N-Q

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: 06/30/2018

Item 1 – Schedule of Investments

Schedule of Investments  (unaudited) June 30, 2018 BlackRock Balanced Capital Fund, Inc. (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies — 7.2%
BlackRock Total Factor Fund (b)		97,858	$	989,349
iShares Core U.S. Aggregate Bond ETF (b)		660,858		70,262,423
iShares Edge MSCI Multifactor USA ETF (b)		101,935		3,258,862
Total Investment Companies — 7.2% (Cost: $75,829,896)				74,510,634
	Investment Value
Mutual Funds — 91.6%
Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC (b)	$	598,386,378		598,386,378
Master Total Return Portfolio of Master Bond LLC (b)		350,082,025		350,082,025
Total Mutual Funds — 91.6% (Cost: $886,119,478)				948,468,403
Total Long-Term Investments — 98.8% (Cost: $961,949,374)				1,022,979,037

Security	Shares		Value
Short-Term Securities — 1.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.85% (a)(b)		10,550,211	$	10,550,211
Total Short-Term Securities — 1.0% (Cost: $10,550,211)				10,550,211
Total Investments — 99.8% (Cost: $972,499,585)				1,033,529,248
Other Assets Less Liabilities — 0.2%				2,455,281
Net Assets — 100.0%			$	1,035,984,529

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

^(b)  During the period ended June 30, 2018, investments in issuers considered to be affiliates of the Fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliate	Shares/ Investment Value Held at 09/30/17		Shares/ Investment Value Purchased			Shares/ Investment Value Sold			Shares/ Investment Value Held at 06/30/18		Value at 06/30/18		Income		Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		106,283,056		—			(95,732,845	)(b)		10,550,211	$	10,550,211	$	483,837	$	461		$	—
BlackRock Total Factor Fund		—		97,858			—			97,858		989,349		44,029		—			(54,688	)
iShares Core U.S. Aggregate Bond ETF		226,789		660,858			(226,789	)		660,858		70,262,423		916,596		(320,827	)		(1,100,724	)
iShares Edge MSCI Multifactor USA ETF		—		620,540			(518,605	)		101,935		3,258,862		122,434		433,934			(29,561	)
Master Advantage Large Cap Core Portfolio of Master Large Cap Series LLC	$	614,070,118		—			(15,683,740	)(b)(c)	$	598,386,378		598,386,378		6,666,486		52,935,146			9,650,527
Master Total Return Portfolio of Master Bond LLC	$	276,947,940	$	73,134,085	(c)(d)		—		$	350,082,025		350,082,025		9,201,432		(3,500,689	)		(9,256,449	)
											$	1,033,529,248	$	17,434,814	$	49,548,025		$	(790,895	)

^(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 shares/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 $598,386,378 and $350,082,025, respectively and 21.1% and 2.7%, 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		103		09/13/18	$	20,737	$	(106,719	)
U.S. Treasury Notes (10 Year)		266		09/19/18		31,970		320,033
E-Mini S&P 500 Index		7		09/21/18		953		(18,976	)
								194,338
Short Contracts
U.S. Ultra Treasury Bonds		(476)		09/19/18		75,952		(2,393,721	)
							$	(2,199,383	)

1

Schedule of Investments  (unaudited) (continued) June 30, 2018 BlackRock Balanced Capital Fund, Inc.

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 semi-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	$	74,510,634		$	—	$	—	$	74,510,634
Short-Term Securities		10,550,211			—		—		10,550,211
Subtotal	$	85,060,845		$	—	$	—	$	85,060,845
Investments Valued at NAV(a)									948,468,403
Total Investments								$	1,033,529,248
Derivative Financial Instruments(b)
Assets:
Interest rate contracts	$	320,033		$	—	$	—	$	320,033
Liabilities:
Equity contracts		(125,695	)		—		—		(125,695	)
Interest rate contracts		(2,393,721	)		—		—		(2,393,721	)
	$	(2,199,383	)	$	—	$	—	$	(2,199,383	)

^(a)  As of June 30, 2018, 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 June 30, 2018, there were no transfers between levels.

2

Schedule of Investments  (unaudited)  June 30, 2018 Master Advantage Large Cap Core Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks — 99.2%
Aerospace & Defense — 1.9%
Boeing Co.		1,955	$	655,922
Curtiss-Wright Corp.		9,144		1,088,319
General Dynamics Corp.		2,556		476,464
Harris Corp.		13,033		1,883,790
Lockheed Martin Corp.		34,609		10,224,537
Raytheon Co.		193,676		37,414,330
Rockwell Collins, Inc.		17,781		2,394,745
				54,138,107
Air Freight & Logistics — 0.1%
FedEx Corp.		12,495		2,837,115
Airlines — 0.2%
Delta Air Lines, Inc.		110,828		5,490,419
Southwest Airlines Co.		29,081		1,479,641
				6,970,060
Auto Components — 1.0%
BorgWarner, Inc.		655,821		28,305,234
Banks — 5.2%
Bank of America Corp.		1,193,670		33,649,557
Citigroup, Inc.		556,725		37,256,037
Citizens Financial Group, Inc.		404,322		15,728,126
First Hawaiian, Inc.		301,795		8,758,091
First Horizon National Corp.		210,459		3,754,589
First Republic Bank		135,728		13,137,113
JPMorgan Chase & Co.		152,831		15,924,990
SunTrust Banks, Inc.		8,969		592,133
Synovus Financial Corp.		222,752		11,767,988
Western Alliance Bancorp (a)		99,645		5,640,903
				146,209,527
Beverages — 1.6%
Brown-Forman Corp., Class B		68,970		3,380,220
Coca-Cola European Partners PLC		203,648		8,276,255
Constellation Brands, Inc., Class A		45,446		9,946,766
Dr. Pepper Snapple Group, Inc.		19,508		2,379,976
PepsiCo, Inc.		190,479		20,737,449
				44,720,666
Biotechnology — 4.0%
AbbVie, Inc.		244,402		22,643,845
Amgen, Inc.		41,763		7,709,032
Biogen, Inc. (a)		21,980		6,379,475
Celgene Corp. (a)		433,322		34,414,433
Gilead Sciences, Inc.		576,532		40,841,527
United Therapeutics Corp. (a)		23,466		2,655,178
				114,643,490
Building Products — 0.8%
Fortune Brands Home & Security, Inc.		395,380		21,227,952
Capital Markets — 4.5%
Affiliated Managers Group, Inc.		30,759		4,572,941
Charles Schwab Corp.		203,235		10,385,308
Franklin Resources, Inc.		268,359		8,600,906
Intercontinental Exchange, Inc.		481,084		35,383,728
Invesco Ltd.		193,386		5,136,332
Moelis & Co., Class A		240,989		14,134,005
Morgan Stanley		334,278		15,844,777
S&P Global, Inc.		162,984		33,230,808
				127,288,805
Chemicals — 1.9%
Air Products & Chemicals, Inc.		210,929		32,847,973
Celanese Corp., Series A		14,757		1,638,912
Eastman Chemical Co.		179,995		17,992,300
WR Grace & Co.		18,301		1,341,646
				53,820,831

Security	Shares		Value
Commercial Services & Supplies — 0.1%
Republic Services, Inc.		53,377	$	3,648,852
Communications Equipment — 1.3%
Cisco Systems, Inc.		669,594		28,812,630
InterDigital, Inc.		9		728
Motorola Solutions, Inc.		71,027		8,265,412
				37,078,770
Consumer Finance — 0.3%
American Express Co.		70,489		6,907,922
Green Dot Corp., Class A (a)		32,026		2,350,388
				9,258,310
Containers & Packaging — 0.4%
Packaging Corp. of America		90,821		10,152,880
Diversified Consumer Services — 0.5%
H&R Block, Inc.		581,290		13,241,786
Diversified Financial Services — 0.7%
Berkshire Hathaway, Inc., Class B (a)		100,140		18,691,131
Diversified Telecommunication Services — 0.9%
AT&T Inc.		598,450		19,216,230
Verizon Communications, Inc.		84,212		4,236,706
Zayo Group Holdings, Inc. (a)		84,381		3,078,219
				26,531,155
Electric Utilities — 1.5%
Alliant Energy Corp.		10,020		424,046
Eversource Energy		5,775		338,473
IDACORP, Inc.		100,851		9,302,496
Pinnacle West Capital Corp.		390,855		31,487,279
Portland General Electric Co.		40,520		1,732,635
				43,284,929
Electrical Equipment — 1.1%
AMETEK, Inc.		410,587		29,627,958
Rockwell Automation, Inc.		13,831		2,299,127
				31,927,085
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		153,164		13,348,243
CDW Corp.		13,828		1,117,164
SYNNEX Corp.		6,378		615,541
TE Connectivity Ltd.		19,172		1,726,630
Zebra Technologies Corp., Class A (a)		5,931		849,616
				17,657,194
Energy Equipment & Services — 0.5%
Apergy Corp. (a)		50,294		2,099,775
Halliburton Co.		255,632		11,518,778
TechnipFMC PLC		9,113		289,247
				13,907,800
Equity Real Estate Investment Trusts (REITs) — 3.4%
Alexandria Real Estate Equities, Inc.		106,651		13,456,157
Highwoods Properties, Inc.		201,563		10,225,291
Host Hotels & Resorts, Inc.		123,027		2,592,179
National Retail Properties, Inc.		17,779		781,565
Outfront Media, Inc.		140,953		2,741,536
Prologis, Inc.		540,657		35,515,758
Realty Income Corp.		9,869		530,853
Simon Property Group, Inc.		183,295		31,194,976
				97,038,315
Food & Staples Retailing — 2.0%
Costco Wholesale Corp.		68,149		14,241,778
Walmart, Inc.		502,924		43,075,441
				57,317,219

1

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Advantage Large Cap Core Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products — 1.9%
Archer-Daniels-Midland Co.		511,473	$	23,440,808
Bunge Ltd.		191,782		13,369,123
Hershey Co.		11,383		1,059,302
Kellogg Co.		240,700		16,817,709
				54,686,942
Gas Utilities — 0.1%
UGI Corp.		36,738		1,912,948
Health Care Equipment & Supplies — 2.2%
Abbott Laboratories		286,696		17,485,589
Danaher Corp.		162,317		16,017,442
IDEXX Laboratories, Inc. (a)		14,226		3,100,414
Medtronic PLC		72,817		6,233,863
Stryker Corp.		108,587		18,336,001
				61,173,309
Health Care Providers & Services — 2.6%
Aetna, Inc.		34,865		6,397,728
AmerisourceBergen Corp.		109,631		9,348,235
Express Scripts Holding Co. (a)		38,638		2,983,240
Humana, Inc.		117,505		34,973,013
McKesson Corp.		82,069		10,948,005
UnitedHealth Group, Inc.		31,070		7,622,714
WellCare Health Plans, Inc. (a)		3,535		870,458
				73,143,393
Health Care Technology — 0.4%
Veeva Systems, Inc., Class A (a)		129,405		9,946,068
Hotels, Restaurants & Leisure — 4.2%
Carnival Corp.		498,563		28,572,646
Darden Restaurants, Inc.		33,954		3,635,115
Domino’s Pizza, Inc.		48,296		13,627,682
Las Vegas Sands Corp.		393,334		30,034,984
Marriott International, Inc., Class A		16,063		2,033,576
McDonald’s Corp.		265,308		41,571,110
				119,475,113
Household Durables — 0.6%
DR Horton, Inc.		117,695		4,825,495
Garmin Ltd.		71,113		4,337,893
Whirlpool Corp.		51,987		7,602,059
				16,765,447
Household Products — 0.2%
Church & Dwight Co., Inc.		44,063		2,342,389
Kimberly-Clark Corp.		24,016		2,529,845
				4,872,234
Industrial Conglomerates — 2.2%
3M Co.		185,057		36,404,413
Honeywell International, Inc.		170,503		24,560,957
				60,965,370
Insurance — 3.2%
Allstate Corp.		116,303		10,614,975
American Financial Group, Inc.		30,344		3,256,822
Arthur J. Gallagher & Co.		72,260		4,717,133
Athene Holding Ltd., Class A (a)		230,565		10,107,970
First American Financial Corp.		74,074		3,831,107
Hanover Insurance Group, Inc.		60,570		7,241,749
Hartford Financial Services Group, Inc.		150,586		7,699,462
Lincoln National Corp.		276,218		17,194,570
Prudential Financial, Inc.		160,350		14,994,328
Travelers Cos., Inc.		55,184		6,751,211
Unum Group		135,946		5,028,642
				91,437,969
Internet & Direct Marketing Retail — 2.7%
Amazon.com, Inc.(a)		40,109		68,177,278

Security	Shares		Value
Internet & Direct Marketing Retail (continued)
Netflix, Inc. (a)		24,265	$	9,498,049
				77,675,327
Internet Software & Services — 4.7%
Alphabet, Inc., Class A (a)		20,233		22,846,901
Alphabet, Inc., Class C (a)		33,195		37,034,002
Facebook, Inc., Class A (a)		279,883		54,386,865
GoDaddy, Inc., Class A (a)		63,145		4,458,037
New Relic, Inc. (a)		15,226		1,531,583
Twitter, Inc. (a)		187,503		8,188,256
Yelp, Inc. (a)		104,997		4,113,782
				132,559,426
IT Services — 5.3%
Accenture PLC, Class A		106,282		17,386,672
Automatic Data Processing, Inc.		35,441		4,754,056
Booz Allen Hamilton Holding Corp.		294,689		12,886,750
Fidelity National Information Services, Inc.		329,328		34,918,648
First Data Corp., Class A (a)		447,097		9,357,740
Mastercard, Inc., Class A		256,155		50,339,581
Square, Inc., Class A (a)		7,201		443,870
Visa, Inc., Class A		153,435		20,322,466
				150,409,783
Life Sciences Tools & Services — 0.2%
Agilent Technologies, Inc.		67,559		4,177,849
Thermo Fisher Scientific, Inc.		12,846		2,660,920
				6,838,769
Machinery — 2.2%
Illinois Tool Works, Inc.		155,985		21,610,162
Ingersoll-Rand PLC		136,228		12,223,738
PACCAR, Inc.		479,589		29,715,334
				63,549,234
Media — 1.0%
CBS Corp., Class B		53,823		3,025,929
Cinemark Holdings, Inc.		12,847		450,673
Comcast Corp., Class A		253,297		8,310,675
Interpublic Group of Cos., Inc.		407,679		9,555,996
John Wiley & Sons, Inc., Class A		102,843		6,417,403
				27,760,676
Metals & Mining — 0.6%
Newmont Mining Corp.		434,356		16,379,565
Multiline Retail — 1.5%
Kohl’s Corp.		86,777		6,326,043
Target Corp.		465,136		35,406,152
				41,732,195
Multi-Utilities — 0.7%
CenterPoint Energy, Inc.		223,895		6,204,130
CMS Energy Corp.		37,597		1,777,586
Consolidated Edison, Inc.		143,405		11,182,722
				19,164,438
Oil, Gas & Consumable Fuels — 5.1%
Anadarko Petroleum Corp.		25,762		1,887,066
Chevron Corp.		199,847		25,266,656
ConocoPhillips		592,179		41,227,502
EOG Resources, Inc.		128,499		15,989,131
Exxon Mobil Corp.		249,447		20,636,750
Occidental Petroleum Corp.		180,428		15,098,215
Parsley Energy, Inc., Class A (a)		72,495		2,195,149
Peabody Energy Corp.		18,454		839,288
RSP Permian, Inc. (a)		15,944		701,855
Suncor Energy, Inc.		226,653		9,220,244
Williams Cos., Inc.		407,825		11,056,136
				144,117,992

2

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Advantage Large Cap Core Portfolio (Percentages shown are based on Net Assets)

Security	Shares		Value
Personal Products — 0.3%
Estee Lauder Cos., Inc., Class A		44,454	$	6,343,141
Herbalife Nutrition Ltd. (a)		53,726		2,886,161
				9,229,302
Pharmaceuticals — 4.7%
Bristol-Myers Squibb Co.		625,425		34,611,020
Eli Lilly & Co.		130,843		11,164,833
Johnson & Johnson		340,640		41,333,258
Merck & Co., Inc.		555,335		33,708,834
Zoetis, Inc.		127,714		10,879,956
				131,697,901
Professional Services — 0.4%
Insperity, Inc.		39,182		3,732,085
ManpowerGroup, Inc.		99,927		8,599,718
				12,331,803
Real Estate Management & Development — 0.1%
Jones Lang LaSalle, Inc.		25,012		4,151,742
Road & Rail — 0.9%
Landstar System, Inc.		59,891		6,540,097
Norfolk Southern Corp.		122,731		18,516,426
				25,056,523
Semiconductors & Semiconductor Equipment — 4.0%
Applied Materials, Inc.		215,071		9,934,129
Broadcom, Inc.		42,380		10,283,083
Intel Corp.		204,321		10,156,797
Maxim Integrated Products, Inc.		553,033		32,440,916
NVIDIA Corp.		27,264		6,458,842
Texas Instruments, Inc.		334,171		36,842,353
Xilinx, Inc.		114,534		7,474,489
				113,590,609
Software — 6.8%
Activision Blizzard, Inc.		102,479		7,821,197
Adobe Systems, Inc. (a)		60,728		14,806,094
Cadence Design Systems, Inc. (a)		51,176		2,216,433
Dell Technologies, Inc., Class V (a)		61,482		5,200,148
Electronic Arts, Inc. (a)		109,869		15,493,726
Microsoft Corp.		890,637		87,825,715
RingCentral, Inc., Class A (a)		76,802		5,403,021
Synopsys, Inc. (a)		270,844		23,176,121
Workday, Inc., Class A (a)		135,258		16,382,449
Zendesk, Inc. (a)		275,951		15,036,570
				193,361,474
Specialty Retail — 1.1%
Burlington Stores, Inc. (a)		3,369		507,136
Lithia Motors, Inc., Class A		72,574		6,863,323

Security	Shares		Value
Specialty Retail (continued)
Penske Automotive Group, Inc.		271,245	$	12,707,828
Tiffany & Co.		90,891		11,961,256
				32,039,543
Technology Hardware, Storage & Peripherals — 3.0%
Apple Inc.		440,622		81,563,538
HP Inc.		100,823		2,287,674
Western Digital Corp.		16,228		1,256,209
				85,107,421
Textiles, Apparel & Luxury Goods — 0.9%
Lululemon Athletica, Inc. (a)		22,174		2,768,424
Michael Kors Holdings Ltd. (a)		36,718		2,445,419
NIKE, Inc., Class B		103,206		8,223,454
Skechers U.S.A., Inc., Class A (a)		290,255		8,710,553
VF Corp.		25,164		2,051,369
				24,199,219
Thrifts & Mortgage Finance — 0.0%
Essent Group Ltd. (a)		33,148		1,187,361
Trading Companies & Distributors — 0.3%
Watsco, Inc.		47,814		8,524,280
Water Utilities — 0.1%
American Water Works Co., Inc.		29,505		2,519,137
Wireless Telecommunication Services — 0.5%
Telephone & Data Systems, Inc.		397,769		10,906,826
T-Mobile U.S., Inc. (a)		37,112		2,217,442
				13,124,268
Total Long-Term Investments — 99.2% (Cost: $2,549,685,379)				2,810,583,994
Short-Term Securities — 1.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.85% (b)(c)		27,853,490		27,853,490
Total Short-Term Investments — 1.0% (Cost: $27,853,490)				27,853,490
Total Investments — 100.2% (Cost: $2,577,538,869)				2,838,437,484
Liabilities in Excess of Other Assets — (0.2)%				(6,021,765	)
Net Assets — 100.0%			$	2,832,415,719

^(a)  Non-income producing security.

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

^(c)  During the period ended June 30, 2018, investments in issuers considered to be affiliates of the Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at 09/30/17		Net Activity		Shares Held at 06/30/18		Value at 06/30/18		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Liquidity Funds, T-Fund, Institutional Class		20,828,948		7,024,542		27,853,490	$	27,853,490	$	300,492		$	89	$	—
SL Liquidity Series, LLC, Money Market Series		—		—		—		—		3,049	(b)		608		—
							$	27,853,490	$	303,541		$	697	$	—

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

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

Portfolio Abbreviation

S&P Standard & Poor’s

3

Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Advantage Large Cap Core Portfolio

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.

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	229	09/21/18	$	31,162	$	(625,449	)

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 semi-annual report.

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

	Level 1			Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Common Stocks(a)	$	2,810,583,994		$	—	$	—	$	2,810,583,994
Short-Term Securities		27,853,490			—		—		27,853,490
	$	2,838,437,484		$	—	$	—	$	2,838,437,484
Derivative Financial Instruments(b)
Liabilities:
Equity contracts	$	(625,449	)	$	—	$	—	$	(625,449	)

^(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 June 30, 2018, there were no transfers between levels.

4

Consolidated Schedule of Investments  (unaudited) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities — 12.7%
Accredited Mortgage Loan Trust, Series 2006-1, Class M2, (1 mo. LIBOR US + 0.340%), 2.43%, 04/25/36 (a)	USD	5,510	$	2,857,728
ACE Securities Corp. Home Equity Loan Trust:
Series 2003-OP1, Class A2, (1 mo. LIBOR US + 0.720%), 2.81%, 12/25/33 (a)		581		562,695
Series 2006-CW1, Class A2C, (1 mo. LIBOR US + 0.140%), 2.23%, 07/25/36 (a)		515		412,208
Series 2007-HE4, Class A2A, (1 mo. LIBOR US + 0.130%), 2.22%, 05/25/37 (a)		2,891		916,102
Adagio V CLO Designated Activity Co., Series V-X, Class E, (3 mo. EURIBOR + 6.700%), 6.70%, 10/15/29 (a)	EUR	340		405,442
Adams Mill CLO Ltd., Series 2014-1A, Class A2R, (3 mo. LIBOR US + 1.100%), 3.45%, 07/15/26 (a)(b)	USD	4,730		4,729,282
Ajax Mortgage Loan Trust:
Series 2016-1, Class A, 4.25%, 07/25/47 (b)(c)		1,965		1,969,979
Series 2016-B, Class A, 4.00%, 09/25/65 (b)(c)		2,851		2,856,610
Series 2016-C, Class A, 4.00%, 10/25/57 (b)(c)		1,838		1,842,014
Series 2017-A, Class A, 3.47%, 04/25/57 (b)(c)		9,168		9,103,709
Series 2017-D, Class A, 3.75%, 12/25/57 (b)(d)		11,843		11,799,123
Series 2017-D, Class B, 0.00%, 12/25/57 (b)(d)(e)		1,805		1,114,336
Series 2018-A, Class A, 3.85%, 04/25/58 (b)(d)		12,087		12,093,011
Series 2018-A, Class B, 0.00%, 04/25/58 (b)(d)(e)		2,717		1,625,792
Allegro CLO II Ltd., Series 2014-1A, Class A1R, (3 mo. LIBOR US + 1.310%), 3.67%, 01/21/27 (a)(b)		2,340		2,336,872
Allegro CLO V Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.240%), 3.59%, 10/16/30 (a)(b)		1,100		1,104,401
Allegro CLO VI Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.130%), 2.86%, 01/17/31 (a)(b)		4,000		4,003,084
ALM V Ltd.:
Series 2012-5A, Class A1R3, (3 mo. LIBOR US + 0.910%), 3.27%, 10/18/27 (a)(b)		4,410		4,409,367
Series 2012-5A, Class A2R3, (3 mo. LIBOR US + 1.250%), 3.61%, 10/18/27 (a)(b)		1,600		1,591,432
Series 2012-5A, Class BR3, (3 mo. LIBOR US + 1.650%), 4.01%, 10/18/27 (a)(b)		2,140		2,141,343
ALM VI Ltd., Series 2012-6A, Class A2R3, (3 mo. LIBOR US + 1.400%), 3.75%, 07/15/26 (a)(b)		1,264		1,261,472
ALM XII Ltd.:
Series 2015-12A, Class A1R2, (3 mo. LIBOR US + 0.890%), 2.98%, 04/16/27 (a)(b)		10,010		10,012,747
Series 2015-12A, Class BR2, (3 mo. LIBOR US + 1.650%), 3.74%, 04/16/27 (a)(b)		3,635		3,629,174

Security	Par (000)		Value
ALM XVI Ltd./ALM XVI LLC:
Series 2015-16A, Class A2R2, (3 mo. LIBOR US + 1.500%), 0.00%, 07/15/27 (a)(b)	USD	6,284	$	6,284,000
Series 2015-16A, Class BR2, (3 mo. LIBOR US + 1.900%), 0.00%, 07/15/27 (a)(b)		2,060		2,060,000
ALME Loan Funding V BV, Series 5X, Class E, (3 mo. EURIBOR + 6.000%), 6.00%, 07/15/29 (a)	EUR	1,080		1,267,878
AMMC CLO 19 Ltd., Series 2016-19A, Class C, (3 mo. LIBOR US + 2.800%), 5.15%, 10/15/28 (a)(b)	USD	720		723,797
AMMC CLO 21 Ltd., Series 2017-21A, Class A, (3 mo. LIBOR US + 1.250%), 3.61%, 11/02/30 (a)(b)		750		753,053
AMMC CLO XI Ltd., Series 2012-11A, Class A1R2, (3 mo. LIBOR US + 1.010%), 3.37%, 04/30/31 (a)(b)		3,130		3,122,931
AMMC CLO XII Ltd., Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.200%), 3.55%, 11/10/30 (a)(b)		540		541,934
AMMC CLO XIII Ltd., Series 2013-13A, Class A1LR, (3 mo. LIBOR US + 1.260%), 3.62%, 07/24/29 (a)(b)		2,620		2,625,744
AMMC CLO XIV Ltd., Series 2014-14A, Class A1LR, (3 mo. LIBOR US + 1.250%), 3.61%, 07/25/29 (a)(b)		6,220		6,222,061
AMSR Trust:
Series 2016-SFR1, Class E, (1 mo. LIBOR US + 3.150%), 5.24%, 11/17/33 (a)(b)		1,160		1,167,232
Series 2016-SFR1, Class F, (1 mo. LIBOR US + 3.900%), 5.99%, 11/17/33 (a)(b)		430		433,978
Series 2016-SFR1, Class G, (1 mo. LIBOR US + 5.100%), 7.19%, 11/17/33 (a)(b)		1,530		1,550,858
Anchorage Capital CLO 1-R Ltd., Series 2018-1RA, Class A1, (3 mo. LIBOR US + 0.990%), 3.33%, 04/13/31 (a)(b)		9,120		9,105,034
Anchorage Capital CLO 3-R Ltd.:
Series 2014-3RA, Class A, (3 mo. LIBOR US + 1.050%), 3.41%, 01/28/31 (a)(b)		2,120		2,114,039
Series 2014-3RA, Class B, (3 mo. LIBOR US + 1.500%), 3.86%, 01/28/31 (a)(b)		3,600		3,586,173
Series 2014-3RA, Class C, (3 mo. LIBOR US + 1.850%), 4.21%, 01/28/31 (a)(b)		500		496,230
Anchorage Capital CLO 4-R Ltd.:
Series 2014-4RA, Class A, (3 mo. LIBOR US + 1.050%), 3.41%, 01/28/31 (a)(b)		5,330		5,327,358
Series 2014-4RA, Class C, (3 mo. LIBOR US + 1.850%), 4.21%, 01/28/31 (a)(b)		3,760		3,744,444
Anchorage Capital CLO 5-R Ltd.:
Series 2014-5RA, Class B, (3 mo. LIBOR US + 1.450%), 3.80%, 01/15/30 (a)(b)		9,200		9,211,344
Series 2014-5RA, Class C, (3 mo. LIBOR US + 1.850%), 4.20%, 01/15/30 (a)(b)		3,540		3,520,588
Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class AR, (3 mo. LIBOR US + 1.270%), 3.62%, 07/15/30 (a)(b)		4,010		4,019,363
Anchorage Capital CLO 7 Ltd.:
Series 2015-7A, Class AR, (3 mo. LIBOR US + 0.960%), 3.31%, 10/15/27 (a)(b)		21,810		21,808,089
Series 2015-7A, Class B1R, (3 mo. LIBOR US + 1.300%), 3.65%, 10/15/27 (a)(b)		3,470		3,440,040

1

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Anchorage Capital CLO 7 Ltd.: (continued)
Series 2015-7A, Class CR, (3 mo. LIBOR US + 1.700%), 4.05%, 10/15/27 (a)(b)	USD	2,880	$	2,881,015
Anchorage Capital CLO Ltd.:
Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.250%), 3.59%, 10/13/30 (a)(b)		2,005		2,013,044
Series 2013-1A, Class BR, (3 mo. LIBOR US + 2.150%), 4.49%, 10/13/30 (a)(b)		1,410		1,410,954
Apidos CLO XII, Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.080%), 3.12%, 04/15/31 (a)(b)		23,706		23,694,903
Apidos CLO XV, Series 2013-15A, Class A1RR, (3 mo. LIBOR US + 1.010%), 3.37%, 04/20/31 (a)(b)		1,080		1,081,886
Apidos CLO XVI, Series 2013-16A, Class A1R, (3 mo. LIBOR US + 0.980%), 3.34%, 01/19/25 (a)(b)		2,208		2,207,757
Apidos CLO XVIII, Series 2014-18A, Class A1R, (3 mo. LIBOR US + 1.120%), 3.48%, 07/22/26 (a)(b)		880		879,890
Apidos CLO XX, Series 2015-20A, Class A1R, (3 mo. LIBOR US + 1.330%), 3.68%, 01/16/27 (a)(b)		2,250		2,249,975
Apidos CLO XXV, Series 2016-25A, Class A2A, (3 mo. LIBOR US + 1.800%), 4.16%, 10/20/28 (a)(b)		3,260		3,262,031
Aqueduct European CLO DAC:
Series 2017-2X, Class B1, (3 mo. EURIBOR + 1.200%), 1.20%, 10/15/30 (a)	EUR	1,259		1,458,558
Series 2017-2X, Class E, (3 mo. EURIBOR + 4.400%), 4.40%, 10/15/30 (a)		289		319,065
Arbor Realty Collateralized Loan Obligation Ltd., Series 2017-FL3, Class A, (1 mo. LIBOR US + 0.990%), 3.06%, 12/15/27 (a)(b)	USD	3,740		3,728,397
Arbor Realty Commercial Real Estate Notes Ltd.:
Series 2016-FL1A, Class A, (1 mo. LIBOR US + 1.700%), 3.77%, 09/15/26 (a)(b)		3,940		3,956,737
Series 2017-FL2, Class A, (1 mo. LIBOR US + 0.990%), 3.06%, 08/15/27 (a)(b)		1,660		1,657,291
Arbour CLO DAC Ltd., Series 2014-1X, Class E, (3 mo. EURIBOR + 5.000%), 5.00%, 07/15/27 (a)	EUR	238		278,353
Arbour CLO IV DAC, Series 4X, Class E, (3 mo. EURIBOR + 5.600%), 5.60%, 01/15/30 (a)		550		654,316
ARES European CLO VIII BV, Series 8X, Class E, (3 mo. EURIBOR + 6.350%), 6.35%, 02/17/30 (a)		281		339,204
ARES XXVIII CLO Ltd.:
Series 2013-3A, Class B1R, (3 mo. LIBOR US + 1.500%), 3.85%, 10/17/24 (a)(b)	USD	2,150		2,147,288
Series 2013-3A, Class C1R, (3 mo. LIBOR US + 2.100%), 4.45%, 10/17/24 (a)(b)		1,850		1,850,164
ARES XXXIII CLO Ltd.:
Series 2015-1A, Class A2R, (3 mo. LIBOR US + 1.950%), 4.27%, 12/05/25 (a)(b)		1,420		1,420,985
Series 2015-1A, Class B2R, (3 mo. LIBOR US + 2.800%), 5.12%, 12/05/25 (a)(b)		500		503,442
ARES XXXVII CLO Ltd., Series 2015-4A, Class A1R, (3 mo. LIBOR US + 1.170%), 3.52%, 10/15/30 (a)(b)		1,150		1,153,464
Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. LIBOR US + 0.240%), 2.33%, 05/25/35 (a)(d)		4,706		3,506,253

Security	Par (000)		Value
Atlas Senior Loan Fund IV Ltd.:
Series 2013-2A, Class A1RR, (3 mo. LIBOR US + 0.680%), 3.02%, 02/17/26 (a)(b)	USD	7,030	$	7,027,482
Series 2013-2A, Class A2RR, (3 mo. LIBOR US + 1.300%), 3.64%, 02/17/26 (a)(b)		3,000		2,999,709
Atrium IX, Series 9A, Class AR, (3 mo. LIBOR US + 1.240%), 3.56%, 05/28/30 (a)(b)		4,010		4,015,176
Atrium X:
Series 10A, Class B1R, (3 mo. LIBOR US + 1.450%), 3.80%, 07/16/25 (a)(b)		4,300		4,300,850
Series 10A, Class CR, (3 mo. LIBOR US + 1.950%), 4.30%, 07/16/25 (a)(b)		2,070		2,071,992
Atrium XI, Series 11A, Class A1R, (3 mo. LIBOR US + 1.140%), 3.50%, 10/23/25 (a)(b)		1,060		1,059,856
Atrium XII:
Series 12A, Class AR, (3 mo. LIBOR US + 0.830%), 3.19%, 04/22/27 (a)(b)		1,620		1,615,413
Series 12A, Class CR, (3 mo. LIBOR US + 1.650%), 4.01%, 04/22/27 (a)(b)		2,381		2,382,897
Aurium CLO II DAC, Series 2X, Class BR, (3 mo. EURIBOR + 1.350%), 0.00%, 10/13/29 (a)(d)	EUR	1,336		1,560,183
Avery Point V CLO Ltd.:
Series 2014-5A, Class AR, (3 mo. LIBOR US + 0.980%), 3.33%, 07/17/26 (a)(b)	USD	3,620		3,618,113
Series 2014-5A, Class BR, (3 mo. LIBOR US + 1.500%), 3.85%, 07/17/26 (a)(b)		2,250		2,250,608
Avery Point VII CLO Ltd., Series 2015-7A, Class A1, (3 mo. LIBOR US + 1.500%), 3.85%, 01/15/28 (a)(b)		7,916		7,937,162
Avoca Capital CLO X Ltd., Series 10X, Class ER, (3 mo. EURIBOR + 6.050%), 6.05%, 01/15/30 (a)	EUR	600		712,328
Avoca CLO XIV DAC:
Series 14X, Class ER, (3 mo. EURIBOR + 4.700%), 4.70%, 01/12/31 (a)		690		781,513
Series 14X, Class FR, (3 mo. EURIBOR + 6.350%), 6.35%, 01/12/31 (a)		900		982,740
Series 14X, Class SUB, 0.00%, 01/12/31 (e)		1,290		1,213,556
Avoca CLO XV DAC:
Series 15X, Class ER, (3 mo. EURIBOR + 4.130%), 4.13%, 04/15/31 (a)		900		981,906
Series 15X, Class FR, (3 mo. EURIBOR + 5.840%), 5.84%, 04/15/31 (a)		585		637,562
Series 15X, Class M1, 0.00%, 04/15/31 (e)		1,100		1,057,231
Avoca CLO XVII DAC, Series 17X, Class E, (3 mo. EURIBOR + 5.950%), 5.95%, 01/15/30 (a)		546		644,764
Avoca CLO XVIII DAC:
Series 18X, Class B1, (3 mo. EURIBOR + 1.250%), 1.25%, 04/15/31 (a)		2,800		3,255,975
Series 18X, Class E, (3 mo. EURIBOR + 4.600%), 4.60%, 04/15/31 (a)		1,100		1,234,071
B2R Mortgage Trust:
Series 2015-1, Class A1, 2.52%, 05/15/48 (b)	USD	644		635,546
Series 2015-2, Class A, 3.34%, 11/15/48 (b)		875		869,795
Babson CLO Ltd.:
Series 2015-2A, Class AR, (3 mo. LIBOR US + 1.190%), 3.55%, 10/20/30 (a)(b)		2,590		2,597,990

2

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Babson CLO Ltd.: (continued)
Series 2015-IA, Class AR, (3 mo. LIBOR US + 0.990%), 3.35%, 01/20/31 (a)(b)	USD	2,130	$	2,127,675
Series 2015-IA, Class BR, (3 mo. LIBOR US + 1.400%), 3.76%, 01/20/31 (a)(b)		610		602,337
Series 2016-2A, Class C, (3 mo. LIBOR US + 2.600%), 4.96%, 07/20/28 (a)(b)		1,110		1,113,365
Bain Capital Credit CLO, Series 2018-2A, Class A1, (3 mo. LIBOR US + 1.080%), 0.00%, 07/19/31 (a)(b)		1,420		1,420,000
Ballyrock CLO Ltd., Series 2016-1A, Class A, (3 mo. LIBOR US + 1.590%), 3.94%, 10/15/28 (a)(b)		1,935		1,946,068
BankAmerica Manufactured Housing Contract Trust, Series 1998-2, Class B1, 7.93%, 12/10/25 (e)		2,790		1,954,790
Barings CLO Ltd., Series 2018-3A, Class A1, (3 mo. LIBOR US + 0.950%), 3.02%, 07/20/29 (a)(b)		1,085		1,084,979
Battalion CLO VII Ltd., Series 2014-7A, Class A1R, (3 mo. LIBOR US + 1.190%), 3.54%, 10/17/26 (a)(b)		3,450		3,449,971
Bayview Financial Revolving Asset Trust:
Series 2004-B, Class A1, (1 mo. LIBOR US + 0.500%), 2.97%, 05/28/39 (a)(b)		7,370		6,892,161
Series 2004-B, Class A2, (1 mo. LIBOR US + 0.650%), 3.27%, 05/28/39 (a)(b)(d)		708		464,422
Series 2005-A, Class A1, (1 mo. LIBOR US + 1.000%), 3.10%, 02/28/40 (a)(b)		3,286		3,250,785
Series 2005-E, Class A1, (1 mo. LIBOR US + 1.000%), 3.10%, 12/28/40 (a)(b)		1,381		1,307,382
BCMSC Trust:
Series 2000-A, Class A2, 7.58%, 06/15/30 (e)		1,674		639,114
Series 2000-A, Class A3, 7.83%, 06/15/30 (e)		1,554		613,147
Series 2000-A, Class A4, 8.29%, 06/15/30 (e)		2,661		1,111,701
Bear Stearns Asset-Backed Securities I Trust:
Series 2004-HE7, Class M2, (1 mo. LIBOR US + 1.725%), 3.82%, 08/25/34 (a)		268		258,339
Series 2006-HE1, Class 1M4, (1 mo. LIBOR US + 0.680%), 2.77%, 12/25/35 (a)		1,928		2,226,491
Series 2006-HE7, Class 1A2, (1 mo. LIBOR US + 0.170%), 2.26%, 09/25/36 (a)		3,908		4,365,819
Series 2007-FS1, Class 1A3, (1 mo. LIBOR US + 0.170%), 2.26%, 05/25/35 (a)		1,211		1,250,962
Series 2007-HE1, Class 21A2, (1 mo. LIBOR US + 0.160%), 2.25%, 01/25/37 (a)		824		806,648
Series 2007-HE2, Class 1A4, (1 mo. LIBOR US + 0.320%), 2.41%, 03/25/37 (a)		1,072		794,769
Series 2007-HE2, Class 22A, (1 mo. LIBOR US + 0.140%), 2.23%, 03/25/37 (a)		1,145		1,103,757
Series 2007-HE2, Class 23A, (1 mo. LIBOR US + 0.140%), 2.23%, 03/25/37 (a)		2,197		2,173,451
Series 2007-HE3, Class 1A3, (1 mo. LIBOR US + 0.250%), 2.34%, 04/25/37 (a)		1,146		1,183,058

Security	Par (000)		Value
Bear Stearns Asset-Backed Securities I Trust: (continued)
Series 2007-HE3, Class 1A4, (1 mo. LIBOR US + 0.350%), 2.44%, 04/25/37 (a)	USD	6,367	$	5,019,516
Bear Stearns Asset-Backed Securities Trust, Series 2005-4, Class M2, (1 mo. LIBOR US + 1.200%), 3.29%, 01/25/36 (a)		234		230,277
Bear Stearns Second Lien Trust, Series 2007-SV1A, Class M1, (1 mo. LIBOR US + 1.200%), 3.29%, 12/25/36 (a)(b)		1,125		1,097,830
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class A1R, (3 mo. LIBOR US + 1.490%), 3.85%, 01/20/29 (a)(b)		4,020		4,042,233
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, (3 mo. LIBOR US + 1.090%), 3.21%, 04/20/31 (a)(b)		1,450		1,450,000
Benefit Street Partners CLO VI Ltd.:
Series 2015-VIA, Class A1R, (3 mo. LIBOR US + 1.240%), 3.60%, 10/18/29 (a)(b)		12,030		12,076,836
Series 2015-VIA, Class A2R, (3 mo. LIBOR US + 1.720%), 4.08%, 10/18/29 (a)(b)		3,320		3,326,232
Benefit Street Partners CLO VII Ltd.,
Series 2015-VIIA, Class A1AR, (3 mo. LIBOR US + 0.780%), 3.14%, 07/18/27 (a)(b)		2,790		2,781,461
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, (3 mo. LIBOR US + 1.100%), 3.46%, 01/20/31 (a)(b)		1,250		1,250,617
Bilbao CLO I DAC:
Series 1X, Class A2A, (3 mo. EURIBOR + 1.300%), 1.30%, 07/20/31 (a)	EUR	2,200		2,552,463
Series 1X, Class D, (3 mo. EURIBOR + 4.730%), 4.73%, 07/20/31 (a)		700		770,457
BlueMountain CLO Ltd.:
Series 2013-2A, Class A1R, (3 mo. LIBOR US + 1.180%), 3.54%, 10/22/30 (a)(b)	USD	6,370		6,379,436
Series 2013-3A, Class AR, (3 mo. LIBOR US + 0.890%), 3.25%, 10/29/25 (a)(b)		1,619		1,619,144
Series 2013-3A, Class B1R, (3 mo. LIBOR US + 1.400%), 3.76%, 10/29/25 (a)(b)		750		750,968
Series 2013-3A, Class CR, (3 mo. LIBOR US + 1.900%), 4.26%, 10/29/25 (a)(b)		3,030		3,035,384
Series 2013-4A, Class AR, (3 mo. LIBOR US + 1.010%), 3.36%, 04/15/25 (a)(b)		6,738		6,737,380
Series 2014-1A, Class A1R, (3 mo. LIBOR US + 1.260%), 3.62%, 04/30/26 (a)(b)		2,213		2,214,724
Series 2014-2A, Class AR, (3 mo. LIBOR US + 0.930%), 3.29%, 07/20/26 (a)(b)		670		670,221
Series 2014-4A, Class A1R, (3 mo. LIBOR US + 1.350%), 3.67%, 11/30/26 (a)(b)		3,020		3,022,168
Series 2015-3A, Class A1R, (3 mo. LIBOR US + 1.000%), 3.34%, 04/20/31 (a)(b)		2,550		2,544,242
Bowman Park CLO Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.180%), 3.51%, 11/23/25 (a)(b)		5,500		5,503,065
BSPRT Issuer Ltd.:
Series 2017-FL1, Class A, (1 mo. LIBOR US + 1.350%), 3.42%, 06/15/27 (a)(b)		3,790		3,793,181
Series 2018-FL3, Class A, (1 mo. LIBOR US + 1.050%), 3.12%, 03/15/28 (a)(b)		4,540		4,524,663
Cadogan Square CLO X DAC, Series 10X, Class M, 0.00%, 10/15/30 (e)	EUR	300		335,625
Cadogan Square CLO XI DAC, Series 11X, Class C, (3 mo. EURIBOR + 1.850%), 0.00%, 02/15/31 (a)(d)		680		794,105

3

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Cairn CLO IX BV:
Series 2018-9X, Class A, (3 mo. EURIBOR + 0.710%), 0.71%, 03/21/32 (a)	EUR	1,400	$	1,627,897
Series 2018-9X, Class B1, (3 mo. EURIBOR + 1.000%), 1.00%, 03/21/32 (a)		1,300		1,490,176
Series 2018-9X, Class M2, 0.00%, 03/21/32 (e)		500		572,250
Cairn CLO VI BV, Series 2016-6X, Class E, (3 mo. EURIBOR + 6.250%), 6.25%, 07/25/29 (a)		600		702,048
Carlyle Global Market Strategies CLO Ltd.:
Series 2012-4A, Class AR, (3 mo. LIBOR US + 1.450%), 3.81%, 01/20/29 (a)(b)	USD	6,630		6,651,938
Series 2013-2A, Class AR, (3 mo. LIBOR US + 0.890%), 3.25%, 01/18/29 (a)(b)		1,490		1,488,335
Series 2013-4A, Class A1RR, (3 mo. LIBOR US + 1.000%), 2.72%, 01/15/31 (a)(b)		1,880		1,878,270
Series 2014-1A, Class A1R2, (3 mo. LIBOR US + 0.970%), 3.31%, 04/17/31 (a)(b)		3,170		3,157,926
Series 2015-1A, Class BR, (3 mo. LIBOR US + 1.500%), 3.86%, 04/20/27 (a)(b)		750		750,592
Series 2015-1A, Class CR, (3 mo. LIBOR US + 2.000%), 4.36%, 04/20/27 (a)(b)		1,160		1,161,013
Carlyle U.S. CLO Ltd., Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.180%), 3.53%, 01/15/30 (a)(b)		4,620		4,625,792
Carrington Mortgage Loan Trust:
Series 2005-FRE1, Class M1, (1 mo. LIBOR US + 0.470%), 2.56%, 12/25/35 (a)		2,317		2,307,567
Series 2006-FRE2, Class A2, (1 mo. LIBOR US + 0.120%), 2.21%, 10/25/36 (a)		1,032		781,567
Series 2006-FRE2, Class A3, (1 mo. LIBOR US + 0.160%), 2.25%, 10/25/36 (a)		3,434		2,612,675
Series 2006-FRE2, Class A5, (1 mo. LIBOR US + 0.080%), 2.17%, 10/25/36 (a)		871		656,969
Series 2006-NC1, Class M2, (1 mo. LIBOR US + 0.420%), 2.51%, 01/25/36 (a)		610		429,863
Series 2006-NC3, Class A4, (1 mo. LIBOR US + 0.240%), 2.33%, 08/25/36 (a)		2,003		1,532,317
Series 2006-NC4, Class A3, (1 mo. LIBOR US + 0.160%), 2.25%, 10/25/36 (a)		1,118		1,044,064
Series 2006-NC5, Class A3, (1 mo. LIBOR US + 0.150%), 2.24%, 01/25/37 (a)		7,250		5,698,082
Series 2007-HE1, Class A2, (1 mo. LIBOR US + 0.150%), 2.24%, 06/25/37 (a)		678		672,029
Series 2007-RFC1, Class A4, (1 mo. LIBOR US + 0.220%), 2.31%, 10/25/36 (a)		1,440		974,668
CBAM Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.250%), 3.61%, 07/20/30 (a)(b)		6,050		6,064,664
Series 2017-2A, Class B1, (3 mo. LIBOR US + 1.750%), 4.10%, 10/17/29 (a)(b)		2,955		2,957,308
Series 2017-3A, Class A, (3 mo. LIBOR US + 1.230%), 3.58%, 10/17/29 (a)(b)		3,780		3,786,522
Series 2017-3A, Class B1, (3 mo. LIBOR US + 1.700%), 4.05%, 10/17/29 (a)(b)		1,000		1,000,188

Security	Par (000)		Value
C-BASS Trust:
Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.160%), 2.25%, 10/25/36 (a)	USD	700	$	508,264
Series 2007-CB1, Class AF2, 3.67%, 01/25/37 (c)		6,038		2,874,306
Series 2007-CB1, Class AF4, 3.67%, 01/25/37 (c)		454		216,153
Series 2007-CB5, Class A2, (1 mo. LIBOR US + 0.170%), 2.26%, 04/25/37 (a)		1,068		808,291
Cedar Funding IV CLO Ltd., Series 2014-4A, Class AR, (3 mo. LIBOR US + 1.230%), 3.59%, 07/23/30 (a)(b)		1,200		1,202,949
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, (3 mo. LIBOR US + 0.980%), 3.22%, 04/20/31 (a)(b)		4,940		4,937,477
Cedar Funding V CLO Ltd., Series 2016-5A, Class A1, (3 mo. LIBOR US + 1.610%), 3.96%, 07/17/28 (a)(b)		1,880		1,880,075
Cedar Funding VIII CLO Ltd.:
Series 2017-8A, Class A1, (3 mo. LIBOR US + 1.250%), 3.60%, 10/17/30 (a)(b)		16,520		16,578,451
Series 2017-8A, Class B, (3 mo. LIBOR US + 1.700%), 4.05%, 10/17/30 (a)(b)		2,628		2,629,825
Series 2017-8A, Class C, (3 mo. LIBOR US + 2.250%), 4.60%, 10/17/30 (a)(b)		750		751,063
Cent CLO Ltd., Series C17A, Class A1AR, (3 mo. LIBOR US + 1.030%), 3.38%, 04/30/31 (a)(b)		7,620		7,604,760
CIFC Funding Ltd.:
Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.750%), 4.10%, 07/16/30 (a)(b)		500		500,537
Series 2013-2A, Class A1LR, (3 mo. LIBOR US + 1.210%), 3.57%, 10/18/30 (a)(b)		6,290		6,299,078
Series 2014-1A, Class A1R2, (3 mo. LIBOR US + 1.100%), 3.46%, 01/18/31 (a)(b)		3,590		3,593,632
Series 2014-3A, Class B1R, (3 mo. LIBOR US + 1.500%), 3.86%, 07/22/26 (a)(b)		710		710,957
Series 2014-3A, Class C1R, (3 mo. LIBOR US + 1.900%), 4.26%, 07/22/26 (a)(b)		1,120		1,120,615
Series 2014-4A, Class A1R, (3 mo. LIBOR US + 1.380%), 3.73%, 10/17/26 (a)(b)		6,270		6,276,837
Series 2014-5A, Class A1R, (3 mo. LIBOR US + 1.400%), 3.75%, 01/17/27 (a)(b)		26,215		26,247,496
Series 2014-5A, Class CR, (3 mo. LIBOR US + 2.700%), 5.05%, 01/17/27 (a)(b)		710		709,929
Series 2015-1A, Class ARR, (3 mo. LIBOR US + 1.110%), 3.47%, 01/22/31 (a)(b)		350		349,415
Series 2015-2A, Class AR, (3 mo. LIBOR US + 0.780%), 3.13%, 04/15/27 (a)(b)		770		767,962
Series 2015-2A, Class CR, (3 mo. LIBOR US + 1.700%), 4.05%, 04/15/27 (a)(b)		4,620		4,622,484
Series 2018-1A, Class A, (3 mo. LIBOR US + 1.000%), 3.16%, 04/18/31 (a)(b)		4,930		4,911,638
Citicorp Residential Mortgage Trust, Series 2007-2, Class M1, 5.19%, 06/25/37 (c)		2,830		2,696,316
Citigroup Mortgage Loan Trust:
Series 2006-NC1, Class A2D, (1 mo. LIBOR US + 0.250%), 2.34%, 08/25/36 (a)		3,550		3,444,379
Series 2007-AHL2, Class A3B, (1 mo. LIBOR US + 0.200%), 2.29%, 05/25/37 (a)		7,733		5,621,792

4

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Citigroup Mortgage Loan Trust: (continued)
Series 2007-AHL2, Class A3C, (1 mo. LIBOR US + 0.270%), 2.36%, 05/25/37 (a)	USD	3,513	$	2,576,476
Citigroup Mortgage Loan Trust, Inc., Series 2006-WFH4, Class M3, (1 mo. LIBOR US + 0.320%), 2.41%, 11/25/36 (a)		3,007		2,552,893
Colony American Homes, Series 2015-1A, Class A, (1 mo. LIBOR US + 1.200%), 3.25%, 07/17/32 (a)(b)		7,918		7,914,241
Conseco Finance Corp.:
Series 1997-3, Class M1, 7.53%, 03/15/28 (e)		2,091		2,074,344
Series 1997-6, Class M1, 7.21%, 01/15/29 (e)		387		386,823
Series 1998-4, Class M1, 6.83%, 04/01/30 (e)		352		314,739
Series 1998-8, Class A1, 6.28%, 09/01/30 .		1,120		1,194,592
Series 1998-8, Class M1, 6.98%, 09/01/30 (e)		2,700		2,329,417
Series 1999-5, Class A5, 7.86%, 03/01/30 (e)		1,590		1,181,646
Series 1999-5, Class A6, 7.50%, 03/01/30 (e)		1,163		836,930
Series 2001-D, Class B1, (1 mo. LIBOR US + 2.500%), 4.57%, 11/15/32 (a)		2,038		2,032,454
Conseco Finance Securitizations Corp.:
Series 2000-1, Class A5, 8.06%, 09/01/29 (e)		1,629		835,939
Series 2000-4, Class A5, 7.97%, 05/01/32 .		5,499		2,661,539
Series 2000-4, Class A6, 8.31%, 05/01/32 (e)		1,380		695,940
Series 2000-5, Class A6, 7.96%, 05/01/31 .		2,354		1,482,908
Series 2000-5, Class A7, 8.20%, 05/01/31 .		4,294		2,777,689
Countrywide Asset-Backed Certificates:
Series 2003-BC3, Class A2, (1 mo. LIBOR US + 0.620%), 2.71%, 09/25/33 (a)		648		631,823
Series 2004-5, Class A, (1 mo. LIBOR US + 0.900%), 2.99%, 10/25/34 (a)		613		618,870
Series 2005-16, Class 1AF, 5.00%, 05/25/36 (e)		4,559		4,467,770
Series 2005-16, Class 2AF3, 4.55%, 05/25/36 (e)		1,078		1,051,916
Series 2005-17, Class 1AF4, 4.43%, 05/25/36 (c)		2,961		2,920,888
Series 2006-11, Class 3AV2, (1 mo. LIBOR US + 0.160%), 2.25%, 09/25/46 (a)		314		308,457
Series 2006-17, Class 2A2, (1 mo. LIBOR US + 0.150%), 2.24%, 03/25/47 (a)		324		316,454
Series 2006-8, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.25%, 01/25/46 (a)		825		818,496
Series 2006-S10, Class A3, (1 mo. LIBOR US + 0.320%), 2.41%, 10/25/36 (a)		7,576		7,175,163
Series 2006-S3, Class A4, 4.50%, 01/25/29 (c)		671		683,608
Series 2006-SPS1, Class A, (1 mo. LIBOR US + 0.220%), 2.31%, 12/25/25 (a)		217		232,164
Series 2007-S3, Class A3, (1 mo. LIBOR US + 0.380%), 2.47%, 05/25/37 (a)		2,801		2,558,554
Countrywide Asset-Backed Certificates Revolving Home Equity Loan Trust, Series 2004-U, Class 2A, (1 mo. LIBOR US + 0.270%), 2.34%, 03/15/34 (a)		1,048		958,428
Credit Suisse First Boston Mortgage Securities Corp., Series 2001-MH29, Class B1, 8.10%, 09/25/31 (e)		1,750		1,870,943

