,590		1,631,320
Series 2017-SFR1, Class A, 2.77%, 08/17/34(b)			2,645		2,625,028
Series 2017-SFR1, Class D, 3.57%, 08/17/22(b)			330		327,484
Series 2017-SFR1, Class E, 4.26%, 08/17/22(b)			500		502,016
Race Point IX CLO Ltd., Series 2015-9A, Class A1AR, (3 mo. LIBOR US + 1.210%), 2.57%, 10/15/30(a)(b)			830		834,049
Race Point X CLO Ltd., Series 2016-10A, Class A, (3 mo. LIBOR US + 1.600%), 2.97%, 07/25/28(a)(b)			5,550		5,601,555
RAMP Series Trust, Series 2007-RS1, Class A3, (1 mo. LIBOR US + 0.170%), 1.72%, 02/25/37(a)			2,283		1,261,121
RAMP Trust, Series 2006-RS6, Class A4, (1 mo. LIBOR US + 0.270%), 1.82%, 11/25/36(a)			6,881		5,763,457
RCO Mortgage LLC, Series 2015-NQM1, Class A, (1 mo. LIBOR US + 3.500%), 5.05%, 11/25/45(a)(b)			172		171,817
Rockford Tower CLO Ltd.:
Series 2017-1A, Class A, (3 mo. LIBOR US + 1.370%), 2.73%, 04/15/29(a)(b)			9,130		9,195,584

CONSOLIDATED SCHEDULE OF INVESTMENTS 9

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Rockford Tower CLO Ltd.: (continued)
Series 2017-1A, Class B, (3 mo. LIBOR US + 1.800%), 3.16%, 04/15/29(a)(b)	USD		3,870	$	3,893,352
Series 2017-2A, Class B, (3 mo. LIBOR US + 1.750%), 2.99%, 10/15/29(a)(b)			2,600		2,621,144
Series 2017-2A, Class C, (3 mo. LIBOR US + 2.300%), 3.54%, 10/15/29(a)(b)			940		942,082
Series 2017-3A, Class A, (3 mo. LIBOR US + 1.190%), 2.80%, 10/20/30(a)(b)			4,510		4,504,784
SACO I Trust, Series 2006-9, Class A1, (1 mo. LIBOR US + 0.300%), 1.85%, 08/25/36(a)			705		1,240,239
Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR US + 0.290%), 1.84%, 01/25/47(a)			1,814		1,094,767
Securitized Asset-Backed Receivables LLC Trust, Series 2006-WM4, Class A1, (1 mo. LIBOR US + 0.190%), 1.74%, 11/25/36(a)(b)			3,173		1,987,736
Security National Mortgage Loan Trust, Series 2007-1A, Class 2A, (1 mo. LIBOR US + 0.350%), 1.90%, 04/25/37(a)(b)			1,217		1,167,159
SG Mortgage Securities Trust, Series 2006-FRE2, Class A2C, (1 mo. LIBOR US + 0.160%), 1.71%, 07/25/36(a)			1,025		375,978
Shackleton CLO Ltd., Series 2014-5A, Class AR, (3 mo. LIBOR US + 1.140%), 2.53%, 05/07/26(a)(b)			14,446		14,468,127
Silver Creek CLO Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.240%), 2.60%, 07/20/30(a)(b)			3,920		3,946,603
SLC Private Student Loan Trust, Series 2006-A, Class C, (3 mo. LIBOR US + 0.450%), 1.81%, 07/15/36(a)			2,010		1,917,305
SLM Private Credit Student Loan Trust:
Series 2004-A, Class A3, (3 mo. LIBOR US + 0.400%), 1.99%, 06/15/33(a)			3,169		3,108,369
Series 2004-B, Class A3, (3 mo. LIBOR US + 0.330%), 1.92%, 03/15/24(a)			15,358		15,308,309
Series 2006-B, Class A5, (3 mo. LIBOR US + 0.270%), 1.86%, 12/15/39(a)			747		733,860
SLM Private Education Loan Trust:
Series 2013-A, Class B, 2.50%, 03/15/47(b)			620		616,138
Series 2013-B, Class B, 3.00%, 05/16/44(b)			2,095		2,094,093
Series 2013-C, Class A2B, (1 mo. LIBOR US + 1.400%), 2.88%, 10/15/31(a)(b)			327		330,141
SMB Private Education Loan Trust, Series 2015-B, Class B, 3.50%, 12/17/40(b)			3,830		3,833,762
Sound Point CLO II Ltd., Series 2013-1A, Class A1L, (3 mo. LIBOR US + 1.200%), 2.57%, 04/26/25(a)(b)			375		375,716
Sound Point CLO IV Ltd., Series 2013-3A, Class CR, (3 mo. LIBOR US + 2.250%), 3.61%, 01/21/26(a)(b)			1,480		1,485,205
Sound Point CLO V Ltd., Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.400%), 3.75%, 04/18/26(a)(b)			937		939,167
Sound Point CLO VII Ltd., Series 2014-3A, Class AR, (3 mo. LIBOR US + 1.300%), 2.66%, 01/23/27(a)(b)			6,225		6,267,183
Sound Point CLO XI Ltd., Series 2016-1A, Class A, (3 mo. LIBOR US + 1.650%), 3.01%, 07/20/28(a)(b)			5,730		5,778,060
Sound Point CLO XII Ltd., Series 2016-2A, Class A, (3 mo. LIBOR US + 1.660%), 3.02%, 10/20/28(a)(b)			3,010		3,040,550

Security		Par (000)		Value
Sound Point CLO XIV Ltd.:
Series 2016-3A, Class A, (3 mo. LIBOR US + 1.530%), 2.89%, 01/23/29(a)(b)	USD		7,330	$	7,396,152
Series 2016-3A, Class C, (3 mo. LIBOR US + 2.650%), 4.01%, 01/23/29(a)(b)			1,000		1,017,660
Sound Point CLO XV Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.390%), 2.75%, 01/23/29(a)(b)			1,240		1,248,808
Sound Point CLO XVIII Ltd.:
Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.120%), 0.00%, 01/20/31(a)(b)(d)			4,020		4,020,000
Series 2017-4A, Class B, (3 mo. LIBOR US + 1.800%), 0.00%, 01/20/31(a)(b)(d)			500		498,250
Soundview Home Loan Trust, Series 2004-WMC1, Class M2, (1 mo. LIBOR US + 0.800%), 2.35%, 01/25/35(a)			126		119,218
SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.05%, 04/25/29(b) .			9,948		10,010,053
Springleaf Funding Trust, Series 2015-AA, Class B, 3.62%, 11/15/24(b)			3,952		3,965,057
St. Paul’s CLO VI DAC, Series 6X, Class D, (3 mo. EURIBOR + 6.500%), 6.50%, 07/22/29(a)	EUR		680		832,464
Stanwich Mortgage Loan Co. LLC:
Series 2016-NPL2, Class NOTE, 3.72%, 08/16/46(b)(c)(d)	USD		3,664		3,664,329
Series 2017-NPB1, Class A1, 3.60%, 05/17/22(b)(c)(d)			16,205		16,238,895
Steele Creek CLO Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.250%), 2.88%, 01/15/30(a)(b)			2,040		2,040,737
Stewart Park CLO Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 1.800%), 3.52%, 01/15/30(a)(b)(d)			2,700		2,700,000
Structured Asset Securities Corp. Assistance Loan Trust, Series 2003-AL2, Class A, 3.36%, 01/25/31(b)			464		456,619
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-23XS, Class 2A1, (1 mo. LIBOR US + 0.300%), 1.85%, 01/25/35(a)			754		735,541
Symphony CLO VIII LP, Series 2012-8A, Class CR, (3 mo. LIBOR US + 3.050%), 4.75%, 01/09/23(a)(b)			750		751,311
Symphony CLO XII Ltd., Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.030%), 2.39%, 10/15/25(a)(b)			3,000		3,004,510
TCI-Flatiron CLO Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.200%), 2.15%, 11/17/30(a)(b)			3,290		3,307,345
THL Credit Wind River CLO Ltd., Series 2014-2A, Class A2, (3 mo. LIBOR US + 1.450%), 2.81%, 07/15/26(a)(b)			5,080		5,082,979
TIAA CLO II Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.280%), 2.64%, 04/20/29(a)(b)			2,340		2,355,557
TIAA CLO III Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.150%), 2.63%, 01/16/31(a)(b)(d)			5,840		5,840,000
TICP CLO I Ltd., Series 2015-1A, Class A, (3 mo. LIBOR US + 1.500%), 2.86%, 07/20/27(a)(b)			1,000		999,872
TICP CLO III Ltd., Series 2014-3A, Class AR, (3 mo. LIBOR US + 1.180%), 2.54%, 01/20/27(a)(b)			4,474		4,493,763

10 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Treman Park CLO Ltd., Series 2015-1A, Class AR, (3 mo. LIBOR US + 1.370%), 2.73%, 04/20/27(a)(b)	USD		2,000	$	2,001,497
Velocity Commercial Capital Loan Trust:
Series 2017-1, Class AFL, (1 mo. LIBOR US + 1.250%), 2.80%, 05/25/47(a)(b)			3,974		4,001,560
Series 2017-1, Class M1, 3.55%, 05/25/47(b)(e)			420		422,029
Series 2017-1, Class M2, 4.45%, 05/25/47(b)(e)			410		405,331
Series 2017-1, Class M3, 5.35%, 05/25/47(b)(e)			410		411,635
Series 2017-2, Class M3, 4.24%, 11/25/47(b)(e)			406		406,301
Series 2017-2, Class M4, 5.00%, 11/25/47(b)(e)			485		485,829
Venture XIX CLO Ltd.:
Series 2014-19A, Class AR, (3 mo. LIBOR US + 1.370%), 2.73%, 01/15/27(a)(b)			1,020		1,021,365
Series 2014-19A, Class BR, (3 mo. LIBOR US + 2.000%), 3.36%, 01/15/27(a)(b)			1,800		1,813,986
Venture XVII CLO Ltd., Series 2014-17A, Class B2R, (3 mo. LIBOR US + 1.600%), 2.96%, 07/15/26(a)(b)			1,970		1,976,464
Venture XVIII CLO Ltd., Series 2014-18A, Class AR, (3 mo. LIBOR US + 1.220%), 2.58%, 10/15/29 (a)(b)			9,820		9,833,300
Vibrant CLO III Ltd.:
Series 2015-3A, Class A1R, (3 mo. LIBOR US + 1.480%), 2.84%, 04/20/26(a)(b)			1,390		1,394,061
Series 2015-3A, Class A2R, (3 mo. LIBOR US + 2.050%), 3.41%, 04/20/26(a)(b)			710		714,237
Vibrant CLO V Ltd., Series 2016-5A, Class A, (3 mo. LIBOR US + 1.550%), 2.91%, 01/20/29(a)(b)			2,480		2,501,834
Voya CLO Ltd.:
Series 2013-3A, Class A1R, (3 mo. LIBOR US + 1.050%), 2.40%, 01/18/26(a)(b)			7,925		7,941,630
Series 2013-3A, Class A2R, (3 mo. LIBOR US + 1.500%), 2.85%, 01/18/26(a)(b)			3,145		3,145,560
Series 2014-3A, Class A1R, (3 mo. LIBOR US + 0.720%), 2.24%, 07/25/26(a)(b)(d)			2,480		2,480,000
Series 2014-4A, Class A1R, (3 mo. LIBOR US + 0.950%), 2.31%, 10/14/26(a)(b)			4,740		4,751,311
Series 2014-4A, Class BR, (3 mo. LIBOR US + 2.000%), 3.36%, 10/14/26(a)(b)			1,360		1,364,055
Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.130%), 2.51%, 10/15/30(a)(b)			3,340		3,345,210
Voya Investment Management CLO Ltd., Series 2013-2A, Class A1, (3 mo. LIBOR US + 1.150%), 2.52%, 04/25/25(a)(b)			1,632		1,636,854
Wachovia Asset Securitization Issuance II LLC Trust, Series 2007-HE2A, Class A, (1 mo. LIBOR US + 0.130%), 1.68%, 07/25/37(a)(b)			2,377		2,182,385
WaMu Asset-Backed Certificates Trust:
Series 2007-HE2, Class 2A3, (1 mo. LIBOR US + 0.250%), 1.80%, 04/25/37(a)			10,491		5,882,923
Series 2007-HE2, Class 2A4, (1 mo. LIBOR US + 0.360%), 1.91%, 04/25/37(a)			1,127		639,721
Washington Mutual Asset-Backed Certificates Trust:
Series 2006-HE4, Class 2A2, (1 mo. LIBOR US + 0.180%), 1.73%, 09/25/36(a)			5,673		2,869,736

Security		Par (000)		Value
Washington Mutual Asset-Backed Certificates Trust: (continued)
Series 2006-HE5, Class 1A, (1 mo. LIBOR US + 0.160%), 1.71%, 10/25/36(a)	USD		2,407	$	1,994,587
Series 2007-HE2, Class 2A2, (1 mo. LIBOR US + 0.220%), 1.77%, 02/25/37(a)			5,858		2,565,078
Wellfleet CLO Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.320%), 2.68%, 04/20/29(a)(b)			2,160		2,174,342
Series 2017-3A, Class A1, (3 mo. LIBOR US + 1.150%), 2.88%, 01/17/31(a)(b)			4,410		4,410,000
Series 2017-3A, Class B, (3 mo. LIBOR US + 1.950%), 0.00%, 01/17/31(a)(b)			750		750,000
West CLO Ltd., Series 2013-1A, Class A1AR, (3 mo. LIBOR US + 1.160%), 2.55%, 11/07/25(a)(b)			10,930		10,954,441
World Financial Network Credit Card Master Trust:
Series 2012-C, Class B, 3.57%, 08/15/22			3,000		3,033,426
Series 2012-C, Class C, 4.55%, 08/15/22			5,030		5,121,252
Series 2012-D, Class B, 3.34%, 04/17/23			3,551		3,579,457
WVUE, Series 2015-1A, Class A, 7.50%, 09/25/20(b)(c)(d)			634		633,683
Yale Mortgage Loan Trust, Series 2007-1, Class A, (1 mo. LIBOR US + 0.400%), 1.95%, 06/25/37(a)(b)			2,751		1,225,166
York CLO 1 Ltd., Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.350%), 3.71%, 01/22/27(a)(b)			500		501,738
York CLO-2 Ltd., Series 2015-1A, Class AR, (3 mo. LIBOR US + 1.150%), 2.61%, 01/22/31(a)(b)(d)			2,200		2,200,000
York CLO-3 Ltd., Series 2016-1A, Class BR, (3 mo. LIBOR US + 1.750%), 3.11%, 10/20/29(a)(b)			2,480		2,493,040
Total Asset-Backed Securities — 12.5% (Cost: $1,527,291,009)					1,539,961,973
			Shares
Common Stocks — 0.6%
Airlines — 0.1%
Delta Air Lines, Inc.(f)			173,089		9,692,984
Banks — 0.2%
Bank of America Corp.			269,859		7,966,238
Citigroup, Inc.			53,380		3,972,006
JPMorgan Chase & Co.			74,746		7,993,337
					19,931,581
Capital Markets — 0.0%
Morgan Stanley			51,755		2,715,585
Diversified Financial Services — 0.1%
Concrete Investment I SCA(d)(g)(h)			22,592		365,944
Concrete Investment II SCA(d)(g)(h)			12,471		—
Leisure Acquisition Corp.			52,528		520,027
Sentinel Energy Services, Inc.			616,364		6,145,149
					7,031,120
Diversified Telecommunication Services — 0.0%
Telecom Italia SpA(g)			786,112		678,883
Energy Equipment & Services — 0.0%
C&J Energy Services, Inc.			110,904		3,711,957

CONSOLIDATED SCHEDULE OF INVESTMENTS 11

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Shares		Value
Energy Equipment & Services (continued)
Vantage Drilling, Co.(g)			311,000	$	2,892
					3,714,849
Health Care Providers & Services — 0.1%
Centene Corp.(g)			39,892		4,024,305
UnitedHealth Group, Inc.			16,860		3,716,956
					7,741,261
Internet Software & Services — 0.0%
Alibaba Group Holding Ltd. - ADR(g)			11,046		1,904,662
Media — 0.0%
Altice USA, Inc., Class A			120,464		2,557,451
Metals & Mining — 0.0%
Northern Graphite Corp.(g)			99,612		38,434
Oil, Gas & Consumable Fuels — 0.0%
Matador Resources Co.(g)(i)			127,594		3,972,001
Pharmaceuticals — 0.0%
Valeant Pharmaceuticals International, Inc.			10,001		207,821
Real Estate Management & Development — 0.0%
Aroundtown SA			125,201		963,824
Semiconductors & Semiconductor Equipment — 0.1%
Micron Technology, Inc.(f)			18,538		762,283
NVIDIA Corp.			12,140		2,349,090
NXP Semiconductors NV			11,840		1,386,346
QUALCOMM, Inc.			65,134		4,169,879
					8,667,598
Specialty Retail — 0.0%
SMCP SAS			13,282		306,775
Total Common Stocks — 0.6% (Cost: $62,304,392)					70,124,829
		Par (000)
Corporate Bonds — 29.1%
Aerospace & Defense — 0.4%
BAE Systems Holdings, Inc.:
2.85%, 12/15/20(b)	USD		1,372		1,378,166
4.75%, 10/07/44(b)			259		289,180
Lockheed Martin Corp.:
3.55%, 01/15/26			1,596		1,657,247
3.60%, 03/01/35			4,194		4,227,787
4.50%, 05/15/36			632		708,661
4.07%, 12/15/42			2,100		2,210,755
4.09%, 09/15/52			2,073		2,170,030
Meccanica Holdings USA, Inc., 6.25%, 01/15/40(b)			117		136,020
Northrop Grumman Corp.:
2.93%, 01/15/25			10,230		10,169,219
3.85%, 04/15/45			2,310		2,328,259
United Technologies Corp.:
1.78%, 05/04/18(c)			8,656		8,642,763
4.15%, 05/15/45			2,411		2,568,349
4.05%, 05/04/47			7,250		7,588,420
					44,074,856
Air Freight & Logistics — 0.1%
FedEx Corp.:
4.90%, 01/15/34			2,970		3,366,662
3.90%, 02/01/35			5,324		5,408,571
WFS Global Holding SAS, 9.50%, 07/15/22	EUR		200		255,771
					9,031,004

Security		Par (000)		Value
Airlines — 0.3%
American Airlines Group, Inc., 4.63%, 03/01/20(b)	USD		3,144	$	3,195,090
American Airlines Pass-Through Trust, Series 2015-1, Class A, 3.38%, 05/01/27			7,935		7,926,723
ANA Holdings, Inc.:
0.00%, 09/16/22(j)(k)	JPY		10,000		95,296
0.00%, 09/19/24(j)(k)			60,000		577,768
Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd., 8.38%, 05/10/20	USD		1,017		1,023,356
Delta Air Lines, Inc., 2.88%, 03/13/20			23,797		23,935,088
Gol Finance, Inc., 7.00%, 01/31/25(b)			1,919		1,886,396
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 03/15/27(b)			1,689		1,642,964
United Airlines Pass-Through Trust, Series 2014-1, Class B, 4.75%, 10/11/23			407		420,480
					40,703,161
Auto Components — 0.1%
Adient Global Holdings Ltd., 3.50%, 08/15/24	EUR		520		665,760
Aptiv PLC:
4.25%, 01/15/26	USD		4,053		4,301,136
4.40%, 10/01/46			3,304		3,403,372
Grupo-Antolin Irausa SA, 3.25%, 04/30/24	EUR		100		124,772
ZF North America Capital, Inc., 2.75%, 04/27/23			2,000		2,618,545
					11,113,585
Automobiles — 0.0%
Volkswagen Leasing GmbH, 1.13%, 04/04/24			1,055		1,274,056
Banks — 5.8%
Asian Development Bank, 5.90%, 12/20/22	INR		224,060		3,459,428
Banco Espirito Santo SA:
2.63%, 05/08/17(g)(l)	EUR		400		143,982
4.75%, 01/15/18(g)(l)			2,200		772,101
4.00%, 01/21/19(g)(l)			6,300		2,267,710
Bank of America Corp.:
2.25%, 04/21/20	USD		7,485		7,490,229
(3 mo. LIBOR US + 0.000%), 2.37%, 07/21/21(m)			27,085		27,037,558
(3 mo. LIBOR US + 0.000%), 2.33%, 10/01/21(m)			52,140		51,993,012
3.30%, 01/11/23			7,777		7,955,871
3.88%, 08/01/25			13,368		14,100,952
3.50%, 04/19/26			10,681		10,920,286
3.25%, 10/21/27			4,930		4,892,134
4.18%, 11/25/27			13,350		13,940,956
(3 mo. LIBOR US + 0.000%), 3.59%, 07/21/28(m)			2,095		2,129,471
Bankia SA:
(5 yr. Euro Swap + 0.000%), 4.00%, 05/22/24(m)	EUR		1,600		1,996,610
(5 yr. Euro Swap + 0.000%), 3.38%, 03/15/27(m)			100		125,899
Barclays PLC, 4.95%, 01/10/47	USD		7,178		7,965,177
BB&T Corp., 2.45%, 01/15/20			4,200		4,213,901
BNP Paribas SA:
2.95%, 05/23/22(b)			15,300		15,333,286
3.80%, 01/10/24(b)			5,362		5,547,652
BPCE SA, 3.00%, 05/22/22(b)			9,005		9,000,011
Branch Banking & Trust Co., 2.30%, 10/15/18			1,855		1,858,431
CaixaBank SA, (5 yr. Euro Swap + 0.000%), 2.75%, 07/14/28(m)	EUR		600		732,590

12 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks (continued)
Chong Hing Bank Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 3.88%, 07/26/27(m)	USD		670	$	665,082
Citigroup, Inc.:
1.80%, 02/05/18			6,961		6,960,271
2.50%, 07/29/19			10,612		10,644,566
2.90%, 12/08/21			17,940		18,058,059
3.50%, 05/15/23			4,389		4,467,512
3.88%, 03/26/25			4,740		4,852,094
(3 mo. LIBOR US + 0.000%), 3.89%, 01/10/28(m)			3,255		3,369,191
(3 mo. LIBOR US + 0.000%), 3.67%, 07/24/28(m)			17,145		17,394,450
4.13%, 07/25/28			16,343		16,843,997
Citizens Bank N.A.:
2.30%, 12/03/18			2,754		2,755,884
2.25%, 03/02/20			14,776		14,705,633
2.65%, 05/26/22			15,070		14,932,181
Commonwealth Bank of Australia, 3.90%, 07/12/47			700		715,582
Credit Agricole SA, 3.25%, 10/04/24(b)			14,160		14,064,736
Credit Mutuel Arkea SA, (5 yr. EURIBOR A (1100 Fft) + 0.000%), 1.88%, 10/25/29(m)	EUR		600		722,615
Dah Sing Bank Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 4.25%, 11/30/26(m)	USD		350		354,027
Fifth Third Bank, 2.25%, 06/14/21			7,204		7,135,130
HSBC Holdings PLC:
2.65%, 01/05/22			26,189		26,015,167
(3 mo. LIBOR US + 0.000%), 4.04%, 03/13/28(m)			4,077		4,248,803
ING Groep NV, (5 yr. Euro Swap + 0.000%), 1.63%, 09/26/29(m)	EUR		900		1,082,242
Intesa Sanpaolo SpA:
3.13%, 07/14/22(b)	USD		13,725		13,626,028
5.02%, 06/26/24(b)			15,696		16,071,493
Inversiones Atlantida SA, 8.25%, 07/28/22(b)			829		856,979
JPMorgan Chase & Co.:
2.97%, 01/15/23			32,480		32,752,371
3.90%, 07/15/25			4,236		4,440,781
(3 mo. LIBOR US + 0.000%), 3.54%, 05/01/28(m)			6,390		6,500,844
(3 mo. LIBOR US + 0.000%), 3.88%, 07/24/38(m)			30,210		31,054,909
Lloyds Banking Group PLC, 3.75%, 01/11/27			5,024		5,102,037
Mitsubishi UFJ Financial Group, Inc., 3.00%, 02/22/22			12,326		12,404,303
Mizuho Financial Group, Inc., 2.95%, 02/28/22 .			36,366		36,401,585
National Bank of Greece SA, 2.75%, 10/19/20	EUR		2,750		3,329,086
Royal Bank of Scotland Group PLC:
(3 mo. LIBOR US + 1.470%), 2.89%, 05/15/23(a)	USD		16,090		16,266,252
(3 mo. LIBOR US + 0.000%), 3.50%, 05/15/23(m)			13,525		13,554,488
Santander Holdings USA, Inc.:
3.70%, 03/28/22(b)			3,310		3,349,832
3.40%, 01/18/23(b)			11,595		11,549,820
Santander UK Group Holdings PLC, 2.88%, 08/05/21			14,289		14,253,992
Shizuoka Bank Ltd., 0.00%, 04/25/18(j)(k)			800		791,000
Sumitomo Mitsui Trust Bank Ltd.:
2.05%, 03/06/19(b)			44,355		44,240,078
1.95%, 09/19/19(b)			15,285		15,162,910
U.S. Bancorp:
2.95%, 07/15/22			7,244		7,341,693
3.15%, 04/27/27			3,630		3,636,645
UniCredit SpA:
6.95%, 10/31/22	EUR		100		147,526

Security		Par (000)		Value
Banks (continued)
UniCredit SpA: (continued)
(5 yr. Euro Swap + 0.000%), 5.75%, 10/28/25(m)	EUR		1,410	$	1,880,654
(USD Swap Rate 11:00 am NY 1 + 0.000%), 5.86%, 06/19/32(b)(m)	USD		17,692		18,851,852
Union Bank of the Philippines, 3.37%, 11/29/22 .			1,120		1,119,163
Washington Mutual Escrow Bonds, 0.00%(d)(g)(l)(n)			30,904		2
Wells Fargo & Co.:
2.60%, 07/22/20			4,233		4,259,066
2.55%, 12/07/20			3,376		3,389,675
2.10%, 07/26/21			3,400		3,343,072
2.63%, 07/22/22			24,125		23,995,239
Wing Lung Bank Ltd., 3.75%, 11/22/27(e)			1,230		1,217,577
Woori Bank, 4.75%, 04/30/24			1,800		1,885,567
Yamaguchi Financial Group, Inc., (3 mo. LIBOR US - 0.500%), 1.17%, 03/26/20(a)(j)			1,000		1,043,250
					717,684,238
Beverages — 0.5%
Anheuser-Busch InBev Finance, Inc.:
2.65%, 02/01/21			11,072		11,127,556
3.30%, 02/01/23			6,425		6,574,659
3.65%, 02/01/26			32,500		33,539,270
4.70%, 02/01/36			4,315		4,824,815
Anheuser-Busch InBev SA/NV, 2.00%, 03/17/28	EUR		690		883,999
Central American Bottling Corp., 5.75%, 01/31/27(b)	USD		468		492,125
China Huiyuan Juice Group Ltd., 6.50%, 08/16/20			400		397,863
Coca-Cola Icecek AS, 4.22%, 09/19/24(b)			1,270		1,289,242
Heineken NV, 1.50%, 10/03/29	EUR		1,500		1,802,809
					60,932,338
Biotechnology — 0.8%
AbbVie, Inc.:
2.50%, 05/14/20	USD		6,302		6,321,421
2.90%, 11/06/22			5,173		5,188,044
4.50%, 05/14/35			35,610		39,111,948
Amgen, Inc.:
2.13%, 05/01/20			4,058		4,036,412
4.40%, 05/01/45			6,271		6,823,090
Baxalta, Inc., 4.00%, 06/23/25			9,045		9,348,711
Gilead Sciences, Inc.:
2.35%, 02/01/20			1,209		1,214,655
2.50%, 09/01/23			3,486		3,441,457
4.60%, 09/01/35			1,057		1,191,000
4.00%, 09/01/36			17,640		18,661,860
4.50%, 02/01/45			2,446		2,718,546
4.15%, 03/01/47			2,451		2,607,070
					100,664,214
Building Products — 0.2%
CRH America Finance, Inc., 3.40%, 05/09/27(b) .			5,790		5,788,685
Johnson Controls International PLC, 5.13%, 09/14/45			5,000		5,869,356
LIXIL Group Corp.:
0.00%, 03/04/20(j)(k)	JPY		80,000		733,082
0.00%, 03/04/22(j)(k)			30,000		283,426
Ply Gem Industries, Inc., 6.50%, 02/01/22	USD		6,082		6,279,665
					18,954,214
Capital Markets — 1.5%
Bagan Capital Ltd., 0.00%, 09/23/21(j)(k)			1,800		1,874,700
CCTI 2017 Ltd., 3.63%, 08/08/22			1,675		1,648,639
CPUK Finance Ltd., 4.25%, 08/28/22	GBP		150		206,185
Credit Suisse AG, 3.00%, 10/29/21	USD		2,841		2,870,150
Credit Suisse Group AG, 4.28%, 01/09/28(b)			2,313		2,411,533

CONSOLIDATED SCHEDULE OF INVESTMENTS 13

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Capital Markets (continued)
Credit Suisse Group Funding Guernsey Ltd.:
2.75%, 03/26/20	USD		7,681	$	7,710,947
4.88%, 05/15/45			2,635		3,032,991
Goldman Sachs Group, Inc.:
2.63%, 01/31/19			10,208		10,252,099
2.00%, 04/25/19			2,308		2,301,042
2.60%, 04/23/20			5,099		5,105,943
2.75%, 09/15/20			2,492		2,504,453
2.63%, 04/25/21			4,993		4,989,530
2.35%, 11/15/21			14,988		14,760,774
(3 mo. LIBOR US + 0.000%), 4.02%, 10/31/38(m)			4,160		4,278,109
Haitong International Securities Group Ltd., 0.00%, 10/25/21(j)(k)	HKD		12,000		1,549,371
Lehman Brothers Holdings, Inc., 6.75%, 12/28/17(d)	USD		7,360		1
Macquarie Group Ltd.:
(3 mo. LIBOR US + 0.000%), 3.19%, 11/28/23(m)			1,900		1,886,776
(3 mo. LIBOR US + 0.000%), 3.76%, 11/28/28(m)			1,400		1,391,530
Modernland Overseas Pte Ltd., 6.95%, 04/13/24			500		510,321
Moody’s Corp., 2.75%, 12/15/21			6,246		6,253,833
Morgan Stanley:
2.80%, 06/16/20			8,614		8,691,721
2.75%, 05/19/22			34,460		34,333,510
3.75%, 02/25/23			5,956		6,172,568
3.70%, 10/23/24			6,314		6,524,430
(3 mo. LIBOR US + 0.000%), 3.59%, 07/22/28(m)			20,490		20,678,585
(3 mo. LIBOR US + 0.000%), 3.97%, 07/22/38(m)			7,355		7,616,061
Northern Trust Corp., (3 mo. LIBOR US + 0.000%), 3.38%, 05/08/32(m)			5,200		5,180,724
SBI Holdings, Inc., 0.00%, 09/14/22(j)(k)	JPY		140,000		1,755,048
State Street Corp., 2.65%, 05/19/26	USD		3,056		2,972,920
UBS Group Funding Switzerland AG:
4.13%, 09/24/25(b)			2,534		2,659,316
4.25%, 03/23/28(b)			16,171		17,039,197
					189,163,007
Chemicals — 0.2%
Agrium, Inc., 4.13%, 03/15/35(o)			2,135		2,205,647
CTC BondCo GmbH, 5.25%, 12/15/25	EUR		200		240,058
Cydsa SAB de CV, 6.25%, 10/04/27(b)	USD		1,904		1,920,660
Dow Chemical Co.:
4.38%, 11/15/42			1,370		1,441,462
4.63%, 10/01/44			2,072		2,265,103
E.I. du Pont de Nemours & Co., 2.20%, 05/01/20			2,765		2,762,563
Eastman Chemical Co., 4.80%, 09/01/42			2,205		2,424,464
Kansai Paint Co. Ltd.:
0.00%, 06/17/19(j)(k)	JPY		90,000		917,573
0.00%, 06/17/22(j)(k)			80,000		785,445
Mexichem SAB de CV, 5.50%, 01/15/48(b)	USD		1,440		1,402,200
Mitsubishi Chemical Holdings Corp.:
0.00%, 03/30/22(j)(k)	JPY		150,000		1,490,681
0.00%, 03/29/24(j)(k)			40,000		408,254
Monsanto Co., 3.60%, 07/15/42	USD		2,845		2,606,633
Rock International Investment, Inc., 6.63%, 03/27/20			562		538,162
Sherwin-Williams Co.:
4.00%, 12/15/42			971		973,622
4.50%, 06/01/47			2,050		2,241,356
Tianqi Finco Co. Ltd., 3.75%, 11/28/22			292		287,755

Security		Par (000)		Value
Chemicals (continued)
Toray Industries, Inc., 0.00%, 08/30/19(j)(k)	JPY		50,000	$	540,271
					25,451,909
Commercial Services & Supplies — 0.4%
Asia View Ltd., 1.50%, 08/08/19(j)	USD		500		548,625
Aviation Capital Group Corp., 2.88%, 09/17/18(b)			6,335		6,356,257
Cia Latinoamericana de Infraestructura & Servicios SA, 9.50%, 07/20/23(b)			102		108,635
Northwestern University, 3.66%, 12/01/57			8,349		8,581,108
Pitney Bowes, Inc., 4.13%, 05/15/22			9,471		8,701,481
RAG-Stiftung, 0.00%, 12/31/18(j)(k)	EUR		1,200		1,482,348
Rentokil Initial PLC, 0.95%, 11/22/24			900		1,065,446
University of Notre Dame du Lac, 3.39%, 02/15/48	USD		4,615		4,602,721
University of Southern California, 3.03%, 10/01/39			2,787		2,660,333
Waste Management, Inc., 3.90%, 03/01/35			10,726		11,244,773
					45,351,727
Communications Equipment — 0.0%
Harris Corp., 2.70%, 04/27/20			1,299		1,304,222
Juniper Networks, Inc., 3.30%, 06/15/20			2,728		2,763,378
					4,067,600
Construction & Engineering — 0.0%
China City Construction International Co. Ltd., 5.35%, 07/03/17 (g)(l)	CNH		340		36,312
China Singyes Solar Technologies Holdings Ltd., 7.95%, 02/15/19	USD		550		550,058
GS Engineering & Construction Corp., 4.50%, 07/21/21(j)			600		654,000
Kandenko Co. Ltd., 0.00%, 03/31/21(j)(k)	JPY		30,000		308,853
Shimizu Corp., 0.00%, 10/16/20(j)(k)			50,000		482,805
					2,032,028
Construction Materials — 0.1%
Buzzi Unicem SpA, 2.13%, 04/28/23	EUR		1,000		1,262,136
LafargeHolcim Finance U.S. LLC, 4.75%, 09/22/46(b)	USD		6,995		7,410,684
					8,672,820
Consumer Finance — 0.8%
American Express Credit Corp.:
2.25%, 08/15/19			6,261		6,274,080
3.30%, 05/03/27			2,465		2,501,414
Credivalores-Crediservicios SAS, 9.75%, 07/27/22(b)			1,882		1,952,575
Discover Financial Services, 4.10%, 02/09/27			3,062		3,136,503
Ford Motor Credit Co. LLC, 3.22%, 01/09/22			31,165		31,357,003
General Motors Financial Co., Inc.:
3.10%, 01/15/19			1,546		1,554,274
3.70%, 11/24/20			4,313		4,427,652
3.20%, 07/06/21			15,382		15,532,143
3.15%, 06/30/22			15,215		15,203,167
4.00%, 01/15/25			6,362		6,536,763
Hyundai Capital Services, Inc., 3.00%, 08/29/22			1,150		1,126,482
Synchrony Financial:
2.60%, 01/15/19			3,356		3,362,349
2.70%, 02/03/20			1,986		1,990,964
4.50%, 07/23/25			4,007		4,187,332
Tarjeta Naranja SA, (30 to 35 Days Argentina Deposit Rates Badlar Private Banks + 3.500%), 26.56%, 04/11/22(a)(b)			3,141		3,054,622
					102,197,323

14 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Containers & Packaging — 0.2%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 6.75%, 05/15/24	EUR		100	$	131,945
DS Smith PLC, 1.38%, 07/26/24			2,800		3,371,228
International Paper Co., 4.35%, 08/15/48	USD		14,560		15,201,184
Kleopatra Holdings 1 SCA, 8.50% (8.50% Cash or 8.50% PIK), 06/30/23(p)	EUR		700		852,298
Overseas Chinese Town Asia Holdings Ltd., (3 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 4.30%(m)(n)	USD		1,485		1,477,669
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 5.75%, 10/15/20			5,984		6,074,004
					27,108,328
Distributors — 0.0%
Docuformas SAPI de CV, 9.25%, 10/11/22(b)			952		940,100
Diversified Consumer Services — 0.0%
Massachusetts Institute of Technology, 3.96%, 07/01/38			1,385		1,527,246
Wesleyan University, 4.78%, 07/01/16			2,607		2,767,434
					4,294,680
Diversified Financial Services — 1.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust:
4.63%, 10/30/20			12,390		12,988,210
3.50%, 05/26/22			14,561		14,777,375
Altice Financing SA:
6.63%, 02/15/23(b)			200		209,420
7.50%, 05/15/26(b)			3,690		3,929,850
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP		100		136,331
AYC Finance Ltd., 0.50%, 05/02/19(j)	USD		600		666,000
Banca IFIS SpA, (5 yr. Euro Swap + 0.000%), 4.50%, 10/17/27(m)	EUR		1,475		1,789,871
Baoxin Auto Finance I Ltd., (3 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 5.63%(m)	USD		1,400		1,380,866
BHP Billiton Finance USA Ltd., 5.00%, 09/30/43(q)			5,540		6,792,298
Blackstone Holdings Finance Co. LLC, 4.00%, 10/02/47(b)			6,920		6,892,513
BP Capital Markets PLC, 3.22%, 04/14/24			14,230		14,580,534
Cabot Financial Luxembourg SA, 7.50%, 10/01/23	GBP		400		564,902
Capital Stage Finance BV, (5 yr. Euro Swap + 0.000%), 5.25%(j)(m)(n)	EUR		900		1,136,555
CK Hutchison International 17 II Ltd., 3.25%, 09/29/27	USD		600		587,270
Deutsche Telekom International Finance BV, 3.60%, 01/19/27(b)			3,640		3,657,659
EC Finance PLC, 2.38%, 11/15/22	EUR		100		122,736
Enel Finance International NV:
2.88%, 05/25/22(b)	USD		11,450		11,418,881
3.63%, 05/25/27(b)			12,950		12,866,520
3.50%, 04/06/28(b)			20,150		19,709,276
Energuate Trust, 5.88%, 05/03/27(b)			747		772,137
Fidelity International Ltd., 2.50%, 11/04/26	EUR		1,100		1,389,549
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35	USD		16,425		17,776,064
Glencore Funding LLC, 4.00%, 03/27/27(b)			12,200		12,249,014
Gohl Capital Ltd., 4.25%, 01/24/27			1,542		1,581,363
Guojing Capital BVI Ltd., 3.95%, 12/11/22			500		492,230
HPHT Finance 17 Ltd., 2.75%, 09/11/22			1,015		989,787
Huarong Universe Investment Holding Ltd., 1.63%, 12/05/22	EUR		775		914,406
Hyundai Capital America, 2.55%, 04/03/20(b)	USD		21,316		21,142,035
Jerrold Finco PLC:
6.25%, 09/15/21	GBP		700		977,000