Security	Par (000)		Value
Credit-Based Asset Servicing & Securitization LLC:
Series 2006-CB2, Class AF4, 3.45%, 12/25/36 (c)	USD	514	$	440,095
Series 2006-MH1, Class B1, 6.25%, 10/25/36 (b)(c)		852		860,595
Series 2006-SL1, Class A2, 5.56%, 09/25/36 (b)(c)		3,276		589,094
Series 2007-CB6, Class A4, (1 mo. LIBOR US + 0.340%), 2.43%, 07/25/37 (a)(b)		757		507,353
Series 2007-RP1, Class A, (1 mo. LIBOR US + 0.310%), 2.40%, 05/25/46 (a)(b)		727		641,631
Cumberland Park CLO Ltd., Series 2015-2A, Class CR, (3 mo. LIBOR US + 1.800%), 4.16%, 07/20/28 (a)(b)		1,190		1,191,190
CVC Cordatus Loan Fund VI DAC, Series 6X, Class SUB, 0.00%, 04/15/29 (e)	EUR	2,385		1,993,548
CVC Cordatus Loan Fund VII DAC, Series 7X, Class E, (3 mo. EURIBOR + 7.000%), 7.00%, 08/15/29 (a)		560		661,572
CVC Cordatus Loan Fund VIII DAC, Series 8X, Class E, (3 mo. EURIBOR + 5.700%), 5.70%, 04/23/30 (a)		300		358,973
CWHEQ Home Equity Loan Trust:
Series 2006-S5, Class A4, 5.84%, 06/25/35	USD	297		365,617
Series 2006-S5, Class A5, 6.16%, 06/25/35		611		665,447
Series 2007-S1, Class A3, 5.81%, 11/25/36 (e)		543		545,821
CWHEQ Revolving Home Equity Loan Resuritization Trust:
Series 2006-RES, Class 4Q1B, (1 mo. LIBOR US + 0.300%), 2.37%, 12/15/33 (a)(b)		1,130		1,049,958
Series 2006-RES, Class 5B1A, (1 mo. LIBOR US + 0.190%), 2.26%, 05/15/35 (a)(b)		639		604,660
Series 2006-RES, Class 5B1B, (1 mo. LIBOR US + 0.190%), 2.26%, 05/15/35 (a)(b)(d)		358		344,173
Series 2006-RES, Class 5F1A, (1 mo. LIBOR US + 0.240%), 2.31%, 12/15/35 (a)(b)		1,608		1,581,371
CWHEQ Revolving Home Equity Loan Trust:
Series 2005-B, Class 2A, (1 mo. LIBOR US + 0.180%), 2.25%, 05/15/35 (a)		876		843,402
Series 2006-C, Class 2A, (1 mo. LIBOR US + 0.180%), 2.25%, 05/15/36 (a)		4,632		4,468,162
Series 2006-H, Class 1A, (1 mo. LIBOR US + 0.150%), 2.22%, 11/15/36 (a)		2,498		2,037,516
DCP Rights LLC, Series 2014-1A, Class A, 5.46%, 10/25/44 (b)		7,816		7,805,925
Deer Creek CLO Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.180%), 3.54%, 10/20/30 (a)(b)		1,000		1,003,079
Dorchester Park CLO Ltd., Series 2015-1A, Class BR, (3 mo. LIBOR US + 1.450%), 3.53%, 04/20/28 (a)(b)		3,064		3,064,000
Dryden 41 Senior Loan Fund, Series 2015-41A, Class AR, (3 mo. LIBOR US + 0.970%), 3.32%, 04/15/31 (a)(b)		2,250		2,247,453
Dryden 46 Euro CLO BV, Series 2016-46X, Class E, (3 mo. EURIBOR + 5.750%), 5.75%, 01/15/30 (a)	EUR	364		430,716

5

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Dryden 53 CLO Ltd., Series 2017-53A, Class A, (3 mo. LIBOR US + 1.120%), 3.47%, 01/15/31 (a)(b)	USD	18,720	$	18,729,017
Dryden 55 CLO Ltd., Series 2018-55A, Class A1, (3 mo. LIBOR US + 1.020%), 3.06%, 04/15/31 (a)(b)		1,250		1,249,893
Dryden 56 Euro CLO BV, Series 2017-56X, Class E, (3 mo. EURIBOR + 4.720%), 4.72%, 01/15/32 (a)	EUR	585		665,251
Dryden 64 CLO Ltd., Series 18-64A, Class A, (3 mo. LIBOR US + 0.970%), 3.19%, 04/18/31 (a)(b)	USD	4,408		4,395,976
Dryden XXV Senior Loan Fund:
Series 2012-25A, Class ARR, (3 mo. LIBOR US + 0.900%), 3.25%, 10/15/27 (a)(b)		11,030		10,995,778
Series 2012-25A, Class CRR, (3 mo. LIBOR US + 1.850%), 4.20%, 10/15/27 (a)(b)		1,340		1,337,052
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, (3 mo. LIBOR US + 0.900%), 3.25%, 04/15/29 (a)(b)		1,170		1,169,028
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class A1LR, (3 mo. LIBOR US + 1.200%), 3.54%, 08/15/30 (a)(b)		9,085		9,097,683
Elevation CLO:
Series 2017-8A, Class A1, (3 mo. LIBOR US + 1.160%), 3.09%, 10/25/30 (a)(b)		2,320		2,322,111
Series 2017-8A, Class C, (3 mo. LIBOR US + 2.050%), 3.98%, 10/25/30 (a)(b)		1,125		1,123,330
Emerson Park CLO Ltd., Series 2013-1A, Class B1R, (3 mo. LIBOR US + 1.450%), 3.80%, 07/15/25 (a)(b)		1,000		1,000,692
Euro-Galaxy V CLO BV, Series 2016-5X, Class E, (3 mo. EURIBOR + 6.300%), 6.30%, 11/10/30 (a)	EUR	400		473,707
First Franklin Mortgage Loan Trust:
Series 2004-FFH3, Class M3, (1 mo. LIBOR US + 1.050%), 3.14%, 10/25/34 (a)	USD	1,000		888,413
Series 2006-FF16, Class 2A3, (1 mo. LIBOR US + 0.140%), 2.23%, 12/25/36 (a)		14,456		8,895,008
Series 2006-FF17, Class A5, (1 mo. LIBOR US + 0.150%), 2.24%, 12/25/36 (a)		20,863		18,544,478
Series 2006-FF5, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.25%, 04/25/36 (a)		1,099		1,038,862
Series 2006-FFH1, Class M2, (1 mo. LIBOR US + 0.400%), 2.49%, 01/25/36 (a)		3,434		2,074,271
Flatiron CLO Ltd., Series 2015-1A, Class AR, (3 mo. LIBOR US + 0.890%), 3.24%, 04/15/27 (a)(b)		2,750		2,749,587
Fremont Home Loan Trust, Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.140%), 2.23%, 02/25/37 (a)		7,735		6,253,410
Galaxy XV CLO Ltd., Series 2013-15A, Class AR, (3 mo. LIBOR US + 1.200%), 3.55%, 10/15/30 (a)(b)		1,350		1,352,702
Galaxy XXII CLO Ltd., Series 2016-22A, Class A1, (3 mo. LIBOR US + 1.580%), 3.93%, 07/16/28 (a)(b)		1,140		1,140,039

Security	Par (000)		Value
Galaxy XXIX CLO Ltd.:
Series 2018-29A, Class B, (3 mo. LIBOR US + 1.400%), 3.73%, 11/15/26 (a)(b)	USD	250	$	250,001
Series 2018-29A, Class C, (3 mo. LIBOR US + 1.680%), 4.01%, 11/15/26 (a)(b)		1,470		1,469,843
GE-WMC Asset-Backed Pass-Through Certificates:
Series 2005-2, Class A2C, (1 mo. LIBOR US + 0.250%), 2.34%, 12/25/35 (a)		527		524,315
Series 2005-2, Class M1, (1 mo. LIBOR US + 0.440%), 2.53%, 12/25/35 (a)		5,206		3,078,422
GE-WMC Mortgage Securities Trust:
Series 2006-1, Class A2A, (1 mo. LIBOR US + 0.040%), 2.13%, 08/25/36 (a)		1,136		711,869
Series 2006-1, Class A2B, (1 mo. LIBOR US + 0.150%), 2.24%, 08/25/36 (a)		20,591		13,232,337
Series 2006-1, Class A2C, (1 mo. LIBOR US + 0.240%), 2.33%, 08/25/36 (a)		1,502		985,011
GLG Euro CLO IV DAC:
Series 4X, Class A1, (3 mo. EURIBOR + 0.700%), 0.70%, 05/15/31 (a)	EUR	3,100		3,603,614
Series 4X, Class B1, (3 mo. EURIBOR + 1.050%), 1.05%, 05/15/31 (a)		1,790		2,091,201
Series 4X, Class E, (3 mo. EURIBOR + 4.270%), 4.27%, 05/15/31 (a)		800		883,325
GMACM Home Equity Loan Trust, Series 2006-HE4, Class A2, (1 mo. LIBOR US + 0.500%), 2.59%, 12/25/36 (a)	USD	115		111,944
Goldentree Loan Opportunities XI Ltd., Series 2015-11A, Class AR2, (3 mo. LIBOR US + 1.070%), 3.43%, 01/18/31 (a)(b)		1,100		1,100,562
Greenpoint Manufactured Housing:
Series 1999-5, Class M1B, 8.29%, 12/15/29 (e)		870		930,745
Series 1999-5, Class M2, 9.23%, 12/15/29 (e)		1,213		994,891
Greystone Commercial Real Estate Notes Ltd., Series 2017-FL1A, Class A, (1 mo. LIBOR US + 1.550%), 3.62%, 03/15/27 (a)(b)		1,010		1,006,159
Greywolf CLO IV Ltd., Series 2014-2A, Class BR, (3 mo. LIBOR US + 2.350%), 4.70%, 01/17/27 (a)(b)		930		929,930
GSAA Home Equity Trust:
Series 2006-5, Class 2A1, (1 mo. LIBOR US + 0.070%), 2.16%, 03/25/36 (a)		17		9,638
Series 2007-2, Class AF3, 5.92%, 03/25/37 (e)		546		220,157
Series 2007-4, Class A3B, (1 mo. LIBOR US + 0.350%), 2.44%, 03/25/37 (a)		3,550		458,421
GSAMP Trust:
Series 2006-FM2, Class A2B, (1 mo. LIBOR US + 0.120%), 2.21%, 09/25/36 (a)		2,825		1,381,552
Series 2007-H1, Class A1B, (1 mo. LIBOR US + 0.200%), 2.29%, 01/25/47 (a)		1,096		728,540
Series 2007-HS1, Class M6, (1 mo. LIBOR US + 2.250%), 4.34%, 02/25/47 (a)		1,300		1,335,023
GT Loan Financing I Ltd., Series 2013-1A, Class A, (3 mo. LIBOR US + 1.270%), 3.63%, 10/28/24 (a)(b)		560		560,109
Halcyon Loan Advisors European Funding, Series 2018-1X, Class B1, (3 mo. EURIBOR + 1.480%), 0.00%, 10/18/31 (a)	EUR	1,300		1,518,142

6

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Harvest CLO XVI DAC, Series 16X, Class E, (3 mo. EURIBOR + 6.400%), 6.40%, 10/15/29 (a)	EUR	480	$	569,998
Highbridge Loan Management Ltd.:
Series 12A-18, Class A1B, (3 mo. LIBOR US + 1.250%), 3.62%, 07/18/31 (a)(b)	USD	750		750,000
Series 5A-2015, Class C1R, (3 mo. LIBOR US + 2.100%), 4.46%, 01/29/26 (a)(b)		1,920		1,920,954
Series 5A-2015, Class C2R, (3 mo. LIBOR US + 2.100%), 4.46%, 01/29/26 (a)(b)		750		751,156
Series 6A-2015, Class A1R, (3 mo. LIBOR US + 1.000%), 3.36%, 02/05/31 (a)(b)		11,390		11,402,161
Home Equity Asset Trust, Series 2007-1, Class 2A3, (1 mo. LIBOR US + 0.150%), 2.24%, 05/25/37 (a)		2,490		2,047,486
Home Equity Mortgage Loan Asset-Backed Trust:
Series 2004-A, Class M2, (1 mo. LIBOR US + 2.025%), 4.12%, 07/25/34 (a)		687		691,213
Series 2007-A, Class 2A2, (1 mo. LIBOR US + 0.190%), 2.28%, 04/25/37 (a)		2,216		1,649,454
Series 2007-B, Class 2A3, (1 mo. LIBOR US + 0.200%), 2.29%, 07/25/37 (a)		3,544		2,329,955
Home Equity Mortgage Trust, Series 2006-2, Class 1A1, 5.87%, 07/25/36 (c)		2,795		1,038,242
Home Loan Mortgage Loan Trust, Series 2005-1, Class A3, (1 mo. LIBOR US + 0.720%), 2.79%, 04/15/36 (a)		1,386		1,274,439
Invitation Homes Trust:
Series 2015-SFR3, Class A, (1 mo. LIBOR US + 1.300%), 3.37%, 08/17/32 (a)(b)		8,884		8,894,904
Series 2015-SFR3, Class E, (1 mo. LIBOR US + 3.750%), 5.82%, 08/17/32 (a)(b)		1,582		1,581,855
Series 2018-SFR1, Class E, (1 mo. LIBOR US + 2.000%), 4.09%, 03/17/37 (a)(b)		1,710		1,714,948
Series 2018-SFR1, Class F, (1 mo. LIBOR US + 2.500%), 4.59%, 03/17/37 (a)(b)		1,330		1,334,159
Series 2018-SFR3, Class A, (1 mo. LIBOR US + 1.000%), 3.00%, 07/17/37 (a)(b)		3,950		3,954,947
Series 2018-SFR3, Class E, (1 mo. LIBOR US + 2.000%), 4.00%, 07/17/37 (a)(b)(d)		2,910		2,910,000
Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, 6.03%, 09/25/37 (b)(c)		879		853,936
JPMorgan Mortgage Acquisition Trust:
Series 2006-CW1, Class M1, (1 mo. LIBOR US + 0.270%), 2.36%, 05/25/36 (a)		1,170		1,113,131
Series 2006-WF1, Class A3A, 5.83%, 07/25/36 (c)		782		392,600
Series 2006-WF1, Class A5, 6.41%, 07/25/36 (c)		1,066		534,849
Series 2006-WF1, Class A6, 6.00%, 07/25/36 (c)		783		393,192
Jubilee CDO VIII BV, Series VIII-X, Class SUB, (6 mo. EURIBOR + 5.000%), 4.73%, 01/15/24 (a)(d)	EUR	880		—
LCM 26 Ltd., Series 26A, Class A1, (3 mo. LIBOR US + 1.070%), 3.00%, 01/20/31 (a)(b)	USD	8,120		8,124,920
LCM XIV LP, Series 14A, Class AR, (3 mo. LIBOR US + 1.040%), 3.44%, 07/20/31 (a)(b)		2,970		2,969,916
LCM XXI LP, Series 21A, Class AR, (3 mo. LIBOR US + 0.880%), 3.24%, 04/20/28 (a)(b)		3,430		3,426,855

Security	Par (000)		Value
LCM XXIV Ltd., Series 24A, Class A, (3 mo. LIBOR US + 1.310%), 3.67%, 03/20/30 (a)(b)	USD	500	$	502,006
Lehman ABS Manufactured Housing Contract Trust:
Series 2001-B, Class M1, 6.63%, 04/15/40 (e)		4,790		5,102,613
Series 2002-A, Class C, 0.00%, 06/15/33		515		416,370
Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. LIBOR US + 0.090%), 2.18%, 06/25/37 (a)(b)		544		380,865
Lendmark Funding Trust, Series 2017-1A, Class A, 2.83%, 01/22/24 (b)		14,780		14,631,965
Litigation Fee Residual Funding LLC, Series 2015-1, Class A, 4.00%, 10/01/27 (b)(d)		4,645		4,624,539
LoanCore Issuer Ltd., Series 2018-CRE1, Class A, (1 mo. LIBOR US + 1.130%), 3.20%, 05/15/28 (a)(b)		7,580		7,582,583
Long Beach Mortgage Loan Trust:
Series 2006-1, Class 1A, (1 mo. LIBOR US + 0.220%), 2.31%, 02/25/36 (a)		3,200		3,101,774
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.25%, 11/25/36 (a)		3,898		1,771,758
Series 2006-10, Class 2A4, (1 mo. LIBOR US + 0.220%), 2.31%, 11/25/36 (a)		2,316		1,062,120
Series 2006-2, Class 2A3, (1 mo. LIBOR US + 0.190%), 2.28%, 03/25/46 (a)		20,196		9,977,142
Series 2006-2, Class 2A4, (1 mo. LIBOR US + 0.290%), 2.38%, 03/25/46 (a)		9,324		4,660,577
Series 2006-3, Class 2A3, (1 mo. LIBOR US + 0.180%), 2.27%, 05/25/46 (a)		11,086		4,778,932
Series 2006-3, Class 2A4, (1 mo. LIBOR US + 0.270%), 2.36%, 05/25/46 (a)		1,063		464,854
Series 2006-4, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.25%, 05/25/36 (a)		11,372		5,212,388
Series 2006-4, Class 2A4, (1 mo. LIBOR US + 0.260%), 2.35%, 05/25/36 (a)		8,520		3,980,728
Series 2006-5, Class 2A3, (1 mo. LIBOR US + 0.150%), 2.24%, 06/25/36 (a)		4,209		2,465,510
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.25%, 08/25/36 (a)		7,022		3,762,369
Series 2006-8, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.25%, 09/25/36 (a)		3,134		1,316,683
Series 2006-9, Class 2A2, (1 mo. LIBOR US + 0.110%), 2.20%, 10/25/36 (a)		1,657		722,319
Series 2006-9, Class 2A3, (1 mo. LIBOR US + 0.160%), 2.25%, 10/25/36 (a)		10,551		4,628,015
Series 2006-9, Class 2A4, (1 mo. LIBOR US + 0.230%), 2.32%, 10/25/36 (a)		1,668		737,801
Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. LIBOR US + 3.250%), 5.34%, 03/25/32 (a)		1,510		1,543,384
Madison Park Funding XI Ltd., Series 2013-11A, Class AR, (3 mo. LIBOR US + 1.160%), 3.52%, 07/23/29 (a)(b)		1,000		999,720
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, (3 mo. LIBOR US + 0.950%), 3.31%, 04/19/30 (a)(b)		4,540		4,538,165
Madison Park Funding XIV Ltd., Series 2014-14A, Class A2R, (3 mo. LIBOR US + 1.120%), 3.48%, 07/20/26 (a)(b)		26,018		26,014,625

7

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Madison Park Funding XVIII Ltd., Series 2015-18A, Class A1R, (3 mo. LIBOR US + 1.190%), 3.55%, 10/21/30 (a)(b)	USD	14,970	$	15,007,012
Madison Park Funding XXVI Ltd., Series 2017-26A, Class AR, (3 mo. LIBOR US + 1.200%), 3.56%, 07/29/30 (a)(b)		14,080		14,114,916
Marathon CRE Ltd., Series 2018-FL1, Class A, (1 mo. LIBOR US + 1.150%), 0.00%, 06/15/28 (a)(b)		1,780		1,780,000
Marble Point CLO XI Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.180%), 3.54%, 12/18/30 (a)(b)		2,500		2,502,475
MASTR Asset-Backed Securities Trust:
Series 2006-AM2, Class A4, (1 mo. LIBOR US + 0.260%), 2.35%, 06/25/36 (a)(b)		2,059		1,642,846
Series 2006-HE2, Class A3, (1 mo. LIBOR US + 0.150%), 2.24%, 06/25/36 (a)		6,320		3,626,681
Series 2007-HE1, Class A4, (1 mo. LIBOR US + 0.280%), 2.37%, 05/25/37 (a)		1,318		1,102,991
MASTR Specialized Loan Trust, Series 2006-3, Class A, (1 mo. LIBOR US + 0.260%), 2.35%, 06/25/46 (a)(b)		649		609,613
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2, Class A2C, (1 mo. LIBOR US + 0.240%), 2.33%, 05/25/37 (a)		2,199		1,526,479
Merrill Lynch Mortgage Investors Trust:
Series 2006-OPT1, Class M1, (1 mo. LIBOR US + 0.260%), 2.35%, 08/25/37 (a)		479		100,696
Series 2006-RM3, Class A2B, (1 mo. LIBOR US + 0.090%), 2.18%, 06/25/37 (a)		976		314,501
MidOcean Credit CLO III, Series 2014-3A, Class A3A2, (3 mo. LIBOR US + 0.970%), 3.02%, 04/21/31 (a)(b)(d)		2,020		2,011,920
Morgan Stanley ABS Capital I, Inc. Trust:
Series 2005-HE1, Class A2MZ, (1 mo. LIBOR US + 0.600%), 2.69%, 12/25/34 (a)		820		800,604
Series 2005-HE5, Class M4, (1 mo. LIBOR US + 0.870%), 2.96%, 09/25/35 (a)		4,308		1,927,940
Series 2007-NC1, Class A1, (1 mo. LIBOR US + 0.130%), 2.22%, 11/25/36 (a)		14,166		8,882,936
Morgan Stanley IXIS Real Estate Capital Trust, Series 2006-2, Class A2, (1 mo. LIBOR US + 0.110%), 2.20%, 11/25/36 (a)		1,193		594,070
Morgan Stanley Mortgage Loan Trust, Series 2007-9SL, Class A, (1 mo. LIBOR US + 0.320%), 2.41%, 07/25/37 (a)		1,557		1,473,818
Mountain Hawk I CLO Ltd., Series 2013-1A, Class B1, (3 mo. LIBOR US + 2.180%), 4.54%, 01/20/24 (a)(b)		3,020		3,019,340
Mountain Hawk II CLO Ltd., Series 2013-2A, Class A1, (3 mo. LIBOR US + 1.160%), 3.52%, 07/22/24 (a)(b)		1,038		1,038,213
MP CLO III Ltd., Series 2013-1A, Class AR, (3 mo. LIBOR US + 1.250%), 3.61%, 10/20/30 (a)(b)		2,820		2,828,561
MP CLO VIII Ltd.:
Series 2015-2A, Class AR, (3 mo. LIBOR US + 0.910%), 3.27%, 10/28/27 (a)(b)		5,910		5,899,796
Series 2015-2A, Class BR, (3 mo. LIBOR US + 1.420%), 3.78%, 10/28/27 (a)(b)		3,250		3,235,729
Nationstar Home Equity Loan Trust, Series 2007-C, Class 2AV3, (1 mo. LIBOR US + 0.180%), 2.27%, 06/25/37 (a)		337		334,928

Security	Par (000)		Value
Navient Private Education Loan Trust:
Series 2014-AA, Class B, 3.50%, 08/15/44 (b)	USD	6,000	$	5,749,451
Series 2014-CTA, Class B, (1 mo. LIBOR US + 1.750%), 3.82%, 10/17/44 (a)(b)		8,550		8,686,988
Series 2016-AA, Class B, 3.50%, 12/16/58 (b)(e)		2,040		1,987,396
Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class A, (3 mo. LIBOR US + 0.850%), 3.20%, 01/15/28 (a)(b)		1,200		1,194,135
Neuberger Berman Loan Advisers CLO 26 Ltd., Series 2017-26A, Class A, (3 mo. LIBOR US + 1.170%), 3.53%, 10/18/30 (a)(b)		5,520		5,536,529
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. LIBOR US + 0.400%), 2.49%, 10/25/36 (a)(b)		391		349,507
Northwoods Capital XVII Ltd., Series 2018-17A, Class A, (3 mo. LIBOR US + 1.060%), 3.31%, 04/22/31 (a)(b)		10,850		10,858,338
Oaktree CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR US + 0.870%), 3.23%, 10/20/27 (a)(b)		500		498,052
Oakwood Mortgage Investors, Inc.:
Series 2001-D, Class A2, 5.26%, 01/15/19 (e)		856		661,255
Series 2001-D, Class A4, 6.93%, 09/15/31 (e)		544		476,173
Series 2002-B, Class M1, 7.62%, 06/15/32 (e)		4,530		3,785,287
OCP CLO Ltd.:
Series 2014-5A, Class A1R, (3 mo. LIBOR US + 1.080%), 3.44%, 04/26/31 (a)(b)		1,460		1,454,340
Series 2015-10A, Class A1R, (3 mo. LIBOR US + 0.820%), 3.18%, 10/26/27 (a)(b)		820		819,788
Series 2015-10A, Class BR, (3 mo. LIBOR US + 1.850%), 4.21%, 10/26/27 (a)(b)		1,120		1,115,765
Series 2015-8A, Class A1R, (3 mo. LIBOR US + 0.850%), 3.20%, 04/17/27 (a)(b)		5,725		5,723,902
Series 2016-12A, Class A1, (3 mo. LIBOR US + 1.570%), 3.93%, 10/18/28 (a)(b)		1,350		1,352,560
Series 2017-13A, Class A1A, (3 mo. LIBOR US + 1.260%), 3.61%, 07/15/30 (a)(b)		9,170		9,191,866
Series 2017-14A, Class B, (3 mo. LIBOR US + 1.950%), 4.28%, 11/20/30 (a)(b)		500		496,398
OCP Euro CLO DAC:
Series 2017-2X, Class A, (3 mo. EURIBOR + 0.820%), 0.82%, 01/15/32 (a)	EUR	600		700,630
Series 2017-2X, Class B, (3 mo. EURIBOR + 1.350%), 1.35%, 01/15/32 (a)		750		875,865
Series 2017-2X, Class E, (3 mo. EURIBOR + 5.000%), 5.00%, 01/15/32 (a)		447		518,044
Series 2017-2X, Class F, (3 mo. EURIBOR + 6.400%), 6.40%, 01/15/32 (a)		300		333,608
OCP Euro DAC, Series 2017-1X, Class E, (3 mo. EURIBOR + 5.350%), 5.35%, 06/18/30 (a)		200		234,920
Octagon Investment Partners 18-R Ltd., Series 2018-18A, Class A1A, (3 mo. LIBOR US + 0.960%), 3.32%, 04/16/31 (a)(b)	USD	7,300		7,283,658
Octagon Investment Partners 24 Ltd.:
Series 2015-1A, Class A1R, (3 mo. LIBOR US + 0.900%), 3.23%, 05/21/27 (a)(b)		13,710		13,706,222

8

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Octagon Investment Partners 24 Ltd.: (continued)
Series 2015-1A, Class A2AR, (3 mo. LIBOR US + 1.350%), 3.68%, 05/21/27 (a)(b)	USD	9,100	$	9,046,002
Octagon Investment Partners 33 Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.190%), 3.55%, 01/20/31 (a)(b)		1,310		1,311,787
Octagon Investment Partners XIX Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.100%), 3.45%, 04/15/26 (a)(b)		3,100		3,099,683
Octagon Investment Partners XVI Ltd.:
Series 2013-1A, Class A, (3 mo. LIBOR US + 1.120%), 3.47%, 07/17/25 (a)(b)		2,808		2,807,837
Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.020%), 0.00%, 07/17/30 (a)(b)(d)		5,945		5,945,000
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, (3 mo. LIBOR US + 1.000%), 2.98%, 01/25/31 (a)(b)		7,240		7,236,028
Octagon Investment Partners XXIII Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 1.850%), 4.11%, 07/15/27 (a)(b)		1,380		1,379,557
OFSI Fund VI Ltd., Series 2014-6A, Class A2R, (3 mo. LIBOR US + 1.130%), 3.48%, 03/20/25 (a)(b)		11,430		11,399,903
OHA Credit Partners IX Ltd., Series 2013-9A, Class DR, (3 mo. LIBOR US + 1.010%), 3.37%, 10/20/25 (a)(b)		445		444,490
OHA Credit Partners VIII Ltd., Series 2013-8A, Class A, (3 mo. LIBOR US + 1.120%), 3.48%, 04/20/25 (a)(b)		2,469		2,469,196
OHA Loan Funding Ltd.:
Series 2013-1A, Class B2R, 3.28%, 07/23/25 (b)		1,700		1,693,601
Series 2013-2A, Class AR, (3 mo. LIBOR US + 1.040%), 3.37%, 05/23/31 (a)(b)(d)		5,315		5,315,000
OneMain Financial Issuance Trust:
Series 2014-2A, Class D, 5.31%, 09/18/24 (b)		1,885		1,900,531
Series 2015-1A, Class C, 5.12%, 03/18/26 (b)		1,536		1,562,830
Series 2015-2A, Class C, 4.32%, 07/18/25 (b)		4,830		4,819,302
Series 2016-2A, Class A, 4.10%, 03/20/28 (b)		2,207		2,220,315
Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-4, Class A2, (1 mo. LIBOR US + 0.640%), 2.73%, 07/25/33 (a)		998		987,654
Option One Mortgage Loan Trust:
Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.140%), 2.23%, 02/25/37 (a)		1,433		1,071,529
Series 2007-CP1, Class 2A3, (1 mo. LIBOR US + 0.210%), 2.30%, 03/25/37 (a)		2,360		1,617,881
Series 2007-FXD1, Class 2A1, 5.87%, 01/25/37 (c)		8,693		8,179,568
Series 2007-FXD2, Class 1A1, 5.82%, 03/25/37 (c)		13,924		13,697,768
Origen Manufactured Housing Contract Trust:
Series 2001-A, Class M1, 7.82%, 03/15/32 (e)		1,549		1,524,779
Series 2007-B, Class A1, (1 mo. LIBOR US + 1.200%), 3.27%, 10/15/37 (a)(b)		2,831		2,823,051
Ownit Mortgage Loan Trust Series, Series 2006-2, Class A2C, 6.00%, 01/25/37 (c)		1,990		1,836,456

Security	Par (000)		Value
OZLM Funding II Ltd., Series 2012-2A, Class A1R, (3 mo. LIBOR US + 1.440%), 3.80%, 10/30/27 (a)(b)	USD	19,348	$	19,393,981
OZLM Funding IV Ltd.:
Series 2013-4A, Class A1R, (3 mo. LIBOR US + 1.250%), 3.61%, 10/22/30 (a)(b)		13,035		13,086,552
Series 2013-4A, Class A2R, (3 mo. LIBOR US + 1.700%), 4.06%, 10/22/30 (a)(b)		2,120		2,117,641
OZLM IX Ltd., Series 2014-9A, Class CR, (3 mo. LIBOR US + 3.550%), 5.91%, 01/20/27 (a)(b)		4,360		4,364,865
OZLM VI Ltd., Series 2014-6A, Class A1S, (3 mo. LIBOR US + 1.080%), 3.43%, 04/17/31 (a)(b)		2,180		2,175,077
OZLM VII Ltd.:
Series 2014-7A, Class A1BR, (3 mo. LIBOR US + 1.150%), 3.50%, 07/17/26 (a)(b)		250		249,998
Series 2014-7A, Class B1R, (3 mo. LIBOR US + 2.250%), 4.60%, 07/17/26 (a)(b)		1,400		1,399,977
OZLM VIII Ltd.:
Series 2014-8A, Class A1AR, (3 mo. LIBOR US + 1.130%), 3.48%, 10/17/26 (a)(b)		3,370		3,369,437
Series 2014-8A, Class BR, (3 mo. LIBOR US + 2.250%), 4.60%, 10/17/26 (a)(b)		1,160		1,160,931
OZLM XI Ltd., Series 2015-11A, Class A1R, (3 mo. LIBOR US + 1.250%), 3.61%, 10/30/30 (a)(b)		9,443		9,451,570
OZLM XII Ltd., Series 2015-12A, Class A1, (3 mo. LIBOR US + 1.450%), 3.81%, 04/30/27 (a)(b)		570		570,920
OZLM XIV Ltd., Series 2015-14A, Class A2AR, (3 mo. LIBOR US + 1.700%), 3.70%, 01/15/29 (a)(b)		4,770		4,770,000
OZLM XIX Ltd., Series 2017-19A, Class A1, (3 mo. LIBOR US + 1.220%), 3.57%, 11/22/30 (a)(b)		2,160		2,163,162
OZLM XV Ltd.:
Series 2016-15A, Class A1, (3 mo. LIBOR US + 1.490%), 3.85%, 01/20/29 (a)(b)		4,740		4,754,308
Series 2016-15A, Class A2A, (3 mo. LIBOR US + 2.100%), 4.46%, 01/20/29 (a)(b)		1,940		1,946,567
OZLM XXI Ltd., Series 2017-21A, Class B, (3 mo. LIBOR US + 1.900%), 3.97%, 01/20/31 (a)(b)		930		933,928
OZLME BV, Series 1X, Class E, (3 mo. EURIBOR + 6.450%), 6.45%, 01/18/30 (a)	EUR	475		570,307
OZLME II DAC, Series 2X, Class E, (3 mo. EURIBOR + 4.900%), 4.90%, 10/15/30 (a)		422		481,429
OZLME III DAC:
Series 3X, Class A1, (3 mo. EURIBOR + 0.750%), 0.75%, 08/24/30 (a)		2,300		2,678,774
Series 3X, Class E, (3 mo. EURIBOR + 4.800%), 4.80%, 08/24/30 (a)		900		1,031,527
Series 3X, Class SUB, 0.00%, 08/24/30 (e)		1,500		1,590,258
OZLME IV DAC, Series 4X, Class B, (3 mo. EURIBOR + 1.350%), 0.00%, 07/27/32 (a)		1,440		1,681,634
Palmer Square CLO Ltd.:
Series 2013-2A, Class A1AR, (3 mo. LIBOR US + 1.220%), 3.57%, 10/17/27 (a)(b)	USD	2,280		2,281,774
Series 2013-2A, Class BR, (3 mo. LIBOR US + 2.250%), 4.60%, 10/17/27 (a)(b)		890		891,321
Series 2014-1A, Class A1R2, (3 mo. LIBOR US + 1.130%), 3.48%, 01/17/31 (a)(b)		4,548		4,547,695

9

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Palmer Square CLO Ltd.: (continued)
Series 2018-1A, Class A1, (3 mo. LIBOR US + 1.030%), 3.21%, 04/18/31 (a)(b)	USD	3,360	$	3,363,360
Series 2018-3A, Class A2, (3 mo. LIBOR US + 1.350%), 0.00%, 08/15/26 (a)(b)		3,323		3,300,570
Palmer Square Loan Funding Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 0.740%), 3.09%, 10/15/25 (a)(b)		9,607		9,569,910
Series 2017-1A, Class A2, (3 mo. LIBOR US + 1.300%), 3.65%, 10/15/25 (a)(b)		6,400		6,402,979
Parallel Ltd.:
Series 2015-1A, Class AR, (3 mo. LIBOR US + 0.850%), 3.21%, 07/20/27 (a)(b)		3,990		3,989,093
Series 2015-1A, Class C1R, (3 mo. LIBOR US + 1.750%), 4.11%, 07/20/27 (a)(b)		1,150		1,145,857
Park Avenue Institutional Advisers CLO Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.220%), 3.05%, 11/14/29 (a)(b)		6,970		6,997,741
Series 2017-1A, Class A2, (3 mo. LIBOR US + 1.700%), 3.53%, 11/14/29 (a)(b)		2,940		2,945,111
Preston Ridge Partners Mortgage LLC, Series 2017-1A, Class A1, 4.25%, 01/25/22 (b)(c)		430		430,003
Pretium Mortgage Credit Partners I LLC, Series 2017-NPL2, Class A1, 3.25%, 03/28/57 (b)(c)		3,375		3,362,658
Progress Residential Trust:
Series 2015-SFR2, Class A, 2.74%, 06/12/32 (b)		1,720		1,696,105
Series 2015-SFR3, Class F, 6.64%, 11/12/32 (b)		500		519,395
Series 2016-SFR1, Class A, (1 mo. LIBOR US + 1.500%), 3.59%, 09/17/33 (a)(b)		4,299		4,305,168
Series 2016-SFR1, Class E, (1 mo. LIBOR US + 3.850%), 5.94%, 09/17/33 (a)(b)		2,940		2,972,219
Series 2016-SFR2, Class E, (1 mo. LIBOR US + 3.550%), 5.64%, 01/17/34 (a)(b)		1,590		1,615,578
Series 2017-SFR1, Class A, 2.77%, 08/17/34 (b)		2,642		2,555,170
Series 2017-SFR1, Class D, 3.57%, 08/17/22 (b)		330		322,048
Series 2017-SFR1, Class E, 4.26%, 08/17/22 (b)		500		495,795
Series 2018-SFR1, Class E, 4.38%, 03/17/35 (b)		800		796,500
Series 2018-SFR1, Class F, 4.78%, 03/17/35 (b)		1,620		1,616,388
Race Point IX CLO Ltd., Series 2015-9A, Class A1AR, (3 mo. LIBOR US + 1.210%), 3.56%, 10/15/30 (a)(b)		3,730		3,742,990
Race Point X CLO Ltd., Series 2016-10A, Class A, (3 mo. LIBOR US + 1.600%), 3.96%, 07/25/28 (a)(b)		5,550		5,550,688
RAMP Trust:
Series 2006-RS6, Class A4, (1 mo. LIBOR US + 0.270%), 2.36%, 11/25/36 (a)		6,868		5,765,222
Series 2007-RS1, Class A3, (1 mo. LIBOR US + 0.170%), 2.26%, 02/25/37 (a)		2,233		1,223,879
Rockford Tower CLO Ltd.:
Series 2017-1A, Class A, (3 mo. LIBOR US + 1.370%), 3.72%, 04/15/29 (a)(b)		9,130		9,163,030
Series 2017-1A, Class B, (3 mo. LIBOR US + 1.800%), 4.15%, 04/15/29 (a)(b)		3,870		3,876,147
Series 2017-2A, Class B, (3 mo. LIBOR US + 1.750%), 4.10%, 10/15/29 (a)(b)		6,049		6,062,126

Security	Par (000)		Value
Rockford Tower CLO Ltd.: (continued)
Series 2017-2A, Class C, (3 mo. LIBOR US + 2.300%), 4.65%, 10/15/29 (a)(b)	USD	940	$	947,852
Series 2017-3A, Class A, (3 mo. LIBOR US + 1.190%), 3.15%, 10/20/30 (a)(b)		8,220		8,220,349
Romark WM-R Ltd., Series 2018-1A, Class A1, (3 mo. LIBOR US + 1.030%), 2.78%, 04/20/31 (a)(b)		2,910		2,912,276
RR 3 Ltd., Series 2018-3A, Class A1R2, (3 mo. LIBOR US + 1.090%), 3.44%, 01/15/30 (a)(b)		13,785		13,784,341
SACO I Trust, Series 2006-9, Class A1, (1 mo. LIBOR US + 0.300%), 2.39%, 08/25/36 (a)		601		584,180
Saxon Asset Securities Trust, Series 2007-1, Class M1, (1 mo. LIBOR US + 0.290%), 2.38%, 01/25/47 (a)		1,814		1,066,843
Securitized Asset-Backed Receivables LLC Trust:
Series 2006-WM4, Class A1, (1 mo. LIBOR US + 0.190%), 2.28%, 11/25/36 (a)(b)		3,070		1,896,648
Series 2006-WM4, Class A2A, (1 mo. LIBOR US + 0.080%), 2.17%, 11/25/36 (a)		1,456		606,703
Series 2006-WM4, Class A2C, (1 mo. LIBOR US + 0.160%), 2.25%, 11/25/36 (a)		4,364		1,836,804
Security National Mortgage Loan Trust, Series 2007-1A, Class 2A, (1 mo. LIBOR US + 0.350%), 2.44%, 04/25/37 (a)(b)		1,038		1,027,617
SG Mortgage Securities Trust, Series 2006-FRE2, Class A2C, (1 mo. LIBOR US + 0.160%), 2.25%, 07/25/36 (a)		1,008		349,796
Shackleton CLO Ltd., Series 2013-3A, Class AR, (3 mo. LIBOR US + 1.120%), 2.84%, 07/15/30 (a)(b)		3,690		3,694,018
Silver Creek CLO Ltd.:
Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.240%), 3.60%, 07/20/30 (a)(b)		3,920		3,932,979
Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.300%), 4.66%, 07/20/30 (a)(b)		500		501,202
SLC Private Student Loan Trust, Series 2006-A, Class C, (3 mo. LIBOR US + 0.450%), 2.80%, 07/15/36 (a)		2,010		1,933,303
SLM Private Credit Student Loan Trust:
Series 2004-A, Class A3, (3 mo. LIBOR US + 0.400%), 2.74%, 06/15/33 (a)		2,859		2,830,178
Series 2004-B, Class A3, (3 mo. LIBOR US + 0.330%), 2.67%, 03/15/24 (a)		13,366		13,330,852
Series 2006-B, Class A5, (3 mo. LIBOR US + 0.270%), 2.61%, 12/15/39 (a)		687		677,557
SLM Private Education Loan Trust:
Series 2013-A, Class B, 2.50%, 03/15/47 (b)		620		614,945
Series 2013-B, Class B, 3.00%, 05/16/44 (b)		2,095		2,083,243
Series 2013-C, Class A2B, (1 mo. LIBOR US + 1.400%), 3.47%, 10/15/31 (a)(b)		226		227,894
SMB Private Education Loan Trust, Series 2015-B, Class B, 3.50%, 12/17/40 (b)		2,480		2,411,696
Sound Point CLO II Ltd., Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.070%), 3.43%, 01/26/31 (a)(b)		500		498,905
Sound Point CLO V Ltd., Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.400%), 4.76%, 04/18/26 (a)(b)		937		936,594

10

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Sound Point CLO VII Ltd., Series 2014-3A, Class AR, (3 mo. LIBOR US + 1.300%), 3.66%, 01/23/27 (a)(b)	USD	6,225	$	6,232,613
Sound Point CLO XI Ltd., Series 2016-1A, Class A, (3 mo. LIBOR US + 1.650%), 4.01%, 07/20/28 (a)(b)		5,730		5,730,000
Sound Point CLO XII Ltd., Series 2016-2A, Class A, (3 mo. LIBOR US + 1.660%), 4.02%, 10/20/28 (a)(b)		3,010		3,010,000
Sound Point CLO XIV Ltd.:
Series 2016-3A, Class A, (3 mo. LIBOR US + 1.530%), 3.89%, 01/23/29 (a)(b)		7,330		7,353,890
Series 2016-3A, Class C, (3 mo. LIBOR US + 2.650%), 5.01%, 01/23/29 (a)(b)		1,000		1,004,916
Sound Point CLO XV Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.390%), 3.75%, 01/23/29 (a)(b)		1,240		1,243,877
Sound Point CLO XVIII Ltd.:
Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.120%), 2.86%, 01/20/31 (a)(b)		1,580		1,576,554
Series 2017-4A, Class B, (3 mo. LIBOR US + 1.800%), 3.54%, 01/20/31 (a)(b)		500		498,491
Sounds Point CLO IV-R Ltd., Series 2013-3RA, Class A, (3 mo. LIBOR US + 1.150%), 3.65%, 04/18/31 (a)(b)		1,300		1,302,210
Soundview Home Loan Trust, Series 2004-WMC1, Class M2, (1 mo. LIBOR US + 0.795%), 2.89%, 01/25/35 (a)		62		58,115
SpringCastle America Funding LLC, Series 2016-AA, Class A, 3.05%, 04/25/29 (b)		8,280		8,249,208
Springleaf Funding Trust, Series 2015-AA, Class B, 3.62%, 11/15/24 (b)		3,952		3,945,142
St. Paul’s CLO IX DAC, Series 9X, Class A, (3 mo. EURIBOR + 0.820%), 0.82%, 11/15/30 (a)	EUR	2,320		2,710,654
St. Paul’s CLO VI DAC, Series 6X, Class D, (3 mo. EURIBOR + 6.500%), 6.50%, 07/22/29 (a)		680		799,390
Stanwich Mortgage Loan Co. LLC:
Series 2016-NPL2, Class NOTE, 3.72%, 08/16/46 (b)(c)(d)	USD	3,106		3,086,672
Series 2017-NPB1, Class A1, 3.60%, 05/17/22 (b)(c)(d)		12,690		12,688,063
Steele Creek CLO Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.250%), 2.88%, 01/15/30 (a)(b)		4,140		4,144,446
Stewart Park CLO Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 1.800%), 4.15%, 01/15/30 (a)(b)		1,630		1,621,502
Structured Asset Securities Corp. Assistance Loan Trust, Series 2003-AL2, Class A, 3.36%, 01/25/31 (b)		416		410,265
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-23XS, Class 2A1, (1 mo. LIBOR US + 0.300%), 2.39%, 01/25/35 (a)		698		683,303
Symphony CLO VIII LP, Series 2012-8A, Class CR, (3 mo. LIBOR US + 3.050%), 5.39%, 01/09/23 (a)(b)		750		749,982
Symphony CLO XII Ltd., Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.030%), 3.38%, 10/15/25 (a)(b)		2,952		2,951,158
Symphony CLO XIX Ltd., Series 2018-19A, Class A, (3 mo. LIBOR US + 0.960%), 3.31%, 04/16/31 (a)(b)		2,670		2,654,799

Security	Par (000)		Value
Symphony CLO XVII Ltd., Series 2016-17A, Class AR, (3 mo. LIBOR US + 0.880%), 3.23%, 04/15/28 (a)(b)	USD	3,620	$	3,614,482
TCI-Flatiron CLO Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.200%), 3.52%, 11/17/30 (a)(b)		3,290		3,301,816
THL Credit Wind River CLO Ltd., Series 2014-3A, Class AR, (3 mo. LIBOR US + 1.100%), 3.46%, 01/22/27 (a)(b)		1,000		999,813
TIAA CLO II Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.280%), 3.64%, 04/20/29 (a)(b)		2,340		2,346,401
TIAA CLO III Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.150%), 3.50%, 01/16/31 (a)(b)		3,410		3,404,280
TICP CLO I Ltd., Series 2015-1A, Class AR, (3 mo. LIBOR US + 0.800%), 3.16%, 07/20/27 (a)(b)		1,000		998,428
Treman Park CLO Ltd., Series 2015-1A, Class AR, (3 mo. LIBOR US + 1.370%), 3.73%, 04/20/27 (a)(b)		3,200		3,191,882
Tricon American Homes Trust:
Series 2017-SFR2, Class F, 5.10%, 01/17/36 (b)		800		809,840
Series 2018-SFR1, Class E, 4.56%, 05/17/37 (b)		890		883,802
Series 2018-SFR1, Class F, 4.96%, 05/17/37 (b)		610		607,556
Venture 32 CLO Ltd., Series 2018-32A, Class A2A, (3 mo. LIBOR US + 1.070%), 0.00%, 07/15/31 (a)(b)(d)		1,480		1,480,000
Venture XIX CLO Ltd.:
Series 2014-19A, Class AR, (3 mo. LIBOR US + 1.370%), 3.72%, 01/15/27 (a)(b)		1,020		1,019,539
Series 2014-19A, Class BR, (3 mo. LIBOR US + 2.000%), 4.35%, 01/15/27 (a)(b)		1,800		1,799,475
Venture XVIII CLO Ltd., Series 2014-18A, Class AR, (3 mo. LIBOR US + 1.220%), 3.57%, 10/15/29 (a)(b)		9,820		9,858,248
Vibrant CLO III Ltd.:
Series 2015-3A, Class A1R, (3 mo. LIBOR US + 1.480%), 3.84%, 04/20/26 (a)(b)		1,390		1,390,499
Series 2015-3A, Class A2R, (3 mo. LIBOR US + 2.050%), 4.41%, 04/20/26 (a)(b)		710		709,757
Vibrant CLO V Ltd., Series 2016-5A, Class A, (3 mo. LIBOR US + 1.550%), 3.91%, 01/20/29 (a)(b)		2,480		2,496,343
Voya CLO Ltd.:
Series 2013-2A, Class A1R, (3 mo. LIBOR US + 0.970%), 3.31%, 04/25/31 (a)(b)		1,815		1,813,548
Series 2013-3A, Class A1R, (3 mo. LIBOR US + 1.050%), 3.41%, 01/18/26 (a)(b)		7,246		7,244,950
Series 2013-3A, Class A2R, (3 mo. LIBOR US + 1.500%), 3.86%, 01/18/26 (a)(b)		3,145		3,144,683
Series 2014-3A, Class A1R, (3 mo. LIBOR US + 0.720%), 3.08%, 07/25/26 (a)(b)		2,480		2,476,994
Series 2014-4A, Class A1R, (3 mo. LIBOR US + 0.950%), 3.30%, 10/14/26 (a)(b)		4,740		4,739,955
Series 2014-4A, Class BR, (3 mo. LIBOR US + 2.000%), 4.35%, 10/14/26 (a)(b)		1,360		1,359,991
Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.130%), 3.48%, 10/15/30 (a)(b)		6,640		6,660,365
Voya Euro CLO I DAC, Series 1X, Class SUB, 0.00%, 10/15/30 (e)	EUR	844		946,199

11

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Wachovia Asset Securitization Issuance II LLC Trust, Series 2007-HE2A, Class A, (1 mo. LIBOR US + 0.130%), 2.22%, 07/25/37 (a)(b)	USD	2,191	$	2,066,433
WaMu Asset-Backed Certificates Trust:
Series 2007-HE2, Class 2A3, (1 mo. LIBOR US + 0.250%), 2.34%, 04/25/37 (a)		10,252		5,571,402
Series 2007-HE2, Class 2A4, (1 mo. LIBOR US + 0.360%), 2.45%, 04/25/37 (a)		1,101		605,348
Washington Mutual Asset-Backed Certificates Trust:
Series 2006-HE4, Class 2A2, (1 mo. LIBOR US + 0.180%), 2.27%, 09/25/36 (a)		5,430		2,715,871
Series 2006-HE5, Class 1A, (1 mo. LIBOR US + 0.155%), 2.25%, 10/25/36 (a)		2,306		1,991,113
Series 2007-HE2, Class 2A2, (1 mo. LIBOR US + 0.220%), 2.31%, 02/25/37 (a)		5,733		2,622,521
Wellfleet CLO Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.320%), 3.68%, 04/20/29 (a)(b)		2,160		2,166,856
Series 2017-3A, Class A1, (3 mo. LIBOR US + 1.150%), 2.88%, 01/17/31 (a)(b)		4,410		4,413,881
Series 2017-3A, Class B, (3 mo. LIBOR US + 1.950%), 3.68%, 01/17/31 (a)(b)		750		750,998
West CLO Ltd., Series 2013-1A, Class A1AR, (3 mo. LIBOR US + 1.160%), 3.52%, 11/07/25 (a)(b)		9,473		9,473,467
World Financial Network Credit Card Master Trust:
Series 2012-C, Class B, 3.57%, 08/15/22		3,000		3,008,041
Series 2012-C, Class C, 4.55%, 08/15/22		5,030		5,051,060
Series 2012-D, Class B, 3.34%, 04/17/23		3,551		3,551,041
WVUE, Series 2015-1A, Class A, 7.50%, 09/25/20 (b)(c)		90		89,741
Yale Mortgage Loan Trust, Series 2007-1, Class A, (1 mo. LIBOR US + 0.400%), 2.49%, 06/25/37 (a)(b)		2,665		1,173,231
York CLO 1 Ltd., Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.350%), 4.71%, 01/22/27 (a)(b)		500		500,611
York CLO-2 Ltd., Series 2015-1A, Class AR, (3 mo. LIBOR US + 1.150%), 3.51%, 01/22/31 (a)(b)		5,080		5,076,833
York CLO-3 Ltd., Series 2016-1A, Class BR, (3 mo. LIBOR US + 1.750%), 4.11%, 10/20/29 (a)(b)		2,480		2,485,002
Total Asset-Backed Securities — 12.7% (Cost: $1,678,272,566)				1,672,167,044

Security	Shares		Value
Common Stocks — 0.3%
Commercial Services & Supplies — 0.0%
BrightView Holdings, Inc. (f)		52,248	$	1,146,844
Diversified Financial Services — 0.1%
Concrete Investment I SCA (d)(f)(g)		22,592		211,064
Concrete Investment II SCA (d)(f)(g)		12,471		—
Leisure Acquisition Corp. (f)		52,528		525,280
Pure Acquisition Corp. (f)(h)		41,254		422,853
Sentinel Energy Services, Inc. (f)		489,238		4,936,411
				6,095,608
Diversified Telecommunication Services — 0.0%
Telecom Italia SpA (f)		707,501		524,175
Energy Equipment & Services — 0.1%
FTS International, Inc. (f)		182,660		2,601,078
Liberty Oilfield Services, Inc., Class A (f)(h)		114,781		2,148,700
Vantage Drilling Co. (f)		311,000		2,021
				4,751,799
Hotels, Restaurants & Leisure — 0.0%
Caesars Entertainment Corp. (f)(h)		177,423		1,898,426
Golden Entertainment, Inc. (f)		20,532		554,159
Scientific Games Corp. (f)		17,182		844,495
				3,297,080
Household Durables — 0.0%
DR Horton, Inc.		24,806		1,017,046
William Lyon Homes, Class A (f)		31,036		720,035
				1,737,081
Independent Power and Renewable Electricity Producers — 0.0%
Vistra Energy Corp. (f)		30,991		733,247
IT Services — 0.0%
Everi Holdings, Inc. (f)		76,998		554,386
Media — 0.0%
Altice Europe NV (f)		157,729		640,223
Altice USA, Inc., Class A		233,860		3,989,652
				4,629,875
Metals & Mining — 0.0%
Northern Graphite Corp. (f)		99,612		31,445
Oil, Gas & Consumable Fuels — 0.1%
Bumi Resources Tbk PT (f)		16,623,092		261,029
Cheniere Energy Partners LP		42,516		1,528,450
CVR Refining LP (h)		19,489		435,579
Delek US Holdings, Inc.		23,741		1,191,086
Energen Corp. (f)		42,132		3,068,052
Sunoco LP		126,035		3,145,834
				9,630,030
Real Estate Management & Development — 0.0%
Aroundtown SA (f)		276,120		2,269,776
Total Common Stocks — 0.3% (Cost: $38,201,232)				35,401,346

12

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds — 32.4%
Aerospace & Defense — 0.6%
BAE Systems Holdings, Inc.:
2.85%, 12/15/20 (b)	USD	1,372	$	1,355,054
4.75%, 10/07/44 (b)		259		266,576
General Dynamics Corp., 3.75%, 05/15/28		10,090		10,182,155
L3 Technologies, Inc.:
3.85%, 06/15/23		6,230		6,217,046
3.85%, 12/15/26		6,460		6,216,236
Leonardo U.S. Holdings, Inc., 6.25%, 01/15/40 (b)		117		126,360
Lockheed Martin Corp.:
2.90%, 03/01/25		2,570		2,445,278
3.55%, 01/15/26		1,596		1,568,513
3.60%, 03/01/35		4,194		3,901,095
4.50%, 05/15/36		632		655,922
4.07%, 12/15/42		2,100		2,020,435
3.80%, 03/01/45		1,340		1,230,667
4.70%, 05/15/46		2,890		3,072,417
4.09%, 09/15/52		2,073		1,951,348
Northrop Grumman Corp.:
2.55%, 10/15/22		6,580		6,338,007
2.93%, 01/15/25		10,230		9,711,987
3.25%, 01/15/28		10,733		10,083,254
3.85%, 04/15/45		2,310		2,095,738
TransDigm, Inc., 5.50%, 10/15/20		770		770,000
United Technologies Corp.:
(3 mo. EURIBOR + 0.200%), 0.00%, 05/18/20 (a)	EUR	800		936,259
4.15%, 05/15/45	USD	2,411		2,239,407
4.05%, 05/04/47		7,250		6,635,018
				80,018,772
Air Freight & Logistics — 0.1%
FedEx Corp.:
4.90%, 01/15/34		2,970		3,127,999
3.90%, 02/01/35		5,324		4,978,813
4.05%, 02/15/48		3,610		3,242,719
WFS Global Holding SAS, 9.50%, 07/15/22	EUR	300		367,263
				11,716,794
Airlines — 0.4%
American Airlines Group, Inc., 4.63%, 03/01/20 (b)	USD	3,144		3,128,280
American Airlines Pass-Through Trust, Series 2015-1, Class A, 3.38%, 05/01/27		7,707		7,433,433
ANA Holdings, Inc.:
0.00%, 09/16/22 (i)(j)	JPY	10,000		91,564
0.00%, 09/19/24 (i)(j)		60,000		552,093
Avianca Holdings SA/Avianca Leasing LLC/Grupo Taca Holdings Ltd., 8.38%, 05/10/20	USD	2,161		2,177,207
Delta Air Lines, Inc.:
2.88%, 03/13/20		26,462		26,287,713
2.60%, 12/04/20		10,240		10,017,876
Gol Finance, Inc., 7.00%, 01/31/25 (b)		3,362		2,698,677
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 03/15/27 (b)		1,618		1,508,485
United Airlines Pass-Through Trust:
Series 2014-1, Class B, 4.75%, 10/11/23		383		384,789
Series 2018-1, Class B, 4.60%, 03/01/26		2,300		2,311,412
				56,591,529
Auto Components — 0.2%
Adient Global Holdings Ltd., 3.50%, 08/15/24	EUR	3,100		3,351,472
Adler Pelzer Holding GmbH, 4.13%, 04/01/24		100		117,364