Security		Par (000)		Value
Diversified Financial Services (continued)
Jerrold Finco PLC: (continued)
6.13%, 01/15/24	GBP		1,100	$	1,514,552
Ladbrokes Group Finance PLC, 5.13%, 09/08/23			1,100		1,610,658
LHC3 PLC, 4.13% (4.13% Cash or 4.88% PIK), 08/15/24(p)	EUR		1,138		1,394,441
Minejesa Capital BV:
4.63%, 08/10/30	USD		1,325		1,355,051
5.63%, 08/10/37			200		213,244
New Lion Bridge Co. Ltd., 9.75%, 10/10/20			430		435,375
ORIX Corp., 2.90%, 07/18/22			4,455		4,439,409
Pearl Holding III Ltd., 9.50%, 12/11/22			600		597,839
Prime Bloom Holdings Ltd., 6.95%, 07/05/22			890		838,825
Santos Finance Ltd., 4.13%, 09/14/27			2,200		2,169,957
Shell International Finance BV:
4.13%, 05/11/35			7,018		7,655,635
3.63%, 08/21/42			2,135		2,107,927
3.75%, 09/12/46			7,015		7,154,742
Shop Direct Funding PLC, 7.75%, 11/15/22	GBP		2,300		2,902,954
SPARC EM SPC Panama Metro Line 2 SP, 0.00%, 12/05/22(b)(k)	USD		518		475,265
Virgin Media Secured Finance PLC:
5.50%, 01/15/25	GBP		90		126,039
6.25%, 03/28/29			1,584		2,289,450
Volcan Holdings II PLC, 3.88%, 10/10/20(j)			1,300		1,952,650
Volcan Holdings PLC, 4.13%, 04/11/20(j)			3,600		5,808,333
Woodside Finance Ltd., 3.65%, 03/05/25(b)	USD		562		565,408
Yunnan Energy Investment Overseas Finance Co. Ltd., 4.25%, 11/14/22			520		516,578
					218,614,984
Diversified Telecommunication Services — 1.4%
Altice Finco SA, 4.75%, 01/15/28	EUR		1,000		1,142,854
AT&T Inc.:
4.25%, 03/01/27	USD		6,635		6,763,829
3.90%, 08/14/27			8,965		9,024,902
4.30%, 02/15/30(b)			4,243		4,231,140
5.25%, 03/01/37			6,954		7,354,716
5.15%, 02/14/50			24,260		24,562,383
Axtel SAB de CV, 6.38%, 11/14/24(b)			1,880		1,936,400
British Telecommunications PLC, 1.00%, 11/21/24	EUR		425		505,990
Cellnex Telecom SA, 2.38%, 01/16/24			900		1,090,228
OTE PLC, 3.50%, 07/09/20			100		126,170
Telecom Italia Finance SA, 7.75%, 01/24/33			780		1,437,156
Telecom Italia SpA, 1.13%, 03/26/22(j)			5,200		6,235,707
Telenet Finance VI Luxembourg SCA, 4.88%, 07/15/27			100		130,196
Verizon Communications, Inc.:
(3 mo. LIBOR US + 0.550%), 2.00%, 05/22/20(a)	USD		81,350		81,822,990
1.38%, 10/27/26	EUR		1,270		1,514,144
4.13%, 03/16/27	USD		12,210		12,731,525
1.88%, 10/26/29	EUR		600		716,631
4.50%, 08/10/33	USD		11,380		11,935,681
4.40%, 11/01/34			2,549		2,597,531
2.88%, 01/15/38	EUR		750		911,290
Ziggo Bond Finance BV, 4.63%, 01/15/25			255		315,091
Ziggo Secured Finance BV, 4.25%, 01/15/27			150		186,798
					177,273,352
Electric Utilities — 0.9%
1MDB Energy Ltd., 5.99%, 05/11/22	USD		1,000		1,080,914
Baltimore Gas & Electric Co., 3.50%, 08/15/46			2,327		2,279,942
Chugoku Electric Power Co., Inc.:
0.00%, 03/25/20(j)(k)	JPY		10,000		87,775
0.00%, 01/25/22(j)(k)			60,000		547,149
Duke Energy Corp.:
4.80%, 12/15/45	USD		6,485		7,494,622
3.75%, 09/01/46			6,955		6,877,876

CONSOLIDATED SCHEDULE OF INVESTMENTS 15

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Electric Utilities (continued)
Emera U.S. Finance LP:
2.15%, 06/15/19	USD		4,838	$	4,819,179
2.70%, 06/15/21			7,299		7,281,222
Entergy Corp., 2.95%, 09/01/26			6,108		5,942,743
Eversource Energy, 2.90%, 10/01/24			8,685		8,618,921
Exelon Corp.:
2.85%, 06/15/20			6,160		6,217,438
2.45%, 04/15/21			1,306		1,300,079
4.95%, 06/15/35			1,409		1,606,746
4.45%, 04/15/46			13,500		14,670,769
FirstEnergy Corp., 4.85%, 07/15/47			6,765		7,549,661
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 07/27/23(b)			2,861		3,195,880
ITC Holdings Corp., 2.70%, 11/15/22(b)			4,730		4,721,449
Kyushu Electric Power Co., Inc., 0.00%, 03/31/22(j)(k)	JPY		30,000		271,578
MidAmerican Energy Co., 4.40%, 10/15/44	USD		2,689		3,061,447
Northern States Power Co., 3.40%, 08/15/42			4,895		4,844,512
Oncor Electric Delivery Co. LLC, 4.55%, 12/01/41			3,475		4,016,463
Pampa Energia SA:
7.38%, 07/21/23(b)			1,527		1,664,430
7.50%, 01/24/27(b)			1,398		1,531,006
Southern Co., 4.40%, 07/01/46			6,780		7,220,514
Tohoku Electric Power Co., Inc.:
0.00%, 12/03/18(j)(k)	JPY		10,000		87,752
0.00%, 12/03/20(j)(k)			110,000		974,063
Trans-Allegheny Interstate Line Co., 3.85%, 06/01/25(b)	USD		6,547		6,791,437
					114,755,567
Electrical Equipment — 0.0%
AE-Rotor Holding BV, 4.97%, 03/28/18			35		34,955
Suzlon Energy Ltd., 5.75%, 07/16/19(c)(j)			500		512,500
					547,455
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp., 3.20%, 04/01/24			3,096		3,116,932
Belden, Inc., 2.88%, 09/15/25	EUR		150		180,056
Hon Hai Precision Industry Co. Ltd., 0.00%, 11/06/22(j)(k)	USD		600		598,500
Hosiden Corp., 0.00%, 09/20/24(j)(k)	JPY		30,000		292,212
TPK Holding Co. Ltd., 0.00%, 04/08/20(j)(k)	USD		1,750		1,798,125
Zhen Ding Technology Holding Ltd., 0.00%, 06/26/19(j)(k)			600		605,250
					6,591,075
Energy Equipment & Services — 0.3%
Anton Oilfield Services Group, 9.75%, 12/05/20			800		813,000
Halliburton Co., 3.80%, 11/15/25			22,440		23,321,134
Nabors Industries, Inc., 5.50%, 01/15/23			2		1,940
Schlumberger Holdings Corp., 3.00%, 12/21/20(b)			5,877		5,953,123
SEACOR Holdings, Inc., 3.00%, 11/15/28(j)			4,204		3,970,153
					34,059,350
Equity Real Estate Investment Trusts (REITs) — 0.6%
American Tower Corp.:
3.30%, 02/15/21			2,758		2,808,570
3.45%, 09/15/21			2,787		2,848,555
3.50%, 01/31/23			783		800,618
3.00%, 06/15/23			29,080		29,003,843
5.00%, 02/15/24			785		859,863
4.40%, 02/15/26			541		568,907
Boston Properties LP, 3.65%, 02/01/26			8,125		8,254,078
Cromwell SPV Finance Property Ltd., 2.00%, 02/04/20(j)	EUR		800		958,677

Security		Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Crown Castle International Corp.:
3.40%, 02/15/21	USD		1,628	$	1,662,577
2.25%, 09/01/21			5,986		5,885,027
3.20%, 09/01/24			11,755		11,633,114
Emirates Reit Sukuk Ltd., 5.13%, 12/12/22			600		599,106
Equinix, Inc., 2.88%, 10/01/25	EUR		501		605,631
GLP Capital LP/GLP Financing II, Inc., 4.38%, 11/01/18	USD		935		942,012
Inmobiliaria Colonial Socimi SA:
1.63%, 11/28/25	EUR		700		831,228
2.50%, 11/28/29			900		1,068,286
Iron Mountain, Inc., 3.00%, 01/15/25			200		243,533
SELP Finance S.à r.l., 1.50%, 11/20/25			600		717,009
Suntec Real Estate Investment Trust, 1.75%, 11/30/24(j)	SGD		1,500		1,140,671
Trust F/1401, 6.95%, 01/30/44	USD		700		761,250
Wereldhave NV, 1.00%, 05/22/19(j)	EUR		600		727,107
					72,919,662
Food & Staples Retailing — 0.2%
CVS Health Corp.:
4.00%, 12/05/23	USD		6,885		7,158,437
5.13%, 07/20/45			3,655		4,188,974
Picard Groupe SAS, (3 mo. EURIBOR + 3.000%), 3.00%, 11/30/23(a)	EUR		419		503,992
Walgreens Boots Alliance, Inc.:
4.80%, 11/18/44	USD		9,857		10,612,494
4.65%, 06/01/46			267		281,271
					22,745,168
Food Products — 0.1%
Arcor SAIC, 6.00%, 07/06/23(b)			661		701,486
CP Foods Holdings Ltd., 0.50%, 09/22/21(j)			1,200		1,326,000
Ezaki Glico Co. Ltd., 0.00%, 01/30/24(j)(k)	JPY		10,000		93,299
Kraft Heinz Foods Co.:
4.13%, 07/01/27	GBP		600		901,980
4.38%, 06/01/46	USD		7,895		7,820,389
Marfrig Holdings Europe BV, 8.00%, 06/08/23(b)			451		470,167
Tyson Foods, Inc., 3.95%, 08/15/24			5,440		5,721,093
					17,034,414
Health Care Equipment & Supplies — 0.7%
Abbott Laboratories:
2.80%, 09/15/20			2,980		3,000,042
3.88%, 09/15/25			952		984,675
3.75%, 11/30/26			29,785		30,585,208
Becton Dickinson and Co.:
2.13%, 06/06/19			16,315		16,278,347
2.68%, 12/15/19			4,549		4,565,441
2.89%, 06/06/22			11,575		11,502,594
4.69%, 12/15/44			703		768,728
Boston Scientific Corp., 2.65%, 10/01/18			3,738		3,752,752
Medtronic, Inc., 4.38%, 03/15/35			7,820		8,815,594
Stryker Corp., 4.63%, 03/15/46			2,325		2,640,303
					82,893,684
Health Care Providers & Services — 0.9%
Aetna, Inc.:
4.50%, 05/15/42			2,824		3,024,463
4.13%, 11/15/42			1,329		1,345,975
4.75%, 03/15/44			1,703		1,901,245
3.88%, 08/15/47			6,240		6,149,633
AHS Hospital Corp., 5.02%, 07/01/45			1,432		1,733,039
Anthem, Inc.:
1.88%, 01/15/18			9,949		9,948,325
2.30%, 07/15/18			14,113		14,143,802
Baylor Scott & White Holdings, 4.19%, 11/15/45			1,525		1,634,641

16 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
Catholic Health Initiatives, 4.35%, 11/01/42	USD		1,075	$	1,037,779
Cigna Corp., 3.25%, 04/15/25			7,074		7,108,493
Constantin Investissement 3 SASU, 5.38%, 04/15/25	EUR		100		121,066
HCA, Inc.:
3.75%, 03/15/19	USD		6,175		6,229,031
6.50%, 02/15/20			9,556		10,129,360
Kaiser Foundation Hospitals, 4.15%, 05/01/47			8,799		9,507,684
Laboratory Corp. of America Holdings, 2.63%, 02/01/20			2,946		2,953,757
New York & Presbyterian Hospital, 3.56%, 08/01/36			1,321		1,331,327
Northwell Healthcare, Inc., 4.26%, 11/01/47			1,674		1,711,874
Ochsner Clinic Foundation, 5.90%, 05/15/45			1,305		1,703,918
RWJ Barnabas Health, Inc., 3.95%, 07/01/46			848		864,484
Southern Baptist Hospital of Florida, Inc., 4.86%, 07/15/45			1,250		1,439,472
SSM Health Care Corp., 3.82%, 06/01/27			8,447		8,759,682
Tenet Healthcare Corp., 6.00%, 10/01/20			10,660		11,270,818
Trinity Health Corp., 4.13%, 12/01/45			3,449		3,657,006
UnitedHealth Group, Inc.:
2.70%, 07/15/20			1,721		1,740,897
4.63%, 07/15/35			689		802,396
4.20%, 01/15/47			3,410		3,674,464
					113,924,631
Hotels, Restaurants & Leisure — 0.3%
Burger King France SAS, (3 mo. EURIBOR + 5.250%), 5.25%, 05/01/23(a)	EUR		461		564,125
Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance, Inc., 9.38%, 05/01/22	USD		7,682		8,219,740
China Lodging Group Ltd., 0.38%, 11/01/22(b)(j)			1,100		1,194,875
Codere Finance 2 Luxembourg SA:
6.75%, 11/01/21	EUR		800		1,011,941
7.63%, 11/01/21(b)	USD		200		203,040
HIS Co. Ltd.:
0.00%, 08/30/19(j)(k)	JPY		110,000		1,042,157
0.00%, 11/15/24(j)(k)			50,000		482,583
McDonald’s Corp.:
0.63%, 01/29/24	EUR		400		476,230
4.70%, 12/09/35	USD		7,860		8,927,939
4.88%, 12/09/45			1,005		1,164,241
Pizzaexpress Financing 2 PLC, 6.63%, 08/01/21	GBP		520		673,993
Resorttrust, Inc., 0.00%, 12/01/21(j)(k)	JPY		120,000		1,134,236
REXLot Holdings Ltd., 4.50%, 04/17/19(j)	HKD		1,161		118,865
Schumann SpA, 7.00%, 07/31/23	EUR		1,180		1,447,707
Scientific Games International, Inc.:
7.00%, 01/01/22(b)	USD		2,341		2,466,829
10.00%, 12/01/22			3,613		3,965,268
Unique Pub Finance Co. PLC:
Series A4, 4.90%, 06/30/27	GBP		2,264		3,453,672
Series N, 6.46%, 03/30/32			1,273		1,696,770
					38,244,211
Household Durables — 0.2%
Harvest International Co., 0.00%, 11/21/22(j)(k)	HKD		14,000		1,775,344
Iida Group Holdings Co. Ltd., 0.00%, 06/18/20(j)(k)	JPY		100,000		930,774
K Hovnanian Enterprises, Inc.:
10.00%, 07/15/22(b)	USD		3,774		4,151,400
10.50%, 07/15/24(b)			2,016		2,313,360
Newell Brands, Inc.:
2.88%, 12/01/19			6,986		7,042,126
5.38%, 04/01/36			2,155		2,522,183
					18,735,187
Independent Power and Renewable Electricity Producers — 0.2%
AES Panama SRL, 6.00%, 06/25/22(b)			527		552,691

Security		Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
China Yangtze Power International BVI 1 Ltd., 0.00%, 11/09/21(j)(k)	USD		1,600	$	1,754,400
Colbun SA, 3.95%, 10/11/27(b)			1,355		1,351,612
Genneia SA, 8.75%, 01/20/22(b)			1,884		2,070,497
Inkia Energy Ltd., 5.88%, 11/09/27(b)			1,662		1,671,573
Orazul Energy Egenor S en C por A, 5.63%, 04/28/27(b)			1,497		1,473,048
Stoneway Capital Corp., 10.00%, 03/01/27(b)			3,898		4,144,704
Talen Energy Supply LLC:
6.50%, 06/01/25			4,411		3,561,882
10.50%, 01/15/26(b)			3,042		3,010,972
					19,591,379
Industrial Conglomerates — 0.1%
Eaton Corp., 2.75%, 11/02/22			3,529		3,539,322
General Electric Co., 4.50%, 03/11/44			5,863		6,494,857
Grupo KUO SAB de CV, 5.75%, 07/07/27(b)			1,244		1,288,174
Honeywell International, Inc., 3.81%, 11/21/47(b)			1,550		1,611,771
Tyco Electronics Group SA:
3.45%, 08/01/24			865		889,229
3.13%, 08/15/27			1,860		1,856,175
					15,679,528
Insurance — 0.4%
Allstate Corp., 4.20%, 12/15/46			3,745		4,086,094
American International Group, Inc., 3.88%, 01/15/35			2,099		2,106,916
Aon PLC, 4.75%, 05/15/45			1,475		1,640,043
BNP Paribas Cardif SA, (3 mo. EURIBOR + 0.000%), 4.03%(m)(n)	EUR		700		947,912
China Reinsurance Finance Corp. Ltd., 3.38%, 03/09/22	USD		1,311		1,291,652
CNP Assurances, (3 mo. EURIBOR + 0.000%), 4.50%, 06/10/47(m)	EUR		—		—
Delta Lloyd NV, (3 mo. EURIBOR + 0.000%), 4.38%(m)			400		535,563
KIRS Midco 3 PLC, 8.38%, 07/15/23	GBP		1,700		2,328,348
Marsh & McLennan Cos., Inc.:
3.75%, 03/14/26	USD		672		701,823
4.35%, 01/30/47			751		831,867
MetLife, Inc., 4.60%, 05/13/46			4,810		5,486,573
Principal Financial Group, Inc., 4.30%, 11/15/46			7,100		7,594,155
QBE Insurance Group Ltd., (10 yr. Swap Semi 30/360 US + 0.000%), 5.88%, 06/17/46(m)			450		488,862
Travelers Cos., Inc.:
4.60%, 08/01/43			3,289		3,797,315
4.00%, 05/30/47			4,555		4,850,360
Union Life Insurance Co. Ltd., 3.00%, 09/19/21			657		628,340
Willis North America, Inc., 3.60%, 05/15/24			15,850		16,113,160
					53,428,983
Internet & Direct Marketing Retail — 0.4%
Amazon.com, Inc.:
3.88%, 08/22/37(b)			17,165		18,213,770
4.95%, 12/05/44			22,100		26,863,973
4.05%, 08/22/47(b)			1,900		2,047,662
Ctrip.com International Ltd., 1.25%, 09/15/22(j)			162		165,442
					47,290,847
Internet Software & Services — 0.0%
United Group BV, (3 mo. EURIBOR + 4.380%), 4.38%, 07/01/23(a)	EUR		100		120,724
VeriSign, Inc., 4.63%, 05/01/23	USD		2,056		2,109,970
Weibo Corp., 1.25%, 11/15/22(j)			957		1,050,906
					3,281,600
IT Services — 0.2%
DXC Technology Co., 2.88%, 03/27/20			3,373		3,389,408

CONSOLIDATED SCHEDULE OF INVESTMENTS 17

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
IT Services (continued)
Fidelity National Information Services, Inc.:
3.63%, 10/15/20	USD		277	$	284,610
4.50%, 08/15/46			1,179		1,228,963
Total System Services, Inc., 4.80%, 04/01/26			8,040		8,698,425
Transcosmos, Inc., 0.00%, 12/22/20(j)(k)	JPY		40,000		360,772
Vantiv LLC/Vanity Issuer Corp., 3.88%, 11/15/25(b)	GBP		1,267		1,724,322
Visa, Inc., 4.15%, 12/14/35	USD		6,159		6,838,091
					22,524,591
Leisure Products — 0.0%
Universal Entertainment Corp., 8.50% (6.00% Cash and 2.50% PIK), 08/24/20(b)(p)			2,152		2,227,316
Life Sciences Tools & Services — 0.2%
Eurofins Scientific SE, 2.13%, 07/25/24	EUR		775		949,023
Thermo Fisher Scientific, Inc.:
4.15%, 02/01/24	USD		10,480		11,116,709
3.65%, 12/15/25			11,529		11,831,297
1.95%, 07/24/29	EUR		540		650,553
2.88%, 07/24/37			700		851,952
					25,399,534
Machinery — 0.1%
CRRC Corp Ltd., 0.00%, 02/05/21(j)(k)	USD		1,250		1,348,188
Haitian International Holdings Ltd., 2.00%, 02/13/19(j)			1,000		1,121,250
Ingersoll-Rand Luxembourg Finance SA, 4.65%, 11/01/44			598		662,084
Platin 1426 GmbH, 5.38%, 06/15/23	EUR		2,767		3,311,675
					6,443,197
Marine — 0.0%
CMA CGM SA, 5.25%, 01/15/25			973		1,158,695
Media — 1.3%
Cablevision SA, 6.50%, 06/15/21(b)	USD		661		702,108
CBS Corp., 2.30%, 08/15/19			4,291		4,287,998
Charter Communications Operating LLC/Charter Communications Operating Capital:
4.46%, 07/23/22			13,691		14,284,493
4.91%, 07/23/25			2,254		2,396,419
3.75%, 02/15/28			12,830		12,293,812
6.38%, 10/23/35			4,126		4,817,621
6.48%, 10/23/45			3,595		4,191,518
5.38%, 05/01/47			10,860		11,135,294
Comcast Corp.:
3.38%, 08/15/25			5,533		5,678,430
4.25%, 01/15/33			1,265		1,378,806
4.40%, 08/15/35			5,694		6,225,218
3.20%, 07/15/36			11,931		11,345,390
4.75%, 03/01/44			3,118		3,575,626
4.60%, 08/15/45			1,887		2,116,579
3.40%, 07/15/46			2,021		1,912,181
Cox Communications, Inc., 3.15%, 08/15/24(b)			9,645		9,499,211
CSC Holdings LLC, 7.63%, 07/15/18			5,615		5,741,337
Discovery Communications LLC, 3.80%, 03/13/24			4,497		4,561,966
Interpublic Group of Cos., Inc., 4.00%, 03/15/22			2,564		2,650,093
Kakao Corp., 0.00%, 05/11/21(j)(k)	KRW		1,000,000		1,066,041
NBCUniversal Media LLC, 4.45%, 01/15/43	USD		3,047		3,324,938
SFR Group SA:
5.38%, 05/15/22	EUR		100		123,440
7.38%, 05/01/26(b)	USD		3,300		3,386,625
TDF Infrastructure SAS, 2.50%, 04/07/26	EUR		1,300		1,631,829
Time Warner Cable LLC:
5.00%, 02/01/20	USD		2,900		3,026,462
4.13%, 02/15/21			5,862		6,036,589
4.00%, 09/01/21			911		938,274

Security		Par (000)		Value
Media (continued)
Time Warner Cable LLC: (continued)
5.50%, 09/01/41	USD		2,025	$	2,110,633
4.50%, 09/15/42			314		294,600
Time Warner, Inc.:
2.10%, 06/01/19			9,144		9,126,303
3.60%, 07/15/25			2,168		2,172,849
4.85%, 07/15/45			4,515		4,741,808
Unitymedia GmbH, 3.75%, 01/15/27	EUR		2,230		2,726,094
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH:
4.00%, 01/15/25			200		253,264
4.63%, 02/15/26			300		386,907
3.50%, 01/15/27			1,920		2,377,470
Viacom, Inc.:
2.75%, 12/15/19	USD		1,328		1,326,008
4.50%, 03/01/21			3,389		3,527,954
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24	GBP		1,819		2,472,127
Ziggo Bond Co. BV, 7.13%, 05/15/24	EUR		2,786		3,670,564
					163,514,879
Metals & Mining — 0.3%
Anglo American Capital PLC, 3.63%, 09/11/24(b)	USD		7,445		7,409,337
Barrick Gold Corp., 5.25%, 04/01/42			5,990		6,905,871
Constellium NV, 4.25%, 02/15/26	EUR		100		119,997
Newmont Mining Corp.:
3.50%, 03/15/22	USD		6,890		7,033,817
4.88%, 03/15/42			5,045		5,598,454
Nucor Corp., 5.20%, 08/01/43			1,640		1,986,914
Nyrstar Netherlands Holdings BV, 6.88%, 03/15/24	EUR		1,252		1,584,739
Ovako AB, 5.00%, 10/05/22			1,000		1,220,064
Rio Tinto Finance USA PLC, 4.13%, 08/21/42(q)	USD		3,660		3,916,611
Shandong Iron And Steel Xinheng International Co. Ltd., 6.50%, 06/14/21			285		285,000
Steel Dynamics, Inc., 5.13%, 10/01/21			2,954		3,027,850
Vedanta Resources PLC:
8.25%, 06/07/21			333		367,965
7.13%, 05/31/23			775		834,132
VM Holding SA, 5.38%, 05/04/27(b)			1,494		1,583,640
					41,874,391
Multiline Retail — 0.1%
Takashimaya Co. Ltd., 0.00%, 12/11/18(j)(k)	JPY		30,000		269,913
Target Corp., 2.50%, 04/15/26	USD		6,800		6,537,946
					6,807,859
Multi-Utilities — 0.3%
Dominion Energy Gas Holdings LLC, 4.60%, 12/15/44			2,822		3,104,712
NiSource Finance Corp., 3.49%, 05/15/27			5,615		5,715,178
Pacific Gas & Electric Co.:
3.30%, 12/01/27(b)			5,360		5,309,860
3.95%, 12/01/47(b)			2,245		2,231,293
Virginia Electric & Power Co.:
3.50%, 03/15/27			7,943		8,212,226
4.45%, 02/15/44			1,674		1,888,642
4.20%, 05/15/45			2,462		2,674,405
4.00%, 11/15/46			3,275		3,505,090
					32,641,406
Oil, Gas & Consumable Fuels — 2.0%
ABM Investama Tbk PT, 7.13%, 08/01/22			250		257,526
Andeavor Logistics LP/Tesoro Logistics Finance Corp.:
4.25%, 12/01/27			1,615		1,628,861
5.20%, 12/01/47			1,455		1,517,501

18 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Apache Corp.:
2.63%, 01/15/23	USD		5,216	$	5,115,003
4.25%, 01/15/44			16,010		15,510,076
Bukit Makmur Mandiri Utama PT, 7.75%, 02/13/22			500		536,271
Bumi Investment Property Ltd., 10.75%, 10/06/17(g)(l)			1,521		828,945
Cenovus Energy, Inc., 4.25%, 04/15/27			7,575		7,556,755
Cheniere Energy, Inc., 4.88% (4.88 Cash or 4.88% PIK), 05/28/21(b)(j)(p)			3,890		3,945,919
Chesapeake Energy Corp., 8.00%, 12/15/22(b) .			1,680		1,812,300
Concho Resources, Inc.:
3.75%, 10/01/27			17,340		17,566,401
4.88%, 10/01/47			1,910		2,076,988
Corral Petroleum Holdings AB, 11.75% (11.75% Cash or 11.75% PIK), 05/15/21(p)	EUR		100		133,087
Eclipse Resources Corp., 8.88%, 07/15/23	USD		4,770		4,895,212
Enbridge, Inc.:
2.90%, 07/15/22			5,945		5,909,017
3.70%, 07/15/27			4,740		4,759,985
Endeavor Energy Resources LP/EER Finance, Inc.:
7.00%, 08/15/21(b)			6,175		6,395,447
5.50%, 01/30/26(b)			595		605,412
Enercoal Resources Pte Ltd., 9.25%, 04/07/18(g)(j)(l)			300		114,000
Energy Resources LLC, 8.00%, 09/30/22(e)			336		343,144
Enterprise Products Operating LLC:
5.10%, 02/15/45			1,248		1,424,051
4.90%, 05/15/46			5,273		5,809,765
EOG Resources, Inc.:
4.15%, 01/15/26			2,601		2,768,243
3.90%, 04/01/35			1,670		1,704,526
Extraction Oil & Gas, Inc./Extraction Finance Corp., 7.88%, 07/15/21(b)			1,745		1,845,337
Exxon Mobil Corp.:
1.82%, 03/15/19			7,393		7,381,194
4.11%, 03/01/46			4,075		4,560,886
Geopark Ltd., 6.50%, 09/21/24(b)			1,878		1,926,283
Hess Corp., 5.80%, 04/01/47			11,560		12,863,874
Kinder Morgan Energy Partners LP:
4.30%, 05/01/24			8,341		8,684,297
4.25%, 09/01/24			11,509		11,919,645
Kinder Morgan, Inc., 5.05%, 02/15/46			15,105		15,678,029
Marathon Petroleum Corp., 5.85%, 12/15/45			3,665		4,221,613
Matador Resources Co., 6.88%, 04/15/23			989		1,040,922
Medco Straits Services Pte Ltd., 8.50%, 08/17/22			1,000		1,060,673
MPLX LP:
4.13%, 03/01/27			6,280		6,432,217
5.20%, 03/01/47			1,844		2,023,654
Oasis Petroleum, Inc.:
7.25%, 02/01/19			423		423,000
6.88%, 03/15/22			2,503		2,568,704
Odebrecht Offshore Drilling Finance Ltd.:
6.72%, 12/01/22(b)(d)			424		181,668
7.72% (7.72% Cash or 7.72% PIK), 12/01/26(b)(d)(p)			1,164		498,731
Odebrecht Oil & Gas Finance Ltd., 0.00%(b)(d)(k)(n)			192		82,265
Pioneer Natural Resources Co., 4.45%, 01/15/26			1,600		1,714,938
PTTEP Treasury Center Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 4.60%(m)(n)			825		836,688

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Raffinerie Heide GmbH, 6.38%, 12/01/22	EUR		550	$	682,089
Resolute Energy Corp., 8.50%, 05/01/20	USD		10,385		10,566,738
Rockies Express Pipeline LLC, 6.00%, 01/15/19(b)			1,210		1,243,275
RSP Permian, Inc., 6.63%, 10/01/22			425		445,719
Sable Permian Resources Land LLC, 13.00%, 11/30/20(b)			1,400		1,610,000
Spectra Energy Partners LP, 4.50%, 03/15/45			6,470		6,671,378
Sunoco Logistics Partners Operations LP, 5.40%, 10/01/47			7,945		7,998,654
Tesoro Logistics LP/Tesoro Logistics Finance Corp., 5.50%, 10/15/19			6,175		6,409,773
TransCanada PipeLines Ltd.:
1.88%, 01/12/18			2,030		2,029,960
2.50%, 08/01/22			2,481		2,465,230
Tullow Oil Jersey Ltd., 6.63%, 07/12/21(j)			1,800		2,223,000
Valero Energy Corp., 3.65%, 03/15/25			8,755		8,990,162
Whiting Petroleum Corp.:
5.00%, 03/15/19			4,110		4,214,805
1.25%, 04/01/20(j)			210		193,200
Williams Partners LP, 4.00%, 09/15/25			9,010		9,219,153
Yankuang Group Cayman Ltd., 4.75%, 11/30/20			770		761,465
					244,883,654
Paper & Forest Products — 0.0%
Daio Paper Corp., 0.00%, 09/17/20(j)(k)	JPY		180,000		1,721,322
Georgia-Pacific LLC, 7.38%, 12/01/25	USD		3,288		4,184,826
					5,906,148
Pharmaceuticals — 0.4%
Allergan Funding SCS:
2.35%, 03/12/18			9,237		9,244,317
3.80%, 03/15/25			14,824		15,091,525
Glenmark Pharmaceuticals Ltd., 2.00%, 06/28/22(j)			500		552,500
Merck & Co., Inc., 3.60%, 09/15/42			4,855		4,956,407
Pfizer, Inc., 4.00%, 12/15/36			14,880		16,300,765
Teva Pharmaceutical Finance Netherlands III BV, 1.70%, 07/19/19			521		506,202
Valeant Pharmaceuticals International, Inc.:
5.38%, 03/15/20(b)			301		301,376
7.50%, 07/15/21(b)			1,056		1,074,480
5.50%, 11/01/25(b)			629		640,007
9.00%, 12/15/25(b)			1,215		1,266,273
					49,933,852
Real Estate Management & Development — 0.2%
ADLER Real Estate AG, 2.13%, 02/06/24	EUR		2,070		2,456,724
ATF Netherlands BV, 1.88%, 01/19/26			2,000		2,450,319
CFLD Cayman Investment Ltd., 6.50%, 12/21/20	USD		1,200		1,199,124
China Aoyuan Property Group Ltd., 5.38%, 09/13/22			232		222,350
China Evergrande Group:
7.50%, 06/28/23			1,746		1,774,687
8.75%, 06/28/25			1,109		1,149,409
China Overseas Finance Investment Cayman V Ltd., 0.00%, 01/05/23(j)(k)			1,400		1,471,750
CPI Property Group SA, 2.13%, 10/04/24	EUR		675		811,540
Fantasia Holdings Group Co. Ltd.:
7.38%, 10/04/21	USD		645		639,701
7.95%, 07/05/22			1,070		1,072,678
Future Land Development Holdings Ltd., 5.00%, 02/16/20			400		396,075

CONSOLIDATED SCHEDULE OF INVESTMENTS 19

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Real Estate Management & Development (continued)
Guorui Properties Ltd., 7.00%, 03/21/20	USD		411	$	396,634
Huzhou City Investment Development Group Co. Ltd., 4.88%, 12/20/20			460		461,867
Jiayuan International Group Ltd., 8.25%, 11/14/18			310		310,309
Kaisa Group Holdings Ltd.:
7.25%, 06/30/20			800		780,376
8.50%, 06/30/22			1,014		981,581
KWG Property Holding Ltd., 5.88%, 11/10/24			800		779,329
Lodha Developers International Ltd., 12.00%, 03/13/20			200		213,152
Oceanwide Holdings International 2017 Co. Ltd., 7.75%, 07/27/20			350		336,927
Redco Properties Group Ltd., 7.00%, 11/14/18			250		251,875
Shui On Development Holding Ltd., (5 yr. Swap Semi 30/360 US + 0.000%), 7.50%(j)(m)(n)			500		559,000
Singha Estate PCL, 2.00%, 07/20/22(j)			1,000		993,750
Times Property Holdings Ltd., 6.60%, 03/02/23			1,100		1,090,425
TLG Immobilien AG, 1.38%, 11/27/24	EUR		1,400		1,673,185
Vanke Real Estate Hong Kong Co. Ltd., 3.98%, 11/09/27	USD		1,220		1,214,559
VICI Properties 1 LLC/VICI FC, Inc., (3 mo. LIBOR US + 3.500%), 4.85%, 10/15/22(a)			4,204		4,204,000
VLL International, Inc., 5.75%, 11/28/24			375		380,779
Yuzhou Properties Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 5.38%(m)(n)			800		764,404
					29,036,509
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC:
4.15%, 04/01/45			1,419		1,542,017
4.70%, 09/01/45			1,265		1,482,052
4.13%, 06/15/47			4,080		4,470,545
CSX Corp., 4.25%, 11/01/66			3,523		3,520,133
Europcar Groupe SA, 4.13%, 11/15/24	EUR		100		119,985
Nagoya Railroad Co. Ltd., 0.00%, 12/11/24(j)(k)	JPY		80,000		783,315
Norfolk Southern Corp., 4.05%, 08/15/52(b)	USD		3,247		3,365,409
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40%, 11/15/26(b)			7,682		7,585,026
Union Pacific Corp.:
3.38%, 02/01/35			1,864		1,887,971
3.60%, 09/15/37			5,030		5,211,397
3.88%, 02/01/55			4,114		4,179,771
Union Pacific Railroad Co. Pass-Through Trust, Series 2014-1, 3.23%, 05/14/26			3,009		3,068,135
					37,215,756
Semiconductors & Semiconductor Equipment — 1.2%
Analog Devices, Inc.:
3.90%, 12/15/25			680		710,864
3.50%, 12/05/26			12,390		12,538,402
5.30%, 12/15/45			694		824,820
Applied Materials, Inc.:
3.30%, 04/01/27			5,932		6,033,428
4.35%, 04/01/47			3,508		3,935,233
Broadcom Corp./Broadcom Cayman Finance Ltd.:
2.38%, 01/15/20(b)			49,264		48,930,835
2.20%, 01/15/21(b)			4,190		4,097,306
3.00%, 01/15/22(b)			37,159		36,844,252
3.63%, 01/15/24(b)			6,960		6,920,918
Lam Research Corp.:
2.75%, 03/15/20			3,359		3,382,778
2.80%, 06/15/21			3,933		3,957,683
Neo Solar Power Corp., 0.00%, 10/27/19(j)(k)			700		699,125
NXP BV/NXP Funding LLC, 4.13%, 06/01/21(b)			452		461,040

Security		Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
QUALCOMM, Inc.:
2.60%, 01/30/23	USD		7,895	$	7,700,913
4.80%, 05/20/45			2,164		2,327,483
Xilinx, Inc., 2.95%, 06/01/24			3,360		3,339,019
					142,704,099
Software — 0.8%
Autodesk, Inc., 3.50%, 06/15/27			12,270		12,035,960
CDK Global, Inc., 3.80%, 10/15/19			2,000		2,040,000
Microsoft Corp.:
3.50%, 02/12/35			5,373		5,590,409
3.45%, 08/08/36			16,580		17,093,813
4.25%, 02/06/47			14,850		16,977,562
Oracle Corp.:
3.25%, 05/15/30			4,289		4,335,673
3.90%, 05/15/35			5,276		5,588,820
4.00%, 07/15/46			5,854		6,228,720
VMware, Inc., 2.30%, 08/21/20			33,240		33,051,532
					102,942,489
Specialty Retail — 0.1%
Home Depot, Inc.:
5.88%, 12/16/36			3,435		4,648,271
3.50%, 09/15/56			5,900		5,675,710
Lowe’s Cos., Inc., 4.38%, 09/15/45			4,380		4,841,085
Masaria Investments SAU, 5.00%, 09/15/24	EUR		915		1,103,349
					16,268,415
Technology Hardware, Storage & Peripherals — 0.7%
Apple Inc.:
3.00%, 02/09/24	USD		7,371		7,464,561
2.85%, 05/11/24			30,460		30,596,452
3.45%, 02/09/45			1,934		1,887,445
4.65%, 02/23/46			13,559		15,878,059
Hewlett Packard Enterprise Co.:
2.85%, 10/05/18			7,345		7,380,397
2.10%, 10/04/19(b)			12,285		12,200,913
3.60%, 10/15/20			6,500		6,636,493
HP, Inc., 3.75%, 12/01/20			728		751,240
Proven Glory Capital Ltd., 3.25%, 02/21/22			1,875		1,867,946
					84,663,506
Textiles, Apparel & Luxury Goods — 0.0%
PVH Corp., 3.13%, 12/15/27	EUR		1,285		1,561,727
Thrifts & Mortgage Finance — 0.1%
Korea Housing Finance Corp., 3.00%, 10/31/22 .	USD		2,175		2,157,448
Nationwide Building Society, 4.13%, 10/18/32(b)(e)			8,460		8,462,862
					10,620,310
Tobacco — 0.3%
BAT Capital Corp., 4.39%, 08/15/37(b)			10,080		10,585,036
Philip Morris International, Inc., 1.88%, 11/06/37	EUR		475		552,553
Reynolds American, Inc.:
2.30%, 06/12/18	USD		2,460		2,462,885
3.25%, 06/12/20			1,044		1,060,803
4.45%, 06/12/25			17,165		18,302,104
					32,963,381
Trading Companies & Distributors — 0.2%
Air Lease Corp., 2.63%, 07/01/22			11,975		11,813,508
GATX Corp.:
2.60%, 03/30/20			2,962		2,961,248
3.85%, 03/30/27			2,336		2,375,033
Iwatani Corp., 0.00%, 10/22/20(j)(k)	JPY		120,000		1,142,223
					18,292,012