Security	Par (000)		Value
Auto Components (continued)
Aptiv PLC:
4.25%, 01/15/26	USD	4,053	$	4,039,735
4.40%, 10/01/46		3,304		3,104,096
Federal-Mogul LLC/Federal-Mogul Financing Corp., 5.00%, 07/15/24	EUR	2,470		2,994,512
GKN Holdings PLC, 3.38%, 05/12/32	GBP	2,200		2,979,578
IHO Verwaltungs GmbH, 3.75% (3.75% Cash or 4.50% PIK), 09/15/26 (k)	EUR	1,580		1,876,235
ZF North America Capital, Inc.:
2.75%, 04/27/23		1,900		2,360,801
4.75%, 04/29/25 (b)	USD	4,642		4,641,389
				25,465,182
Automobiles — 0.4%
BMW U.S. Capital LLC, 3.10%, 04/12/21 (b)		9,740		9,679,222
Daimler AG, 0.50%, 09/09/19	EUR	720		846,585
Daimler Finance North America LLC:
3.10%, 05/04/20 (b)	USD	10,030		10,009,617
2.30%, 02/12/21 (b)		9,320		9,053,059
3.35%, 05/04/21 (b)		12,800		12,750,290
General Motors Co., 5.40%, 04/01/48		3,950		3,752,675
RCI Banque SA, (3 mo. EURIBOR + 0.650%), 0.33%, 04/12/21 (a)	EUR	740		866,731
Volkswagen Group of America Finance LLC, 2.40%, 05/22/20 (b)	USD	6,950		6,836,454
Volkswagen International Finance NV, (3 mo. EURIBOR + 0.350%), 0.03%, 03/30/19 (a)	EUR	700		818,115
Volvo Car AB, 2.00%, 01/24/25		3,150		3,557,181
				58,169,929
Banks — 6.9%
ABN AMRO Bank NV, 2.65%, 01/19/21 (b)	USD	8,940		8,779,429
AIB Group PLC, 2.25%, 07/03/25	EUR	1,400		1,619,330
Alpha Bank AE, 2.50%, 02/05/23		1,400		1,632,051
Asian Development Bank, 5.90%, 12/20/22	INR	224,060		3,051,781
Banco BPM SpA, 1.75%, 04/24/23	EUR	130		141,440
Banco Espirito Santo SA:
2.63%, 05/08/17 (f)(l)		400		133,129
4.75%, 01/15/18 (f)(l)		2,200		725,789
4.00%, 01/21/19 (f)(l)		6,300		2,133,573
Banco Santander SA, 3.85%, 04/12/23	USD	7,200		7,041,544
Bank of America Corp.:
Series L, 2.25%, 04/21/20		7,485		7,382,306
2.63%, 10/19/20		24,595		24,292,481
(3 mo. LIBOR US + 0.660%), 2.37%, 07/21/21 (m)		27,085		26,551,270
(3 mo. LIBOR US + 0.630%), 2.33%, 10/01/21 (m)		52,140		50,972,412
(3 mo. LIBOR US + 0.630%), 3.50%, 05/17/22 (m)		16,430		16,424,359
3.30%, 01/11/23		7,777		7,662,911
(3 mo. EURIBOR + 0.780%), 0.45%, 05/04/23 (a)	EUR	740		866,549
3.88%, 08/01/25	USD	13,368		13,301,080
3.50%, 04/19/26		5,111		4,943,708
Series L, 4.18%, 11/25/27		13,350		13,001,536
Bank of Ireland Group PLC, (5 yr. Note Generic Bid Yield, UK Govt Bonds + 2.700%), 3.13%, 09/19/27 (m)	GBP	100		127,941
Bank of Montreal, 3.10%, 04/13/21		17,080		17,011,777
Bank of Nova Scotia, 3.13%, 04/20/21		25,550		25,418,083
Bankia SA:
(5 yr. Euro Swap + 3.170%), 4.00%, 05/22/24 (m)	EUR	600		715,312

13

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Bankia SA: (continued)
(5 yr. Euro Swap + 3.350%), 3.38%, 03/15/27 (m)	EUR	100	$	118,882
Barclays PLC:
(3 mo. LIBOR US + 1.360%), 4.34%, 05/16/24 (m)	USD	5,820		5,748,047
4.38%, 09/11/24		5,200		5,054,293
(3 mo. LIBOR US + 1.900%), 4.97%, 05/16/29 (m)		9,280		9,193,849
3.25%, 01/17/33	GBP	1,250		1,506,356
4.95%, 01/10/47	USD	7,178		6,729,403
BB&T Corp., 2.45%, 01/15/20		4,200		4,158,969
BNP Paribas SA:
2.95%, 05/23/22 (b)		15,300		14,769,484
3.80%, 01/10/24 (b)		5,362		5,241,422
BPCE SA, 3.00%, 05/22/22 (b)		9,005		8,697,560
Branch Banking & Trust Co., 2.30%, 10/15/18		1,855		1,853,909
CaixaBank SA, (5 yr. Euro Swap + 2.350%), 2.75%, 07/14/28 (m)	EUR	600		709,599
CBB International Sukuk Co. 7SPC, 6.88%, 10/05/25 (b)	USD	556		551,830
Chong Hing Bank Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.030%), 3.88%, 07/26/27 (m)		670		643,355
Citigroup, Inc.:
2.50%, 07/29/19		10,612		10,564,395
2.90%, 12/08/21		17,940		17,574,470
3.50%, 05/15/23		4,389		4,292,039
3.88%, 03/26/25		4,740		4,597,174
(3 mo. LIBOR US + 1.560%), 3.89%, 01/10/28 (m)		3,255		3,152,581
Citizens Bank N.A.:
2.30%, 12/03/18		2,754		2,750,179
2.25%, 03/02/20		14,776		14,534,374
2.65%, 05/26/22		15,070		14,572,894
Cooperatieve Rabobank UA, 2.25%, 01/14/20		12,328		12,175,246
Danske Bank A/S, 3.88%, 09/12/23 (b)		5,200		5,159,633
Fifth Third Bank, 2.25%, 06/14/21		7,204		7,018,670
Gilex Holding Sarl, 8.50%, 05/02/23 (b)		3,368		3,463,146
HSBC Holdings PLC:
5.10%, 04/05/21		5,089		5,319,540
2.65%, 01/05/22		26,389		25,550,663
(3 mo. LIBOR US + 0.990%), 3.95%, 05/18/24 (m)		4,875		4,857,546
HSBC USA, Inc.:
2.35%, 03/05/20		24,820		24,530,115
2.75%, 08/07/20		3,077		3,048,688
Huntington National Bank, 3.25%, 05/14/21		9,040		9,018,772
ING Bank NV, 5.80%, 09/25/23 (b)		4,879		5,169,945
Intesa Sanpaolo SpA:
6.50%, 02/24/21 (b)		3,034		3,143,513
3.38%, 01/12/23 (b)		4,192		3,853,269
5.02%, 06/26/24 (b)		15,696		14,246,721
Inversiones Atlantida SA, 8.25%, 07/28/22 (b)		829		851,724
JPMorgan Chase & Co.:
4.63%, 05/10/21		12,586		13,018,877
(3 mo. LIBOR US + 0.610%), 3.51%, 06/18/22 (m)		22,760		22,777,525
2.97%, 01/15/23		32,618		31,768,640
3.90%, 07/15/25		4,236		4,220,101
(3 mo. LIBOR US + 1.380%), 3.54%, 05/01/28 (m)		6,390		6,117,738
(3 mo. LIBOR US + 1.360%), 3.88%, 07/24/38 (m)		11,240		10,381,195
KeyBank NA, 3.35%, 06/15/21		1,500		1,502,177
Lloyds Banking Group PLC:
4.45%, 05/08/25		6,170		6,207,296

Security	Par (000)		Value
Banks (continued)
Lloyds Banking Group PLC: (continued) 4.65%, 03/24/26	USD	15,440	$	15,191,716
3.75%, 01/11/27		5,024		4,748,942
Mitsubishi UFJ Financial Group, Inc.:
3.00%, 02/22/22		12,326		12,101,155
3.46%, 03/02/23		27,130		26,896,640
Mizuho Financial Group, Inc.:
2.27%, 09/13/21		3,139		3,012,530
2.95%, 02/28/22		36,590		35,711,866
Royal Bank of Scotland Group PLC:
(3 mo. LIBOR US + 1.480%), 3.50%, 05/15/23 (m)		4,685		4,538,397
(3 mo. LIBOR US + 1.750%), 4.89%, 05/18/29 (m)		1,100		1,095,104
Santander UK Group Holdings PLC, 2.88%, 08/05/21		14,289		13,841,783
Santander UK PLC, 5.00%, 11/07/23 (b)		12,770		12,963,938
Shizuoka Bank Ltd., (3 mo. LIBOR US - 0.500%), 1.86%, 01/25/23 (a)(i)		200		200,500
Societe Generale SA, (5 yr. Euro Swap + 0.900%), 1.38%, 02/23/28 (m)	EUR	1,000		1,124,343
Sumitomo Mitsui Trust Bank Ltd.:
2.05%, 03/06/19 (b)	USD	44,355		44,115,903
1.95%, 09/19/19 (b)		15,285		15,080,144
SunTrust Banks, Inc., 4.00%, 05/01/25		2,065		2,074,840
Svenska Handelsbanken AB, 3.35%, 05/24/21		4,025		4,030,879
Synchrony Bank, 3.65%, 05/24/21		11,550		11,556,693
U.S. Bancorp:
2.95%, 07/15/22		7,244		7,078,183
Series X, 3.15%, 04/27/27		3,630		3,469,894
U.S. Bank NA, (3 mo. LIBOR US + 0.290%), 3.10%, 05/21/21 (m)		3,410		3,409,743
UniCredit SpA:
6.95%, 10/31/22	EUR	100		134,931
(5 yr. Euro Swap + 4.100%), 5.75%, 10/28/25 (m)		710		873,548
(5 yr. Euro Swap + 4.316%), 4.38%, 01/03/27 (m)		290		346,882
(USD Swap Rate 11:00 am NY 1 + 3.703%), 5.86%, 06/19/32 (b)(m)	USD	16,090		14,285,828
Volkswagen Bank GmbH, (3 mo. EURIBOR + 0.420%), 0.10%, 06/15/21 (a)	EUR	700		812,147
Washington Mutual Escrow Bonds:
0.00% (d)(f)(l)(n)	USD	2,570		—
0.00% (d)(f)(l)(n)		3,115		—
0.00% (d)(f)(l)(n)		11,911		1
0.00% (d)(f)(l)(n)		13,308		1
Wells Fargo & Co.:
2.60%, 07/22/20		4,233		4,179,251
2.55%, 12/07/20		3,376		3,322,678
2.50%, 03/04/21		13,915		13,604,462
2.10%, 07/26/21		3,400		3,266,973
2.63%, 07/22/22		24,255		23,362,022
Westpac Banking Corp.:
2.60%, 11/23/20		11,020		10,845,798
3.65%, 05/15/23		11,395		11,405,979
Yamaguchi Financial Group, Inc., (3 mo. LIBOR US - 0.500%), 1.84%, 03/26/20 (a)(i)		1,000		1,016,000
Yes Bank Ifsc Banking Unit Branch, 3.75%, 02/06/23		1,300		1,251,605
				905,296,894
Beverages — 0.3%
Anheuser-Busch InBev Finance, Inc.:
2.65%, 02/01/21		11,072		10,919,398
3.30%, 02/01/23		6,425		6,371,278
3.65%, 02/01/26		1,855		1,815,940

14

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Beverages (continued)
Anheuser-Busch InBev Finance, Inc.: (continued)
4.70%, 02/01/36	USD	4,315	$	4,373,455
Anheuser-Busch InBev Worldwide, Inc., 4.38%, 04/15/38		12,430		12,067,098
China Huiyuan Juice Group Ltd., 6.50%, 08/16/20		400		240,198
Coca-Cola European Partners PLC, (3 mo. EURIBOR + 0.180%), 0.00%, 11/16/21 (a)	EUR	740		863,646
Diageo Finance PLC, 0.00%, 11/17/20		720		841,245
Heineken NV, 1.25%, 09/10/21		720		868,311
Molson Coors Brewing Co., (3 mo. EURIBOR + 0.350%), 0.03%, 03/15/19 (a)		740		864,665
Sapporo Holdings Ltd., 0.00%, 04/27/21 (i)(j)	JPY	20,000		181,773
				39,407,007
Biotechnology — 0.5%
AbbVie, Inc.:
2.50%, 05/14/20	USD	6,302		6,226,061
2.90%, 11/06/22		5,173		5,019,726
4.50%, 05/14/35		15,590		15,173,331
Amgen, Inc.:
2.13%, 05/01/20		4,058		3,989,366
4.40%, 05/01/45		6,271		5,976,721
Baxalta, Inc.:
4.00%, 06/23/25		9,045		8,854,810
5.25%, 06/23/45		3,800		3,920,919
Gilead Sciences, Inc.:
2.35%, 02/01/20		1,209		1,197,166
2.50%, 09/01/23		3,486		3,323,176
4.60%, 09/01/35		1,057		1,087,858
4.00%, 09/01/36		3,080		2,963,630
4.50%, 02/01/45		2,446		2,444,880
4.15%, 03/01/47		2,451		2,342,856
				62,520,500
Building Products — 0.1%
CRH America Finance, Inc., 3.40%, 05/09/27 (b)		5,790		5,449,746
Johnson Controls International PLC, 5.13%, 09/14/45		5,030		5,210,982
LIXIL Group Corp.:
0.00%, 03/04/20 (i)(j)	JPY	80,000		716,434
0.00%, 03/04/22 (i)(j)		30,000		271,774
				11,648,936
Capital Markets — 1.7%
Bagan Capital Ltd., 0.00%, 09/23/21 (i)(j)	USD	1,800		1,705,500
CCTI 2017 Ltd., 3.63%, 08/08/22		1,675		1,602,040
Cindai Capital Ltd., 0.00%, 02/08/23 (i)(j)		2,461		2,363,175
CME Group, Inc., 3.75%, 06/15/28		295		297,327
CPUK Finance Ltd., 4.25%, 08/28/22	GBP	150		198,931
Credit Suisse AG, 3.00%, 10/29/21	USD	2,841		2,802,987
Credit Suisse Group AG, (3 mo. LIBOR US + 1.240%), 4.21%, 06/12/24 (b)(m)		9,600		9,606,985
Credit Suisse Group Funding Guernsey Ltd., 2.75%, 03/26/20		11,121		10,999,425
Deutsche Bank AG:
2.95%, 08/20/20		7,293		7,091,173
(USD Swap Rate 11:00 am NY 1 + 2.553%), 4.88%, 12/01/32 (m)	USD	1,800		1,539,936
Goldman Sachs Group, Inc.:
(3 mo. EURIBOR + 0.460%), 0.14%, 12/31/18 (a)	EUR	740		865,400
2.63%, 01/31/19	USD	10,208		10,199,779
2.00%, 04/25/19		2,308		2,292,035
2.60%, 04/23/20		5,099		5,050,883
2.75%, 09/15/20		2,492		2,462,285

Security	Par (000)		Value
Capital Markets (continued)
Goldman Sachs Group, Inc.: (continued)
2.63%, 04/25/21	USD	4,993	$	4,882,792
2.35%, 11/15/21		14,988		14,413,825
(3 mo. LIBOR US + 1.170%), 3.49%, 05/15/26 (a)		10,315		10,189,291
(3 mo. LIBOR US + 1.373%), 4.02%, 10/31/38 (m)		4,160		3,790,367
Haitong International Securities Group Ltd., 0.00%, 10/25/21 (i)(j)	HKD	12,000		1,489,370
Lehman Brothers Holdings, Inc., 6.75%, 12/28/17 (d)(f)(l)	USD	7,360		1
Modernland Overseas Pte Ltd., 6.95%, 04/13/24		277		238,337
Moody’s Corp., 2.75%, 12/15/21		6,246		6,100,356
Morgan Stanley:
2.80%, 06/16/20		8,614		8,544,491
2.75%, 05/19/22		34,565		33,484,853
3.75%, 02/25/23		5,956		5,962,753
3.70%, 10/23/24		1,474		1,455,201
(3 mo. LIBOR US + 1.340%), 3.59%, 07/22/28 (m)		20,490		19,474,660
Northern Trust Corp., (3 mo. LIBOR US + 1.131%), 3.38%, 05/08/32 (m)		5,200		4,884,973
Poseidon Finance 1 Ltd., 0.00%, 02/01/25 (i)(j)		740		752,025
State Street Corp., 2.65%, 05/19/26		3,056		2,869,253
UBS AG:
2.35%, 03/26/20		5,674		5,610,139
(3 mo. EURIBOR + 0.500%), 0.17%, 04/23/21 (a)	EUR	2,050		2,403,894
UBS Group Funding Switzerland AG:
2.95%, 09/24/20 (b)	USD	23,290		23,044,543
(3 mo. LIBOR US + 0.954%), 2.86%, 08/15/23 (b)(m)		15,580		14,911,860
4.13%, 09/24/25 (b)		2,534		2,516,293
				226,097,138
Chemicals — 0.2%
Axalta Coating Systems Dutch Holding B BV, 3.75%, 01/15/25	EUR	100		119,986
Chemours Co., 4.00%, 05/15/26		2,755		3,201,206
Cydsa SAB de CV:
6.25%, 10/04/27 (b)	USD	2,845		2,564,767
6.25%, 10/04/27		546		492,219
Dow Chemical Co.:
4.38%, 11/15/42		1,370		1,290,455
4.63%, 10/01/44		2,072		2,038,066
E.I. du Pont de Nemours & Co., 2.20%, 05/01/20		2,765		2,725,417
INEOS Group Holdings SA, 5.38%, 08/01/24	EUR	100		121,914
Kansai Paint Co. Ltd.:
0.00%, 06/17/19 (i)(j)	JPY	90,000		827,124
0.00%, 06/17/22 (i)(j)		80,000		740,821
LG Chem Ltd., 0.00%, 04/16/21 (i)(j)	EUR	300		349,902
Mexichem SAB de CV, 5.50%, 01/15/48 (b)	USD	1,440		1,256,486
Mitsubishi Chemical Holdings Corp.:
0.00%, 03/30/22 (i)(j)	JPY	150,000		1,385,314
0.00%, 03/29/24 (i)(j)		40,000		375,288
Monsanto Co., 3.60%, 07/15/42	USD	2,845		2,332,000
OCI NV, 5.00%, 04/15/23	EUR	100		119,075
Petkim Petrokimya Holding AS, 5.88%, 01/26/23 (b)	USD	1,693		1,538,348
PSPC Escrow Corp., 6.00%, 02/01/23	EUR	160		194,322
Rock International Investment, Inc., 6.63%, 03/27/20	USD	362		274,577
Sherwin-Williams Co.:
4.00%, 12/15/42		971		865,029

15

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chemicals (continued)
Sherwin-Williams Co.: (continued)
4.50%, 06/01/47	USD	2,050	$	1,956,548
UPL Corp. Ltd., 4.50%, 03/08/28		1,040		970,954
Yingde Gases Investment Ltd., 7.25%, 02/28/20		400		399,989
				26,139,807
Commercial Services & Supplies — 0.2%
Aviation Capital Group LLC, 2.88%, 09/17/18 (b)		6,335		6,336,187
Cia Latinoamericana de Infraestructura & Servicios SA, 9.50%, 07/20/23 (b)		530		430,095
Elis SA, 1.88%, 02/15/23	EUR	100		115,174
IKB Deutsche Industriebank AG, (5 yr. Euro Swap + 3.617%), 4.00%, 01/31/28 (m)		900		1,021,067
Intrum AB, 2.75%, 07/15/22		200		221,879
Northwestern University, 3.66%, 12/01/57	USD	2,509		2,448,044
Paprec Holding SA, 4.00%, 03/31/25	EUR	100		115,466
Republic Services, Inc., 3.95%, 05/15/28	USD	6,445		6,357,799
University of Notre Dame du Lac, 3.39%, 02/15/48		2,760		2,598,787
University of Southern California, 3.03%, 10/01/39		6,656		6,035,914
Waste Management, Inc., 3.90%, 03/01/35		3,336		3,244,434
Wellcome Trust Ltd., 2.52%, 02/07/18	GBP	1,100		1,373,168
				30,298,014
Communications Equipment — 0.1%
Harris Corp.:
2.70%, 04/27/20	USD	1,299		1,287,500
4.40%, 06/15/28		10,295		10,375,480
Juniper Networks, Inc., 3.30%, 06/15/20		2,728		2,724,776
				14,387,756
Construction & Engineering — 0.0%
China City Construction International Co. Ltd., 5.35%, 07/03/17 (f)(l)	CNH	340		35,782
China Singyes Solar Technologies Holdings Ltd., 7.95%, 02/15/19	USD	350		282,100
Great Lakes Dredge & Dock Corp., 8.00%, 05/15/22		1,891		1,933,547
Shimizu Corp., 0.00%, 10/16/20 (i)(j)	JPY	50,000		485,481
Wijaya Karya Persero Tbk PT, 7.70%, 01/31/21	IDR	6,160,000		432,876
				3,169,786
Construction Materials — 0.0%
Buzzi Unicem SpA, 2.13%, 04/28/23	EUR	680		816,665
LafargeHolcim Finance U.S. LLC, 4.75%, 09/22/46 (b)	USD	4,445		4,162,947
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23		134		136,010
				5,115,622
Consumer Finance — 1.2%
Ally Financial, Inc., 3.25%, 11/05/18		156		156,000
Alpha Holding SA de CV, 10.00%, 12/19/22 (b)		621		574,425
American Express Co., 3.38%, 05/17/21		11,110		11,123,247
American Express Credit Corp.:
2.25%, 08/15/19		6,261		6,222,602
3.30%, 05/03/27		2,465		2,375,340
Capital One Financial Corp.:
2.40%, 10/30/20		7,757		7,566,070
3.45%, 04/30/21		9,745		9,722,520
Credivalores-Crediservicios SAS, 9.75%, 07/27/22 (b)		1,882		1,844,360
Discover Financial Services, 4.10%, 02/09/27		3,062		2,937,018
Ford Motor Credit Co. LLC:
5.75%, 02/01/21		4,631		4,859,240

Security	Par (000)		Value
Consumer Finance (continued)
Ford Motor Credit Co. LLC: (continued)
(3 mo. EURIBOR + 0.430%), 0.10%, 05/14/21 (a)	EUR	2,900	$	3,375,855
3.22%, 01/09/22	USD	31,365		30,684,193
(3 mo. EURIBOR + 0.420%), 0.10%, 12/07/22 (a)	EUR	395		453,500
General Motors Financial Co., Inc.:
3.10%, 01/15/19	USD	1,546		1,547,453
3.70%, 11/24/20		16,613		16,703,447
4.20%, 03/01/21		2,711		2,748,791
3.55%, 04/09/21		4,755		4,739,584
(3 mo. EURIBOR + 0.680%), 0.35%, 05/10/21 (a)	EUR	740		868,278
3.20%, 07/06/21	USD	20,017		19,756,554
3.15%, 06/30/22		15,215		14,787,002
4.00%, 01/15/25		6,362		6,167,508
Hyundai Capital Services, Inc., 3.00%, 08/29/22		1,150		1,102,873
Synchrony Financial:
2.60%, 01/15/19		3,356		3,349,549
2.70%, 02/03/20		1,986		1,965,060
4.50%, 07/23/25		4,007		3,935,316
Tarjeta Naranja SA, (30 to 35 Days Argentina Deposit Rates Badlar Private Banks + 3.500%), 37.25%, 04/11/22 (a)(b)		3,141		1,664,730
Unifin Financiera SAB de CV SOFOM ENR, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 6.308%), 8.88% (b)(m)(n)		1,871		1,670,822
				162,901,337
Containers & Packaging — 0.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
6.00%, 06/30/21 (b)		211		213,374
4.25%, 09/15/22 (b)		336		329,700
6.75%, 05/15/24	EUR	100		125,596
BWAY Holding Co., 4.75%, 04/15/24		2,316		2,702,600
Crown European Holdings SA, 2.25%, 02/01/23 (b)		100		115,872
Graphic Packaging International LLC, 4.75%, 04/15/21	USD	104		105,040
International Paper Co., 4.35%, 08/15/48		1,532		1,374,255
Overseas Chinese Town Asia Holdings Ltd., (3 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 7.708%), 4.30% (m)(n)		1,485		1,427,159
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg:
6.88%, 02/15/21		466		471,919
7.00%, 07/15/24 (b)		155		158,294
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 5.75%, 10/15/20		6,987		7,013,469
Silgan Holdings, Inc., 3.25%, 03/15/25	EUR	100		118,094
Verallia Packaging SASU, 5.13%, 08/01/22		100		119,863
				14,275,235
Distributors — 0.0%
Docuformas SAPI de CV, 9.25%, 10/11/22 (b)	USD	952		861,560
LKQ Italia Bondco SpA, 3.88%, 04/01/24	EUR	100		121,438
				982,998
Diversified Consumer Services — 0.1%
George Washington University, 4.13%, 09/15/48	USD	5,303		5,363,184

16

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Consumer Services (continued)
Massachusetts Institute of Technology, 3.96%, 07/01/38	USD	1,385	$	1,436,030
Wesleyan University, 4.78%, 07/01/16		2,607		2,660,970
				9,460,184
Diversified Financial Services — 2.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust:
4.63%, 10/30/20		12,390		12,623,070
4.50%, 05/15/21		8,625		8,787,803
Altice Financing SA:
6.63%, 02/15/23 (b)		200		197,100
7.50%, 05/15/26 (b)		7,560		7,312,032
Arrow Global Finance PLC, 5.13%, 09/15/24	GBP	100		122,077
Asciano Finance Ltd., 4.75%, 03/22/28	USD	1,100		1,068,826
AXA Equitable Holdings, Inc.:
3.90%, 04/20/23 (b)		1,600		1,587,396
5.00%, 04/20/48 (b)		4,030		3,718,116
AYC Finance Ltd., 0.50%, 05/02/19 (i)		600		593,250
Banca IFIS SpA, 2.00%, 04/24/23	EUR	110		121,666
Baoxin Auto Finance I Ltd.:
(3 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 8.909%), 5.63% (m)(n)	USD	1,400		1,242,416
6.63%, 04/02/19		705		697,961
Bevco Lux S.à r.l., 1.75%, 02/09/23	EUR	2,020		2,351,368
BHP Billiton Finance USA Ltd., 5.00%, 09/30/43	USD	2,600		2,917,228
Blackstone Holdings Finance Co. LLC, 4.00%, 10/02/47 (b)		4,920		4,423,789
BP Capital Markets PLC:
2.32%, 02/13/20		32,725		32,410,954
3.22%, 04/14/24		3,930		3,856,087
Cabot Financial Luxembourg SA, 7.50%, 10/01/23	GBP	100		134,284
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23	USD	2,919		2,892,562
CK Hutchison International 17 II Ltd., 3.25%, 09/29/27		600		560,556
Deutsche Telekom International Finance BV, 3.60%, 01/19/27 (b)		3,640		3,432,464
DKT Finance ApS, 7.00%, 06/17/23	EUR	4,316		5,103,234
Easy Tactic Ltd., 7.00%, 04/25/21	USD	400		387,967
EC Finance PLC:
2.38%, 11/15/22	EUR	100		115,723
2.38%, 11/15/22		100		114,953
Encavis Finance BV, (5 yr. Euro Swap + 1.100%), 5.25% (i)(m)(n)		900		1,127,746
Enel Finance International NV:
2.88%, 05/25/22 (b)	USD	11,450		10,909,870
3.63%, 05/25/27 (b)		7,810		7,143,926
Energuate Trust, 5.88%, 05/03/27 (b)		747		716,186
European Investment Bank, 1.38%, 09/15/21	EUR	800		983,621
Experian Finance PLC, 4.75%, 02/04/20		800		1,005,714
Fiat Chrysler Finance Europe SA, 4.75%, 07/15/22		100		129,000
Garfunkelux Holdco 3 SA, (3 mo. EURIBOR + 4.500%), 4.50%, 09/01/23 (a)		100		103,878
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35	USD	11,710		11,344,411
GlaxoSmithKline Capital PLC:
0.63%, 12/02/19	EUR	800		944,521
2.85%, 05/08/22	USD	6,725		6,611,186
GlaxoSmithKline Capital, Inc., 3.88%, 05/15/28		2,795		2,817,028
Gohl Capital Ltd., 4.25%, 01/24/27		1,325		1,254,177
GS Secured Notes:
Series 2018-12, 2.59%, 08/13/18 (b)(d)(e)		25,000		25,087,500
Series 2018-13, 2.69%, 11/13/18 (b)(d)(e)		34,000		34,102,000
Series 2018-14, 2.78%, 02/08/19 (b)(d)(e)		77,000		77,192,500
Guojing Capital BVI Ltd., 3.95%, 12/11/22		1,398		1,346,674

Security	Par (000)		Value
Diversified Financial Services (continued)
Huarong Universe Investment Holding Ltd., 1.63%, 12/05/22	EUR	775	$	888,475
Hyundai Capital America, 2.55%, 04/03/20 (b)	USD	21,316		20,947,891
Imperial Brands Finance PLC, 0.50%, 07/27/21	EUR	500		586,608
Jerrold Finco PLC:
6.25%, 09/15/21	GBP	800		1,081,930
6.13%, 01/15/24		1,442		1,912,715
LHC3 PLC, 4.13% (4.13% Cash or 4.88% PIK), 08/15/24 (k)	EUR	1,138		1,323,974
Maple Escrow Subsidiary, Inc.:
3.55%, 05/25/21 (b)	USD	6,785		6,790,993
4.06%, 05/25/23 (b)		6,575		6,591,033
Merck Financial Services GmbH, 4.50%, 03/24/20	EUR	309		389,145
Minejesa Capital BV, 4.63%, 08/10/30	USD	1,325		1,203,965
Neptune Energy Bondco PLC, 6.63%, 05/15/25 (b)		1,025		998,094
New Lion Bridge Co. Ltd., 9.75%, 10/10/20		430		431,075
ORIX Corp., 2.90%, 07/18/22		4,455		4,334,185
Pearl Holding III Ltd., 9.50%, 12/11/22		600		555,310
Prime Bloom Holdings Ltd., 6.95%, 07/05/22		890		679,960
Santos Finance Ltd., 4.13%, 09/14/27		342		320,576
SCHMOLZ + BICKENBACH Luxembourg Finance SA, 5.63%, 07/15/22	EUR	100		118,002
Shell International Finance BV:
4.13%, 05/11/35	USD	3,328		3,375,779
3.63%, 08/21/42		2,135		1,948,995
Shop Direct Funding PLC, 7.75%, 11/15/22	GBP	1,800		2,038,308
UPCB Finance VII Ltd., 3.63%, 06/15/29	EUR	2,429		2,738,115
Virgin Media Secured Finance PLC:
5.50%, 01/15/25	GBP	90		120,767
6.25%, 03/28/29		150		206,623
Woodside Finance Ltd., 3.65%, 03/05/25 (b)	USD	562		547,690
Yunnan Energy Investment Overseas Finance Co. Ltd., 4.25%, 11/14/22		520		444,850
				340,167,878
Diversified Telecommunication Services — 1.5%
Altice Finco SA, 4.75%, 01/15/28	EUR	2,750		2,730,378
AT&T Inc.:
4.25%, 03/01/27	USD	6,635		6,493,773
5.25%, 03/01/37		6,384		6,279,004
AT&T, Inc.:
4.30%, 02/15/30 (b)		21,400		20,199,596
4.35%, 06/15/45		7,200		6,099,387
4.50%, 03/09/48		14,830		12,784,786
Axtel SAB de CV:
6.38%, 11/14/24 (b)		1,880		1,781,300
6.38%, 11/14/24		883		829,587
Cellnex Telecom SA, 1.50%, 01/16/26 (i)	EUR	1,600		1,881,842
Frontier Communications Corp.:
8.13%, 10/01/18	USD	104		104,520
7.13%, 03/15/19		873		879,547
8.50%, 04/01/26 (b)		1,646		1,588,390
Intelsat Jackson Holdings SA, 7.25%, 10/15/20		310		308,450
Intelsat SA, 4.50%, 06/15/25 (b)(i)		503		615,516
OTE PLC, 3.50%, 07/09/20	EUR	100		120,916
TDC A/S, 3.75%, 03/02/22		100		122,619
Telecom Italia Capital SA, 7.18%, 06/18/19	USD	128		131,642
Telecom Italia Finance SA, 7.75%, 01/24/33	EUR	1,381		2,216,057
Telecom Italia SpA, 1.13%, 03/26/22 (i)		5,200		5,772,886
Telefonica Emisiones SAU, 4.67%, 03/06/38	USD	8,040		7,520,337
Telenet Finance VI Luxembourg SCA, 4.88%, 07/15/27	EUR	90		111,158
TELUS Corp., 4.60%, 11/16/48	USD	825		806,632
UPC Holding BV, 3.88%, 06/15/29	EUR	2,000		2,162,862
Verizon Communications, Inc.:
(3 mo. LIBOR US + 0.550%), 2.88%, 05/22/20 (a)	USD	25,040		25,222,642

17

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Diversified Telecommunication Services (continued)
Verizon Communications, Inc.: (continued)
3.45%, 03/15/21	USD	2,625	$	2,641,720
4.33%, 09/21/28 (b)		57,013		56,505,635
4.50%, 08/10/33		11,430		11,068,602
4.40%, 11/01/34		2,549		2,377,280
2.88%, 01/15/38	EUR	335		384,358
4.13%, 08/15/46	USD	3,960		3,397,118
4.52%, 09/15/48		15,800		14,405,034
Wind Tre SpA:
3.13%, 01/20/25	EUR	875		827,700
5.00%, 01/20/26 (b)	USD	1,200		951,000
Ziggo Bond Finance BV, 4.63%, 01/15/25	EUR	100		115,186
Ziggo BV, 4.25%, 01/15/27		150		172,791
				199,610,251
Electric Utilities — 1.1%
Adani Transmission Ltd., 4.00%, 08/03/26	USD	862		764,080
AEP Texas, Inc., 3.95%, 06/01/28 (b)		7,780		7,755,533
Alabama Power Co.:
4.15%, 08/15/44		1,050		1,036,308
Series A, 4.30%, 07/15/48		5,435		5,519,332
Baltimore Gas & Electric Co., 3.50%, 08/15/46		2,327		2,082,103
CenterPoint Energy Houston Electric LLC, 3.95%, 03/01/48		4,050		3,975,348
Chugoku Electric Power Co., Inc.:
0.00%, 03/25/20 (i)(j)	JPY	10,000		89,645
0.00%, 01/25/22 (i)(j)		20,000		193,741
DTE Electric Co., 4.05%, 05/15/48	USD	5,910		5,868,997
Duke Energy Corp.:
4.80%, 12/15/45		6,510		6,810,169
3.75%, 09/01/46		6,985		6,152,449
Duke Energy Florida LLC, 3.80%, 07/15/28		2,780		2,795,054
Emera U.S. Finance LP:
2.15%, 06/15/19		4,838		4,787,500
2.70%, 06/15/21		7,299		7,104,206
Entergy Corp., 2.95%, 09/01/26		6,108		5,572,911
Eversource Energy, 2.90%, 10/01/24		8,685		8,243,622
Exelon Corp.:
2.85%, 06/15/20		6,160		6,105,168
2.45%, 04/15/21		1,306		1,269,232
4.95%, 06/15/35		1,409		1,483,258
4.45%, 04/15/46		9,785		9,506,548
Florida Power & Light Co., 4.13%, 06/01/48		4,485		4,533,411
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 07/27/23 (b)		3,805		3,795,449
Huachen Energy Co. Ltd., 6.63%, 05/18/20		600		401,700
ITC Holdings Corp., 2.70%, 11/15/22		4,730		4,555,142
Kansas City Power & Light Co., 4.20%, 03/15/48		6,840		6,723,476
Kyushu Electric Power Co., Inc., 0.00%, 03/31/22 (i)(j)	JPY	30,000		278,418
MidAmerican Energy Co., 4.40%, 10/15/44	USD	2,689		2,771,833
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/28 (b)		1,950		1,949,722
Northern States Power Co., 3.40%, 08/15/42		4,895		4,427,983
Ohio Power Co., 6.60%, 02/15/33		1,010		1,292,640
Oncor Electric Delivery Co. LLC, 4.55%, 12/01/41		3,475		3,693,180
Southern Co., 4.40%, 07/01/46		6,810		6,648,385
Tampa Electric Co., 4.30%, 06/15/48		885		876,029
Tohoku Electric Power Co., Inc.:
0.00%, 12/03/18 (i)(j)	JPY	10,000		89,419
0.00%, 12/03/20 (i)(j)		110,000		986,090
Trans-Allegheny Interstate Line Co., 3.85%, 06/01/25 (b)	USD	6,547		6,525,714

Security	Par (000)		Value
Electric Utilities (continued)
Vistra Energy Corp.:
7.38%, 11/01/22	USD	10,626	$	11,104,170
7.63%, 11/01/24		156		166,335
				147,934,300
Electrical Equipment — 0.0%
Bizlink Holding, Inc., 0.00%, 02/01/23 (i)(j)		750		752,813
Senvion Holding GmbH, 3.88%, 10/25/22	EUR	1,760		1,764,193
Suzlon Energy Ltd., 5.75%, 07/16/19 (c)(i)	USD	500		450,000
				2,967,006
Electronic Equipment, Instruments & Components — 0.1%
Amphenol Corp., 3.20%, 04/01/24		3,096		2,986,839
Corning, Inc., 4.38%, 11/15/57		9,400		8,194,778
Hon Hai Precision Industry Co. Ltd., 0.00%, 11/06/22 (i)(j)		600		590,700
Hosiden Corp., 0.00%, 09/20/24 (i)(j)	JPY	30,000		265,208
Zhen Ding Technology Holding Ltd., 0.00%, 06/26/19 (i)(j)	USD	600		598,050
				12,635,575
Energy Equipment & Services — 0.4%
Anton Oilfield Services Group, 9.75%, 12/05/20		400		401,964
Bristow Group, Inc., 8.75%, 03/01/23 (b)		6,867		6,686,741
Halliburton Co.:
3.80%, 11/15/25		17,405		17,280,521
5.00%, 11/15/45		1,146		1,220,992
Nabors Industries, Inc., 5.50%, 01/15/23		2		1,925
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35%, 12/01/21 (b)		1,419		1,333,973
PHI, Inc., 5.25%, 03/15/19		1,034		1,010,735
Schlumberger Holdings Corp., 3.00%, 12/21/20 (b)		5,877		5,841,757
SEACOR Holdings, Inc., 3.25%, 05/15/30 (i)		4,204		4,283,414
Transocean Guardian Ltd., 5.88%, 01/15/24 (b)		1,034		1,030,123
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (b)		8,058		8,632,133
Transocean Proteus Ltd., 6.25%, 12/01/24 (b)		426		430,109
				48,154,387
Equity Real Estate Investment Trusts (REITs) — 0.5%
American Tower Corp.:
3.30%, 02/15/21		2,758		2,755,012
3.45%, 09/15/21		2,787		2,775,457
3.50%, 01/31/23		783		770,226
3.00%, 06/15/23		18,170		17,422,855
5.00%, 02/15/24		785		814,072
4.40%, 02/15/26		541		537,125
Cromwell SPV Finance Pty Ltd., 2.50%, 03/29/25 (i)	EUR	500		578,062
Crown Castle International Corp.:
3.40%, 02/15/21	USD	1,628		1,626,093
2.25%, 09/01/21		5,986		5,738,226
3.20%, 09/01/24		11,755		11,094,004
Equinix, Inc.:
5.38%, 01/01/22		311		320,330
5.38%, 04/01/23		156		159,685
2.88%, 03/15/24	EUR	100		114,445
2.88%, 10/01/25		501		551,649
GLP Capital LP/GLP Financing II, Inc.:
4.88%, 11/01/20	USD	6,231		6,301,099
5.25%, 06/01/25		3,515		3,515,000
Inmobiliaria Colonial Socimi SA:
1.63%, 11/28/25	EUR	700		797,595
2.50%, 11/28/29		900		1,038,207
Iron Mountain, Inc., 3.00%, 01/15/25		200		231,491

18

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Simon Property Group LP, 2.50%, 09/01/20	USD	8,092	$	7,975,703
Suntec Real Estate Investment Trust, 1.75%, 11/30/24 (i)	SGD	1,500		1,050,275
Trust F/1401, 6.95%, 01/30/44	USD	700		686,000
Unibail-Rodamco SE, 0.13%, 05/14/21	EUR	1,800		2,106,898
				68,959,509
Food & Staples Retailing — 0.4%
Casino Guichard Perrachon SA, 4.56%, 01/25/23		200		238,254
CVS Health Corp.:
4.00%, 12/05/23	USD	6,885		6,913,652
4.10%, 03/25/25		9,645		9,593,893
4.78%, 03/25/38		2,410		2,370,407
5.13%, 07/20/45		11,865		12,022,570
5.05%, 03/25/48		8,200		8,345,109
Koninklijke Ahold Delhaize NV, (3 mo. EURIBOR + 0.180%), 0.00%, 03/19/21 (a)	EUR	740		864,641
Kroger Co., 2.65%, 10/15/26	USD	7,820		6,922,723
Picard Groupe SAS, (3 mo. EURIBOR + 3.000%), 3.00%, 11/30/23 (a)	EUR	159		181,271
Walgreens Boots Alliance, Inc., 4.65%, 06/01/46	USD	267		245,377
Walmart, Inc.:
3.55%, 06/26/25		4,680		4,709,677
4.05%, 06/29/48		2,215		2,230,484
				54,638,058
Food Products — 0.2%
Arcor SAIC, 6.00%, 07/06/23 (b)		661		660,669
Boparan Finance PLC, 4.38%, 07/15/21	EUR	436		441,697
Campbell Soup Co., 8.88%, 05/01/21	USD	2,350		2,652,599
Cargill, Inc., 1.88%, 09/04/19	EUR	800		955,295
Ezaki Glico Co. Ltd., 0.00%, 01/30/24 (i)(j)	JPY	10,000		91,451
General Mills, Inc., 3.20%, 04/16/21	USD	2,960		2,944,648
Grupo Bimbo SAB de CV, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.280%), 5.95% (b)(m)(n)		1,485		1,466,437
Knight Castle Investments Ltd., 7.99%, 01/23/21		200		170,727
MARB BondCo PLC, 6.88%, 01/19/25 (b)		4,330		4,113,500
SSMS Plantation Holdings Pte Ltd., 7.75%, 01/23/23		1,000		879,591
Tyson Foods, Inc., 3.95%, 08/15/24		5,440		5,429,080
				19,805,694
Health Care Equipment & Supplies — 0.6%
Abbott Laboratories:
2.80%, 09/15/20		2,980		2,957,448
3.40%, 11/30/23		1,730		1,706,862
3.88%, 09/15/25		952		948,946
3.75%, 11/30/26		17,890		17,584,475
Becton Dickinson and Co.:
2.13%, 06/06/19		16,315		16,235,320
2.68%, 12/15/19		4,549		4,514,882
2.89%, 06/06/22		11,575		11,195,728
4.69%, 12/15/44		703		681,402
Edwards Lifesciences Corp., 4.30%, 06/15/28		1,660		1,657,315
Medtronic, Inc.:
3.15%, 03/15/22		3,420		3,392,607
3.50%, 03/15/25		1,120		1,108,257
4.38%, 03/15/35		7,820		8,087,436
Stryker Corp., 4.63%, 03/15/46		2,325		2,368,712
				72,439,390
Health Care Providers & Services — 1.0%
Aetna, Inc.:
4.50%, 05/15/42		2,824		2,769,545
4.13%, 11/15/42		1,329		1,229,827

Security	Par (000)		Value
Health Care Providers & Services (continued)
Aetna, Inc.: (continued)
4.75%, 03/15/44	USD	1,703	$	1,700,113
AHS Hospital Corp., 5.02%, 07/01/45		1,432		1,629,748
Anthem, Inc.:
2.30%, 07/15/18		14,113		14,111,213
4.10%, 03/01/28		3,335		3,262,414
Baylor Scott & White Holdings, 4.19%, 11/15/45		1,525		1,550,842
Catholic Health Initiatives, 4.35%, 11/01/42		1,075		1,017,253
Cigna Corp., 3.25%, 04/15/25		7,074		6,651,714
Dignity Health, 2.64%, 11/01/19		4,325		4,316,742
HCA, Inc.:
3.75%, 03/15/19		6,331		6,354,741
6.50%, 02/15/20		9,556		9,920,322
Howard Hughes Medical Institute, 3.50%, 09/01/23		898		909,527
Kaiser Foundation Hospitals:
3.50%, 04/01/22		4,233		4,270,718
4.15%, 05/01/47		3,830		3,878,432
Laboratory Corp. of America Holdings, 2.63%, 02/01/20		2,946		2,922,511
New York & Presbyterian Hospital, 3.56%, 08/01/36		2,434		2,308,388
Ochsner Clinic Foundation, 5.90%, 05/15/45		1,305		1,614,865
Partners Healthcare System, Inc., 3.44%, 07/01/21		590		595,211
Providence St Joseph Health Obligated Group, 3.93%, 10/01/48		2,843		2,724,497
Redco Group, 6.38%, 02/27/19		660		630,795
Rede D’or Finance S.à r.l., 4.95%, 01/17/28 (b)		487		434,039
Southern Baptist Hospital of Florida, Inc., 4.86%, 07/15/45		1,250		1,399,383
SSM Health Care Corp.:
3.69%, 06/01/23		4,823		4,848,945
Series A, 3.82%, 06/01/27		8,447		8,414,843
Sutter Health, 3.70%, 08/15/28		3,484		3,456,143
Tenet Healthcare Corp.:
5.50%, 03/01/19		104		105,040
6.00%, 10/01/20		11,347		11,659,042
Trinity Health Corp., 4.13%, 12/01/45		3,449		3,375,975
Unilabs Subholding AB, 5.75%, 05/15/25	EUR	100		111,049
UnitedHealth Group, Inc.:
2.70%, 07/15/20	USD	1,721		1,710,722
3.75%, 07/15/25		6,450		6,451,074
3.85%, 06/15/28		1,575		1,577,445
4.63%, 07/15/35		689		724,642
4.20%, 01/15/47		3,410		3,340,708
3.75%, 10/15/47		3,390		3,115,861
				125,094,329
Hotels, Restaurants & Leisure — 0.4%
1011778 BC ULC/New Red Finance, Inc., 4.63%, 01/15/22 (b)		1,459		1,459,000
Accor SA, 2.63%, 02/05/21	EUR	500		618,853
Burger King France SAS, (3 mo. EURIBOR + 5.250%), 5.25%, 05/01/23 (a)		251		294,765
Carlson Travel, Inc.:
6.75%, 12/15/23 (b)	USD	1,351		1,323,980
9.50%, 12/15/24 (b)		215		194,575
Codere Finance 2 Luxembourg SA, 7.63%, 11/01/21 (b)		3,010		2,752,916
HIS Co. Ltd.:
0.00%, 08/30/19 (i)(j)	JPY	110,000		1,002,235
0.00%, 11/15/24 (i)(j)		50,000		456,126
International Game Technology PLC:
5.63%, 02/15/20 (b)	USD	2,694		2,727,675
6.25%, 02/15/22 (b)		3,246		3,327,150
4.75%, 02/15/23	EUR	100		124,458

19

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Hotels, Restaurants & Leisure (continued)
McDonald’s Corp.:
0.50%, 01/15/21	EUR	800	$	944,777
4.70%, 12/09/35	USD	4,725		4,923,957
4.88%, 12/09/45		1,005		1,055,131
4.45%, 03/01/47		3,465		3,419,368
MGM Resorts International:
8.63%, 02/01/19		807		827,175
5.25%, 03/31/20		156		158,730
Pinnacle Entertainment, Inc., 5.63%, 05/01/24		2,063		2,141,703
Resorttrust, Inc., 0.00%, 12/01/21 (i)(j)	JPY	120,000		1,072,754
REXLot Holdings Ltd., 4.50%, 04/17/19 (i)	HKD	1,161		118,369
Scientific Games International, Inc., 10.00%, 12/01/22	USD	8,694		9,276,237
Sisal Group SpA, 7.00%, 07/31/23	EUR	1,378		1,595,224
Stonegate Pub Co. Financing PLC, 4.88%, 03/15/22	GBP	100		130,061
Studio City Finance Ltd., 8.50%, 12/01/20	USD	400		402,000
Unique Pub Finance Co. PLC:
Series A4, 5.66%, 06/30/27	GBP	2,230		3,240,183
Series N, 6.46%, 03/30/32		1,273		1,624,646
Vinpearl JSC, 3.50%, 06/14/23 (i)	USD	968		994,620
				46,206,668
Household Durables — 0.3%
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.88%, 02/15/21 (b)		3,306		3,322,530
Beazer Homes USA, Inc., 8.75%, 03/15/22		3,502		3,720,875
Brookfield Residential Properties, Inc., 6.50%, 12/15/20 (b)		1,533		1,552,162
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp., 6.13%, 07/01/22 (b)		207		207,776
Century Communities, Inc., 6.88%, 05/15/22		1,021		1,044,789
GLP Capital LP/GLP Financing II, Inc., 4.38%, 04/15/21		228		228,000
Harvest International Co., 0.00%, 11/21/22 (i)(j)	HKD	8,000		1,071,938
Iida Group Holdings Co. Ltd., 0.00%, 06/18/20 (i)(j)	JPY	100,000		921,284
K Hovnanian Enterprises, Inc.:
10.00%, 07/15/22 (b)	USD	3,774		3,972,135
10.50%, 07/15/24 (b)		4,057		4,178,710
KB Home:
4.75%, 05/15/19		468		469,919
8.00%, 03/15/20		104		110,760
Lennar Corp.:
4.50%, 06/15/19		156		156,390
2.95%, 11/29/20		20		19,496
8.38%, 01/15/21		755		824,837
4.75%, 04/01/21		192		194,736
5.88%, 11/15/24		4,092		4,234,787
Newell Brands, Inc.:
2.88%, 12/01/19		6,986		6,960,274
5.38%, 04/01/36		2,155		2,144,868
PulteGroup, Inc., 5.00%, 01/15/27		204		193,800
Whirlpool Corp., 0.63%, 03/12/20	EUR	800		943,349
				36,473,415
Household Products — 0.0%
Diamond BC BV, 5.63%, 08/15/25		100		104,658
Energizer Gamma Acquisition BV, 4.63%, 07/15/26		2,923		3,438,607
				3,543,265
Independent Power and Renewable Electricity Producers — 0.2%
AES Panama SRL, 6.00%, 06/25/22 (b)	USD	527		542,968
GCL New Energy Holdings Ltd., 7.10%, 01/30/21		492		425,526
Genneia SA, 8.75%, 01/20/22 (b)		3,805		3,670,531
Inkia Energy Ltd., 5.88%, 11/09/27 (b)		1,409		1,313,892
NRG Energy, Inc.:
6.25%, 05/01/24		155		158,875

Security	Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
NRG Energy, Inc.: (continued)
2.75%, 06/01/48 (b)(i)	USD	2,906	$	2,806,905
Orazul Energy Egenor S en C por A, 5.63%, 04/28/27 (b)		1,497		1,317,659
Stoneway Capital Corp.:
10.00%, 03/01/27 (b)		5,572		5,569,158
10.00%, 03/01/27		2,105		2,103,926
Talen Energy Supply LLC:
9.50%, 07/15/22 (b)		156		153,173
6.50%, 06/01/25		3,607		2,750,337
				20,812,950
Industrial Conglomerates — 0.1%
Eaton Corp., 2.75%, 11/02/22		3,529		3,426,310
General Electric Co.:
(3 mo. EURIBOR + 0.300%), 0.00%, 05/28/20 (a)	EUR	740		864,934
4.50%, 03/11/44	USD	5,863		5,748,165
Grupo KUO SAB de CV, 5.75%, 07/07/27 (b)		3,203		2,930,745
Honeywell International, Inc., 3.81%, 11/21/47		1,550		1,517,555
Tyco Electronics Group SA:
3.45%, 08/01/24		865		847,016
3.13%, 08/15/27		1,860		1,735,085
				17,069,810
Insurance — 0.3%
Ambac Assurance Corp., 5.10%, 06/07/20 (b)		462		619,352
Ambac LSNI LLC, (3 mo. LIBOR US + 5.000%), 7.34%, 02/12/23 (a)(b)		3,282		3,331,399
Aon PLC, 4.75%, 05/15/45		1,475		1,456,498
Ardonagh Midco 3 PLC, 8.38%, 07/15/23	GBP	2,500		3,327,984
BNP Paribas Cardif SA, (3 mo. EURIBOR + 3.930%), 4.03% (m)(n)	EUR	1,300		1,570,364
China Reinsurance Finance Corp. Ltd., 3.38%, 03/09/22	USD	1,311		1,249,881
Credit Agricole Assurances SA, (5 yr. Euro Swap + 4.350%), 4.50% (m)(n)	EUR	700		851,897
Marsh & McLennan Cos., Inc.:
3.75%, 03/14/26	USD	672		665,425
4.35%, 01/30/47		751		747,034
Meiji Yasuda Life Insurance Co., (USD Swap Rate 11:00 am NY 1 + 3.150%), 5.10%, 04/26/48 (m)		439		442,841
MetLife, Inc., 4.60%, 05/13/46		2,010		2,036,847
NN Group NV, (3 mo. EURIBOR + 3.900%), 4.38% (m)(n)	EUR	1,700		2,050,131
Principal Financial Group, Inc., 4.30%, 11/15/46	USD	1,190		1,131,386
Prudential Financial, Inc., 3.88%, 03/27/28		7,190		7,106,511
QBE Insurance Group Ltd., (10 yr. Swap Semi 30/360 US + 4.395%), 5.88%, 06/17/46 (m)		450		436,189
Sumitomo Life Insurance Co., (3 mo. LIBOR US + 2.993%), 4.00%, 09/14/77 (m)		400		373,000
T&D Holdings, Inc., 0.00%, 06/05/20 (i)(j)	JPY	80,000		722,576
Travelers Cos., Inc., 4.60%, 08/01/43	USD	3,289		3,451,871
Union Life Insurance Co. Ltd., 3.00%, 09/19/21		229		210,590
Willis North America, Inc., 3.60%, 05/15/24		6,120		5,914,349
				37,696,125
Internet & Direct Marketing Retail — 0.0%
Ctrip.com International Ltd., 1.25%, 09/15/22 (i)		162		166,256
Internet Software & Services — 0.1%
United Group BV:
4.38%, 07/01/22	EUR	644		765,229
(3 mo. EURIBOR + 4.375%), 4.38%, 07/01/23 (a)		100		116,441
4.88%, 07/01/24		1,870		2,219,275
VeriSign, Inc., 4.63%, 05/01/23	USD	8,321		8,373,006

20

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Internet Software & Services (continued)
ZPG PLC, 3.75%, 07/15/23	GBP	100	$	136,232
				11,610,183
IT Services — 0.3%
DXC Technology Co., 2.88%, 03/27/20	USD	3,373		3,348,840
Fidelity National Information Services, Inc.:
3.63%, 10/15/20		277		278,747
4.50%, 08/15/46		1,179		1,095,037
4.75%, 05/15/48		4,550		4,395,464
GMO Payment Gateway, Inc., 0.00%, 06/19/23 (i)(j)	JPY	20,000		200,154
Total System Services, Inc.:
3.80%, 04/01/21	USD	1,910		1,923,057
3.75%, 06/01/23		5,550		5,500,164
4.80%, 04/01/26		8,040		8,242,067
Transcosmos, Inc., 0.00%, 12/22/20 (i)(j)	JPY	40,000		362,643
Vantiv LLC/Vantiv Issuer Corp., 3.88%, 11/15/25 (b)	GBP	107		133,503
Visa, Inc.:
3.15%, 12/14/25	USD	2,055		1,987,963
4.15%, 12/14/35		6,159		6,381,825
Xerox Corp., 3.63%, 03/15/23		877		841,477
				34,690,941
Leisure Products — 0.0%
Pinnacle Bidco PLC, 6.38%, 02/15/25	GBP	1,059		1,405,399
Life Sciences Tools & Services — 0.1%
IQVIA, Inc., 3.25%, 03/15/25	EUR	100		113,358
Thermo Fisher Scientific, Inc., 3.65%, 12/15/25 .	USD	11,529		11,255,815
				11,369,173
Machinery — 0.0%
Colfax Corp., 3.25%, 05/15/25	EUR	100		117,133
CRRC Corp. Ltd., 0.00%, 02/05/21 (i)(j)	USD	1,250		1,237,500
Gates Global LLC/Gates Global Co., 6.00%, 07/15/22 (b)		134		135,675
Haitian International Holdings Ltd., 2.00%, 02/13/19 (i)		1,000		991,250
Ingersoll-Rand Luxembourg Finance SA, 4.65%, 11/01/44		598		608,510
Platin 1426 GmbH, 5.38%, 06/15/23	EUR	1,817		2,026,728
				5,116,796
Marine — 0.0%
CMA CGM SA, 5.25%, 01/15/25		1,300		1,230,211
Media — 1.3%
Altice France SA, 6.00%, 05/15/22 (b)	USD	1,700		1,706,035
Altice Luxembourg SA, 7.75%, 05/15/22 (b)		1,700		1,644,750
Cablevision SA, 6.50%, 06/15/21 (b)		661		656,750
CBS Corp., 2.30%, 08/15/19		4,291		4,251,465
CCO Holdings LLC/CCO Holdings Capital Corp., 5.25%, 09/30/22		155		155,484
Charter Communications Operating LLC/Charter Communications Operating Capital:
3.58%, 07/23/20		13,915		13,897,328
4.46%, 07/23/22		13,691		13,859,219
4.50%, 02/01/24		7,170		7,162,941
4.91%, 07/23/25		9,864		9,961,498
6.38%, 10/23/35		4,126		4,311,698
5.38%, 05/01/47		6,890		6,256,794
5.75%, 04/01/48		4,600		4,453,346
Comcast Corp.:
4.25%, 01/15/33		1,265		1,235,336
4.40%, 08/15/35		5,694		5,540,219
3.20%, 07/15/36		9,951		8,278,727
3.40%, 07/15/46		2,021		1,638,871
Cox Communications, Inc., 3.15%, 08/15/24 (b)		9,645		9,137,360
CSC Holdings LLC:
7.63%, 07/15/18		5,615		5,617,807