20 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Transportation Infrastructure — 0.1%
Aeropuertos Argentina 2000 SA, 6.88%, 02/01/27(b)	USD		706	$	763,348
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b)			706		773,070
Jasa Marga Persero Tbk PT, 7.50%, 12/11/20	IDR		7,760,000		576,423
Newcastle Coal Infrastructure Group Pty Ltd., 4.40%, 09/29/27	USD		675		676,054
Rumo Luxembourg S.à r.l., 7.38%, 02/09/24(b)			2,818		3,032,450
Shanghai Port Group BVI Holding Co. Ltd., 0.00%, 08/09/22(j)(k)			2,600		2,525,250
Swissport Financing S.à r.l., 9.75%, 12/15/22	EUR		1,350		1,683,020
Zhejiang Expressway Co. Ltd., 0.00%, 04/21/22(j)(k)			1,900		2,226,705
					12,256,320
Wireless Telecommunication Services — 0.2%
Matterhorn Telecom SA, 4.00%, 11/15/27			675		785,599
Rogers Communications, Inc., 5.00%, 03/15/44	USD		775		895,051
SoftBank Group Corp.:
4.75%, 09/19/24			200		198,048
5.25%, 07/30/27	EUR		1,170		1,573,753
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 03/20/23(b)	USD		18,945		19,063,406
Vodafone Group PLC, 0.00%, 11/26/20(j)(k)	GBP		1,700		2,275,167
					24,791,024
Total Corporate Bonds — 29.1% (Cost: $3,538,434,766)					3,587,953,335
Floating Rate Loan Interests — 1.0%
Aerospace & Defense — 0.0%
Hensoldt Holding GmbH (FKA Kite Holding Germany GmbH), Facility B2, 02/28/24(r)	EUR		1,000		1,205,846
Airlines — 0.1%
Gol Luxco SA, Term Loan, 6.50%, 08/31/20(d)(s)	USD		7,462		7,629,895
Capital Markets — 0.4%
LSTAR Securities Financing Vehicle I LLC, Term Loan, (1 mo. LIBOR + 2.50%), 3.56%, 05/10/25(d)(t)			32,534		32,247,206
LSTAR Securities Financing Vehicle II LLC, Term Loan, (1 mo. LIBOR + 2.00%), 2.00%, 06/16/25(d)(t)			14,721		14,556,370
					46,803,576
Chemicals — 0.1%
Allnex (Luxembourg) & Cy SCA (FKA AI Chem & Cy SCA), Tranche B-1 Term Loan, 09/13/23(r)	EUR		1,500		1,800,328
Axalta Coating Systems Dutch Holding B BV (Axalta Coating Systems U.S. Holdings, Inc.), Term B-1 Euro Loan, (3 mo. EURIBOR + 2.25%, 0.75% Floor), 3.00%, 02/01/23(t)			990		1,190,485
Chemours Co., Tranche B-1 Euro Term Loan, (1 mo. EURIBOR + 2.25%, 0.75% Floor), 3.00%, 05/12/22(t)			993		1,200,672
MacDermid Agricultural Solutions Holdings BV (Netherlands Agricultural Investment Partners LLC), Euro Tranche C-5 Term Loan, (1 mo. EURIBOR + 2.75%, 0.75% Floor), 3.50%, 06/07/23(t)			922		1,109,928

Security		Par (000)		Value
Chemicals (continued)
MacDermid, Inc. (Platform Specialty Products Corp.), Euro Tranche C-6 Term Loan, (1 mo. EURIBOR + 2.50%, 0.75% Floor), 3.25%, 06/07/20(t)	EUR		663	$	798,389
					6,099,802
Commercial Services & Supplies — 0.0%
Bach Finance Ltd., Initial Euro Term Loan (First Lien), (3 mo. EURIBOR + 3.25%, 0.00% Floor), 3.25%, 06/26/24(t)			1,000		1,198,215
Verisure Holding AB (Public), Facility B1E, 10/21/22(r)			1,500		1,786,613
					2,984,828
Construction Materials — 0.0%
CTC AcquiCo GmbH, Term Loan, 11/29/24(r)			1,200		1,440,795
LSF10 XL Bidco SCA, Facility B, 04/11/24(r)			1,457		1,750,354
					3,191,149
Consumer Finance — 0.0%
Nets Holding A/S, Term Loan B1E, 11/29/24(r)			1,000		1,200,782
Containers & Packaging — 0.0%
Klockner Pentaplast of America, Inc. (FKA Kleopatra Acquisition Corp.), Euro Term Loan, (3 mo. EURIBOR + 4.75%, 0.00% Floor), 4.75%, 06/30/22(t)			1,500		1,801,695
Verallia Packaging (FKA Horizon Holdings III), Facility B4, 10/31/22(r)			927		1,107,879
					2,909,574
Diversified Financial Services — 0.1%
Tackle S.à r.l., New Facility B, 08/08/22(r)			1,000		1,197,411
Veritas U.S., Inc., New Euro Term B Loan, (3 mo. EURIBOR + 4.50%, 1.00% Floor), 5.50%, 01/27/23(t)			1,661		2,005,752
Virgin Media SFA Finance Ltd., L Facility, (1 mo. LIBOR US + 3.25%, 0.00% Floor), 3.74%, 01/15/27(t)	GBP		2,000		2,688,818
					5,891,981
Diversified Telecommunication Services — 0.0%
Eircom Finco S.à r.l., Facility B, (1 mo. EURIBOR + 3.25%, 0.00% Floor), 3.25%, 04/19/24(t)	EUR		1,899		2,274,795
Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp. (FKA Pioneer Drilling Co.), Term Loan, (1 mo. LIBOR US + 7.75%, 1.00% Floor), 9.16%, 11/08/22(d)(t)	USD		5,012		5,099,710
Health Care Providers & Services — 0.0%
Diaverum Holding S.à r.l. (FKA Velox Bidco S.à r.l.), Facility B, 07/04/24(r)	EUR		1,000		1,195,503
Vedici Groupe, Term Loan B, 10/31/22(r)			1,000		1,205,282
					2,400,785
Hotels, Restaurants & Leisure — 0.1%
By The Blue Sea LLC (Neptune’s Walk LLC), Loan, (1 mo. LIBOR US + 2.37%, 0.00% Floor), 3.61%, 06/09/24(d)(t)	USD		15,000		15,000,000

CONSOLIDATED SCHEDULE OF INVESTMENTS 21

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hotels, Restaurants & Leisure (continued)
Cyan Blue Holdco 2 Ltd., 2017 B-1 Term Loan, (3 mo. LIBOR US + 4.25%, 0.00% Floor), 4.77%, 08/23/24(t)	GBP		500	$	678,557
GVC Holdings PLC, Facility B1, 03/02/23(r)	EUR		1,500		1,789,277
					17,467,834
Insurance — 0.0%
Financiere CEP, Term Loan B, 12/13/24(r)			1,000		1,182,605
Life Sciences Tools & Services — 0.0%
Avantor, Inc., Initial Euro Term Loan, (1 mo EURIBOR + 4.25%, 0.00% Floor), 4.25%, 11/21/24(t)			1,000		1,205,102
Media — 0.1%
SFR Group SA (Ypso France SAS) (AKA Numericable U.S. LLC), Term Loan B11, 07/31/25(r)			2,340		2,705,555
Springer Science+Business Media Deutschland GmbH (FKA Blitz 13-253 GmbH), Initial Term B12 Loan, (3 mo. EURIBOR + 3.25%, 0.50% Floor), 3.75%, 08/15/22(t)			993		1,194,122
Tele Columbus AG, New Facility A, 10/15/24(r)			1,500		1,796,548
					5,696,225
Oil, Gas & Consumable Fuels — 0.1%
California Resources Corp., Initial Loan, 12/31/22(r)	USD		5,498		5,470,510
Rain Carbon GmbH, Cov-Lite TLB, 12/11/24(r)	EUR		1,500		1,796,404
					7,266,914
Personal Products — 0.0%
IWK UK Midco Ltd., Term Loan B, 11/28/24(r)			1,000		1,200,446
Professional Services — 0.0%
Sapphire Bidco BV, Term Loan B, 12/06/24(r)			1,000		1,200,746
Real Estate Management & Development — 0.0%
VICI Properties 1 LLC, Term B Loan, 12/20/24(r)	USD		1,750		1,750,000
Software — 0.0%
MA FinanceCo, LLC (AKA Micro Focus International PLC), Euro Tranche Term Loan, 06/21/24(r)	EUR		1,000		1,201,946
Specialty Retail — 0.0%
Action Holding BV (FKA Peer Holdings BV), Facility B, 02/25/22(r)			1,000		1,203,146
Intervias Finco Ltd. (FKA Optima Sub-Finco Ltd.), Term Facility D2 (EUR), (3 mo. EURIBOR + 4.00%, 0.00% Floor), 4.00%, 01/30/23(t)			1,018		1,225,157
Thom Europe, Original Senior Facility B, (3 mo. EURIBOR + 4.50%, 0.00% Floor), 4.50%, 08/07/24(t)			1,000		1,199,103
					3,627,406
Total Floating Rate Loan Interests — 1.0%     (Cost: $127,232,306)				129,491,947
Foreign Agency Obligations — 0.9%
Argentina — 0.1%
YPF SA: 8.88%, 12/19/18(b)	USD		2,628		2,775,168

Security		Par (000)		Value
Argentina (continued)
YPF SA: (continued) 8.50%, 03/23/21(b)	USD		336	$	380,016
8.75%, 04/04/24			1,976		2,269,436
6.95%, 07/21/27(b)			1,881		1,996,681
					7,421,301
Bahrain — 0.0%
Oil and Gas Holding Co. BSCC, 7.50%, 10/25/27			475		486,390
Brazil — 0.2%
Petrobras Global Finance BV:
5.38%, 01/27/21			4,530		4,711,200
8.38%, 05/23/21			4,153		4,736,496
6.13%, 01/17/22			15,729		16,692,401
4.75%, 01/14/25	EUR		800		1,060,661
5.30%, 01/27/25(b)	USD		737		739,211
7.38%, 01/17/27			755		831,255
6.00%, 01/27/28(b)			751		752,877
5.38%, 10/01/29	GBP		185		253,524
					29,777,625
Cayman Islands — 0.0%
APICorp. Sukuk Ltd., 3.14%, 11/01/22	USD		568		566,694
China — 0.2%
CDBL Funding 1:
3.00%, 04/24/23			1,335		1,302,088
3.50%, 10/24/27			1,150		1,116,718
CGNPC International Ltd., 3.75%, 12/11/27			1,000		995,893
Chang Development International Ltd., 3.63%, 01/20/20			750		743,176
Charming Light Investments Ltd., 4.38%, 12/21/27			2,600		2,611,760
China Minmetals Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 3.75%(m)(n)			1,400		1,376,187
China Railway Construction Corp. Ltd.:
0.00%, 01/29/21(j)(k)			500		530,550
1.50%, 12/21/21(j)	CNH		4,000		582,591
Chinalco Capital Holdings Ltd., 4.25%, 04/21/22	USD		1,025		1,026,887
CNAC HK Synbridge Co. Ltd., 5.00%, 05/05/20			2,857		2,908,140
Export-Import Bank of China, 4.00%, 11/28/47			1,500		1,511,430
HeSteel Hong Kong Co. Ltd., 4.25%, 04/07/20			1,100		1,100,057
Huarong Finance 2017 Co. Ltd.: (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 4.00%(m)(n)			1,320		1,307,364
4.75%, 04/27/27			500		511,615
4.25%, 11/07/27			2,190		2,159,237
Huarong Finance II Co. Ltd., 4.63%, 06/03/26			476		484,861
Industrial & Commercial Bank of China Ltd.:
2.96%, 11/08/22			1,400		1,387,023
3.54%, 11/08/27			1,300		1,292,554
Inner Mongolia High-Grade High Way Construction And Development Co. Ltd., 4.38%, 12/04/20			600		597,834

22 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
China (continued)
Jinan West City Investment & Development Group Co. Ltd., 3.13%, 10/11/21	USD		300	$	289,857
Nanjing Yangzi State-owned Assets Investment Group Co. Ltd., 4.50%, 12/05/27			345		340,453
Shanhai Hong Kong International Investments Ltd., 3.88%, 04/20/20			465		464,094
Sinopec Group Overseas Development 2017 Ltd., 4.25%, 04/12/47			350		361,443
Wuhan State-Owned Assets Management Ltd. Co., 3.80%, 12/18/20			395		394,272
Yangzhou Urban Construction State-owned Asset Holding Group Co. Ltd., 4.38%, 12/19/20			210		210,853
					25,606,937
France — 0.1%
Electricite de France SA, 4.63%, 04/26/30	EUR		600		937,129
NEW Areva Holding SA, 4.88%, 09/23/24			4,250		5,708,291
					6,645,420
Hong Kong — 0.0%
China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25	USD		1,000		1,023,743
China Cinda Finance 2017 I Ltd., 4.40%, 03/09/27			700		709,396
China Great Wall International Holdings III Ltd., 2.63%, 10/27/21			600		584,560
					2,317,699
India — 0.1%
Export-Import Bank of India, 3.38%, 08/05/26			203		199,317
Greenko Dutch BV, 5.25%, 07/24/24			1,350		1,366,605
Greenko Investment Co., 4.88%, 08/16/23			989		979,130
Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27			695		696,086
Indian Railway Finance Corp. Ltd., 3.84%, 12/13/27			1,140		1,132,943
Power Finance Corp. Ltd., 3.75%, 12/06/27			1,300		1,272,244
Rural Electrification Corp. Ltd., 3.88%, 07/07/27			433		429,493
					6,075,818
Indonesia — 0.0%
Pertamina Persero PT:
5.63%, 05/20/43			1,148		1,248,799
6.45%, 05/30/44			1,890		2,263,230
					3,512,029
Italy — 0.0%
A2A SpA, 1.63%, 10/19/27	EUR		700		835,924
Mexico — 0.1%
Mexico City Airport Trust, 5.50%, 07/31/47(b)	USD		5,636		5,565,550

Security		Par (000)		Value
Mexico (continued)
Petroleos Mexicanos, 6.50%, 03/13/27(b)	USD		7,519	$	8,218,267
					13,783,817
Panama — 0.0%
Aeropuerto Internacional de Tocumen SA, 5.63%, 05/18/36(b)			1,806		1,945,965
South Korea — 0.1%
Export-Import Bank of Korea: (3 mo. LIBOR US + 0.930%), 2.30%, 11/01/22(a)			2,100		2,105,710
3.00%, 11/01/22			1,800		1,790,492
Harvest Operations Corp., 3.00%, 09/21/22			1,505		1,485,962
					5,382,164
United Arab Emirates — 0.0%
Abu Dhabi Crude Oil Pipeline LLC, 3.65%, 11/02/29			1,700		1,687,831
Abu Dhabi National Energy Co. PJSC, 3.63%, 01/12/23			1,000		1,011,500
					2,699,331
Total Foreign Agency Obligations — 0.9% (Cost: $104,645,844)					107,057,114
Foreign Government Obligations — 4.7%
Argentina — 0.4%
Argentina Bonar Bonds:
8.00%, 10/08/20			822		907,236
8.75%, 05/07/24			10,118		11,690,785
Argentine Republic of Argentina, 6.25%, 11/09/47	EUR		3,672		4,463,905
Provincia de Rio Negro, 7.75%, 12/07/25(b)	USD		1,950		1,976,325
Republic of Argentina:
6.25%, 04/22/19			22,183		23,147,960
3.38%, 10/12/20	CHF		795		842,311
5.25%, 01/15/28	EUR		860		1,072,668
7.82%, 12/31/33			1,108		1,546,314
					45,647,504
Bahrain — 0.0%
Kingdom of Bahrain:
6.75%, 09/20/29(b)	USD		3,478		3,426,651
6.00%, 09/19/44(b)			952		806,131
7.50%, 09/20/47			1,663		1,587,899
					5,820,681
Brazil — 0.0%
Brazil Letras do Tesouro Nacional, 0.00%, 01/01/19(k)	BRL		11		2,980,146
China — 0.0%
People’s Republic of China, 3.30%, 07/04/23	CNH		3,500		510,455
Colombia — 0.2%
Republic of Colombia, 3.88%, 04/25/27	USD		24,770		25,215,860
Egypt — 0.1%
Arab Republic of Egypt:
5.75%, 04/29/20			4,231		4,423,874
8.50%, 01/31/47			2,223		2,552,226
					6,976,100

CONSOLIDATED SCHEDULE OF INVESTMENTS 23

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Hungary — 0.1%
Republic of Hungary, 5.38%, 03/25/24	USD		8,660	$	9,796,365
Indonesia — 0.7%
Republic of Indonesia:
2.95%, 01/11/23			2,674		2,653,188
8.38%, 03/15/24	IDR		9,269,000		759,563
4.13%, 01/15/25	USD		3,970		4,121,535
4.75%, 01/08/26			11,518		12,512,487
8.38%, 09/15/26	IDR		83,204,000		6,928,963
4.35%, 01/08/27	USD		3,807		4,029,245
7.00%, 05/15/27	IDR		31,185,000		2,408,836
3.50%, 01/11/28	USD		2,300		2,292,116
7.50%, 08/15/32	IDR		210,278,000		16,386,480
8.38%, 03/15/34			77,710,000		6,386,339
8.25%, 05/15/36			305,696,000		25,122,612
7.50%, 05/15/38			102,705,000		7,929,500
4.35%, 01/11/48	USD		1,100		1,115,985
					92,646,849
Japan — 0.2%
Government of Japan (10-Year Bond), 0.30%, 12/20/24	JPY		2,750,000		25,007,122
Lebanon — 0.1%
Lebanese Republic:
6.10%, 10/04/22	USD		6,351		6,171,991
6.65%, 04/22/24			2,140		2,089,903
6.25%, 11/04/24			3,429		3,293,109
6.85%, 03/23/27			7,454		7,195,465
					18,750,468
Maldives — 0.0%
Republic of Maldives, 7.00%, 06/07/22			775		775,126
Mexico — 1.5%
United Mexican States:
Series M, 4.75%, 06/14/18	MXN		1,119		5,616,085
Series M, 5.00%, 12/11/19			18,441		89,270,308
5.75%, 03/05/26			4,030		18,117,968
4.15%, 03/28/27	USD		64,039		66,408,443
					179,412,804
Mongolia — 0.0%
Mongolian People’s Republic:
7.50%, 06/30/18	CNH		2,000		308,192
5.63%, 05/01/23	USD		825		832,371
					1,140,563
Pakistan — 0.0%
Islamic Republic of Pakistan, 6.88%, 12/05/27			400		401,050
Panama — 0.1%
Republic of Panama, 3.75%, 03/16/25			8,640		9,011,520
Peru — 0.1%
Republic of Peru, 7.35%, 07/21/25			6,920		8,964,860
Philippines — 0.2%
Republic of the Philippines, 5.50%, 03/30/26			18,950		22,370,285
Portugal — 0.0%
Republic of Portugal, 5.13%, 10/15/24			875		938,805
Russia — 0.4%
Russian Federation:
6.40%, 05/27/20	RUB		345,553		5,936,616
7.50%, 08/18/21			470,178		8,306,138
7.40%, 12/07/22			98,194		1,727,362
4.75%, 05/27/26	USD		3,600		3,817,771
7.75%, 09/16/26	RUB		187,393		3,327,059
8.15%, 02/03/27			489,844		8,951,076

Security		Par (000)		Value
Russia (continued)
Russian Federation: (continued) 4.25%, 06/23/27	USD		8,600	$	8,853,700
7.05%, 01/19/28	RUB		205,200		3,461,960
					44,381,682
South Africa — 0.3%
Republic of South Africa:
5.50%, 03/09/20	USD		12,349		12,962,992
5.88%, 05/30/22			2,536		2,769,312
6.25%, 03/31/36	ZAR		144,817		8,421,929
6.50%, 02/28/41			64,604		3,685,366
8.75%, 02/28/48			68,940		5,052,164
					32,891,763
Sri Lanka — 0.0%
Republic of Sri Lanka:
5.75%, 01/18/22	USD		600		626,726
6.85%, 11/03/25			850		937,757
					1,564,483
Tunisia — 0.0%
Banque Centrale de Tunisie International Bond, 4.50%, 06/22/20	EUR		1,309		1,642,925
Turkey — 0.2%
Republic of Turkey:
7.00%, 06/05/20	USD		8,031		8,664,003
10.70%, 02/17/21	TRY		13,300		3,344,737
5.63%, 03/30/21	USD		2,885		3,036,745
5.13%, 03/25/22			750		777,375
7.38%, 02/05/25			5,679		6,539,596
6.00%, 03/25/27			4,973		5,294,833
					27,657,289
United Arab Emirates — 0.0%
Emirate of Abu Dhabi, 4.13%, 10/11/47			3,075		3,041,544
Uruguay — 0.1%
Republic of Uruguay, 4.38%, 10/27/27			8,100		8,673,885
Total Foreign Government Obligations — 4.7% (Cost: $582,151,944)					576,220,134
		Shares
Investment Companies — 1.1%
iShares Core MSCI Emerging Markets ETF(ad)			296,312		13,962,221
iShares iBoxx $ High Yield Corporate Bond ETF(i)(ad)			1,370,820		119,617,753
SPDR Bloomberg Barclays High Yield Bond ETF(i)			82,487		3,028,923
Total Investment Companies — 1.1% (Cost: $134,473,790)					136,608,897
		Par (000)
Non-Agency Mortgage-Backed Securities — 6.3%
Collateralized Mortgage Obligations — 2.2%
Ajax Mortgage Loan Trust, Series 2016-A, Class A, 4.25%, 08/25/64(b)(c)	USD		3,785		3,843,632

24 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security	Par (000)			Value
Collateralized Mortgage Obligations (continued)
American Home Mortgage Assets Trust:
Series 2006-3, Class 2A11, (12 mo. Federal Reserve Cumulative Average US + 0.940%), 2.00%, 10/25/46(a)		USD	1,126	$	979,839
Series 2006-4, Class 1A12, (1 mo. LIBOR US + 0.210%), 1.76%, 10/25/46(a)			3,295		2,410,470
Series 2006-5, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.920%), 1.98%, 11/25/46(a)			4,087		2,326,356
Series 2007-1, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.700%), 1.76%, 02/25/47(a)			948		605,003
Angel Oak Mortgage Trust I LLC, Series 2016-1, Class A1, 3.50%, 07/25/46(b)(c)			1,782		1,789,842
Angel Oak Mortgage Trust LLC, Series 2015-1, Class A, 4.50%, 11/25/45(b)(c)			202		200,473
APS Resecuritization Trust:
Series 2016-1, Class 1MZ, 6.00%, 07/31/57 (b)(e)			6,476		2,097,272
Series 2016-3, Class 3A, (1 mo. LIBOR US + 2.850%), 4.40%, 09/27/46(a)(b)(d)			7,859		7,937,188
Series 2016-3, Class 4A, (1 mo. LIBOR US + 2.600%), 4.15%, 04/27/47(a)(b)(d)			2,215		2,236,912
ARI Investments LLC, (1 mo. LIBOR US + 0.000%), Series 2017-1, Class A, 0.00%, 01/06/25(a)(d)			3,620		3,620,000
Banc of America Funding Trust:
Series 2014-R2, Class 1C, 0.00%, 11/26/36(b)(d)(e)			4,534		878,529
Series 2016-R2, Class 1A1, 4.70%, 05/01/33(b)(d)(e)			1,745		1,783,315
Bear Stearns ALT-A Trust II, Series 2007-1, Class 1A1, 3.42%, 09/25/47(e)			3,964		3,254,262
Bear Stearns Asset-Backed Securities I Trust, Series 2005-AC9, Class A5, 6.25%, 12/25/35(c)			346		339,022
Bear Stearns Mortgage Funding Trust:
Series 2006-SL1, Class A1, (1 mo. LIBOR US + 0.280%), 1.83%, 08/25/36(a)			2,383		2,395,695
Series 2007-AR2, Class A1, (1 mo. LIBOR US + 0.170%), 1.72%, 03/25/37(a)			589		526,073
Series 2007-AR3, Class 1A1, (1 mo. LIBOR US + 0.140%), 1.69%, 03/25/37(a)			872		822,885
Series 2007-AR4, Class 1A1, (1 mo. LIBOR US + 0.200%), 1.75%, 09/25/47(a)			3,336		3,103,670
Series 2007-AR4, Class 2A1, (1 mo. LIBOR US + 0.210%), 1.76%, 06/25/37(a)			963		915,183
Berica 8 Residential MBS Srl, (6 mo. EURIBOR + 0.200%), Series 8, Class A, 0.00%, 03/31/48(a)		EUR	164		196,794
BlackRock Capital Finance LP, Series 1997-R2, Class AP, 1.56%, 12/25/35(b)(e)(ad)		USD	3		3,021
Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37			31,708		26,494,895
CIM Trust, Series 17-6, Class A1, 3.02%, 06/25/57(b)(e)			19,031		18,834,284
Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/25/38			9,257		7,990,717
Citigroup Mortgage Loan Trust, Series 2007-2, Class 2A, 6.00%, 11/25/36			35		35,787
Collateralized Mortgage Obligation Trust, Series 57, Class D, 9.90%, 02/01/19			1		529

Security	Par (000)			Value
Collateralized Mortgage Obligations (continued)
COLT LLC, (1 mo. LIBOR US + 3.000%), Series 2015-1, Class A1V, 4.55%, 12/26/45(a)(b)		USD	381	$	382,618
Countrywide Alternative Loan Trust: Series 2005-22T1, Class A1, (1 mo. LIBOR US + 0.350%), 1.90%, 06/25/35(a)			5,281		4,784,728
Series 2005-56, Class 4A1, (1 mo. LIBOR US + 0.310%), 1.64%, 11/25/35(a)			2,526		2,358,086
Series 2005-72, Class A3, (1 mo. LIBOR US + 0.300%), 1.85%, 01/25/36(a)			919		748,698
Series 2005-76, Class 2A1, (12 mo. Federal Reserve Cumulative Average US + 1.000%), 2.06%, 02/25/36(a)			1,076		975,352
Series 2006-11CB, Class 3A1, 6.50%, 05/25/36			2,326		1,802,128
Series 2006-15CB, Class A1, 6.50%, 06/25/36			516		411,502
Series 2006-23CB, Class 2A5, (1 mo. LIBOR US + 0.400%), 1.95%, 08/25/36(a)			7,403		2,790,094
Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 1.730%), 2.79%, 11/25/46(a)			4,850		4,208,052
Series 2006-OA16, Class A4C, (1 mo. LIBOR US + 0.340%), 1.89%, 10/25/46(a)			4,664		2,727,456
Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.190%), 1.69%, 03/20/47(a)			12,606		10,747,749
Series 2006-OA6, Class 1A2, (1 mo. LIBOR US + 0.210%), 1.76%, 07/25/46(a)			4,557		4,217,159
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.190%), 1.74%, 07/25/46(a)			691		643,654
Series 2006-OC10, Class 2A3, (1 mo. LIBOR US + 0.230%), 1.78%, 11/25/36(a)			1,727		1,367,556
Series 2006-OC7, Class 2A3, (1 mo. LIBOR US + 0.250%), 1.80%, 07/25/46(a)			2,638		2,086,550
Series 2007-3T1, Class 1A1, 6.00%, 04/25/37			498		375,120
Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.840%), 1.90%, 03/25/47(a)			8,333		6,830,674
Series 2007-OA3, Class 1A1, (1 mo. LIBOR US + 0.140%), 1.69%, 04/25/47(a)			1,446		1,269,806
Series 2007-OA3, Class 2A2, (1 mo. LIBOR US + 0.180%), 1.73%, 04/25/47(a)			397		27,606
Series 2007-OA8, Class 2A1, (1 mo. LIBOR US + 0.180%), 1.73%, 06/25/47(a)			544		432,989
Series 2007-OH2, Class A2A, (1 mo. LIBOR US + 0.240%), 1.79%, 08/25/47(a)			868		665,360
Countrywide Home Loan Mortgage Pass-Through Trust:
Series 2004-29, Class 1A1, (1 mo. LIBOR US + 0.540%), 2.09%, 02/25/35(a)			428		406,922
Series 2006-OA4, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 2.02%, 04/25/46(a)			1,647		871,218
Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.200%), 1.75%, 04/25/46(a)			903		822,913
Series 2007-15, Class 2A2, 6.50%, 09/25/37			12,644		9,823,480
Credit Suisse Commercial Mortgage Trust:
Series 2014-4R, Class 16A3, (1 mo. LIBOR US + 0.200%), 1.44%, 02/27/36(a)(b)			830		758,790
Series 2014-9R, Class 9A1, (1 mo. LIBOR US + 0.120%), 1.45%, 08/27/36(a)(b)(d)			1,868		1,589,623

CONSOLIDATED SCHEDULE OF INVESTMENTS 25

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Credit Suisse Mortgage Capital Certificates:
Series 2009-12R, Class 3A1, 6.50%, 10/27/37(b)	USD		8,155	$	5,383,584
Series 2010-20R, Class 9A1, 3.45%, 01/27/36(b)(e)			1,648		1,660,938
Series 2011-5R, Class 3A1, 3.63%, 09/27/47(b)(e)			1,450		1,422,351
Series 2013-5R, Class 1A6, (1 mo. LIBOR US + 0.250%), 1.63%, 02/27/36(a)(b)			1,755		1,621,175
Series 2014-11R, Class 16A1, 3.17%, 09/27/47(b)(e)			2,452		2,474,575
Series 2015-6R, Class 5A1, (1 mo. LIBOR US + 0.180%), 1.51%, 03/27/36(a)(b)			983		943,750
Series 2015-6R, Class 5A2, (1 mo. LIBOR US + 0.180%), 1.51%, 03/27/36(a)(b)			2,721		1,485,111
CSFB Mortgage-Backed Pass-Through Certificates, (1 mo. LIBOR US + 1.350%), Series 2005-10, Class 10A1, 2.90%, 11/25/35(a)			1,521		629,062
Deephaven Residential Mortgage Trust, Series 2016-1A, Class A1, 4.00%, 07/25/46(b)			2,256		2,289,054
Deutsche Alt-A Securities Mortgage Loan Trust:
Series 2007-OA4, Class 1A1B, (1 mo. LIBOR US + 0.130%), 1.68%, 08/25/47(a)			813		767,372
Series 2007-OA4, Class A2A, (1 mo. LIBOR US + 0.170%), 1.72%, 08/25/47(a)			2,326		1,647,611
Series 2007-RMP1, Class A2, (1 mo. LIBOR US + 0.150%), 1.70%, 12/25/36(a)			3,403		3,108,856
Deutsche Alt-A Securities, Inc., (1 mo. LIBOR US + 0.500%), Series 2007-RS1, Class A2, 2.05%, 01/27/37(a)(b)			373		742,400
Deutsche Alt-B Securities Mortgage Loan Trust:
Series 2006-AB3, Class A3, 6.51%, 07/25/36(e)			739		626,441
Series 2006-AB3, Class A8, 6.36%, 07/25/36(e)			471		399,483
GreenPoint Mortgage Funding Trust, (12 mo. Federal Reserve Cumulative Average US + 2.000%), Series 2006-AR2, Class 4A1, 3.06%, 03/25/36(a)			1,056		980,876
GSMPS Mortgage Loan Trust:
Series 2005-RP1, Class 1AF, (1 mo. LIBOR US + 0.350%), 1.90%, 01/25/35(a)(b)			1,820		1,628,291
Series 2005-RP2, Class 1AF, (1 mo. LIBOR US + 0.350%), 1.90%, 03/25/35(a)(b)			2,261		2,069,889
Series 2006-RP1, Class 1AF1, (1 mo. LIBOR US + 0.350%), 1.90%, 01/25/36(a)(b)			1,723		1,485,230
HarborView Mortgage Loan Trust:
Series 2007-3, Class 2A1B, (1 mo. LIBOR US + 0.230%), 1.73%, 05/19/47(a)			819		643,898
Series 2007-4, Class 2A2, (1 mo. LIBOR US + 0.250%), 1.75%, 07/19/47(a)			1,119		975,067
Impac CMB Trust, (1 mo. LIBOR US + 0.520%), Series 2005-7, Class A1, 2.07%, 11/25/35(a) .			4,229		3,635,942
Impac Secured Assets CMN Owner Trust, (1 mo. LIBOR US + 0.800%), Series 2004-3, Class 1A4, 2.35%, 11/25/34(a)			179		177,965
IndyMac IMJA Mortgage Loan Trust, Series 2007-A2, Class 3A1, 7.00%, 10/25/37			4,713		3,401,022
IndyMac INDX Mortgage Loan Trust:
Series 2007-AR19, Class 3A1, 3.42%, 09/25/37(e)			3,816		2,705,938

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
IndyMac INDX Mortgage Loan Trust: (continued) Series 2007-FLX5, Class 2A2, (1 mo. LIBOR US + 0.240%), 1.57%, 08/25/37(a)	USD		1,501	$	1,326,036
JPMorgan Alternative Loan Trust:
Series 2007-A1, Class 1A4, (1 mo. LIBOR US + 0.210%), 1.76%, 03/25/37(a)			2,235		2,010,613
Series 2007-A2, Class 2A1, 3.67%, 05/25/37(e)			528		528,460
JPMorgan Mortgage Trust, Series 2017-2, Class A6, 3.00%, 05/25/47(b)(e)			2,376		2,380,429
Lehman XS Trust, (1 mo. LIBOR US + 1.150%), Series 2007-20N, Class A1, 2.70%, 12/25/37(a)			1,487		1,465,001
LSTAR Securities Investment Ltd.:
Series 2017-2, Class A1, (1 mo. LIBOR US + 2.000%), 3.57%, 02/01/22(a)(b)			5,838		5,851,934
Series 2017-3, Class A1, (1 mo. LIBOR US + 2.000%), 3.57%, 04/01/19(a)(b)(d)			8,210		8,259,029
MASTR Resecuritization Trust, Series 2008-3, Class A1, 1.76%, 08/25/37(b)(d)(e)			1,720		1,307,984
Merrill Lynch Alternative Note Asset Trust, (1 mo. LIBOR US + 0.210%), Series 2007-OAR2, Class A2, 1.76%, 04/25/37(a)			2,651		2,211,139
Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 6A1, 3.77%, 05/25/36(e)			2,708		2,596,173
Morgan Stanley Resecuritization Trust, (12 mo. Federal Reserve Cumulative Average US + 0.750%), Series 2014-R8, Class 3B1, 1.75%, 06/26/47(a)(b)(d)			997		935,529
Mortgage Loan Resecuritization Trust, (1 mo. LIBOR US + 0.340%), Series 2009-RS1, Class A85, 1.59%, 04/16/36(a)(b)			10,231		8,682,863
Nomura Asset Acceptance Corp. Alternative Loan Trust:
Series 2001-R1A, Class A, 6.82%, 02/19/30(b)(e)			648		636,977
Series 2006-AF1, Class 1A4, 6.63%, 05/25/36(c)			660		283,601
Series 2007-2, Class A4, (1 mo. LIBOR US + 0.420%), 1.97%, 04/25/47(a)			600		484,590
Nomura Resecuritization Trust, Series 2014-3R, Class 3A9, 1.85%, 11/26/35(b)(e)			1,700		1,554,684
Paragon Mortgages No. 13 PLC, (3 mo. LIBOR US + 0.180%), Series 13X, Class A2C, 1.54%, 01/15/39(a)			380		363,632
RALI Trust:
Series 2006-QO6, Class A2, (1 mo. LIBOR US + 0.230%), 1.78%, 06/25/46(a)			1,527		721,700
Series 2007-QH1, Class A1, (1 mo. LIBOR US + 0.160%), 1.71%, 02/25/37(a)			1,222		1,114,599
Series 2007-QH6, Class A1, (1 mo. LIBOR US + 0.190%), 1.74%, 07/25/37(a)			1,810		1,700,803
Series 2007-QH9, Class A1, 2.39%, 11/25/37(e)			1,171		1,018,298
RBSSP Resecuritization Trust, (1 mo. LIBOR US + 0.200%), Series 2013-2, Class 1A2, 1.54%, 12/26/36(a)(b)			1,104		1,051,539
Reperforming Loan REMIC Trust:
Series 2005-R2, Class 1AF1, (1 mo. LIBOR US + 0.340%), 1.89%, 06/25/35(a)(b)			732		675,627