Security	Par (000)		Value
Media (continued)
CSC Holdings LLC: (continued)
8.63%, 02/15/19	USD	104	$	106,990
10.13%, 01/15/23 (b)		217		239,242
Discovery Communications LLC:
3.80%, 03/13/24		4,497		4,425,867
3.95%, 06/15/25 (b)		4,175		4,069,948
5.20%, 09/20/47		2,355		2,284,220
Interpublic Group of Cos., Inc., 4.00%, 03/15/22		2,564		2,584,507
Kakao Corp., 0.00%, 05/11/21 (i)(j)	KRW	400,000		379,991
NBCUniversal Media LLC, 4.45%, 01/15/43	USD	3,047		2,880,413
Time Warner Cable LLC:
5.00%, 02/01/20		2,900		2,960,545
4.13%, 02/15/21		5,862		5,891,839
4.00%, 09/01/21		911		910,979
5.50%, 09/01/41		2,025		1,883,984
4.50%, 09/15/42		314		257,998
Unitymedia GmbH, 3.75%, 01/15/27	EUR	7,040		8,575,661
Viacom, Inc.:
2.75%, 12/15/19	USD	1,328		1,315,956
4.50%, 03/01/21		3,389		3,447,920
5.85%, 09/01/43		2,460		2,458,892
Virgin Media Receivables Financing Notes I DAC, 5.50%, 09/15/24	GBP	100		129,823
Virgin Media Receivables Financing Notes II DAC, 5.75%, 04/15/23		100		133,757
Warner Media LLC:
2.10%, 06/01/19	USD	9,144		9,080,208
3.60%, 07/15/25		2,168		2,061,373
4.65%, 06/01/44		1,620		1,437,853
4.85%, 07/15/45		7,065		6,435,654
WMG Acquisition Corp., 4.13%, 11/01/24	EUR	100		120,721
Ziggo Bond Co. BV, 7.13%, 05/15/24		1,833		2,287,745
				166,127,714
Metals & Mining — 0.2%
Anglo American Capital PLC, 3.63%, 09/11/24 (b)	USD	7,445		7,049,002
Barrick Gold Corp., 5.25%, 04/01/42		2,470		2,583,249
Constellium NV, 4.25%, 02/15/26	EUR	2,561		2,906,700
Largo Resources Ltd., 9.25%, 06/01/21 (b)	USD	366		366,000
Newmont Mining Corp.:
3.50%, 03/15/22		6,890		6,851,297
4.88%, 03/15/42		95		94,894
Nucor Corp., 5.20%, 08/01/43		1,640		1,812,313
Nyrstar Netherlands Holdings BV, 6.88%, 03/15/24	EUR	2,793		3,026,699
Nyrstar NV, 5.00%, 07/11/22 (i)		400		456,377
Press Metal Labuan Ltd., 4.80%, 10/30/22	USD	200		184,882
Samarco Mineracao SA, 4.13%, 11/01/22 (f)(l)		1,930		1,399,250
Shandong Iron And Steel Xinheng International Co. Ltd., 6.50%, 06/14/21		285		265,300
Steel Dynamics, Inc.:
5.13%, 10/01/21		5,002		5,045,767
5.25%, 04/15/23		156		157,365
				32,199,095
Multiline Retail — 0.0%
Takashimaya Co. Ltd., 0.00%, 12/11/18 (i)(j)	JPY	30,000		271,047
Multi-Utilities — 0.4%
Alliant Energy Finance LLC, 3.75%, 06/15/23 (b) ..		1,795		1,794,671
Ameren Illinois Co., 3.80%, 05/15/28		3,730		3,766,395
Consumers Energy Co., 4.05%, 05/15/48		1,325		1,322,615
NiSource, Inc., 3.49%, 05/15/27		5,615		5,369,115
Pacific Gas & Electric Co.:
3.30%, 12/01/27		5,360		4,812,980
3.95%, 12/01/47		2,245		1,920,490
Virginia Electric & Power Co.:
Series C, 2.75%, 03/15/23		6,530		6,328,869

21

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Multi-Utilities (continued)
Virginia Electric & Power Co.: (continued)
Series A, 3.50%, 03/15/27	USD	7,943	$	7,798,755
4.00%, 01/15/43		5,720		5,465,460
4.45%, 02/15/44		1,674		1,700,617
Series B, 4.20%, 05/15/45		2,462		2,420,885
Series C, 4.00%, 11/15/46		3,275		3,146,915
WEC Energy Group, Inc., 3.38%, 06/15/21		1,330		1,333,780
				47,181,547
Oil, Gas & Consumable Fuels — 2.6%
ABM Investama Tbk PT, 7.13%, 08/01/22		250		222,411
Aker BP ASA, 5.88%, 03/31/25 (b)		525		540,619
Anadarko Petroleum Corp.:
3.45%, 07/15/24		8,295		7,970,612
6.20%, 03/15/40		7,600		8,562,594
Andeavor, 4.75%, 12/15/23		3,000		3,113,162
Andeavor Logistics LP/Tesoro Logistics Finance Corp.:
5.50%, 10/15/19		6,486		6,648,150
3.50%, 12/01/22		5,540		5,413,007
6.38%, 05/01/24		207		220,972
4.25%, 12/01/27		1,615		1,547,003
5.20%, 12/01/47		4,355		4,200,583
Antero Resources Corp., 5.13%, 12/01/22		306		306,765
Apache Corp.:
2.63%, 01/15/23		5,216		4,950,546
4.25%, 01/15/44		12,105		10,702,025
Buckeye Partners LP, 4.88%, 02/01/21		10,950		11,141,674
Bukit Makmur Mandiri Utama PT, 7.75%, 02/13/22		200		192,936
Bumi Resources Tbk PT, 0.00%, 12/11/22 (d)(i)(j)		50		19,097
Carrizo Oil & Gas, Inc., 7.50%, 09/15/20		260		261,625
Cenovus Energy, Inc., 4.25%, 04/15/27		7,575		7,296,195
Chaparral Energy, Inc., 8.75%, 07/15/23 (b)		1,635		1,646,241
Cheniere Energy Partners LP, 5.25%, 10/01/25 (b)		156		152,170
Cheniere Energy, Inc., 4.88% (4.88 Cash or 4.88% PIK), 05/28/21 (b)(i)(k)		3,985		4,094,400
Chesapeake Energy Corp.:
6.63%, 08/15/20		623		640,132
6.13%, 02/15/21		260		263,250
8.00%, 12/15/22 (b)		10,719		11,251,734
5.50%, 09/15/26 (i)		5,756		5,849,736
Cimarex Energy Co.:
4.38%, 06/01/24		4,790		4,829,536
3.90%, 05/15/27		6,100		5,857,275
Concho Resources, Inc., 3.75%, 10/01/27		10,795		10,384,189
Continental Resources, Inc., 4.50%, 04/15/23		18,258		18,527,904
CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/01/22		311		317,220
DCP Midstream Operating LP, 9.75%, 03/15/19 (b)		260		270,725
DEA Finance SA, 7.50%, 10/15/22	EUR	130		163,346
Devon Energy Corp., 4.00%, 07/15/21	USD	2,889		2,925,499
Enbridge, Inc.:
2.90%, 07/15/22		5,945		5,774,268
3.70%, 07/15/27		4,740		4,491,670
Energy Resources LLC, 8.00%, 09/30/22 (e)		152		147,022
Energy Transfer Partners LP, 6.50%, 02/01/42		10,400		10,715,125
Enterprise Products Operating LLC:
5.10%, 02/15/45		1,248		1,284,818
4.90%, 05/15/46		5,273		5,283,336
EOG Resources, Inc.:
4.15%, 01/15/26		2,601		2,660,281
3.90%, 04/01/35		1,670		1,620,194
Exxon Mobil Corp., 1.82%, 03/15/19		7,393		7,355,763
Frontera Energy Corp., 9.70%, 06/25/23 (b)		2,799		2,774,509
Hammerhead Resources, Inc., 9.00%, 07/10/22		4,789		4,549,550

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Hess Corp., 5.80%, 04/01/47	USD	7,175	$	7,414,224
Kinder Morgan Energy Partners LP, 4.30%, 05/01/24		5,041		5,035,475
Kinder Morgan, Inc., 5.05%, 02/15/46		15,160		14,068,207
Marathon Petroleum Corp., 5.85%, 12/15/45		3,665		3,879,975
Matador Resources Co., 6.88%, 04/15/23		989		1,035,977
Medco Platinum Road Pte Ltd., 6.75%, 01/30/25		500		438,449
Medco Straits Services Pte Ltd., 8.50%, 08/17/22		1,000		996,867
MPLX LP:
4.13%, 03/01/27		6,280		5,990,515
5.20%, 03/01/47		1,844		1,832,243
Oasis Petroleum, Inc.:
6.50%, 11/01/21		1,547		1,577,940
6.88%, 03/15/22		2,784		2,831,913
Odebrecht Offshore Drilling Finance Ltd.:
6.72%, 12/01/22 (b)		1,266		1,139,093
7.72% (7.72% Cash or 7.72% PIK), 12/01/26 (b)(k)		36		9,295
Odebrecht Oil & Gas Finance Ltd., 0.00% (b)(j)(n)		193		2,369
Pioneer Natural Resources Co., 4.45%, 01/15/26		1,600		1,645,249
Plains All American Pipeline LP/PAA Finance Corp., 3.65%, 06/01/22		955		936,130
Puma International Financing SA, 5.00%, 01/24/26 (b)		3,148		2,881,059
Resolute Energy Corp., 8.50%, 05/01/20		6,435		6,418,912
Rockies Express Pipeline LLC:
6.00%, 01/15/19 (b)		3,273		3,309,821
5.63%, 04/15/20 (b)		2,530		2,590,087
RSP Permian, Inc.:
6.63%, 10/01/22		7,287		7,656,451
5.25%, 01/15/25		1,850		1,978,945
Sabine Pass Liquefaction LLC:
5.75%, 05/15/24		10,750		11,466,540
5.88%, 06/30/26		4,000		4,289,978
Sable Permian Resources Land LLC, 13.00%, 11/30/20 (b)		1,080		1,193,400
Spectra Energy Partners LP, 4.50%, 03/15/45		6,470		5,993,702
Sunoco Logistics Partners Operations LP, 5.40%, 10/01/47		7,980		7,337,547
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 4.13%, 11/15/19		311		311,000
Tecpetrol SA, 4.88%, 12/12/22 (b)		1,890		1,742,958
TransCanada PipeLines Ltd.:
2.50%, 08/01/22		12,981		12,471,240
4.88%, 05/15/48		3,250		3,281,672
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26		2,717		3,292,836
Tullow Oil Jersey Ltd., 6.63%, 07/12/21 (i)		2,000		2,542,500
Tullow Oil PLC:
6.25%, 04/15/22 (b)		1,400		1,358,000
7.00%, 03/01/25 (b)		500		473,125
Valero Energy Corp., 3.65%, 03/15/25		8,755		8,551,187
Whiting Petroleum Corp., 1.25%, 04/01/20 (i)		1,056		1,007,879
Williams Partners LP:
4.00%, 09/15/25		9,010		8,806,171
5.40%, 03/04/44		5,080		5,234,531
Yankuang Group Cayman Ltd., 4.75%, 11/30/20		770		736,312
				340,899,643
Paper & Forest Products — 0.1%
Daio Paper Corp., 0.00%, 09/17/20 (i)(j)	JPY	140,000		1,354,604
Eldorado Intl. Finance GmbH, 8.63%, 06/16/21 (b)	USD	1,939		1,995,716
Georgia-Pacific LLC, 7.38%, 12/01/25		3,288		4,004,933

22

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Paper & Forest Products (continued)
Sappi Papier Holding GmbH, 4.00%, 04/01/23	EUR	100	$	120,686
Smurfit Kappa Acquisitions ULC, 2.88%, 01/15/26		2,224		2,584,438
Stora Enso OYJ, 2.50%, 03/21/28		2,082		2,442,182
				12,502,559
Personal Products — 0.0%
Unilever NV, 1.75%, 08/05/20		442		536,357
Pharmaceuticals — 0.7%
Allergan Finance LLC, 3.25%, 10/01/22	USD	7,075		6,873,717
Allergan Funding SCS:
3.00%, 03/12/20		22,906		22,797,457
3.80%, 03/15/25		14,891		14,459,834
Bayer U.S. Finance II LLC, 3.50%, 06/25/21 (b)		3,240		3,246,444
Glenmark Pharmaceuticals Ltd., 2.00%, 06/28/22 (i)		500		507,250
Merck & Co., Inc., 3.60%, 09/15/42		835		779,890
Pfizer, Inc., 4.00%, 12/15/36		5,860		5,862,619
Sanofi:
0.00%, 03/21/20	EUR	900		1,053,554
(3 mo. EURIBOR + 0.150%), 0.00%, 03/21/20 (a)		1,500		1,758,709
Shire Acquisitions Investments Ireland DAC, 1.90%, 09/23/19	USD	22,280		21,929,909
Teva Pharmaceutical Finance Netherlands III BV, 1.70%, 07/19/19		521		508,615
Valeant Pharmaceuticals International, 7.25%, 07/15/22 (b)		806		825,473
Valeant Pharmaceuticals International, Inc.:
5.38%, 03/15/20 (b)		806		816,833
7.50%, 07/15/21 (b)		5,143		5,223,359
6.50%, 03/15/22 (b)		3,642		3,769,470
7.00%, 03/15/24 (b)		310		325,019
				90,738,152
Professional Services — 0.0%
Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22 (b)		1,671		1,641,925
Real Estate Management & Development — 0.3%
ADLER Real Estate AG:
1.50%, 12/06/21	EUR	560		654,471
1.88%, 04/27/23		1,000		1,135,695
2.13%, 02/06/24		2,707		3,068,143
3.00%, 04/27/26		1,300		1,479,555
Akelius Residential Property AB, (5 yr. Euro Swap + 3.488%), 3.88%, 10/05/78 (m)		100		113,945
Central China Real Estate Ltd., 6.88%, 10/23/20	USD	1,000		971,482
China Evergrande Group:
6.25%, 06/28/21		428		402,027
4.25%, 02/14/23 (i)	HKD	15,000		1,706,370
7.50%, 06/28/23	USD	476		425,353
8.75%, 06/28/25		296		259,558
China Overseas Finance Investment Cayman V Ltd., 0.00%, 01/05/23 (i)(j)		1,400		1,466,500
China SCE Property Holdings Ltd., 7.45%, 04/17/21		400		390,926
CIFI Holdings Group Co, Ltd., 0.00%, 02/12/19 (i)(j)	HKD	8,000		994,188
CIFI Holdings Group Co. Ltd.:
6.38%, 05/02/20	USD	700		691,250
6.88%, 04/23/21		980		967,559
Fantasia Holdings Group Co. Ltd.:
7.25%, 02/13/19		460		447,908
8.38%, 03/08/21		510		452,860
7.38%, 10/04/21		645		554,505
7.95%, 07/05/22		530		450,330

Security	Par (000)		Value
Real Estate Management & Development (continued)
Future Land Development Holdings Ltd.:
2.25%, 02/10/19 (i)	HKD	7,300	$	917,664
5.00%, 02/16/20	USD	400		387,600
Global Prime Capital Pte Ltd., 7.25%, 04/26/21		840		835,634
Grand City Properties SA, 1.50%, 02/22/27	EUR	1,100		1,233,707
Greenland Global Investment Ltd., 6.75%, 05/22/19	USD	300		300,746
Guorui Properties Ltd., 7.00%, 03/21/20		411		370,730
Jingrui Holdings Ltd., 9.45%, 04/23/21		700		671,614
Kaisa Group Holdings Ltd., 8.50%, 06/30/22		504		406,831
Lodha Developers International Ltd., 12.00%, 03/13/20		200		208,500
Logan Property Holdings Co. Ltd., 6.88%, 04/24/21		300		297,069
New Metro Global Ltd., 6.50%, 04/23/21		200		194,212
No Va Land Investment Group Corp., 5.50%, 04/27/23 (d)(i)		800		779,000
Powerlong Real Estate Holdings Ltd.:
0.00%, 02/11/19 (i)(j)	HKD	5,000		622,961
6.95%, 04/17/21	USD	400		379,948
Redco Properties Group Ltd., 7.00%, 11/14/18		250		244,999
RPG Byty SRO, 3.38%, 10/15/24	EUR	100		116,196
Shui On Development Holding Ltd., (5 yr. Swap Semi 30/360 US + 8.809%), 7.50% (i)(m)(n)	USD	500		505,000
Singha Estate PCL, 2.00%, 07/20/22 (i)		1,000		957,500
Summit Germany Ltd., 2.00%, 01/31/25	EUR	100		111,490
Sunac China Holdings Ltd., 6.88%, 08/08/20	USD	800		778,554
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc., 5.25%, 04/15/21 (b)		2,305		2,305,000
Times China Holdings Ltd.:
6.25%, 01/17/21		200		189,193
7.85%, 06/04/21		400		388,574
5.75%, 04/26/22		200		177,184
TLG Immobilien AG, 1.38%, 11/27/24	EUR	1,100		1,282,215
Vanke Real Estate Hong Kong Co. Ltd., (3 mo. LIBOR US + 1.550%), 3.88%, 05/25/23 (a)	USD	790		785,584
VLL International, Inc., 5.75%, 11/28/24		375		352,257
Xinyuan Real Estate Co. Ltd., 9.88%, 03/19/20		410		383,341
Yuzhou Properties Co. Ltd., 7.90%, 05/11/21		200		202,457
				33,018,385
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC:
4.15%, 04/01/45		1,419		1,383,662
4.70%, 09/01/45		1,265		1,334,667
4.13%, 06/15/47		4,080		3,990,544
CSX Corp., 4.25%, 11/01/66		3,523		3,045,900
Europcar Groupe SA, 4.13%, 11/15/24	EUR	100		114,333
Hertz Holdings Netherlands BV, 5.50%, 03/30/23		2,031		2,295,926
Nagoya Railroad Co. Ltd., 0.00%, 12/11/24 (i)(j)	JPY	20,000		197,805
Norfolk Southern Corp., 4.05%, 08/15/52	USD	3,247		2,961,190
Penske Truck Leasing Co. LP/PTL Finance Corp., 3.40%, 11/15/26 (b)		7,682		7,163,458
Ryder System, Inc., 3.75%, 06/09/23		455		454,642
Union Pacific Corp.:
3.38%, 02/01/35		1,864		1,666,795
3.60%, 09/15/37		5,060		4,641,816
3.88%, 02/01/55		4,114		3,598,886
Union Pacific Railroad Co. Pass-Through Trust, Series 2014-1, 3.23%, 05/14/26		2,893		2,803,058
				35,652,682
Semiconductors & Semiconductor Equipment — 1.0%
Analog Devices, Inc.:
2.50%, 12/05/21		6,304		6,107,999
3.90%, 12/15/25		680		673,657
3.50%, 12/05/26		7,410		7,067,295

23

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Semiconductors & Semiconductor Equipment (continued)
Analog Devices, Inc.: (continued)
5.30%, 12/15/45	USD	374	$	398,383
Applied Materials, Inc., 4.35%, 04/01/47		1,958		1,957,348
Broadcom Corp./Broadcom Cayman Finance Ltd.:
2.38%, 01/15/20		49,264		48,622,088
2.20%, 01/15/21		4,190		4,057,481
3.00%, 01/15/22		37,309		36,288,995
Lam Research Corp.:
2.75%, 03/15/20		3,359		3,339,358
2.80%, 06/15/21		3,933		3,865,910
Neo Solar Power Corp., 0.00%, 10/27/19 (i)(j)		700		657,125
NXP BV/NXP Funding LLC, 4.13%, 06/15/20 (b)		210		212,100
QUALCOMM, Inc.:
2.60%, 01/30/23		7,895		7,549,481
4.80%, 05/20/45		2,164		2,164,095
4.30%, 05/20/47		5,210		4,846,984
Texas Instruments, Inc., 4.15%, 05/15/48		2,275		2,308,855
Xilinx, Inc., 2.95%, 06/01/24		3,360		3,195,915
				133,313,069
Software — 0.7%
Autodesk, Inc., 3.50%, 06/15/27		12,270		11,481,541
CDK Global, Inc., 3.80%, 10/15/19		2,000		2,004,449
Microsoft Corp.:
3.50%, 02/12/35		5,373		5,206,412
3.45%, 08/08/36		14,080		13,479,828
4.25%, 02/06/47		14,915		15,821,228
Oracle Corp.:
2.65%, 07/15/26		4,085		3,767,320
3.25%, 05/15/30		4,289		4,017,691
3.90%, 05/15/35		5,276		5,115,227
4.00%, 07/15/46		5,854		5,523,722
VMware, Inc., 2.30%, 08/21/20		31,146		30,492,633
				96,910,051
Specialty Retail — 0.1%
Home Depot, Inc., 5.88%, 12/16/36		3,435		4,168,842
Lowe’s Cos., Inc., 4.38%, 09/15/45		4,380		4,363,898
Tendam Brands SAU, 5.00%, 09/15/24	EUR	915		1,004,426
				9,537,166
Technology Hardware, Storage & Peripherals — 0.3%
Apple Inc.:
3.00%, 02/09/24	USD	7,371		7,219,391
2.85%, 05/11/24		16,215		15,698,774
3.45%, 02/09/45		1,934		1,728,463
4.65%, 02/23/46		13,615		14,667,442
Dell International LLC/EMC Corp., 8.35%, 07/15/46 (b)		1,058		1,274,169
Hewlett Packard Enterprise Co., 2.85%, 10/05/18		2,911		2,915,225
HP, Inc., 3.75%, 12/01/20		728		733,731
				44,237,195
Textiles, Apparel & Luxury Goods — 0.0%
PVH Corp., 3.13%, 12/15/27	EUR	505		580,299
Tobacco — 0.2%
BAT Capital Corp.:
2.30%, 08/14/20 (b)	USD	9,280		9,068,655
(3 mo. EURIBOR + 0.500%), 0.17%, 08/16/21 (a)	EUR	740		863,845
Reynolds American, Inc.:
3.25%, 06/12/20	USD	1,044		1,042,928
4.45%, 06/12/25		17,240		17,350,391
				28,325,819
Trading Companies & Distributors — 0.1%
Air Lease Corp., 2.63%, 07/01/22		5,215		4,997,157

Security	Par (000)		Value
Trading Companies & Distributors (continued)
Beacon Roofing Supply, Inc., 6.38%, 10/01/23	USD	134	$	138,355
GATX Corp.:
2.60%, 03/30/20		2,962		2,925,984
3.85%, 03/30/27		2,336		2,238,561
Herc Rentals, Inc.:
7.50%, 06/01/22 (b)		3,715		3,928,612
7.75%, 06/01/24 (b)		3,284		3,505,670
Loxam SAS:
4.25%, 04/15/24	EUR	100		121,429
6.00%, 04/15/25		100		123,179
				17,978,947
Transportation Infrastructure — 0.1%
Adani Ports & Special Economic Zone Ltd., 4.00%, 07/30/27	USD	203		184,699
Aeropuertos Argentina 2000 SA, 6.88%, 02/01/27 (b)		706		677,407
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29 (b)		706		734,240
APRR SA, 1.13%, 01/15/21	EUR	400		478,858
Hidrovias International Finance S.à r.l., 5.95%, 01/24/25 (b)	USD	1,890		1,696,294
Jasa Marga Persero Tbk PT, 7.50%, 12/11/20	IDR	7,260,000		479,221
Newcastle Coal Infrastructure Group Pty Ltd., 4.40%, 09/29/27	USD	412		380,242
Royal Capital BV, 5.88% (n)		800		751,510
Rumo Luxembourg Sarl:
7.38%, 02/09/24 (b)		2,818		2,846,208
5.88%, 01/18/25 (b)		2,174		1,989,232
Shanghai Port Group BVI Holding Co. Ltd., 0.00%, 08/09/22 (i)(j)		1,400		1,474,200
Zhejiang Expressway Co. Ltd., 0.00%, 04/21/22 (i)(j)	EUR	1,900		2,105,108
				13,797,219
Wireless Telecommunication Services — 0.7%
Digicel Group Ltd.:
8.25%, 09/30/20 (b)	USD	1,845		1,392,975
7.13%, 04/01/22 (b)(o)		1,915		1,254,325
Matterhorn Telecom SA, 4.00%, 11/15/27	EUR	675		737,186
Rogers Communications, Inc., 5.00%, 03/15/44	USD	775		804,895
SoftBank Group Corp.:
4.00%, 04/20/23	EUR	200		240,754
5.00%, 04/15/28		730		829,051
Sprint Capital Corp., 6.90%, 05/01/19	USD	155		158,131
Sprint Communications, Inc.:
9.00%, 11/15/18 (b)		155		158,100
7.00%, 03/01/20 (b)		192		199,200
Sprint Corp.:
7.88%, 09/15/23		312		323,505
7.13%, 06/15/24		156		157,496
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC:
3.36%, 09/20/21 (b)		15,378		15,205,183
4.74%, 03/20/25 (b)		31,575		31,331,872
Vodafone Group PLC:
0.00%, 11/26/20 (i)(j)	GBP	3,100		3,896,561
3.75%, 01/16/24	USD	23,804		23,600,575
4.13%, 05/30/25		4,285		4,268,704
5.25%, 05/30/48		11,060		11,029,396
				95,587,909
Total Corporate Bonds — 32.4% (Cost: $4,372,421,703)				4,264,497,769

24

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Floating Rate Loan Interests(a) — 3.1%
Aerospace & Defense — 0.1%
Hensoldt Holding GmbH (FKA Kite Holding Germany GmbH), Facility B3 (3 mo. EURIBOR US + 3.25%, 0.00% Floor), 3.25%, 02/28/24	EUR	1,000	$	1,160,211
TransDigm, Inc., New Tranche G Term Loan (1 mo. LIBOR US + 2.50%, 0.00% Floor), 4.59%, 08/22/24	USD	6,231		6,179,582
				7,339,793
Air Freight & Logistics — 0.1%
XPO Logistics, Inc., Refinancing Term Loan (2018) (1 mo. LIBOR US + 2.00%, 0.00% Floor), 4.09%, 02/24/25		5,753		5,700,385
Airlines — 0.1%
Gol Luxco SA, Term Loan, 6.50%, 08/31/20 (p)		7,462		7,639,222
Building Products — 0.0%
Jeld-Wen, Inc., Term B-4 Loan (3 mo. LIBOR US + 2.00%, 0.00% Floor), 4.33%, 12/14/24		3,243		3,229,256
Capital Markets — 0.3%
LSTAR Securities Investment Ltd., Term Loan (1 mo. LIBOR US + 2.00%), 3.98%, 04/01/21 (d)		41,818		41,671,345
Chemicals — 0.0%
Allnex (Luxembourg) & Cy SCA (FKA AI Chem & Cy SCA), Tranche B-1 Term Loan (3 mo. EURIBOR US + 3.25%, 0.00% Floor), 3.25%, 09/13/23	EUR	1,492		1,712,983
Chemours Co., Tranche B-2 Euro Term Loan (3 mo. EURIBOR US + 2.00%, 0.50% Floor), 2.50%, 04/03/25		909		1,062,436
MacDermid Agricultural Solutions Holdings BV (Netherlands Agricultural Investment Partners LLC), Euro Tranche C-5 Term Loan, (1 mo. EURIBOR US + 2.75%, 0.75% Floor), 3.50%, 06/07/23		922		1,076,245
MacDermid, Inc. (Platform Specialty Products Corp.), Euro Tranche C-6 Term Loan, (1 mo. Euribor US + 2.50%, 0.75% Floor), 3.25%, 06/07/20		663		773,000
				4,624,664
Commercial Services & Supplies — 0.1%
Bach Finance Ltd., Initial Euro Term Loan (First Lien), (3 mo. EURIBOR US + 3.25%, 0.00% Floor), 3.25%, 08/30/24	EUR	1,000		1,145,660
NRC U.S. Holding Co. LLC, Initial Term Loan (1 wk. LIBOR US + 5.25%, 1.00% Floor), 7.23%, 06/11/24	USD	5,985		5,940,112
Verisure Holding AB (Public), Facility B1E, 10/21/22 (q)	EUR	1,500		1,713,603
				8,799,375
Construction & Engineering — 0.1%
Pisces Midco, Inc. (AKA PlyGem Industries, Inc.), Term Loan (3 mo. LIBOR US + 3.75%, 0.00% Floor), 6.09%, 04/12/25	USD	10,490		10,457,271
Construction Materials — 0.1%
CTC AcquiCo GmbH, Facility B1 (3 mo. EURIBOR US + 3.00%, 0.00% Floor), 3.00%, 03/07/25	EUR	1,200		1,383,326

Security	Par (000)		Value
Construction Materials (continued)
LSF10 XL Bidco SCA, Facility B, 04/11/24 (q)	EUR	1,333	$	1,543,111
Summit Materials LLC, New Term Loan (1 mo. LIBOR US + 2.00%, 0.00% Floor), 4.09%, 11/21/24	USD	8,706		8,662,845
				11,589,282
Consumer Finance — 0.0%
Evergood 4 APS, Facility B1E (3 mo. EURIBOR US + 3.25%, 0.00% Floor), 3.25%, 02/06/25	EUR	882		1,010,913
Containers & Packaging — 0.1%
Crown Holdings, Inc., Euro Term B Loan, 04/03/25 (q)		1,900		2,209,304
Klockner Pentaplast of America, Inc. (FKA Kleopatra Acquisition Corp.), Euro Term Loan, (3 mo. EURIBOR US + 4.75%, 0.00% Floor), 4.75%, 06/30/22		1,500		1,653,905
Reynolds Group Holdings, Inc., Incremental U.S. Term Loan (1 mo. LIBOR US + 2.75%, 0.00% Floor), 4.84%, 02/05/23	USD	8,746		8,720,737
Verallia Packaging (FKA Horizon Holdings III), Facility B4 (6 mo. EURIBOR US + 2.75%, 0.00% Floor), 2.75%, 10/31/22	EUR	1,927		2,201,292
				14,785,238
Diversified Financial Services — 0.3%
BSREP II Houston Office 1HC Owner LLC, Mezzanine Loan (1 mo. LIBOR US + 2.50%, 0.00% Floor), 4.55%, 12/09/22	USD	13,000		13,000,000
CD&R Firefly Bidco Ltd., Facility B1, 06/23/25 (q)	GBP	1,000		1,306,274
Stars Group Holdings BV, Term Loan, 06/27/25 (d)(q)	USD	22,681		22,680,596
Tackle S.à r.l., New Facility B (3 mo. EURIBOR US + 3.25%, 0.00% Floor), 3.25%, 08/08/22	EUR	1,000		1,153,040
Veritas U.S., Inc., New Euro Term B Loan, (3 mo. EURIBOR US + 4.50%, 1.00% Floor), 5.50%, 01/27/23		1,653		1,756,558
Virgin Media SFA Finance Ltd., L Facility, (1 mo. LIBOR US + 3.25%, 0.00% Floor), 3.76%, 01/15/27	GBP	2,000		2,610,621
				42,507,089
Diversified Telecommunication Services — 0.2%
Eircom Finco S.à r.l., Facility B, (1 mo. EURIBOR US + 3.25%, 0.00% Floor), 3.25%, 04/19/24	EUR	1,899		2,194,276
Euskaltel SA, Facility B-4 (3 mo. EURIBOR US + 2.75%, 0.00% Floor), 2.75%, 11/27/24		1,000		1,154,664
Level 3 Financing, Inc., Tranche B 2024 Term Loan (1 mo. LIBOR US + 2.25%, 0.00% Floor), 4.33%, 02/22/24	USD	8,797		8,764,033
TDC A/S, Euro Term Loan, 06/11/25 (q)	EUR	5,000		5,764,793
Ziggo Secured Finance BV: Term Loan F Facility, 04/15/25 (q)		1,000		1,146,734
Term Loan F Facility (6 mo. Euribor US + 3.00%, 0.00% Floor), 3.00%, 04/15/25		1,000		1,146,734
				20,171,234
Electric Utilities — 0.1%
Generacion Centro SA (Albanesi Energia SA), Tranche A Term Loan, 0.00%, 03/31/23	USD	5,000		5,000,000

25

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Electric Utilities (continued)
Vistra Operations Co. LLC (FKA Tex Operations Co. LLC):
2016 Incremental Term Loan, 12/14/23 (q)	USD	3,838	$	3,816,140
2018 Incremental Term Loan (1 wk. LIBOR US + 2.00%, 0.00% Floor), 4.06%, 12/31/25		3,230		3,207,164
2018 Incremental Term Loan (1 mo. LIBOR US + 2.00%, 0.00% Floor), 4.09%, 12/01/25		1,185		1,175,960
				13,199,264
Electronic Equipment, Instruments & Components — 0.1%
Robertshaw U.S. Holding Corp. (FKA Fox U.S. Bidco Corp.):
Initial Term Loan (First Lien) (1 mo. LIBOR US + 3.50%, 1.00% Floor), 5.63%, 02/28/25		7,476		7,457,094
Initial Term Loan (Second Lien) (1 mo. LIBOR US + 8.00%, 1.00% Floor), 10.13%, 02/26/26		1,795		1,768,075
Techem GmbH, Facility B (3 mo. EURIBOR US + 3.00%, 0.00% Floor), 3.00%, 10/02/24	EUR	1,350		1,570,620
			10,795,789
Energy Equipment & Services — 0.0%
Pioneer Energy Services Corp. (FKA Pioneer Drilling Co.), Term Loan, (1 mo. LIBOR US + 7.75%, 1.00% Floor), 9.80%, 11/08/22 (d)	USD	5,012		5,174,890
Health Care Providers & Services — 0.0%
Diaverum Holding S.à r.l. (FKA Velox Bidco S.à r.l.), Facility B (6 mo. Euribor US + 3.25%, 0.00% Floor), 3.25%, 07/04/24	EUR	1,000		1,135,033
Elsan SAS (FKA Vedici Investissements), Facility B2 (1 mo. EURIBOR US + 3.75%, 0.00% Floor), 3.75%, 10/31/22		1,000		1,162,126
HomeVi, Senior Facility B, 10/31/24 (q)		1,000		1,148,463
				3,445,622
Hotels, Restaurants & Leisure — 0.2%
By The Blue Sea LLC (Neptune’s Walk LLC), Term Loan, (3 mo. LIBOR US + 2.37%, 0.00% Floor), 3.95%, 06/09/24 (d)	USD	15,000		15,000,000
Cyan Blue Holdco 2 Ltd., 2017 B-1 Term Loan, (1 mo. LIBOR US + 4.00%, 0.00% Floor), 4.50%, 08/23/24	GBP	460		605,729
GVC Holdings PLC, Facility B1 (6 mo. EURIBOR US + 2.75%, 0.00% Floor), 2.75%, 03/02/23	EUR	2,500		2,893,958
MGM Growth Properties Operating Partnership LP, Term B Loan (1 mo. LIBOR US + 2.00%, 0.00% Floor), 4.09%, 03/16/25	USD	7,494		7,449,505
Scientific Games International, Inc.:
Initial Term B-5 Loan (2 mo. LIBOR US + 2.75%, 0.00% Floor), 4.92%, 08/14/24		4,636		4,601,195
Initial Term B-5 Loan (2 mo. LIBOR US + 2.75%, 0.00% Floor), 4.84%, 08/14/24		1,102		1,094,178
				31,644,565
Household Products — 0.0%
Diamond (BC) BV, Initial Euro Term Loan, 09/06/24 (q)	EUR	997		1,141,088
Insurance — 0.0%
Financiere CEP, Term Loan B (3 mo. Euribor US + 4.25%, 0.00% Floor), 4.25%, 01/16/25		1,000		1,143,569

Security	Par (000)		Value
IT Services — 0.1%
First Data Corp., 2024A New Dollar Term Loan (1 mo. LIBOR US + 2.00%, 0.00% Floor), 4.09%, 04/26/24	USD	8,789	$	8,731,017
ION Trading Technologies S.à r.l., Initial Euro Term Loan (First Lien), 11/21/24 (q)	EUR	1,493		1,717,531
				10,448,548
Life Sciences Tools & Services — 0.0%
Avantor, Inc., Initial Euro Term Loan, (1 mo. EURIBOR US + 4.25%, 0.00% Floor), 4.25%, 11/21/24		995		1,166,180
Iqvia, Inc. (Quintiles IMS), Term B-1 Euro Loan (3 mo. Euribor US + 2.00%, 0.75% Floor), 2.75%, 03/07/24		995		1,148,588
				2,314,768
Machinery — 0.1%
Gates Global LLC:
Initial B-2 Dollar Term Loan, 04/01/24 (q)	USD	1,322		1,319,543
Initial B-2 Dollar Term Loan (3 mo. LIBOR US + 2.75%, 1.00% Floor), 5.08%, 04/01/24		4,417		4,409,557
Initial B-2 Euro Term Loan (3 mo. EURIBOR US + 3.00%, 0.00% Floor), 3.00%, 04/01/24	EUR	1,492		1,732,900
				7,462,000
Media — 0.1%
Charter Communications Operating LLC (AKA CCO Safari LLC), Term A-2 Loan (1 mo. LIBOR US + 1.50%, 0.00% Floor), 3.60%, 03/31/23	USD	7,562		7,548,318
Dorna Sports SL, B2€ Term Loan Facility, 05/03/24 (q)	EUR	1,000		1,149,654
SFR Group SA (Ypso France SAS) (AKA Numericable U.S. LLC), EUR TLB-11 Term Loan (2 mo. EURIBOR US + 3.00%, 0.00% Floor), 3.00%, 07/31/25		1,333		1,514,952
Springer Science+Business Media Deutschland GmbH (FKA Blitz 13-253 GmbH), Initial Term B12 Loan, (3 mo. EURIBOR US + 3.25%, 0.50% Floor), 3.75%, 08/15/22		980		1,138,221
Tele Columbus AG, Facility A2, 10/15/24 (q)		1,500		1,709,784
Unitymedia Finance LLC, Facility E Loan (1 mo. LIBOR US + 2.00%, 0.00% Floor), 4.07%, 06/01/23	USD	1,353		1,342,814
Unitymedia Hessen GmbH & Co. KG, Facility C Loan, 01/15/27 (q)	EUR	1,000		1,158,552
				15,562,295
Metals & Mining — 0.0%
Samarco Mineracao SA, Term Loan, 08/30/18 (q)	USD	1,846		1,246,050
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
ATX Office Owner, Term Loan (1 mo. LIBOR US + 2.25%), 4.29%, 11/01/24 (d)		5,000		5,000,000
Chimera Special Holding LLC, Term Loan (1 mo. LIBOR US + 2.00%), 2.00%, 10/06/19 (d)		40,732		40,732,423
				45,732,423
Oil, Gas & Consumable Fuels — 0.1%
AL Midcoast Holdings LLC, Term Loan B, 6.00%, 06/30/25 (d)		3,845		3,825,775

26

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
California Resources Corp., Initial Loan (1 mo. LIBOR US + 4.75%, 1.00% Floor), 6.84%, 12/31/22	USD	5,498	$	5,590,806
EG Group Ltd., Facility B1 (EUR) (3 mo. EURIBOR US + 4.00%, 0.00% Floor), 4.00%, 02/07/25	EUR	1,324		1,528,442
Rain Carbon GmbH, Cov-Lite TLB (3 mo. EURIBOR + 3.00%, 0.00% Floor), 3.00%, 12/11/24		1,500		1,731,995
				12,677,018
Personal Products — 0.0%
IWK UK Midco Ltd., Term Loan B (3 mo. EURIBOR US + 4.00%, 0.00% Floor), 4.00%, 01/31/25		1,000		1,160,012
Pharmaceuticals — 0.0%
Nidda Healthcare Holding GmbH (FKA Nidda Healthcare Holding AG):
Facility B1 (EUR) (6 mo. EURIBOR US + 3.50%, 0.00% Floor), 3.50%, 08/21/24		62		70,693
Facility B2 (6 mo. EURIBOR US + 3.50%, 0.00% Floor), 3.50%, 09/27/24		74		84,529
Facility C (EUR) (2 mo. EURIBOR + 3.50%, 0.00% Floor), 3.50%, 08/21/24		63		71,572
				226,794
Professional Services — 0.0%
Sapphire Bidco BV, Facility B (1 mo. EURIBOR US + 3.25%, 0.00% Floor), 3.25%, 05/05/25		1,000		1,148,101
Real Estate Management & Development — 0.2%
Moffett Towers II, First Lien, 06/09/21 (q)	USD	16,000		16,000,000
VICI Properties 1 LLC, Term B Loan (1 mo. LIBOR US + 2.00%, 0.00% Floor), 4.08%, 12/20/24		8,765		8,696,060
				24,696,060
Specialty Retail — 0.0%
EG Group Ltd., Facility B3 (EUR), 02/07/25 (q)	EUR	673		775,526
Peer Holdings III BV, Facility B, 03/08/25 (q)		1,000		1,143,616
Thom Europe, Original Senior Facility B, (3 mo. EURIBOR US + 4.50%, 0.00% Floor), 4.50%, 08/07/24		1,000		1,157,583
				3,076,725
Thrifts & Mortgage Finance — 0.1%
Caliber Home Loans, Inc., 2018 Revolver (3 mo. LIBOR US + 3.14%), 5.47%, 04/24/21 (q)	USD	14,957		14,957,300
Trading Companies & Distributors — 0.1%
American Builders & Contractors Supply Co., Inc., Term B-2 Loan (1 mo. LIBOR US + 2.00%, 0.75% Floor), 4.09%, 10/31/23		1,797		1,780,137
Beacon Roofing Supply, Inc., Initial Term Loan (1 mo. LIBOR US + 2.25%, 0.00% Floor), 4.28%, 01/02/25		4,937		4,901,676
Foundation Building Materials LLC, Term Loan B, 05/09/25 (q)		4,010		3,997,489
SRS Distribution, Inc., Initial Term Loan (3 mo. LIBOR US + 3.25%, 0.00% Floor), 5.58%, 05/23/25		2,885		2,839,330
				13,518,632
Transportation Infrastructure — 0.0%
Silk Bidco AS, Facility B (6 mo. EURIBOR US + 4.00%, 0.00% Floor), 4.00%, 02/24/25	EUR	1,500		1,734,185

Security	Par (000)		Value
Transportation Infrastructure (continued)
Swissport International AG, 2018 Incremental Euro Term Loan (1 mo. EURIBOR US + 4.38%, 0.00% Floor), 4.38%, 02/08/22 (q)	EUR	3,129	$	3,636,418
				5,370,603
Total Floating Rate Loan Interests — 3.1% (Cost: $408,239,621)				405,667,183
Foreign Agency Obligations — 0.4%
Argentina — 0.1%
YPF SA:
8.88%, 12/19/18 (b)	USD	2,628		2,667,420
8.50%, 03/23/21 (b)		2,239		2,275,943
8.75%, 04/04/24		1,976		1,952,288
8.75%, 04/04/24 (b)		2,094		2,068,872
				8,964,523
Bahrain — 0.0%
Oil and Gas Holding Co. BSCC, 7.50%, 10/25/27		275		244,509
China — 0.1%
Chang Development International Ltd., 3.63%, 01/20/20		750		710,639
Chengdu Xingcheng Investment Group Co. Ltd., 2.50%, 03/20/21	EUR	800		892,434
China Minmetals Corp.:
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.717%), 3.75% (m)(n)	USD	339		310,491
(3 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 6.070%), 4.45% (m)(n)		1,041		1,014,974
China Railway Construction Corp. Ltd.:
0.00%, 01/29/21 (i)(j)		750		758,438
1.50%, 12/21/21 (i)	CNH	4,000		565,869
Chinalco Capital Holdings Ltd., 4.25%, 04/21/22	USD	1,025		971,176
CITIC Ltd., 4.00%, 01/11/28		1,190		1,114,844
CNAC HK Finbridge Co. Ltd.:
4.13%, 03/14/21		1,289		1,286,847
4.63%, 03/14/23		1,675		1,672,168
4.88%, 03/14/25		1,587		1,576,861
CNAC HK Synbridge Co. Ltd., 5.00%, 05/05/20		2,857		2,866,285
Excel Capital Global Ltd., (3 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 9.338%), 7.00% (m)(n)		900		884,250
Guangxi Financial Investment Group Co. Ltd., 5.75%, 01/23/21		500		420,038
HeSteel Hong Kong Co. Ltd., 4.25%, 04/07/20		492		464,931
Hongkong Xiangyu Investment Co. Ltd., 4.50%, 01/30/23		785		712,996
Hubei Science & Technology Investment Group Hong Kong Ltd., 4.38%, 03/05/21		455		440,964
Inner Mongolia High-Grade High Way Construction And Development Co. Ltd., 4.38%, 12/04/20		300		270,014
Leader Goal International Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 6.919%), 4.25% (m)(n)		1,100		1,036,219
Wuhan State-Owned Assets Management Ltd. Co., 3.80%, 12/18/20		395		382,245
				18,352,683
France — 0.0%
Orano SA, 4.88%, 09/23/24	EUR	3,400		4,164,969

27

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
India — 0.1%
Greenko Dutch BV, 5.25%, 07/24/24	USD	1,350	$	1,231,200
Greenko Investment Co., 4.88%, 08/16/23		789		706,121
Hindustan Petroleum Corp. Ltd., 4.00%, 07/12/27		695		639,237
Indian Railway Finance Corp. Ltd., 3.84%, 12/13/27		415		385,676
Oil India International Pte Ltd., 4.00%, 04/21/27		203		183,581
Power Finance Corp. Ltd., 3.75%, 12/06/27		1,300		1,153,788
Rural Electrification Corp. Ltd.:
3.88%, 07/07/27		433		390,675
4.63%, 03/22/28		1,300		1,228,969
				5,919,247
Malaysia — 0.0%
1MDB Energy Ltd., 5.99%, 05/11/22		1,000		1,009,974
Mexico — 0.1%
Petroleos Mexicanos:
6.50%, 03/13/27		7,519		7,710,133
5.35%, 02/12/28 (b)		8,405		7,957,854
6.75%, 09/21/47		1,842		1,736,822
				17,404,809
Panama — 0.0%
Aeropuerto Internacional de Tocumen SA, 5.63%, 05/18/36 (b)		1,172		1,224,740
United Arab Emirates — 0.0%
Abu Dhabi National Energy Co. PJSC, 3.63%, 01/12/23		1,000		980,500
Total Foreign Agency Obligations — 0.4% (Cost: $60,359,510)				58,265,954
Foreign Government Obligations — 3.6%
Argentina — 0.4%
Argentina Bonar Bonds:
8.00%, 10/08/20		4,528		4,668,934
8.75%, 05/07/24		6,360		6,591,648
Bonos de la Nacion Argentina con Ajuste por CER, 4.00%, 03/06/20	ARS	41,051		1,316,445
Provincia de Rio Negro, 7.75%, 12/07/25 (b)	USD	1,950		1,523,398
Republic of Argentina:
6.25%, 04/22/19		6,581		6,607,390
3.38%, 10/12/20	CHF	795		785,206
6.88%, 04/22/21	USD	14,673		14,452,905
5.63%, 01/26/22		12,962		12,112,989
				48,058,915
Bahrain — 0.0%
Kingdom of Bahrain:
6.75%, 09/20/29 (b)		733		637,710
7.50%, 09/20/47		383		329,901
			967,611
China — 0.0%
People’s Republic of China, 3.30%, 07/04/23	CNH	3,500		512,619
Colombia — 0.2%
Republic of Colombia:
4.38%, 07/12/21	USD	6,014		6,137,287
3.88%, 04/25/27		24,970		24,145,990
				30,283,277
Egypt — 0.1%
Arab Republic of Egypt:
5.75%, 04/29/20		4,231		4,282,999
6.13%, 01/31/22		2,020		1,985,765

Security	Par (000)		Value
Egypt (continued)
Arab Republic of Egypt: (continued) 5.58%, 02/21/23 (b)	USD	5,366	$	5,084,285
4.75%, 04/16/26 (b)	EUR	1,712		1,834,336
				13,187,385
France — 0.3%
Republic of France, 0.00%, 02/25/20		33,060		38,972,355
Germany — 0.3%
Bundesschatzanweisungen, 0.00%, 12/13/19		33,060		38,994,747
Hungary — 0.1%
Republic of Hungary, 5.38%, 03/25/24	USD	8,710		9,252,424
Indonesia — 0.2%
Republic of Indonesia:
8.38%, 09/15/26	IDR	119,272,000		8,468,895
7.00%, 05/15/27		137,896,000		9,031,081
4.10%, 04/24/28	USD	5,130		4,957,093
				22,457,069
Japan — 0.6%
Government of Japan (10-Year Bond):
1.00%, 09/20/21	JPY	2,909,100		27,219,391
0.30%, 12/20/24		1,375,000		12,718,703
Government of Japan (2-Year Bond), 0.10%, 03/15/20		4,410,150		39,989,104
				79,927,198
Lebanon — 0.0%
Lebanese Republic:
6.10%, 10/04/22	USD	3,190		2,735,808
6.25%, 11/04/24		2,402		1,944,179
6.85%, 03/23/27		810		639,236
				5,319,223
Maldives — 0.0%
Republic of Maldives, 7.00%, 06/07/22		775		732,346
Mexico — 0.6%
United Mexican States, 4.15%, 03/28/27		77,798		76,592,131
Panama — 0.1%
Republic of Panama, 3.75%, 03/16/25		12,640		12,482,000
Peru — 0.1%
Republic of Peru, 7.35%, 07/21/25		10,368		12,648,960
Philippines — 0.1%
Republic of the Philippines, 3.00%, 02/01/28		20,370		18,807,764
Qatar — 0.0%
State of Qatar, 3.88%, 04/23/23 (b)		4,690		4,686,586
Saudi Arabia — 0.0%
Kingdom of Saudi Arabia, 4.50%, 04/17/30 (b)		4,155		4,150,155
South Africa — 0.3%
Republic of South Africa:
5.50%, 03/09/20		12,349		12,661,035
5.88%, 05/30/22		2,536		2,653,305
6.25%, 03/31/36	ZAR	147,434		7,769,092
8.50%, 01/31/37		83,123		5,491,214
6.50%, 02/28/41		161,450		8,394,189
				36,968,835
Sri Lanka — 0.0%
Republic of Sri Lanka:
5.75%, 04/18/23	USD	500		478,705
6.85%, 11/03/25		850		822,410
6.75%, 04/18/28		600		566,191
			1,867,306

28

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Turkey — 0.1%
Republic of Turkey, 6.25%, 09/26/22	USD	6,125	$	6,142,407
United Arab Emirates — 0.0%
Emirate of Abu Dhabi, 4.13%, 10/11/47		3,075		2,814,012
Uruguay — 0.1%
Republic of Uruguay, 4.38%, 10/27/27		10,768		10,902,933
Total Foreign Government Obligations — 3.6% (Cost: $499,105,645)				476,728,258
	Shares
Investment Companies — 1.2%
Financial Select Sector SPDR Fund (h)		1,162,838		30,919,862
iShares J.P. Morgan USD Emerging Markets Bond ETF (ac)		1,181,638		126,163,489
Total Investment Companies — 1.2% (Cost: $159,752,976)				157,083,351
	Par (000)
Non-Agency Mortgage-Backed Securities — 5.7%
Collateralized Mortgage Obligations — 2.0%
Ajax Mortgage Loan Trust, Series 2016-A, Class A, 4.25%, 08/25/64 (b)(c)	USD	3,538		3,575,443
AJAX Mortgage Loan Trust:
Series 2018-B, Class A, 3.75%, 02/26/57		9,419		9,419,317
Series 2018-B, Class B, 0.00%, 02/26/57		4,095		1,786,801
American Home Mortgage Assets Trust:
Series 2006-3, Class 2A11, (12 mo. Federal Reserve Cumulative Average US + 0.940%), 2.50%, 10/25/46 (a)		1,069		971,353
Series 2006-4, Class 1A12, (1 mo. LIBOR US + 0.210%), 2.30%, 10/25/46 (a)		3,071		2,247,412
Series 2006-5, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.920%), 2.48%, 11/25/46 (a)		3,972		2,180,874
Series 2007-1, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.700%), 2.26%, 02/25/47 (a)		903		586,808
APS Resecuritization Trust:
Series 2016-1, Class 1MZ, 5.40%, 07/31/57 (b)(e)		6,650		1,967,657
Series 2016-3, Class 3A, (1 mo. LIBOR US + 2.850%), 4.94%, 09/27/46 (a)(b)(d)		7,200		7,236,040
Series 2016-3, Class 4A, (1 mo. LIBOR US + 2.600%), 4.69%, 04/27/47 (a)(b)(d)		1,937		1,898,363
ARI Investments LLC, Series 2017-1, Class A, 4.48%, 01/06/25 (d)(e)		3,534		3,533,819
Banc of America Funding Trust:
Series 2014-R2, Class 1C, 0.00%, 11/26/36 (b)(d)(e)		4,429		884,441
Series 2016-R2, Class 1A1, 4.70%, 05/01/33 (b)(d)(e)		1,679		1,718,202
Bear Stearns Asset-Backed Securities I Trust, Series 2005-AC9, Class A5, 6.25%, 12/25/35 (c)		328		322,744
Bear Stearns Mortgage Funding Trust:
Series 2006-SL1, Class A1, (1 mo. LIBOR US + 0.280%), 2.37%, 08/25/36 (a)		2,142		2,145,958
Series 2007-AR2, Class A1, (1 mo. LIBOR US + 0.170%), 2.26%, 03/25/37 (a)		548		491,219
Series 2007-AR3, Class 1A1, (1 mo. LIBOR US + 0.140%), 2.23%, 03/25/37 (a)		816		774,406