26 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Reperforming Loan REMIC Trust: (continued)
Series 2005-R3, Class AF, (1 mo. LIBOR US + 0.400%), 1.95%, 09/25/35(a)(b)	USD		242	$	214,509
Seasoned Credit Risk Transfer Trust, Series 2017-3, Class M2, 4.75%, 07/25/56(b)(e)			1,550		1,505,264
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 3.46%, 04/25/36(e)			1,444		1,244,307
Structured Asset Mortgage Investments II Trust:
Series 2006-AR4, Class 3A1, (1 mo. LIBOR US + 0.190%), 1.74%, 06/25/36(a)			3,818		3,570,479
Series 2006-AR5, Class 2A1, (1 mo. LIBOR US + 0.210%), 1.76%, 05/25/46(a)			753		636,721
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF4, Class 2A1, 6.00%, 10/25/36(b)			1,565		1,351,698
Thornburg Mortgage Securities Trust, (1 mo. LIBOR US + 1.250%), Series 2007-3, Class 4A1, 3.34%, 06/25/47(a)			1,237		1,106,397
WaMu Mortgage Pass-Through Certificates Trust:
Series 2005-AR2, Class B1, (1 mo. LIBOR US + 0.530%), 2.08%, 01/25/45(a)			677		468,904
Series 2006-AR15, Class 2A, (Cost of Funds for the 11th District of San Franciso + 1.500%), 2.24%, 11/25/46(a)			776		732,166
Washington Mutual Mortgage Pass-Through Certificates, Series 2006-4, Class 3A1, 6.50%, 05/25/36(c)			1,987		1,663,877
Washington Mutual Mortgage Pass-Through Certificates Trust:
Series 2006-4, Class 1A1, 6.00%, 04/25/36			5,368		4,875,438
Series 2006-8, Class A4, 4.51%, 10/25/36(c) .			2,055		1,326,567
Wells Fargo Mortgage-Backed Securities Trust, Series 2005-AR16, Class CRB1, 3.53%, 10/25/35(e)			1,112		975,850
Total Collateralized Mortgage Obligations — 2.2% (Cost: $263,738,522)					269,486,829
Commercial Mortgage-Backed Securities — 3.8%
245 Park Avenue Trust, Series 2017-245P, Class E, 3.66%, 06/05/37(b)(e)			15,520		14,584,979
280 Park Avenue Mortgage Trust, (1 mo. LIBOR US + 2.120%), Series 2017-280P, Class E, 3.60%, 09/15/34(a)(b)			4,940		4,927,686
Americold LLC, Series 2010-ARTA, Class C, 6.81%, 01/14/29(b)			700		764,452
AOA Mortgage Trust, Series 2015-1177, Class C, 3.01%, 12/13/29(b)(e)			1,340		1,329,886
Atrium Hotel Portfolio Trust:
Series 2017-ATRM, Class D, (1 mo. LIBOR US + 1.950%), 3.43%, 11/15/19(a)(b)(d)			5,690		5,624,565
Series 2017-ATRM, Class E, (1 mo. LIBOR US + 3.050%), 4.53%, 11/15/19(a)(b)(d)			2,460		2,432,448
Aventura Mall Trust:
Series 2013-AVM, Class D, 3.74%, 12/05/32(b)(e)			300		302,914
Series 2013-AVM, Class E, 3.74%, 12/05/32(b)(e)			4,270		4,311,478
Banc of America Commercial Mortgage Trust:
Series 2007-1, Class AMFX, 5.48%, 01/15/49(e)			239		241,656

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Banc of America Commercial Mortgage Trust: (continued)
Series 2007-5, Class AM, 5.77%, 02/10/51(e)	USD		156	$	156,420
Banc of America Merrill Lynch Commercial Mortgage Securities Trust:
Series 2013-DSNY, Class A, (1 mo. LIBOR US + 1.050%), 2.53%, 09/15/26(a)(b)			3,914		3,921,860
Series 2013-DSNY, Class E, (1 mo. LIBOR US + 2.600%), 4.08%, 09/15/26(a)(b)			100		100,055
Series 2013-DSNY, Class F, (1 mo. LIBOR US + 3.500%), 4.98%, 09/15/26(a)(b)			2,303		2,300,640
Series 2015-200P, Class F, 3.60%, 04/14/33(b)(e)			2,481		2,379,334
Series 2015-ASHF, Class B, (1 mo. LIBOR US + 1.710%), 3.19%, 01/15/28(a)(b)			1,190		1,192,516
Series 2015-ASHF, Class C, (1 mo. LIBOR US + 2.000%), 3.48%, 01/15/28(a)(b)			420		420,475
Series 2016-ISQ, Class E, 3.61%, 08/14/34(b)(d)(e)			6,140		5,537,992
Series 2017-SCH, Class CL, (1 mo. LIBOR US + 1.500%), 2.75%, 11/15/20(a)(b)			970		970,270
Series 2017-SCH, Class DL, (1 mo. LIBOR US + 2.000%), 3.25%, 11/15/32(a)(b)			1,930		1,929,996
BANK, Series 2017-BNK9, Class A4, 3.54%, 11/15/54			1,480		1,524,548
Barclays Commercial Mortgage Trust, Series 2015-SRCH, Class A1, 3.31%, 08/10/35(b)			2,730		2,774,366
Bayview Commercial Asset Trust:
Series 2005-2A, Class A1, (1 mo. LIBOR US + 0.310%), 1.86%, 08/25/35(a)(b)			1,722		1,632,768
Series 2005-4A, Class A1, (1 mo. LIBOR US + 0.300%), 1.85%, 01/25/36(a)(b)			436		406,655
Series 2005-4A, Class A2, (1 mo. LIBOR US + 0.390%), 1.94%, 01/25/36(a)(b)			123		115,182
Series 2005-4A, Class M1, (1 mo. LIBOR US + 0.450%), 2.00%, 01/25/36(a)(b)			327		304,677
Series 2006-1A, Class A2, (1 mo. LIBOR US + 0.360%), 1.69%, 04/25/36(a)(b)			468		444,786
Series 2006-3A, Class A1, (1 mo. LIBOR US + 0.250%), 1.80%, 10/25/36(a)(b)			824		777,383
Series 2006-3A, Class A2, (1 mo. LIBOR US + 0.300%), 1.85%, 10/25/36(a)(b)			575		543,238
Series 2006-4A, Class A1, (1 mo. LIBOR US + 0.230%), 1.78%, 12/25/36(a)(b)			1,302		1,244,495
Series 2007-2A, Class A1, (1 mo. LIBOR US + 0.270%), 1.60%, 07/25/37(a)(b)			1,522		1,453,148
Series 2007-4A, Class A1, (1 mo. LIBOR US + 0.450%), 2.00%, 09/25/37(a)(b)			7,064		6,705,038
Series 2007-5A, Class A3, (1 mo. LIBOR US + 1.000%), 2.55%, 10/25/37(a)(b)			435		419,257
Series 2007-6A, Class A4A, (1 mo. LIBOR US + 1.500%), 3.05%, 12/25/37(a)(b)			1,980		1,461,897
Series 2008-4, Class A3, (1 mo. LIBOR US + 2.750%), 4.30%, 07/25/38(a)(b)			126		139,661
BBCMS Trust, Series 2015-STP, Class E, 4.28%, 09/10/20(b)(e)			100		96,892
BB-UBS Trust, Series 2012-SHOW, Class E, 4.03%, 11/05/36(b)(e)			790		768,047
BHMS Mortgage Trust, (1 mo. LIBOR US + 1.500%), Series 2014-ATLS, Class AFL, 3.07%, 07/05/33(a)(b)			17,814		17,897,055

CONSOLIDATED SCHEDULE OF INVESTMENTS 27

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
BWAY Mortgage Trust:
Series 2013-1515, Class D, 3.63%, 03/10/33(b)		USD	1,400	$	1,400,060
Series 2013-1515, Class E, 3.72%, 03/10/33(b)			250		248,692
Series 2013-1515, Class F, 3.93%, 03/10/33(b)(e)			3,720		3,648,676
BXP Trust:
Series 2017-CC, Class D, 3.55%, 08/13/37(b)(d)(e)			1,660		1,587,408
Series 2017-CC, Class E, 3.55%, 08/13/22(b)(d)(e)			3,090		2,738,512
Series 2017-GM, Class A, 3.38%, 06/13/39(b)			3,050		3,115,685
Series 2017-GM, Class D, 3.42%, 06/13/39(b)(e)			9,060		8,689,575
Series 2017-GM, Class E, 3.42%, 06/13/39(b)(e)			2,070		1,935,982
Caesars Palace Las Vegas Trust, Series 2017-VICI, Class D, 4.35%, 10/15/22(b)(e)			1,270		1,295,999
CCRESG Commercial Mortgage Trust, Series 2016-HEAT, Class D, 5.49%, 04/10/29(b)(e)			560		562,555
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A4, 3.54%, 11/15/50(e)			1,592		1,637,233
CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3, 3.87%, 01/10/48			410		429,603
CGBAM Commercial Mortgage Trust:
Series 2015-SMRT, Class E, 3.79%, 04/10/28(b)(e)			1,590		1,587,089
Series 2015-SMRT, Class F, 3.79%, 04/10/28(b)(e)			230		227,228
CGDB Commercial Mortgage Trust, (1 mo. LIBOR US + 1.700%), Series 2017-BIO, Class D, 3.18%, 05/15/30(a)(b)			147		147,000
CGDBB Commercial Mortgage Trust:
Series 2017-BIOC, Class A, (1 mo. LIBOR US + 0.790%), 2.27%, 07/15/28(a)(b)			5,420		5,426,746
Series 2017-BIOC, Class D, (1 mo. LIBOR US + 1.600%), 3.08%, 07/15/28(a)(b)			3,190		3,189,995
Series 2017-BIOC, Class E, (1 mo. LIBOR US + 2.150%), 3.63%, 07/15/19(a)(b)			4,870		4,869,988
CGGS Commercial Mortgage Trust, Series 2016-RNDA, Class AFX, 2.76%, 02/10/33(b)			2,473		2,476,726
CGMS Commercial Mortgage Trust, Series 2017-B1, Class A4, 3.46%, 08/15/50			890		914,049
Chicago Skyscraper Trust:
Series 2017-SKY, Class D, (1 mo. LIBOR US + 2.250%), 3.73%, 02/15/30(a)(b)			1,580		1,589,810
Series 2017-SKY, Class E, (1 mo. LIBOR US + 3.300%), 4.78%, 02/15/30(a)(b)			3,390		3,411,044
Series 2017-SKY, Class F, (1 mo. LIBOR US + 4.100%), 5.58%, 02/15/30(a)(b)			420		422,606
CHT Mortgage Trust, (1 mo. LIBOR US + 0.930%), Series 2017-CSMO, Class A, 2.31%, 11/15/19(a)(b)			810		811,261
Citigroup Commercial Mortgage Trust:
Series 2013-375P, Class D, 3.52%, 05/10/35(b)(e)			240		239,598
Series 2013-375P, Class E, 3.52%, 05/10/35(b)(e)			1,795		1,733,686
Series 2013-GC11, Class D, 4.42%, 04/10/46(b)(e)			1,125		1,047,144

Security	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
Citigroup Commercial Mortgage Trust: (continued)
Series 2014-GC19, Class C, 4.90%, 03/10/47(e)		USD	440	$	459,619
Series 2015-SHP2, Class F, (1 mo. LIBOR US + 5.200%), 6.68%, 07/15/27(a)(b)			370		371,539
Series 2015-SSHP, Class A, (1 mo. LIBOR US + 1.150%), 2.63%, 09/15/27(a)(b)			4,370		4,370,063
Series 2016-C1, Class C, 4.95%, 05/10/49(e)			1,290		1,362,223
Series 2016-GC37, Class C, 4.92%, 04/10/49(e)			640		676,986
Series 2016-GC37, Class D, 2.79%, 04/10/49(b)			3,050		2,363,515
Series 2016-P3, Class C, 4.84%, 04/15/49(e)			120		126,952
Series 2016-SMPL, Class D, 3.52%, 09/10/31(b)			320		319,675
Series 2016-SMPL, Class E, 4.51%, 09/10/31(b)			620		618,300
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2017-CD3, Class A4, 3.63%, 02/10/50			850		887,215
Citigroup/Deutsche Bank Mortgage Trust, Series 2006-CD3, Class AM, 5.65%, 10/15/48			5,112		5,227,266
CLNS Trust, (1 mo. LIBOR US + 3.500%), Series 2017-IKPR, Class E, 4.93%, 06/11/32(a)(b)			3,560		3,567,783
Commercial Mortgage Pass-Through Certificates:
Series 2005-C6, Class F, 5.65%, 06/10/44(b)(e)			470		481,386
Series 2013-GAM, Class A2, 3.37%, 02/10/28(b)			1,656		1,670,557
Series 2013-WWP, Class D, 3.90%, 03/10/31(b)			2,090		2,213,442
Series 2014-CR14, Class A4, 4.24%, 02/10/47(e)			855		914,457
Series 2014-CR15, Class C, 4.77%, 02/10/47(e)			260		271,133
Series 2014-CR16, Class A4, 4.05%, 04/10/47			4,806		5,095,402
Series 2014-CR17, Class A5, 3.98%, 05/10/47			7,062		7,465,920
Series 2014-CR18, Class A4, 3.55%, 07/15/47			390		403,699
Series 2014-CR18, Class C, 4.73%, 07/15/47(e)			2,974		3,023,061
Series 2014-CR19, Class A5, 3.80%, 08/10/47			1,391		1,458,860
Series 2014-CR21, Class C, 4.42%, 12/10/24(e)			1,010		1,006,083
Series 2014-PAT, Class E, (1 mo. LIBOR US + 3.150%), 4.58%, 08/13/27(a)(b)			540		547,714
Series 2014-TWC, Class A, (1 mo. LIBOR US + 0.850%), 2.28%, 02/13/17(a)(b)			1,715		1,716,588
Series 2014-TWC, Class B, (1 mo. LIBOR US + 1.600%), 3.03%, 02/13/32(a)(b)			3,190		3,202,313
Series 2015-CR23, Class CMD, 3.68%, 05/10/48(b)(e)			5,250		5,190,713
Series 2015-CR25, Class A4, 3.76%, 08/10/48			2,850		2,985,766
Series 2015-CR25, Class C, 4.55%, 08/10/48(e)			1,010		1,035,175
Series 2015-CR25, Class D, 3.80%, 08/10/48(e)			310		259,698

28 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Pass-Through Certificates: (continued)
Series 2015-LC19, Class C, 4.26%, 02/10/48(e)		USD	700	$	713,106
Series 2015-LC19, Class D, 2.87%, 02/10/48(b)			1,980		1,635,970
Series 2015-LC21, Class C, 4.31%, 07/10/48(e)			1,600		1,579,164
Series 2017-COR2, Class D, 3.00%, 09/10/50(b)			520		420,596
Commercial Mortgage Trust:
Series 2014-LC15, Class A4, 4.01%, 04/10/47			1,020		1,077,607
Series 2014-PAT, Class A, (1 mo. LIBOR US + 0.800%), 2.23%, 08/13/27(a)(b)			4,938		4,947,522
Series 2016-667M, Class D, 3.18%, 10/10/36(b)(e)			630		592,023
Series 2017-DLTA, Class E, (1 mo. LIBOR US + 1.960%), 3.44%, 08/15/35(a)(b)			1,990		1,963,851
Series 2017-DLTA, Class F, (1 mo. LIBOR US + 2.580%), 4.06%, 08/15/35(a)(b)			1,820		1,792,445
Core Industrial Trust:
Series 2015-CALW, Class G, 3.85%, 02/10/34(b)(e)			1,971		1,907,949
Series 2015-TEXW, Class A, 3.08%, 02/10/34(b)			2,970		3,017,813
Series 2015-TEXW, Class D, 3.85%, 02/10/34(b)(e)			1,330		1,353,908
Series 2015-TEXW, Class E, 3.85%, 02/10/34(b)(e)			250		251,462
Series 2015-TEXW, Class F, 3.85%, 02/10/34(b)(e)			5,869		5,770,363
Countrywide Commercial Mortgage Trust, Series 2007-MF1, Class A, 6.29%, 11/12/43(b)(e)			48		48,017
Credit Suisse Commercial Mortgage Trust, (1 mo. LIBOR US + 1.320%), Series 2015-DEAL, Class A, 2.80%, 04/15/29(a)(b)			4,009		4,008,842
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class C, 4.95%, 07/15/37(e)			200		204,777
Credit Suisse Mortgage Capital Certificates:
Series 17-1, Class A, 4.50%, 03/25/21(b)			18,539		18,687,158
Series 17-1, Class CERT, 8.75%, 03/25/21(b)(d)			13,452		9,662,111
Series 2015-DEAL, Class D, (1 mo. LIBOR US + 3.100%), 4.58%, 04/15/29(a)(b)			1,205		1,205,000
Series 2015-GLPB, Class A, 3.64%, 11/15/34(b)			2,730		2,840,849
Series 2016-MFF, Class A, (1 mo. LIBOR US + 1.600%), 3.08%, 11/15/33(a)(b)			690		694,253
Series 2017-CHOP, Class E, (1 mo. LIBOR US + 3.300%), 4.78%, 07/15/32(a)(b)			2,133		2,138,292
CSMC Trust:
Series 2017-PFHP, Class A, (1 mo. LIBOR US + 0.950%), 2.43%, 12/15/19(a)(b)			900		899,999
Series 2017-TIME, Class A, 3.65%, 11/13/27(b)			850		875,157
Deutsche Bank JPMorgan Mortgage Trust, Series 2016-C3, Class D, 3.49%, 09/10/49(b)(e)			3,608		2,968,040
Deutsche Bank UBS Mortgage Trust:
Series 2017-BRBK, Class A, 3.45%, 10/10/34(b)			2,540		2,595,095

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Deutsche Bank UBS Mortgage Trust: (continued)
Series 2017-BRBK, Class E, 3.53%, 10/10/24(b)(d)(e)	USD		4,570	$	4,338,635
Series 2017-BRBK, Class F, 3.53%, 10/10/24(b)(d)(e)			880		801,284
Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class A, 3.55%, 09/10/35(b)(e)			1,190		1,229,240
FREMF Mortgage Trust:
Series 2015-K48, Class B, 3.64%, 08/25/48(b)(e)			780		788,523
Series 2017-K64, Class B, 3.98%, 03/25/27(b)(e)			2,346		2,371,888
Series 2017-K69, Class C, 3.73%, 09/25/27(b)(e)			371		353,936
Series 2017-K725, Class B, 3.88%, 02/25/24(b)(e)			4,620		4,702,745
GAHR Commercial Mortgage Trust:
Series 2015-NRF, Class AFL1, (1 mo. LIBOR US + 1.300%), 2.55%, 12/15/34(a)(b)			478		477,951
Series 2015-NRF, Class EFX, 3.38%, 12/15/34(b)(e)			2,571		2,554,886
Series 2015-NRF, Class FFX, 3.38%, 12/15/34(b)(e)			3,750		3,702,246
GS Mortgage Securities Corp Trust:
Series 2017-500K, Class D, (1 mo. LIBOR US + 1.300%), 2.78%, 07/15/32(a)(b)			230		230,231
Series 2017-500K, Class E, (1 mo. LIBOR US + 1.500%), 2.98%, 07/15/19(a)(b)			480		480,416
Series 2017-500K, Class F, (1 mo. LIBOR US + 1.800%), 3.28%, 07/15/19(a)(b)			200		200,290
Series 2017-500K, Class G, (1 mo. LIBOR US + 2.500%), 3.98%, 07/15/19(a)(b)			130		130,037
GS Mortgage Securities Corp. II, Series 2013-KING, Class E, 3.44%, 12/10/27(b)(e)			2,990		2,958,339
GS Mortgage Securities Trust:
Series 2010-C1, Class A1, 3.68%, 08/10/43(b)			436		442,509
Series 2014-GC20, Class B, 4.53%, 04/10/47(e)			140		141,976
Series 2014-GC22, Class D, 4.65%, 06/10/47(b)(e)			240		202,317
Series 2014-GC24, Class A5, 3.93%, 09/10/47			882		934,686
Series 2015-GC32, Class C, 4.41%, 07/10/48(d)(e)			1,370		1,392,331
Series 2015-GC32, Class D, 3.35%, 07/10/48			610		504,719
Series 2016-RENT, Class C, 4.07%, 02/10/29(b)(e)			1,070		1,090,514
Series 2017-GS7, Class A4, 3.43%, 08/10/50			1,010		1,028,820
Series 2017-GS7, Class D, 3.00%, 08/10/50(b)			530		456,901
Series 2017-GS7, Class E, 3.00%, 08/10/50(b)			180		149,018
HMH Trust, Series 2017-NSS, Class A, 3.06%, 07/05/31(b)			3,390		3,373,365
Hudson Yards Mortgage Trust, Series 2016-10HY, Class A, 2.84%, 08/10/38(b)			760		742,043

CONSOLIDATED SCHEDULE OF INVESTMENTS 29

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
Impac CMB Trust:
Series 2004-11, Class 1A2, (1 mo. LIBOR US + 0.520%), 2.07%, 03/25/35(a)		USD	2,055	$	1,921,961
Series 2005-6, Class 1A1, (1 mo. LIBOR US + 0.500%), 2.05%, 10/25/35(a)			1,453		1,304,206
IMT Trust:
Series 2017-APTS, Class AFX, 3.48%, 06/15/34(b)			1,540		1,571,618
Series 2017-APTS, Class DFX, 3.50%, 06/15/34(b)(e)			1,600		1,560,163
Series 2017-APTS, Class EFX, 3.50%, 06/15/24(b)(e)			810		778,731
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C26, Class A4, 3.49%, 01/15/48			1,247		1,284,632
Series 2015-C28, Class B, 3.99%, 03/15/25			3,000		2,992,255
Series 2015-C33, Class D1, 4.12%, 12/15/48(b)(e)			1,873		1,787,217
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2017-JP5, Class D, 4.65%, 03/15/50(b)(e)			1,650		1,629,354
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2003-PM1A, Class G, 6.14%, 08/12/40(b)(d)(e)			1,132		1,153,621
Series 2008-C2, Class A4FL, (1 mo. LIBOR US + 1.500%), 2.94%, 02/12/51(a)			522		519,183
Series 2014-C21, Class A5, 3.77%, 08/15/47			1,420		1,487,100
Series 2014-C22, Class A4, 3.80%, 09/15/47			563		590,044
Series 2014-CBM, Class E, (1 mo. LIBOR US + 3.850%), 5.33%, 10/15/29(a)(b)			670		670,000
Series 2014-DSTY, Class A, 3.43%, 06/10/27(b)			885		891,420
Series 2015-JP1, Class C, 4.74%, 01/15/49(e)			4,710		4,949,417
Series 2015-SGP, Class A, (1 mo. LIBOR US + 1.700%), 3.18%, 07/15/36(a)(b)			5,480		5,500,528
Series 2015-UES, Class C, 3.62%, 09/05/32(b)(e)			3,431		3,477,163
Series 2015-UES, Class E, 3.62%, 09/05/32(b)(e)			3,880		3,870,336
Series 2016-NINE, Class A, 2.85%, 10/06/38(b)(e)			4,650		4,554,748
Series 2016-WPT, Class A, (1 mo. LIBOR US + 1.450%), 2.93%, 10/15/33(a)(b)			2,200		2,205,503
Series 2017-JP7, Class B, 4.05%, 09/15/50			320		327,312
Series 2017-MAUI, Class D, (1 mo. LIBOR US + 1.950%), 3.43%, 07/15/34(a)(b)			470		470,150
Series 2017-MAUI, Class E, (1 mo. LIBOR US + 2.950%), 4.43%, 07/15/19(a)(b)			2,580		2,580,826
Series 2017-MAUI, Class F, (1 mo. LIBOR US + 3.750%), 5.23%, 07/15/19(a)(b)			240		240,152
Lehman Brothers Small Balance Commercial Mortgage Trust:
Series 2006-2A, Class M2, (1 mo. LIBOR US + 0.390%), 1.94%, 09/25/36(a)(b)			670		623,836
Series 2007-1A, Class 1A, (1 mo. LIBOR US + 0.250%), 1.80%, 03/25/37(a)(b)			1,913		1,782,244
Lone Star Portfolio Trust:
Series 2015-LSP, Class A1A2, (1 mo. LIBOR US + 1.800%), 3.28%, 09/15/28(a)(b)			625		626,654
Series 2015-LSP, Class D, (1 mo. LIBOR US + 4.000%), 5.48%, 09/15/28(a)(b)			691		700,112
Series 2015-LSP, Class E, (1 mo. LIBOR US + 5.600%), 7.08%, 09/15/28(a)(b)			1,007		1,022,414
MAD Mortgage Trust:
Series 2017-330M, Class D, 3.98%, 08/15/34(b)(e)			1,085		1,088,754

Security	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
MAD Mortgage Trust: (continued)
Series 2017-330M, Class E, 4.03%, 08/15/24(b)(e)		USD	3,010	$	2,891,918
Madison Avenue Trust, Series 2013-650M, Class D, 4.03%, 10/12/32(b)(e)			3,054		3,096,610
Merrill Lynch Mortgage Investors Trust, Series 1998-C3, Class G, 6.00%, 12/15/30(b)			51		50,544
Merrill Lynch Mortgage Trust:
Series 2005-MKB2, Class F, 6.32%, 09/12/42(b)(e)			1,350		1,432,148
Series 2008-C1, Class AJ, 6.45%, 02/12/51(e)			720		719,151
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2014-C16, Class A5, 3.89%, 06/15/47			2,530		2,663,827
Series 2015-C23, Class D, 4.13%, 07/15/50(b)(e)			970		844,816
Series 2015-C24, Class A4, 3.73%, 05/15/48 .			840		880,777
Series 2015-C25, Class C, 4.53%, 10/15/48(e)			1,990		2,050,251
Series 2015-C25, Class D, 3.07%, 10/15/48			1,269		1,030,286
Series 2015-C26, Class A5, 3.53%, 10/15/48			810		837,082
Series 2015-C26, Class D, 3.06%, 10/15/48(b)			1,935		1,561,529
Series 2017-C33, Class C, 4.56%, 05/15/50(e)			840		862,219
Morgan Stanley Capital I Trust:
Series 2006-IQ11, Class C, 6.25%, 10/15/42(e)			1,601		1,701,733
Series 2014-CPT, Class E, 3.45%, 07/13/29(b)(e)			250		249,119
Series 2014-CPT, Class F, 3.45%, 07/13/29(b)(e)			2,230		2,208,350
Series 2014-CPT, Class G, 3.45%, 07/13/29(b)(e)			1,290		1,260,460
Series 2015-MS1, Class C, 4.03%, 05/15/48(e)			1,000		983,953
Series 2015-MS1, Class D, 4.03%, 06/15/25(b)(e)			310		266,124
Series 2015-XLF2, Class AFSB, (1 mo. LIBOR US + 2.750%), 4.18%, 08/15/26(a)(b)			600		600,000
Series 2017-CLS, Class F, (1 mo. LIBOR US + 2.600%), 3.85%, 11/15/34(a)(b)			6,092		6,097,744
Series 2017-H1, Class A5, 3.53%, 06/15/50			1,090		1,125,632
Series 2017-H1, Class C, 4.28%, 06/15/50(e)			950		961,414
Series 2017-H1, Class D, 2.55%, 06/15/50(b)			4,190		3,405,925
Series 2017-PRME, Class D, (1 mo. LIBOR US + 3.400%), 4.88%, 02/15/34(a)(b)			700		699,992
Morgan Stanley Capital I, Inc.:
Series 2017-HR2, Class A4, 3.59%, 12/15/27			2,900		2,990,608
Series 2017-HR2, Class D, 2.73%, 12/15/27			690		552,800
Series 2017-JWDR, Class D, (1 mo. LIBOR US + 1.950%), 3.20%, 11/15/34(a)(b)			1,020		1,020,321
Series 2017-JWDR, Class E, (1 mo. LIBOR US + 3.050%), 4.30%, 11/15/19(a)(b)			1,890		1,891,190
Olympic Tower Mortgage Trust:
Series 2017-OT, Class D, 3.95%, 05/10/39(b)(e)			3,010		2,985,229
Series 2017-OT, Class E, 3.95%, 05/10/39(b)(e)			5,660		5,407,150
RAIT Trust:
Series 2017-FL7, Class A, (1 mo. LIBOR US + 0.950%), 2.43%, 06/15/37(a)(b)			3,530		3,531,820
Series 2017-FL7, Class C, (1 mo. LIBOR US + 2.500%), 3.98%, 06/15/37(a)(b)			550		549,998

30 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Resource Capital Corp. Ltd.:
Series 2017-CRE5, Class A, (1 mo. LIBOR US + 0.800%), 2.28%, 07/15/34(a)(b)	USD		3,010	$	3,011,892
Series 2017-CRE5, Class B, (1 mo. LIBOR US + 2.000%), 3.48%, 07/15/34(a)(b)			990		989,997
RSO, Series 17, Class REPO, 5.20%, 07/17/20(d)			10,410		10,382,934
STRIPs Ltd., Series 2012-1A, Class B, 0.50%, 12/25/44(b)(d)			708		700,537
Velocity Commercial Capital Loan Trust:
Series 2015-1, Class AFL, (1 mo. LIBOR US + 2.430%), 3.98%, 06/25/45(a)(b)			1,342		1,358,755
Series 2016-2, Class AFL, (1 mo. LIBOR US + 1.800%), 3.35%, 10/25/46(a)			1,227		1,244,851
Series 2016-2, Class M1, 3.66%, 10/25/46(e) .			360		336,977
Series 2016-2, Class M2, 4.46%, 10/25/46(e) .			200		189,072
Series 2016-2, Class M3, 5.50%, 10/25/46(d)(e)			340		324,630
Series 2016-2, Class M4, 7.23%, 10/25/46(e) .			370		397,396
VNDO Mortgage Trust, Series 2013-PENN, Class D, 3.95%, 12/13/29(b)(e)			550		558,055
VNDO Trust, Series 2016-350P, Class E, 3.90%, 01/10/35(b)(e)			1,960		1,884,000
Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class AJ, 5.63%, 10/15/48(e)			201		202,233
Waldorf Astoria Boca Raton Trust, (1 mo. LIBOR US + 1.350%), Series 2016-BOCA, Class A, 2.83%, 06/15/29(a)(b)			3,870		3,875,975
WaMu Mortgage Pass-Through Certificates Trust, (Cost of Funds for the 11th District of San Franciso + 1.500%), Series 2006-AR13, Class 2A, 2.24%, 10/25/46(a)			5,891		5,776,336
Wells Fargo Commercial Mortgage Trust:
Series 2015-C27, Class C, 3.89%, 02/15/48			902		851,543
Series 2015-C31, Class A4, 3.70%, 11/15/48			1,800		1,878,182
Series 2015-NXS2, Class A5, 3.77%, 07/15/58(e)			3,050		3,196,128
Series 2015-NXS4, Class D, 3.60%, 12/15/48(e)			220		199,337
Series 2017-C38, Class A5, 3.45%, 07/15/50 .			1,261		1,289,329
Series 2017-C39, Class C, 4.12%, 09/15/50			590		585,239
Series 2017-C39, Class D, 4.36%, 09/15/50(b)(e)			430		408,979
Series 2017-HSDB, Class A, (1 mo. LIBOR US + 0.850%), 2.31%, 12/13/31(a)(b)			1,508		1,511,207
WFRBS Commercial Mortgage Trust, Series 2014-C21, Class A5, 3.68%, 08/15/47 .			1,515		1,577,564
Worldwide Plaza Trust, Series 2017-WWP, Class E, 3.60%, 11/20/27(b)(e)			1,660		1,534,812
Total Commercial Mortgage-Backed Securities — 3.8% (Cost: $468,582,193)					472,285,317
Interest Only Collateralized Mortgage Obligations — 0.0%
Seasoned Credit Risk Transfer Trust:
Series 2017-3, Class B, 0.00%, 07/25/56 (b)(d)(k)			1,630		108,983
Series 2017-3, Class BIO, 1.12%, 07/25/56(b)(e)			3,299		328,006
Total Interest Only Collateralized Mortgage Obligations — 0.0% (Cost: $437,376)					436,989
Interest Only Commercial Mortgage-Backed Securities — 0.3%
245 Park Avenue Trust, Series 2017-245P, Class XA, 0.15%, 06/05/37(b)(e)			13,000		205,140

Security		Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Banc of America Commercial Mortgage Trust:
Series 2015-UBS7, Class XA, 0.90%, 09/15/48(e)	USD		1,183	$	61,892
Series 2017-BNK3, Class XB, 0.63%, 02/15/50(e)			23,000		1,143,560
Series 2017-BNK3, Class XD, 1.29%, 02/15/50(b)(e)			5,000		446,750
Barclays Commercial Mortgage Trust, Series 2015-SRCH, Class XA, 0.96%, 08/10/35(b)(e)			17,710		1,198,436
CFCRE Commercial Mortgage Trust:
Series 2016-C3, Class XD, 1.70%, 01/10/48(b)(e)			5,497		595,710
Series 2016-C4, Class XA, 1.75%, 05/10/58(e)			6,232		662,695
Series 2016-C4, Class XB, 0.73%, 05/10/58(e)			5,810		302,120
Citigroup Commercial Mortgage Trust:
Series 2014-GC25, Class XE, 1.23%, 10/10/47(b)(e)			2,760		180,252
Series 2015-GC27, Class XA, 1.41%, 02/10/48(e)			7,477		568,927
Series 2016-P3, Class XA, 1.71%, 04/15/49(e)			8,612		858,529
Series 2017-P8, Class XA, 0.93%, 09/15/50(e)			7,143		494,508
Citigroup/Deutsche Bank Mortgage Trust, Series 2017-CD3, Class XA, 1.04%, 02/10/50(e)			8,916		657,753
Commercial Mortgage Pass-Through Certificates:
Series 2013-CR6, Class XA, 1.10%, 03/10/46(e)			22,197		806,258
Series 2015-3BP, Class XA, 0.06%, 02/10/35(b)(e)			150,000		957,000
Series 2015-CR23, Class XA, 0.98%, 05/10/48(e)			29,135		1,372,518
Series 2015-CR24, Class XA, 0.81%, 08/10/48(e)			29,460		1,427,231
Series 2015-CR25, Class XA, 0.95%, 08/10/48(e)			23,640		1,284,486
Series 2016-DC2, Class XA, 1.06%, 02/10/49(e)			11,051		693,481
Series 2017-COR2, Class XA, 1.19%, 09/10/50(e)			7,852		695,938
Core Industrial Trust:
Series 2015-TEXW, Class XA, 0.77%, 02/10/34(b)(e)			12,909		360,071
Series 2015-WEST, Class XA, 0.93%, 02/10/37(b)(e)			9,900		580,752
CSAIL Commercial Mortgage Trust:
Series 2016-C5, Class XA, 1.05%, 11/15/48(e)			7,069		392,124
Series 2017-CX10, Class XB, 0.14%, 11/15/27(e)			12,490		222,322
Deutsche Bank JPMorgan Mortgage Trust, Series 2017-C6, Class XD, 1.00%, 06/10/50(b)(e)			5,780		401,363
FREMF Mortgage Trust, Series 2015-K718, Class X2A, 0.10%, 02/25/22(b)(e)			93,585		307,249
GS Mortgage Securities Trust, Series 2016-GS3, Class XA, 1.28%, 10/10/49(e)			4,928		399,135
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C23, Class XA, 0.83%, 09/15/47(e)			40,845		1,238,543

CONSOLIDATED SCHEDULE OF INVESTMENTS 31

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
JPMBB Commercial Mortgage Securities Trust: (continued)
Series 2015-C29, Class XA, 0.93%, 05/15/48(e)	USD		3,023	$	105,301
Series 2016-C1, Class XA, 1.39%, 03/15/49(e)			18,016		1,389,198
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class XC, 0.75%, 12/15/49(b)(e)			4,940		262,610
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2013-LC11, Class XB, 0.55%, 04/15/46(e)			4,570		118,070
Series 2014-C22, Class XA, 0.92%, 09/15/47(e)			4,018		185,878
Series 2015-C27, Class XA, 1.35%, 02/15/48(e)			37,245		2,246,843
Series 2016-JP3, Class XC, 0.75%, 08/15/49(b)(e)			13,040		549,897
Series 2016-JP4, Class XA, 0.81%, 12/15/49(e)			2,979		132,198
LSTAR Commercial Mortgage Trust, Series 2017-5, Class X, 1.23%, 03/10/50(b)(e)			3,991		198,641
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2014-C19, Class XF, 1.19%, 12/15/47(b)(d)(e)			4,370		263,358
Series 2015-C22, Class XA, 1.14%, 04/15/48(e)			3,035		174,497
Series 2015-C26, Class XA, 1.11%, 10/15/48(e)			12,091		762,835
Series 2015-C26, Class XD, 1.35%, 10/15/48(b)(e)			4,490		402,169
Series 2016-C28, Class XA, 1.28%, 01/15/49(e)			4,073		305,199
Series 2016-C29, Class XA, 1.64%, 05/15/49(e)			7,790		767,843
Series 2016-C29, Class XB, 0.96%, 05/15/49(e)			9,126		646,003
Series 2016-C31, Class XA, 1.46%, 11/15/49(e)			2,640		237,314
Morgan Stanley Capital I Trust:
Series 2016-UBS9, Class XD, 1.54%, 03/15/49(b)(e)			13,984		1,402,735
Series 2017-H1, Class XD, 2.20%, 06/15/50(b)(e)			3,293		505,871
Morgan Stanley Capital I, Inc., Series 2017-HR2, Class XA, 0.81%, 12/15/50(e)			15,582		998,280
Olympic Tower Mortgage Trust, Series 2017-OT, Class XA, 0.38%, 05/10/39(b)(e)			36,697		1,223,478
One Market Plaza Trust:
Series 2017-1MKT, Class XCP, 0.09%, 02/10/32(b)(e)			53,230		299,153
Series 2017-1MKT, Class XNCP, 0.00%, 02/10/32(b)(d)(e)			10,646		63,876
UBS Commercial Mortgage Trust, Series 2017-C1, Class XA, 1.61%, 06/15/50(e)			6,950		775,273
Wells Fargo Commercial Mortgage Trust:
Series 2015-C27, Class XA, 0.92%, 02/15/48(e)			16,423		830,820
Series 2015-NXS1, Class XB, 0.36%, 05/15/48(e)			3,210		105,592
Series 2015-NXS4, Class XA, 0.95%, 12/15/48(e)			3,216		177,545

Security		Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust: (continued)
Series 2016-BNK1, Class XB, 1.34%, 08/15/49(e)	USD		6,800	$	654,704
Series 2016-BNK1, Class XD, 1.27%, 08/15/49(b)(e)			3,420		288,716
Series 2016-C33, 1.80%, 03/15/59(e)			16,149		1,629,093
Series 2016-LC25, Class XA, 1.09%, 12/15/59(e)			12,289		779,278
Series 2017-C41, Class XA, 1.24%, 11/15/50(e)			17,540		1,605,913
WF-RBS Commercial Mortgage Trust, Series 2014-C20, Class XA, 1.13%, 05/15/47(e)			4,905		226,086
Total Interest Only Commercial Mortgage-Backed Securities — 0.3% (Cost: $39,479,803)					38,829,010
Total Non-Agency Mortgage-Backed Securities — 6.3% (Cost: $772,237,894)					781,038,145
Preferred Securities — 0.7%
Capital Trusts — 0.6%
Banks — 0.4%
ABN AMRO Bank NV, (5 yr. Euro Swap + 0.000%), 4.75%(m)(n)	EUR		800		1,000,672
Banco Bilbao Vizcaya Argentaria SA, (5 yr. Euro Swap + 0.000%), 8.88%(m)(n)			800		1,137,454
Banco Santander SA, (5 yr. Euro Swap + 0.000%), 6.75%(m)(n)			3,100		4,222,225
Bank of East Asia Ltd.:
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 5.50%(m)(n)	USD		688		701,089
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 5.63%(m)(n)			995		1,023,793
Bankia SA, (5 yr. Euro Swap + 0.000%), 6.00%(m)	EUR		600		751,764
China Construction Bank Corp., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 4.65%(m)	USD		585		586,615
Danske Bank A/S, (5 yr. Euro Swap + 0.000%), 5.88%(m)(n)	EUR		850		1,157,913
Hongkong & Shanghai Banking Corp. Ltd., (3 mo. LIBOR US + 0.000%), 1.63%(a)(n)	USD		1,500		1,320,000
HSBC Holdings PLC, (USD Swap Rate 11:00 am NY 1 + 0.000%), 6.00%(m)(n)			10,345		10,875,181
HSH Nordbank AG, 7.25%(n)			2,658		1,378,226
Industrial & Commercial Bank of China Asia Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 4.25%(m)(n)					850 836,548
Intesa Sanpaolo SpA, (5 yr. Euro Swap + 0.000%), 7.00%(m)(n)	EUR		1,049		1,391,964
Itau Unibanco Holding SA, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 6.13%(b)(m)	USD		556		555,825
Lehman Brothers Holdings Capital Trust VII, 5.86%(d)(n)			1,888		—
Lloyds Banking Group PLC:
(3 mo. LIBOR US + 0.000%), 6.41%(b)(m)			500		576,250
(3 mo. LIBOR US + 0.000%), 6.66%(m)			175		204,750

32 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued) December 31, 2017 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks (continued)
Lloyds Banking Group PLC: (continued) (3 mo. LIBOR US + 0.000%), 6.66%(b)(m)	USD		1,125	$	1,316,250
Macquarie Bank Ltd., (5 yr. Swap Semi 30/360 US + 0.000%), 6.13%(m)(n)			1,304		1,354,530
Nanyang Commercial Bank Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 5.00%(m)(n)			1,500		1,497,977
National Westminster Bank PLC, 1.75%(e)(n)			2,000		1,761,600
Postal Savings Bank of China Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 4.50%(m)(n)			2,000		1,970,000
UniCredit SpA:
(5 yr. Euro Swap + 0.000%), 6.63%(m)	EUR		600		781,100
(5 yr. Euro Swap + 0.000%), 6.75%(m)(n)			400		517,643
(5 yr. Euro Swap + 0.000%), 9.25%(m)(n)			700		1,017,152
United Overseas Bank Ltd., (5 yr. Swap Semi 30/360 US + 0.000%), 3.88%(m)	USD		1,070		1,067,564
Westpac Banking Corp., (USD Swap Rate 11:00 am NY 1 + 0.000%), 5.00%(m)(n)			325		324,169
Woori Bank:
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 4.50%(m)(n) .			1,238		1,228,029
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 5.25%(m)(n)(q)			1,975		2,009,549
					42,565,832
Capital Markets — 0.1%
Bank of New York Mellon Corp., (3 mo. LIBOR US + 0.000%), 4.63%(m)(n)			6,967		7,080,214
Commercial Services & Supplies — 0.0%
King Talent Management Ltd., 5.60%(e)(n)			800		797,864
Construction & Engineering — 0.0%
Chalieco Hong Kong Corp. Ltd., (3 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 5.70%(m)(n)			200		203,977
Diversified Financial Services — 0.0%
HBOS Capital Funding LP, 6.85%(n)			2,046		2,093,979
Huarong Finance 2017 Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 4.50%(m)(n)			399		402,844
					2,496,823
Diversified Telecommunication Services — 0.0%
Koninklijke KPN NV, (5 yr. Euro Swap + 0.000%), 6.13%(m)(n)	EUR		400		499,166
Orange SA:
(5 yr. Euro Swap + 0.000%), 4.00%(m)(n)			1,300		1,724,359
(5 yr. Euro Swap + 0.000%), 5.25%(m)(n)			1,090		1,552,639
					3,776,164
Electric Utilities — 0.0%
Electricite de France SA, (8 yr. Euro Swap + 0.000%), 4.13%(m)(n)			800		1,024,669
Enel SpA, (5 yr. Euro Swap + 0.000%), 5.00%, 01/15/75(m)			100		130,267
Gas Natural Fenosa Finance BV:
(9 yr. Euro Swap + 0.000%), 3.38%(m)(n)			900		1,134,362
(8 yr. Euro Swap + 0.000%), 4.13%(m)(n)			100		130,810
					2,420,108
Insurance — 0.0%
Assicurazioni Generali SpA, (3 mo. LIBOR GBP + 0.000%), 6.42%(m)(n)	GBP		100		149,327
Ethias SA, 5.00%, 01/14/26	EUR		800		1,108,119
					1,257,446

Security		Par (000)		Value
Machinery — 0.0%
Weichai International Hong Kong Energy Group Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 3.75%(m)(n)	USD		278	$	273,180
Media — 0.0%
NBCUniversal Enterprise, Inc., 5.25%(b)(n)			3,770		4,005,625
Metals & Mining — 0.0%
BHP Billiton Finance Ltd., (5 yr. Euro Swap + 0.000%), 5.63%, 10/22/79(m)	EUR		1,800		2,646,741
Multi-Utilities — 0.1%
Dominion Energy, Inc., 2.58%, 07/01/20	USD		6,650		6,652,781
Real Estate Management & Development — 0.0%
AT Securities BV, (5 yr. Swap Semi 30/360 US + 0.000%), 5.25%(m)(n)			1,250		1,265,625
ATF Netherlands BV, (5 yr. Euro Swap + 0.000%), 3.75%(m)	EUR		700		894,066
Grand City Properties SA, (5 yr. Euro Swap + 0.000%), 3.75%(m)(n)			800		1,025,149
					3,184,840
Transportation Infrastructure — 0.0%
Royal Capital BV, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 0.000%), 4.88%(m)(n)	USD		219		220,627
Wireless Telecommunication Services — 0.0%
Telefonica Europe BV:
(5 yr. Euro Swap + 0.000%), 3.75%(m)(n)	EUR		500		631,444
(5 yr. Euro Swap + 0.000%), 4.20%(m)(n)			400		506,756
(10 yr. Euro Swap + 0.000%), 5.88%(m)(n)			1,900		2,644,325
(8 yr. Euro Swap + 0.000%), 7.63%(m)(n)			200		287,369
					4,069,894
Total Capital Trusts — 0.6% (Cost: $76,876,718)					81,652,116
		Shares
Preferred Stocks — 0.0%
Diversified Financial Services — 0.0%
Concrete Investment II SCA, 0.00%, 08/27/44(d)(g)			12,471		404,009
Total Preferred Stocks — 0.0% (Cost: $1,088,511)					404,009
Trust Preferreds — 0.1%
Banks — 0.1%
Citigroup Capital XIII, 8.14%, 10/30/40			349,440		9,602,611
Total Trust Preferreds — 0.1% (Cost: $9,587,771)					9,602,611
Total Preferred Securities — 0.7% (Cost: $87,553,000)					91,658,736
		Par (000)
Taxable Municipal Bonds — 5.6%
Adams & Weld Counties School District No. 27J Brighton, CO GO, 5.00%, 12/01/42	USD		1,650		1,978,037
Alamo Community College District GO:
5.00%, 08/15/30			1,130		1,390,759
5.00%, 08/15/31			1,130		1,384,205
5.00%, 08/15/34			1,130		1,370,125
5.00%, 08/15/35			1,260		1,524,159
5.00%, 08/15/36			1,650		1,992,787
5.00%, 08/15/37			1,600		1,927,856

CONSOLIDATED SCHEDULE OF INVESTMENTS 33

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Alamo Community College District GO: (continued)
5.00%, 08/15/38	USD		1,570	$	1,888,741
Aldine Independent School District GO, 5.00%, 02/15/30			2,845		3,473,432
American Municipal Power, Inc. RB, 6.45%, 02/15/44			895		1,229,560
Arizona Health Facilities Authority RB, 1.95%, 01/01/37(e)			1,355		1,219,690
Bay Area Toll Authority RB:
6.92%, 04/01/40			3,145		4,537,669
7.04%, 04/01/50			5,965		9,423,626
Buckeye Tobacco Settlement Financing Authority RB, 5.88%, 06/01/47			5,210		5,020,095
California Health Facilities Financing Authority RB, 5.00%, 08/15/33			1,190		1,422,359
California Pollution Control Financing Authority RB, 5.00%, 11/21/45(b)			1,000		1,084,380
Central Texas Regional Mobility Authority RB:
5.00%, 01/01/45			900		1,014,858
5.00%, 01/01/46			900		1,017,540
Chesapeake Bay Bridge & Tunnel District RB, 5.00%, 07/01/51			700		786,422
Chesapeake Bay Bridge & Tunnel District RB AGM, 5.00%, 07/01/41			880		1,022,569
City & County of Denver, CO Airport System Revenue RB:
5.00%, 11/15/28			1,180		1,434,196
5.00%, 11/15/29			1,180		1,427,316
5.00%, 11/15/30			945		1,137,582
5.00%, 11/15/33			470		566,688
City & County of Honolulu, HI GO, 5.00%, 09/01/41			960		1,152,058
City of Aurora, CO Water Revenue RB, 5.00%, 08/01/46			1,700		2,006,119
City of Houston, TX Airport System Revenue RB, 5.00%, 07/01/24			700		789,194
City of Houston, TX Combined Utility System Revenue RB, 5.00%, 11/15/35			1,245		1,480,218
City of Long Beach, CA Harbor Revenue RB, 5.00%, 05/15/47			2,610		3,146,981
City of Los Angeles Department of Airports RB, 5.00%, 05/15/47			1,320		1,555,382
City of Miami Beach, FL Water & Sewer Revenue RB, 5.00%, 09/01/47			1,350		1,594,809
City of Philadelphia, PA Airport Revenue RB:
5.00%, 07/01/42			2,400		2,776,848
5.00%, 07/01/47			2,490		2,869,899
City of Phoenix Civic Improvement Corp RB, 5.00%, 07/01/47			990		1,154,310
City of Riverside, CA Electric Revenue RB, 7.61%, 10/01/40			1,325		2,017,419
City Public Service Board of San Antonio, TX RB, 5.81%, 02/01/41			3,260		4,333,225
Clark County School District GO:
5.00%, 06/15/23			545		628,412
5.00%, 06/15/24			680		797,470
5.00%, 06/15/27			365		437,398
5.00%, 06/15/28			705		840,875
Colorado Health Facilities Authority RB, 5.25%, 02/01/31			785		841,559
Commonwealth Financing Authority RB, 4.14%, 06/01/38			1,730		1,833,973
Commonwealth of Massachusetts GO:
5.00%, 11/01/39			1,890		2,275,636
5.00%, 11/01/40			3,740		4,495,929
5.00%, 11/01/41			1,890		2,270,192
5.00%, 11/01/42			1,890		2,266,582

Security		Par (000)		Value
Commonwealth of Massachusetts GO: (continued)
5.00%, 11/01/44	USD		3,780	$	4,525,945
5.00%, 11/01/45			1,890		2,261,158
5.00%, 11/01/46			2,580		3,081,758
Commonwealth of Massachusetts Transportation Fund Revenue RB:
5.00%, 06/01/40			1,455		1,758,338
5.00%, 06/01/41			1,640		1,980,316
5.00%, 06/01/43			1,740		2,097,692
Commonwealth of Puerto Rico GO, 8.00%, 07/01/35(g)(l)			24,815		5,893,563
Connecticut State Health & Educational Facility Authority RB, 5.00%, 07/01/45			1,700		1,880,013
Contra Costa Community College District GO, 6.50%, 08/01/34			570		741,507
County of Clark Department of Aviation RB, 5.00%, 07/01/21			1,800		1,973,088
County of Fairfax, VA Sewer Revenue RB, 5.00%, 07/15/44			750		906,045
County of Miami-Dade, FL Aviation Revenue RB:
2.50%, 10/01/24			2,490		2,405,440
3.35%, 10/01/29			560		552,462
3.45%, 10/01/30			1,030		1,041,217
3.50%, 10/01/31			965		976,483
5.00%, 10/01/38			1,600		1,836,272
County of Miami-Dade, FL GO:
5.00%, 07/01/34			1,000		1,183,540
5.00%, 07/01/35			960		1,133,789
Dallas Area Rapid Transit RB:
5.00%, 12/01/41			1,780		2,076,726
5.00%, 12/01/46			2,410		2,802,420
Dallas/Fort Worth International Airport RB:
5.00%, 11/01/42			2,025		2,205,549
Series A, 5.00%, 11/01/43			60		64,035
5.00%, 11/01/45			3,670		3,914,716
5.00%, 11/01/45			2,650		2,883,226
District of Columbia RB:
5.00%, 07/15/34			775		897,047
5.59%, 12/01/34			2,675		3,306,006
5.00%, 07/15/35			775		895,838
Dutchess County Local Development Corp. RB, 5.00%, 07/01/46			2,685		3,080,688
East Bay Municipal Utility District Water System Revenue RB, 5.00%, 06/01/45			840		1,014,334
Eastern Municipal Water District Financing Authority RB, 5.00%, 07/01/47			900		1,085,742
Golden State Tobacco Securitization Corp. RB, 5.13%, 06/01/47			4,095		4,091,724
Grant County Public Utility District No. 2 RB, 4.58%, 01/01/40			600		630,306
Great Lakes Water Authority Water Supply System Revenue RB, 5.25%, 07/01/33			755		913,656
Health & Educational Facilities Authority of the State of Missouri RB:
5.00%, 11/15/29			840		990,797
3.65%, 08/15/57			2,895		2,942,333
Kentucky Economic Development Finance Authority RB, 5.25%, 06/01/50			850		937,006
Lexington County Health Services District, Inc. RB, 5.00%, 11/01/41			1,880		2,115,357
Los Angeles Community College District GO, 6.60%, 08/01/42			4,740		6,972,635
Los Angeles County Metropolitan Transportation Authority RB:
5.00%, 07/01/32			2,070		2,558,189
5.00%, 07/01/40			3,760		4,574,905
5.00%, 07/01/41			2,500		3,039,475

34 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Los Angeles County Metropolitan Transportation Authority RB: (continued)
5.00%, 07/01/42	USD		4,500	$	5,466,780
5.00%, 07/01/42			3,560		4,308,063
Los Angeles Department of Water & Power RB, 6.60%, 07/01/50			1,065		1,654,360
Los Angeles Unified School District, 5.75%, 07/01/34			415		529,204
Los Angeles Unified School District GO, 6.76%, 07/01/34			4,355		6,014,778
Maryland Health & Higher Educational Facilities Authority RB, 5.25%, 07/01/27			815		940,135
Massachusetts Bay Transportation Authority RB:
5.00%, 07/01/39			970		1,162,943
5.00%, 07/01/40			1,020		1,221,940
5.00%, 07/01/41			1,060		1,268,873
5.00%, 07/01/41			890		1,065,374
5.00%, 07/01/42			1,115		1,333,674
5.00%, 07/01/42			890		1,064,547
5.00%, 07/01/43			890		1,063,719
5.00%, 07/01/44			890		1,062,900
5.00%, 07/01/45			890		1,062,073
Massachusetts Clean Water Trust RB:
5.00%, 02/01/27			670		822,592
5.00%, 02/01/28			1,140		1,394,870
Massachusetts Development Finance Agency RB, 5.00%, 07/01/47			1,260		1,455,905
Massachusetts Educational Financing Authority RB, 5.00%, 01/01/22			500		545,445
Mesquite Independent School District GO PSF, 5.00%, 08/15/42			1,700		2,014,551
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB, 5.00%, 07/01/46			1,800		2,042,190
Metropolitan St. Louis Sewer District RB, 5.00%, 05/01/42			2,770		3,332,670
Metropolitan Transportation Authority RB:
5.00%, 11/15/25			1,850		2,234,134
5.00%, 11/15/26			4,570		5,595,554
5.87%, 11/15/39			735		947,202
6.67%, 11/15/39			350		495,400
6.69%, 11/15/40			1,160		1,641,145
6.81%, 11/15/40			860		1,229,121
5.00%, 11/15/42			1,700		2,024,734
5.25%, 11/15/57			2,090		2,492,158
Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB:
7.46%, 10/01/46			1,060		1,626,347
5.00%, 10/01/53			1,000		1,079,930
Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB AGC, 0.00%, 10/01/39(k)			800		364,344
Metropolitan Washington Airports Authority RB, 5.00%, 10/01/32			2,710		3,194,792
Miami-Dade County Educational Facilities Authority RB, 5.07%, 04/01/50			1,300		1,456,520
Michigan Finance Authority RB:
5.00%, 06/01/39			840		953,207
5.00%, 11/15/41			850		961,664
5.00%, 12/01/47			5,660		6,238,452
Mississippi Hospital Equipment & Facilities Authority RB, 5.00%, 09/01/46			1,610		1,771,338
Municipal Electric Authority of Georgia RB:
5.00%, 01/01/20			1,630		1,727,441
6.64%, 04/01/57			1,610		2,063,762
New Jersey Educational Facilities Authority RB:
5.00%, 07/01/26			1,200		1,493,736

Security		Par (000)		Value
New Jersey Educational Facilities Authority RB: (continued)
5.00%, 07/01/34	USD		1,200	$	1,471,488
5.00%, 07/01/35			2,025		2,477,344
New Jersey State Turnpike Authority RB, 7.41%, 01/01/40			2,329		3,594,858
New Jersey Transportation Trust Fund Authority RB, 5.00%, 06/15/29			915		1,039,714
New Orleans Aviation Board RB, 5.00%, 01/01/40			1,580		1,780,170
New York City Transitional Finance Authority Building Aid Revenue RB, 5.00%, 07/15/40			930		1,099,939
New York City Transitional Finance Authority Future Tax Secured Revenue RB:
2.28%, 05/01/26			1,265		1,186,734
3.05%, 05/01/27			4,675		4,610,999
5.00%, 08/01/31			470		567,454
5.00%, 02/01/35			1,040		1,229,925
5.00%, 05/01/36			990		1,174,180
New York City Water & Sewer System RB:
5.75%, 06/15/41			1,330		1,815,663
6.01%, 06/15/42			665		935,675
5.38%, 06/15/43			4,410		4,850,250
5.50%, 06/15/43			5,285		5,855,569
5.88%, 06/15/44			1,195		1,653,175
5.00%, 06/15/47			2,350		2,779,204
New York Convention Center Development Corp. RB:
5.00%, 11/15/40			930		1,069,286
5.00%, 11/15/46			2,370		2,780,863
New York Liberty Development Corp RB, 5.25%, 10/01/35			1,030		1,350,361
New York State Dormitory Authority RB:
5.00%, 02/15/27			870		1,067,899
5.00%, 02/15/28			870		1,063,297
5.00%, 02/15/31			780		939,011
5.00%, 03/15/32			1,395		1,671,322
5.00%, 02/15/34			1,870		2,260,269
5.00%, 02/15/35			1,870		2,254,939
5.00%, 02/15/36			1,870		2,251,405
5.00%, 02/15/37			1,870		2,246,113
5.00%, 02/15/38			1,870		2,242,597
5.00%, 02/15/39			1,870		2,240,840
5.00%, 02/15/40			3,870		4,633,822
5.39%, 03/15/40			1,470		1,854,743
5.00%, 02/15/41			1,870		2,237,343
5.00%, 02/15/42			3,450		4,124,475
5.00%, 02/15/43			3,430		4,097,341
New York State Urban Development Corp. RB:
2.86%, 03/15/24			5,580		5,540,215
3.12%, 03/15/25			2,900		2,910,295
3.32%, 03/15/29			4,035		4,025,639
New York Transportation Development Corp. RB:
5.00%, 08/01/20			2,200		2,342,670
5.00%, 07/01/46			730		801,555
5.25%, 01/01/50			3,450		3,827,602
North Texas Tollway Authority RB:
5.00%, 01/01/35			1,520		1,792,202
5.00%, 01/01/39			1,070		1,266,805
5.00%, 01/01/39			1,030		1,203,720
5.00%, 01/01/43			3,150		3,711,393
5.00%, 01/01/43			940		1,093,681
Northwest Independent School District GO PSF, 5.00%, 02/15/42			2,285		2,685,720
Orange County Local Transportation Authority RB, 6.91%, 02/15/41			2,790		3,933,677

CONSOLIDATED SCHEDULE OF INVESTMENTS 35

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oregon School Boards Association GO:
5.48%, 06/30/22	USD		4,895	$	5,501,442
5.49%, 06/30/23			7,030		8,021,581
Oregon School Boards Association GO AMBAC, 4.76%, 06/30/28			4,460		4,911,263
Oxnard School District GO BAM, 5.00%, 08/01/45			1,270		1,499,768
Palm Beach County School District GO, 5.00%, 08/01/26			4,900		5,984,223
Pennsylvania Economic Development Financing Authority RB:
5.00%, 12/31/22			1,000		1,125,700
5.00%, 12/31/38			320		361,773
Pennsylvania Turnpike Commission RB:
5.00%, 06/01/42			830		943,328
5.25%, 06/01/47			830		963,638
Permanent University Fund — University of Texas System RB, 3.38%, 07/01/47			3,945		3,962,516
Port Authority of New York & New Jersey RB:
4.96%, 08/01/46			1,970		2,441,579
5.00%, 11/15/47			860		1,009,133
4.93%, 10/01/51			1,045		1,291,223
4.46%, 10/01/62			3,505		4,047,329
4.81%, 10/15/65			1,740		2,119,616
Public Power Generation Agency RB, 5.00%, 01/01/35			1,070		1,243,351
Regents of the University of California Medical Center Pooled Revenue RB:
6.40%, 05/15/31			2,040		2,580,886
6.58%, 05/15/49			2,860		4,023,248
Richardson Independent School District GO PSF, 5.00%, 02/15/42			1,700		1,992,706
Royal Oak Hospital Finance Authority RB, 5.00%, 09/01/39			1,160		1,293,957
Salt Lake City Corp. Airport Revenue RB:
5.00%, 07/01/47			2,960		3,432,712
5.00%, 07/01/47			1,100		1,294,513
Salt River Project Agricultural Improvement & Power District RB:
5.00%, 01/01/30			750		936,728
5.00%, 01/01/31			370		458,375
5.00%, 01/01/34			940		1,152,280
5.00%, 01/01/35			510		623,654
5.00%, 01/01/36			1,110		1,355,166
5.00%, 12/01/36			1,280		1,508,506
5.00%, 01/01/37			2,890		3,519,760
5.00%, 01/01/38			1,400		1,702,302
5.00%, 01/01/39			1,020		1,239,249
San Antonio Education Facilities Corp. RB, 5.00%, 06/01/47			2,480		2,919,605
San Diego Public Facilities Financing Authority Sewer Revenue RB, 5.00%, 05/15/39			1,250		1,487,688
San Diego Unified School District GO:
5.00%, 07/01/41			2,370		2,870,236
5.00%, 07/01/47			1,800		2,171,484
San Francisco City & County Airport Comm-San Francisco International Airport RB:
5.00%, 05/01/41			1,690		1,956,243
5.00%, 05/01/46			830		957,438
San Francisco City & County Airport RB, 5.00%, 05/01/47			1,890		2,208,900
San Jose Redevelopment Agency Successor Agency TA:
2.96%, 08/01/24			7,265		7,252,504
3.13%, 08/01/28			4,275		4,181,036
3.25%, 08/01/29			3,585		3,533,376
South Carolina Public Service Authority RB:
2.39%, 12/01/23			2,692		2,562,703

Security		Par (000)		Value
South Carolina Public Service Authority RB: (continued)
5.00%, 12/01/24	USD		950	$	1,116,336
5.00%, 12/01/25			1,560		1,840,800
5.00%, 12/01/26			460		539,727
5.00%, 12/01/27			560		661,870
5.00%, 12/01/28			1,120		1,303,389
5.00%, 12/01/28			570		668,513
5.00%, 12/01/29			1,030		1,202,947
5.00%, 12/01/31			400		466,904
5.00%, 12/01/32			560		651,274
5.00%, 12/01/46			830		933,451
5.00%, 12/01/49			1,730		1,925,058
5.00%, 12/01/50			1,730		1,942,461
State Board of Administration Finance Corp. RB:
3.00%, 07/01/20			3,770		3,819,349
2.64%, 07/01/21			4,400		4,404,532
State of California GO:
5.00%, 09/01/27			250		309,815
7.50%, 04/01/34			2,210		3,272,612
7.55%, 04/01/39			3,715		5,845,961
7.30%, 10/01/39			820		1,223,325
7.35%, 11/01/39			1,320		1,980,950
7.60%, 11/01/40			6,115		9,765,227
State of Delaware GO, 5.00%, 01/01/24			1,180		1,399,551
State of Georgia GO, 5.00%, 07/01/26			855		1,062,765
State of Illinois GO, 5.10%, 06/01/33			8,190		8,176,405
State of Kansas Department of Transportation RB, 5.00%, 09/01/35			930		1,098,981
State of Maryland GO:
5.00%, 08/01/24			4,670		5,593,025
5.00%, 08/01/26			1,600		1,988,000
State of Ohio GO:
5.00%, 05/01/27			1,740		2,094,107
5.00%, 05/01/30			1,180		1,413,923
5.00%, 03/15/32			2,380		2,771,677
5.00%, 05/01/32			1,580		1,877,846
State of Texas GO, 5.00%, 10/01/36			4,970		5,928,464
State of Texas RB, 4.00%, 08/30/18			9,310		9,463,615
State of Washington GO:
5.00%, 07/01/28			480		572,520
5.00%, 08/01/28			1,000		1,219,520
5.00%, 08/01/29			1,000		1,215,160
5.00%, 07/01/30			5,390		6,390,330
5.00%, 08/01/30			1,000		1,209,080
5.00%, 08/01/40			2,720		3,211,422
5.00%, 08/01/40			2,375		2,826,630
5.00%, 08/01/40			1,120		1,332,979
5.00%, 02/01/41			1,880		2,219,378
5.00%, 08/01/41			2,585		3,074,160
5.00%, 08/01/41			1,175		1,397,345
5.00%, 08/01/42			2,820		3,351,006
5.00%, 08/01/42			1,245		1,479,433
State of Wisconsin GO:
5.00%, 11/01/29			2,960		3,652,581
5.00%, 11/01/31			2,890		3,533,458
5.00%, 05/01/32			1,040		1,232,182
5.00%, 05/01/33			940		1,110,920
5.00%, 11/01/33			1,520		1,845,645
5.00%, 05/01/34			1,220		1,438,221
5.00%, 05/01/36			1,520		1,786,289
5.00%, 05/01/38			1,530		1,792,426
State of Wisconsin RB, 3.15%, 05/01/27			4,780		4,846,824
Sumter Landing Community Development
District RB,4.17%, 10/01/47			920		997,446
Texas A&M University RB:
2.76%, 05/15/26			5,045		4,943,242

36 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Texas A&M University RB: (continued) 2.84%, 05/15/27	USD		2,240	$	2,200,845
Texas Municipal Gas Acquisition & Supply Corp. RB, 6.25%, 12/15/26			850		1,021,088
Texas Private Activity Bond Surface Transportation Corp. RB, 5.00%, 12/31/55			370		408,140
Texas Water Development Board RB:
5.00%, 10/15/40			1,590		1,871,971
5.00%, 10/15/42			3,100		3,735,934
5.00%, 10/15/45			1,360		1,592,778
Tobacco Settlement Finance Authority RB, 7.47%, 06/01/47			6,770		6,580,508
Tobacco Settlement Financing Corp. RB:
5.00%, 06/01/41			3,580		3,474,104
6.71%, 06/01/46			3,325		2,998,285
TSASC, Inc. RB, 5.00%, 06/01/41			1,700		1,910,171
United Independent School District GO PSF, 5.00%, 08/15/47			1,510		1,798,153
University of California RB:
3.06%, 07/01/25			1,865		1,885,310
4.60%, 05/15/31			1,950		2,167,347
5.00%, 05/15/47			2,300		2,749,880
4.86%, 05/15/12			1,415		1,579,480
University of Houston RB:
5.00%, 02/15/33			955		1,124,770
5.00%, 02/15/34			875		1,027,749
5.00%, 02/15/35			1,990		2,332,638
5.00%, 02/15/36			2,560		2,996,685
University of Massachusetts Building Authority RB, 5.00%, 11/01/31			1,190		1,419,872
University of Virginia RB:
5.00%, 04/01/44			1,970		2,372,392
5.00%, 04/01/46			1,820		2,188,423
4.18%, 09/01/99			2,470		2,575,765
Virginia Commonwealth Transportation Board RB:
5.00%, 03/15/25			1,880		2,263,388
5.00%, 03/15/26			2,370		2,899,174
5.00%, 09/15/26			2,800		3,450,020
Virginia Small Business Financing Authority RB, 5.00%, 12/31/56			2,190		2,447,719
Weld County School District No. RE-4 GO, 5.25%, 12/01/41			1,560		1,888,286
West Virginia Hospital Finance Authority RB:
5.00%, 06/01/19			895		934,711
5.00%, 06/01/20			965		1,033,592
5.00%, 06/01/21			960		1,052,496
5.00%, 06/01/22			1,050		1,177,375
5.00%, 06/01/23			870		993,853
5.00%, 06/01/24			935		1,087,751
Wisconsin Health & Educational Facilities Authority RB, 5.00%, 12/15/44			790		874,972
Total Taxable Municipal Bonds — 5.6% (Cost: $688,315,067)					695,301,883
U.S. Government Sponsored Agency Securities — 67.2%
Agency Obligations — 0.1%
Fannie Mae 6.63%, 11/15/30			1,450		2,039,144
Freddie Mac:
4.88%, 06/13/18			4,300		4,362,380
3.75%, 03/27/19			3,650		3,735,352
					10,136,876
Collateralized Mortgage Obligations — 0.6%
Fannie Mae:
Series 2005-48, Class AR, 5.50%, 02/25/35 .			4		3,828

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Fannie Mae: (continued)
Series 2017-C05, Class 1M2, (1 mo. LIBOR US + 2.200 %), 3.75%, 01/25/30(a)	USD		2,245	$	2,268,288
Series 2017-C04, Class 2M2, (1 mo. LIBOR US + 2.850 %), 4.40%, 11/25/29(a)			1,585		1,647,670
Series 2017-C03, Class 1M2, (1 mo. LIBOR US + 3.000 %), 4.55%, 10/25/29(a)			676		711,084
Series 2017-C01, Class 1M2, (1 mo. LIBOR US + 3.550 %), 5.10%, 07/25/29(a)			3,204		3,481,916
Series 2017-C05, Class 1B1, (1 mo. LIBOR US + 3.600 %), 5.15%, 01/25/30(a)			3,850		3,835,350
Series 2017-C07, Class 1B1, (1 mo. LIBOR US + 4.000 %), 5.55%, 05/25/30(a)			3,464		3,591,868
Series 2016-C04, Class 1M2, (1 mo. LIBOR US + 4.250 %), 5.80%, 01/25/29(a)			4,553		5,159,129
Series 2016-C06, Class 1M2, (1 mo. LIBOR US + 4.250 %), 5.80%, 04/25/29(a)			4,038		4,592,982
Series 2017-C03, Class 1B1, (1 mo. LIBOR US + 4.850 %), 6.40%, 10/25/29(a)			9,530		10,419,855
Series 2017-C01, Class 1B1, (1 mo. LIBOR US + 5.750 %), 7.30%, 07/25/29(a)			1,713		1,995,892
Series 2016-C02, Class 1M2, (1 mo. LIBOR US + 6.000 %), 7.55%, 09/25/28(a)			640		759,737
Freddie Mac:
Series 2015-DN1, Class B, (1 mo. LIBOR US + 11.500 %), 13.05%, 01/25/25(a)			504		730,542
Series 2017-HRP1, Class M2, (1 mo. LIBOR US + 2.450 %), 3.86%, 12/25/42(a)			810		827,406
Series 2017-DNA3, Class M2, (1 mo. LIBOR US + 2.500 %), 4.05%, 03/25/30(a)			7,630		7,902,371
Series 2017-HQA2, Class M2, (1 mo. LIBOR US + 2.650 %), 4.20%, 12/25/29(a)			2,959		3,059,893
Series 2017-DNA1, Class M2, (1 mo. LIBOR US + 3.250 %), 4.80%, 07/25/29(a)			3,290		3,525,712
Series 2017-DNA2, Class M2, (1 mo. LIBOR US + 3.450 %), 5.00%, 10/25/29(a)			4,004		4,355,738
Series 2016-DNA4, Class M3, (1 mo. LIBOR US + 3.800 %), 5.35%, 03/25/29(a)			3,200		3,571,729
Series 2017-DNA3, Class B1, (1 mo. LIBOR US + 4.450 %), 6.00%, 03/25/30(a)			3,870		4,146,068
Series 2017-DNA2, Class B1, (1 mo. LIBOR US + 5.150 %), 6.70%, 10/25/29(a)			2,180		2,427,200
Series 2015-HQ2, Class B, (1 mo. LIBOR US + 7.950 %), 9.50%, 05/25/25(a)			530		651,011
					69,665,269
Commercial Mortgage-Backed Securities — 0.1%
Fannie Mae:
Series 2006-M2, Class A2A, 5.27%, 10/25/32(e)			2,229		2,383,411
Series 2015-M10, Class A2, 3.09%, 04/25/27(e)			1,000		1,012,892
Series 2017-M8, Class A2, 3.06%, 05/25/27(e)			1,056		1,068,495
Freddie Mac:
Series K034, Class A2, 3.53%, 07/25/23(e)			1,220		1,281,446
Series K058, Class A2, 2.65%, 08/25/26			1,160		1,146,372
Series K059, Class A2, 3.12%, 09/25/26(e)			2,860		2,923,346
Series K060, Class A2, 3.30%, 10/25/26			1,220		1,264,045
Series K061, Class A2, 3.35%, 11/25/26(e)			1,400		1,455,707
Series K062, Class A2, 3.41%, 12/25/26			237		247,017
Series K069, Class A2, 3.19%, 09/25/27(e)			1,170		1,199,749
Series KPLB, Class A, 2.77%, 05/25/25			2,700		2,691,702
					16,674,182

CONSOLIDATED SCHEDULE OF INVESTMENTS 37

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities — 0.2%
Fannie Mae:
Series 2013-M5, Class X2, 2.18%, 01/25/22(e)	USD		10,385	$	515,125
Series 2014-M13, Class X2, 0.13%, 08/25/24(e)			120,070		971,958
Series 2015-M4, Class X2, 0.56%, 07/25/22(e)			38,898		810,989
Series 2016-M4, Class X2, 2.70%, 01/25/39(e)			13,242		1,503,302
Series 2017-M12, Class X, 0.33%, 06/25/27(e)			16,448		364,949
Freddie Mac:
Series K045, Class X1, 0.46%, 01/25/25(e)			13,985		384,861
Series K056, Class X1, 1.27%, 05/25/26(e)			9,850		848,642
Series K064, Class X1, 0.61%, 03/25/27(e)			26,616		1,266,441
Series K065, Class X1, 0.68%, 04/25/27(e)			46,823		2,483,065
Series K718, Class X1, 0.64%, 01/25/22(e)			5,981		132,968
Series K721, Class X1, 0.34%, 08/25/22(e)			12,790		167,283
Series KIR1, Class X, 1.09%, 03/25/26(e)			9,176		651,627
Series KW03, Class X1, 0.85%, 06/25/27(e)			7,736		463,930
Ginnie Mae:
Series 2012-120, Class IO, 0.79%, 02/16/53(e)			15,846		705,134
Series 2012-23, Class IO, 0.72%, 06/16/53(e)			4,117		113,510
Series 2013-191, Class IO, 0.76%, 11/16/53(e)			2,990		107,595
Series 2014-40, Class AI, 1.00%, 02/16/39			8,841		203,874
Series 2014-52, Class AI, 0.83%, 08/16/41			6,202		147,928
Series 2015-173, Class IO, 0.90%, 09/16/55(e)			6,890		456,781
Series 2015-22, Class IO, 0.73%, 03/16/55(e)			11,122		616,842
Series 2015-48, Class IO, 0.68%, 02/16/50(e)			5,908		298,127
Series 2016-110, Class IO, 1.04%, 05/16/58(e)			6,570		534,146
Series 2016-119, Class IO, 1.13%, 10/16/52(e)			10,150		837,592
Series 2016-125, Class IO, 1.06%, 12/16/57(e)			9,337		702,653
Series 2016-152, Class IO, 0.98%, 08/15/58(e)			18,381		1,425,013
Series 2016-158, Class IO, 0.91%, 06/16/58(e)			6,605		492,294
Series 2016-87, Class IO, 1.01%, 08/16/58(e)			9,342		713,108
Series 2017-100, Class IO, 0.81%, 05/16/59(e)			8,904		611,157
Series 2017-111, Class IO, 0.74%, 02/16/59(e)			21,241		1,575,448
Series 2017-151, Class IO, 0.71%, 09/16/57(d)(e)			13,770		903,205
Series 2017-173, Class IO, 1.37%, 09/16/57(e)			8,487		812,121
Series 2017-69, Class IO, 0.80%, 07/16/59(e)			5,685		402,345
Series 2017-86, Class IO, 0.77%, 05/16/59(e)			6,161		432,136
					22,656,149
Mortgage-Backed Securities — 66.2%
Fannie Mae Mortgage-Backed Securities:
5.00%, 05/01/23-01/01/48(u)			58,584		63,340,289
4.00%, 01/01/25-01/01/57(q)(u)(v)			1,606,776		1,686,101,118