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Bear Stearns Mortgage Funding Trust: (continued)
Series 2007-AR4, Class 1A1, (1 mo. LIBOR US + 0.200%), 2.29%, 09/25/47 (a)	USD	3,186	$	2,979,725
Series 2007-AR4, Class 2A1, (1 mo. LIBOR US + 0.210%), 2.30%, 06/25/37 (a)		903		859,713
Berica 8 Residential MBS Srl, Series 8, Class A, (6 mo. EURIBOR + 0.200%), 0.00%, 03/31/48 (a)	EUR	141		164,135
BlackRock Capital Finance LP, Series 1997-R2, Class AP, 1.57%, 12/25/35 (b)(e)(ac)	USD	3		3,126
Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37		30,247		23,447,742
CIM Trust, Series 17-6, Class A1, 3.02%, 06/25/57 (b)(e)		17,554		17,197,072
Citicorp Mortgage Securities Trust, Series 2008-2, Class 1A1, 6.50%, 06/25/38		8,388		7,278,846
Citigroup Mortgage Loan Trust, Series 2007-2, Class 2A, 6.00%, 11/25/36		32		32,921
Collateralized Mortgage Obligation Trust, Series 57, Class D, 9.90%, 02/01/19		0		132
COLT LLC, Series 2015-1, Class A1V, (1 mo. LIBOR US + 3.000%), 5.09%, 12/26/45 (a)(b)		131		130,925
Countrywide Alternative Loan Trust:
Series 2005-22T1, Class A1, (1 mo. LIBOR US + 0.350%), 2.44%, 06/25/35 (a)		5,065		4,583,125
Series 2005-72, Class A3, (1 mo. LIBOR US + 0.600%), 2.69%, 01/25/36 (a)		861		748,318
Series 2005-76, Class 2A1, (12 mo. Federal Reserve Cumulative Average US + 1.000%), 2.56%, 02/25/36 (a)		1,018		923,131
Series 2006-11CB, Class 3A1, 6.50%, 05/25/36		2,063		1,566,802
Series 2006-15CB, Class A1, 6.50%, 06/25/36		494		382,425
Series 2006-23CB, Class 2A5, (1 mo. LIBOR US + 0.400%), 2.49%, 08/25/36 (a)		6,950		2,789,122
Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 1.730%), 3.29%, 11/25/46 (a)		4,484		3,844,838
Series 2006-OA16, Class A4C, (1 mo. LIBOR US + 0.340%), 2.43%, 10/25/46 (a)		4,610		2,734,677
Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.190%), 2.27%, 03/20/47 (a)		11,826		9,942,523
Series 2006-OA6, Class 1A2, (1 mo. LIBOR US + 0.210%), 2.30%, 07/25/46 (a)		4,392		4,167,114
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.190%), 2.28%, 07/25/46 (a)		652		607,841
Series 2006-OC10, Class 2A3, (1 mo. LIBOR US + 0.230%), 2.32%, 11/25/36 (a)		1,726		1,356,968
Series 2006-OC7, Class 2A3, (1 mo. LIBOR US + 0.250%), 2.34%, 07/25/46 (a)		2,607		2,067,750
Series 2007-3T1, Class 1A1, 6.00%, 04/25/37		472		353,017
Series 2007-OA2, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 0.840%), 2.40%, 03/25/47 (a)		7,773		6,384,809
Series 2007-OA3, Class 1A1, (1 mo. LIBOR US + 0.140%), 2.23%, 04/25/47 (a)		1,332		1,265,652
Series 2007-OA3, Class 2A2, (1 mo. LIBOR US + 0.180%), 2.27%, 04/25/47 (a)		300		64,612
Series 2007-OA8, Class 2A1, (1 mo. LIBOR US + 0.180%), 2.27%, 06/25/47 (a)		511		397,937
Series 2007-OH2, Class A2A, (1 mo. LIBOR US + 0.240%), 2.33%, 08/25/47 (a)		740		551,614

29

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Countrywide Home Loan Mortgage Pass-Through Trust:
Series 2004-29, Class 1A1, (1 mo. LIBOR US + 0.540%), 2.63%, 02/25/35 (a)	USD	368	$	350,184
Series 2006-OA4, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 2.52%, 04/25/46 (a)		1,616		823,083
Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.200%), 2.29%, 04/25/46 (a)		850		774,485
Series 2007-15, Class 2A2, 6.50%, 09/25/37		11,777		8,821,997
Credit Suisse Commercial Mortgage Trust, Series 2014-4R, Class 16A3, (1 mo. LIBOR US + 0.200%), 2.16%, 02/27/36 (a)(b)		830		766,560
Credit Suisse Mortgage Capital Certificates:
Series 2010-20R, Class 9A1, 3.77%, 01/27/36 (b)(e)		985		990,402
Series 2011-5R, Class 3A1, 3.62%, 09/27/47 (b)(e)		738		730,136
Series 2014-11R, Class 16A1, 3.64%, 09/27/47 (b)(e)		2,034		2,048,868
Series 2015-6R, Class 5A1, (1 mo. LIBOR US + 0.180%), 2.14%, 03/27/36 (a)(b)		460		449,938
Series 2015-6R, Class 5A2, (1 mo. LIBOR US + 0.180%), 2.14%, 03/27/36 (a)(b)		2,721		1,757,262
Credit Suisse Mortgage Trust:
Series 2009-12R, Class 3A1, 6.50%, 10/27/37 (b)		8,103		5,060,702
Series 2014-9R, Class 9A1, (1 mo. LIBOR US + 0.120%), 2.08%, 08/27/36 (a)(b)(d)		1,718		1,511,798
CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR US + 1.350%), 3.44%, 11/25/35 (a)		1,472		573,063
Deephaven Residential Mortgage Trust, Series 2016-1A, Class A1, 4.00%, 07/25/46 (b)		1,835		1,839,017
Deutsche Alt-A Securities Mortgage Loan Trust:
Series 2007-OA4, Class A2A, (1 mo. LIBOR US + 0.170%), 2.26%, 08/25/47 (a)		1,898		1,262,457
Series 2007-RMP1, Class A2, (1 mo. LIBOR US + 0.150%), 2.24%, 12/25/36 (a)		3,220		2,967,639
Deutsche Alt-A Securities, Inc., Series 2007-RS1, Class A2, (1 mo. LIBOR US + 0.500%), 2.48%, 01/27/37 (a)(b)(d)		277		177,456
Deutsche Alt-B Securities Mortgage Loan Trust:
Series 2006-AB3, Class A3, 6.51%, 07/25/36 (e)		668		595,680
Series 2006-AB3, Class A8, 6.36%, 07/25/36 (e)		426		379,864
GreenPoint Mortgage Funding Trust, Series 2006-AR2, Class 4A1, (12 mo. Federal Reserve Cumulative Average US + 2.000%), 3.56%, 03/25/36 (a)		1,012		948,095
GSMPS Mortgage Loan Trust:
Series 2005-RP1, Class 1AF, (1 mo. LIBOR US + 0.350%), 2.44%, 01/25/35 (a)(b)		1,720		1,608,495
Series 2005-RP2, Class 1AF, (1 mo. LIBOR US + 0.350%), 2.44%, 03/25/35 (a)(b)		2,137		1,998,383
Series 2006-RP1, Class 1AF1, (1 mo. LIBOR US + 0.350%), 2.44%, 01/25/36 (a)(b)		1,620		1,441,296
HarborView Mortgage Loan Trust: Series 2007-3, Class 2A1B, (1 mo. LIBOR US + 0.230%), 2.32%, 05/19/47 (a)		741		600,673

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
HarborView Mortgage Loan Trust: (continued)
Series 2007-4, Class 2A2, (1 mo. LIBOR US + 0.250%), 2.34%, 07/19/47 (a)	USD	1,020	$	884,670
Impac CMB Trust:
Series 2004-11, Class 1A2, (1 mo. LIBOR US + 0.520%), 2.61%, 03/25/35 (a)		1,850		1,760,389
Series 2005-6, Class 1A1, (1 mo. LIBOR US + 0.500%), 2.59%, 10/25/35 (a)		1,350		1,246,767
Series 2005-7, Class A1, (1 mo. LIBOR US + 0.520%), 2.61%, 11/25/35 (a)		3,957		3,264,534
Impac Secured Assets CMN Owner Trust, Series 2004-3, Class 1A4, (1 mo. LIBOR US + 0.800%), 2.89%, 11/25/34 (a)		93		92,487
IndyMac IMJA Mortgage Loan Trust, Series 2007-A2, Class 3A1, 7.00%, 10/25/37		4,291		2,859,757
IndyMac INDX Mortgage Loan Trust:
Series 2007-AR19, Class 3A1, 3.48%, 09/25/37 (e)		3,612		2,553,074
Series 2007-FLX5, Class 2A2, (1 mo. LIBOR US + 0.240%), 2.33%, 08/25/37 (a)		1,389		1,249,812
JPMorgan Alternative Loan Trust:
Series 2007-A1, Class 1A4, (1 mo. LIBOR US + 0.210%), 2.30%, 03/25/37 (a)		2,026		1,852,654
Series 2007-A2, Class 2A1, 3.94%, 05/25/37 (e)		488		440,775
JPMorgan Mortgage Trust, Series 2017-2, Class A6, 3.00%, 05/25/47 (b)(e)		2,258		2,201,639
Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR US + 1.150%), 3.24%, 12/25/37 (a)		1,346		1,339,275
LSTAR Securities Investment Ltd., Series 2018-1, Class A, (1 mo. LIBOR US + 1.550%), 3.64%, 02/01/23 (a)(b)		10,974		11,003,468
MASTR Resecuritization Trust, Series 2008-3, Class A1, 2.40%, 08/25/37 (b)(e)		1,568		1,189,306
MCM:
Series 18-NPL1, Class A, 0.00%, 06/25/58 (b)(e)		7,320		7,320,000
Series 18-NPL1, Class B, 0.00%, 06/25/58 (b)(e)		13,100		3,202,950
Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR US + 0.210%), 2.30%, 04/25/37 (a)		2,651		2,211,714
Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 6A1, 3.80%, 05/25/36 (e)		2,528		2,409,993
Mortgage Loan Resecuritization Trust, Series 2009-RS1, Class A85, (1 mo. LIBOR US + 0.340%), 2.26%, 04/16/36 (a)(b)		9,778		8,332,641
Nomura Asset Acceptance Corp. Alternative Loan Trust:
Series 2001-R1A, Class A, 7.00%, 02/19/30 (b)(e)		613		616,317
Series 2006-AF1, Class 1A4, 6.63%, 05/25/36 (c)		647		261,952
Series 2007-2, Class A4, (1 mo. LIBOR US + 0.420%), 2.51%, 04/25/47 (a)		545		446,624
Nomura Resecuritization Trust, Series 2014-3R, Class 3A9, 2.48%, 11/26/35 (b)(e)		1,587		1,555,121
Paragon Mortgages No. 13 PLC, Series 13X, Class A2C, (3 mo. LIBOR US + 0.180%), 2.53%, 01/15/39 (a)		367		350,886

30

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
RALI Trust:
Series 2007-QH1, Class A1, (1 mo. LIBOR US + 0.160%), 2.25%, 02/25/37 (a)	USD	1,119	$	1,067,708
Series 2007-QH6, Class A1, (1 mo. LIBOR US + 0.190%), 2.28%, 07/25/37 (a)		1,606		1,557,309
Series 2007-QH9, Class A1, 2.82%, 11/25/37 (e)		1,063		920,733
RBSSP Resecuritization Trust, Series 2013-2, Class 1A2, (1 mo. LIBOR US + 0.200%), 2.16%, 12/26/36 (a)(b)		1,106		1,064,505
Reperforming Loan REMIC Trust:
Series 2005-R2, Class 1AF1, (1 mo. LIBOR US + 0.340%), 2.43%, 06/25/35 (a)(b)		666		640,587
Series 2005-R3, Class AF, (1 mo. LIBOR US + 0.400%), 2.49%, 09/25/35 (a)(b)		224		196,652
Seasoned Credit Risk Transfer Trust:
Series 2017-3, Class M2, 4.75%, 07/25/56 (b)(e)		1,550		1,518,314
Series 2018-1, Class BX, 6.41%, 05/25/57 (d)(e)		560		306,992
Series 2018-1, Class M, 4.75%, 05/25/57 (e)		500		481,939
STACR Trust:
Series 2018-DNA2, Class M2, (1 mo. LIBOR US + 2.150%), 4.21%, 12/25/30 (a)(b)		3,320		3,301,887
Series 2018-HRP1, Class M2, (1 mo. LIBOR US + 1.650%), 3.74%, 04/25/43 (a)(b)		4,495		4,520,063
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 3.69%, 04/25/36 (e)		1,303		1,153,629
Structured Asset Mortgage Investments II Trust:
Series 2006-AR4, Class 3A1, (1 mo. LIBOR US + 0.190%), 2.28%, 06/25/36 (a)(d)		3,571		3,107,192
Series 2006-AR5, Class 2A1, (1 mo. LIBOR US + 0.210%), 2.30%, 05/25/46 (a)		685		576,319
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2006-RF4, Class 2A1, 6.00%, 10/25/36 (b)		1,518		1,284,601
Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR US + 1.250%), 4.02%, 06/25/47 (a)		943		839,762
WaMu Mortgage Pass-Through Certificates Trust:
Series 2005-AR2, Class B1, (1 mo. LIBOR US + 0.530%), 2.62%, 01/25/45 (a)		700		463,455
Series 2006-AR13, Class 2A, (Cost of Funds for the 11th District of San Francisco + 1.500%), 2.40%, 10/25/46 (a)		5,397		5,242,673
Washington Mutual Mortgage Pass-Through Certificates Trust:
Series 2006-4, Class 1A1, 6.00%, 04/25/36		5,058		4,636,125
Series 2006-4, Class 3A1, 6.50%, 05/25/36 (c)		1,836		1,603,634
Series 2006-4, Class 3A5, 6.35%, 05/25/36 (c)		712		621,790
Series 2006-8, Class A4, 4.59%, 10/25/36 (c)		1,959		1,222,975
Total Collateralized Mortgage Obligations — 2.0% (Cost: $272,013,433)				272,020,651
Commercial Mortgage-Backed Securities — 3.5%
245 Park Avenue Trust, Series 2017-245P, Class E, 3.77%, 06/05/37 (b)(e)		13,840		12,451,710
280 Park Avenue Mortgage Trust, Series 2017-280P, Class E, (1 mo. LIBOR US + 2.119%), 4.19%, 09/15/34 (a)(b)		10,960		10,887,866
Americold LLC, Series 2010-ARTA, Class C, 6.81%, 01/14/29 (b)		700		741,549

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
AOA Mortgage Trust, Series 2015-1177, Class C, 3.11%, 12/13/29 (b)(e)	USD	1,340	$	1,301,615
AREIT Trust, Series 2018-CRE1, Class A, (1 mo. LIBOR US + 0.850%), 2.92%, 02/15/35 (a)(b)(d)		3,210		3,211,926
Ashford Hospitality Trust, Series 2018-ASHF, Class D, (1 mo. LIBOR US + 2.100%), 4.17%, 04/15/35 (a)(b)		2,160		2,161,638
Asset Securitization Corp., Series 1997-D5, Class B2, 6.93%, 02/14/43		400		407,733
Atrium Hotel Portfolio Trust:
Series 2017-ATRM, Class D, (1 mo. LIBOR US + 1.950%), 4.02%, 12/15/36 (a)(b)		5,690		5,682,832
Series 2017-ATRM, Class E, (1 mo. LIBOR US + 3.050%), 5.12%, 12/15/36 (a)(b)		2,460		2,456,902
Series 2018-ATRM, Class E, (1 mo. LIBOR US + 3.400%), 5.36%, 06/15/35 (a)(b)		1,640		1,640,000
Aventura Mall Trust:
Series 2013-AVM, Class D, 3.87%, 12/05/32 (b)(e)		300		305,164
Series 2013-AVM, Class E, 3.87%, 12/05/32 (b)(e)		4,430		4,506,253
Banc of America Commercial Mortgage Trust, Series 2007-1, Class AMFX, 5.48%, 01/15/49 (e)		186		186,932
Banc of America Merrill Lynch Commercial Mortgage Securities Trust:
Series 2013-DSNY, Class A, (1 mo. LIBOR US + 1.050%), 3.12%, 09/15/26 (a)(b)		3,914		3,913,056
Series 2013-DSNY, Class E, (1 mo. LIBOR US + 2.600%), 4.67%, 09/15/26 (a)(b)		100		99,956
Series 2013-DSNY, Class F, (1 mo. LIBOR US + 3.500%), 5.57%, 09/15/26 (a)(b)		2,303		2,299,397
Series 2015-200P, Class F, 3.72%, 04/14/33 (b)(e)		2,481		2,306,258
Series 2016-ISQ, Class E, 3.73%, 08/14/34 (b)(d)(e)		6,140		5,718,182
Series 2017-SCH, Class CL, (1 mo. LIBOR US + 1.500%), 3.57%, 11/15/32 (a)(b)		970		970,000
Series 2017-SCH, Class DL, (1 mo. LIBOR US + 2.000%), 4.07%, 11/15/32 (a)(b)		1,930		1,930,000
Bancorp Commercial Mortgage Trust, Series 2018-CR3, Class A, (1 mo. LIBOR US + 0.850%), 2.92%, 01/15/33 (a)(b)		2,410		2,409,128
Barclays Commercial Mortgage Trust:
Series 2015-SRCH, Class A1, 3.31%, 08/10/35 (b)		2,730		2,689,715
Series 2015-STP, Class E, 4.43%, 09/10/20 (b)(e)		100		95,988
Series 2018-TALL, Class A, (1 mo. LIBOR US + 0.722%), 2.80%, 03/15/37 (a)(b)		918		916,556
Series 2018-TALL, Class D, (1 mo. LIBOR US + 1.449%), 3.52%, 03/15/37 (a)(b)		1,120		1,118,242
Bayview Commercial Asset Trust:
Series 2005-2A, Class A1, (1 mo. LIBOR US + 0.310%), 2.40%, 08/25/35 (a)(b)		1,599		1,519,202
Series 2005-4A, Class A1, (1 mo. LIBOR US + 0.300%), 2.39%, 01/25/36 (a)(b)		408		381,269
Series 2005-4A, Class A2, (1 mo. LIBOR US + 0.390%), 2.48%, 01/25/36 (a)(b)		115		107,987
Series 2005-4A, Class M1, (1 mo. LIBOR US + 0.450%), 2.54%, 01/25/36 (a)(b)		306		285,703
Series 2006-1A, Class A2, (1 mo. LIBOR US + 0.360%), 2.45%, 04/25/36 (a)(b)		435		413,935
Series 2006-3A, Class A1, (1 mo. LIBOR US + 0.250%), 2.34%, 10/25/36 (a)(b)		755		718,633

31

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Bayview Commercial Asset Trust: (continued)
Series 2006-3A, Class A2, (1 mo. LIBOR US + 0.300%), 2.39%, 10/25/36 (a)(b)	USD	526	$	502,239
Series 2006-4A, Class A1, (1 mo. LIBOR US + 0.230%), 2.32%, 12/25/36 (a)(b)		1,130		1,086,691
Series 2007-2A, Class A1, (1 mo. LIBOR US + 0.270%), 2.36%, 07/25/37 (a)(b)		1,417		1,394,059
Series 2007-4A, Class A1, (1 mo. LIBOR US + 0.450%), 2.54%, 09/25/37 (a)(b)		6,524		6,236,242
Series 2007-5A, Class A3, (1 mo. LIBOR US + 1.000%), 3.09%, 10/25/37 (a)(b)		907		906,470
Series 2007-6A, Class A4A, (1 mo. LIBOR US + 1.500%), 3.59%, 12/25/37 (a)(b)		1,980		1,477,400
BB-UBS Trust, Series 2012-SHOW, Class E, 4.16%, 11/05/36 (b)(e)		790		742,541
Benchmark Mortgage Trust, Series 2018-B3, Class D, 3.06%, 04/10/51 (b)		560		464,738
BHMS Mortgage Trust, Series 2014-ATLS, Class AFL, (1 mo. LIBOR US + 1.500%), 3.48%, 07/05/33 (a)(b)		17,814		17,824,508
BSPRT Issuer Ltd., Series 2017-FL2, Class A, (1 mo. LIBOR US + 0.820%), 2.89%, 10/15/34 (a)(b)(d)		730		730,219
BWAY Mortgage Trust:
Series 2013-1515, Class A2, 3.45%, 03/10/33 (b)		2,920		2,889,758
Series 2013-1515, Class D, 3.63%, 03/10/33 (b)		1,400		1,353,694
Series 2013-1515, Class E, 3.72%, 03/10/33 (b)		250		239,730
Series 2013-1515, Class F, 4.06%, 03/10/33 (b)(e)		3,720		3,540,169
BXP Trust:
Series 2017-CC, Class D, 3.67%, 08/13/37 (b)(e)		1,660		1,550,313
Series 2017-CC, Class E, 3.67%, 08/13/37 (b)(d)(e)		3,090		2,768,930
Series 2017-GM, Class E, 3.54%, 06/13/39 (b)(e)		1,240		1,113,946
Caesars Palace Las Vegas Trust, Series 2017-VICI, Class D, 4.50%, 10/15/34 (b)(e)		1,270		1,277,818
CCRESG Commercial Mortgage Trust, Series 2016-HEAT, Class D, 5.67%, 04/10/29 (b)(e)		560		571,834
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A4, 3.54%, 11/15/50		632		619,112
CFCRE Commercial Mortgage Trust:
Series 2016-C3, Class A3, 3.87%, 01/10/48		410		414,311
Series 2018-TAN, Class C, 5.30%, 02/15/33 (b)		1,160		1,182,359
CGBAM Commercial Mortgage Trust:
Series 2015-SMRT, Class E, 3.91%, 04/10/28 (b)(e)		1,880		1,868,336
Series 2015-SMRT, Class F, 3.91%, 04/10/28 (b)(e)		230		227,841
CGDBB Commercial Mortgage Trust:
Series 2017-BIOC, Class A, (1 mo. LIBOR US + 0.790%), 2.86%, 07/15/32 (a)(b)		4,330		4,331,350
Series 2017-BIOC, Class D, (1 mo. LIBOR US + 1.600%), 3.67%, 07/15/32 (a)(b)		3,190		3,193,997
Series 2017-BIOC, Class E, (1 mo. LIBOR US + 2.150%), 4.22%, 07/15/32 (a)(b)		4,870		4,860,950
Citigroup Commercial Mortgage Trust: Series 2013-375P, Class D, 3.64%, 05/10/35 (b)(e)		240		234,229

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Citigroup Commercial Mortgage Trust: (continued)
Series 2013-GC11, Class D, 4.57%, 04/10/46 (b)(e)	USD	1,125	$	1,086,417
Series 2014-GC19, Class C, 5.06%, 03/10/47 (e)		440		449,207
Series 2015-SHP2, Class F, (1 mo. LIBOR US + 5.200%), 7.27%, 07/15/27 (a)(b)		370		372,505
Series 2015-SSHP, Class A, (1 mo. LIBOR US + 1.150%), 3.22%, 09/15/27 (a)(b)		4,370		4,369,862
Series 2016-C1, Class C, 5.12%, 05/10/49 (e)		1,290		1,310,979
Series 2016-GC37, Class C, 5.09%, 04/10/49 (e)		640		657,040
Series 2016-GC37, Class D, 2.79%, 04/10/49 (b)		3,050		2,347,944
Series 2016-P3, Class C, 5.00%, 04/15/49 (e)		120		122,516
Series 2016-SMPL, Class D, 3.52%, 09/10/31 (b)		320		314,402
Series 2016-SMPL, Class E, 4.51%, 09/10/31 (b)		620		612,505
Citigroup/Deutsche Bank Commercial Mortgage Trust:
Series 2006-CD3, Class AM, 5.65%, 10/15/48		4,578		4,733,504
Series 2017-CD3, Class A4, 3.63%, 02/10/50		850		846,398
CLNS Trust, Series 2017-IKPR, Class E, (1 mo. LIBOR US + 3.500%), 5.55%, 06/11/32 (a)(b)		3,560		3,570,025
Commercial Mortgage Pass-Through Certificates:
Series 2005-C6, Class F, 5.66%, 06/10/44 (b)(e)		470		476,878
Series 2013-GAM, Class A2, 3.37%, 02/10/28 (b)		1,656		1,641,192
Series 2013-WWP, Class D, 3.90%, 03/10/31 (b)		2,090		2,145,287
Series 2014-CR14, Class A4, 4.24%, 02/10/47 (e)		855		886,803
Series 2014-CR15, Class C, 4.90%, 02/10/47 (e)		260		269,561
Series 2014-CR16, Class A4, 4.05%, 04/10/47		4,806		4,940,737
Series 2014-CR17, Class A5, 3.98%, 05/10/47		2,642		2,706,852
Series 2014-CR18, Class A4, 3.55%, 07/15/47		390		390,764
Series 2014-CR19, Class A5, 3.80%, 08/10/47		1,391		1,409,581
Series 2014-CR21, Class C, 4.56%, 12/10/47 (e)		1,010		980,769
Series 2014-PAT, Class E, (1 mo. LIBOR US + 3.150%), 5.20%, 08/13/27 (a)(b)		540		544,599
Series 2014-TWC, Class B, (1 mo. LIBOR US + 1.600%), 3.65%, 02/13/32 (a)(b)		3,190		3,192,586
Series 2015-CR23, Class CMC, 3.81%, 05/10/48 (b)(e)		210		209,109
Series 2015-CR23, Class CMD, 3.81%, 05/10/48 (b)(e)		5,250		5,199,499
Series 2015-CR25, Class A4, 3.76%, 08/10/48		2,850		2,872,440
Series 2015-CR25, Class C, 4.70%, 08/10/48 (e)		1,010		1,000,086
Series 2015-CR25, Class D, 3.95%, 08/10/48 (e)		310		254,845

32

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (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 A4, 3.18%, 02/10/48	USD	1,785	$	1,742,391
Series 2015-LC19, Class C, 4.40%, 02/10/48 (e)		700		691,032
Series 2015-LC19, Class D, 2.87%, 02/10/48 (b)		2,210		1,836,712
Series 2015-LC21, Class C, 4.45%, 07/10/48 (e)		1,600		1,567,615
Series 2017-COR2, Class D, 3.00%, 09/10/50 (b)		860		701,788
Commercial Mortgage Trust:
Series 2014-LC15, Class A4, 4.01%, 04/10/47		2,350		2,408,409
Series 2014-PAT, Class A, (1 mo. LIBOR US + 0.800%), 2.85%, 08/13/27 (a)(b)		4,938		4,934,882
Series 2014-TWC, Class A, (1 mo. LIBOR US + 0.850%), 2.90%, 02/13/32 (a)(b)		1,715		1,714,460
Series 2015-LC23, Class A4, 3.77%, 10/10/48		380		382,450
Series 2016-667M, Class D, 3.29%, 10/10/36 (b)(e)		630		573,644
Series 2017-DLTA, Class E, (1 mo. LIBOR US + 1.964%), 4.04%, 08/15/35 (a)(b)		1,990		1,970,040
Series 2017-DLTA, Class F, (1 mo. LIBOR US + 2.581%), 4.65%, 08/15/35 (a)(b)		1,820		1,799,179
Core Industrial Trust:
Series 2015-CALW, Class G, 3.98%, 02/10/34 (b)(e)		1,971		1,870,190
Series 2015-TEXW, Class A, 3.08%, 02/10/34 (b)		2,970		2,950,698
Series 2015-TEXW, Class D, 3.98%, 02/10/34 (b)(e)		1,330		1,328,515
Series 2015-TEXW, Class E, 3.98%, 02/10/34 (b)(e)		250		245,380
Series 2015-TEXW, Class F, 3.98%, 02/10/34 (b)(e)		5,869		5,645,868
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class C, 4.95%, 07/15/37 (e)		200		204,814
Credit Suisse Mortgage Capital Certificates:
Series 17-1, Class CERT, 8.75%, 03/25/21 (b)(d)		13,452		9,575,000
Series 2015-GLPB, Class A, 3.64%, 11/15/34 (b)		2,330		2,354,780
Series 2017-PFHP, Class A, (1 mo. LIBOR US + 0.950%), 3.02%, 12/15/30 (a)(b)		900		900,428
Series 2017-TIME, Class A, 3.65%, 11/13/39 (b)		850		836,342
Credit Suisse Mortgage Trust:
Series 17-1, Class A, 4.50%, 03/25/21 (b)		15,042		15,141,543
Series 2016-MFF, Class A, (1 mo. LIBOR US + 1.600%), 3.67%, 11/15/33 (a)(b)		478		480,646
Series 2017-CHOP, Class E, (1 mo. LIBOR US + 3.300%), 5.37%, 07/15/32 (a)(b)		2,133		2,143,141
Deutsche Bank JPMorgan Mortgage Trust,
Series 2016-C3, Class D, 3.64%, 09/10/49 (b)(e)		2,208		1,847,189
Deutsche Bank UBS Mortgage Trust:
Series 2017-BRBK, Class A, 3.45%, 10/10/34 (b)		2,540		2,522,237
Series 2017-BRBK, Class E, 3.65%, 10/10/34 (b)(e)		4,290		3,951,531

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Deutsche Bank UBS Mortgage Trust: (continued)
Series 2017-BRBK, Class F, 3.65%, 10/10/34 (b)(d)(e)	USD	880	$	791,421
Eleven Madison Trust Mortgage Trust,
Series 2015-11MD, Class A, 3.67%, 09/10/35 (b)(e)		1,190		1,183,770
Exantas Capital Corp. Ltd., Series 2018-RSO6, Class A, (1 mo. LIBOR US + 0.830%), 2.79%, 06/15/35 (a)(b)		4,800		4,796,759
FREMF Mortgage Trust:
Series 2017-K64, Class B, 4.12%, 03/25/27 (b)(e)		766		757,537
Series 2018-K73, Class B, 3.99%, 01/25/28 (b)(e)		1,950		1,883,889
Series 2018-K732, Class B, 4.06%, 05/25/25 (b)(e)		1,860		1,817,809
Series 2018-K74, Class B, 4.23%, 02/25/51 (b)(e)		780		766,872
Series 2018-K77, Class B, 4.16%, 05/25/28 (b)		770		762,077
GAHR Commercial Mortgage Trust:
Series 2015-NRF, Class AFL1, (1 mo. LIBOR US + 1.300%), 3.47%, 12/15/34 (a)(b)		478		477,953
Series 2015-NRF, Class EFX, 3.50%, 12/15/34 (b)(e)		2,571		2,541,504
Series 2015-NRF, Class FFX, 3.50%, 12/15/34 (b)(e)		2,370		2,328,118
GPMT Ltd., Series 2018-FL1, Class A, (1 mo. LIBOR US + 0.900%), 2.99%, 11/21/35 (a)(b)		2,977		2,971,457
Grace Mortgage Trust, Series 2014-GRCE, Class F, 3.71%, 06/10/28 (b)(e)		1,830		1,788,124
GS Mortgage Securities Corp Trust:
Series 2017-500K, Class D, (1 mo. LIBOR US + 1.300%), 3.37%, 07/15/32 (a)(b)		230		229,856
Series 2017-500K, Class E, (1 mo. LIBOR US + 1.500%), 3.57%, 07/15/19 (a)(b)		480		479,849
Series 2017-500K, Class F, (1 mo. LIBOR US + 1.800%), 3.87%, 07/15/32 (a)(b)		549		549,001
Series 2017-500K, Class G, (1 mo. LIBOR US + 2.500%), 4.57%, 07/15/32 (a)(b)		400		400,125
GS Mortgage Securities Corp. II:
Series 2005-ROCK, Class A, 5.37%, 05/03/32 (b)		2,750		3,042,421
Series 2013-KING, Class E, 3.55%, 12/10/27 (b)(e)		2,990		2,937,702
GS Mortgage Securities Corp. Trust:
Series 2017-GPTX, Class A, 2.86%, 05/10/34 (b)		2,290		2,245,094
Series 2018-CHLL, Class E, (1 mo. LIBOR US + 2.350%), 4.42%, 02/15/37 (a)(b)		730		729,139
GS Mortgage Securities Trust:
Series 2010-C1, Class A1, 3.68%, 08/10/43 (b)		335		336,531
Series 2014-GC20, Class B, 4.53%, 04/10/47 (e)		140		139,076
Series 2014-GC22, Class D, 4.80%, 06/10/47 (b)(e)		240		204,291
Series 2014-GC24, Class A5, 3.93%, 09/10/47		882		902,976
Series 2015-GC32, Class C, 4.56%, 07/10/48 (e)		1,370		1,353,122
Series 2015-GC32, Class D, 3.35%, 07/10/48		610		493,514

33

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
GS Mortgage Securities Trust: (continued)
Series 2016-RENT, Class C, 4.20%, 02/10/29 (b)(e)	USD	1,070	$	1,075,709
Series 2017-GS7, Class D, 3.00%, 08/10/50 (b)		530		435,515
Series 2017-GS7, Class E, 3.00%, 08/10/50 (b)		180		143,400
Hilton Orlando Trust, Series 2018-ORL, Class E, (1 mo. LIBOR US + 2.650%), 4.72%, 12/15/34 (a)(b)		2,510		2,516,273
HMH Trust, Series 2017-NSS, Class A, 3.06%, 07/05/31 (b)		3,390		3,290,429
Hudson Yards Mortgage Trust,
Series 2016-10HY, Class A, 2.84%, 08/10/38 (b)		760		712,802
IMT Trust:
Series 2017-APTS, Class AFX, 3.48%, 06/15/34 (b)		1,540		1,515,941
Series 2017-APTS, Class DFX, 3.61%, 06/15/34 (b)(e)		1,600		1,518,978
Series 2017-APTS, Class EFX, 3.61%, 06/15/34 (b)(e)		810		741,311
InTown Hotel Portfolio Trust, Series 2018-STAY, Class A, (1 mo. LIBOR US + 0.700%), 2.77%, 01/15/33 (a)(b)		620		619,021
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C26, Class A4, 3.49%, 01/15/48		1,247		1,241,884
Series 2015-C28, Class B, 3.99%, 03/15/25		3,000		2,958,776
Series 2015-C33, Class D1, 4.27%, 12/15/48 (b)(e)		1,873		1,752,941
JPMDB Commercial Mortgage Securities Trust,
Series 2017-C5, Class D, 4.73%, 03/15/50 (b)(e)		3,549		3,340,207
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2003-PM1A, Class G, 6.33%, 08/12/40 (b)(d)(e)		867		876,533
Series 2012-CBX, Class A4FL, (1 mo. LIBOR US + 1.300%), 3.37%, 06/15/45 (a)(b)		430		441,131
Series 2014-C20, Class A5, 3.81%, 07/15/47		1,990		2,015,033
Series 2014-C21, Class A5, 3.78%, 08/15/47		1,420		1,439,681
Series 2014-C22, Class A4, 3.80%, 09/15/47		563		571,400
Series 2014-CBM, Class E, (1 mo. LIBOR US + 3.850%), 5.92%, 10/15/29 (a)(b)		670		670,000
Series 2014-DSTY, Class A, 3.43%, 06/10/27 (b)		885		883,717
Series 2015-JP1, Class C, 4.90%, 01/15/49 (e)		4,710		4,784,134
Series 2015-SGP, Class A, (1 mo. LIBOR US + 1.700%), 3.77%, 07/15/36 (a)(b)		3,684		3,696,886
Series 2015-UES, Class C, 3.74%, 09/05/32 (b)(e)		3,431		3,421,570
Series 2015-UES, Class E, 3.74%, 09/05/32 (b)(e)		3,880		3,824,966
Series 2016-NINE, Class A, 2.95%, 10/06/38 (b)(e)		4,650		4,377,348
Series 2017-JP5, Class D, 4.80%, 03/15/50 (b)(e)		1,650		1,567,762
Series 2017-JP7, Class B, 4.05%, 09/15/50		320		318,126
Series 2017-MAUI, Class D, (1 mo. LIBOR US + 1.950%), 4.00%, 07/15/34 (a)(b)		470		471,028
Series 2017-MAUI, Class E, (1 mo. LIBOR US + 2.950%), 5.00%, 07/15/34 (a)(b)		2,580		2,586,461
Series 2017-MAUI, Class F, (1 mo. LIBOR US + 3.750%), 5.80%, 07/15/34 (a)(b)		240		240,600

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust: (continued)
Series 2018-ASH8, Class E, (1 mo. LIBOR US + 3.000%), 5.07%, 02/15/35 (a)(b)	USD	1,540	$	1,541,454
LB-UBS Commercial Mortgage Trust,
Series 2006-C4, Class F, 6.43%, 06/15/38 (e)		354		363,248
Lehman Brothers Small Balance Commercial Mortgage Trust:
Series 2006-2A, Class M2, (1 mo. LIBOR US + 0.390%), 2.48%, 09/25/36 (a)(b)		670		642,556
Series 2007-1A, Class 1A, (1 mo. LIBOR US + 0.250%), 2.34%, 03/25/37 (a)(b)		1,570		1,503,819
Lone Star Portfolio Trust:
Series 2015-LSP, Class A1A2, (1 mo. LIBOR US + 1.800%), 3.87%, 09/15/28 (a)(b)		243		243,224
Series 2015-LSP, Class D, (1 mo. LIBOR US + 4.000%), 6.07%, 09/15/28 (a)(b)		691		695,208
MAD Mortgage Trust:
Series 2017-330M, Class D, 4.11%, 08/15/34 (b)(e)		1,085		1,069,710
Series 2017-330M, Class E, 4.17%, 08/15/34 (b)(e)		3,010		2,865,369
Madison Avenue Trust, Series 2013-650M, Class D, 4.17%, 10/12/32 (b)(e)		3,054		3,053,082
Merrill Lynch Mortgage Trust,
Series 2005-MKB2, Class F, 6.53%, 09/12/42 (b)(e)		1,350		1,399,176
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2014-C16, Class A5, 3.89%, 06/15/47		3,880		3,947,772
Series 2015-C23, Class A4, 3.72%, 07/15/50		1,016		1,020,303
Series 2015-C23, Class D, 4.27%, 07/15/50 (b)(e)		970		850,967
Series 2015-C24, Class A4, 3.73%, 05/15/48		840		844,241
Series 2015-C25, Class C, 4.68%, 10/15/48 (e)		430		430,349
Series 2015-C25, Class D, 3.07%, 10/15/48		1,269		1,046,871
Series 2015-C26, Class A5, 3.53%, 10/15/48		810		803,943
Series 2015-C26, Class D, 3.06%, 10/15/48 (b)		1,935		1,549,042
Series 2017-C33, Class C, 4.56%, 05/15/50 (e)		840		835,596
Morgan Stanley Capital Barclays Bank Trust,
Series 2016-MART, Class A, 2.20%, 09/13/31 (b)		820		794,009
Morgan Stanley Capital I Trust:
Series 2006-IQ11, Class C, 6.37%, 10/15/42 (e)		1,601		1,658,441
Series 2014-CPT, Class E, 3.56%, 07/13/29 (b)(e)		250		244,907
Series 2014-CPT, Class F, 3.56%, 07/13/29 (b)(e)		2,230		2,175,327
Series 2014-CPT, Class G, 3.56%, 07/13/29 (b)(e)		1,290		1,242,487
Series 2015-MS1, Class C, 4.17%, 05/15/48 (e)		1,000		958,384
Series 2015-MS1, Class D, 4.17%, 05/05/48 (b)(e)		310		263,368
Series 2017-CLS, Class F, (1 mo. LIBOR US + 2.600%), 4.67%, 11/15/34 (a)(b)		6,092		6,093,918
Series 2017-H1, Class A5, 3.53%, 06/15/50		1,090		1,073,708
Series 2017-H1, Class C, 4.28%, 06/15/50 (e)		950		926,645
Series 2017-H1, Class D, 2.55%, 06/15/50 (b)		4,190		3,244,317
Morgan Stanley Capital I, Inc.:
Series 2017-HR2, Class D, 2.73%, 12/15/50		430		339,030

34

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Capital I, Inc.: (continued)
Series 2017-JWDR, Class D, (1 mo. LIBOR US + 1.950%), 4.02%, 11/15/34 (a)(b)	USD	1,020	$	1,022,891
Series 2017-JWDR, Class E, (1 mo. LIBOR US + 3.050%), 5.12%, 11/15/34 (a)(b)		1,890		1,898,929
Series 2018-H3, Class A5, 4.18%, 07/15/51		1,670		1,720,002
Series 2018-H3, Class C, 5.01%, 07/15/51 (e)		1,400		1,412,666
Series 2018-H3, Class D, 3.00%, 07/15/51 (b)		960		769,230
Natixis Commercial Mortgage Securities Trust, Series 2018-FL1, Class A, (1 mo. LIBOR US + 0.950%), 2.87%, 06/15/35 (a)(b)		810		810,000
Olympic Tower Mortgage Trust, Series 2017-OT, Class E, 4.08%, 05/10/39 (b)(e)		3,730		3,421,154
Prima Capital CRE Securitization Ltd., Series 2015-4A, Class C, 4.00%, 08/24/49 (b)(d)		900		873,360
RAIT Trust:
Series 2017-FL7, Class A, (1 mo. LIBOR US + 0.950%), 3.02%, 06/15/37 (a)(b)		3,500		3,501,407
Series 2017-FL7, Class C, (1 mo. LIBOR US + 2.500%), 4.57%, 06/15/37 (a)(b)		550		549,998
Resource Capital Corp. Ltd.:
Series 2017-CRE5, Class A, (1 mo. LIBOR US + 0.800%), 2.87%, 07/15/34 (a)(b)		2,644		2,644,326
Series 2017-CRE5, Class B, (1 mo. LIBOR US + 2.000%), 4.07%, 07/15/34 (a)(b)(d)		939		938,835
RSO, Series 17, Class REPO, 5.20%, 07/17/20 (d)		9,872		9,871,994
U.S. Mortgage, Series 2018-USDC, Class F, 4.49%, 08/10/50 (b)(e)		1,420		1,318,362
Velocity Commercial Capital Loan Trust:
Series 2015-1, Class AFL, (1 mo. LIBOR US + 2.430%), 4.52%, 06/25/45 (a)(b)		721		727,922
Series 2016-1, Class M4, 7.84%, 04/25/46 (b)(d)(e)		370		428,802
Series 2016-2, Class AFL, (1 mo. LIBOR US + 1.800%), 3.89%, 10/25/46 (a)		997		1,010,094
Series 2016-2, Class M1, 3.66%, 10/25/46 (e)		360		349,492
Series 2016-2, Class M2, 4.46%, 10/25/46 (e)		200		197,877
Series 2016-2, Class M3, 5.50%, 10/25/46 (e)		800		815,144
Series 2016-2, Class M4, 7.23%, 10/25/46 (e)		370		384,451
Series 2017-1, Class AFL, (1 mo. LIBOR US + 1.250%), 3.34%, 05/25/47 (a)(b)		3,322		3,340,286
Series 2017-1, Class M1, 3.55%, 05/25/47 (b)(e)		420		410,536
Series 2017-1, Class M2, 4.45%, 05/25/47 (b)(e)		410		408,175
Series 2017-1, Class M3, 5.35%, 05/25/47 (b)(e)		410		415,571
Series 2017-2, Class M3, 4.24%, 11/25/47 (b)(e)		777		760,430
Series 2017-2, Class M4, 5.00%, 11/25/47 (b)(e)		465		454,952
Series 2018-1, Class M2, 4.26%, 04/25/48 (b)		369		367,316
VNDO Mortgage Trust, Series 2013-PENN, Class D, 4.08%, 12/13/29 (b)(e)		550		548,929
Wachovia Bank Commercial Mortgage Trust, Series 2007-C31, Class C, 6.18%, 04/15/47 (e)		930		942,379
Waldorf Astoria Boca Raton Trust, Series 2016-BOCA, Class A, (1 mo. LIBOR US + 1.350%), 3.42%, 06/15/29 (a)(b)		3,870		3,871,149
Wells Fargo Commercial Mortgage Trust:
Series 2014-LC18, Class A5, 3.41%, 12/15/47		550		543,961
Series 2015-C27, Class C, 3.89%, 02/15/48		902		839,545

Security	Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust: (continued)
Series 2015-C31, Class A4, 3.70%, 11/15/48	USD	1,800	$	1,801,685
Series 2015-NXS2, Class A5, 3.77%, 07/15/58 (e)		3,050		3,081,089
Series 2015-NXS4, Class A4, 3.72%, 12/15/48		608		611,763
Series 2015-NXS4, Class D, 3.75%, 12/15/48 (e)		220		193,746
Series 2015-P2, Class A4, 3.81%, 12/15/48		2,150		2,173,260
Series 2017-C38, Class A5, 3.45%, 07/15/50		1,261		1,233,502
Series 2017-C39, Class C, 4.12%, 09/15/50		590		560,824
Series 2017-C39, Class D, 4.50%, 09/15/50 (b)(e)		430		395,855
Series 2017-HSDB, Class A, (1 mo. LIBOR US + 0.850%), 2.90%, 12/13/31 (a)(b)		1,508		1,507,449
Series 2018-1745, Class A, 3.87%, 06/15/36 (b)(e)		930		934,842
Series 2018-BXI, Class E, (1 mo. LIBOR US + 2.160%), 4.23%, 12/15/36 (a)(b)		890		886,082
Series 2018-C44, Class D, 3.00%, 05/15/51 (b)		1,100		879,538
Series 2018-C45, Class C, 4.73%, 06/15/51		530		529,961
WFRBS Commercial Mortgage Trust:
Series 2011-C3, Class A3FL, (1 mo. LIBOR US + 0.950%), 3.02%, 03/15/44 (a)(b)		126		126,154
Series 2014-C21, Class A5, 3.68%, 08/15/47		1,515		1,528,310
Total Commercial Mortgage-Backed Securities — 3.5% (Cost: $462,096,374)				458,369,153
Interest Only Collateralized Mortgage Obligations — 0.0%
Seasoned Credit Risk Transfer Trust:
Series 2017-3, Class B, 0.00%, 07/25/56 (b)(j)		1,626		130,471
Series 2017-3, Class BIO, 1.19%, 07/25/56 (b)(e)		3,296		318,159
Total Interest Only Collateralized Mortgage Obligations — 0.0% (Cost: $445,079)				448,630
Interest Only Commercial Mortgage-Backed Securities — 0.2%
245 Park Avenue Trust, Series 2017-245P, Class XA, 0.27%, 06/05/37 (b)(e)		13,000		192,920
Banc of America Commercial Mortgage Trust:
Series 2015-UBS7, Class XA, 1.01%, 09/15/48 (e)		1,165		56,283
Series 2017-BNK3, Class XB, 0.78%, 02/15/50 (d)(e)		23,000		1,062,600
Series 2017-BNK3, Class XD, 1.44%, 02/15/50 (b)(e)		5,000		451,500
Barclays Commercial Mortgage Trust, Series 2015-SRCH, Class XA, 1.12%, 08/10/35 (b)(e)		17,710		1,190,466
CFCRE Commercial Mortgage Trust:
Series 2016-C3, Class XD, 1.86%, 01/10/48 (b)(e)		5,497		586,090
Series 2016-C4, Class XA, 1.90%, 05/10/58 (e)		6,197		625,567
Series 2016-C4, Class XB, 0.89%, 05/10/58 (e)		5,810		282,134
Citigroup Commercial Mortgage Trust, Series 2017-P8, Class XA, 1.07%, 09/15/50 (e)		7,128		472,931

35

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Pass-Through Certificates:
Series 2013-CR6, Class XA, 1.23%, 03/10/46 (e)	USD	21,852	$	691,529
Series 2015-3BP, Class XA, 0.17%, 02/10/35 (b)(e)		150,000		891,000
Series 2015-CR25, Class XA, 1.08%, 08/10/48 (e)		23,493		1,151,058
Series 2017-COR2, Class XA, 1.33%, 09/10/50 (e)		7,836		671,996
Series 2018-COR3, Class XD, 1.75%, 05/10/51 (b)(e)		3,200		429,056
Core Industrial Trust:
Series 2015-TEXW, Class XA, 0.90%, 02/10/34 (b)(e)		12,909		312,230
Series 2015-WEST, Class XA, 1.08%, 02/10/37 (b)(e)		9,900		539,997
CSAIL Commercial Mortgage Trust, Series 2017-CX10, Class XB, 0.22%, 11/15/50 (e)		12,490		211,542
Deutsche Bank JPMorgan Mortgage Trust, Series 2017-C6, Class XD, 1.00%, 06/10/50 (b)(e)		5,780		378,763
FREMF Mortgage Trust, Series 2015-K718, Class X2A, 0.10%, 02/25/22 (b)(e)		92,802		264,318
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C22, Class XA, 1.05%, 09/15/47 (e)		3,972		167,378
Series 2014-C23, Class XA, 0.94%, 09/15/47 (e)		40,314		1,081,302
Series 2015-C29, Class XA, 0.97%, 05/15/48 (e)		2,879		92,892
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class XC, 0.75%, 12/15/49 (b)(e)		4,940		245,963
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2013-LC11, Class XB, 0.64%, 04/15/46 (e)		4,570		106,581
Series 2016-JP3, Class XC, 0.75%, 08/15/49 (b)(e)		13,040		643,263
Series 2016-JP4, Class XA, 0.94%, 12/15/49 (e)		2,966		124,113
LSTAR Commercial Mortgage Trust, Series 2017-5, Class X, 1.39%, 03/10/50 (b)(e)		3,570		171,098
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2014-C19, Class XF, 1.34%, 12/15/47 (b)(e)		4,370		246,905
Series 2015-C22, Class XA, 1.27%, 04/15/48 (e)		3,004		160,784
Series 2015-C26, Class XD, 1.50%, 10/15/48 (b)(e)		4,490		374,286
Series 2016-C29, Class XB, 1.12%, 05/15/49 (e)		9,126		600,919
Series 2016-C31, Class XA, 1.59%, 11/15/49 (e)		2,625		223,471
Morgan Stanley Capital I Trust:
Series 2016-UBS9, Class XD, 1.69%, 03/15/49 (b)(d)(e)		13,984		1,365,118
Series 2017-H1, Class XD, 2.36%, 06/15/50 (b)(d)(e)		3,293		526,880

Security	Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Capital I Trust: (continued)
Series 2017-HR2, Class XA, 0.95%, 12/15/50 (e)	USD	15,557	$	929,518
Olympic Tower Mortgage Trust, Series 2017-OT, Class XA, 0.51%, 05/10/39 (b)(e)		36,697		1,146,047
One Market Plaza Trust:
Series 2017-1MKT, Class XCP, 0.22%, 02/10/32 (b)(e)		53,230		266,682
Series 2017-1MKT, Class XNCP, 0.00%, 02/10/32 (b)(d)(e)		10,646		1
UBS Commercial Mortgage Trust, Series 2017-C1, Class XA, 1.77%, 06/15/50 (e)		6,914		720,362
Wells Fargo Commercial Mortgage Trust:
Series 2015-C27, Class XA, 1.05%, 02/15/48 (e)		16,282		763,208
Series 2015-NXS1, Class XB, 0.49%, 05/15/48 (e)		3,210		99,376
Series 2015-NXS4, Class XA, 1.08%, 12/15/48 (e)		3,202		165,705
Series 2016-BNK1, Class XB, 1.48%, 08/15/49 (e)		6,800		631,720
Series 2016-BNK1, Class XD, 1.41%, 08/15/49 (b)(e)		3,420		271,035
Series 2016-LC25, Class XA, 1.23%, 12/15/59 (e)		5,768		340,867
Series 2017-C41, Class XA, 1.39%, 11/15/50 (e)		17,479		1,524,323
Series 2018-C44, Class XA, 0.93%, 05/15/51 (e)		31,229		1,802,815
Total Interest Only Commercial Mortgage-Backed Securities — 0.2% (Cost: $26,969,422)				25,254,592
Total Non-Agency Mortgage-Backed Securities — 5.7% (Cost: $761,524,308)				756,093,026
Preferred Securities — 0.9%
Capital Trusts — 0.8%
Banks — 0.4%
ABN AMRO Bank NV, (5 yr. Euro Swap + 3.898%), 4.75% (m)(n)	EUR	3,600		4,008,149
Allied Irish Banks PLC, (5 yr. Euro Swap + 7.339%), 7.38% (m)(n)		300		382,708
Banco Bilbao Vizcaya Argentaria SA, (5 yr. Euro Swap + 9.177%), 8.88% (m)(n)		1,000		1,307,994
Banco Santander SA:
(5 yr. Euro Swap + 4.097%), 4.75% (m)(n)		3,600		3,879,824
(5 yr. Euro Swap + 6.803%), 6.75% (m)(n)		3,100		3,887,173
Bank of East Asia Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.680%), 5.63% (m)(n)	USD	285		272,877
Bank of Ireland, (5 yr. Euro Swap + 6.960%), 7.38% (m)(n)	EUR	810		1,014,498
Bankia SA, (5 yr. Euro Swap + 5.820%), 6.00% (m)(n)		2,400		2,797,819
BNP Paribas SA, (5 yr. Euro Swap + 5.230%), 6.13% (m)(n)		1,230		1,563,376
CaixaBank SA, (5 yr. Euro Swap + 4.500%), 5.25% (m)(n)		1,000		1,068,538

36

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
Banco Santander SA: (continued)
Cooperatieve Rabobank UA, (5 yr. Euro Swap + 5.250%), 5.50% (m)(n)	EUR	700	$	873,506
Credit Agricole SA, (5 yr. Euro Swap + 5.120%), 6.50% (m)(n)		1,070		1,346,185
Danske Bank A/S:
(6 yr. Euro Swap + 4.640%), 5.75% (m)(n)		200		244,946
(5 yr. Euro Swap + 5.470%), 5.88% (m)(n)		850		1,079,536
DNB Bank ASA, (5 yr. Swap Semi 30/360 US + 4.080%), 5.75% (m)(n)	USD	800		795,160
Hongkong & Shanghai Banking Corp. Ltd., Series 3H, (3 mo. LIBOR US + 0.000%), 2.56% (a)(n)		2,150		1,659,800
HSBC Holdings PLC:
(USD Swap Rate 11:00 am NY 1 + 3.630%), 5.63% (m)(n)		300		298,500
(USD Swap Rate 11:00 am NY 1 + 3.750%), 6.00% (m)(n)		10,345		9,594,987
(USD Swap Rate 11:00 am NY 1 + 3.450%), 6.25% (m)(n)		1,400		1,373,750
(USD Swap Rate 11:00 am NY 1 + 3.710%), 6.38% (m)(n)		800		791,352
(USD Swap Rate 11:00 am NY 1 + 3.610%), 6.50% (m)(n)		200		192,000
Industrial Bank of Korea, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.090%), 3.90% (m)(n)		200		182,972
ING Groep NV, (5 yr. Swap Semi 30/360 US + 4.450%), 6.00% (m)(n)		740		736,448
Intesa Sanpaolo SpA, (5 yr. Euro Swap + 6.880%), 7.00% (m)(n)	EUR	1,749		2,085,442
KBC Group NV, (5 yr. Euro Swap + 4.760%), 5.63% (m)(n)		400		475,028
Lehman Brothers Holdings Capital Trust VII, 5.86% (d)(f)(l)(n)	USD	1,888		—
Lloyds Banking Group PLC:
(3 mo. LIBOR US + 1.500%), 6.41% (b)(m)(n)		500		526,250
(3 mo. LIBOR US + 1.270%), 6.66% (m)(n)		175		186,861
(3 mo. LIBOR US + 1.270%), 6.66% (b)(m)(n)		1,125		1,201,252
National Westminster Bank PLC, Series C, 2.56% (e)(n)		2,000		1,633,000
Nordea Bank AB, (USD Swap Rate 11:00 am NY 1 + 3.563%), 5.50% (m)(n)		720		714,600
Postal Savings Bank of China Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.634%), 4.50% (m)(n)		2,000		1,855,000
Royal Bank of Scotland Group PLC, (5 yr. Swap Semi 30/360 US + 7.598%), 8.63% (m)(n)		800		850,200
Santander UK Group Holdings PLC, (5 yr. GBP Swap + 5.543%), 7.38% (m)(n)	GBP	700		960,777
Swedbank AB, (5 yr. Swap Semi 30/360 US + 3.767%), 5.50% (m)(n)	USD	200		199,250
UniCredit SpA, (5 yr. Euro Swap + 9.300%), 9.25% (m)(n)	EUR	700		912,491
United Overseas Bank Ltd., (5 yr. Swap Semi 30/360 US + 1.794%), 3.88% (m)(n)	USD	864		803,468
Westpac Banking Corp., (USD Swap Rate 11:00 am NY 1 + 2.888%), 5.00% (m)(n)		160		138,106
Woori Bank:
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.306%), 4.50% (m)(n)		1,238		1,166,806
(5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.347%), 5.25% (m)(n)		1,975		1,861,248
				54,921,877