Security		Par (000)		Value
Mortgage-Backed Securities (continued)
Fannie Mae Mortgage-Backed Securities: (continued)
4.50%, 02/01/25-02/01/57(u)	USD		413,765	$	445,375,800
3.50%, 08/01/26-01/01/48(u)			504,486		521,624,118
3.00%, 01/01/27-01/01/48(v)			1,751,621		1,762,595,773
2.50%, 09/01/27-01/01/33(d)			768,234		767,763,553
5.50%, 12/01/32-01/01/47(u)			34,595		38,301,753
6.00%, 02/01/34-01/01/47(u)			21,013		23,512,850
6.50%, 05/01/40			3,896		4,355,531
5.05%, 09/01/44			5,089		5,521,364
Freddie Mac Mortgage-Backed Securities:
2.50%, 02/01/24-01/01/33(q)(u)			118,765		118,976,864
3.00%, 10/01/27-01/01/48(u)			442,471		444,326,153
3.50%, 09/01/30-01/01/48(q)(u)			383,850		396,565,324
5.50%, 02/01/35-06/01/41			4,523		4,996,944
5.00%, 07/01/35-11/01/41			14,709		16,042,411
4.50%, 02/01/39-01/01/48(u)			150,274		162,017,470
4.00%, 01/01/40-01/01/48(q)(u)(v)			247,136		260,019,367
6.00%, 01/01/48(u)			7,800		8,716,195
Ginnie Mae Mortgage-Backed Securities:
5.00%, 04/15/33-07/20/44			10,500		11,398,277
4.00%, 04/20/39-01/01/48(u)			793,884		827,805,966
4.50%, 12/20/39-01/01/48			67,086		70,834,258
3.50%, 12/20/41-01/01/48(u)			383,636		396,770,601
5.50%, 01/15/47(u)			5,800		6,256,492
3.00%, 01/01/48(u)			129,290		130,461,691
					8,173,680,162
Total U.S. Government Sponsored Agency Securities — 67.2% (Cost: $8,306,145,031)					8,292,812,638
U.S. Treasury Obligations — 38.3%
U.S. Treasury Bonds:
4.25%, 05/15/39(q)			21,157		26,741,291
4.50%, 08/15/39			20,531		26,819,421
4.38%, 11/15/39			20,611		26,519,755
3.13%, 02/15/43(q)(w)			82,147		88,253,474
2.88%, 05/15/43-11/15/46			106,026		108,965,839
3.63%, 08/15/43(x)			78,415		91,518,882
3.75%, 11/15/43(q)(v)(x)			92,327		110,009,785
3.00%, 02/15/47			14,938		15,709,991
2.75%, 11/15/47(q)			194,884		195,203,731
U.S. Treasury Inflation Indexed Notes, 0.13%, 04/15/21-04/15/22(q)(w)			205,745		204,788,054
U.S. Treasury Notes:
1.25%, 04/30/19-05/31/19(q)			495,483		491,469,544
1.75%, 11/30/19-09/30/22(q)			1,264,179		1,256,503,560
1.50%, 04/15/20-03/31/23(q)			367,337		362,925,387
2.63%, 08/15/20-11/15/20(q)(w)			376,523		383,269,778
1.88%, 12/15/20-04/30/22(q)			198,475		196,584,032
1.63%, 11/15/22-04/30/23			107,726		104,822,490
2.00%, 11/30/22-11/15/26(q)(w)(x)			678,186		666,576,750
2.13%, 11/30/24-05/15/25(q)			153,328		151,231,555
2.25%, 11/15/25-11/15/27(q)(x)			216,095		213,353,667
Total U.S. Treasury Obligations — 38.3% (Cost: $4,729,387,625)					4,721,266,986
Total Long-Term Investments — 168.0% (Cost: $20,660,172,668)					20,729,496,617

38 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Short-Term Securities — 0.9%
Borrowed Bond Agreements — 0.9%(y)
Barclays Bank PLC, (0.95)%, Open(z) (Purchased on 10/20/17 to be repurchased at EUR 405,472, collateralized by Dufry One Bv, 2.50% due at 10/15/24, par and fair value of EUR 400,000 and $488,336, respectively)	EUR		406	$	487,392
Barclays Bank PLC, (0.95)%, Open(z) (Purchased on 10/19/17 to be repurchased at EUR 507,015, collateralized by Dufry One Bv, 2.50% due at 10/15/24, par and fair value of EUR 500,000 and $610,419, respectively)			508		609,450
Barclays Bank PLC, (0.95)%, Open (z) (Purchased on 10/19/17 to be repurchased at EUR 304,044, collateralized by Dufry One Bv, 2.50% due at 10/15/24, par and fair value of EUR 300,000 and $366,252, respectively)			305		365,472
Barclays Bank PLC, (0.70)%, Open(z) (Purchased on 02/06/17 to be repurchased at EUR 2,775,653, collateralized by Kingdom of Spain, 5.40% due at 01/31/23, par and fair value of EUR 2,200,000 and $3,298,094, respectively)			2,793		3,351,667
Barclays Bank PLC, (0.25)%, Open(z) (Purchased on 10/18/17 to be repurchased at $520,982, collateralized by Bank of Communications Co. Ltd., 5.00% (n), par and fair value of USD 500,000 and $506,500, respectively)	USD		521		521,250
Barclays Bank PLC, 0.20%, Open(z) (Purchased on 06/09/17 to be repurchased at GBP 23,659,404, collateralized by United Kingdom Gilt Inflation Linked Bonds, 0.13% due at 03/22/26, par and fair value of GBP 20,022,302 and $31,817,966, respectively)	GBP		23,633		31,907,693
Barclays Bank PLC, 0.90%, Open(z) (Purchased on 10/31/17 to be repurchased at $1,459,937, collateralized by Deutsche Bank AG, 6.25% (n), par and fair value of USD 1,400,000 and $1,396,360, respectively)	USD		1,458		1,457,750
Barclays Capital, Inc., (2.00)%, Open(z) (Purchased on 10/23/17 to be repurchased at $1,279,875, collateralized by K Hovnanian Enterprises, Inc., 7.00% due at 01/15/19, par and fair value of USD 1,280,000 and $1,264,000, respectively)			1,285		1,284,800
Barclays Capital, Inc., (0.25)%, Open(z) (Purchased on 10/16/17 to be repurchased at $2,177,785, collateralized by Cemex SAB de CV, 7.75% due at 04/16/26, par and fair value of USD 1,903,000 and $2,155,148, respectively)			2,179		2,178,935
Barclays Capital, Inc., 0.50%, Open(z) (Purchased on 12/22/17 to be repurchased at $2,057,790, collateralized by Cemex SAB de CV, 5.70% due at 01/11/25, par and fair value of USD 1,903,000 and $2,007,665, respectively)			2,058		2,057,619

Security		Par (000)		Value
Borrowed Bond Agreements (continued)(y)
Barclays Capital, Inc., 1.00%, Open(z) (Purchased on 06/01/17 to be repurchased at $5,479,026, collateralized by Target Corp., 4.00% due at 07/01/42, par and fair value of USD 5,400,000 and $5,586,865, respectively)	USD		5,447	$	5,447,250
Barclays Capital, Inc., 1.00%, Open(z) (Purchased on 11/07/17 to be repurchased at $2,535,247, collateralized by Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.75% due at 04/15/23, par and fair value of USD 2,570,000 and $2,492,900, respectively)			2,531		2,531,450
BNP Paribas Securities Corp., (2.86)%, Open(z) (Purchased on 11/24/17 to be repurchased at EUR 644,971, collateralized by NEW Areva Holding SA, 4.38% due at 11/06/19, par and fair value of EUR 600,000 and $766,702, respectively)	EUR		647		775,962
BNP Paribas Securities Corp., (1.20)%, Open(z) (Purchased on 12/13/17 to be repurchased at EUR 310,758, collateralized by Altice Luxembourg SA, 7.25% due at 05/15/22, par and fair value of EUR 300,000 and $364,662, respectively)			311		373,073
Citigroup Global Markets, Inc., 0.90%, Open(z) (Purchased on 10/12/17 to be repurchased at $9,782,163, collateralized by Target Corp., 3.63% due at 04/15/46, par and fair value of USD 10,143,000 and $9,872,305, respectively)	USD		9,763		9,762,638
Citigroup Global Markets, Inc., 0.90%, Open(z) (Purchased on 11/02/17 to be repurchased at $2,074,947, collateralized by Ecopetrol SA, 5.38% due at 06/26/26, par and fair value of USD 1,903,000 and $2,054,669, respectively)			2,072		2,071,891
Citigroup Global Markets, Inc., 1.00%, Open(z) (Purchased on 11/09/17 to be repurchased at $354,068, collateralized by El Puerto de Liverpool SAB de CV, 3.88% due at 10/06/26, par and fair value of USD 354,000 and $345,150, respectively)			354		353,558
Citigroup Global Markets, Inc., 1.10%, Open(z) (Purchased on 04/24/17 to be repurchased at $7,054,984, collateralized by Walt Disney Co., 4.13% due at 06/01/44, par and fair value of USD 6,700,000 and $7,235,848, respectively)			7,002		7,001,500
Citigroup Global Markets, Inc., 1.10%, Open(z) (Purchased on 06/01/17 to be repurchased at $5,475,410, collateralized by Target Corp., 4.00% due at 07/01/42, par and fair value of USD 5,400,000 and $5,586,865, respectively)			5,441		5,440,500
Citigroup Global Markets, Inc., 1.10%, Open(z) (Purchased on 11/03/17 to be repurchased at $5,456,920, collateralized by Netflix, Inc., 4.38% due at 11/15/26, par and fair value of USD 5,420,000 and $5,298,050, respectively)			5,447		5,447,100

CONSOLIDATED SCHEDULE OF INVESTMENTS 39

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Borrowed Bond Agreements (continued)(y)
Deutsche Bank AG, (1.00)%, Open(z)
(Purchased on 01/31/17 to be repurchased at EUR 2,828,178, collateralized by Kingdom of Spain, 5.40% due at 01/31/23, par and fair value of EUR 2,200,000 and $3,298,094, respectively)	EUR		2,855	$	3,425,061
Deutsche Bank AG, (0.25)%, 1/12/18
(Purchased on 11/20/17 to be repurchased at JPY 1,076,610,973, collateralized by Government of Japan (20-Year Bond), 0.60% due at 09/20/37, par and fair value of JPY 1,070,000,000 and $9,561,864, respectively)	JPY		1,076,955		9,558,065
J.P. Morgan Securities PLC, (1.85)%, Open(z)
(Purchased on 10/26/17 to be repurchased at EUR 700,383, collateralized by Wind Tre SpA, 3.13% due at 01/20/25, par and fair value of EUR 700,000 and $817,535, respectively)	EUR		703		842,908
J.P. Morgan Securities PLC, (1.85)%, Open(z)
(Purchased on 10/25/17 to be repurchased at EUR 1,405,526, collateralized by Wind Tre SpA, 3.13% due at 01/20/25, par and fair value of EUR 1,400,000 and $1,635,069, respectively)			1,410		1,691,543
J.P. Morgan Securities PLC, (1.65)%, Open (z)
(Purchased on 11/28/17 to be repurchased at EUR 760,782, collateralized by Saipem Finance International BV, 3.75% due at 09/08/23, par and fair value of EUR 700,000 and $890,555, respectively)			762		914,162
J.P. Morgan Securities PLC, (1.35)%, Open(z)
(Purchased on 12/14/17 to be repurchased at EUR 854,344, collateralized by Altice Luxembourg SA, 7.25% due at 05/15/22, par and fair value of EUR 830,000 and $1,008,899, respectively)			855		1,025,620
J.P. Morgan Securities PLC, (1.35)%, Open(z)
(Purchased on 12/14/17 to be repurchased at EUR 308,583, collateralized by Altice Luxembourg SA, 7.25% due at 05/15/22, par and fair value of EUR 300,000 and $364,662, respectively)			309		370,489
J.P. Morgan Securities PLC, (1.10)%, Open(z)
(Purchased on 11/28/17 to be repurchased at EUR 102,853, collateralized by Syngenta Finance NV, 1.88% due at 11/02/21, par and fair value of EUR 100,000 and $122,549, respectively)			103		123,529
J.P. Morgan Securities PLC, (1.00)%, Open(z)
(Purchased on 11/13/17 to be repurchased at EUR 674,647, collateralized by Wind Tre SpA, 2.63% due at 01/20/23, par and fair value of EUR 680,000 and $798,509, respectively)			676		810,531
J.P. Morgan Securities PLC, 0.25%, Open(z)
(Purchased on 10/04/17 to be repurchased at $546,931, collateralized by Industrial & Commercial Bank of China Ltd., 6.00% (n), par and fair value of USD 500,000 and $517,575, respectively)	USD		547		546,623

Security		Par (000)		Value
Borrowed Bond Agreements (continued)(y)
Nomura Securities International, Inc., (0.25)%, Open(z)
(Purchased on 11/15/17 to be repurchased at $324,036, collateralized by Alfa SAB de CV, 5.25% due at 03/25/24, par and fair value of USD 304,000 and $321,480, respectively)	USD		324	$	324,140
Nomura Securities International, Inc., (0.25)%, Open(z)
(Purchased on 11/14/17 to be repurchased at $1,700,381, collateralized by Alfa SAB de CV, 5.25% due at 03/25/24, par and fair value of USD 1,599,000 and $1,690,943, respectively)			1,701		1,700,936
Nomura Securities International, Inc., 1.10%, Open(z)
(Purchased on 11/13/17 to be repurchased at $1,529,942, collateralized by El Puerto de Liverpool SAB de CV, 3.88% due at 10/06/26, par and fair value of USD 1,549,000 and $1,510,275, respectively)			1,528		1,527,701
RBC Capital Markets, LLC, 0.85%, Open(z)
(Purchased on 12/26/17 to be repurchased at $6,549,778, collateralized by Continental Resources, Inc., 3.80% due at 06/01/24, par and fair value of USD 6,615,000 and $6,540,581, respectively)			6,549		6,548,850
Total Borrowed Bond Agreements — 0.9% (Cost: $110,183,368)					112,837,108
Foreign Government Obligations — 5.0%
Government of Japan Treasury Bills:
0.19%, 02/13/18(aa)	JPY		10,824,750		96,086,409
0.18%, 03/26/18(aa)			57,872,100		513,790,738
Total Foreign Agency Obligations — 5.0% (Cost: $610,573,823)					609,877,147
		Shares
Mutual Funds — 1.0%
SL Liquidity Series, LLC, Money Market Series, 1.53%(ab)(ac)(ad)			125,887,950		125,875,362
Total Short-Term Investments — 5.9% (Cost: $846,636,622)					848,589,617
Options Purchased — 0.2%     (Cost: $34,107,579)					20,601,512
Total Investments Before Options Written, TBA Sale Commitments, Borrowed Bonds and Investments Sold Short — 174.1% (Cost: $21,540,916,869)					21,598,687,746

40 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
TBA Sale Commitments — (38.5)%(u)
Mortgage-Backed Securities — (38.5)%
Fannie Mae Mortgage-Backed Securities:
2.50%, 01/01/33	USD		93,128	$	(92,982,488	)
3.00%, 01/01/33-01/01/48			1,345,243		(1,359,474,001	)
3.50%, 01/01/33-01/01/48			847,556		(870,375,221	)
4.00%, 01/01/48			1,171,098		(1,223,925,700	)
4.50%, 01/01/48			157,272		(167,241,536	)
Freddie Mac Mortgage-Backed Securities:
3.50%, 01/01/33-01/01/48			97,364		(100,423,564	)
3.00%, 01/01/48			161,326		(161,301,171	)
4.00%, 01/01/48			61,409		(64,215,582	)
Ginnie Mae Mortgage-Backed Securities:
3.00%, 01/01/48			423,758		(427,598,307	)
4.00%, 01/01/48			264,675		(275,903,016	)
Total TBA Sale Commitments — (38.5)% (Proceeds: $4,743,051,140)					(4,743,440,586	)
Options Written — (0.1)% (Premiums Received: $22,545,319)					(16,301,158	)
Borrowed Bonds — (0.9)%
Corporate Bonds — (0.5)%
Banks — (0.0)%
Bank of Communications Co. Ltd.,
5.00%(e)(n)			500		(506,500	)
Capital Markets — (0.0)%
Deutsche Bank AG,
6.25%(e)(n)			1,400		(1,396,360	)
Construction Materials — (0.0)%
Cemex SAB de CV,
5.70%, 01/11/25(b)			1,903		(2,007,665	)
7.75%, 04/16/26(b)			1,903		(2,155,148	)
Diversified Financial Services — (0.0)%
Saipem Finance International BV,
3.75%, 09/08/23	EUR		700		(890,555	)
Syngenta Finance NV,
1.88%, 11/02/21			100		(122,549	)
					(1,013,104	)
Diversified Telecommunication Services — (0.0)%
Wind Tre SpA,
2.63%, 01/20/23			680		(798,509	)
3.13%, 01/20/25			2,100		(2,452,604	)
Hotels, Restaurants & Leisure — (0.1)%
Walt Disney Co.,
4.13%, 06/01/44	USD		6,700		(7,235,848	)
Household Durables — (0.0)%
K Hovnanian Enterprises, Inc.,
7.00%, 01/15/19(b)			1,280		(1,264,000	)
Industrial Conglomerates — (0.0)%
Alfa SAB de CV,
5.25%, 03/25/24(b)			1,903		(2,012,423	)
Internet & Direct Marketing Retail — (0.1)%
Netflix, Inc.,
4.38%, 11/15/26			5,420		(5,298,050	)
Media — (0.0)%
Altice Luxembourg SA,
7.25%, 05/15/22	EUR		1,430		(1,738,223	)
Multiline Retail — (0.2)%
El Puerto de Liverpool SAB de CV,
3.88%, 10/06/26(b)	USD		1,903		(1,855,425	)

Security		Par (000)		Value
Corporate Bonds (continued)
Multiline Retail (continued)
Target Corp.,
4.00%, 07/01/42	USD		10,800	$	(11,173,730	)
3.63%, 04/15/46			10,143		(9,872,305	)
					(22,901,460	)
Oil, Gas & Consumable Fuels — (0.1)%
Continental Resources, Inc.,
3.80%, 06/01/24			6,615		(6,540,581	)
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp.,
8.75%, 04/15/23(b)			2,570		(2,492,900	)
Specialty Retail — (0.0)%
Dufry One Bv,
2.50%, 10/15/24	EUR		1,200		(1,465,007	)
Total Corporate Bonds — 0.0% (Proceeds — $59,978,279)					(61,278,382	)
Foreign Agency Obligations — (0.0)%
France — (0.0)%
NEW Areva Holding SA,
4.38%, 11/06/19			600		(766,702	)
Hong Kong — (0.0)%
Industrial & Commercial Bank of China Ltd.,
6.00%(e)(n)	USD		500		(517,575	)
Oil, Gas & Consumable Fuels — (0.0)%
Ecopetrol SA,
5.38%, 06/26/26			1,903		(2,054,669	)
Total Foreign Agency Obligations — 0.0% (Proceeds — $3,269,016)					(3,338,946	)
Foreign Government Obligations — (0.4)%
Japan — (0.1)%
Government of Japan (20-Year Bond),
0.60%, 09/20/37	JPY		1,070,000		(9,561,864	)
Spain — (0.0)%
Kingdom of Spain,
5.40%, 01/31/23(b)	EUR		4,400		(6,596,188	)
United Kingdom — (0.3)%
United Kingdom Gilt Inflation Linked Bonds,
0.13%, 03/22/26	GBP		20,022		(31,817,966	)
Total Foreign Government Obligations — 0.0% (Proceeds — $45,618,404)					(47,976,018	)
Total Borrowed Bonds — 0.0% (Proceeds — $108,865,699)					(112,593,346	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 41

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017	(Percentages shown are based on Net Assets)

Security		Par (000)		Value
Investments Sold Short — (0.0)%
Oil, Gas & Consumable Fuels — (0.0)%
Eterna Capital Pte Ltd., 6.00%, (6.00% Cash or 6.00% PIK), 12/11/22(p)	USD		164	$	(171,650	)
Total Investments Sold Short — 0.0% (Proceeds — $173,518)					(171,650	)
Total Investments Net of Options Written, TBA Sale Commitments, Borrowed Bondsand Investments Sold Short — 135.6%					16,726,181,006
Liabilities in Excess of Other Assets — (35.6)%					(4,389,622,131	)
Net Assets — 100.0%				$	12,336,558,875

^(a)  Floating 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)  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.

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

^(e)  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.

^(f)  All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written.

^(g)  Non-income producing security.

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

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

^(j)  Convertible security.

^(k)  Zero-coupon bond.

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

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

⁽ⁿ⁾  Perpetual security with no stated maturity date.

^(o)  Issuer is a U.S. branch of a foreign domiciled bank.

^(p)  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.

^(q)  All or a portion of the security has been pledged as collateral in connection with outstanding reverse repurchase agreements.

^(r)  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.

^(s)  Fixed rate.

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

^(u)  Represents or includes a TBA transaction. As of period end, unsettled TBA transactions were as follows:

Counterparty	Value			Unrealized Appreciation (Depreciation)
Barclays Capital, Inc.	$	10,340,854		$	(52,529	)
BNP Paribas Securities Corp.		107,444,776			(311,855	)
Citigroup Global Markets, Inc.		(88,018,583	)		(790,505	)
Credit Suisse Securities (USA) LLC		(146,924,251	)		202,749
Daiwa Capital Markets America, Inc.		189,443,000			118,402
Deutsche Bank Securities, Inc.		(63,241,351	)		44,510
Goldman Sachs & Co.		171,677,704			(327,301	)
Jefferies & Co., Inc.		8,443,000			5,277
J.P. Morgan Securities LLC		(300,267,684	)		199,003
Merrill Lynch, Pierce, Fenner & Smith, Inc.		140,864,871			(82,532	)
Mizuho Securities Co.		(105,423,474	)		162,728
Morgan Stanley & Co. LLC		(390,295,201	)		(130,952	)
Nomura Securities International, Inc.		(97,643,148	)		(286,941	)
RBC Dominion Securities, Inc.		5,942,142			(212,897	)
Wells Fargo Securities, LLC		283,229,364			(80,992	)

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

^(w)  All or a portion of the security has been pledged as collateral in connection with outstanding borrowed bonds.

^(x)  All or a portion of the security has been pledged as collateral in connection with outstanding OTC derivatives.

^(y)  Certain agreements have no stated maturity and can be terminated by either party at any time.

^(z)  The amount to be repurchased assumes the maturity will be the day after the period end.

^(aa)  Rates are discount rates or a range of discount rates at the time of purchase.

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

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

42 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

^(ad)  During the period ended December 31, 2017, investments in issuers considered to be affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Master Portfolio were as follows:

Affiliated persons and/or related parties	Par/Shares Held at 09/30/17		Par/Shares Purchased			Par/Shares Sold			Par/Shares Held at 12/31/17		Value at 12/31/17		Income			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
BlackRock Capital Finance LP, Series 1997-R2, Class AP	$	3,374	$	—		$	—		$	3,374	$	3,021	$	—		$	—		$	38
iShares China Large-Cap ETF		56,865		57,470			(114,335	)		—		—		—			414,744			(301,385	)
iShares Core MSCI Emerging Markets ETF		535,577		165,000			(404,265	)		296,312		13,962,221		206,393			375,356			609,904
iShares iBoxx $ High Yield Corporate Bond ETF		1,286,000		1,364,820			(1,280,000	)		1,370,820		119,617,753		2,420,886			(1,659,281	)		424,540
iShares Russell 2000 ETF		—		311,420			(311,420	)		—		—		—			(944,159	)		—
SL Liquidity Series, LLC, Money Market Series		105,456,022		20,431,928	(a)		—			125,887,950		125,875,362		206,866	(b)		(26,002	)		(4,069	)
											$	259,458,357	$	2,834,145		$	(1,839,342	)	$	729,028

^(a)  Represents net shares purchased.

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

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 ratings 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.

Reverse Repurchase Agreements

Counterparty	Interest Rate	Trade Date		Maturity Date(a)	Face Value		Face Value Including Accrued Interest		Type of Non-Cash Underlying Collateral	Remaining Contractual Maturity of the Agreements
RBC Capital Markets, LLC	1.84%		04/06/17	Open	$	432,400	$	438,345	Corporate Bonds		Open/Demand(a	)
RBC Capital Markets, LLC	1.84%		04/06/17	Open		2,458,140		2,491,937	Corporate Bonds		Open/Demand(a	)
Credit Agricole Corporate & Investment Bank SA	1.85%		07/10/17	Open		52,614,195		53,087,357	U.S. Treasury Obligations		Open/Demand(a	)
Nomura Securities International, Inc.	1.85%		07/17/17	Open		85,905,128		86,646,775	U.S. Treasury Obligations		Open/Demand(a	)
Amherst Pierpont Securities LLC	0.18%		10/20/17	Open		70,437,500		70,462,153	U.S. Treasury Obligations		Open/Demand(a	)
Nomura Securities International, Inc.	1.85%		10/20/17	Open		125,000,000		125,449,653	U.S. Treasury Obligations		Open/Demand(a	)
Citigroup Global Markets, Inc.	1.47%		11/17/17	01/11/18		262,528,000		263,085,434	U.S. Government Sponsored Agency Securities		Up to 30 Days
Nomura Securities International, Inc.	1.55%		12/04/17	Open		93,931,250		94,040,445	U.S. Treasury Obligations		Open/Demand(a	)
Nomura Securities International, Inc.	1.85%		12/05/17	Open		116,230,000		116,385,296	U.S. Treasury Obligations		Open/Demand(a	)
Nomura Securities International, Inc.	1.60%		12/05/17	Open		39,400,000		39,445,529	U.S. Treasury Obligations		Open/Demand(a	)
Credit Agricole Corporate & Investment Bank SA	1.47%		12/05/17	01/08/18		196,275,000		196,539,481	U.S. Treasury Obligations		Up to 30 Days
Deutsche Bank Securities, Inc.	1.50%		12/05/17	01/08/18		103,220,000		103,361,928	U.S. Treasury Obligations		Up to 30 Days
J.P. Morgan Securities LLC	(0.25%)		12/08/17	Open		1,471,500		1,471,285	Corporate Bonds		Open/Demand(a	)
Morgan Stanley & Co. LLC	1.58%		12/11/17	01/12/18		100,687,500		100,824,491	U.S. Treasury Obligations		Up to 30 Days
Morgan Stanley & Co. LLC	1.57%		12/11/17	01/12/18		197,828,304		198,095,757	U.S. Treasury Obligations		Up to 30 Days

CONSOLIDATED SCHEDULE OF INVESTMENTS 43

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Counterparty

Interest Rate

Trade Date

Maturity Date(a)

Face Value

Face Value Including Accrued Interest

Type of Non-Cash Underlying Collateral

Remaining Contractual Maturity of the Agreements

Nomura Securities International, Inc.

1.56%

12/11/17

01/12/18

$

98,820,000

$

98,952,748

U.S. Treasury Obligations

Up to 30 Days

RBC Capital Markets, LLC

1.62%

12/14/17

01/17/18

178,706,000

178,947,253

U.S. Government Sponsored Agency Securities

Up to 30 Days

Bank of Montreal

1.78%

12/20/17

Open

89,212,500

89,265,433

U.S. Treasury Obligations

Open/Demand(a

)

Citigroup Global Markets, Inc.

1.47%

12/20/17

01/11/18

211,189,000

211,378,718

U.S. Government Sponsored Agency Securities

Up to 30 Days

HSBC Securities (USA), Inc.

1.60%

12/20/17

01/17/18

102,995,000

103,123,172

U.S. Government Sponsored Agency Securities

Up to 30 Days

RBC Capital Markets, LLC

1.62%

12/20/17

01/17/18

134,111,000

134,279,980

U.S. Government Sponsored Agency Securities

Up to 30 Days

Barclays Capital, Inc.

0.75%

12/29/17

01/02/18

87,808,500

87,815,817

U.S. Treasury Obligations

Overnight

Barclays Capital, Inc.

1.00%

12/29/17

01/02/18

52,990,193

52,996,080

U.S. Treasury Obligations

Overnight

BNP Paribas Securities Corp.

1.15%

12/29/17

01/02/18

649,187,500

649,270,452

U.S. Treasury Obligations

Overnight

BNP Paribas Securities Corp.

1.92%

12/29/17

01/02/18

141,066,368

141,096,462

U.S. Treasury Obligations

Overnight

Credit Suisse AG

1.85%

12/29/17

01/02/18

18,982,712

18,986,614

U.S. Treasury Obligations

Overnight

Credit Suisse AG

1.85%

12/29/17

01/02/18

238,355,822

238,404,818

U.S. Treasury Obligations

Overnight

Deutsche Bank Securities, Inc.

1.50%

12/29/17

01/02/18

194,884,000

194,916,481

U.S. Treasury Obligations

Overnight

Deutsche Bank Securities, Inc.

0.75%

12/29/17

01/02/18

310,172,475

310,198,323

U.S. Treasury Obligations

Overnight

J.P. Morgan Securities LLC

1.85%

12/29/17

01/02/18

143,898,480

143,928,059

U.S. Treasury Obligations

Overnight

Merrill Lynch, Pierce, Fenner & Smith, Inc.

1.75%

12/29/17

01/02/18

51,675,000

51,685,048

U.S. Treasury Obligations

Overnight

Merrill Lynch, Pierce, Fenner & Smith, Inc.

1.10%

12/29/17

01/02/18

81,440,072

81,450,026

U.S. Treasury Obligations

Overnight

Merrill Lynch, Pierce, Fenner & Smith, Inc.

0.45%

12/29/17

01/02/18

198,933,722

198,943,669

U.S. Treasury Obligations

Overnight

Merrill Lynch, Pierce, Fenner & Smith, Inc.

1.85%

12/29/17

01/02/18

32,501,875

32,508,556

U.S. Treasury Obligations

Overnight

Total

$

4,465,349,136

$

4,469,973,575

^(a)  Certain agreements have no stated maturity and can be terminated by either party at any time.

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
VSTOXX Mini		462		January 2018	$	768	$	142,230
Euro-Bund 8.5 to 10.5-Year Bond Futures Put Options, Strike Price EUR 160		5,803		January 2018		1,393		(679,651	)
VSTOXX Mini		462		February 2018		912		(12,982	)
Euro STOXX 50 Index		81		March 2018		3,395		77,586
NASDAQ 100 E-Mini Index		18		March 2018		2,307		44,260
U.S. Ultra Treasury Bonds		33		March 2018		5,533		(400	)
U.S. Treasury Notes (2 Year)		143		March 2018		30,618		11,950

44 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
U.S. Treasury Notes (5 Year)		4,003		March 2018	$	465,005	$	(438,915	)
WTI Light Sweet Crude Oil(a)		279		June 2018		16,757		(756,943	)
Three Month Sterling		1,145		September 2018		191,848		(82,337	)
Canadian Bankers Acceptance		3,202		December 2018		622,855		(4,211	)
								(1,699,413	)
Short Contracts
CBOE Volatility Index		54		January 2018	$	620		(141,618	)
Euro-Bund 8.5 to 10.5-Year Bond Futures Put Options, Strike Price EUR 159		5,801		January 2018		557		233,772
CBOE Volatility Index		54		February 2018		674		11,169
WTI Light Sweet Crude Oil(a)		265		March 2018		16,017		758,133
Euro-Bobl		495		March 2018		78,166		(413,072	)
Euro-Bund		1,282		March 2018		248,697		(2,503,814	)
Euro-Buxl		18		March 2018		3,539		(63,909	)
Euro-OAT		10		March 2018		1,862		(21,347	)
Euro-Schatz		39		March 2018		5,240		(1,838	)
Japanese Government Bonds (10 Year)		10		March 2018		13,382		(5,296	)
E-Mini S&P 500 Index		72		March 2018		9,634		(76,180	)
U.S. Treasury Bonds (30 Year)		713		March 2018		109,089		(22,552	)
U.S. Treasury Notes (10 Year)		11,334		March 2018		1,405,947		652,489
U.S. Ultra Treasury Bonds (10 Year)		13		March 2018		1,736		(9,032	)
Long Gilt British		718		March 2018		121,331		1,596,503
Euro Dollar		1,521		December 2018		372,094		39,325
Euro Dollar		601		March 2019		146,937		(96,166	)
Three Month Sterling		1,145		September 2019		191,423		46,163
Euro Dollar		1,001		December 2019		244,419		(142,151	)
								(159,421	)
							$	(1,858,834	)

^(a)  All or a portion of the security is held by a wholly-owned subsidiary.

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
JPY	744,986,192	USD	6,613,000	Barclays Bank PLC		01/04/18	$	751
TRY	26,098,535	USD	6,613,000	BNP Paribas S.A.		01/04/18		259,850
USD	3,806,500	BRL	12,451,062	Barclays Bank PLC		01/04/18		55,594
USD	2,749,400	BRL	9,117,010	BNP Paribas S.A.		01/04/18		2,883
USD	6,736,440	BRL	22,196,570	BNP Paribas S.A.		01/04/18		49,680
USD	14,101,100	BRL	46,463,125	BNP Paribas S.A.		01/04/18		103,993
USD	6,673,000	GBP	4,922,990	BNP Paribas S.A.		01/04/18		24,866
USD	25,314,961	GBP	18,744,950	Royal Bank of Scotland PLC		01/04/18		1,294
USD	6,613,000	JPY	738,633,083	BNP Paribas S.A.		01/04/18		55,649
USD	409,384	MXN	7,661,000	BNP Paribas S.A.		01/04/18		20,222
USD	16,106	MXN	302,000	Goldman Sachs International		01/04/18		765
USD	490,642	MXN	9,395,000	Goldman Sachs International		01/04/18		13,397
USD	6,613,000	MXN	129,386,652	Goldman Sachs International		01/04/18		40,452
USD	6,613,000	TRY	25,089,061	BNP Paribas S.A.		01/04/18		5,987
USD	6,613,000	ZAR	81,882,166	BNP Paribas S.A.		01/04/18		1,347
ZAR	90,668,528	USD	6,613,000	BNP Paribas S.A.		01/04/18		708,116
AUD	7,001,777	USD	5,445,000	Morgan Stanley & Co. International PLC		01/05/18		18,168

CONSOLIDATED SCHEDULE OF INVESTMENTS 45

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized     Appreciation   (Depreciation)
AUD	28,021,306	USD	21,779,000	Morgan Stanley & Co. International PLC	01/05/18		$     84,748
CAD	27,495,334	USD	21,779,000	Morgan Stanley & Co. International PLC	01/05/18		97,093
CAD	6,879,485	USD	5,445,000	UBS AG	01/05/18		28,520
COP	15,264,763,200	USD	5,088,000	Barclays Bank PLC	01/05/18		23,254
EUR	18,273,889	USD	21,779,000	Barclays Bank PLC	01/05/18		156,250
EUR	4,568,585	USD	5,445,000	Goldman Sachs International	01/05/18		38,948
GBP	4,058,036	USD	5,445,000	Goldman Sachs International	01/05/18		35,266
GBP	16,205,759	USD	21,779,000	HSBC Bank PLC	01/05/18		106,430
USD	2,381,247	AUD	3,047,391	Citibank N.A.	01/05/18		3,506
USD	9,524,549	AUD	12,189,005	Citibank N.A.	01/05/18		14,024
USD	3,063,753	AUD	3,920,375	Morgan Stanley & Co. International PLC	01/05/18		4,864
USD	12,254,451	AUD	15,680,779	Morgan Stanley & Co. International PLC	01/05/18		19,453
USD	2,178,000	CAD	2,731,132	Barclays Bank PLC	01/05/18		5,031
USD	8,711,600	CAD	10,924,028	Barclays Bank PLC	01/05/18		20,124
USD	1,089,000	CAD	1,365,603	Deutsche Bank AG	01/05/18		2,486
USD	4,355,800	CAD	5,462,160	Deutsche Bank AG	01/05/18		9,946
USD	2,178,000	CAD	2,730,994	JPMorgan Chase Bank N.A.	01/05/18		5,141
USD	8,711,600	CAD	10,923,475	JPMorgan Chase Bank N.A.	01/05/18		20,563
USD	2,501,063	GBP	1,850,470	Barclays Bank PLC	01/05/18		2,054
USD	10,003,792	GBP	7,401,541	Barclays Bank PLC	01/05/18		8,214
USD	2,943,937	GBP	2,177,898	Morgan Stanley & Co. International PLC	01/05/18		2,745
USD	11,775,208	GBP	8,711,194	Morgan Stanley & Co. International PLC	01/05/18		10,981
USD	2,527,500	MXN	48,715,700	Barclays Bank PLC	01/05/18		53,344
USD	2,527,500	MXN	48,711,244	Barclays Bank PLC	01/05/18		53,570
RUB	391,796,854	USD	6,673,000	BNP Paribas S.A.	01/09/18		117,923
USD	6,673,000	RUB	384,172,951	JPMorgan Chase Bank N.A.	01/09/18		14,220
RUB	303,733,746	EUR	4,338,000	Bank of America N.A.	01/12/18		53,431
RUB	171,151,452	USD	2,892,000	Bank of America N.A.	01/12/18		73,558
RUB	631,934,718	USD	10,678,000	Bank of America N.A.	01/12/18		271,596
USD	6,097,000	JPY	685,082,576	BNP Paribas S.A.	01/12/18		12,677
USD	467,488	MXN	8,910,829	Bank of America N.A.	01/12/18		15,555
USD	3,050,996	MXN	58,155,038	Bank of America N.A.	01/12/18		101,531
ZAR	16,330,822	USD	1,273,800	Barclays Bank PLC	01/12/18		43,143
CLP	2,092,165,820	USD	3,194,000	Credit Suisse International	01/16/18		205,684
USD	610,130,000	JPY	68,551,156,150	Bank of America N.A.	01/16/18		1,197,757
USD	6,732,000	BRL	21,663,576	Goldman Sachs International	01/17/18		215,931
USD	3,182,250	MXN	62,414,115	Barclays Bank PLC	01/17/18		19,906
ZAR	15,617,553	USD	1,226,462	Goldman Sachs International	01/17/18		31,945
HKD	132,970,084	USD	16,790,000	Goldman Sachs International	01/19/18		237,085
USD	5,818,640	MXN	111,476,417	Barclays Bank PLC	01/22/18		176,029
USD	8,093,340	MXN	155,056,255	Barclays Bank PLC	01/22/18		244,845
CAD	3,182,250	MXN	48,380,701	Morgan Stanley & Co. International PLC	01/29/18		87,304
IDR	55,771,136,000	USD	4,096,000	JPMorgan Chase Bank N.A.	01/29/18		2,107
INR	290,794,850	USD	4,490,000	Barclays Bank PLC	01/29/18		49,591
RUB	218,148,000	USD	3,710,000	Credit Suisse International	01/29/18		62,881
RUB	349,873,090	USD	5,822,000	Bank of America N.A.	01/30/18		228,069
EUR	3,213,989	USD	3,769,283	Deutsche Bank AG	02/02/18		95,165
EUR	471,339	USD	552,843	Nomura International PLC	02/02/18		13,887
USD	6,613,000	EUR	5,497,694	Barclays Bank PLC	02/02/18		2,663
USD	6,673,000	GBP	4,928,295	Barclays Bank PLC	02/02/18		11,204
USD	6,613,000	HUF	1,706,166,895	BNP Paribas S.A.	02/02/18		12,573
USD	6,613,000	SEK	54,055,674	Barclays Bank PLC	02/02/18		9,068