Security	Par (000)		Value
Capital Markets — 0.1%
Bank of New York Mellon Corp., Series F, (3 mo. LIBOR US + 3.130%), 4.63% (m)(n)	USD	6,967	$	6,592,524
Credit Suisse Group AG, (5 yr. Swap Semi 30/360 US + 5.110%), 7.13% (m)(n)		440		448,030
UBS Group Funding Switzerland AG:
(5 yr. Swap Semi 30/360 US + 2.432%), 5.00% (m)(n)		2,375		2,084,062
(5 yr. Euro Swap + 5.287%), 5.75% (m)(n)	EUR	700		881,722
(USD Swap Rate 11:00 am NY 1 + 5.497%), 6.88% (m)(n)	USD	800		819,782
(5 yr. Swap Semi 30/360 US + 5.883%), 7.13% (m)(n)		740		762,025
				11,588,145
Commercial Services & Supplies — 0.0%
King Talent Management Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.520%), 5.60% (m)(n)		800		746,045
Construction & Engineering — 0.0%
Chalieco Hong Kong Corp. Ltd., (3 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 8.290%), 5.70% (m)(n)		200		198,001
Diversified Financial Services — 0.0%
HBOS Capital Funding LP, 6.85% (n)		2,294		2,314,072
Diversified Telecommunication Services — 0.0%
Koninklijke KPN NV, (5 yr. GBP Swap + 5.510%), 6.88%, 03/14/73 (m)	GBP	100		139,235
Orange SA, (5 yr. Euro Swap + 3.668%), 5.25% (m)(n)	EUR	1,090		1,409,066
				1,548,301
Electric Utilities — 0.0%
Electricite de France SA, (8 yr. Euro Swap + 2.440%), 4.13% (m)(n)		800		976,962
Gas Natural Fenosa Finance BV:
(9 yr. Euro Swap + 3.080%), 3.38% (m)(n)		900		1,037,883
(8 yr. Euro Swap + 3.350%), 4.13% (m)(n)		400		486,272
				2,501,117
Electronic Equipment, Instruments & Components — 0.0%
Belden, Inc., 4.13%, 10/15/26		100		120,902
Industrial Conglomerates — 0.1%
General Electric Co., Series D, (3 mo. LIBOR US + 3.330%), 5.00% (m)(n)	USD	7,830		7,712,550
Tewoo Group No. 5 Ltd., (3 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 8.373%), 5.80% (m)(n)		700		612,365
				8,324,915
Insurance — 0.0%
Assicurazioni Generali SpA, (3 mo. LIBOR GBP + 2.200%), 6.42% (m)(n)	GBP	100		135,596
Dai-ichi Life Insurance Co. Ltd., (3 mo. LIBOR US + 3.660%), 4.00% (m)(n)	USD	400		373,000
ELM BV for Helvetia Schweizerische Versich-erungsgesellschaft AG, (3 mo. EURIBOR + 3.650%), 3.38%, 09/29/47 (m)	EUR	700		817,330
Heungkuk Life Insurance Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.470%), 4.48%, 11/09/47 (m)	USD	488		426,362
KDB Life Insurance Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.660%), 7.50%, 05/21/48 (m)		900		843,570

37

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Insurance (continued)
Nippon Life Insurance Co., (USD Swap Rate 11:00 am NY 1 + 3.750%), 4.70%, 01/20/46 (m)	USD	200	$	195,916
				2,791,774
Machinery — 0.0%
Weichai International Hong Kong Energy Group Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 6.084%), 3.75% (m)(n)		278		257,135
Media — 0.0%
NBCUniversal Enterprise, Inc., 5.25% (b)(n)		3,770		3,807,700
Metals & Mining — 0.0%
BHP Billiton Finance Ltd., (5 yr. Euro Swap + 4.800%), 5.63%, 10/22/79 (m)	EUR	900		1,233,552
Multi-Utilities — 0.1%
Dominion Energy, Inc., 2.58%, 07/01/20	USD	6,650		6,552,471
RWE AG, (5 yr. Euro Swap + 2.643%), 2.75%, 04/21/75 (m)	EUR	30		35,384
				6,587,855
Oil, Gas & Consumable Fuels — 0.1%
Enbridge, Inc., (3 mo. LIBOR US + 3.420%), 5.50%, 07/15/77 (m)	USD	5,170		4,711,162
PTTEP Treasury Center Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 2.724%), 4.60% (m)(n)		825		775,462
Repsol International Finance BV, (10 yr. Euro Swap + 4.200%), 4.50%, 03/25/75 (m)	EUR	150		183,009
				5,669,633
Real Estate Management & Development — 0.0%
Agile Group Holdings Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 9.220%), 6.88% (m)(n)	USD	800		728,882
ATF Netherlands BV, (5 yr. Euro Swap + 4.380%), 3.75% (m)(n)	EUR	600		705,752
Fastighets AB Balder, (5 yr. Euro Swap + 2.900%), 3.00%, 03/07/78 (m)		100		111,796
Grand City Properties SA, (5 yr. Euro Swap + 3.890%), 3.75% (m)(n)		600		714,863
				2,261,293
Transportation Infrastructure — 0.0%
Royal Capital BV, (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 5.930%), 4.88% (m)(n)	USD	219		208,270
Wireless Telecommunication Services — 0.0%
Telefonica Europe BV:
(5 yr. Euro Swap + 2.327%), 2.63% (m)(n)	EUR	100		109,189
(10 yr. Euro Swap + 4.301%), 5.88% (m)(n)		2,700		3,432,898
(8 yr. Euro Swap + 5.586%), 7.63% (m)(n)		200		268,010
				3,810,097
Total Capital Trusts — 0.8% (Cost: $113,265,915)				108,890,684

Security	Shares		Value
Preferred Stocks — 0.0%
Diversified Financial Services — 0.0%
Concrete Investment II SCA, 0.00%, 08/27/44 (d)(f)		12	$	233,018
Total Preferred Stocks — 0.0% (Cost: $1,088,511)				233,018
Trust Preferreds — 0.1%
Banks — 0.1%
Citigroup Capital XIII, 8.73%, 10/30/40 (e)		349		9,469,824
Total Trust Preferreds — 0.1% (Cost: $9,587,771)				9,469,824
Total Preferred Securities — 0.9% (Cost: $123,942,197)				118,593,526
	Par (000)
Taxable Municipal Bonds — 5.5%
Alamo Community College District GO:
5.00%, 08/15/35	USD	1,260		1,465,115
5.00%, 08/15/36		1,250		1,449,163
5.00%, 08/15/37		1,600		1,853,536
5.00%, 08/15/38		1,570		1,817,432
American Municipal Power, Inc. RB:
6.05%, 02/15/43		2,770		3,496,211
6.45%, 02/15/44		4,635		6,064,434
Arizona Health Facilities Authority RB, 2.38%, 01/01/37 (e)		1,355		1,280,787
Arizona State University RB, 5.00%, 07/01/43		1,160		1,337,747
Bay Area Toll Authority RB:
6.92%, 04/01/40		3,145		4,334,030
7.04%, 04/01/50		6,950		10,163,819
Berks County Industrial Development Authority RB:
5.00%, 11/01/47		1,780		1,969,926
5.00%, 11/01/50		1,660		1,830,216
Buckeye Tobacco Settlement Financing Authority RB, 5.88%, 06/01/47		5,210		5,232,247
Buena Park School District GO, 5.00%, 08/01/47		900		1,037,457
California Health Facilities Financing Authority RB:
5.00%, 08/15/33		1,190		1,383,553
5.00%, 08/15/47		1,650		1,836,252
California Infrastructure & Economic Development Bank RB:
5.00%, 05/15/47		700		810,355
5.00%, 05/15/52		710		821,278
California Pollution Control Financing Authority RB, 5.00%, 11/21/45 (b)		1,000		1,061,210
Central Puget Sound Regional Transit Authority RB, 5.00%, 11/01/50		1,730		1,935,489
Central Texas Regional Mobility Authority RB:
5.00%, 01/01/45		900		981,945
5.00%, 01/01/46		900		983,970
Chesapeake Bay Bridge & Tunnel District RB, 5.00%, 07/01/51		700		767,557

38

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Chesapeake Bay Bridge & Tunnel District RB AGM, 5.00%, 07/01/41	USD	880	$	984,368
City & County of Denver, CO Airport System Revenue RB:
5.00%, 11/15/28		1,060		1,224,470
5.00%, 11/15/29		1,180		1,358,935
5.00%, 11/15/30		945		1,085,814
City & County of Denver, CO RB, 5.00%, 08/01/44		2,950		3,347,748
City of Atlanta, GA Water & Wastewater Revenue RB:
5.00%, 11/01/40		885		995,837
5.00%, 11/01/41		2,630		3,048,144
City of Aurora, CO Water Revenue RB:
5.00%, 08/01/41		3,500		3,993,360
5.00%, 08/01/46		3,530		4,014,034
City of Austin, TX Water & Wastewater System Revenue RB, 5.00%, 11/15/43		1,650		1,838,463
City of Cartersville, GA RB, 5.00%, 06/01/48		1,000		1,156,420
City of Colorado Springs, CO Utilities System Revenue RB, 5.00%, 11/15/42		880		1,020,422
City of Columbia, SC Waterworks & Sewer System Revenue RB:
5.00%, 02/01/42		1,350		1,578,190
5.00%, 02/01/48		1,460		1,698,841
City of Los Angeles Department of Airports RB, 5.00%, 05/15/44		870		995,236
City of New York, NY GO:
5.00%, 04/01/40		2,600		3,014,986
5.00%, 04/01/45		3,560		4,108,774
City of Philadelphia, PA Airport Revenue RB, 5.00%, 07/01/42		1,000		1,126,400
City of Riverside, CA Electric Revenue RB, 7.61%, 10/01/40		1,325		1,936,766
City of San Antonio, TX Electric & Gas Systems Revenue RB, 5.00%, 02/01/48		730		794,605
City Public Service Board of San Antonio, TX RB, 5.81%, 02/01/41		3,260		4,071,186
Clark County School District GO:
5.00%, 06/15/30		1,870		2,177,391
5.00%, 06/15/31		2,000		2,323,180
5.00%, 06/15/33		2,210		2,550,738
Colorado Health Facilities Authority RB, 5.25%, 02/01/31		785		827,680
Commonwealth Financing Authority RB:
3.86%, 06/01/38		2,325		2,275,989
4.14%, 06/01/38		1,730		1,744,653
Commonwealth of Massachusetts GO:
5.00%, 11/01/42		1,890		2,178,868
5.00%, 01/01/45		2,380		2,743,117
5.00%, 11/01/45		1,830		2,104,903
Commonwealth of Puerto Rico GO, 8.00%, 07/01/35 (f)(l)		12,415		5,028,075
Connecticut State Health & Educational Facility Authority RB, 5.00%, 07/01/45		1,700		1,846,013
Contra Costa Community College District GO, 6.50%, 08/01/34		570		722,635
County of Anne Arundel, MD GO, 5.00%, 10/01/47		1,640		1,905,893
County of Clark, NV GO:
5.00%, 06/01/43		3,220		3,726,635
5.00%, 05/01/48		6,430		7,412,118
County of Franklin, OH Sales Tax Revenue RB:
5.00%, 06/01/43		1,600		1,875,552
5.00%, 06/01/48		3,170		3,701,133
County of King, WA Sewer Revenue RB:
5.00%, 07/01/42		1,090		1,257,947

Security	Par (000)		Value
County of King, WA Sewer Revenue RB: (continued)
5.00%, 07/01/47	USD	1,780	$	1,979,769
County of Miami-Dade, FL Aviation Revenue RB:
2.50%, 10/01/24		2,490		2,373,144
3.35%, 10/01/29		560		541,106
3.45%, 10/01/30		1,030		999,358
3.50%, 10/01/31		965		936,957
5.00%, 10/01/38		1,600		1,755,536
5.00%, 10/01/40		1,650		1,864,814
County of Miami-Dade, FL GO, 5.00%, 07/01/35		800		912,976
Dallas Area Rapid Transit RB:
5.00%, 12/01/41		1,780		2,011,151
5.00%, 12/01/46		2,410		2,714,455
Dallas/Fort Worth International Airport RB:
5.00%, 11/01/42		2,025		2,153,587
Series A, 5.00%, 11/01/43		60		63,439
5.00%, 11/01/45		3,670		3,878,676
5.00%, 11/01/45		2,650		2,822,621
District of Columbia GO, 5.00%, 06/01/42		1,750		2,014,477
District of Columbia RB:
5.00%, 07/15/34		775		869,922
5.00%, 07/15/35		775		868,271
District of Columbia Water & Sewer Authority RB, 5.00%, 10/01/49		1,415		1,642,136
Dutchess County Local Development Corp. RB, 5.00%, 07/01/46		2,685		2,963,730
Golden State Tobacco Securitization Corp. RB, 5.13%, 06/01/47		4,095		4,095,041
Grant County Public Utility District No. 2 RB, 4.58%, 01/01/40		600		628,212
Great Lakes Water Authority Water Supply System Revenue RB, 5.25%, 07/01/33		755		876,698
Health & Educational Facilities Authority of the State of Missouri RB:
5.00%, 11/15/29		840		958,810
3.65%, 01/15/46		1,165		1,125,367
3.09%, 09/15/51		4,665		3,985,963
3.65%, 08/15/57		4,495		4,247,865
JobsOhio Beverage System RB, 3.99%, 01/01/29		2,760		2,838,053
Kentucky Economic Development Finance Authority RB, 5.25%, 06/01/50		850		910,392
Lexington County Health Services District, Inc. RB, 5.00%, 11/01/41		960		1,052,986
Los Angeles Community College District GO, 6.60%, 08/01/42		6,050		8,454,209
Los Angeles County Metropolitan Transportation Authority RB, 5.00%, 07/01/42		2,650		3,087,806
Los Angeles Department of Water & Power RB, 6.60%, 07/01/50		1,065		1,541,619
Los Angeles Unified School District GO:
5.75%, 07/01/34		415		503,163
6.76%, 07/01/34		4,355		5,759,923
Maryland Health & Higher Educational Facilities Authority RB, 5.25%, 07/01/27		815		910,657
Maryland Stadium Authority RB, 5.00%, 05/01/41		1,580		1,781,308
Massachusetts Bay Transportation Authority RB:
5.00%, 07/01/39		970		1,116,984
5.00%, 07/01/40		1,020		1,172,837
5.00%, 07/01/41		1,060		1,217,028
5.00%, 07/01/42		1,115		1,279,239
5.00%, 07/01/43		890		1,020,340

39

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Massachusetts Development Finance Agency RB:
5.00%, 07/01/43	USD	890	$	988,292
5.00%, 09/01/45		985		1,115,581
5.00%, 07/01/47		1,260		1,397,290
5.00%, 07/01/48		4,440		4,906,866
5.00%, 07/01/53		1,770		1,943,708
Massachusetts Educational Financing Authority RB, 5.00%, 01/01/22		500		543,850
Massachusetts Housing Finance Agency RB:
4.50%, 12/01/39		1,060		1,102,262
4.60%, 12/01/44		1,120		1,165,640
4.50%, 12/01/48		1,180		1,227,932
Massachusetts Port Authority RB, 5.00%, 07/01/43		1,590		1,778,574
Massachusetts School Building Authority RB, 5.25%, 02/15/48		2,605		3,084,242
Massachusetts Water Resources Authority RB, 5.00%, 08/01/40		920		1,056,077
Mesquite Independent School District GO PSF, 5.00%, 08/15/42		1,700		1,938,017
Metropolitan Atlanta Rapid Transit Authority RB:
5.00%, 07/01/41		1,750		1,972,880
5.00%, 07/01/42		1,750		1,971,707
5.00%, 07/01/45		1,380		1,573,835
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB, 5.00%, 07/01/46		1,800		1,992,150
Metropolitan St. Louis Sewer District RB:
5.00%, 05/01/42		2,670		3,092,554
5.00%, 05/01/47		2,290		2,644,721
Metropolitan Transportation Authority RB:
5.87%, 11/15/39		735		893,760
6.67%, 11/15/39		350		466,581
6.69%, 11/15/40		1,160		1,544,169
6.81%, 11/15/40		860		1,154,215
5.00%, 11/15/42		1,700		1,945,837
5.25%, 11/15/57		2,090		2,378,608
Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB:
7.46%, 10/01/46		1,060		1,557,331
5.00%, 10/01/53		1,000		1,059,730
Metropolitan Washington Airports Authority RB:
5.00%, 10/01/32		2,710		3,092,517
5.00%, 10/01/43		2,770		3,178,963
Miami-Dade County Educational Facilities Authority RB:
5.00%, 04/01/48		1,740		1,959,953
5.07%, 04/01/50		1,300		1,458,964
5.00%, 04/01/53		3,705		4,147,340
Michigan Finance Authority RB:
5.00%, 06/01/39		840		926,050
5.00%, 11/15/41		850		941,103
5.00%, 12/01/47		5,660		6,121,856
Michigan State Housing Development Authority RB:
3.55%, 10/01/33 (r)		1,055		1,057,437
4.00%, 10/01/43		1,010		1,014,606
4.05%, 10/01/48		465		467,116
4.15%, 10/01/53		2,400		2,410,872
Mississippi Hospital Equipment & Facilities Authority RB, 5.00%, 09/01/46		1,610		1,728,029
Municipal Electric Authority of Georgia RB, 6.64%, 04/01/57		1,610		2,035,668
New Jersey State Turnpike Authority RB, 7.41%, 01/01/40		2,329		3,387,135
New Jersey Transportation Trust Fund Authority RB, 5.00%, 06/15/29		915		1,000,882

Security	Par (000)		Value
New Orleans Aviation Board RB, 5.00%, 01/01/40	USD	1,140	$	1,241,335
New York City Housing Development Corp. RB:
3.70%, 11/01/38		1,090		1,095,123
3.85%, 11/01/43		3,300		3,313,167
3.95%, 11/01/48		1,090		1,095,799
4.00%, 11/01/53		3,510		3,528,603
New York City Transitional Finance Authority Building Aid Revenue RB, 5.00%, 07/15/40		930		1,045,887
New York City Transitional Finance Authority Future Tax Secured Revenue RB:
3.55%, 05/01/25		5,040		5,062,932
3.05%, 05/01/27		4,675		4,488,608
5.00%, 08/01/31		470		544,279
5.00%, 02/01/35		1,040		1,180,785
5.00%, 05/01/36		990		1,127,184
New York City Water & Sewer System RB:
5.00%, 06/15/39		3,720		4,338,450
5.00%, 06/15/40		2,660		3,099,751
5.75%, 06/15/41		1,330		1,677,702
6.01%, 06/15/42		665		864,114
5.38%, 06/15/43		4,410		4,782,865
5.50%, 06/15/43		5,285		5,750,239
5.88%, 06/15/44		1,240		1,613,761
New York Convention Center Development Corp. RB:
5.00%, 11/15/40		930		1,047,505
5.00%, 11/15/46		2,370		2,684,594
New York Liberty Development Corp RB, 5.25%, 10/01/35		1,030		1,278,560
New York State Dormitory Authority RB:
5.00%, 02/15/31		780		906,867
5.00%, 03/15/32		1,395		1,601,641
5.00%, 02/15/36		1,870		2,158,260
5.00%, 02/15/37		950		1,095,625
5.00%, 02/15/38		940		1,083,284
5.00%, 10/01/38 (r)		2,830		3,354,993
5.00%, 02/15/39		940		1,080,060
5.00%, 03/15/39		2,840		3,301,869
5.00%, 02/15/40		945		1,084,992
5.39%, 03/15/40		1,470		1,753,548
5.00%, 02/15/41		1,870		2,142,235
5.00%, 03/15/41		1,750		2,031,418
5.00%, 02/15/42		2,540		2,907,614
5.00%, 03/15/42		1,750		2,029,808
5.00%, 02/15/43		1,550		1,773,014
5.00%, 03/15/43		1,820		2,084,828
5.00%, 03/15/43		1,750		2,028,233
5.00%, 10/01/48 (r)		1,120		1,487,707
New York State Urban Development Corp. RB:
2.86%, 03/15/24		5,580		5,473,534
3.12%, 03/15/25		2,900		2,856,790
3.32%, 03/15/29		4,035		3,858,751
New York Transportation Development Corp. RB:
5.00%, 08/01/20		2,200		2,318,426
5.00%, 07/01/46		730		787,108
5.25%, 01/01/50		5,190		5,648,017
Ohio Turnpike & Infrastructure Commission RB, 5.00%, 02/15/48		1,720		1,868,763
Oklahoma Development Finance Authority RB:
5.25%, 08/15/43		1,000		1,128,870
5.25%, 08/15/48		500		561,745
5.50%, 08/15/57		3,500		3,983,105
Omaha Public Power District RB, 5.00%, 02/01/42		2,070		2,398,012
Orange County Local Transportation Authority RB, 6.91%, 02/15/41		2,790		3,777,548

40

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Oregon School Boards Association GO:
5.48%, 06/30/22	USD	4,895	$	5,317,096
5.49%, 06/30/23		7,030		7,755,566
Oregon School Boards Association GO AMBAC, 4.76%, 06/30/28		4,460		4,803,643
Pennsylvania Economic Development Financing Authority RB:
5.00%, 12/31/22		1,000		1,094,960
5.00%, 12/31/38		320		350,176
Pennsylvania State University RB:
5.00%, 09/01/43		1,240		1,445,146
5.00%, 09/01/48		1,450		1,681,652
Pennsylvania Turnpike Commission RB:
5.00%, 12/01/43		3,460		3,896,583
5.00%, 12/01/48		11,290		12,872,971
5.00%, 12/01/48		2,300		2,579,565
Permanent University Fund — University of Texas System RB, 3.38%, 07/01/47		3,945		3,653,149
Port Authority of New York & New Jersey RB:
4.96%, 08/01/46		2,660		3,143,854
5.00%, 11/15/47		860		968,816
4.93%, 10/01/51		1,045		1,225,377
4.46%, 10/01/62		3,505		3,722,555
4.81%, 10/15/65		1,740		1,958,231
Public Power Generation Agency RB, 5.00%, 01/01/35		1,070		1,203,301
Regents of the University of California Medical Center Pooled Revenue RB:
6.40%, 05/15/31		2,040		2,463,790
5.00%, 05/15/47		3,090		3,494,635
6.58%, 05/15/49		2,860		3,833,916
Royal Oak Hospital Finance Authority RB, 5.00%, 09/01/39		1,160		1,270,432
Sacramento County Sanitation Districts Financing Authority RB, 2.07%, 12/01/35 (e)		1,940		1,877,260
Salt Lake City Corp. Airport Revenue RB:
5.00%, 07/01/47		2,960		3,324,346
5.00%, 07/01/47		1,100		1,257,388
Salt River Project Agricultural Improvement & Power District RB, 5.00%, 12/01/45		6,365		7,183,730
San Antonio Water System RB, 5.00%, 05/15/39		4,390		4,931,024
San Diego County Regional Airport Authority RB, 5.00%, 07/01/47		1,640		1,884,344
San Diego Public Facilities Financing Authority Sewer Revenue RB, 5.00%, 05/15/39		1,250		1,451,537
San Diego Unified School District GO, 5.00%, 07/01/41		2,370		2,777,924
San Francisco City & County Airport Comm-San Francisco International Airport RB:
5.00%, 05/01/41		840		941,455
5.00%, 05/01/46		3,330		3,720,010
San Francisco City & County Airport RB, 5.00%, 05/01/47		1,890		2,134,245
San Jose Redevelopment Agency Successor Agency TA:
2.96%, 08/01/24		7,265		7,146,580
3.13%, 08/01/28		4,275		4,130,035
3.25%, 08/01/29		3,585		3,473,471
South Carolina Public Service Authority RB:
2.39%, 12/01/23		2,692		2,508,271
5.00%, 12/01/49		1,730		1,834,232
5.00%, 12/01/50		1,730		1,848,574
State Board of Administration Finance Corp. RB:
3.00%, 07/01/20		3,770		3,780,631
2.64%, 07/01/21		4,400		4,358,904
State of California GO:
2.25%, 10/01/23		7,420		7,090,033

Security	Par (000)		Value
State of California GO: (continued)
7.50%, 04/01/34	USD	2,210	$	3,103,923
4.60%, 04/01/38		12,575		13,172,061
7.55%, 04/01/39		3,715		5,478,288
7.30%, 10/01/39		2,575		3,648,260
7.35%, 11/01/39		1,320		1,878,980
State of Connecticut GO, 3.31%, 01/15/26		4,655		4,529,734
State of Illinois GO:
5.00%, 05/01/20		1,380		1,424,698
5.00%, 11/01/22		1,735		1,834,311
5.00%, 11/01/24		4,450		4,734,755
5.00%, 12/01/24		870		925,828
5.00%, 11/01/25		4,350		4,629,400
5.10%, 06/01/33		8,190		7,750,688
State of Ohio GO:
5.00%, 05/01/30		1,180		1,354,498
5.00%, 03/15/32		2,380		2,690,138
State of Texas GO:
5.00%, 04/01/40		1,310		1,490,767
5.00%, 04/01/43		2,100		2,385,117
State of Washington GO:
5.00%, 07/01/30		4,470		5,095,800
5.00%, 08/01/30		1,000		1,163,540
5.00%, 08/01/40		2,720		3,068,214
5.00%, 08/01/40		1,120		1,291,058
5.00%, 02/01/41		1,880		2,151,754
5.00%, 08/01/41		1,175		1,353,447
5.00%, 08/01/42		1,245		1,433,020
State of West Virginia GO:
5.00%, 06/01/40		2,400		2,799,864
5.00%, 12/01/40		2,480		2,893,193
5.00%, 12/01/41		2,370		2,762,662
State of Wisconsin GO:
5.00%, 05/01/32		1,040		1,191,694
5.00%, 05/01/33		940		1,073,950
5.00%, 11/01/33		1,520		1,773,414
5.00%, 05/01/34		1,220		1,388,958
5.00%, 05/01/36		1,520		1,722,418
5.00%, 05/01/38		1,530		1,726,651
State of Wisconsin RB, 3.15%, 05/01/27		3,355		3,279,781
Sumter Landing Community Development District RB, 4.17%, 10/01/47		920		967,840
Texas A&M University RB:
2.76%, 05/15/26		5,045		4,863,229
2.84%, 05/15/27		2,240		2,152,147
Texas Municipal Gas Acquisition & Supply Corp. RB, 6.25%, 12/15/26		850		989,408
Texas Private Activity Bond Surface Transportation Corp. RB, 5.00%, 12/31/55		370		397,972
Texas Transportation Commission State Highway Fund RB, 5.00%, 10/01/19		3,290		3,429,693
Texas Water Development Board RB:
5.00%, 10/15/43		2,570		2,979,247
5.00%, 10/15/47		1,030		1,184,984
Tobacco Settlement Finance Authority RB, 7.47%, 06/01/47		6,660		6,636,623
Tobacco Settlement Financing Corp. RB, 6.71%, 06/01/46		4,235		4,184,646
TSASC, Inc. RB, 5.00%, 06/01/41		1,700		1,839,570
University of California RB:
3.06%, 07/01/25		1,865		1,814,925
4.60%, 05/15/31		1,950		2,103,601
4.86%, 05/15/12		1,415		1,500,197
University of Delaware RB, 4.22%, 11/01/58		2,175		2,242,555
University of Houston RB:
5.00%, 02/15/33		955		1,090,448
5.00%, 02/15/34		875		995,260
5.00%, 02/15/35		1,990		2,257,695

41

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
University of Houston RB: (continued)
5.00%, 02/15/36	USD	2,560	$	2,896,922
University of Oregon RB, 5.00%, 04/01/46		1,270		1,445,247
Upper Arlington City School District GO, 5.00%, 12/01/48		2,290		2,650,835
Virginia Small Business Financing Authority RB, 5.00%, 12/31/56		2,190		2,386,837
Weld County School District No. RE-4 GO, 5.25%, 12/01/41		1,560		1,822,969
West Virginia Hospital Finance Authority RB:
5.00%, 06/01/19		895		922,154
5.00%, 06/01/20		965		1,018,818
5.00%, 06/01/21		960		1,034,813
5.00%, 06/01/22		1,050		1,155,021
5.00%, 06/01/23		870		972,904
5.00%, 06/01/24		935		1,058,841
Wisconsin Health & Educational Facilities Authority RB, 5.00%, 12/15/44		790		850,783
Total Taxable Municipal Bonds — 5.5% (Cost: $720,719,292)				719,929,137
U.S. Government Sponsored Agency Securities — 63.3%
Agency Obligations — 0.0%
Fannie Mae 6.63%, 11/15/30		1,450		1,944,915
Freddie Mac 3.75%, 03/27/19		3,650		3,689,457
				5,634,372
Collateralized Mortgage Obligations — 0.6%
Fannie Mae:
Series 2003-W5, Class A, (1 mo. LIBOR US + 0.110%), 2.20%, 04/25/33 (a)		2		2,194
Series 2005-48, Class AR, 5.50%, 02/25/35		3		2,572
Series 2016-C02, Class 1M2, (1 mo. LIBOR US + 6.000%), 8.09%, 09/25/28 (a)		640		756,999
Series 2016-C04, Class 1M2, (1 mo. LIBOR US + 4.250%), 6.34%, 01/25/29- 04/25/29 (a)		8,591		9,739,261
Series 2017-C01, Class 1B1, (1 mo. LIBOR US + 5.750%), 7.84%, 07/25/29 (a)		1,713		2,043,610
Series 2017-C01, Class 1M2, (1 mo. LIBOR US + 3.550%), 5.64%, 07/25/29 (a)		3,204		3,480,569
Series 2017-C03, Class 1B1, (1 mo. LIBOR US + 4.850%), 6.94%, 10/25/29 (a)		9,530		10,682,184
Series 2017-C03, Class 1M2, (1 mo. LIBOR US + 3.000%), 5.09%, 10/25/29 (a)		676		719,615
Series 2017-C05, Class 1B1, (1 mo. LIBOR US + 3.600%), 5.69%, 01/25/30 (a)		3,850		3,946,252
Series 2017-C05, Class 1M2, (1 mo. LIBOR US + 2.200%), 4.29%, 01/25/30 (a)		2,245		2,284,625
Series 2017-C07, Class 1B1, (1 mo. LIBOR US + 4.000%), 6.09%, 05/25/30 (a)		3,464		3,599,646
Freddie Mac:
Series 2015-DN1, Class B, (1 mo. LIBOR US + 11.500%), 13.59%, 01/25/25 (a)		500		722,803
Series 2015-HQ2, Class B, (1 mo. LIBOR US + 7.950%), 10.04%, 05/25/25 (a)		528		626,677
Series 2016-DNA4, Class M3, (1 mo. LIBOR US + 3.800%), 5.89%, 03/25/29 (a)		3,200		3,561,974
Series 2017-DNA1, Class M2, (1 mo. LIBOR US + 3.250%), 5.34%, 07/25/29 (a)		3,290		3,545,537
Series 2017-DNA2, Class B1, (1 mo. LIBOR US + 5.150%), 7.24%, 10/25/29 (a)		2,180		2,491,689
Series 2017-DNA2, Class M2, (1 mo. LIBOR US + 3.450%), 5.54%, 10/25/29 (a)		4,004		4,377,470

Security	Par (000)		Value
Collateralized Mortgage Obligations (continued)
Freddie Mac: (continued)
Series 2017-DNA3, Class B1, (1 mo. LIBOR US + 4.450%), 6.54%, 03/25/30 (a)	USD	3,870	$	4,177,509
Series 2017-DNA3, Class M2, (1 mo. LIBOR US + 2.500%), 4.59%, 03/25/30 (a)		7,630		7,860,121
Series 2017-HRP1, Class M2, (1 mo. LIBOR US + 2.450%), 4.54%, 12/25/42 (a)		810		834,708
Series 2018-DNA1, Class B1, (1 mo. LIBOR US + 3.150%), 5.24%, 07/25/30 (a)		4,320		4,131,365
Series 2018-DNA1, Class M2, (1 mo. LIBOR US + 1.800%), 3.89%, 07/25/30 (a)		2,800		2,753,559
Series 2018-SPI2, Class M2, 3.82%, 05/25/48 (b)(e)		1,960		1,797,115
				74,138,054
Commercial Mortgage-Backed Securities — 0.0%
Fannie Mae:
Series 2006-M2, Class A2A, 5.27%, 10/25/32 (e)		2,163		2,320,970
Series 2015-M10, Class A2, 3.09%, 04/25/27 (e)		1,000		968,061
Freddie Mac Series K076, Class A2, 3.90%, 04/25/28		2,486		2,572,808
				5,861,839
Interest Only Commercial Mortgage-Backed Securities — 0.2%
Fannie Mae:
Series 2013-M5, Class X2, 2.31%, 01/25/22 (e)		9,246		364,576
Series 2014-M13, Class X2, 0.23%, 08/25/24 (e)		116,553		865,997
Series 2015-M4, Class X2, 0.58%, 07/25/22 (e)		37,597		605,300
Series 2016-M4, Class X2, 2.68%, 01/25/39 (e)		8,201		848,359
Series 2017-M12, Class X, 0.44%, 06/25/27 (e)		16,243		217,333
Freddie Mac:
Series K064, Class X1, 0.74%, 03/25/27 (e)		26,567		1,202,127
Series K065, Class X1, 0.82%, 04/25/27 (e)		25,522		1,287,033
Series K718, Class X1, 0.76%, 01/25/22 (e)		5,931		114,146
Series KIR1, Class X, 1.22%, 03/25/26 (e)		9,094		598,002
Series KW01, Class X1, 1.12%, 01/25/26 (e)		9,879		578,638
Series KW03, Class X1, 0.99%, 06/25/27 (e)		7,716		437,623
Ginnie Mae:
Series 2012-120, Class IO, 0.78%, 02/16/53 (e)		14,194		649,526
Series 2012-23, Class IO, 0.59%, 06/16/53 (e)		3,616		91,636
Series 2013-191, Class IO, 0.75%, 11/16/53 (e)		2,956		107,359
Series 2013-63, Class IO, 0.79%, 09/16/51 (e)		21,461		1,124,029
Series 2014-40, Class AI, 1.00%, 02/16/39		6,221		118,070
Series 2014-52, Class AI, 0.83%, 08/16/41		5,413		121,688
Series 2015-171, Class IO, 0.89%, 11/16/55 (e)		11,180		704,137
Series 2015-173, Class IO, 0.89%, 09/16/55 (e)		6,832		456,335
Series 2015-22, Class IO, 0.73%, 03/16/55 (e)		11,016		597,018
Series 2015-37, Class IO, 0.85%, 10/16/56 (e)		2,751		172,377
Series 2015-48, Class IO, 0.68%, 02/16/50 (d)(e)		5,851		271,761
Series 2016-110, Class IO, 1.03%, 05/16/58 (e)		6,504		521,733

42

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Ginnie Mae: (continued)
Series 2016-113, Class IO, 1.19%, 02/16/58 (e)	USD	8,895	$	816,175
Series 2016-119, Class IO, 1.13%, 04/16/58 (e)		49,384		4,135,828
Series 2016-125, Class IO, 1.06%, 12/16/57 (e)		9,226		734,165
Series 2016-128, Class IO, 0.94%, 09/16/56 (e)		14,076		1,087,460
Series 2016-152, Class IO, 0.98%, 08/15/58 (e)		18,231		1,412,104
Series 2016-158, Class IO, 0.91%, 06/16/58 (e)		6,544		493,161
Series 2016-162, Class IO, 1.00%, 09/16/58 (e)		12,288		1,005,610
Series 2016-165, Class IO, 0.97%, 12/16/57 (e)		6,975		563,121
Series 2016-26, Class IO, 0.97%, 02/16/58 (e)		17,436		1,230,634
Series 2016-87, Class IO, 1.00%, 08/16/58 (e)		19,017		1,478,279
Series 2016-96, Class IO, 0.99%, 12/16/57 (e)		5,145		385,192
Series 2016-97, Class IO, 1.04%, 07/16/56 (e)		10,066		842,184
Series 2017-100, Class IO, 0.81%, 05/16/59 (e)		10,038		679,502
Series 2017-151, Class IO, 0.71%, 09/16/57 (d)(e)		13,650		868,172
Series 2017-86, Class IO, 0.77%, 05/16/59 (e)		6,119		404,380
Series 2018-85, Class IO, 0.52%, 07/16/60 (e)		12,083		732,885
				28,923,655
Mortgage-Backed Securities — 62.5%
Fannie Mae Mortgage-Backed Securities:
5.00%, 05/01/23-07/01/48 (s)		62,948		67,083,279
4.00%, 02/01/25-01/01/57 (s)		1,720,237		1,758,204,882
4.50%, 02/01/25-07/01/48 (s)		267,150		280,979,126
3.50%, 08/01/26-07/01/48 (s)		1,929,131		1,924,273,787
2.50%, 09/01/27-07/01/33 (s)		305,798		297,924,966
3.00%, 04/01/28-07/01/48 (s)		1,152,797		1,139,861,219
2.00%, 10/01/31-07/01/33		20,760		19,670,455
5.50%, 12/01/32-07/01/48 (s)		31,308		33,971,467
6.00%, 02/01/34-07/01/48 (s)		19,232		21,018,585
6.50%, 05/01/40		3,496		3,891,589
5.04%, 09/01/44		4,586		4,839,453
Freddie Mac Mortgage-Backed Securities:
2.50%, 02/01/24-07/01/33 (s)		111,325		108,341,511
3.00%, 09/01/27-07/01/48 (s)		298,244		290,872,965
3.50%, 09/01/30-07/01/48 (s)		358,142		359,198,293
5.50%, 02/01/35-06/01/41		4,068		4,398,550
5.00%, 07/01/35-11/01/41		13,357		14,254,955
4.50%, 02/01/39-07/01/48 (s)		151,161		158,597,899
4.00%, 08/01/40-07/01/48 (s)(t)		316,353		323,321,250
6.00%, 07/01/48 (s)		7,800		8,531,250
Ginnie Mae Mortgage-Backed Securities:
5.00%, 04/15/33-07/20/44		9,382		10,012,863
4.00%, 04/20/39-07/15/48 (s)		517,919		531,032,901

Security	Par (000)		Value
Mortgage-Backed Securities (continued)
Ginnie Mae Mortgage-Backed Securities: (continued)
4.50%, 12/20/39-07/15/48 (s)	USD	80,731	$	84,218,602
3.50%, 10/20/41-07/15/48 (s)		491,378		494,025,348
3.00%, 12/20/44-07/15/48 (s)(t)		290,886		285,423,519
5.50%, 07/15/48 (s)		5,800		6,131,461
				8,230,080,175
Total U.S. Government Sponsored Agency Securities — 63.3% (Cost: $8,391,378,898)				8,344,638,095
U.S. Treasury Obligations — 7.0%
U.S. Treasury Bonds:
4.25%, 05/15/39		21,157		25,521,458
4.50%, 08/15/39		20,531		25,600,393
4.38%, 11/15/39		20,611		25,314,495
2.88%, 05/15/43-11/15/46		106,026		104,100,497
3.63%, 08/15/43		78,415		87,408,220
3.00%, 02/15/47-02/15/48 (o)		43,047		43,195,112
2.75%, 11/15/47 (o)		215,360		205,500,545
U.S. Treasury Inflation Indexed Notes, 0.63%, 04/15/23		21,443		21,403,674
U.S. Treasury Notes:
2.38%, 03/15/21		4,255		4,229,237
2.13%, 05/15/25		39,105		37,420,124
2.00%, 08/15/25-11/15/26		129,853		122,124,056
2.25%, 11/15/25-11/15/27 (o)(u)		229,827		219,251,662
Total U.S. Treasury Obligations — 7.0% (Cost: $938,367,647)				921,069,473
Total Long-Term Investments — 136.1% (Cost: $18,152,285,595)				17,930,134,162
Short-Term Securities — 5.7%
Borrowed Bond Agreements — 0.8%(v)
Barclays Bank PLC, (5.00)%, Open (w)
(Purchased on 06/11/18 to be repurchased at EUR 199,177, collateralized by Tereos Finance Groupe I SA, 4.13% due at 06/16/23, par and fair value of EUR 200,000 and $219,570, respectively)	EUR	200		233,182
Barclays Bank PLC, (5.00)%, Open (w)
(Purchased on 06/12/18 to be repurchased at EUR 99,493, collateralized by Tereos Finance Groupe I SA, 4.13% due at 06/16/23, par and fair value of EUR 100,000 and $109,785, respectively)		100		116,463
Barclays Bank PLC, (3.80)%, Open (w)
(Purchased on 04/25/18 to be repurchased at EUR 199,961, collateralized by Altice Luxembourg SA, 7.25% due at 05/15/22, par and fair value of EUR 200,000 and $234,728, respectively)		201		235,153

43

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Borrowed Bond Agreements (continued)(v)
Barclays Bank PLC, (3.75)%, Open (w)
(Purchased on 05/03/18 to be repurchased at EUR 1,073,884, collateralized by Altice Luxembourg SA, 7.25% due at 05/15/22, par and fair value of EUR 1,070,000 and $1,255,796, respectively)	EUR	1,080	$	1,261,705
Barclays Bank PLC, (3.75)%, Open (w)
(Purchased on 05/02/18 to be repurchased at EUR 399,822, collateralized by Altice Luxembourg SA, 7.25% due at 05/15/22, par and fair value of EUR 400,000 and $469,456, respectively)		402		469,750
Barclays Bank PLC, (3.50)%, Open (w)
(Purchased on 04/12/18 to be repurchased at EUR 805,282, collateralized by Altice Luxembourg SA, 7.25% due at 05/15/22, par and fair value of EUR 800,000 and $938,912, respectively)		811		947,409
Barclays Bank PLC, (2.75)%, Open (w)
(Purchased on 06/14/18 to be repurchased at EUR 107,138, collateralized by Hapag-Lloyd AG, 6.75% due at 02/01/22, par and fair value of EUR 100,000 and $117,347, respectively)		107		125,268
Barclays Bank PLC, (2.70)%, Open (w)
(Purchased on 04/26/18 to be repurchased at EUR 494,766, collateralized by Tereos Finance Groupe I SA, 4.13% due at 06/16/23, par and fair value of EUR 500,000 and $548,925, respectively)		497		580,619
Barclays Bank PLC, (2.60)%, Open (w)
(Purchased on 05/29/18 to be repurchased at EUR 562,651, collateralized by Sunshine Mid BV, 6.50% due at 05/15/26, par and fair value of EUR 580,000 and $641,494, respectively)		564		658,539
Barclays Bank PLC, (2.50)%, Open (w)
(Purchased on 04/30/18 to be repurchased at EUR 824,604, collateralized by Hapag-Lloyd AG, 6.75% due at 02/01/22, par and fair value of EUR 770,000 and $903,568, respectively)		828		966,935
Barclays Bank PLC, (2.25)%, Open (w)
(Purchased on 05/04/18 to be repurchased at EUR 842,730, collateralized by Mobilux Finance SAS, 5.50% due at 11/15/24, par and fair value of EUR 800,000 and $898,954, respectively)		846		987,475
Barclays Bank PLC, (2.00)%, Open (w)
(Purchased on 06/12/18 to be repurchased at EUR 788,741, collateralized by Nexi Capital SpA, 4.13% due at 11/01/23, par and fair value of EUR 800,000 and $915,556, respectively)		789		921,964
Barclays Bank PLC, (1.85)%, Open (w)
(Purchased on 06/19/18 to be repurchased at EUR 469,276, collateralized by Sigma Holdco BV, 5.75% due at 05/15/26, par and fair value of EUR 490,000 and $535,349, respectively)		470		548,303
Barclays Bank PLC, (1.75)%, Open (w)
(Purchased on 05/17/18 to be repurchased at EUR 868,907, collateralized by Iliad SA, 1.88% due at 04/25/25, par and fair value of EUR 900,000 and $1,017,014, respectively)		871		1,016,886

Security	Par (000)		Value
Borrowed Bond Agreements (continued)(v)
Barclays Bank PLC, (1.75)%, Open (w)
(Purchased on 06/08/18 to be repurchased at EUR 203,866, collateralized by CMA CGM SA, 6.50% due at 07/15/22, par and fair value of EUR 200,000 and $216,641, respectively)	EUR	204	$	238,306
Barclays Bank PLC, (1.65)%, Open (w)
(Purchased on 06/08/18 to be repurchased at EUR 297,897, collateralized by Naviera Armas SA, 4.25% due at 11/15/24, par and fair value of EUR 300,000 and $343,827, respectively)		298		348,188
Barclays Bank PLC, (1.60)%, Open (w)
(Purchased on 05/08/18 to be repurchased at EUR 461,649, collateralized by Coty, Inc., 4.75% due at 04/15/26, par and fair value of EUR 460,000 and $527,627, respectively)		463		540,362
Barclays Bank PLC, (1.60)%, Open (w)
(Purchased on 05/08/18 to be repurchased at EUR 301,060, collateralized by Coty, Inc., 4.75% due at 04/15/26, par and fair value of EUR 300,000 and $344,104, respectively)		302		352,393
Barclays Bank PLC, (1.50)%, Open (w)
(Purchased on 04/26/18 to be repurchased at EUR 803,227, collateralized by Hema Bondco I BV, 6.25% due at 07/15/22, par and fair value of EUR 800,000 and $894,702, respectively)		805		940,556
Barclays Bank PLC, (1.50)%, Open (w)
(Purchased on 04/30/18 to be repurchased at EUR 795,790, collateralized by CMA CGM SA, 6.50% due at 07/15/22, par and fair value of EUR 770,000 and $834,069, respectively)		798		931,614
Barclays Bank PLC, (1.50)%, Open (w)
(Purchased on 06/07/18 to be repurchased at EUR 699,429, collateralized by ProGroup AG, 3.00% due at 03/31/26, par and fair value of EUR 700,000 and $793,959, respectively)		700		817,475
Barclays Bank PLC, (1.50)%, Open (w)
(Purchased on 05/18/18 to be repurchased at EUR 198,967, collateralized by ProGroup AG, 3.00% due at 03/31/26, par and fair value of EUR 200,000 and $226,845, respectively)		199		232,741
Barclays Bank PLC, (1.30)%, Open (w)
(Purchased on 05/18/18 to be repurchased at EUR 676,094, collateralized by LKQ European Holdings BV, 3.63% due at 04/01/26, par and fair value of EUR 675,000 and $776,938, respectively)		677		790,686
Barclays Bank PLC, (1.25)%, Open (w)
(Purchased on 06/19/18 to be repurchased at EUR 308,161, collateralized by Levi Strauss & Co., 3.38% due at 03/15/27, par and fair value of EUR 300,000 and $350,340, respectively)		308		359,996
Barclays Bank PLC, (1.15)%, Open (w)
(Purchased on 06/11/18 to be repurchased at EUR 392,420, collateralized by Daimler AG, 1.38% due at 05/11/28, par and fair value of EUR 400,000 and $454,124, respectively)		393		458,547

44

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Borrowed Bond Agreements (continued)(v)
Barclays Bank PLC, (1.10)%, Open (w)
(Purchased on 06/11/18 to be repurchased at EUR 1,010,418, collateralized by Magna International, Inc., 1.50% due at 09/25/27, par and fair value of EUR 1,000,000 and $1,175,502, respectively)	EUR	1,011	$	1,180,653
Barclays Bank PLC, (1.05)%, Open (w)
(Purchased on 06/11/18 to be repurchased at EUR 975,855, collateralized by BMW Finance NV, 1.13% due at 01/10/28, par and fair value of EUR 1,000,000 and $1,130,675, respectively)		976		1,140,236
Barclays Bank PLC, (1.00)%, Open (w)
(Purchased on 06/14/18 to be repurchased at EUR 798,839, collateralized by Grupo-Antolin Irausa SA, 3.25% due at 04/30/24, par and fair value of EUR 800,000 and $901,487, respectively)		799		933,300
Barclays Bank PLC, (1.00)%, Open (w)
(Purchased on 06/13/18 to be repurchased at EUR 353,063, collateralized by HeidelbergCement Finance Luxembourg SA, 1.75% due at 04/24/28, par and fair value of EUR 360,000 and $415,054, respectively)		353		412,503
Barclays Bank PLC, (1.00)%, Open (w)
(Purchased on 06/07/18 to be repurchased at EUR 332,563, collateralized by HeidelbergCement Finance Luxembourg SA, 1.75% due at 04/24/28, par and fair value of EUR 340,000 and $391,996, respectively)		333		388,584
Barclays Bank PLC, (1.00)%, Open (w)
(Purchased on 06/06/18 to be repurchased at EUR 216,110, collateralized by HeidelbergCement Finance Luxembourg SA, 1.75% due at 04/24/28, par and fair value of EUR 220,000 and $253,644, respectively)		216		252,535
Barclays Bank PLC, (0.95)%, Open (w)
(Purchased on 06/05/18 to be repurchased at EUR 300,243, collateralized by ProGroup AG, 3.00% due at 03/31/26, par and fair value of EUR 300,000 and $340,268, respectively)		300		350,846
Barclays Bank PLC, (0.90)%, Open (w)
(Purchased on 05/15/18 to be repurchased at EUR 691,700, collateralized by Gestamp Automocion SA, 3.25% due at 04/30/26, par and fair value of EUR 700,000 and $779,817, respectively)		692		808,678
Barclays Bank PLC, (0.90)%, Open (w)
(Purchased on 05/16/18 to be repurchased at EUR 592,440, collateralized by Gestamp Automocion SA, 3.25% due at 04/30/26, par and fair value of EUR 600,000 and $668,414, respectively)		593		692,613
Barclays Bank PLC, (0.90)%, Open (w)
(Purchased on 06/19/18 to be repurchased at EUR 96,279, collateralized by Sigma Holdco BV, 5.75% due at 05/15/26, par and fair value of EUR 100,000 and $109,254, respectively)		96		112,465
Barclays Bank PLC, (0.25)%, Open (w)
(Purchased on 05/24/18 to be repurchased at $515,493, collateralized by Bank of Communications Co. Ltd., 5.00% (n), par and fair value of USD 500,000 and $495,625, respectively)	USD	516		515,625

Security	Par (000)		Value
Borrowed Bond Agreements (continued)(v)
Barclays Bank PLC, 0.42%, Open (w)
(Purchased on 01/31/18 to be repurchased at GBP 1,377,613, collateralized by United Kingdom Gilt, 3.50% due at 07/22/68, par and fair value of GBP 860,000 and $1,887,170, respectively)	GBP	1,375	$	1,814,926
Barclays Capital, Inc., (4.00)%, Open (w)
(Purchased on 06/06/18 to be repurchased at $452,540, collateralized by Hertz Corp., 6.25% due at 10/15/22, par and fair value of USD 500,000 and $445,000, respectively)	USD	454		453,750
Barclays Capital, Inc., 1.50%, Open (w)
(Purchased on 03/23/18 to be repurchased at $2,885,114, collateralized by Deutsche Bank AG, 6.25% (n), par and fair value of USD 2,800,000 and $2,479,243, respectively)		2,874		2,873,500
Barclays Capital, Inc., 1.60%, Open (w)
(Purchased on 05/24/18 to be repurchased at $2,445,515, 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 $2,377,250, respectively)		2,442		2,441,500
BNP Paribas Securities Corp., (8.00)%, Open (w)
(Purchased on 06/07/18 to be repurchased at EUR 818,187, collateralized by Rallye SA, 5.00% due at 10/15/18, par and fair value of EUR 800,000 and $920,227, respectively)	EUR	822		959,746
BNP Paribas Securities Corp., (4.00)%, Open (w)
(Purchased on 05/02/18 to be repurchased at EUR 1,003,203, collateralized by Altice Luxembourg SA, 7.25% due at 05/15/22, par and fair value of EUR 1,000,000 and $1,173,640, respectively)		1,010		1,179,140
BNP Paribas Securities Corp., (2.10)%, Open (w)
(Purchased on 06/06/18 to be repurchased at EUR 298,060, collateralized by Cellnex Telecom SA, 2.88% due at 04/18/25, par and fair value of EUR 300,000 and $354,022, respectively)		298		348,542
BNP Paribas Securities Corp., (1.60)%, Open (w)
(Purchased on 06/11/18 to be repurchased at EUR 397,002, collateralized by Naviera Armas SA, 4.25% due at 11/15/24, par and fair value of EUR 400,000 and $458,437, respectively)		397		463,991
BNP Paribas Securities Corp., (1.60)%, Open (w)
(Purchased on 06/07/18 to be repurchased at EUR 204,618, collateralized by CMA CGM SA, 6.50% due at 07/15/22, par and fair value of EUR 200,000 and $216,641, respectively)		205		239,166
BNP Paribas Securities Corp., (0.70)%, Open (w)
(Purchased on 06/05/18 to be repurchased at EUR 3,907,925, collateralized by Kingdom of Spain, 1.40% due at 04/30/28, par and fair value of EUR 3,900,000 and $4,583,747, respectively)		3,910		4,565,811
Citigroup Global Markets, Inc., 1.25%, Open (w)
(Purchased on 04/23/18 to be repurchased at $336,639, collateralized by Everi Payments, Inc., 7.50% due at 12/15/25, par and fair value of USD 321,000 and $321,802, respectively)	USD	336		335,846

45

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Borrowed Bond Agreements (continued)(v)
Citigroup Global Markets, Inc., 1.30%, Open (w)
(Purchased on 06/06/18 to be repurchased at $853,744, collateralized by Hertz Corp., 7.63% due at 06/01/22, par and fair value of USD 876,000 and $840,960, respectively)	USD	853	$	853,005
Deutsche Bank AG, (0.40)%, 09/18/18
(Purchased on 06/14/18 to be repurchased at JPY 1,091,353,253, 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 $9,881,710, respectively)	JPY	1,092,470		9,867,407
J.P. Morgan Securities PLC, (3.00)%, Open (w)
(Purchased on 06/22/18 to be repurchased at EUR 291,794, collateralized by Iliad SA, 1.88% due at 04/25/25, par and fair value of EUR 300,000 and $339,005, respectively)	EUR	292		340,928
J.P. Morgan Securities PLC, (2.70)%, Open (w)
(Purchased on 04/16/18 to be repurchased at EUR 1,286,059, collateralized by Altice Luxembourg SA, 7.25% due at 05/15/22, par and fair value of EUR 1,260,000 and $1,478,787, respectively)		1,293		1,510,242
J.P. Morgan Securities PLC, (2.60)%, Open (w)
(Purchased on 04/18/18 to be repurchased at EUR 1,129,866, collateralized by Altice Luxembourg SA, 7.25% due at 05/15/22, par and fair value of EUR 1,100,000 and $1,291,004, respectively)		1,136		1,326,356
J.P. Morgan Securities PLC, (2.20)%, Open (w)
(Purchased on 06/18/18 to be repurchased at EUR 157,436, collateralized by Sunshine Mid BV, 6.50% due at 05/15/26, par and fair value of EUR 160,000 and $176,964, respectively)		158		183,978
J.P. Morgan Securities PLC, (2.00)%, Open (w)
(Purchased on 06/19/18 to be repurchased at EUR 194,421, collateralized by Sigma Holdco BV, 5.75% due at 05/15/26, par and fair value of EUR 200,000 and $218,510, respectively)		195		227,184
J.P. Morgan Securities PLC, (1.65)%, Open (w)
(Purchased on 02/23/18 to be repurchased at EUR 438,241, collateralized by Vallourec SA, 6.63% due at 10/15/22, par and fair value of EUR 410,000 and $485,264, respectively)		441		514,703
J.P. Morgan Securities PLC, (1.65)%, Open (w)
(Purchased on 06/25/18 to be repurchased at EUR 199,226, collateralized by Mobilux Finance SAS, 5.50% due at 11/15/24, par and fair value of EUR 200,000 and $224,738, respectively)		199		232,700
J.P. Morgan Securities PLC, (1.65)%, Open (w)
(Purchased on 05/29/18 to be repurchased at EUR 167,174, collateralized by Sunshine Mid BV, 6.50% due at 05/15/26, par and fair value of EUR 170,000 and $188,024, respectively)		167		195,504
J.P. Morgan Securities PLC, (1.60)%, Open (w)
(Purchased on 05/18/18 to be repurchased at EUR 901,305, collateralized by ProGroup AG, 3.00% due at 03/31/26, par and fair value of EUR 900,000 and $1,020,805, respectively)		903		1,054,420