46 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized     Appreciation   (Depreciation)
EUR	39,684	USD	46,447	Barclays Bank PLC		02/09/18		$        1,286
GBP	79,231	USD	106,288	Citibank N.A.		02/09/18		833
GBP	1,980,769	USD	2,657,430	UBS AG		02/09/18		20,605
EUR	876,366	USD	1,024,378	Barclays Bank PLC		02/12/18		29,916
USD	3,600,000	JPY	404,287,524	Barclays Bank PLC		02/13/18		4,037
USD	3,600,000	JPY	404,075,160	UBS AG		02/13/18		5,925
USD	18,000,000	JPY	2,020,615,200	UBS AG		02/13/18		27,498
INR	229,701,000	USD	3,450,000	HSBC Bank PLC		02/20/18		125,929
INR	519,299,200	USD	7,760,000	HSBC Bank PLC		02/20/18		324,323
INR	994,125,000	USD	15,000,000	JPMorgan Chase Bank N.A.		02/20/18		476,296
CAD	3,246,401	USD	2,527,500	Barclays Bank PLC		02/22/18		57,079
NOK	42,232,963	USD	5,055,000	Bank of America N.A.		02/22/18		96,602
INR	144,222,300	USD	2,220,000	JPMorgan Chase Bank N.A.		03/07/18		20,920
JPY	20,000,000	USD	177,192	Morgan Stanley & Co. International PLC		03/14/18		984
USD	9,011,899	JPY	1,011,045,000	UBS AG		03/14/18		4,700
CAD	10,252,130	USD	7,980,000	Barclays Bank PLC		03/19/18		184,571
TRY	8,833,133	USD	2,242,222	Standard Chartered Bank		03/19/18		33,818
USD	39,270,000	HKD	305,805,308	JPMorgan Chase Bank N.A.		03/19/18		66,820
CAD	8,025,000	MXN	122,294,846	BNP Paribas S.A.		03/20/18		260,945
CAD	3,575,000	MXN	54,372,282	Morgan Stanley & Co. International PLC		03/20/18		121,659
CAD	1,747,852	USD	1,360,000	BNP Paribas S.A.		03/21/18		31,985
EUR	2,260,000	CAD	3,402,588	Deutsche Bank AG		03/21/18		15,365
EUR	2,220,000	USD	2,638,268	HSBC Bank PLC		03/21/18		38,677
NOK	14,823,340	CAD	2,260,000	Bank of America N.A.		03/21/18		9,665
NOK	15,154,587	USD	1,810,000	JPMorgan Chase Bank N.A.		03/21/18		39,960
SEK	25,463,846	GBP	2,260,000	Morgan Stanley & Co. International PLC		03/21/18		60,064
TRY	5,593,932	USD	1,400,000	Bank of America N.A.		03/21/18		40,483
USD	1,360,000	BRL	4,504,320	BNP Paribas S.A.		03/21/18		14,227
USD	10,650,000	MXN	207,367,961	Barclays Bank PLC		03/21/18		257,439
USD	58,492,000	MXN	1,138,907,676	Barclays Bank PLC		03/21/18		1,413,910
USD	4,800,000	MXN	92,851,200	BNP Paribas S.A.		03/21/18		146,621
USD	5,900,000	MXN	114,519,000	BNP Paribas S.A.		03/21/18		160,706
USD	890,000	MXN	17,190,347	Citibank N.A.		03/21/18		28,480
USD	680,000	MXN	13,121,314	Deutsche Bank AG		03/21/18		22,405
JPY	197,937,580	AUD	2,260,000	Bank of America N.A.		03/22/18		1,208
USD	5,500,000	JPY	615,485,200	UBS AG		03/22/18		13,880
USD	1,810,000	ZAR	22,547,170	BNP Paribas S.A.		03/22/18		9,895
CNH	15,494,380	USD	2,255,000	HSBC Bank PLC		05/17/18		105,613
CNH	103,445,505	USD	14,670,000	HSBC Bank PLC		05/21/18		1,086,827
USD	142,842	TRY	533,000	BNP Paribas S.A.		06/25/18		9,492
USD	36,206,911	TRY	140,645,744	BNP Paribas S.A.		06/25/18		1,019,091
USD	14,739,646	TRY	58,623,256	Citibank N.A.		06/25/18		72,835
USD	12,396,080	TRY	50,359,075	BNP Paribas S.A.		08/20/18		10,752
USD	7,494,839	TRY	30,215,445	Citibank N.A.		08/20/18		63,642
USD	9,626,853	TRY	38,789,480	Citibank N.A.		08/20/18		86,955
USD	5,430,000	MXN	106,916,700	Barclays Bank PLC		06/14/19		472,251
								12,874,071
BRL	10,588,841	USD	3,254,100	Bank of America N.A.		01/04/18		(64,191	)
BRL	16,786,440	USD	5,086,800	Barclays Bank PLC		01/04/18		(29,852	)
BRL	35,531,518	USD	10,847,000	BNP Paribas S.A.		01/04/18		(143,061	)
BRL	9,938,000	USD	3,067,000	BNP Paribas S.A.		01/04/18		(73,158	)
BRL	10,017,091	USD	3,058,000	BNP Paribas S.A.		01/04/18		(40,332	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 47

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized     Appreciation   (Depreciation)
BRL	14,858,410	USD	4,555,000	Goldman Sachs International		01/04/18		$     (78,875	)
EUR	5,506,813	USD	6,613,000	Barclays Bank PLC		01/04/18		(3,244	)
GBP	4,932,739	USD	6,673,000	Barclays Bank PLC		01/04/18		(11,695	)
HUF	1,708,283,055	USD	6,613,000	BNP Paribas S.A.		01/04/18		(14,156	)
MXN	123,702,778	USD	6,613,000	BNP Paribas S.A.		01/04/18		(329,180	)
SEK	54,140,419	USD	6,613,000	Barclays Bank PLC		01/04/18		(10,528	)
USD	2,474,460	BRL	8,257,768	BNP Paribas S.A.		01/04/18		(13,209	)
USD	6,613,000	EUR	5,533,785	BNP Paribas S.A.		01/04/18		(29,129	)
USD	186,626,470	EUR	156,417,942	HSBC Bank PLC		01/04/18		(1,119,926	)
USD	188,927	GBP	141,000	HSBC Bank PLC		01/04/18		(1,483	)
USD	1,553,476	GBP	1,152,000	Royal Bank of Scotland PLC		01/04/18		(2,215	)
USD	6,613,000	HUF	1,731,245,375	BNP Paribas S.A.		01/04/18		(74,544	)
USD	6,613,000	SEK	54,957,998	BNP Paribas S.A.		01/04/18		(89,176	)
USD	593,961	TRY	2,320,000	Royal Bank of Canada		01/04/18		(16,994	)
BRL	21,670,801	USD	6,613,000	Standard Chartered Bank		01/05/18		(85,409	)
MXN	96,838,200	USD	5,055,000	HSBC Bank PLC		01/05/18		(136,814	)
USD	470,000	COP	1,418,695,000	BNP Paribas S.A.		01/05/18		(5,036	)
USD	2,544,000	COP	7,698,144,000	Royal Bank of Scotland PLC		01/05/18		(33,647	)
USD	2,074,000	COP	6,260,369,000	Royal Bank of Scotland PLC		01/05/18		(22,222	)
USD	10,442,769	EUR	8,710,655	Citibank N.A.		01/05/18		(13,155	)
USD	2,610,812	EUR	2,177,764	Citibank N.A.		01/05/18		(3,289	)
USD	10,442,595	EUR	8,710,655	Credit Suisse International		01/05/18		(13,330	)
USD	2,610,769	EUR	2,177,764	Credit Suisse International		01/05/18		(3,333	)
USD	893,636	EUR	745,364	Standard Chartered Bank		01/05/18		(1,069	)
USD	223,419	EUR	186,349	Standard Chartered Bank		01/05/18		(267	)
USD	1,850,000	TRY	7,127,715	Goldman Sachs International		01/10/18		(23,655	)
USD	6,135,558	AUD	8,009,000	BNP Paribas S.A.		01/12/18		(113,533	)
USD	7,351,541	EUR	6,223,000	Royal Bank of Scotland PLC		01/12/18		(121,501	)
USD	2,410,000	RUB	142,626,210	Bank of America N.A.		01/12/18		(61,299	)
USD	23,959,355	RUB	1,432,469,960	Credit Suisse International		01/12/18		(861,194	)
USD	4,246,000	ZAR	57,890,435	Goldman Sachs International		01/12/18		(422,375	)
BRL	21,663,576	USD	6,732,000	Deutsche Bank AG		01/17/18		(215,931	)
MXN	10,431,097	USD	530,375	BNP Paribas S.A.		01/17/18		(1,861	)
MXN	52,131,381	USD	2,651,875	UBS AG		01/17/18		(10,528	)
USD	12,517,515	ZAR	181,803,143	BNP Paribas S.A.		01/17/18		(2,131,537	)
USD	16,790,000	HKD	131,339,775	Goldman Sachs International		01/19/18		(28,321	)
MXN	143,328,353	USD	7,627,175	Citibank N.A.		01/22/18		(372,313	)
IDR	11,785,321,715	USD	868,420	JPMorgan Chase Bank N.A.		01/26/18		(2,169	)
USD	2,236,910	EUR	1,896,451	Bank of America N.A.		01/26/18		(42,443	)
USD	5,242,239	IDR	71,509,383,038	Barclays Bank PLC		01/26/18		(13,878	)
USD	2,025,385	IDR	27,608,026,328	BNP Paribas S.A.		01/26/18		(3,873	)
USD	9,020,825	IDR	123,107,194,085	Citibank N.A.		01/26/18		(27,859	)
USD	10,729,385	IDR	146,702,886,494	Deutsche Bank AG		01/26/18		(53,640	)
USD	9,023,243	IDR	123,230,424,817	Deutsche Bank AG		01/26/18		(34,499	)
USD	6,874,852	IDR	93,889,847,214	Deutsche Bank AG		01/26/18		(26,285	)
USD	2,026,419	IDR	27,603,885,411	Deutsche Bank AG		01/26/18		(2,534	)
USD	1,157,915	IDR	15,774,282,086	Deutsche Bank AG		01/26/18		(1,533	)
USD	5,241,855	IDR	71,509,382,966	JPMorgan Chase Bank N.A.		01/26/18		(14,262	)
USD	7,610,620	IDR	103,565,313,419	JPMorgan Chase Bank N.A.		01/26/18		(1,687	)
USD	2,024,940	IDR	27,608,026,709	Royal Bank of Scotland PLC		01/26/18		(4,319	)
USD	4,243,000	MXN	84,131,562	Bank of America N.A.		01/26/18		(12,131	)
IDR	261,212,385,000	USD	19,245,000	Deutsche Bank AG		01/29/18		(50,909	)

48 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized     Appreciation   (Depreciation)
USD	4,490,000	INR	294,422,770	JPMorgan Chase Bank N.A.		01/29/18		$(106,226	)
BRL	46,623,877	USD	14,101,100	BNP Paribas S.A.		02/02/18		(102,962	)
BRL	22,273,365	USD	6,736,440	BNP Paribas S.A.		02/02/18		(49,188	)
MXN	130,061,178	USD	6,613,000	Goldman Sachs International		02/02/18		(43,048	)
RUB	385,384,101	USD	6,673,000	JPMorgan Chase Bank N.A.		02/02/18		(12,185	)
TRY	25,300,677	USD	6,613,000	BNP Paribas S.A.		02/02/18		(7,200	)
USD	831,812	CHF	827,868	Bank of America N.A.		02/02/18		(19,876	)
USD	10,030,237	EUR	8,600,653	Bank of America N.A.		02/02/18		(311,048	)
USD	6,613,000	JPY	743,964,483	Barclays Bank PLC		02/02/18		(950	)
ZAR	82,242,575	USD	6,613,000	BNP Paribas S.A.		02/02/18		(2,617	)
BRL	21,956,483	USD	6,613,000	HSBC Bank PLC		02/05/18		(22,846	)
USD	1,617,521	IDR	22,121,216,227	Bank of America N.A.		02/08/18		(6,670	)
USD	1,619,831	IDR	22,154,431,221	Goldman Sachs International		02/08/18		(6,799	)
USD	1,619,476	IDR	22,154,431,558	JPMorgan Chase Bank N.A.		02/08/18		(7,154	)
GBP	6,810,000	EUR	7,758,960	UBS AG		02/09/18		(125,514	)
USD	4,237,942	EUR	3,593,949	Barclays Bank PLC		02/09/18		(84,989	)
USD	18,052,974	GBP	13,530,682	Barclays Bank PLC		02/09/18		(240,746	)
USD	15,000,000	INR	994,125,000	Deutsche Bank AG		02/20/18		(476,296	)
USD	2,140,000	INR	142,930,600	HSBC Bank PLC		02/20/18		(85,109	)
USD	5,500,000	INR	371,030,000	JPMorgan Chase Bank N.A.		02/20/18		(276,105	)
USD	3,570,000	INR	237,155,100	JPMorgan Chase Bank N.A.		02/20/18		(121,973	)
USD	314,596	EUR	291,624	Citibank N.A.		02/21/18		(36,407	)
USD	168,942	EUR	142,445	Citibank N.A.		02/21/18		(2,507	)
USD	510,583	EUR	474,917	Deutsche Bank AG		02/21/18		(61,033	)
USD	515,161	EUR	479,196	Morgan Stanley & Co. International PLC		02/21/18		(61,605	)
USD	2,527,500	CAD	3,243,948	Bank of America N.A.		02/22/18		(55,125	)
USD	8,000,000	INR	520,560,000	Deutsche Bank AG		03/07/18		(88,438	)
USD	5,845,000	INR	376,476,450	Deutsche Bank AG		03/07/18		(4,674	)
JPY	79,716,000	USD	711,711	HSBC Bank PLC		03/14/18		(1,537	)
USD	1,510,063	CNH	10,066,079	HSBC Bank PLC		03/14/18		(28,938	)
USD	5,295,178	EUR	4,444,166	Morgan Stanley & Co. International PLC		03/14/18		(61,117	)
USD	2,675,492	HKD	20,879,275	HSBC Bank PLC		03/14/18		(902	)
USD	192,335	JPY	21,706,000	Deutsche Bank AG		03/14/18		(1,039	)
USD	289,297	JPY	32,613,000	JPMorgan Chase Bank N.A.		03/14/18		(1,246	)
USD	9,005,962	JPY	1,011,045,321	JPMorgan Chase Bank N.A.		03/14/18		(1,241	)
USD	910,500	KRW	989,804,098	Bank of America N.A.		03/15/18		(15,251	)
USD	508,365	TWD	15,151,817	Bank of America N.A.		03/15/18		(3,087	)
HKD	305,805,308	USD	39,270,000	JPMorgan Chase Bank N.A.		03/19/18		(66,820	)
JPY	648,721,880	USD	5,800,000	HSBC Bank PLC		03/19/18		(18,766	)
USD	2,453,000	INR	161,898,000	HSBC Bank PLC		03/19/18		(58,648	)
USD	892,000	INR	58,872,000	HSBC Bank PLC		03/19/18		(21,326	)
MXN	175,411,766	CAD	11,600,000	Goldman Sachs International		03/20/18		(445,529	)
GBP	1,130,000	SEK	12,704,025	JPMorgan Chase Bank N.A.		03/21/18		(26,614	)
GBP	1,130,000	SEK	12,690,804	JPMorgan Chase Bank N.A.		03/21/18		(24,994	)
MXN	30,555,340	USD	1,570,000	Deutsche Bank AG		03/21/18		(38,673	)
MXN	162,036,870	USD	8,355,000	JPMorgan Chase Bank N.A.		03/21/18		(234,276	)
NOK	16,855,000	SEK	16,891,575	Deutsche Bank AG		03/21/18		(11,994	)
NOK	5,625,000	SEK	5,608,125	Deutsche Bank AG		03/21/18		(440	)
USD	1,360,000	CAD	1,728,661	Citibank N.A.		03/21/18		(16,701	)
USD	1,360,000	CHF	1,324,781	Deutsche Bank AG		03/21/18		(7,636	)
USD	2,642,211	EUR	2,220,000	Deutsche Bank AG		03/21/18		(34,735	)
USD	1,568,024	NZD	2,260,000	Citibank N.A.		03/21/18		(32,018	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 49

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized     Appreciation   (Depreciation)
JPY	111,930,719	SEK	8,165,000	Deutsche Bank AG		03/22/18	$	(2,736	)
JPY	72,976,462	SEK	5,325,000	Deutsche Bank AG		03/22/18		(1,979	)
USD	2,255,000	CNH	15,664,583	HSBC Bank PLC		05/17/18		(131,544	)
USD	14,670,000	CNH	103,460,175	JPMorgan Chase Bank N.A.		05/21/18		(1,089,062	)
TRY	140,645,744	USD	36,335,528	BNP Paribas S.A.		06/25/18		(1,147,709	)
TRY	59,156,256	USD	15,346,526	BNP Paribas S.A.		06/25/18		(546,366	)
TRY	119,182,000	USD	30,656,566	BNP Paribas S.A.		08/20/18		(1,344,904	)
TRY	182,000	USD	48,107	BNP Paribas S.A.		08/20/18		(3,346	)
MXN	108,029,850	USD	5,430,000	Barclays Bank PLC		06/14/19		(420,634	)
								(15,379,686	)
Net Unrealized Depreciation							$	(2,505,615	)

Exchange-Traded Options Purchased

Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Delta Air Lines, Inc.		5737		01/19/18	USD	60.00	USD	32,127	$	114,740
iShares MSCI Emerging Markets Index ETF		3339		01/19/18	USD	47.00	USD	15,733		220,374
Micron Technology, Inc.		3723		01/19/18	USD	40.00	USD	15,309		828,368
Micron Technology, Inc.		3723		01/19/18	USD	46.00	USD	15,309		102,383
Netflix, Inc.		227		01/19/18	USD	220.00	USD	4,357		3,859
S&P 500 Index		18		01/19/18	USD	2,615.00	USD	291		119,160
EURO STOXX 50 Index		123		02/16/18	EUR	3,600.00	EUR	3,289		27,376
Freeport-McMoRan, Inc.		2800		02/16/18	USD	20.00	USD	5,309		226,800
Freeport-McMoRan, Inc.		2250		03/16/18	USD	21.00	USD	4,266		167,625
Euro Dollar 90-Day		51934		06/15/18	USD	98.13	USD	12,690,073		3,895,050
SPDR S&P 500 ETF Trust		1757		06/15/18	USD	300.00	USD	46,887		29,869
SPDR S&P Oil & Gas Explore & Production ETF		13768		06/15/18	USD	38.00	USD	51,189		3,497,072
SPDR S&P 500 ETF Trust		3459		01/18/19	USD	310.00	USD	92,307		254,237
SPDR S&P 500 ETF Trust		3448		12/20/19	USD	350.00	USD	92,013		293,080
										9,779,993
Put
Conagra Brands, Inc.		772		01/19/18	USD	32.00	USD	2,908		7,720
EURO STOXX Banks Index		303		01/19/18	EUR	132.50	EUR	53,085		54,533
General Mills, Inc.		790		01/19/18	USD	55.00	USD	4,684		10,270
General Mills, Inc.		883		01/19/18	USD	50.00	USD	5,235		4,415
General Mills, Inc.		1749		01/19/18	USD	47.50	USD	10,370		4,373
SPDR S&P Oil & Gas Explore & Production ETF		42		01/19/18	USD	35.00	USD	156		735
CBOE 30 Year Treasury Bond Yield Index		658		01/26/18	USD	124.00	USD	81,623		277,594
U.S. Treasury Notes (10 Year) Futures		6963		01/26/18	USD	123.00	USD	863,738		870,375
										1,230,015
									$	11,010,008

50 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

OTC Barrier Options Purchased

Description

Type of Option

Counterparty

Expiration Date

Exercise Price

Barrier Price/Range

Notional Amount (000)

Value

Put

USD Currency

Under-and-In

Bank of America N.A.

01/26/18

JPY

113.00

JPY

115.82

USD

38,200

$

1,411

EUR Currency

One-Touch

Morgan Stanley & Co. International PLC

06/07/18

TRY

4.35

TRY

4.35

EUR

378

44,391

Total

$

45,802

OTC Options Purchased
Description	Counterparty	Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
EUR Currency	Deutsche Bank AG Morgan Stanley & Co.		01/03/18		USD	1.20		EUR	34,000	$	97,762
USD Currency	International PLC Morgan Stanley & Co.		01/11/18		CLP	660.00		USD	4,259		10
USD Currency	International PLC		01/25/18		ZAR	14.00		USD	3,185		443
USD Currency	BNP Paribas S.A.		02/07/18		CAD	1.30		USD	45,000		38,242
USD Currency	Citibank N.A.		02/07/18		CAD	1.35		USD	22,500		713
USD Currency	HSBC Bank PLC		02/09/18		HKD	7.75		USD	20,500		150,405
USD Currency	Goldman Sachs International		02/16/18		MXN	19.00		USD	11,100		505,034
USD Currency	Goldman Sachs International		02/16/18		TRY	4.20		USD	4,231		7,171
USD Currency	Royal Bank of Scotland PLC		02/16/18		JPY	114.00		USD	5,055		21,723
USD Currency	Goldman Sachs International		03/05/18		KRW	1,156.00		USD	234,844		321,281
USD Currency	Goldman Sachs International		03/05/18		KRW	1,303.00		USD	234,844		496
USD Currency	HSBC Bank PLC		03/05/18		KRW	1,190.00		USD	234,844		106,873
USD Currency	HSBC Bank PLC		03/15/18		HKD	7.75		USD	42,550		294,385
USD Currency	Bank of America N.A.		03/23/18		JPY	119.00		USD	45,000		30,847
USD Currency	Deutsche Bank AG		03/23/18		JPY	114.00		USD	45,000		316,628
USD Currency	Deutsche Bank AG		05/16/18		MXN	20.00		USD	4,243		152,723
USD Currency	Bank of America N.A.		06/13/18		CHF	1.00		USD	8,095		52,218
USD Currency	BNP Paribas S.A.		06/13/18		CAD	1.29		USD	15,020		133,163
USD Currency	Citibank N.A.		06/13/18		SEK	8.53		USD	7,505		56,572
USD Currency	Deutsche Bank AG		06/13/18		JPY	113.40		USD	22,530		313,752
USD Currency	JPMorgan Chase Bank N.A.		07/19/18		MXN	20.00		USD	4,243		214,311
											2,814,752
Put
AUD Currency(a)	Bank of America N.A.		01/09/18		USD	0.73		AUD	55,700		4
AUD Currency	HSBC Bank PLC		01/09/18		USD	0.76		AUD	44,500		1,752
USD Currency	Deutsche Bank AG		01/10/18		ZAR	12.76		USD	21,658		655,098
USD Currency	Deutsche Bank AG		01/10/18		ZAR	13.31		USD	10,829		766,654
EUR Currency	Goldman Sachs International		01/12/18		USD	1.20		EUR	43,690		195,273
USD Currency(a)	Deutsche Bank AG		01/12/18		BRL	3.00		USD	22,500		2
USD Currency	JPMorgan Chase Bank N.A.		01/12/18		ZAR	13.50		USD	4,246		369,698
EUR Currency	Citibank N.A.		01/25/18		JPY	128.00		EUR	33,745		1,846
USD Currency	Deutsche Bank AG		01/31/18		TRY	3.40		USD	26,400		91
USD Currency	Deutsche Bank AG Morgan Stanley & Co.		01/31/18		RUB	59.00		USD	3,710		94,909
USD Currency	International PLC		02/08/18		BRL	3.30		USD	5,330		63,514
EUR Currency	Deutsche Bank AG		02/15/18		TRY	4.32		EUR	5,289		4,354
AUD Currency	Deutsche Bank AG		02/16/18		USD	0.73		AUD	44,000		2,420
USD Currency	Deutsche Bank AG		02/16/18		INR	67.00		USD	21,400		975,874
USD Currency	Goldman Sachs International Morgan Stanley & Co.		02/16/18		TRY	3.86		USD	4,231		84,683
USD Currency	International PLC		02/16/18		MXN	17.50		USD	11,100		570
AUD Currency	Citibank N.A.		02/19/18		USD	0.76		AUD	4,246		5,558
EUR Currency	Deutsche Bank AG		03/30/18		GBP	0.84		EUR	44,500		60,727
EUR Currency	Deutsche Bank AG		03/30/18		GBP	0.81		EUR	22,333		4,077

CONSOLIDATED SCHEDULE OF INVESTMENTS 51

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Description	Counterparty	Expiration Date		Exercise Price			Notional Amount (000)			Value
EUR Currency	HSBC Bank PLC		03/30/18		GBP	0.84		EUR	22,500	$	30,711
EUR Currency	Royal Bank of Scotland PLC		03/30/18		GBP	0.81		EUR	11,167		2,023
USD Currency	JPMorgan Chase Bank N.A.		05/17/18		CNH	6.90		USD	22,225		1,155,424
AUD Currency	HSBC Bank PLC		06/13/18		USD	0.76		AUD	24,840		215,367
EUR Currency	HSBC Bank PLC		06/13/18		USD	1.17		EUR	94,745		733,235
EUR Currency	Citibank N.A.		06/14/18		USD	1.18		EUR	15,400		164,422
USD Currency	JPMorgan Chase Bank N.A.		07/24/18		INR	65.00		USD	33,600		561,627
USD Currency	Goldman Sachs International		07/26/18		INR	64.50		USD	33,600		427,488
USD Currency	HSBC Bank PLC		07/26/18		INR	62.50		USD	33,600		113,729
USD Currency	Deutsche Bank AG		07/30/18		MXN	17.35		USD	21,730		39,820
											6,730,950
										$	9,545,702

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

Exchange-Traded Options Written
Description	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
Delta Air Lines, Inc.		2,820		01/19/18	USD	55.00	USD	15,792	$	(559,768	)
Micron Technology, Inc.		7,446		01/19/18	USD	43.00	USD	30,618		(621,741	)
Freeport-McMoRan, Inc.		2,800		02/16/18	USD	23.00	USD	5,309		(67,200	)
Freeport-McMoRan, Inc.		2,250		03/16/18	USD	25.00	USD	4,266		(42,750	)
Euro Dollar 90-Day		34,623		06/15/18	USD	97.88	USD	8,447,579		(6,275,419	)
SPDR S&P Oil & Gas Explore & Production ETF		20,652		06/15/18	USD	43.00	USD	76,784		(1,972,266	)
										(9,539,144	)
Put
U.S. Treasury Notes (10 Year) Futures		1,316		01/26/18	USD	123.00	USD	163,246		(164,500	)
									$	(9,703,644	)

OTC Options Written
Description	Counterparty	Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
USD Currency(a)	Morgan Stanley & Co. International PLC		01/11/18		CLP	675.00		USD	4,259	$	—
CAD Currency	JPMorgan Chase Bank N.A.		01/18/18		MXN	15.00		CAD	2,122		(78,298	)
USD Currency	Bank of America N.A.		01/25/18		ZAR	14.12		USD	4,246		(377	)
USD Currency	Deutsche Bank AG		01/31/18		RUB	61.00		USD	3,710		(4,204	)
USD Currency	BNP Paribas S.A.		02/07/18		CAD	1.35		USD	22,500		(625	)
	Morgan Stanley & Co.
USD Currency	International PLC		02/08/18		BRL	3.45		USD	2,665		(14,667	)
USD Currency	JPMorgan Chase Bank N.A.		02/09/18		HKD	7.75		USD	20,500		(150,405	)
EUR Currency	Deutsche Bank AG		02/15/18		TRY	4.50		EUR	3,700		(149,551	)
USD Currency	Goldman Sachs International		02/16/18		TRY	4.04		USD	4,231		(20,909	)
	Morgan Stanley & Co.
USD Currency	International PLC		02/16/18		MXN	19.00		USD	11,100		(506,373	)
AUD Currency	Citibank N.A.		02/19/18		USD	0.79		AUD	4,246		(26,103	)
USD Currency	Goldman Sachs International		03/05/18		KRW	1,212.00		USD	234,844		(45,384	)
USD Currency	Goldman Sachs International		03/05/18		KRW	1,190.00		USD	234,844		(107,237	)
USD Currency	HSBC Bank PLC		03/05/18		KRW	1,303.00		USD	234,844		(493	)
USD Currency	JPMorgan Chase Bank N.A.		03/15/18		HKD	7.75		USD	42,550		(294,385	)
USD Currency	Deutsche Bank AG		03/23/18		JPY	119.00		USD	45,000		(30,150	)
USD Currency	Bank of America N.A.		06/13/18		CHF	1.05		USD	8,095		(9,738	)
USD Currency	BNP Paribas S.A.		06/13/18		CAD	1.36		USD	15,020		(34,729	)

52 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Description	Counterparty	Expiration Date		Exercise Price			Notional Amount (000)			Value
USD Currency	Citibank N.A.		06/13/18		SEK	8.95		USD	7,505	$	(16,617	)
USD Currency	Deutsche Bank AG		06/13/18		JPY	119.00		USD	22,530		(65,212	)
USD Currency	JPMorgan Chase Bank N.A.		07/19/18		MXN	22.50		USD	4,243		(69,619	)
USD Currency	Deutsche Bank AG		07/30/18		MXN	20.80		USD	21,730		(806,631	)
											(2,431,707	)
Put
AUD Currency	Bank of America N.A.		01/09/18		USD	0.76		AUD	44,500		(1,953	)
AUD Currency(a)	HSBC Bank PLC		01/09/18		USD	0.73		AUD	55,700		(4	)
USD Currency	Deutsche Bank AG		01/10/18		ZAR	12.76		USD	21,658		(632,135	)
USD Currency	Deutsche Bank AG		01/10/18		ZAR	13.31		USD	10,829		(782,472	)
USD Currency	JPMorgan Chase Bank N.A.		01/12/18		ZAR	13.00		USD	4,246		(197,782	)
USD Currency(a)	Morgan Stanley & Co. International PLC		01/12/18		BRL	3.00		USD	22,500		(2	)
CAD Currency	JPMorgan Chase Bank N.A.		01/18/18		MXN	15.00		CAD	2,122		(1,162	)
USD Currency	Credit Suisse International		01/26/18		RUB	58.50		USD	3,710		(67,229	)
EUR Currency	Deutsche Bank AG		02/15/18		TRY	4.10		EUR	3,700		(84	)
USD Currency	JPMorgan Chase Bank N.A.		02/16/18		INR	67.00		USD	21,400		(975,874	)
EUR Currency	Deutsche Bank AG		03/30/18		GBP	0.81		EUR	11,000		(2,023	)
EUR Currency	HSBC Bank PLC		03/30/18		GBP	0.81		EUR	22,500		(4,119	)
USD Currency	HSBC Bank PLC		05/17/18		CNH	6.90		USD	22,225		(1,155,424	)
AUD Currency	HSBC Bank PLC		06/13/18		USD	0.72		AUD	24,840		(59,215	)
EUR Currency	HSBC Bank PLC		06/13/18		USD	1.11		EUR	94,745		(140,271	)
EUR Currency	Citibank N.A.		06/14/18		USD	1.12		EUR	15,400		(32,366	)
USD Currency	Goldman Sachs International		07/26/18		INR	62.50		USD	33,600		(113,692	)
											(4,165,807	)
										$	(6,597,514	)

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

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)
ITRAXX.XO.28.V1	5.00%		Quarterly		12/20/22	EUR	64,655	$	(9,487,723	)	$	(8,690,105	)		$(797,618	)

     Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation	Financing Rate Received by the Fund		Payment Frequency		Termination Date		Credit Rating(a)		Notional Amount (000)(b)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
ITRAXX.EUR.21.V1		1.00%		Quarterly		06/20/19		BBB+	EUR	1,445	$	27,651	$	12,104		$15,547
ITRAXX.EUR.25.V1		1.00%		Quarterly		06/20/21		BBB+	EUR	5,170		156,931		63,989		92,942
CDX.NA.IG.29.V1		1.00%		Quarterly		12/20/22		BBB+	USD	56,249		1,361,120		1,295,132		65,988
ITRAXX.EUR.28.V1		1.00%		Quarterly		12/20/22		BBB+	EUR	44,840		1,469,163		1,130,867		338,296
											$	3,014,865	$	2,502,092		$512,773

^(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.

CONSOLIDATED SCHEDULE OF INVESTMENTS 53

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

     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)

Rate

Frequency

Rate

Frequency

UK RPI All Items Monthly

At Termination

3.46%

At Termination

10/15/26

GBP

27,662

$331,841

$

688

$

331,153

     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	Monthly	7.81%	Monthly		N/A			06/07/18	MXN	636,450	$	(1,324	)	$	26		$	(1,350	)
28-day MXIBTIIE	Monthly	7.85%	Monthly		N/A			06/12/18	MXN	636,450		706			26			680
7.36%	Monthly	28-day MXIBTIIE	Monthly		N/A			01/28/19	MXN	728,739		274,846			116			274,730
3-month LIBOR	Quarterly	2.05%	Semi-Annual		11/19/18	(a)		11/19/19	USD	3,016,260		(5,234,720	)		5,097			(5,239,817	)
3-month LIBOR	Quarterly	2.05%	Semi-Annual		11/19/18	(a)		11/19/19	USD	1,566,300		(2,794,358	)		2,647			(2,797,005	)
3-month LIBOR	Quarterly	2.16%	Semi-Annual		12/06/18	(a)		12/06/19	USD	1,547,250		(1,164,878	)		2,522			(1,167,400	)
28-day MXIBTIIE	Monthly	7.32%	Monthly		N/A			02/20/20	MXN	674,413		(464,815	)		86			(464,901	)
28-day MXIBTIIE	Monthly	7.16%	Monthly		N/A			04/29/20	MXN	702,890		(627,187	)		113			(627,300	)
3-month LIBOR	Quarterly	2.24%	Semi-Annual		11/01/19	(a)		11/01/21	USD	313,940		(600,197	)		1,326			(601,523	)
2.27%	Semi-Annual	3-month LIBOR	Quarterly		11/19/20	(a)		11/19/21	USD	3,147,170		2,540,679			5,319			2,535,360
2.28%	Semi-Annual	3-month LIBOR	Quarterly		11/19/20	(a)		11/19/21	USD	1,629,370		1,182,516			2,754			1,179,762
2.34%	Semi-Annual	3-month LIBOR	Quarterly		12/07/20	(a)		12/07/21	USD	1,619,780		362,101			2,737			359,364
3-month LIBOR	Quarterly	2.31%	Semi-Annual		12/09/19	(a)		12/08/21	USD	640,660		(457,213	)		2,659			(459,872	)
3-month LIBOR	Quarterly	2.39%	Semi-Annual		12/19/19	(a)		12/19/21	USD	323,940		322,273			1,356			320,917
28-day MXIBTIIE	Monthly	7.45%	Monthly		N/A			03/07/22	MXN	230,990		(177,313	)		(147	)		(177,166	)
28-day MXIBTIIE	Monthly	7.48%	Monthly		N/A			03/07/22	MXN	115,492		(81,177	)		37			(81,214	)
28-day MXIBTIIE	Monthly	7.47%	Monthly		N/A			03/07/22	MXN	115,490		(83,312	)		37			(83,349	)
28-day MXIBTIIE	Monthly	6.92%	Monthly		N/A			07/01/22	MXN	353,350		(644,807	)		157			(644,964	)
28-day MXIBTIIE	Monthly	6.88%	Monthly		N/A			08/01/22	MXN	189,000		(363,840	)		88			(363,928	)
28-day MXIBTIIE	Monthly	6.90%	Monthly		N/A			08/02/22	MXN	126,000		(240,039	)		59			(240,098	)
7.13%	Monthly	28-day MXIBTIIE	Monthly		N/A			10/07/22	MXN	109,921		161,448			52			161,396
7.14%	Monthly	28-day MXIBTIIE	Monthly		N/A			10/10/22	MXN	44,444		64,363			21			64,342
7.11%	Monthly	28-day MXIBTIIE	Monthly		N/A			10/14/22	MXN	146,271		222,780			69			222,711
7.11%	Monthly	28-day MXIBTIIE	Monthly		N/A			10/14/22	MXN	110,975		167,845			52			167,793
28-day MXIBTIIE	Monthly	6.32%	Monthly		N/A			07/17/25	MXN	73,475		(345,693	)		426			(346,119	)
3-month LIBOR	Quarterly	2.13%	Semi-Annual		N/A			08/25/25	USD	2,360		(18,134	)		28			(18,162	)

54 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

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
2.27%	Semi-Annual	3-month LIBOR	Quarterly	N/A	09/11/25	USD	1,800	$	(4,028	)	$	23	$	(4,051	)
7.29%	Monthly	28-day MXIBTIIE	Monthly	N/A	06/25/27	MXN	204,750		468,926			176		468,750
7.16%	Monthly	28-day MXIBTIIE	Monthly	N/A	07/26/27	MXN	108,600		299,418			60		299,358
7.18%	Monthly	28-day MXIBTIIE	Monthly	N/A	07/27/27	MXN	72,400		196,775			64		196,711
								$	(7,038,359	)	$	27,986	$	(7,066,345	)

^(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)
Marks & Spencer PLC	1.00%		Quarterly	Bank of America N.A.	12/20/22	EUR	1,325	$	23,770		$	26,913		$	(3,143	)
Marks & Spencer PLC	1.00%		Quarterly	Bank of America N.A.	12/20/22	EUR	75		1,345			1,523			(178	)
People’s Republic of China	1.00%		Quarterly	Bank of America N.A.	06/20/22	USD	2,001		(47,322	)		(15,021	)		(32,301	)
Republic of France	0.25%		Quarterly	Bank of America N.A.	06/20/22	USD	780		(3,328	)		7,888			(11,216	)
Republic of France	0.25%		Quarterly	Bank of America N.A.	06/20/22	USD	780		(3,328	)		9,677			(13,005	)
Republic of South Africa	1.00%		Quarterly	Bank of America N.A.	12/20/22	USD	2,965		77,056			114,759			(37,703	)
Republic of South Africa	1.00%		Quarterly	Bank of America N.A.	12/20/22	USD	1,899		49,352			74,056			(24,704	)
United Mexican States	1.00%		Quarterly	Bank of America N.A.	09/20/20	USD	7,452		(83,864	)		50,931			(134,795	)
Buoni Poliennali Del Tesoro	1.00%		Quarterly	Barclays Bank PLC	03/20/18	USD	6,000		(13,757	)		15,545			(29,302	)
Federative Republic of Brazil	1.00%		Quarterly	Barclays Bank PLC	12/20/22	USD	4,794		133,648			172,724			(39,076	)
Fiat Chrysler Automobiles NV	5.00%		Quarterly	Barclays Bank PLC	12/20/22	EUR	640		(120,554	)		(116,823	)		(3,731	)
ITRAXX.FINSR.20.V1	1.00%		Quarterly	Barclays Bank PLC	12/20/18	EUR	1,450		(18,239	)		(2,860	)		(15,379	)
K Hovnanian Enterprises, Inc.	5.00%		Quarterly	Barclays Bank PLC	12/20/22	USD	2,560		1,197,686			810,541			387,145
Kingdom of Thailand	1.00%		Quarterly	Barclays Bank PLC	06/20/21	USD	769		(18,162	)		(730	)		(17,432	)
Lowe’s Corp.	1.00%		Quarterly	Barclays Bank PLC	12/20/22	USD	4,245		(175,340	)		(137,995	)		(37,345	)
Marks & Spencer PLC	1.00%		Quarterly	Barclays Bank PLC	12/20/22	EUR	1,880		33,718			39,230			(5,512	)
Mitsubishi Corp.	1.00%		Quarterly	Barclays Bank PLC	12/20/20	JPY	47,573		(10,506	)		(4,449	)		(6,057	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 55