Security	Par (000)		Value
Borrowed Bond Agreements (continued)(v)
J.P. Morgan Securities PLC, (1.60)%, Open (w)
(Purchased on 05/25/18 to be repurchased at EUR 402,070, collateralized by Naviera Armas SA, 4.25% due at 11/15/24, par and fair value of EUR 400,000 and $458,437, respectively)	EUR	403	$	470,228
J.P. Morgan Securities PLC, (1.60)%, Open (w)
(Purchased on 06/06/18 to be repurchased at EUR 399,498, collateralized by ProGroup AG, 3.00% due at 03/31/26, par and fair value of EUR 400,000 and $453,691, respectively)		400		467,012
J.P. Morgan Securities PLC, (1.50)%, Open (w)
(Purchased on 06/05/18 to be repurchased at EUR 704,019, collateralized by Cellnex Telecom SA, 2.88% due at 04/18/25, par and fair value of EUR 700,000 and $826,051, respectively)		705		822,977
J.P. Morgan Securities PLC, (1.50)%, Open (w)
(Purchased on 05/18/18 to be repurchased at EUR 300,468, collateralized by ProGroup AG, 3.00% due at 03/31/26, par and fair value of EUR 300,000 and $340,268, respectively)		301		351,473
J.P. Morgan Securities PLC, (1.50)%, Open (w)
(Purchased on 06/06/18 to be repurchased at EUR 300,659, collateralized by Cellnex Telecom SA, 2.88% due at 04/18/25, par and fair value of EUR 300,000 and $354,022, respectively)		301		351,446
J.P. Morgan Securities PLC, (1.40)%, Open (w)
(Purchased on 04/25/18 to be repurchased at EUR 411,058, collateralized by Cellnex Telecom SA, 2.88% due at 04/18/25, par and fair value of EUR 400,000 and $472,029, respectively)		412		481,250
J.P. Morgan Securities PLC, (1.35)%, Open (w)
(Purchased on 05/18/18 to be repurchased at EUR 1,065,519, collateralized by Iliad SA, 1.88% due at 04/25/25, par and fair value of EUR 1,100,000 and $1,243,018, respectively)		1,067		1,246,231
J.P. Morgan Securities PLC, (1.35)%, Open (w)
(Purchased on 12/14/17 to be repurchased at EUR 848,542, collateralized by Altice Luxembourg SA, 7.25% due at 05/15/22, par and fair value of EUR 830,000 and $974,122, respectively)		855		998,228
J.P. Morgan Securities PLC, (1.35)%, Open (w)
(Purchased on 05/10/18 to be repurchased at EUR 513,847, collateralized by Cellnex Telecom SA, 2.88% due at 04/18/25, par and fair value of EUR 500,000 and $590,036, respectively)		515		601,154
J.P. Morgan Securities PLC, (1.35)%, Open (w)
(Purchased on 12/14/17 to be repurchased at EUR 306,487, collateralized by Altice Luxembourg SA, 7.25% due at 05/15/22, par and fair value of EUR 300,000 and $352,092, respectively)		309		360,594

46

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Borrowed Bond Agreements (continued)(v)
J.P. Morgan Securities PLC, (1.25)%, Open (w)
(Purchased on 06/08/18 to be repurchased at EUR 811,983, collateralized by Daimler International Finance BV, 1.00% due at 11/11/25, par and fair value of EUR 820,000 and $937,419, respectively)	EUR	813	$	948,861
J.P. Morgan Securities PLC, (1.20)%, Open (w)
(Purchased on 06/14/18 to be repurchased at EUR 381,523, collateralized by CMA CGM SA, 6.50% due at 07/15/22, par and fair value of EUR 370,000 and $400,786, respectively)		382		445,781
J.P. Morgan Securities PLC, (1.15)%, Open (w)
(Purchased on 06/07/18 to be repurchased at EUR 827,233, collateralized by AP Moller - Maersk A/S, 1.75% due at 03/16/26, par and fair value of EUR 835,000 and $956,843, respectively)		828		966,661
J.P. Morgan Securities PLC, (1.15)%, Open (w)
(Purchased on 06/06/18 to be repurchased at EUR 164,143, collateralized by AP Moller - Maersk A/S, 1.75% due at 03/16/26, par and fair value of EUR 165,000 and $189,077, respectively)		164		191,827
J.P. Morgan Securities PLC, (1.10)%, Open (w)
(Purchased on 03/28/18 to be repurchased at EUR 1,560,948, collateralized by Carlsberg Breweries A/S, 2.50% due at 05/28/24, par and fair value of EUR 1,400,000 and $1,781,313, respectively)		1,565		1,827,847
J.P. Morgan Securities PLC, (1.05)%, Open (w)
(Purchased on 06/11/18 to be repurchased at EUR 794,824, collateralized by Gestamp Automocion SA, 3.25% due at 04/30/26, par and fair value of EUR 800,000 and $891,219, respectively)		795		928,685
J.P. Morgan Securities PLC, (1.05)%, Open (w)
(Purchased on 06/28/18 to be repurchased at EUR 674,934, collateralized by Gestamp Automocion SA, 3.25% due at 04/30/26, par and fair value of EUR 700,000 and $779,817, respectively)		675		788,234
J.P. Morgan Securities PLC, (1.05)%, Open (w)
(Purchased on 06/26/18 to be repurchased at EUR 195,040, collateralized by Gestamp Automocion SA, 3.25% due at 04/30/26, par and fair value of EUR 200,000 and $222,805, respectively)		195		227,795
J.P. Morgan Securities PLC, (1.00)%, Open (w)
(Purchased on 02/22/18 to be repurchased at EUR 750,624, collateralized by Vallourec SA, 6.63% due at 10/15/22, par and fair value of EUR 700,000 and $828,500, respectively)		753		879,633
J.P. Morgan Securities PLC, (1.00)%, Open (w)
(Purchased on 06/11/18 to be repurchased at EUR 592,070, collateralized by Daimler AG, 1.38% due at 05/11/28, par and fair value of EUR 600,000 and $681,187, respectively)		592		691,786
J.P. Morgan Securities PLC, (1.00)%, Open (w)
(Purchased on 06/20/18 to be repurchased at EUR 310,834, collateralized by Levi Strauss & Co., 3.38% due at 03/15/27, par and fair value of EUR 300,000 and $350,340, respectively)		311		363,093

Security	Par (000)		Value
Borrowed Bond Agreements (continued)(v)
J.P. Morgan Securities PLC, (0.95)%, Open (w)
(Purchased on 06/05/18 to be repurchased at EUR 1,258,185, collateralized by Autostrade per l’Italia SpA, 1.88% due at 09/26/29, par and fair value of EUR 1,300,000 and $1,433,092, respectively)	EUR	1,259	$	1,470,241
J.P. Morgan Securities PLC, (0.95)%, Open (w)
(Purchased on 06/06/18 to be repurchased at EUR 1,028,306, collateralized by Levi Strauss & Co., 3.38% due at 03/15/27, par and fair value of EUR 1,000,000 and $1,167,803, respectively)		1,029		1,201,587
J.P. Morgan Securities PLC, (0.85)%, Open (w)
(Purchased on 06/26/18 to be repurchased at EUR 999,069, collateralized by AIB Group PLC, 1.50% due at 03/29/23, par and fair value of EUR 1,000,000 and $1,158,278, respectively)		999		1,166,797
J.P. Morgan Securities PLC, (0.85)%, Open (w)
(Purchased on 06/06/18 to be repurchased at EUR 991,877, collateralized by Rolls-Royce PLC, 1.63% due at 05/09/28, par and fair value of EUR 1,000,000 and $1,163,922, respectively)		992		1,158,944
J.P. Morgan Securities PLC, (0.85)%, Open (w)
(Purchased on 06/08/18 to be repurchased at EUR 789,322, collateralized by Telefonica Emisiones SAU, 1.72% due at 01/12/28, par and fair value of EUR 800,000 and $907,531, respectively)		790		922,185
J.P. Morgan Securities PLC, (0.85)%, Open (w)
(Purchased on 05/21/18 to be repurchased at EUR 731,906, collateralized by LKQ European Holdings BV, 3.63% due at 04/01/26, par and fair value of EUR 725,000 and $834,490, respectively)		733		855,529
J.P. Morgan Securities PLC, (0.85)%, Open (w)
(Purchased on 06/06/18 to be repurchased at EUR 540,926, collateralized by Koninklijke Philips NV, 1.38% due at 05/02/28, par and fair value of EUR 545,000 and $634,033, respectively)		541		632,037
J.P. Morgan Securities PLC, (0.85)%, Open (w)
(Purchased on 06/07/18 to be repurchased at EUR 450,181, collateralized by Koninklijke Philips NV, 1.38% due at 05/02/28, par and fair value of EUR 455,000 and $529,331, respectively)		450		525,971
J.P. Morgan Securities PLC, (0.80)%, Open (w)
(Purchased on 06/05/18 to be repurchased at EUR 1,307,337, collateralized by Heineken NV, 1.50% due at 10/03/29, par and fair value of EUR 1,300,000 and $1,509,326, respectively)		1,308		1,527,525
J.P. Morgan Securities PLC, (0.80)%, Open (w)
(Purchased on 06/26/18 to be repurchased at EUR 805,643, collateralized by Vodafone Group PLC, 1.88% due at 11/20/29, par and fair value of EUR 800,000 and $923,716, respectively)		806		940,894

47

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Borrowed Bond Agreements (continued)(v)
J.P. Morgan Securities PLC, (0.80)%, Open (w)
(Purchased on 05/30/18 to be repurchased at EUR 764,319, collateralized by NN Group NV, 4.63% due at 01/13/48, par and fair value of EUR 700,000 and $857,624, respectively)	EUR	765	$	893,168
J.P. Morgan Securities PLC, (0.80)%, Open (w)
(Purchased on 05/17/18 to be repurchased at EUR 725,840, collateralized by Vodafone Group PLC, 1.88% due at 11/20/29, par and fair value of EUR 740,000 and $854,437, respectively)		727		848,410
J.P. Morgan Securities PLC, (0.80)%, Open (w)
(Purchased on 05/30/18 to be repurchased at EUR 704,733, collateralized by BAT International Finance PLC, 2.25% due at 01/16/30, par and fair value of EUR 700,000 and $813,843, respectively)		705		823,538
J.P. Morgan Securities PLC, (0.80)%, Open (w)
(Purchased on 05/30/18 to be repurchased at EUR 675,574, collateralized by Volkswagen International Finance NV, 3.50% (n), par and fair value of EUR 700,000 and $736,737, respectively)		676		789,463
J.P. Morgan Securities PLC, (0.80)%, Open (w)
(Purchased on 05/30/18 to be repurchased at EUR 674,739, collateralized by AXA SA, 3.25% (n), par and fair value of EUR 700,000 and $784,274, respectively)		675		788,487
J.P. Morgan Securities PLC, (0.80)%, Open (w)
(Purchased on 05/24/18 to be repurchased at EUR 589,581, collateralized by Vodafone Group PLC, 1.88% due at 11/20/29, par and fair value of EUR 600,000 and $692,787, respectively)		590		689,035
J.P. Morgan Securities PLC, (0.80)%, Open (w)
(Purchased on 06/05/18 to be repurchased at EUR 528,471, collateralized by Volkswagen International Finance NV, 3.88% (n), par and fair value of EUR 500,000 and $559,085, respectively)		529		617,479
J.P. Morgan Securities PLC, (0.80)%, Open (w)
(Purchased on 06/05/18 to be repurchased at EUR 308,861, collateralized by Levi Strauss & Co., 3.38% due at 03/15/27, par and fair value of EUR 300,000 and $350,340, respectively)		309		360,881
J.P. Morgan Securities PLC, (0.60)%, Open (w)
(Purchased on 06/04/18 to be repurchased at EUR 1,217,367, collateralized by Buoni Poliennali Del Tesoro, 0.95% due at 03/01/23, par and fair value of EUR 1,250,000 and $1,409,052, respectively)		1,218		1,422,259
J.P. Morgan Securities PLC, 0.00%, Open (w)
(Purchased on 06/28/18 to be repurchased at EUR 797,415, collateralized by Nexi Capital SpA, 3.63% due at 05/01/23, par and fair value of EUR 800,000 and $920,227, respectively)		797		931,223
J.P. Morgan Securities PLC, 1.40%, Open (w)
(Purchased on 06/14/18 to be repurchased at $527,785, collateralized by Industrial & Commercial Bank of China Ltd., 6.00% (n), par and fair value of USD 500,000 and $511,865, respectively)		USD 527		527,457

Security	Par (000)		Value
Borrowed Bond Agreements (continued)(v)
Merrill Lynch, Pierce, Fenner & Smith, Inc., 2.13%, 07/02/18
(Purchased on 06/29/18 to be repurchased at $5,067,612, collateralized by U.S. Treasury Notes, 2.50% due at 01/31/25, par and fair value of USD 5,105,000 and $5,011,874, respectively)	USD	5,067	$	5,066,712
Merrill Lynch, Pierce, Fenner & Smith, Inc., 2.15%, 07/02/18
(Purchased on 06/29/18 to be repurchased at $4,613,585, collateralized by U.S. Treasury Notes, 2.75% due at 02/15/28, par and fair value of USD 4,607,000 and $4,567,589, respectively)		4,613		4,612,759
Nomura International PLC, 1.40%, Open (w)
(Purchased on 06/06/18 to be repurchased at $2,165,457, collateralized by Eskom Holdings SOC Ltd., 5.75% due at 01/26/21, par and fair value of USD 2,150,000 and $2,074,647, respectively)		2,163		2,163,437
Nomura Securities International, Inc., 0.00%, Open (w)
(Purchased on 06/29/18 to be repurchased at $1,177,500, collateralized by Eskom Holdings SOC Ltd., 6.75% due at 08/06/23, par and fair value of USD 1,200,000 and $1,146,000, respectively)		1,178		1,177,500
Nomura Securities International, Inc., 1.60%, Open (w)
(Purchased on 06/26/18 to be repurchased at $396,570, collateralized by Eskom Holdings SOC Ltd., 6.75% due at 08/06/23, par and fair value of USD 400,000 and $382,000, respectively)		397		396,500
RBC Capital Markets, LLC, 0.45%, Open (w)
(Purchased on 05/29/18 to be repurchased at $1,356,217, collateralized by Weatherford International Ltd., 7.75% due at 06/15/21, par and fair value of USD 1,285,000 and $1,321,944, respectively)		1,356		1,355,675
RBC Capital Markets, LLC, 1.10%, Open (w)
(Purchased on 04/13/18 to be repurchased at $2,679,007, collateralized by Southwestern Energy Co., 7.75% due at 10/01/27, par and fair value of USD 2,570,000 and $2,666,375, respectively)		2,673		2,672,800
Total Borrowed Bond Agreements — 0.8% (Cost: $105,824,174)				104,800,187

48

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Certificates of Deposit — 1.3%
BNP Paribas SA, 2.66% (x)	USD	26,290	$	26,300,517
Canadian Imperial Bank of Commerce, 2.66% (x)		26,290		26,293,342
MUFG Bank Ltd., 2.68% (x)		26,270		26,287,945
Royal Bank of Canada, 2.54% (x)		26,290		26,296,091
Toronto-Dominion Bank, 2.53% (x)		26,290		26,304,270
Wells Fargo Bank NA:
2.56% (x)		26,270		26,286,248
2.70% (x)		12,710		12,717,010
Total Certificates of Deposit — 1.3% (Cost: $170,409,980)				170,485,423
Commercial Paper — 0.8%
AT&T Inc.:
0.00%		17,620		17,408,795
0.00%		17,700		17,356,061
J.P. Morgan Securities LLC, 2.53%		26,270		26,276,037
Societe Generale SA, 0.00%		26,290		25,744,019
Sumitomo Mitsui Banking Corp., 0.00%		26,290		25,741,544
Total Commercial Paper — 0.8% (Cost: $112,500,785)				112,526,456
Foreign Government Obligations — 2.0%
Federal Republic of Nigeria Treasury Bills, 14.81% (y)	NGN	461,802		1,160,330
Government of Japan Treasury Bills:
(0.14)% (y)	JPY	14,500,100		130,996,226
(0.13)% (y)		13,999,950		126,468,428
Total Foreign Government Obligations — 2.0% (Cost: $259,838,643)				258,624,984
	Shares
Mutual Funds — 0.6%
BlackRock Liquidity Funds, T-Fund, Institutional Class, 1.85% (z)(ac)		65,933,690		65,933,690
SL Liquidity Series, LLC, Money Market Series, 2.15% (z)(aa)(ac)		14,783,883		14,785,362
Total Mutual Funds — 0.6% (Cost — $80,718,636)				80,719,052
	Par (000)
U.S. Treasury Obligations — 0.0%
U.S. Treasury Bills, 1.79% (y)(ab)	USD	1,000		999,862
Total U.S. Treasury Obligations — 0.0% (Cost: $999,851)				999,862
Total Short-Term Investments — 5.5% (Cost: $730,292,069)				728,155,964
Options Purchased — 0.3%
(Cost: $44,683,814)				35,718,490
Total Investments Before Options Written, TBA Sale Commitments, Borrowed Bonds and Investments Sold Short — 141.9% (Cost: $18,927,261,478)				18,694,008,616

Security	Par (000)		Value
TBA Sale Commitments — (31.4)%(s)
Mortgage-Backed Securities — (31.4)%
Fannie Mae Mortgage-Backed Securities:
2.00%, 07/01/33	USD	21,320	$	(20,189,925	)
2.50%, 07/01/33		104,951		(101,999,515	)
3.00%, 07/01/33		3,995		(3,967,646	)
3.50%, 07/01/33-07/01/48		2,502,947		(2,490,940,621	)
4.00%, 07/01/33-07/01/48		1,260,982		(1,285,594,481	)
5.00%, 07/01/48		1,799		(1,905,700	)
Freddie Mac Mortgage-Backed Securities:
3.50%, 07/01/33		19,541		(19,759,879	)
4.00%, 07/01/48		98,244		(100,137,240	)
Ginnie Mae Mortgage-Backed Securities:
3.00%, 07/15/48		6,378		(6,239,851	)
3.50%, 07/15/48		62,000		(62,238,551	)
4.00%, 07/15/48		46,400		(47,556,376	)
Total TBA Sale Commitments — (31.4)% (Proceeds: $4,127,917,491)				(4,140,529,785	)
Options Written — (0.1)%
(Premiums Received: $16,954,339)				(14,627,646	)
Borrowed Bonds — (0.8)%
Corporate Bonds — (0.6)%
Aerospace & Defense — (0.0)%
Rolls-Royce PLC, 1.63%, 05/09/28	EUR	1,000		(1,163,922	)
Auto Components — (0.1)%
Gestamp Automocion SA, 3.25%, 04/30/26		3,000		(3,342,072	)
Grupo-Antolin Irausa SA, 3.25%, 04/30/24		800		(901,487	)
Magna International, Inc., 1.50%, 09/25/27		1,000		(1,175,502	)
				(5,419,061	)
Automobiles — (0.1)%
BMW Finance NV, 1.13%, 01/10/28		1,000		(1,130,675	)
Daimler AG, 1.38%, 05/11/28		1,000		(1,135,311	)
Daimler International Finance BV, 1.00%, 11/11/25		820		(937,419	)
Volkswagen International Finance NV,
(15 yr. Euro Swap + 3.060%), 3.50% (m)(n)		700		(736,737	)
(10 yr. Euro Swap + 3.370%), 3.88% (m)(n)		500		(559,085	)
				(4,499,227	)
Banks — (0.0)%
AIB Group PLC, 1.50%, 03/29/23		1,000		(1,158,278	)
Bank of Communications Co. Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 3.344%), 5.00% (m)(n)	USD	500		(495,625	)
				(1,653,903	)
Beverages — (0.0)%
Carlsberg Breweries A/S, 2.50%, 05/28/24	EUR	1,400		(1,781,313	)
Heineken NV, 1.50%, 10/03/29		1,300		(1,509,326	)
Sunshine Mid BV, 6.50%, 05/15/26		910		(1,006,482	)
				(4,297,121	)
Capital Markets — (0.0)%
Deutsche Bank AG, (5 yr. Swap Semi 30/360 US + 4.358%), 6.25% (m)(n)	USD	2,800		(2,479,243	)
Containers & Packaging — (0.0)%
ProGroup AG, 3.00%, 03/31/26	EUR	2,800		(3,175,836	)

49

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security	Par (000)		Value
Corporate Bonds (continued)
Diversified Financial Services — (0.1)%
BAT International Finance PLC, 2.25%, 01/16/30	EUR	700	$	(813,843	)
HeidelbergCement Finance Luxembourg SA, 1.75%, 04/24/28		920		(1,060,694	)
LKQ European Holdings BV, 3.63%, 04/01/26		1,400		(1,611,428	)
Nexi Capital SpA,
(3 mo. EURIBOR + 3.625%), 3.63%, 05/01/23 (a)		800		(920,227	)
4.13%, 11/01/23		800		(915,556	)
				(5,321,748	)
Diversified Telecommunication Services — (0.1)%
Cellnex Telecom SA, 2.88%, 04/18/25		2,200		(2,596,160	)
Iliad SA, 1.88%, 04/25/25		2,300		(2,599,037	)
Telefonica Emisiones SAU, 1.72%, 01/12/28		800		(907,531	)
				(6,102,728	)
Energy Equipment & Services — (0.0)%
Vallourec SA, 6.63%, 10/15/22		1,110		(1,313,764	)
Weatherford International Ltd., 7.75%, 06/15/21	USD	1,285		(1,321,944	)
				(2,635,708	)
Food & Staples Retailing — (0.0)%
Rallye SA, 5.00%, 10/15/18	EUR	800		(920,227	)
Food Products — (0.0)%
Sigma Holdco BV, 5.75%, 05/15/26		790		(863,113	)
Tereos Finance Groupe I SA, 4.13%, 06/16/23		800		(878,280	)
				(1,741,393	)
Health Care Equipment & Supplies — (0.0)%
Koninklijke Philips NV, 1.38%, 05/02/28		1,000		(1,163,364	)
Hotels, Restaurants & Leisure — (0.0)%
Everi Payments, Inc., 7.50%, 12/15/25 (b)	USD	321		(321,802	)
Insurance — (0.0)%
AXA SA, (3 mo. EURIBOR + 3.200%), 3.25%, 05/28/49 (m)	EUR	700		(784,274	)
NN Group NV, (3 mo. EURIBOR + 4.950%), 4.63%, 01/13/48 (m)		700		(857,624	)
				(1,641,898	)
Marine — (0.0)%
AP Moller — Maersk A/S, 1.75%, 03/16/26		1,000		(1,145,920	)
CMA CGM SA, 6.50%, 07/15/22		1,540		(1,668,137	)
Naviera Armas SA, (3 mo. EURIBOR + 4.250%), 4.25%, 11/15/24 (a)		1,100		(1,260,701	)
				(4,074,758	)
Media — (0.1)%
Altice Luxembourg SA, 7.25%, 05/15/22		6,960		(8,168,537	)
Multiline Retail — (0.0)%
Hema Bondco I BV, (3 mo. EURIBOR + 6.250%), 6.25%, 07/15/22 (a)		800		(894,702	)
Oil, Gas & Consumable Fuels — (0.1)%
Southwestern Energy Co., 7.75%, 10/01/27	USD	2,570		(2,666,375	)
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp., 8.75%, 04/15/23 (b)		2,570		(2,377,250	)
				(5,043,625	)
Personal Products — (0.0)%
Coty, Inc., 4.75%, 04/15/26	EUR	760		(871,731	)
Road & Rail — (0.0)%
Hertz Corp., 7.63%, 06/01/22 (b)	USD	876		(840,960	)
6.25%, 10/15/22		500		(445,000	)
				(1,285,960	)

Security	Par (000)		Value
Corporate Bonds (continued)
Specialty Retail — (0.0)%
Mobilux Finance SAS, 5.50%, 11/15/24	EUR	1,000	$	(1,123,692	)
Textiles, Apparel & Luxury Goods — (0.0)%
Levi Strauss & Co., 3.38%, 03/15/27		1,900		(2,218,823	)
Transportation Infrastructure — (0.0)%
Autostrade per l’Italia SpA, 1.88%, 09/26/29		1,300		(1,433,092	)
Hapag-Lloyd AG, 6.75%, 02/01/22		870		(1,020,915	)
				(2,454,007	)
Wireless Telecommunication Services — (0.0)%
Vodafone Group PLC, 1.88%, 11/20/29		2,140		(2,470,940	)
Total Corporate Bonds — (0.6)% (Proceeds — $73,429,989)				(71,143,956	)
Foreign Agency Obligations — (0.0)%
Hong Kong — (0.0)%
Industrial & Commercial Bank of China Ltd., (5 yr. US Treasury Yield Curve Rate T Note Constant Maturity + 4.382%), 6.00% (m)(n)	USD	500		(511,865	)
South Africa — (0.0)%
Eskom Holdings SOC Ltd.,
5.75%, 01/26/21		2,150		(2,074,647	)
6.75%, 08/06/23		400		(382,000	)
				(2,456,647	)
Total Foreign Agency Obligations — (0.0)% (Proceeds — $3,017,831)				(2,968,512	)
Foreign Government Obligations — (0.1)%
Italy — (0.0)%
Buoni Poliennali Del Tesoro, 0.95%, 03/01/23	EUR	1,250		(1,409,052	)
Japan — (0.1)%
Government of Japan (20-Year Bond), 0.60%, 09/20/37	JPY	1,070,000		(9,881,710	)
Spain — (0.0)%
Kingdom of Spain, 1.40%, 04/30/28 (b)	EUR	3,900		(4,583,747	)
United Kingdom — (0.0)%
United Kingdom Gilt, 3.50%, 07/22/68	GBP	860		(1,887,170	)
Total Foreign Government Obligations — (0.1)% (Proceeds — $17,522,798)				(17,761,679	)
U.S. Treasury Obligations — (0.1)%
U.S. Treasury Notes,
2.50%, 01/31/25	USD	5,105		(5,011,874	)
2.75%, 02/15/28		4,607		(4,567,589	)
Total U.S. Treasury Obligations — (0.1)% (Proceeds — $9,522,800)				(9,579,463	)
Total Borrowed Bonds — (0.8)% (Proceeds — $103,493,418)				(101,453,610	)
Investments Sold Short — 0.0%
Foreign Agency Obligations — (0.0)%
South Africa — (0.0)%
Eskom Holdings SOC Ltd., 6.75%, 08/06/23		800		(764,000	)
Total Investments Sold Short — (0.0)% (Proceeds — $760,000)				(764,000	)
Total Investments Net of Options Written, TBA Sale Commitments, Borrowed Bonds and Investments Sold Short — 109.6%				14,436,633,575
Liabilities in Excess of Other Assets — (9.6)%				(1,259,603,072	)
Net Assets — 100.0%			$	13,177,030,503

50

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

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

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

^(c)  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)  Non-income producing security.

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

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

⁽ⁱ⁾  Convertible security.

^(j)  Zero-coupon bond.

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

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

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

⁽ⁿ⁾  Perpetual security with no stated maturity date.

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

^(p)  Fixed rate.

^(q)  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.

^(r)  When-issued security.

^(s)  Represents or includes a TBA transaction.

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

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

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

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

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

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

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

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

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

^(ac)  During the period ended June 30, 2018, investments in issuers considered to be affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliated persons and/or related parties	Par/Shares Held at 09/30/17		Par/Shares Purchased			Par/Shares Sold			Par/Shares Held at 06/30/18		Value at 06/30/18		Income			Net Realized Gain (Loss)(a)			Change in Unrealized Appreciation (Depreciation)
BlackRock Capital Finance LP, Series 1997-R2, Class AP	$	3,374	$	—		$	—		$	3,374	$	3,126	$	—		$	—		$	143
BlackRock Liquidity Funds, T-Fund, Institutional Class		—		65,933,690	(b)		—			65,933,690		65,933,690		316,015			—			—
iShares China Large-Cap ETF		56,865		57,470			(114,335	)		—		—		—			414,744			(301,385	)
iShares Core MSCI Emerging Markets ETF		535,577		493,296			(1,028,873	)		—		—		206,393			1,008,620			(642,122	)
iShares iBoxx $ High Yield Corporate Bond ETF		1,286,000		2,814,820			(4,100,820	)		—		—		3,453,445			(573,704	)		(444,056	)
iShares JPMorgan USD Emerging Markets Bond ETF		—		1,181,638			—			1,181,638		126,163,489		533,628			—			(1,736,906	)
iShares Russell 2000 ETF		—		311,420			(311,420	)		—		—		—			(944,159	)		—
iShares U.S. Home Construction ETF		—		27,800			(27,800	)		—		—		—			(46,623	)		—
SL Liquidity Series, LLC, Money Market Series		105,456,022		—			(90,672,139	)(c)		14,783,883		14,785,362		790,112	(d)		(7,865	)		416
											$	206,885,667	$	5,299,593		$	(148,987	)	$	(3,123,910	)

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

^(b)  Represents net shares purchased.

^(c)  Represents net shares sold.

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

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

51

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

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

Barclays Capital, Inc.

1.50%

05/22/18

Open

$

966,718

$

968,329

Corporate Bonds

Open/Demand(a)

Wells Fargo Securities, LLC

2.06%

06/18/18

07/03/18

150,900,000

151,020,888

U.S. Treasury Obligations

Up to 30 Days

Credit Suisse Securities (USA) LLC

0.50%

06/28/18

Open

242,650

242,660

Corporate Bonds

Open/Demand(a)

J.P. Morgan Securities LLC

2.20%

06/29/18

07/02/18

206,745,600

206,783,503

U.S. Treasury Obligations

Overnight

Merrill Lynch, Pierce, Fenner & Smith, Inc.

1.90%

06/29/18

07/02/18

28,565,771

28,570,294

U.S. Treasury Obligations

Overnight

Royal Bank of Canada

2.30%

06/29/18

07/02/18

23,843,750

23,848,320

U.S. Treasury Obligations

Overnight

$

411,264,489

$

411,433,994

^(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		1,482			07/18/18	$	216	$	(63,308	)
Euro-Bund 8.5 to 10.5-Year Bond Futures Put Options, Strike Price EUR 159.5		220			08/24/18		51		(346,260	)
Canadian Bankers Acceptance		331			09/17/18		—		(6,749	)
U.S. Ultra Treasury Bonds		2,388			09/19/18		381,035		4,168,515
U.S. Ultra Treasury Bonds (10 Year)		155			09/19/18		19,876		84,565
Euro STOXX 50 Index		1			09/21/18		40		(109	)
Euro STOXX Banks Index		117			09/21/18		1,096		(10,687	)
Long Gilt British		8			09/26/18		1,299		(4,661	)
U.S. Treasury Notes (2 Year)		15,909			09/28/18		3,369,974		86,751
U.S. Treasury Notes (5 Year)		13,036			09/28/18		1,481,114		(5,202,225	)
WTI Light Sweet Crude Oil(a)		215			11/16/18		14,940		858,879
Euro Dollar		568			12/17/18		138,251		20,454
									(414,835	)
Short Contracts
VSTOXX Mini		(1,482	)		07/18/18		87		31,879
VSTOXX Mini		(750	)		07/18/18		74		38,029
WTI Light Sweet Crude Oil(a)		(198	)		08/20/18		14,347		(1,073,102	)
Euro-Bobl		(251	)		09/06/18		38,741		(219,726	)
Euro-BTP Italian Government Bond		(8	)		09/06/18		1,189		(27,567	)
Euro-Bund		(3,332	)		09/06/18		632,501		(6,824,768	)
Euro-OAT		(49	)		09/06/18		8,843		(102,447	)
Euro-Schatz		(9	)		09/06/18		1,178		(796	)
Japanese Government Bonds (10 Year)		(10	)		09/12/18		13,624		(17,193	)
U.S. Treasury Bonds (30 Year)		(224	)		09/19/18		32,480		(319,157	)
U.S. Treasury Notes (10 Year)		(7,962	)		09/19/18		956,933		(1,533,215	)
E-Mini S&P 500 Index		(1,031	)		09/21/18		140,298		904,572
Euro Dollar		(1,182	)		12/16/19		286,738		(138,256	)
Euro Dollar		(612	)		09/14/20		148,448		(1,083	)
Euro Dollar		(69	)		12/14/20		16,736		(3,890	)
									(9,286,720	)
								$	(9,701,555	)

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

52

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
TRY	9,956,490	USD	2,122,600	Barclays Bank PLC		07/02/18	$	41,921
TRY	9,871,576	USD	2,122,600	BNP Paribas S.A.		07/02/18		23,461
TRY	7,953,297	USD	1,698,080	BNP Paribas S.A.		07/02/18		30,951
USD	3,790,000	ARS	81,420,570	BNP Paribas S.A.		07/02/18		984,619
USD	1,698,080	TRY	7,757,101	BNP Paribas S.A.		07/02/18		11,702
USD	4,245,200	TRY	19,392,753	BNP Paribas S.A.		07/02/18		29,255
EUR	7,285,000	USD	8,490,329	Bank of America N.A.		07/03/18		19,648
USD	2,077,000	BRL	7,848,152	Goldman Sachs International		07/03/18		53,055
USD	2,077,000	BRL	7,785,635	Goldman Sachs International		07/03/18		69,177
USD	2,123,000	BRL	7,958,066	Goldman Sachs International		07/03/18		70,709
USD	3,297,000	BRL	12,235,167	UBS AG		07/03/18		141,695
USD	3,757,000	CLP	2,298,156,900	JPMorgan Chase Bank N.A.		07/03/18		239,698
USD	8,950,548	EUR	7,285,000	Goldman Sachs International		07/03/18		440,571
EUR	3,341,000	JPY	427,695,108	Goldman Sachs International		07/05/18		38,760
EUR	241,344,000	USD	280,914,762	HSBC Bank PLC		07/05/18		1,053,539
GBP	14,177,000	USD	18,658,350	Barclays Bank PLC		07/05/18		57,014
USD	17,725,200	EUR	15,000,000	Goldman Sachs International		07/05/18		200,321
USD	259,422,494	EUR	221,668,000	Morgan Stanley & Co. International PLC		07/05/18		442,161
USD	19,924,934	GBP	14,954,000	BNP Paribas S.A.		07/05/18		183,836
USD	3,183,900	ZAR	40,539,007	BNP Paribas S.A.		07/05/18		230,950
USD	636,780	ZAR	8,629,813	NatWest Markets PLC		07/05/18		8,166
USD	2,547,120	ZAR	34,346,041	NatWest Markets PLC		07/05/18		45,280
USD	40,500,000	JPY	4,432,074,570	JPMorgan Chase Bank N.A.		07/09/18		441,203
USD	24,839,000	RUB	1,547,270,988	JPMorgan Chase Bank N.A.		07/09/18		228,066
USD	5,980,650	ZAR	81,104,851	Barclays Bank PLC		07/10/18		76,670
USD	2,082,300	ZAR	26,742,633	Barclays Bank PLC		07/10/18		135,586
USD	3,085,000	ZAR	39,277,387	BNP Paribas S.A.		07/10/18		225,826
USD	3,856,250	ZAR	48,839,406	Goldman Sachs International		07/10/18		301,014
USD	2,892,000	ZAR	38,151,553	Morgan Stanley & Co. International PLC		07/10/18		114,780
EUR	5,544,000	JPY	715,453,754	Royal Bank of Canada		07/12/18		12,712
RUB	295,014,500	USD	4,614,649	Morgan Stanley & Co. International PLC		07/12/18		76,338
RUB	164,576,722	USD	2,569,303	UBS AG		07/12/18		47,609
USD	2,890,000	BRL	10,875,070	Goldman Sachs International		07/12/18		88,537
USD	24,570,879	RUB	1,432,469,960	BNP Paribas S.A.		07/12/18		1,793,364
USD	2,890,000	TWD	87,754,850	BNP Paribas S.A.		07/12/18		9,332
MXN	42,389,670	USD	2,121,500	Barclays Bank PLC		07/13/18		8,076
MXN	43,232,967	USD	2,121,500	Barclays Bank PLC		07/13/18		50,442
RUB	192,020,916	USD	3,052,000	Goldman Sachs International		07/13/18		969
USD	2,543,000	RUB	159,852,980	BNP Paribas S.A.		07/13/18		1,474
TRY	5,526,415	USD	1,185,000	Citibank N.A.		07/16/18		9,151
TRY	17,066,690	USD	3,660,000	JPMorgan Chase Bank N.A.		07/16/18		27,782
TRY	11,543,400	USD	2,475,000	NatWest Markets PLC		07/16/18		19,306
USD	2,372,717	TRY	10,454,191	Deutsche Bank AG		07/16/18		113,768
USD	4,947,283	TRY	21,777,742	Morgan Stanley & Co. International PLC		07/16/18		241,534
USD	13,372,000	MXN	265,698,966	Morgan Stanley & Co. International PLC		07/17/18		32,399
USD	999,161	EUR	842,953	TD Securities, Inc.		07/18/18		13,359
MXN	157,319,249	USD	7,662,000	Deutsche Bank AG		07/19/18		233,776
USD	7,662,000	MXN	140,321,868	UBS AG		07/19/18		619,315
USD	3,070,000	COP	8,838,530,000	UBS AG		07/23/18		57,757
SGD	5,906,190	USD	4,335,000	Standard Chartered Bank		07/25/18		1,998
USD	2,167,500	SGD	2,888,710	Standard Chartered Bank		07/25/18		46,280

53

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	2,080,000	ARS	44,574,400	BNP Paribas S.A.		07/31/18	$	592,291
USD	2,080,000	ARS	44,574,400	Citibank N.A.		07/31/18		592,291
USD	3,973,000	ARS	86,366,743	JPMorgan Chase Bank N.A.		07/31/18		1,090,436
USD	3,843,750	CLP	2,415,335,625	Credit Suisse International		07/31/18		146,800
USD	964,063	ZAR	12,275,793	Bank of America N.A.		07/31/18		72,913
USD	2,410,156	ZAR	30,651,644	Barclays Bank PLC		07/31/18		185,029
USD	385,625	ZAR	4,908,690	JPMorgan Chase Bank N.A.		07/31/18		29,283
USD	2,410,156	ZAR	30,663,584	NatWest Markets PLC		07/31/18		184,162
MXN	127,728,516	USD	6,367,800	Morgan Stanley & Co. International PLC		08/02/18		28,385
USD	6,367,800	BRL	24,426,881	Goldman Sachs International		08/02/18		90,843
USD	11,044,000	BRL	40,650,755	Goldman Sachs International		08/02/18		598,006
USD	3,280,000	CNH	20,970,874	Standard Chartered Bank		08/03/18		122,685
USD	4,325,831	ZAR	53,811,607	Citibank N.A.		08/03/18		420,993
USD	24,839,000	RUB	1,555,343,663	JPMorgan Chase Bank N.A.		08/07/18		177,268
USD	932,000	ARS	25,574,080	BNP Paribas S.A.		08/08/18		84,864
USD	4,743,000	ARS	125,304,368	JPMorgan Chase Bank N.A.		08/08/18		592,319
USD	6,568,710	EUR	5,600,700	Barclays Bank PLC		08/08/18		8,479
MXN	42,473,512	USD	2,121,500	Barclays Bank PLC		08/10/18		2,680
MXN	85,611,609	USD	4,243,000	NatWest Markets PLC		08/10/18		38,597
USD	2,121,500	MXN	41,873,719	Goldman Sachs International		08/10/18		27,317
USD	126,984,831	JPY	14,009,601,484	NatWest Markets PLC		08/13/18		52,913
USD	24,879,076	ZAR	315,970,982	Barclays Bank PLC		08/16/18		1,990,393
ZAR	66,230,552	USD	4,780,240	HSBC Bank PLC		08/16/18		17,448
USD	822,086	EUR	693,883	Nomura International PLC		08/17/18		8,763
USD	1,155,708	EUR	975,414	State Street Bank and Trust Co.		08/17/18		12,393
USD	21,073,000	CNH	134,235,010	Deutsche Bank AG		08/20/18		876,885
USD	4,417,820	IDR	61,880,399,449	BNP Paribas S.A.		08/20/18		131,324
USD	4,651,894	IDR	65,186,985,879	Deutsche Bank AG		08/20/18		136,349
USD	9,373,408	IDR	131,302,698,041	Deutsche Bank AG		08/20/18		277,985
USD	7,702,709	IDR	109,740,488,250	JPMorgan Chase Bank N.A.		08/20/18		100,914
USD	4,418,451	IDR	61,880,399,742	JPMorgan Chase Bank N.A.		08/20/18		131,955
USD	12,396,080	TRY	50,359,075	BNP Paribas S.A.		08/20/18		1,680,748
USD	7,494,839	TRY	30,215,445	Citibank N.A.		08/20/18		1,065,640
USD	9,626,853	TRY	38,789,480	Citibank N.A.		08/20/18		1,373,283
MXN	111,900,000	USD	5,330,948	Barclays Bank PLC		08/22/18		254,584
MXN	3,887,219	USD	189,073	Goldman Sachs International		08/22/18		4,959
USD	5,780,170	MXN	115,787,219	Deutsche Bank AG		08/22/18		607
USD	11,559,600	IDR	165,198,243,600	Deutsche Bank AG		08/31/18		133,700
USD	134,425,695	JPY	14,692,258,000	Barclays Bank PLC		09/11/18		1,035,185
RUB	32,225,808	USD	509,000	Barclays Bank PLC		09/12/18		159
USD	1,563,833	CNH	10,066,079	HSBC Bank PLC		09/13/18		50,839
USD	6,158,558	EUR	5,227,534	HSBC Bank PLC		09/13/18		18,714
USD	255,686	HKD	2,003,000	HSBC Bank PLC		09/13/18		59
USD	6,919,757	HKD	54,179,275	HSBC Bank PLC		09/13/18		5,296
USD	193,131	JPY	21,100,000	Australia & New Zealand Bank Group		09/13/18		1,537
USD	7,292,196	JPY	790,365,000	Bank of America N.A.		09/13/18		115,478
USD	18,271	JPY	2,009,805	BNP Paribas S.A.		09/13/18		22
USD	7,292,000	JPY	790,368,221	Citibank N.A.		09/13/18		115,253
USD	6,379,000	ARS	142,903,634	BNP Paribas S.A.		09/14/18		1,807,523
USD	987,065	IDR	13,888,992,576	Bank of America N.A.		09/14/18		27,934
USD	414,580	KRW	444,098,451	JPMorgan Chase Bank N.A.		09/14/18		15,085
USD	1,304,945	TWD	38,600,260	NatWest Markets PLC		09/14/18		31,914

54

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
MXN	45,626,169	USD	2,175,000	HSBC Bank PLC		09/17/18	$	93,679
USD	932,000	ARS	28,193,000	Citibank N.A.		09/17/18		32,669
USD	3,345,000	INR	229,012,080	JPMorgan Chase Bank N.A.		09/17/18		33,956
USD	3,260,000	JPY	356,226,720	NatWest Markets PLC		09/18/18		24,219
AUD	13,185,000	USD	9,725,032	Goldman Sachs International		09/19/18		34,967
AUD	6,914,000	USD	5,100,043	Morgan Stanley & Co. International PLC		09/19/18		17,942
CAD	24,471,954	EUR	15,821,000	JPMorgan Chase Bank N.A.		09/19/18		50,343
CAD	17,489,892	USD	13,170,000	Barclays Bank PLC		09/19/18		152,351
CHF	6,592,500	SEK	58,789,674	Morgan Stanley & Co. International PLC		09/19/18		99,535
CHF	6,592,500	SEK	58,773,192	Morgan Stanley & Co. International PLC		09/19/18		101,386
CHF	3,262,668	USD	3,296,000	Deutsche Bank AG		09/19/18		22,118
CHF	3,668,168	USD	3,713,000	Morgan Stanley & Co. International PLC		09/19/18		17,510
EUR	1,740,000	PLN	7,631,282	Barclays Bank PLC		09/19/18		4,534
EUR	2,701,000	USD	3,159,360	Barclays Bank PLC		09/19/18		14,433
EUR	1,380,000	USD	1,607,831	State Street Bank and Trust Co.		09/19/18		13,729
GBP	6,603,000	USD	8,698,521	JPMorgan Chase Bank N.A.		09/19/18		47,682
GBP	654,000	USD	864,640	Royal Bank of Canada		09/19/18		1,636
MXN	171,219,998	CAD	10,547,000	BNP Paribas S.A.		09/19/18		477,331
NOK	26,942,903	USD	3,307,000	Bank of America N.A.		09/19/18		11,974
NOK	55,798,475	USD	6,861,000	JPMorgan Chase Bank N.A.		09/19/18		12,561
SEK	27,196,770	USD	3,044,000	Bank of America N.A.		09/19/18		11,551
TWD	119,422,800	USD	3,920,000	Citibank N.A.		09/19/18		20,107
USD	867,592	GBP	654,000	Bank of America N.A.		09/19/18		1,317
USD	3,061,000	JPY	336,107,289	Goldman Sachs International		09/19/18		7,757
USD	791,148	NOK	6,406,875	BNP Paribas S.A.		09/19/18		1,914
USD	2,515,852	NOK	20,373,370	BNP Paribas S.A.		09/19/18		6,149
USD	604,111	NZD	876,000	Barclays Bank PLC		09/19/18		10,747
USD	253,000	SEK	2,228,337	Bank of America N.A.		09/19/18		2,647
USD	3,044,000	SEK	27,053,782	Goldman Sachs International		09/19/18		4,514
USD	5,430,000	MXN	106,916,700	Barclays Bank PLC		06/14/19		327,645
USD	43,851,570	EUR	33,810,000	Deutsche Bank AG		12/13/19		2,553,198
USD	44,135,574	EUR	33,810,000	Deutsche Bank AG		02/25/20		2,563,279
USD	44,963,466	JPY	4,504,440,000	HSBC Bank PLC		03/16/20		2,087,787
								34,869,561
ARS	98,010,158	USD	3,790,000	BNP Paribas S.A.		07/02/18		(413,018	)
BRL	4,928,065	USD	1,318,800	Barclays Bank PLC		07/03/18		(47,910	)
BRL	19,667,942	USD	5,401,500	BNP Paribas S.A.		07/03/18		(329,371	)
BRL	16,303,507	USD	4,443,220	BNP Paribas S.A.		07/03/18		(238,739	)
BRL	7,988,300	USD	2,125,000	BNP Paribas S.A.		07/03/18		(64,912	)
BRL	8,040,954	USD	2,122,800	BNP Paribas S.A.		07/03/18		(49,133	)
BRL	8,057,908	USD	2,120,000	BNP Paribas S.A.		07/03/18		(41,961	)
BRL	7,503,313	USD	1,978,200	UBS AG		07/03/18		(43,185	)
CLP	2,323,328,800	USD	3,757,000	JPMorgan Chase Bank N.A.		07/03/18		(201,173	)
USD	2,125,000	BRL	8,393,750	Deutsche Bank AG		07/03/18		(39,649	)
USD	5,690,720	BRL	22,243,886	Goldman Sachs International		07/03/18		(45,715	)
USD	2,119,800	BRL	8,305,376	UBS AG		07/03/18		(22,058	)
JPY	424,440,974	EUR	3,341,000	Royal Bank of Canada		07/05/18		(68,164	)
ZAR	40,793,400	USD	3,183,900	BNP Paribas S.A.		07/05/18		(212,420	)
ZAR	40,785,504	USD	3,183,900	Goldman Sachs International		07/05/18		(212,995	)
RUB	1,550,698,770	USD	24,839,000	JPMorgan Chase Bank N.A.		07/09/18		(173,543	)
ZAR	36,668,246	USD	2,892,000	BNP Paribas S.A.		07/10/18		(222,757	)
ZAR	33,949,202	USD	2,555,200	BNP Paribas S.A.		07/10/18		(83,888	)

55

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
ZAR	32,866,152	USD	2,410,348	Deutsche Bank AG		07/10/18	$	(17,876	)
ZAR	77,659,285	USD	6,170,000	Goldman Sachs International		07/10/18		(516,838	)
ZAR	10,654,339	USD	783,652	Goldman Sachs International		07/10/18		(8,076	)
ZAR	39,231,328	USD	3,085,000	Morgan Stanley & Co. International PLC		07/10/18		(229,179	)
BRL	10,903,970	USD	2,890,000	BNP Paribas S.A.		07/12/18		(81,092	)
EUR	3,960,000	JPY	512,392,240	Goldman Sachs International		07/12/18		(3,159	)
JPY	327,990,920	EUR	2,574,000	Credit Suisse International		07/12/18		(43,727	)
RUB	360,612,577	USD	5,798,562	Bank of America N.A.		07/12/18		(64,509	)
RUB	360,612,577	USD	5,808,837	Citibank N.A.		07/12/18		(74,784	)
RUB	251,653,585	USD	4,025,169	Citibank N.A.		07/12/18		(23,659	)
TWD	87,974,490	USD	2,890,000	Barclays Bank PLC		07/12/18		(2,122	)
TWD	87,451,400	USD	2,890,000	JPMorgan Chase Bank N.A.		07/12/18		(19,293	)
USD	4,243,000	MXN	85,230,312	NatWest Markets PLC		07/13/18		(38,809	)
USD	509,000	RUB	32,026,382	Barclays Bank PLC		07/13/18		(192	)
MXN	89,619,789	USD	4,510,000	Goldman Sachs International		07/17/18		(10,574	)
EUR	817,489	USD	960,799	UBS AG		07/18/18		(4,777	)
USD	831,986	CHF	827,868	Nomura International PLC		07/18/18		(5,373	)
USD	14,863,000	MXN	296,766,548	Citibank N.A.		07/23/18		(21,969	)
SGD	2,890,296	USD	2,167,500	Standard Chartered Bank		07/25/18		(45,115	)
SGD	5,886,627	USD	4,335,000	Standard Chartered Bank		07/25/18		(12,368	)
JPY	403,809,785	USD	3,681,300	Standard Chartered Bank		07/27/18		(27,007	)
USD	1,421,400	TRY	6,758,005	Deutsche Bank AG		07/27/18		(31,955	)
USD	1,421,400	TRY	6,748,709	Deutsche Bank AG		07/27/18		(29,956	)
USD	6,686,000	KRW	7,488,320,000	JPMorgan Chase Bank N.A.		07/30/18		(38,347	)
CLP	2,415,796,875	USD	3,843,750	NatWest Markets PLC		07/31/18		(146,094	)
ZAR	32,532,289	USD	2,410,156	Deutsche Bank AG		07/31/18		(48,505	)
BRL	41,160,988	USD	11,044,000	UBS AG		08/02/18		(466,892	)
USD	2,122,600	TRY	10,084,271	Barclays Bank PLC		08/02/18		(40,356	)
CNH	21,014,960	USD	3,280,000	Deutsche Bank AG		08/03/18		(116,048	)
USD	8,510,053	EUR	7,285,000	Bank of America N.A.		08/03/18		(19,767	)
ZAR	8,661,936	USD	636,780	NatWest Markets PLC		08/03/18		(8,227	)
USD	281,570,011	EUR	241,344,000	HSBC Bank PLC		08/06/18		(1,078,512	)
USD	3,959,598	EUR	3,382,000	HSBC Bank PLC		08/06/18		(1,210	)
USD	18,685,088	GBP	14,177,000	Barclays Bank PLC		08/06/18		(58,033	)
RUB	668,442,800	USD	10,678,000	BNP Paribas S.A.		08/07/18		(79,084	)
ARS	25,366,900	USD	1,070,333	BNP Paribas S.A.		08/08/18		(230,060	)
ARS	12,683,450	USD	535,167	BNP Paribas S.A.		08/08/18		(115,030	)
ARS	24,938,767	USD	1,070,333	JPMorgan Chase Bank N.A.		08/08/18		(244,242	)
ARS	12,522,900	USD	535,167	JPMorgan Chase Bank N.A.		08/08/18		(120,348	)
USD	3,660,000	IDR	52,923,600,000	JPMorgan Chase Bank N.A.		08/09/18		(11,919	)
COP	8,694,516,300	USD	3,070,000	Goldman Sachs International		08/10/18		(109,270	)
TWD	87,627,690	USD	2,890,000	BNP Paribas S.A.		08/10/18		(7,815	)
ZAR	81,427,638	USD	5,980,650	Barclays Bank PLC		08/10/18		(77,375	)
USD	11,300,044	ZAR	156,145,139	Barclays Bank PLC		08/16/18		(10,984	)
ZAR	101,790,598	USD	7,435,398	Bank of America N.A.		08/16/18		(61,769	)
CNH	134,949,385	USD	21,073,000	JPMorgan Chase Bank N.A.		08/20/18		(769,405	)
IDR	81,912,580,000	USD	5,753,500	HSBC Bank PLC		08/20/18		(79,363	)
IDR	81,912,582,828	USD	5,755,926	UBS AG		08/20/18		(81,788	)
TRY	119,182,000	USD	30,656,566	BNP Paribas S.A.		08/20/18		(5,297,190	)
TRY	182,000	USD	48,107	BNP Paribas S.A.		08/20/18		(9,382	)
RUB	606,767,803	USD	9,668,990	Bank of America N.A.		08/21/18		(62,653	)
RUB	398,270,193	USD	6,353,010	Credit Suisse International		08/21/18		(47,603	)

56

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	3,180,000	COP	9,424,248,000	NatWest Markets PLC		08/27/18	$	(26,716	)
USD	2,990,325	ZAR	41,592,556	Goldman Sachs International		08/27/18		(18,194	)
IDR	134,541,795,000	USD	9,622,500	Deutsche Bank AG		08/31/18		(316,946	)
CLP	1,056,892,000	USD	1,630,000	JPMorgan Chase Bank N.A.		09/05/18		(12,430	)
CLP	1,007,655,000	USD	1,550,000	UBS AG		09/05/18		(7,787	)
JPY	67,875,000	USD	620,040	Australia & New Zealand Bank Group		09/13/18		(3,718	)
JPY	53,379,000	USD	490,860	NatWest Markets PLC		09/13/18		(6,165	)
ARS	52,148,325	USD	1,913,700	BNP Paribas S.A.		09/14/18		(245,479	)
ARS	56,222,400	USD	2,080,000	Citibank N.A.		09/14/18		(281,449	)
ARS	64,474,659	USD	2,385,300	JPMorgan Chase Bank N.A.		09/14/18		(322,760	)
ARS	25,956,200	USD	932,000	BNP Paribas S.A.		09/17/18		(104,021	)
USD	2,175,000	MXN	44,561,400	Goldman Sachs International		09/17/18		(40,736	)
JPY	356,428,514	USD	3,260,000	UBS AG		09/18/18		(22,386	)
CAD	10,547,000	MXN	169,274,077	Bank of America N.A.		09/19/18		(380,601	)
JPY	335,176,439	USD	3,061,000	Bank of America N.A.		09/19/18		(16,213	)
NZD	876,000	USD	597,302	NatWest Markets PLC		09/19/18		(3,939	)
PLN	4,713,551	EUR	1,087,500	Bank of America N.A.		09/19/18		(17,804	)
PLN	942,645	EUR	217,500	Citibank N.A.		09/19/18		(3,578	)
PLN	3,770,450	EUR	870,000	Deutsche Bank AG		09/19/18		(14,348	)
PLN	942,706	EUR	217,500	HSBC Bank PLC		09/19/18		(3,562	)
PLN	4,713,171	EUR	1,087,500	JPMorgan Chase Bank N.A.		09/19/18		(17,906	)
PLN	942,645	EUR	217,500	Royal Bank of Canada		09/19/18		(3,578	)
PLN	942,615	EUR	217,500	State Street Bank and Trust Co.		09/19/18		(3,586	)
SEK	118,753,577	CHF	13,185,000	Deutsche Bank AG		09/19/18		(67,145	)
SEK	2,239,361	USD	253,000	Deutsche Bank AG		09/19/18		(1,408	)
USD	9,749,121	AUD	13,185,000	Citibank N.A.		09/19/18		(10,878	)
USD	5,098,591	AUD	6,914,000	Royal Bank of Canada		09/19/18		(19,394	)
USD	13,170,000	CAD	17,492,963	Goldman Sachs International		09/19/18		(154,690	)
USD	3,713,000	CHF	3,668,089	Goldman Sachs International		09/19/18		(17,430	)
USD	3,296,000	CHF	3,253,857	Morgan Stanley & Co. International PLC		09/19/18		(13,157	)
USD	3,149,617	EUR	2,701,000	Morgan Stanley & Co. International PLC		09/19/18		(24,176	)
USD	8,659,953	GBP	6,603,000	UBS AG		09/19/18		(86,250	)
USD	6,861,000	NOK	56,090,473	Barclays Bank PLC		09/19/18		(48,531	)
USD	1,751,000	TRY	8,451,494	NatWest Markets PLC		09/19/18		(25,772	)
USD	3,920,000	TWD	119,501,200	Bank of America N.A.		09/19/18		(22,694	)
MXN	279,585,525	USD	14,359,000	HSBC Bank PLC		11/26/18		(607,892	)
MXN	108,029,850	USD	5,430,000	Barclays Bank PLC		06/14/19		(274,522	)
								(16,508,112	)
Net Unrealized Appreciation							$	18,361,449

57

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Interest Rate Caps Purchased

Reference Entity	Exercise Rate	Counterparty	Expiration         Date	Notional Amount (000)			Value		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
10Y-2Y CMS Index Cap	0.44%	Citibank N.A.	07/23/18		USD	3,925,020	$	39,250	$	1,962,510	$	(1,923,260	)
10Y-2Y CMS Index Cap	0.34%	Citibank N.A.	08/28/18		USD	984,805		7,445		645,047		(637,602	)
10Y-2Y CMS Index Cap	0.24%	Citibank N.A.	09/07/18		USD	363,000		36,325		399,300		(362,975	)
30Y-5Y CMS Index Cap	0.17%	Citibank N.A.	09/07/18		USD	363,000		23,112		375,705		(352,593	)
							$	106,132	$	3,382,562	$	(3,276,430	)

Exchange-Traded Options Purchased

Description	Number of     Contracts	Expiration         Date	Exercise Price			Notional Amount (000)			Value
Call
iShares MSCI Emerging Markets Index ETF	7,508	07/20/18		USD	50.00		USD	32,532	$	22,524
EURO STOXX 50 Index	285	08/17/18		EUR	3,600.00		EUR	9,677		16,808
EURO STOXX 50 Index	143	08/17/18		EUR	3,550.00		EUR	4,856		19,204
EURO STOXX 50 Index	416	08/17/18		EUR	3,750.00		EUR	14,126		2,186
Freeport-McMoRan, Inc.	1,453	08/17/18		USD	25.00		USD	2,508		2,906
S&P 500 Index	16	08/17/18		USD	2,725.00		USD	4,349		74,000
S&P 500 Index	53	08/17/18		USD	2,850.00		USD	14,407		16,033
U.S. Treasury Notes (5 Year)	555	08/24/18		USD	114.50		USD	63,058		82,383
Euro Dollar 2-Year Mid-Curve	783	10/12/18		USD	97.25		USD	189,917		151,706
Euro Dollar 1-Year Mid-Curve	1,125	12/14/18		USD	98.00		USD	272,911		42,188
Euro Dollar 1-Year Mid-Curve	387	12/14/18		USD	97.25		USD	93,881		96,750
										526,688
Put
iShares Russell 2000 Index ETF	3,709	07/06/18		USD	161.00		USD	60,742		196,577
EURO STOXX Banks Index	2,604	07/20/18		EUR	105.00		EUR	14,380		106,433
iShares iBoxx $ High Yield Corporate Bond ETF	1,339	07/20/18		USD	85.50		USD	11,392		124,527
SPDR S&P Retail ETF	3,721	07/20/18		USD	47.00		USD	18,069		135,817
EURO STOXX 50 Index	152	08/17/18		EUR	3,200.00		EUR	5,161		45,619
EURO STOXX 50 Index	127	08/17/18		EUR	3,450.00		EUR	4,312		150,387
EURO STOXX 50 Index	125	08/17/18		EUR	3,475.00		EUR	4,245		169,550
EURO STOXX 50 Index	184	08/17/18		EUR	3,350.00		EUR	6,248		124,198
EURO STOXX 50 Index	174	08/17/18		EUR	3,400.00		EUR	5,908		157,173
iShares iBoxx $ High Yield Corporate Bond ETF	886	08/17/18		USD	85.00		USD	7,538		98,789
S&P 500 Index	39	08/17/18		USD	2,650.00		USD	10,602		116,415
S&P 500 Index	32	08/17/18		USD	2,770.00		USD	8,699		228,960
S&P 500 Index	22	08/17/18		USD	2,720.00		USD	5,980		107,800
S&P 500 Index	22	08/17/18		USD	2,675.00		USD	5,980		78,100
										1,840,345
									$	2,367,033

58

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

OTC Barrier Options Purchased

Description

Type of Option

Counterparty

Number of Contracts

Expiration Date

Exercise Price

Barrier Price/Range

Notional Amount (000)

Value

Put

USD Currency

One-Touch

Deutsche Bank AG

—

07/06/18

MXN

18.35

MXN

18.35

USD

1,044

$

9,211

USD Currency

Down-and-Out

Deutsche Bank AG

—

07/19/18

BRL

3.68

BRL

3.55

USD

6,367

3,373

USD Currency

One-Touch

BNP Paribas S.A.