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Reference Obligation	Financing Rate Paid by the Fund			Payment Frequency		Counterparty	Termination Date	Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
People’s Republic of China		1.00	%		Quarterly	Barclays Bank PLC	06/20/22	USD	4,600	$	(108,779)	$	(37,401)	$	(71,378)
People’s Republic of China		1.00	%		Quarterly	Barclays Bank PLC	06/20/22	USD	1,387		(32,804)		(11,001)		(21,803)
Simon Property Group, Inc.		1.00	%		Quarterly	Barclays Bank PLC	12/20/22	USD	5,500		(84,992)		(46,608)		(38,384)
Sumitomo Mitsui Banking Corp.		1.00	%		Quarterly	Barclays Bank PLC	12/20/20	JPY	24,938		(5,642)		710		(6,352)
United Mexican States		1.00	%		Quarterly	Barclays Bank PLC	12/20/22	USD	4,489		11,666		19,662		(7,996)
Vodafone Group PLC		1.00	%		Quarterly	Barclays Bank PLC	12/20/22	EUR	5,530		(153,185)		(122,892)		(30,293)
Banco Comercial Portugues SA		5.00	%		Quarterly	BNP Paribas S.A.	12/20/20	EUR	216		(32,186)		(2,204)		(29,982)
Clariant AG		1.00	%		Quarterly	BNP Paribas S.A.	12/20/21	EUR	500		(11,487)		(1,052)		(10,435)
Kingdom of Thailand		1.00	%		Quarterly	BNP Paribas S.A.	06/20/21	USD	731		(17,260)		(1,390)		(15,870)
Republic of Portugal		1.00	%		Quarterly	BNP Paribas S.A.	09/20/19	USD	875		(12,244)		8,835		(21,079)
Standard Chartered PLC		1.00	%		Quarterly	BNP Paribas S.A.	12/20/20	EUR	810		(23,348)		12,379		(35,727)
Standard Chartered PLC		1.00	%		Quarterly	BNP Paribas S.A.	12/20/20	EUR	460		(13,278)		7,330		(20,608)
TDC A/S		1.00	%		Quarterly	BNP Paribas S.A.	12/20/22	EUR	1,430		(14,331)		(7,309)		(7,022)
ArcelorMittal		5.00	%		Quarterly	Citibank N.A.	12/20/22	EUR	1,280		(276,649)		(269,440)		(7,209)
Clariant AG		1.00	%		Quarterly	Citibank N.A.	12/20/22	EUR	340		(5,709)		(7,760)		2,051
ITRAXX.FINSR.19.V1		1.00	%		Quarterly	Citibank N.A.	06/20/18	EUR	8,200		(49,119)		(24,630)		(24,489)
ITRAXX.FINSR.20.V1		1.00	%		Quarterly	Citibank N.A.	12/20/18	EUR	5,900		(67,930)		(31,554)		(36,376)
ITRAXX.FINSR.20.V1		1.00	%		Quarterly	Citibank N.A.	12/20/18	EUR	3,120		(39,186)		(6,029)		(33,157)
Kingdom of Thailand		1.00	%		Quarterly	Citibank N.A.	06/20/21	USD	420		(9,916)		(521)		(9,395)
Peugeot SA		5.00	%		Quarterly	Citibank N.A.	12/20/22	EUR	1,280		(285,325)		(292,797)		7,472
Republic of Indonesia		1.00	%		Quarterly	Citibank N.A.	06/20/22	USD	681		(6,750)		7,500		(14,250)
Westpac Banking Corp.		1.00	%		Quarterly	Citibank N.A.	12/20/20	USD	1,000		(23,688)		(1,887)		(21,801)
CMBX.NA.9.AAA		0.50	%		Annual	Credit Suisse International	09/17/58	USD	4,540		(8,717)		55,085		(63,802)
Peugeot SA		5.00	%		Quarterly	Credit Suisse International	12/20/22	EUR	1,280		(289,222)		(294,769)		5,547

56 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Reference Obligation	Financing Rate Paid by the Fund			Payment Frequency	Counterparty	Termination Date	Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Smurfit Kappa Acquisitions		5.00	%	Quarterly	Credit Suisse International	12/20/22	EUR	600	$	(145,787	)	$	(139,090	)	$	(6,697	)
TDC A/S		1.00	%	Quarterly	Credit Suisse International	12/20/22	EUR	2,140		(21,470	)		(9,720	)		(11,750	)
TDC A/S		1.00	%	Quarterly	Credit Suisse International	12/20/22	EUR	1,430		(14,355	)		(6,502	)		(7,853	)
Tesco PLC		1.00	%	Quarterly	Credit Suisse International	12/20/22	EUR	1,280		(3,822	)		6,554			(10,376	)
Tesco PLC		1.00	%	Quarterly	Credit Suisse International	12/20/22	EUR	1,280		(3,878	)		7,268			(11,146	)
CMBX.NA.6.AAA		0.50	%	Annual	Deutsche Bank AG	05/11/63	USD	6,450		(42,439	)		2,095			(44,534	)
CMBX.NA.6.AAA		0.50	%	Annual	Deutsche Bank AG	05/11/63	USD	5,738		(37,760	)		(1,886	)		(35,874	)
CMBX.NA.6.AAA		0.50	%	Annual	Deutsche Bank AG	05/11/63	USD	4,030		(26,517	)		790			(27,307	)
CMBX.NA.9.AAA		0.50	%	Annual	Deutsche Bank AG	09/17/58	USD	3,620		(6,951	)		44,558			(51,509	)
Banco Bilbao Vizcaya Argentaria SA		1.00	%	Quarterly	Goldman Sachs International	12/20/22	EUR	1,280		21,128			46,030			(24,902	)
Itochu Corp.		1.00	%	Quarterly	Goldman Sachs International	12/20/20	JPY	32,023		(6,859	)		(1,401	)		(5,458	)
Itochu Corp.		1.00	%	Quarterly	Goldman Sachs International	12/20/20	JPY	29,326		(6,301	)		(1,226	)		(5,075	)
Itochu Corp.		1.00	%	Quarterly	Goldman Sachs International	12/20/20	JPY	29,326		(6,308	)		(1,156	)		(5,152	)
Itochu Corp.		1.00	%	Quarterly	Goldman Sachs International	12/20/20	JPY	29,326		(6,352	)		(895	)		(5,457	)
K Hovnanian Enterprises, Inc.		5.00	%	Quarterly	Goldman Sachs International	12/20/22	USD	500		233,923			136,316			97,607
Mitsubishi Corp.		1.00	%	Quarterly	Goldman Sachs International	12/20/20	JPY	29,326		(6,456	)		(2,413	)		(4,043	)
Mitsui & Co. Ltd.		1.00	%	Quarterly	Goldman Sachs International	12/20/20	JPY	58,651		(12,933	)		(1,896	)		(11,037	)
Mitsui & Co. Ltd.		1.00	%	Quarterly	Goldman Sachs International	12/20/20	JPY	29,326		(6,508	)		(685	)		(5,823	)
People’s Republic of China		1.00	%	Quarterly	Goldman Sachs International	12/20/22	USD	4,220		(99,142	)		(82,930	)		(16,212	)
Republic of Argentina		5.00	%	Quarterly	Goldman Sachs International	12/20/22	USD	10,367		(1,247,971	)		(863,546	)		(384,425	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 57

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Reference Obligation	Financing Rate Paid by the Fund			Payment Frequency	Counterparty	Termination Date	Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Republic of Argentina		5.00	%	Quarterly	Goldman Sachs International	12/20/22	USD	5,779	$	(695,648	)	$	(489,356	)	$	(206,292	)
Republic of France		0.25	%	Quarterly	Goldman Sachs International	06/20/22	USD	280		(1,195	)		2,834			(4,029	)
Republic of Indonesia		1.00	%	Quarterly	Goldman Sachs International	06/20/22	USD	1,010		(10,012	)		11,369			(21,381	)
Republic of Korea		1.00	%	Quarterly	Goldman Sachs International	12/20/22	USD	5,000		(112,207	)		(72,181	)		(40,026	)
Standard Chartered PLC		1.00	%	Quarterly	Goldman Sachs International	12/20/20	EUR	610		(17,261	)		4,153			(21,414	)
Target Corp.		1.00	%	Quarterly	Goldman Sachs International	12/20/22	USD	13,200		(314,881	)		(191,326	)		(123,555	)
Banco Bilbao Vizcaya Argentaria SA		1.00	%	Quarterly	HSBC Bank PLC	12/20/22	EUR	650		10,788			25,955			(15,167	)
Kingdom of Bahrain		1.00	%	Quarterly	HSBC Bank PLC	12/20/22	USD	1,210		93,954			104,688			(10,734	)
CMBX.NA.6.BBB-		3.00	%	Annual	J.P. Morgan Securities LLC	05/11/63	USD	850		123,875			84,497			39,378
CMBX.NA.9.A		2.00	%	Annual	J.P. Morgan Securities LLC	09/17/58	USD	1,021		36,340			139,087			(102,747	)
Australia & New Zealand Banking Group Ltd.		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	1,205		(27,111	)		(3,334	)		(23,777	)
Australia & New Zealand Banking Group Ltd.		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	1,000		(22,503	)		(214	)		(22,289	)
Australia & New Zealand Banking Group Ltd.		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	795		(17,895	)		(2,424	)		(15,471	)
AutoZone, Inc.		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/22	USD	13,200		(316,381	)		(113,562	)		(202,819	)
Banco Bilbao Vizcaya Argentaria SA		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/22	EUR	620		10,269			26,118			(15,849	)
Cable & Wireless Communications Ltd.		5.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/22	EUR	450		(92,082	)		(84,570	)		(7,512	)
CBS Corp.		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/22	USD	12,960		(151,646	)		(181,453	)		29,807
Clariant AG		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/22	EUR	1,280		(21,464	)		(28,268	)		6,804
Commonwealth Bank of Australia		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	1,150		(26,047	)		(2,502	)		(23,545	)
Commonwealth Bank of Australia		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	1,000		(22,650	)		(1,605	)		(21,045	)

58 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Reference Obligation	Financing Rate Paid by the Fund			Payment Frequency	Counterparty	Termination Date	Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
General Mills, Inc.		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/22	USD	11,000	$	(351,849	)	$	(277,860	)	$	(73,989	)
Kingdom of Bahrain		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/22	USD	440		34,166			38,058			(3,892	)
Kingdom of Thailand		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/21	USD	540		(12,753	)		(313	)		(12,440	)
Kingdom of Thailand		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/21	USD	540		(12,753	)		(135	)		(12,618	)
Lanxess AG		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/22	EUR	2,167		(58,786	)		(50,554	)		(8,232	)
Melia Hotels International SA		5.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/22	EUR	870		(186,692	)		(158,795	)		(27,897	)
National Australia Bank Ltd.		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	1,000		(22,699	)		(810	)		(21,889	)
People’s Republic of China		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/22	USD	1,212		(28,652	)		(11,172	)		(17,480	)
Republic of France		0.25	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/22	USD	770		(3,286	)		8,748			(12,034	)
Republic of Indonesia		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/22	USD	908		(9,000	)		11,097			(20,097	)
Republic of the Philippines		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/22	USD	18,547		(359,065	)		(281,621	)		(77,444	)
STMicroelectronics NV		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/22	EUR	888		(24,577	)		(4,469	)		(20,108	)
Sumitomo Mitsui Banking Corp.		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	JPY	25,316		(5,753	)		1,209			(6,962	)
United Mexican States		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	06/20/20	USD	7,452		(82,074	)		32,343			(114,417	)
CMA CGM SA		5.00	%	Quarterly	Morgan Stanley & Co. International PLC	12/20/22	EUR	400		(25,986	)		(24,280	)		(1,706	)
CMBX.NA.9 AAA		0.50	%	Annual	Morgan Stanley & Co. International PLC	09/17/58	USD	5,570		(10,695	)		74,154			(84,849	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 59

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Reference Obligation	Financing Rate Paid by the Fund		Payment Frequency		Counterparty	Termination Date		Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.9.A		2.00%		Annual	Morgan Stanley & Co. International PLC		09/17/58	USD	1,780	$	63,330		$	223,179		$	(159,849	)
CMBX.NA.9.AAA		0.50%		Annual	Morgan Stanley & Co. International PLC		09/17/58	USD	3,050		(5,856	)		37,007			(42,863	)
CMBX.NA.9.AAA		0.50%		Annual	Morgan Stanley & Co. International PLC		09/17/58	USD	2,530		(4,858	)		30,697			(35,555	)
Hapag-Lloyd AG		5.00%		Quarterly	Morgan Stanley & Co. International PLC		12/20/22	EUR	200		(25,057	)		(21,882	)		(3,175	)
Republic of South Africa		1.00%		Quarterly	Morgan Stanley & Co. International PLC		12/20/22	USD	3,320		86,272			129,458			(43,186	)
Standard Chartered PLC		1.00%		Quarterly	Morgan Stanley & Co. International PLC		12/20/20	EUR	240		(6,931	)		3,900			(10,831	)
United Mexican States		1.00%		Quarterly	Morgan Stanley & Co. International PLC		12/20/22	USD	2,548		6,622			10,575			(3,953	)
United Mexican States		1.00%		Quarterly	Morgan Stanley & Co. International PLC		12/20/22	USD	2,548		6,623			11,161			(4,538	)
Clariant AG		1.00%		Quarterly	Société Générale		12/20/22	EUR	940		(15,884	)		(20,406	)		4,522
										$	(4,614,614	)	$	(1,884,374	)	$	(2,730,240	)

     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)
Buoni Poliennali Del Tesoro		1.00	%	Quarterly	Barclays Bank PLC	03/20/18	BBB		EUR	4,500	$	(16,206	)	$	(39,591	)		$   23,385
Buoni Poliennali Del Tesoro		1.00	%	Quarterly	Barclays Bank PLC	03/20/18	BBB		USD	37		84			(126	)		210
ITRAXX.FINSUB.19.V1		5.00	%	Quarterly	Citibank N.A.	06/20/18	BBB		EUR	5,900		180,561			133,593			46,968
ITRAXX.FINSUB.20.V1		5.00	%	Quarterly	Barclays Bank PLC	12/20/18	BBB		EUR	1,160		109,899			87,127			22,772
ITRAXX.FINSUB.20.V1		5.00	%	Quarterly	Citibank N.A.	12/20/18	BBB		EUR	4,600		272,104			203,807			68,297
ITRAXX.FINSUB.20.V1		5.00	%	Quarterly	Citibank N.A.	12/20/18	BBB		EUR	1,660		156,755			123,555			33,200
ITRAXX.FINSUB.20.V1		5.00	%	Quarterly	Deutsche Bank AG	12/20/18	BBB		EUR	830		78,508			62,061			16,447
K Hovnanian Enterprises, Inc.		5.00	%	Quarterly	Barclays Bank PLC	12/20/18	CCC-		USD	2,560		(1,050,462	)		(190,378	)		(860,084	)

60 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

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)
K Hovnanian Enterprises, Inc.		5.00	%	Quarterly	Barclays Bank PLC	12/20/18	CCC-		USD	1,051	$	(431,264	)	$	(78,159	)	$	(353,105	)
SAS AB		5.00	%	Quarterly	Goldman Sachs International	06/20/19	Not Rated		EUR	1,000		53,599			(42,095	)		95,694
Transocean Ltd.		1.00	%	Quarterly	Goldman Sachs International	06/20/19	B		USD	350		(1,123	)		(3,207	)		2,084
United Mexican States		1.00	%	Quarterly	Bank of America N.A.	06/20/20	BBB+		USD	7,452		82,074			(37,490	)		119,564
People’s Republic of China		1.00	%	Quarterly	Barclays Bank PLC	09/20/20	A+		USD	1,000		20,257			(4,406	)		24,663
People’s Republic of China		1.00	%	Quarterly	Goldman Sachs International	09/20/20	A+		USD	1,000		20,257			(4,659	)		24,916
United Mexican States		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	09/20/20	BBB+		USD	7,452		83,864			(44,370	)		128,234
ITRAXX.ASIA.XJ.IG.24.V1		1.00	%	Quarterly	Goldman Sachs International	12/20/20	A-		USD	1,825		36,425			(30,255	)		66,680
Altice Finco SA		5.00	%	Quarterly	Goldman Sachs International	12/20/22	B-		EUR	490		16,534			22,193			(5,659	)
Commerzbank AG		1.00	%	Quarterly	Goldman Sachs International	12/20/22	Not Rated		EUR	1,300		(19,473	)		(45,948	)		26,475
Hertz Global Holdings, Inc.		5.00	%	Quarterly	Barclays Bank PLC	12/20/22	B-		USD	700		(54,893	)		(89,036	)		34,143
Intrum Justitia AB		5.00	%	Quarterly	Credit Suisse International	12/20/22	BB+		EUR	520		76,404			95,195			(18,791	)
Intrum Justitia AB		5.00	%	Quarterly	Credit Suisse International	12/20/22	BB+		EUR	510		76,164			85,064			(8,900	)
Intrum Justitia AB		5.00	%	Quarterly	Morgan Stanley & Co. International PLC	12/20/22	BB+		EUR	2,080		304,572			383,889			(79,317	)
New Look Senior Issuer PLC		5.00	%	Quarterly	JPMorgan Chase Bank N.A.	12/20/22	CCC-		EUR	90		(63,422	)		(58,815	)		(4,607	)
Viacom, Inc., Class A		1.00	%	Quarterly	Goldman Sachs International	12/20/22	BBB-		USD	1,300		(32,923	)		(40,526	)		7,603
CMBX.NA.7.AAA		0.50	%	Monthly	Morgan Stanley & Co. International PLC	01/17/47	AAA		USD	5,000		27,230			(157,371	)		184,601
CMBX.NA.3.AM		0.50	%	Monthly	Credit Suisse International	12/13/49	A		USD	77		(351	)		(6,686	)		6,335
CMBX.NA.3.AM		0.50	%	Monthly	Goldman Sachs International	12/13/49	A		USD	194		(887	)		(17,075	)		16,188
CMBX.NA.3.AM		0.50	%	Monthly	JPMorgan Chase Bank N.A.	12/13/49	A		USD	419		(1,910	)		(34,918	)		33,008
CMBX.NA.4.AM		0.50	%	Annual	Deutsche Bank AG	02/17/51	BBB+		USD	205		(1,199	)		(26,981	)		25,782
CMBX.NA.8.A		2.00	%	Annual	Goldman Sachs International	10/17/57	Not Rated		USD	1,710		(73,140	)		(96,190	)		23,050
CMBX.NA.8.A		2.00	%	Monthly	Goldman Sachs International	10/17/57	Not Rated		USD	440		(18,820	)		(44,305	)		25,485
CMBX.NA.8.A		2.00	%	Annual	Morgan Stanley & Co. International PLC	10/17/57	Not Rated		USD	290		(12,404	)		(24,663	)		12,259
CMBX.NA.9 A		2.00	%	Annual	J.P. Morgan Securities LLC	09/17/58	Not Rated		USD	1,360		(48,387	)		(37,877	)		(10,510	)
CMBX.NA.9 A		2.00	%	Annual	J.P. Morgan Securities LLC	09/17/58	Not Rated		USD	730		(25,973	)		(23,313	)		(2,660	)
CMBX.NA.9 A		2.00	%	Annual	Morgan Stanley & Co. International PLC	09/17/58	Not Rated		USD	1,730		(61,551	)		(58,714	)		(2,837	)
CMBX.NA.9 BBB-		3.00	%	Annual	Morgan Stanley & Co. International PLC	09/17/58	Not Rated		USD	630		(69,525	)		(63,766	)		(5,759	)
CMBX.NA.9.A		2.00	%	Annual	Credit Suisse International	09/17/58	Not Rated		USD	1,790		(63,685	)		(57,260	)		(6,425	)
CMBX.NA.9.A		2.00	%	Annual	Credit Suisse International	09/17/58	Not Rated		USD	510		(18,145	)		(26,057	)		7,912
CMBX.NA.9.A		2.00	%	Monthly	Credit Suisse International	09/17/58	Not Rated		USD	400		(14,231	)		(55,629	)		41,398
CMBX.NA.9.A		2.00	%	Monthly	J.P. Morgan Securities LLC	09/17/58	Not Rated		USD	4,880		(173,622	)		(256,912	)		83,290
CMBX.NA.9.A		2.00	%	Annual	J.P. Morgan Securities LLC	09/17/58	Not Rated		USD	551		(19,619	)		(67,545	)		47,926
CMBX.NA.9.A		2.00	%	Monthly	Morgan Stanley & Co. International PLC	09/17/58	Not Rated		USD	2,740		(97,484	)		(62,247	)		(35,237	)
CMBX.NA.9.A		2.00	%	Monthly	Morgan Stanley & Co. International PLC	09/17/58	Not Rated		USD	1,810		(64,396	)		(91,179	)		26,783
CMBX.NA.9.A		2.00	%	Annual	Morgan Stanley & Co. International PLC	09/17/58	Not Rated		USD	1,630		(57,993	)		(87,660	)		29,667
CMBX.NA.9.A		2.00	%	Annual	Morgan Stanley & Co. International PLC	09/17/58	Not Rated		USD	890		(31,664	)		(42,987	)		11,323
CMBX.NA.9.BBB-		3.00	%	Annual	Credit Suisse International	09/17/58	Not Rated		USD	2,109		(232,742	)		(220,291	)		(12,451	)
CMBX.NA.9.BBB-		3.00	%	Monthly	Morgan Stanley & Co. International PLC	09/17/58	Not Rated		USD	770		(84,975	)		(81,838	)		(3,137	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 61

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Reference Obligation	Financing Rate Received by the Fund			Payment Frequency		Counterparty	Termination Date		Credit Rating(a)	Notional Amount (000)(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CMBX.NA.9.BBB-		3.00	%		Monthly	Morgan Stanley & Co. International PLC		09/17/58	Not Rated		USD	127		$   (14,015	)	$	(15,600	)	$	1,585
CMBX.NA.10.A		2.00	%		Monthly	Deutsche Bank AG		11/17/59	A-		USD	3,340		(101,670	)		(149,345	)		47,675
CMBX.NA.10.A		2.00	%		Monthly	Deutsche Bank AG		11/17/59	A-		USD	1,670		(50,834	)		(75,927	)		25,093
CMBX.NA.10.BBB-		3.00	%		Annual	J.P. Morgan Securities LLC		11/17/59	BBB-		USD	60		(6,020	)		(5,309	)		(711	)
CMBX.NA.6.BBB-		3.00	%		Annual	Credit Suisse International		05/11/63	BBB-		USD	850		(123,875	)		(68,425	)		(55,450	)
													$	(1,543,592	)	$	(1,468,647	)	$	(74,945	)

^(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		Counterparty	Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate	Frequency
9.99%		At Termination	1-day BZDIOVER	At Termination	Citibank N.A.	01/02/18		BRL	91,638	$	(198,912	)		$   —			$(198,912	)
8.98%		At Termination	1-day BZDIOVER	At Termination	Citibank N.A.	01/02/18		BRL	31,295		(11,262	)		—			(11,262	)
9.98%		At Termination	1-day BZDIOVER	At Termination	JPMorgan Chase Bank N.A.	01/02/18		BRL	91,641		(144,618	)		—			(144,618	)
4.55%		Monthly	28-day MXIBTIIE	Monthly	Barclays Bank PLC	03/21/18		MXN	39,525		16,262			505			15,757
4.85%		Monthly	28-day MXIBTIIE	Monthly	Bank of America N.A.	11/01/18		MXN	23,232		31,496			41			31,455
28-day MXIBTIIE		Monthly	7.07%	Monthly	Citibank N.A.	11/21/18		MXN	231,800		(103,405	)		—			(103,405	)
28-day MXIBTIIE		Monthly	7.06%	Monthly	JPMorgan Chase Bank N.A.	11/21/18		MXN	278,160		(125,373	)		—			(125,373	)
28-day MXIBTIIE		Monthly	6.98%	Monthly	Citibank N.A.	11/28/18		MXN	395,600		(194,997	)		(304	)		(194,693	)
28-day MXIBTIIE		Monthly	6.98%	Monthly	JPMorgan Chase Bank N.A.	11/28/18		MXN	224,417		(110,619	)		(173	)		(110,446	)
4.77%		Monthly	28-day MXIBTIIE	Monthly	Citibank N.A.	12/05/18		MXN	16,034		25,967			22			25,945
4.70%		Monthly	28-day MXIBTIIE	Monthly	Bank of America N.A.	12/06/18		MXN	16,034		26,539			21			26,518
4.76%		Monthly	28-day MXIBTIIE	Monthly	Citibank N.A.	12/06/18		MXN	16,034		26,057			22			26,035
7.02%		At Termination	1-day BZDIOVER	At Termination	Bank of America N.A.	01/02/19		BRL	152,195		(69,763	)		—			(69,763	)
7.75%		At Termination	1-day BZDIOVER	At Termination	Bank of America N.A.	01/02/19		BRL	91,464		(235,654	)		—			(235,654	)
8.00%		At Termination	1-day BZDIOVER	At Termination	Citibank N.A.	01/02/19		BRL	90,129		(311,897	)		—			(311,897	)
1-day BZDIOVER		At Termination	9.25%	At Termination	Citibank N.A.	01/02/19		BRL	84,850		657,055			—			657,055
1-day BZDIOVER		At Termination	9.28%	At Termination	JPMorgan Chase Bank N.A.	01/02/19		BRL	80,549		632,216			—			632,216
1-day BZDIOVER		At Termination	8.21%	At Termination	Bank of America N.A.	01/02/20		BRL	102,049		119,074			—			119,074
1-day BZDIOVER		At Termination	9.14%	At Termination	Bank of America N.A.	01/04/21		BRL	40,606		114,567			—			114,567
3.27%		Quarterly	3-month LIBOR	Semi-Annual	Deutsche Bank AG	05/16/21		USD	9,510		(364,448	)		—			(364,448	)

62 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Paid by the Fund			Received by the Fund		Counterparty	Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate	Frequency
1-day BZDIOVER		At Termination	9.61%	At Termination	Bank of America N.A.	01/02/23		BRL	21,118	$	(15,152	)	$	—		$	(15,152	)
1-day BZDIOVER		At Termination	9.84%	At Termination	Citibank N.A.	01/02/23		BRL	40,153		113,143			—			113,143
1-day BZDIOVER		At Termination	9.85%	At Termination	Citibank N.A.	01/02/23		BRL	21,128		62,176			—			62,176
5.73%		Monthly	28-day MXIBTIIE	Monthly	Bank of America N.A.	01/03/25		MXN	23,376		142,181			262			141,919
28-day MXIBTIIE		Monthly	6.33%	Monthly	Citibank N.A.	06/09/25		MXN	14,869		(68,431	)		(76	)		(68,355	)
28-day MXIBTIIE		Monthly	6.33%	Monthly	Citibank N.A.	07/17/25		MXN	36,610		(171,738	)		(149	)		(171,589	)
28-day MXIBTIIE		Monthly	6.32%	Monthly	Goldman Sachs International	08/06/25		MXN	109,616		(519,852	)		(440	)		(519,412	)
6.31%		Monthly	28-day MXIBTIIE	Monthly	Bank of America N.A.	08/11/25		MXN	36,783		175,577			154			175,423
6.31%		Monthly	28-day MXIBTIIE	Monthly	Bank of America N.A.	08/11/25		MXN	36,783		175,577			154			175,423
6.31%		Monthly	28-day MXIBTIIE	Monthly	Deutsche Bank AG	08/11/25		MXN	136,536		652,874			571			652,303
28-day MXIBTIIE		Monthly	6.27%	Monthly	Bank of America N.A.	12/05/25		MXN	4,348		(21,961	)		(47	)		(21,914	)
										$	302,679		$	563		$	302,116

     OTC Total Return Swaps

Paid by the Fund			Received by the Fund		Counterparty	Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate	Frequency
Ally Financial, Inc.		Quarterly	3-month LIBOR minus 0.30%	Quarterly	Merrill Lynch International	01/24/18		USD	32	$	(5,062	)	$	—			$  (5,062	)
Consumer Discretionary SPDR ETF		Monthly	1-month LIBOR plus 0.30%	Monthly	BNP Paribas S.A.	03/15/18		USD	1,184		(8,054	)		—			(8,054	)
Consumer Staples Select Sector SPDR ETF		Monthly	1-month LIBOR plus 0.30%	Monthly	BNP Paribas S.A.	03/15/18		USD	1,161		375			—			375
Energy Select Sector SPDR ETF		Monthly	1-month LIBOR plus 0.15%	Monthly	BNP Paribas S.A.	03/15/18		USD	1,788		(86,824	)		—			(86,824	)
Energy Select Sector SPDR ETF		Monthly	1-month LIBOR plus 0.50%	Monthly	Merrill Lynch International	03/15/18		USD	2,371		(132,595	)		—			(132,595	)
Netflix, Inc.		Quarterly	3-month LIBOR minus 0.30%	Quarterly	Merrill Lynch International	03/15/18		USD	845		(24,102	)		—			(24,102	)
iBoxx EUR Liquid High		At	3-month		Goldman Sachs
Yield Index		Termination	EURIBOR	Quarterly	International	03/20/18		EUR	4,800		(23,683	)		(4,017	)		(19,666	)
3-month EURIBOR		Quarterly	Markit iBoxx Euro Corporate Index	At Termination	Goldman Sachs International	03/20/18		EUR	14,450		(72,748	)		12,440			(85,188	)
iBoxx EUR Liquid High Yield Index		At Termination	3-month EURIBOR	Quarterly	JPMorgan Chase Bank N.A.	03/20/18		EUR	4,800		(17,463	)		(4,132	)		(13,331	)

CONSOLIDATED SCHEDULE OF INVESTMENTS 63

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Paid by the Fund			Received by the Fund		Counterparty	Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency		Rate	Frequency
iBoxx EUR Liquid High Yield Index		At Termination	3-month EURIBOR	Quarterly	Merrill Lynch International	03/20/18		EUR	7,200	$	(28,420	)	$	(6,026	)		$  (22,394	)
3-month EURIBOR		Quarterly	Markit iBoxx Euro Corporate Index	At Termination	Morgan Stanley & Co. International PLC	03/20/18		EUR	14,450		(82,285	)		—			(82,285	)
Netflix, Inc.		At Termination	3-month LIBOR minus 0.30%	At Termination	Merrill Lynch International	03/21/18		USD	3,348		(30,880	)		—			(30,880	)
Weatherford International PLC		Quarterly	3-month LIBOR minus 1.25%	Quarterly	Citibank N.A.	04/03/19		USD	219		—			—			—
										$	(511,741	)	$	(1,735	)		$(510,006	)

     OTC Total Return Swaps^(a)

Reference Entity

Counterparty

Expiration Dates

Net Notional Amount

Unrealized Appreciation (Depreciation)

Net Value of Reference Entities

Equity Securities Long/Short

Bank of America N.A.

11/15/18-02/15/19

USD 130,403

(b)

$(491,072

)

$(360,669

)

^(a)  The Master Portfolio receives or pays the total return on a portfolio of long and short positions underlying the total return swap. In addition, the Master Portfolio pays or receives a variable rate of interest, based on a specified benchmark, plus or minus a spread in a range of 20-160 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

^(b)  Gross notional basket percentage of net assets is 0.15%

Intercontinental Exchange LIBOR:

  EUR 1 Month

  EUR 1 Week

  GBP 1 Week

Currency Abbreviations

AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan Offshore
COP	Colombian Peso
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
RUB	Russian Ruble
SEK	Swedish Krona
TRY	Turkish Lira
TWD	Taiwan New Dollar
USD	US Dollar
ZAR	South African Rand

64 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

Portfolio Abbreviations

ABS	Asset-Backed Security
ADR	American Depositary Receipts
AGM	Assurance Guaranty Municipal Corp.
AKA	Also Known As
AMBAC	AMBAC Assurance Corp.
BAM	Build America Mutual
BZDIOVER	Overnight Brazil CETIP - Interbank Rate
CBOE	Chicago Board Options Exchange
CDO	Collateralized Debt Obligation
CLO	Collateralized Loan Obligation
DAC	Designated Activity Company
ETF	Exchange-Traded Fund
EUR	Euro
EURIBOR	Euro Interbank Offered Rate
FKA	Formerly Known As
GO	General Obligation Bonds
LIBOR	London Interbank Offered Rate
MXIBTIIE	Mexico Interbank TIIE 28-Day
OTC	Over-the-counter
PIK	Payment-in-kind
PSF	Permanent School Fund
RB	Revenue Bonds
REMIC	Real Estate Mortgage Investment Conduit
S&P	Standard & Poor’s
SCA	Svenska Cellulosa Aktiebolaget
SPDR	Standard & Poor’s Depositary Receipts
TA	Tax Allocation
TBA	To-be-announced
UK RPI	United Kingdom Retail Price Index
WTI	West Texas Intermediate

Fair Value Hierarchy as of Period End

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

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

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

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

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

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

CONSOLIDATED SCHEDULE OF INVESTMENTS 65

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

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	$	—		$	1,428,872,470		$	111,089,503		$	1,539,961,973
Common Stocks(a)		69,080,002			678,883			365,944			70,124,829
Corporate Bonds(a)		—			3,587,190,668			762,667			3,587,953,335
Floating Rate Loan Interests(a)		—			54,958,766			74,533,181			129,491,947
Foreign Agency Obligations		—			107,057,114			—			107,057,114
Foreign Government Obligations		—			576,220,134			—			576,220,134
Investment Companies		136,608,897			—			—			136,608,897
Non-Agency Mortgage-Backed Securities		—			705,376,811			75,661,334			781,038,145
Preferred Securities(a)		9,602,611			81,652,116			404,009			91,658,736
Taxable Municipal Bonds		—			695,301,883			—			695,301,883
U.S. Government Sponsored Agency Securities		—			8,291,909,433			903,205			8,292,812,638
U.S. Treasury Obligations		—			4,721,266,986			—			4,721,266,986
Short-Term Securities:
Borrowed Bond Agreements		—			112,837,108			—			112,837,108
Foreign Government Obligations		—			609,877,147			—			609,877,147
Options Purchased:
Equity contracts		5,966,989			—			—			5,966,989
Foreign currency exchange contracts		—			9,591,498			6			9,591,504
Interest rate contracts		5,043,019			—			—			5,043,019
Unfunded Floating Rate Loan Interests(b)		—			8,733			—			8,733
Liabilities:
TBA Sale Commitments		—			(4,743,440,586	)		—			(4,743,440,586	)
Borrowed Bonds		—			(112,593,346	)		—			(112,593,346	)
Investments Sold Short		—			(171,650	)		—			(171,650	)
Subtotal	$	226,301,518		$	16,126,594,168		$	263,719,849		$	16,616,615,535
Investments Valued at NAV(c)											125,875,362
Total Investments										$	16,742,490,897
(a) See above Consolidated Schedule of Investments for values in each industry. (b) Unfunded floating rate loan interests are valued at the unrealized appreciation (depreciation) on the commitment. (c) As of December 31, 2017, 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:
Commodity contracts	$	758,133		$	—		$	—		$	758,133
Credit contracts		—			2,483,801			—			2,483,801
Equity contracts		275,245			375			—			275,620
Foreign currency exchange contracts		—			12,874,071			—			12,874,071
Interest rate contracts		2,580,202			9,220,883			—			11,801,085
Other contracts		—			331,153			—			331,153
Liabilities:
Commodity contracts		(756,943	)		—			—			(756,943	)
Credit contracts		—			(5,573,831	)		—			(5,573,831	)
Equity contracts		(3,494,505	)		(778,589	)		—			(4,273,094	)
Foreign currency exchange contracts		—			(21,977,194	)		(6	)		(21,977,200	)
Interest rate contracts		(10,924,610	)		(16,207,976	)		—			(27,132,586	)
Total	$	(11,562,478	)	$	(19,627,307	)	$	(6	)	$	(31,189,791	)
(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.

The Master Portfolio may hold assets and/or liabilities in which the fair value approximates the carrying amount or face value, including accrued interest, for financial reporting purposes. As of period end, reverse repurchase agreements of $4,469,973,575 are categorized as Level 2 within the disclosure hierarchy.

During the period ended December 31, 2017, there were no transfers between Level 1 and Level 2.

66 2017 BLACKROCK QUARTERLY REPORT TO SHAREHOLDERS

Consolidated Schedule of Investments  (unaudited) (continued)	Master Total Return Portfolio of Master Bond LLC
December 31, 2017

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, 2017	$	80,564,232			$293,715		$       854			$  76,050,819		$	85,921,687
Transfers into Level 3		62,175			—		—			—			2,808,471
Transfers out of Level 3		(41,976,984	)		—		—			—			(21,357,693	)
Accrued discounts/premiums		(58,410	)		—		(2,988	)		(17,746	)		(591,022	)
Net realized gain (loss)		51,692			—		(1	)		59,429			190,287
Net change in unrealized appreciation (depreciation)(a)		51,452			72,229		2,867			197,396			(8,560	)
Purchases		74,711,247			—		763,199			4,911,760			17,801,629
Sales		(2,315,901	)		—		(1,264	)		(6,668,477	)		(9,103,465	)
Closing Balance, as of December 31, 2017	$	111,089,503			$365,944		$762,667			$74,533,181		$	75,661,334
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2017(a)	$	51,452			$  72,229		$    2,989			$     197,086		$	82,629

	Preferred Securities			U.S. Government Sponsored Agency Securities			Options Purchased			Total
Assets:
Opening Balance, as of September 30, 2017	$	324,267			$              —		$	—		$	243,155,574
Transfers into Level 3		—			—			62,178			2,932,824
Transfers out of Level 3		—			—			—			(63,334,677	)
Accrued discounts/premiums		(83	)		—			—			(670,249	)
Net realized gain (loss)		—			1,574			—			302,981
Net change in unrealized appreciation (depreciation)(a)		79,825			(45,497	)		(130,024	)		219,688
Purchases		—			2,382,774			67,852			100,638,461
Sales		—			(1,435,646	)		—			(19,524,753	)
Closing Balance, as of December 31, 2017	$	404,009			$    903,205		$	6		$	263,719,849
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2017(a)	$	79,742			$     (43,798	)	$	(130,024	)	$	312,305

^(a) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2017, 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, 2017	$	—	$	—
Transfers into Level 3		—		(62,254	)
Transfers out of Level 3		—		—
Accrued discounts/premiums		—		—
Net realized gain (loss)		—		—
Net change in unrealized appreciation (depreciation)(a)		—		62,248
Purchases		—		—
Issues		—		—
Sales		—		—
Settlements		—		—
Closing Balance, as of December 31, 2017	$	—	$	(6	)
Net change in unrealized appreciation (depreciation) on derivative financial instruments still held at December 31, 2017(a)	$	—	$	62,248

^(a) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2017 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.

CONSOLIDATED SCHEDULE OF INVESTMENTS 67

Item 2 – Controls and Procedures

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

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

Item 3 – Exhibits

Certifications – Attached hereto

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

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

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Balanced Capital Fund, Inc., Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC
Date:	February 22, 2018

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

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock Balanced Capital Fund, Inc., Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC
Date:	February 22, 2018
By:	/s/ Neal J. Andrews
	Neal J. Andrews
	Chief Financial Officer (principal financial officer) of
	BlackRock Balanced Capital Fund, Inc., Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC
Date:	February 22, 2018