—

07/20/18

ZAR

11.60

ZAR

11.60

USD

510

—

USD Currency

One-Touch

Deutsche Bank AG

—

07/20/18

TRY

4.30

TRY

4.30

USD

318

3,054

Morgan Stanley & Co.

USD Currency

One-Touch

International PLC

—

07/24/18

TRY

4.30

TRY

4.30

USD

510

24,269

Morgan Stanley & Co.

USD Currency

Down-and-Out

International PLC

—

08/10/18

TRY

4.65

TRY

4.38

USD

5,096

103,517

USD Currency

One-Touch

Deutsche Bank AG

—

08/20/18

BRL

3.50

BRL

3.50

USD

306

9,999

Morgan Stanley & Co.

USD Currency

One-Touch

International PLC

—

10/25/18

MXN

16.50

MXN

16.50

USD

637

14,950

10Y-2Y SPX Cap

Cap

Citibank N.A.

1,200,000,000

12/06/18

USD

13.40

USD

2,767.50

—

241,727

USD Currency

One-Touch

Citibank N.A.

—

01/28/19

USD

106.75

USD

106.75

USD

3,336

65,186

$

475,286

OTC Options Purchased

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
	Barclays Bank
EUR Currency	PLC		—		07/02/18	JPY	129.55	EUR	18,672	$	33,129
EUR Currency	Citibank N.A.		—		07/03/18	ZAR	15.00	EUR	1,910		146,623
USD Currency	Morgan Stanley & Co. International PLC		—		07/06/18	ZAR	13.10	USD	6,388		302,219
USD Currency	Deutsche Bank AG		—		07/09/18	TWD	30.15	USD	5,780		63,462
USD Currency	JPMorgan Chase Bank N.A.		—		07/10/18	KRW	1,130.00	USD	21,505		41,376
CAD Currency	Morgan Stanley & Co. International PLC		—		07/12/18	JPY	88.00	CAD	27,105		2,128
TOPIX Index	Goldman Sachs International		30		07/13/18	JPY	1,869.17	JPY	519,267		23
TOPIX Index	UBS AG		35		07/13/18	JPY	1,828.05	JPY	605,812		329
USD Currency	Bank of America N.A.		—		07/13/18	CNH	6.50	USD	15,650		312,996
USD Currency	Bank of America N.A.		—		07/13/18	CNH	6.40	USD	7,743		269,427
USD Currency	Bank of America N.A.		—		07/13/18	CNH	6.50	USD	7,743		154,867
USD Currency	Bank of America N.A.		—		07/13/18	CNH	6.50	USD	6,087		121,728
USD Currency	Deutsche Bank AG		—		07/19/18	MXN	21.50	USD	2,546		1,957
USD Currency	JPMorgan Chase Bank N.A.		—		07/19/18	ZAR	12.70	USD	5,516		435,309
USD Currency	JPMorgan Chase Bank N.A.		—		07/19/18	MXN	20.00	USD	4,243		56,702
AUD Currency	Barclays Bank PLC		—		07/20/18	NZD	1.09	AUD	17,160		122,480
AUD Currency	JPMorgan Chase Bank N.A.		—		07/20/18	NZD	1.10	AUD	17,160		38,397
USD Currency	Nomura International PLC		—		07/20/18	TWD	30.27	USD	5,259		46,073

59

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
USD Currency	Bank of America N.A.		—		07/23/18	SGD	1.35	USD	8,670	$	105,372
JPY Currency	HSBC Bank PLC		—		07/25/18	KRW	10.30	JPY	578,000		21,848
USD Currency	Barclays Bank PLC		—		07/27/18	CAD	1.30	USD	5,259		73,619
USD Currency	Barclays Bank PLC		—		07/27/18	CAD	1.34	USD	5,259		11,664
USD Currency	Deutsche Bank AG		—		07/27/18	CNH	6.40	USD	21,600		765,689
USD Currency	Deutsche Bank AG		—		08/09/18	BRL	3.75	USD	5,125		210,925
TOPIX Index	Citibank N.A.		35		08/10/18	JPY	1,851.78	JPY	605,812		3,511
TOPIX Index	Citibank N.A.		20		08/10/18	JPY	1,848.30	JPY	346,178		2,255
USD Currency	Deutsche Bank AG		—		08/13/18	MXN	21.00	USD	12,770		75,930
USD Currency	Deutsche Bank AG		—		08/16/18	MXN	21.00	USD	12,770		82,981
USD Currency	HSBC Bank PLC		—		08/16/18	KRW	1,100.00	USD	21,700		399,534
USD Currency	JPMorgan Chase Bank N.A.		—		08/16/18	KRW	1,150.00	USD	21,700		81,832
JPY Currency	HSBC Bank PLC		—		08/24/18	KRW	10.45	JPY	955,150		52,007
USD Currency	Deutsche Bank AG		—		09/20/18	TWD	31.00	USD	11,367		51,192
USD Currency	Deutsche Bank AG		—		09/20/18	TWD	31.00	USD	4,372		19,689
USD Currency	JPMorgan Chase Bank N.A.		—		09/20/18	TWD	30.00	USD	21,860		372,681
USD Currency	JPMorgan Chase Bank N.A.		—		09/20/18	TWD	31.00	USD	6,121		27,565
EUR Currency	Bank of America N.A.		—		11/15/18	USD	1.32	EUR	38,735		9,536
EUR Currency	Bank of America N.A.		—		11/15/18	USD	1.26	EUR	27,045		55,309
EUR Currency	Deutsche Bank AG		—		11/15/18	USD	1.28	EUR	38,735		41,250
USD Currency	Deutsche Bank AG		—		11/15/18	TWD	31.00	USD	39,165		265,142
EUR Currency	Deutsche Bank AG		—		11/16/18	USD	1.29	EUR	11,325		8,782
EUR Currency	Goldman Sachs International		—		11/16/18	USD	1.25	EUR	21,775		62,957
											4,950,495
Put
EUR Currency	Barclays Bank PLC		—		07/02/18	JPY	127.00	EUR	18,672		374
USD Currency	Deutsche Bank AG		—		07/02/18	CAD	1.27	USD	39,245		4
AUD Currency	Morgan Stanley & Co. International PLC		—		07/03/18	JPY	78.00	AUD	18,000		2
EUR Currency	Citibank N.A.		—		07/03/18	ZAR	14.60	EUR	1,910		—
USD Currency	HSBC Bank PLC		—		07/05/18	IDR	14,000.00	USD	3,119		504
Nikkei 225 Index	Goldman Sachs International		15		07/13/18	JPY	21,345.23	JPY	334,568		12,637
USD Currency	Bank of America N.A.		—		07/13/18	TWD	30.25	USD	21,775		43,779
USD Currency	Bank of America N.A.		—		07/20/18	CAD	1.31	USD	15,670		92,805
USD Currency	Deutsche Bank AG		—		07/20/18	RUB	61.00	USD	10,613		16,687

60

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Description	Counterparty	Number of Contracts	Expiration Date		Exercise Price		Notional Amount (000)		Value
USD Currency	Goldman Sachs International	—		07/20/18	BRL	3.50	USD	31,839	$	597
USD Currency	JPMorgan Chase Bank N.A.	—		07/20/18	IDR	14,020.00	USD	10,613		13,747
EUR Currency	BNP Paribas S.A.	—		07/23/18	PLN	4.25	EUR	8,490		2,094
USD Currency	Deutsche Bank AG	—		07/23/18	BRL	3.60	USD	6,368		2,528
USD Currency	Deutsche Bank AG	—		07/24/18	INR	62.50	USD	33,600		3
USD Currency	JPMorgan Chase Bank N.A.	—		07/24/18	INR	65.00	USD	33,600		90
USD Currency	Morgan Stanley & Co. International PLC	—		07/24/18	MXN	20.00	USD	9,552		204,697
USD Currency	Morgan Stanley & Co. International PLC	—		07/24/18	TRY	4.75	USD	4,245		136,498
USD Currency	Deutsche Bank AG	—		07/26/18	INR	62.50	USD	33,600		3
USD Currency	Goldman Sachs International	—		07/26/18	INR	64.50	USD	33,600		21
USD Currency	HSBC Bank PLC	—		07/26/18	INR	62.50	USD	33,600		3
USD Currency	Deutsche Bank AG	—		07/27/18	TRY	4.70	USD	4,418		108,097
USD Currency	JPMorgan Chase Bank N.A.	—		08/01/18	KRW	1,095.00	USD	5,780		22,283
USD Currency	Morgan Stanley & Co. International PLC	—		08/03/18	MXN	19.50	USD	19,103		206,259
USD Currency	HSBC Bank PLC	—		08/10/18	CAD	1.26	USD	17,420		9,683
USD Currency	Deutsche Bank AG	—		08/13/18	MXN	18.50	USD	12,770		26,965
USD Currency	JPMorgan Chase Bank N.A.	—		08/14/18	CAD	1.25	USD	21,514		7,097
USD Currency	Morgan Stanley & Co. International PLC	—		08/14/18	CAD	1.23	USD	10,759		795
USD Currency	Morgan Stanley & Co. International PLC	—		08/14/18	CAD	1.23	USD	10,755		794
USD Currency	Deutsche Bank AG	—		08/16/18	MXN	18.50	USD	12,770		28,616
USD Currency	Deutsche Bank AG	—		08/16/18	INR	68.00	USD	6,388		23,799
USD Currency	BNP Paribas S.A.	—		08/17/18	JPY	107.00	USD	21,760		55,390
USD Currency	Morgan Stanley & Co. International PLC	—		08/20/18	MXN	19.50	USD	267,580		3,404,034
USD Currency	BNP Paribas S.A.	—		08/22/18	ZAR	12.45	USD	10,613		7,416
USD Currency	JPMorgan Chase Bank N.A.	—		08/27/18	ZAR	12.45	USD	10,613		9,320
USD Currency	Deutsche Bank AG	—		09/04/18	ZAR	12.55	USD	6,368		10,210
NOK Currency	Citibank N.A.	—		09/06/18	SEK	1.06	NOK	157,055		33,024
USD Currency	Goldman Sachs International	—		09/12/18	TRY	4.48	USD	4,243		31,634
USD Currency	Citibank N.A.	—		09/13/18	MXN	19.50	USD	4,515		66,469
USD Currency	Deutsche Bank AG	—		09/13/18	MXN	19.50	USD	4,515		66,653

61

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
USD Currency	JPMorgan Chase Bank N.A.		—		09/13/18	IDR	13,800.00	USD	5,313	$	7,629
USD Currency	Goldman Sachs International		—		09/18/18	MXN	20.50	USD	6,686		278,860
NOK Currency	Credit Suisse International		—		09/19/18	SEK	1.06	NOK	156,665		44,296
USD Currency	Deutsche Bank AG		—		09/21/18	MXN	19.50	USD	7,825		120,448
USD Currency	Morgan Stanley & Co. International PLC		—		09/26/18	TRY	4.52	USD	47,988		465,868
USD Currency	Morgan Stanley & Co. International PLC		—		09/26/18	ZAR	12.90	USD	46,979		277,558
USD Currency	JPMorgan Chase Bank N.A.		—		09/28/18	TRY	4.08	USD	5,900		1,940
USD Currency	Morgan Stanley & Co. International PLC		—		10/04/18	MXN	18.00	USD	19,103		39,788
EUR Currency	BNP Paribas S.A.		—		10/08/18	CNH	7.45	EUR	38,605		69,672
EUR Currency	BNP Paribas S.A.		—		10/08/18	CNH	7.60	EUR	38,000		166,618
EUR Currency	BNP Paribas S.A.		—		10/08/18	CNH	7.50	EUR	17,155		42,742
EUR Currency	Deutsche Bank AG		—		10/08/18	PLN	4.05	EUR	38,700		4,765
EUR Currency	Deutsche Bank AG		—		10/08/18	CNH	7.35	EUR	21,375		19,680
EUR Currency	Deutsche Bank AG		—		10/08/18	CNH	7.35	EUR	17,230		15,864
EUR Currency	HSBC Bank PLC		—		10/08/18	CNH	7.50	EUR	20,845		52,320
EUR Currency	JPMorgan Chase Bank N.A.		—		10/08/18	PLN	4.15	EUR	32,250		20,795
USD Currency	HSBC Bank PLC		—		10/18/18	ZAR	12.63	USD	45,534		194,304
USD Currency	HSBC Bank PLC		—		10/18/18	ZAR	12.63	USD	32,886		140,191
USD Currency	Citibank N.A.		—		10/19/18	TRY	4.50	USD	60,711		542,249
USD Currency	Citibank N.A.		—		11/06/18	JPY	107.00	USD	21,276		203,639
USD Currency	JPMorgan Chase Bank N.A.		—		01/02/19	TRY	4.20	USD	27,356		49,746
USD Currency	Citibank N.A.		—		01/03/19	TRY	4.19	USD	10,855		18,750
											7,423,333
										$	12,373,828

OTC Worst-Of Options Purchased

Description	Counterparty	Expiration Date		Units		Notional Amount (000)			Value
USD/JPY 108.00 Strike/Put, NKY/USD 25,000.00 Strike/Call	Goldman Sachs International		07/13/18		—		USD	1,899	$	—
USD/JPY 108.00 Strike/Put, NKY/USD 25,000.00 Strike/Call	Goldman Sachs International		08/10/18		—		USD	1,899		19
									$	19

62

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

OTC Credit Default Swaptions Purchased

Description

Paid by the Fund

Received by the Fund

Counterparty

Expiration Date

Exercise Price

Notional Amount (000)

Value

Rate

Frequency

Rate

Frequency

Put

Bought Protection on 5-Year Credit Default Swap, 06/20/23

5.00%

Quarterly

ITRAXX.EUR.29.V1

Quarterly

Morgan Stanley & Co. International PLC

7/18/18

75.00%

EUR 14,100

$

25,676

Bought Protection on 5-Year Credit Default Swap, 06/20/23

5.00%

Quarterly

ITRAXX.EUR.29.V1

Quarterly

Citibank N.A.

8/15/18

65.00%

EUR 30,900

197,658

$

223,334

OTC Interest Rate Swaptions Purchased

Description

Paid by the Fund

Received by the Fund

Counterparty

Expiration Date

Exercise Price

Notional Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

1-Year Interest Rate Swap, 05/28/21

3-month LIBOR, 2.34%

Quarterly

2.70%

Semi- Annual

Bank of America N.A.

05/26/20

2.70%

USD

317,500

$

746,223

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

3-month LIBOR, 2.34%

Quarterly

3.04%

Semi- Annual

JPMorgan Chase Bank N.A.

04/27/38

3.04%

USD

179,050

10,107,809

Put

10-Year Interest Rate Swap, 03/01/29

3.25%

Semi- Annual

3-month LIBOR, 2.31%

Quarterly

UBS AG

02/27/19

3.25%

USD

96,300

863,727

10-Year Interest Rate Swap, 01/31/30

4.00%

Semi- Annual

3-month LIBOR, 2.31%

Quarterly

Bank of America N.A.

01/29/20

4.00%

USD

54,000

322,968

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

3.04%

Semi- Annual

3-month LIBOR, 2.34%

Quarterly

JPMorgan Chase Bank N.A.

04/27/38

3.04%

USD

179,050

8,132,131

$

20,172,858

Exchange-Traded Options Written

Description	Number  of Contracts		Expiration Date	Exercise Price		Notional Amount (000)		Value
Call
iShares MSCI Emerging Markets Index ETF		7,508	07/20/18	USD	51.00	USD	32,532	$	(7,508	)
Freeport-McMoRan, Inc.		1,453	08/17/18	USD	30.00	USD	2,508		(5,812	)
S&P 500 Index		16	08/17/18	USD	2,800.00	USD	4,349		(18,080	)
Euro Dollar 2-Year Mid-Curve		783	10/12/18	USD	97.75	USD	189,917		(34,256	)
Euro Dollar 1-Year Mid-Curve		387	12/14/18	USD	97.50	USD	93,881		(50,794	)
									(116,450	)
Put
iShares Russell 2000 Index ETF		7,429	07/06/18	USD	158.00	USD	121,665		(122,579	)
EURO STOXX Banks Index		2,604	07/20/18	EUR	100.00	EUR	14,380		(34,211	)
EURO STOXX 50 Index		127	08/17/18	EUR	3,275.00	EUR	4,312		(57,470	)
EURO STOXX 50 Index		125	08/17/18	EUR	3,300.00	EUR	4,245		(64,886	)
EURO STOXX 50 Index		184	08/17/18	EUR	3,250.00	EUR	6,248		(72,520	)
U.S. Treasury Notes (5 Year)		555	08/24/18	USD	112.75	USD	63,058		(69,375	)
Euro Dollar 2-Year Mid-Curve		1,800	09/14/18	USD	96.88	USD	436,613		(303,750	)
									(724,791	)
								$	(841,241	)

63

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

OTC Barrier Options Written

Description

Type of Option

Counterparty

Number of Contracts

Expiration Date

Exercise Price

Barrier Price/ Range

Notional Amount (000)

Value

Put

AUD Currency

Down-and-In

Morgan Stanley & Co. International PLC

—

7/03/18

JPY

75.00

JPY 72.00

AUD

20,000

$

(1

)

OTC Options Written

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price			Notional Amount (000)			Value
Call
EUR Currency	Deutsche Bank AG		—		07/02/18		JPY	129.55		EUR	18,672	$	(30,211	)
EUR Currency	Deutsche Bank AG		—		07/03/18		ZAR	15.00		EUR	1,910		(146,936	)
USD Currency	Deutsche Bank AG		—		07/09/18		TWD	30.85		USD	8,670		(6,533	)
EUR Currency	Barclays Bank PLC		—		07/10/18		JPY	129.25		EUR	28,708		(209,011	)
USD Currency	HSBC Bank PLC		—		07/10/18		KRW	1,130.00		USD	21,505		(40,209	)
USD Currency	Bank of America N.A.		—		07/13/18		CNH	6.50		USD	11,292		(225,986	)
USD Currency	Bank of America N.A.		—		07/13/18		CNH	6.50		USD	7,743		(154,759	)
USD Currency	Citibank N.A.		—		07/13/18		CNH	6.50		USD	10,445		(208,897	)
USD Currency	HSBC Bank PLC		—		07/13/18		CNH	6.40		USD	7,743		(269,539	)
USD Currency	JPMorgan Chase Bank N.A.		—		07/19/18		ZAR	12.70		USD	5,516		(431,543	)
USD Currency	JPMorgan Chase Bank N.A.		—		07/19/18		MXN	22.50		USD	4,243		(249	)
USD Currency	JPMorgan Chase Bank N.A.		—		07/19/18		MXN	20.00		USD	2,122		(29,015	)
AUD Currency	Barclays Bank PLC		—		07/20/18		NZD	1.10		AUD	17,160		(38,040	)
AUD Currency	JPMorgan Chase Bank N.A.		—		07/20/18		NZD	1.09		AUD	17,160		(124,058	)
JPY Currency	HSBC Bank PLC		—		07/25/18		KRW	10.60		JPY	578,000		(6,363	)
USD Currency	Barclays Bank PLC		—		07/27/18		CAD	1.36		USD	7,889		(5,371	)
USD Currency	Barclays Bank PLC		—		07/27/18		CAD	1.30		USD	5,259		(74,690	)
USD Currency	JPMorgan Chase Bank N.A.		—		07/27/18		CNH	6.40		USD	21,600		(763,527	)
USD Currency	Deutsche Bank AG		—		08/09/18		BRL	3.95		USD	7,688		(111,754	)
USD Currency	Deutsche Bank AG		—		08/13/18		MXN	21.00		USD	12,770		(75,765	)
USD Currency	Deutsche Bank AG		—		08/16/18		MXN	21.00		USD	12,770		(82,932	)
USD Currency	HSBC Bank PLC		—		08/16/18		KRW	1,150.00		USD	21,700		(82,038	)
USD Currency	JPMorgan Chase Bank N.A.		—		08/16/18		KRW	1,100.00		USD	21,700		(398,617	)
USD Currency	JPMorgan Chase Bank N.A.		—		08/23/18		ZAR	13.70		USD	5,516		(170,950	)
USD Currency	Goldman Sachs International		—		09/18/18		MXN	22.00		USD	6,686		(34,744	)
USD Currency	Deutsche Bank AG		—		09/20/18		TWD	30.00		USD	11,367		(193,792	)
USD Currency	Deutsche Bank AG		—		09/20/18		TWD	30.00		USD	4,372		(74,535	)

64

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Description	Counterparty	Number of Contracts	Expiration Date		Exercise Price			Notional Amount (000)			Value
USD Currency	JPMorgan Chase Bank N.A.	—		09/20/18		TWD	31.00		USD	21,860	$	(98,440	)
USD Currency	JPMorgan Chase Bank N.A.	—		09/20/18		TWD	30.00		USD	6,121		(104,350	)
EUR Currency	Bank of America N.A.	—		11/15/18		USD	1.28		EUR	38,735		(40,792	)
EUR Currency	Bank of America N.A.	—		11/15/18		USD	1.30		EUR	27,045		(14,070	)
EUR Currency	Deutsche Bank AG	—		11/15/18		USD	1.32		EUR	38,735		(9,664	)
USD Currency	Deutsche Bank AG	—		11/15/18		TWD	32.00		USD	39,165		(101,319	)
EUR Currency	Goldman Sachs International	—		11/16/18		USD	1.29		EUR	27,440		(21,199	)
												(4,379,898	)
Put
EUR Currency	Deutsche Bank AG	—		07/02/18		JPY	127.00		EUR	18,672		(417	)
USD Currency	Deutsche Bank AG	—		07/02/18		CAD	1.26		USD	21,803		(2	)
EUR Currency	Deutsche Bank AG	—		07/03/18		ZAR	14.60		EUR	1,910		—
USD Currency	Morgan Stanley & Co. International PLC	—		07/06/18		ZAR	12.20		USD	6,388		(1	)
EUR Currency	Barclays Bank PLC	—		07/10/18		JPY	126.70		EUR	28,708		(28,974	)
USD Currency	Deutsche Bank AG	—		07/12/18		MXN	19.50		USD	4,515		(33,456	)
USD Currency	Goldman Sachs International	—		07/12/18		TRY	4.42		USD	4,243		(4,465	)
Nikkei 225 Index	Goldman Sachs International	15		07/13/18		JPY	20,465.01					(5,833	)
USD Currency	Deutsche Bank AG	—		07/20/18		RUB	59.50		USD	15,920		(2,431	)
USD Currency	Deutsche Bank AG	—		07/24/18		INR	65.00		USD	33,600		(87	)
USD Currency	Morgan Stanley & Co. International PLC	—		07/24/18		TRY	4.45		USD	4,245		(13,494	)
USD Currency	Deutsche Bank AG	—		07/26/18		INR	64.50		USD	33,600		(21	)
USD Currency	Goldman Sachs International	—		07/26/18		INR	62.50		USD	33,600		(3	)
USD Currency	JPMorgan Chase Bank N.A.	—		08/01/18		KRW	1,060.00		USD	8,670		(1,919	)
USD Currency	Morgan Stanley & Co. International PLC	—		08/03/18		MXN	19.00		USD	28,655		(126,648	)
USD Currency	Citibank N.A.	—		08/13/18		MXN	19.20		USD	4,515		(33,529	)
USD Currency	JPMorgan Chase Bank N.A.	—		08/14/18		CAD	1.23		USD	21,514		(1,520	)
USD Currency	BNP Paribas S.A.	—		08/17/18		JPY	105.00		USD	21,760		(22,278	)
USD Currency	Morgan Stanley & Co. International PLC	—		08/20/18		MXN	18.50		USD	267,580		(649,890	)
NOK Currency	Credit Suisse International	—		09/19/18		SEK	1.04		NOK	156,665		(15,096	)
USD Currency	Deutsche Bank AG	—		09/21/18		MXN	18.75		USD	10,868		(61,656	)

65

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Description	Counterparty	Number of Contracts		Expiration Date		Exercise Price		Notional Amount (000)		Value
EUR Currency	BNP Paribas S.A.		—		10/08/18	CNH	7.35	EUR	38,605	$	(35,961	)
EUR Currency	BNP Paribas S.A.		—		10/08/18	CNH	7.60	EUR	17,155		(79,765	)
EUR Currency	Deutsche Bank AG		—		10/08/18	CNH	7.45	EUR	21,375		(38,151	)
EUR Currency	Deutsche Bank AG		—		10/08/18	CNH	7.50	EUR	20,830		(52,092	)
EUR Currency	Deutsche Bank AG		—		10/08/18	CNH	7.45	EUR	17,230		(30,980	)
EUR Currency	HSBC Bank PLC		—		10/08/18	CNH	7.60	EUR	20,845		(97,657	)
EUR Currency	HSBC Bank PLC		—		10/08/18	CNH	7.50	EUR	17,170		(42,886	)
EUR Currency	JPMorgan Chase Bank N.A.		—		10/08/18	PLN	4.05	EUR	38,700		(4,765	)
USD Currency	Citibank N.A.		—		11/06/18	JPY	99.00	USD	21,276		(27,824	)
USD Currency	JPMorgan Chase Bank N.A.		—		01/02/19	TRY	3.77	USD	27,356		(2,263	)
USD Currency	Citibank N.A.		—		01/03/19	TRY	3.76	USD	10,855		(834	)
											(1,414,898	)
										$	(5,794,796	)

OTC Credit Default Swaptions Written

Description

Paid by the Fund

Received by the Fund

Counterparty

Expiration Date

Credit Rating(a)

Exercise Price

Notional Amount (000)(b)

Value

Rate

Frequency

Rate

Frequency

Put

Sold Protection on 5-Year Credit Default Swap, 06/20/23

ITRAXX.EUR.29.V1

Quarterly

5.00%

Quarterly

Citibank N.A.

8/15/18

Not Rated

80.00%

EUR    30,900

$

(74,882

)

^(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 Swaptions Written

Description

Paid by the Fund

Received by the Fund

Counterparty

Expiration Date

Exercise Rate

Notional Amount (000)

Value

Rate

Frequency

Rate

Frequency

Call

2-Year Interest Rate Swap, 12/29/20

2.74%

Semi- Annual

3-month LIBOR, 2.34%

Quarterly

JPMorgan Chase Bank N.A.

12/27/18

2.74%

USD

1,692,195

$

(2,680,335

)

Put

2-Year Interest Rate Swap, 12/12/20

3-month LIBOR, 2.34%

Quarterly

3.03%

Semi- Annual

Goldman Sachs International

12/10/18

3.03%

USD

320,090

(577,250

)

2-Year Interest Rate Swap, 12/29/20

3-month LIBOR, 2.34%

Quarterly

3.03%

Semi- Annual

Goldman Sachs International

12/27/18

3.03%

USD

80,023

(163,314

)

2-Year Interest Rate Swap, 12/29/20

3-month LIBOR, 2.34%

Quarterly

3.14%

Semi- Annual

JPMorgan Chase Bank N.A.

12/27/18

3.14%

USD

1,692,195

(2,241,055

)

66

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Description	Paid by the Fund		Received by the Fund				Counterparty	Expiration Date	Exercise Rate	Notional Amount (000)			Value
	Rate	Frequency	Rate			Frequency
2-Year Interest Rate Swap, 03/01/21	3-month LIBOR, 2.31%	Quarterly		3.00	%	Semi- Annual	UBS AG	02/27/19	3.00%		USD	374,500	$	(1,176,510	)
1-Year Interest Rate Swap, 05/28/21	3-month LIBOR, 2.34%	Quarterly		3.00	%	Semi- Annual	Bank of America N.A.	05/26/20	3.00%		USD	317,500		(1,078,262	)
														(5,236,391	)
													$	(7,916,726	)

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.29.V1	5.00%	Quarterly		06/20/23	EUR	38,716	$	(3,694,849	)	$	(4,717,779	)	$	1,022,930
CDX.NA.HY.30.V1	5.00%	Quarterly		06/20/23	USD	11,662		(689,465	)		(780,017	)		90,552
CDX.NA.IG.30.V1	1.00%	Quarterly		06/20/23	USD	59,743		(903,752	)		(916,585	)		12,833
							$	(5,288,066	)	$	(6,414,381	)	$	1,126,315

Centrally Cleared Credit Default Swaps — Sell Protection

Reference Obligation	Financing Rate Received by the Fund		Payment Frequency	Termination Date		Credit Rating(a)		Notional Amount (000)(b)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.HY.29.V1		5.00%	Quarterly		12/20/22		B+	USD	3,600	$	227,015	$	238,319	$	(11,304	)
ITRAXX.EUR.28.V1		1.00%	Quarterly		12/20/22		BBB+	EUR	20,420		387,323		480,638		(93,315	)
ITRAXX.FINSR.28.V1		1.00%	Quarterly		12/20/22		A-	EUR	26,880		294,297		695,069		(400,772	)
ITRAXX.XO.28.V1		5.00%	Quarterly		12/20/22		B+	EUR	16,340		1,786,400		2,168,768		(382,368	)
ITRAXX.EUR.29.V1		1.00%	Quarterly		06/20/23		Not Rated	EUR	23,970		374,237		390,493		(16,256	)
ITRAXX.FINSR.29.V1		1.00%	Quarterly		06/20/23		A-	EUR	3,900		23,835		45,123		(21,288	)
										$	3,093,107	$	4,018,410	$	(925,303	)

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

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

Centrally Cleared Inflation Swaps

Paid by the Fund

Received by the Fund

Termination Date

Notional Amount (000)

Value

Upfront Premium Paid (Received)

Unrealized Appreciation (Depreciation)

Rate

Frequency

Rate

Frequency

Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA (HICPx)

At Termination

1.63%

At Termination

06/15/28

EUR

52,370

$

41,274

$

1,430

$

39,844

67

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Centrally Cleared Interest Rate Swaps

Paid by the Fund		Received by the Fund		Effective Date	Termination Date	Notional Amount (000)		Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
7.36%	Monthly	28-day MXIBTIIE, 8.10%	Monthly	N/A	01/28/19	MXN	728,739	$	192,187		$	116	$	192,071
2.93%	Semi-Annual	3-month LIBOR, 2.34%	Quarterly	12/12/18(a)	12/12/20	USD	129,865		(60,133	)		521		(60,654	)
2.93%	Semi-Annual	3-month LIBOR, 2.34%	Quarterly	12/31/18(a)	12/31/20	USD	32,009		(11,044	)		128		(11,172	)
28-day MXIBTIIE, 8.10%	Monthly	7.66%	Monthly	N/A	02/22/21	MXN	342,658		(146,423	)		70		(146,493	)
28-day MXIBTIIE, 8.10%	Monthly	8.12%	Monthly	N/A	06/18/21	MXN	246,035		52,100			48		52,052
28-day MXIBTIIE, 8.10%	Monthly	8.04%	Monthly	N/A	06/21/21	MXN	189,425		18,608			45		18,563
6.90%	Monthly	28-day MXIBTIIE, 8.10%	Monthly	N/A	08/02/22	MXN	126,000		225,715			188,749		36,966
28-day MXIBTIIE, 8.10%	Monthly	6.90%	Monthly	N/A	08/02/22	MXN	126,000		(225,714	)		53		(225,767	)
7.11%	Monthly	28-day MXIBTIIE, 8.10%	Monthly	N/A	10/14/22	MXN	146,271		212,417			69		212,348
7.11%	Monthly	28-day MXIBTIIE, 8.10%	Monthly	N/A	10/14/22	MXN	110,975		160,133			52		160,081
28-day MXIBTIIE, 8.10%	Monthly	7.94%	Monthly	N/A	06/19/23	MXN	316,597		42,537			190		42,347
28-day MXIBTIIE, 8.10%	Monthly	6.32%	Monthly	N/A	07/17/25	MXN	73,475		(324,637	)		397		(325,034	)
3-month LIBOR, 2.34%	Quarterly	2.13%	Semi-Annual	N/A	08/25/25	USD	2,360		(105,521	)		26		(105,547	)
2.27%	Semi-Annual	3-month LIBOR, 2.34%	Quarterly	N/A	09/11/25	USD	1,800		63,405			23		63,382
6-month EURIBOR, (0.27)%	Semi-Annual	0.94%	Annual	9/10/18(a)	08/15/27	EUR	322,255		4,566,149			5,822		4,560,327
2.96%	Annual	6-month WIBOR, 1.68%	Semi-Annual	N/A	03/06/28	PLN	24,325		(47,802	)		112		(47,914	)
7.66%	Quarterly	3-month JIBAR, 6.96%	Quarterly	N/A	03/06/28	ZAR	103,145		305,007			407		304,600
7.64%	Quarterly	3-month JIBAR, 6.96%	Quarterly	N/A	03/06/28	ZAR	101,605		310,496			392		310,104
2.94%	Semi-Annual	3-month LIBOR, 2.34%	Quarterly	N/A	03/14/28	USD	2,000		(18,101	)		31		(18,132	)
2.89%	Semi-Annual	3-month LIBOR, 2.34%	Quarterly	N/A	03/19/28	USD	910		(4,280	)		14		(4,294	)
8.20%	Monthly	28-day MXIBTIIE, 8.10%	Monthly	N/A	06/09/28	MXN	93,625		(48,523	)		68		(48,591	)
8.15%	Monthly	28-day MXIBTIIE, 8.10%	Monthly	N/A	06/12/28	MXN	71,850		(25,361	)		61		(25,422	)

68

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Paid by the Fund		Received by the Fund		Effective Date		Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
7.94%	Quarterly	3-month JIBAR, 6.96%	Quarterly		N/A		06/20/28	ZAR	126,925	$	219,873	$	183	$	219,690
7.93%	Quarterly	3-month JIBAR, 6.96%	Quarterly		N/A		06/20/28	ZAR	88,252		159,505		127		159,378
7.94%	Quarterly	3-month JIBAR, 6.96%	Quarterly		N/A		06/20/28	ZAR	88,250		155,084		128		154,956
7.92%	Quarterly	3-month JIBAR, 6.96%	Quarterly		N/A		06/20/28	ZAR	87,560		161,323		127		161,196
7.90%	Quarterly	3-month JIBAR, 6.96%	Quarterly		N/A		06/20/28	ZAR	73,320		143,531		107		143,424
										$	5,970,531	$	198,066	$	5,772,465

^(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)
Beazer Homes USA, Inc.	5.00%	Quarterly	Barclays Bank PLC	06/20/20	USD	2,050	$	169,867	$	168,634	$	1,233
United Mexican States	1.00%	Quarterly	JPMorgan Chase Bank N.A.	06/20/20	USD	7,452		54,554		25,839		80,393
United Mexican States	1.00%	Quarterly	Bank of America N.A.	09/20/20	USD	7,452		51,346		41,637		92,983
Australia & New Zealand Banking Group Ltd.	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	1,205		19,636		2,777		16,859
Australia & New Zealand Banking Group Ltd.	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	1,000		16,298		178		16,120
Australia & New Zealand Banking Group Ltd.	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	795		12,961		2,019		10,942
Commonwealth Bank of Australia	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	1,150		18,686		2,084		16,602
Commonwealth Bank of Australia	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	1,000		16,249		1,337		14,912
Constellium NV	5.00%	Quarterly	Goldman Sachs International	12/20/20	EUR	660		72,918		67,999		4,919
Itochu Corp.	1.00%	Quarterly	Goldman Sachs International	12/20/20	JPY	32,023		6,157		1,132		5,025
Itochu Corp.	1.00%	Quarterly	Goldman Sachs International	12/20/20	JPY	29,326		5,638		992		4,646
Itochu Corp.	1.00%	Quarterly	Goldman Sachs International	12/20/20	JPY	29,326		5,638		936		4,702
Itochu Corp.	1.00%	Quarterly	Goldman Sachs International	12/20/20	JPY	29,326		5,638		728		4,910
Mitsubishi Corp.	1.00%	Quarterly	Barclays Bank PLC	12/20/20	JPY	47,573		9,389		3,616		5,773
Mitsubishi Corp.	1.00%	Quarterly	Goldman Sachs International	12/20/20	JPY	29,326		5,787		1,953		3,834
Mitsui & Co. Ltd.	1.00%	Quarterly	Goldman Sachs International	12/20/20	JPY	58,651		11,422		1,534		9,888
Mitsui & Co. Ltd.	1.00%	Quarterly	Goldman Sachs International	12/20/20	JPY	29,326		5,712		557		5,155
National Australia Bank Ltd.	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	1,000		16,420		675		15,745

69

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Reference Obligation	Financing Rate Paid by the Fund	Payment Frequency	Counterparty	Termination Date	Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Standard Chartered Bank	1.00%	Quarterly	BNP Paribas S.A.	12/20/20		EUR	810	$	17,320	$	10,162	$	27,482
Standard Chartered Bank	1.00%	Quarterly	BNP Paribas S.A.	12/20/20		EUR	460		9,835		6,018		15,853
Standard Chartered Bank	1.00%	Quarterly	Goldman Sachs International	12/20/20		EUR	610		13,043		3,410		16,453
Standard Chartered Bank	1.00%	Quarterly	Morgan Stanley & Co. International PLC	12/20/20		EUR	240		5,132		3,202		8,334
Sumitomo Corp.	1.00%	Quarterly	Barclays Bank PLC	12/20/20		JPY	24,938		4,844		575		5,419
Sumitomo Corp.	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20		JPY	25,316		4,918		983		5,901
Westpac Banking Corp.	1.00%	Quarterly	Citibank N.A.	12/20/20		USD	1,000		16,780		1,572		15,208
Stena AB	5.00%	Quarterly	Goldman Sachs International	06/20/21		EUR	440		15,091		20,918		5,827
Constellium NV	5.00%	Quarterly	Citibank N.A.	12/20/21		EUR	1,200		154,583		153,269		1,314
Constellium NV	5.00%	Quarterly	Goldman Sachs International	12/20/21		EUR	890		114,649		119,807		5,158
CMA CGM SA	5.00%	Quarterly	Credit Suisse International	12/20/22		EUR	300		25,675		16,796		42,471
CMA CGM SA	5.00%	Quarterly	Morgan Stanley & Co. International PLC	12/20/22		EUR	360		30,810		20,908		51,718
Stena AB	5.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/22		EUR	700		20,221		10,850		9,371
Unitymedia GmbH	5.00%	Quarterly	Credit Suisse International	12/20/22		EUR	300		66,145		58,812		7,333
Anglo American PLC	5.00%	Quarterly	Barclays Bank PLC	06/20/23		EUR	2,200		413,586		465,967		52,381
ArcelorMittal	5.00%	Quarterly	Barclays Bank PLC	06/20/23		EUR	700		131,739		137,413		5,674
Bayerische Motoren Werke AG	1.00%	Quarterly	Barclays Bank PLC	06/20/23		EUR	2,900		82,859		68,461		14,398
BevCo Lux Sarl	5.00%	Quarterly	Credit Suisse International	06/20/23		EUR	280		53,945		55,078		1,133
Cable & Wireless Communications Ltd.	5.00%	Quarterly	Goldman Sachs International	06/20/23		EUR	450		84,097		83,189		908
CMA CGM SA	5.00%	Quarterly	Citibank N.A.	06/20/23		EUR	300		35,219		753		34,466
Daimler AG	1.00%	Quarterly	BNP Paribas S.A. JPMorgan Chase	06/20/23		EUR	2,900		21,809		46,500		24,691
Deutsche Lufthansa AG	1.00%	Quarterly	Bank N.A.	06/20/23		EUR	3,400		29,818		54,628		24,810
Enel SpA	1.00%	Quarterly	Citibank N.A. Goldman Sachs	06/20/23		EUR	1,400		685		6,325		5,640
Enel SpA	1.00%	Quarterly	International Morgan Stanley & Co. International	06/20/23		EUR	1,390		680		7,884		8,564
Enel SpA	1.00%	Quarterly	PLC Morgan Stanley & Co. International	06/20/23		EUR	2,760		1,351		7,748		6,397
Enel SpA	1.00%	Quarterly	PLC	06/20/23		EUR	1,160		567		7,201		6,634
Federative Republic of Brazil	1.00%	Quarterly	Barclays Bank PLC	06/20/23		USD	1,539		110,341		44,717		65,624
Federative Republic of Brazil	1.00%	Quarterly	BNP Paribas S.A.	06/20/23		USD	2,539		182,037		101,367		80,670
Federative Republic of Brazil	1.00%	Quarterly	BNP Paribas S.A.	06/20/23		USD	2,539		182,037		101,367		80,670
Federative Republic of Brazil	1.00%	Quarterly	Citibank N.A.	06/20/23		USD	4,010		287,503		313,362		25,859

70

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Reference Obligation	Financing Rate Paid by the Fund	Payment Frequency	Counterparty	Termination Date	Notional Amount (000)			Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Federative Republic of Brazil	1.00%	Quarterly	Citibank N.A.	06/20/23		USD	2,844	$	203,932	$	170,481	$	33,451
Federative Republic of Brazil	1.00%	Quarterly	Citibank N.A.	06/20/23		USD	2,595		186,053		151,222		34,831
Federative Republic of Brazil	1.00%	Quarterly	Citibank N.A.	06/20/23		USD	2,595		186,053		151,222		34,831
Federative Republic of Brazil	1.00%	Quarterly	Citibank N.A.	06/20/23		USD	2,552		182,943		147,632		35,311
Federative Republic of Brazil	1.00%	Quarterly	Citibank N.A.	06/20/23		USD	2,551		182,897		199,348		16,451
Federative Republic of Brazil	1.00%	Quarterly	Citibank N.A.	06/20/23		USD	2,551		182,898		200,374		17,476
Federative Republic of Brazil	1.00%	Quarterly	Citibank N.A.	06/20/23		USD	2,551		182,898		201,399		18,501
Federative Republic of Brazil	1.00%	Quarterly	Citibank N.A.	06/20/23		USD	2,550		182,826		199,783		16,957
Federative Republic of Brazil	1.00%	Quarterly	Citibank N.A.	06/20/23		USD	2,305		165,260		93,985		71,275
Federative Republic of Brazil	1.00%	Quarterly	Citibank N.A.	06/20/23		USD	1,620		116,148		45,745		70,403
Federative Republic of Brazil	1.00%	Quarterly	Deutsche Bank AG	06/20/23		USD	1,234		88,473		33,600		54,873
Federative Republic of Brazil	1.00%	Quarterly	Goldman Sachs International	06/20/23		USD	2,639		189,207		150,489		38,718
Federative Republic of Brazil	1.00%	Quarterly	HSBC Bank PLC	06/20/23		USD	3,366		241,330		126,505		114,825
Federative Republic of Brazil	1.00%	Quarterly	HSBC Bank PLC	06/20/23		USD	2,756		197,595		104,168		93,427
Freeport-McMoRan, Inc.	1.00%	Quarterly	Goldman Sachs International	06/20/23		USD	1,460		48,382		54,028		5,646
ITV PLC	5.00%	Quarterly	Barclays Bank PLC	06/20/23		EUR	1,160		254,062		249,191		4,871
Kingdom of Bahrain	1.00%	Quarterly	HSBC Bank PLC	06/20/23		USD	1,650		210,708		111,941		98,767
Lanxess AG	1.00%	Quarterly	Barclays Bank PLC	06/20/23		EUR	1,084		13,945		20,807		6,862
Lanxess AG	1.00%	Quarterly	Goldman Sachs International	06/20/23		EUR	1,083		13,933		22,178		8,245
Lloyds Banking Group PLC	1.00%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23		EUR	720		32,545		23,971		8,574
Marks & Spencer PLC	1.00%	Quarterly	Credit Suisse International	06/20/23		EUR	2,440		59,279		67,919		8,640
Matterhorn Telecom Holding SA	5.00%	Quarterly	Citibank N.A.	06/20/23		EUR	300		49,517		60,383		10,866
Matterhorn Telecom Holding SA	5.00%	Quarterly	Credit Suisse International	06/20/23		EUR	430		70,975		68,817		2,158
Matterhorn Telecom Holding SA	5.00%	Quarterly	Credit Suisse International	06/20/23		EUR	300		49,517		48,012		1,505
People’s Republic of China	1.00%	Quarterly	Goldman Sachs International	06/20/23		USD	4,220		53,821		66,450		12,629
Peugeot SA	5.00%	Quarterly	Citibank N.A.	06/20/23		EUR	1,920		378,259		425,292		47,033
Peugeot SA	5.00%	Quarterly	Goldman Sachs International	06/20/23		EUR	1,400		275,813		293,199		17,386
Republic of Argentina	5.00%	Quarterly	Bank of America N.A.	06/20/23		USD	817		22,317		32,645		10,328
Republic of Argentina	5.00%	Quarterly	HSBC Bank PLC	06/20/23		USD	1,513		41,333		67,493		26,160
Republic of Argentina	5.00%	Quarterly	HSBC Bank PLC	06/20/23		USD	1,106		30,214		51,702		21,488
Republic of Argentina	5.00%	Quarterly	HSBC Bank PLC	06/20/23		USD	1,106		30,214		49,337		19,123
Republic of Colombia	1.00%	Quarterly	HSBC Bank PLC	06/20/23		USD	2,053		22,741		28,155		5,414

71

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Reference Obligation	Financing Rate Paid by the Fund	Payment Frequency	Counterparty	Termination Date	Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Republic of South Africa	1.00%	Quarterly	Morgan Stanley & Co. International PLC	06/20/23	USD	5,219	$	259,166	$	134,197	$	124,969
Republic of the Philippines	1.00%	Quarterly	Citibank N.A.	06/20/23	USD	875		2,146		6,318		4,172
Republic of the Philippines	1.00%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	USD	18,547		45,482		218,922		173,440
Republic of Turkey	1.00%	Quarterly	Deutsche Bank AG	06/20/23	USD	955		81,945		69,362		12,583
Republic of Turkey	1.00%	Quarterly	Goldman Sachs International	06/20/23	USD	1,010		86,664		69,711		16,953
Republic of Turkey	1.00%	Quarterly	HSBC Bank PLC	06/20/23	USD	1,985		170,326		137,007		33,319
Republic of Turkey	1.00%	Quarterly	HSBC Bank PLC	06/20/23	USD	1,105		94,816		74,019		20,797
Republic of Turkey	1.00%	Quarterly	Morgan Stanley & Co. International PLC	06/20/23	USD	896		76,883		66,883		10,000
Republic of Turkey	1.00%	Quarterly	Morgan Stanley & Co. International PLC	06/20/23	USD	204		17,505		14,105		3,400
Rio Tinto Ltd.	1.00%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	USD	5,900		107,237		110,540		3,303
Smurfit Kappa Acquisitions	5.00%	Quarterly	Barclays Bank PLC	06/20/23	EUR	300		65,457		74,767		9,310
Smurfit Kappa Acquisitions	5.00%	Quarterly	BNP Paribas S.A.	06/20/23	EUR	400		87,276		94,160		6,884
Smurfit Kappa Acquisitions	5.00%	Quarterly	Credit Suisse International	06/20/23	EUR	400		87,276		92,888		5,612
Smurfit Kappa Acquisitions	5.00%	Quarterly	Goldman Sachs International	06/20/23	EUR	400		87,276		89,112		1,836
Smurfit Kappa Acquisitions	5.00%	Quarterly	Goldman Sachs International	06/20/23	EUR	400		87,276		87,621		345
Smurfit Kappa Acquisitions	5.00%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	EUR	300		65,457		70,921		5,464
Societe Generale SA	1.00%	Quarterly	Goldman Sachs International	06/20/23	EUR	720		27,763		2,157		25,606
SoftBank Group Corp.	1.00%	Quarterly	BNP Paribas S.A.	06/20/23	JPY	154,500		80,583		79,925		658
SoftBank Group Corp.	1.00%	Quarterly	BNP Paribas S.A.	06/20/23	JPY	69,680		36,343		46,373		10,030
SoftBank Group Corp.	1.00%	Quarterly	Goldman Sachs International	06/20/23	JPY	128,880		67,221		84,179		16,958
SoftBank Group Corp.	1.00%	Quarterly	Goldman Sachs International	06/20/23	JPY	103,260		53,858		62,101		8,243
Stena AB	5.00%	Quarterly	Citibank N.A.	06/20/23	EUR	700		38,678		37,383		1,295
Stena AB	5.00%	Quarterly	Credit Suisse International	06/20/23	EUR	1,060		58,570		48,272		10,298
Suedzucker AG	1.00%	Quarterly	Bank of America N.A.	06/20/23	EUR	1,400		4,873		3,267		1,606
Suedzuecker AG	1.00%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	EUR	1,470		5,117		20,281		15,164
Telecom Italia SpA	1.00%	Quarterly	Barclays Bank PLC	06/20/23	EUR	547		30,745		15,784		14,961
Telecom Italia SpA	1.00%	Quarterly	Barclays Bank PLC	06/20/23	EUR	515		28,946		17,250		11,696
Telecom Italia SpA	1.00%	Quarterly	Goldman Sachs International	06/20/23	EUR	540		30,351		28,581		1,770
United Mexican States	1.00%	Quarterly	Barclays Bank PLC	06/20/23	USD	3,720		50,875		29,521		21,354
United Mexican States	1.00%	Quarterly	Barclays Bank PLC	06/20/23	USD	2,506		34,273		44,946		10,673

72

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Reference Obligation	Financing Rate Paid by the Fund	Payment Frequency	Counterparty	Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
United Mexican States	1.00%	Quarterly	Barclays Bank PLC		06/20/23	USD	2,506	$	34,272	$	48,269	$	13,997
United Mexican States	1.00%	Quarterly	Barclays Bank PLC		06/20/23	USD	2,506		34,273		48,823		14,550
United Mexican States	1.00%	Quarterly	Barclays Bank PLC		06/20/23	USD	2,505		34,259		47,144		12,885
United Mexican States	1.00%	Quarterly	Barclays Bank PLC		06/20/23	USD	2,005		27,421		39,062		11,641
United Mexican States	1.00%	Quarterly	Barclays Bank PLC		06/20/23	USD	1,771		24,221		14,431		9,790
United Mexican States	1.00%	Quarterly	Citibank N.A.		06/20/23	USD	4,299		58,794		35,417		23,377
United Mexican States	1.00%	Quarterly	Citibank N.A.		06/20/23	USD	3,435		46,978		28,146		18,832
United Mexican States	1.00%	Quarterly	Citibank N.A.		06/20/23	USD	2,578		35,257		49,656		14,399
United Mexican States	1.00%	Quarterly	Citibank N.A.		06/20/23	USD	2,410		32,960		18,965		13,995
United Mexican States	1.00%	Quarterly	Citibank N.A.		06/20/23	USD	2,197		30,047		20,722		9,325
United Mexican States	1.00%	Quarterly	Deutsche Bank AG		06/20/23	USD	2,945		40,277		14,945		25,332
Unitymedia GmbH	5.00%	Quarterly	Credit Suisse International		06/20/23	EUR	1,440		343,157		362,453		19,296
Unitymedia GmbH	5.00%	Quarterly	Credit Suisse International		06/20/23	EUR	1,180		281,199		281,954		755
Valeo SA	1.00%	Quarterly	Barclays Bank PLC		06/20/23	EUR	1,450		12,983		13,199		216
Volkswagen AG	1.00%	Quarterly	Barclays Bank PLC		06/20/23	EUR	700		93		7,117		7,210
Wind Tre SpA	5.00%	Quarterly	Citibank N.A.		06/20/23	EUR	400		22,305		—		22,305
Wind Tre SpA	5.00%	Quarterly	Citibank N.A.		06/20/23	EUR	270		15,055		3,905		11,150
Wind Tre SpA	5.00%	Quarterly	Credit Suisse International		06/20/23	EUR	700		39,033		18,146		20,887
Wind Tre SpA	5.00%	Quarterly	Credit Suisse International		06/20/23	EUR	100		5,576		2,300		7,876
Wind Tre SpA	5.00%	Quarterly	Goldman Sachs International		06/20/23	EUR	201		11,186		5,082		6,104
CMBX.NA.9.A	2.00%	Monthly	Citigroup Global Markets, Inc.		09/17/58	USD	1,770		34,629		35,331		702
CMBX.NA.9.A	2.00%	Monthly	Credit Suisse International		09/17/58	USD	5,774		112,964		97,783		15,181
CMBX.NA.9.A	2.00%	Monthly	Credit Suisse International		09/17/58	USD	1,770		34,628		33,152		1,476
CMBX.NA.9.A	2.00%	Monthly	Goldman Sachs International		09/17/58	USD	900		17,608		18,161		553
CMBX.NA.9.A	2.00%	Annual	J.P. Morgan Securities LLC		09/17/58	USD	1,021		19,983		137,394		117,411
CMBX.NA.9.A	2.00%	Annual	Morgan Stanley & Co. International PLC		09/17/58	USD	1,780		34,825		220,462		185,637
CMBX.NA.9.AAA	0.50%	Annual	Credit Suisse International		09/17/58	USD	4,540		1,577		54,415		52,838
CMBX.NA.9.AAA	0.50%	Annual	Deutsche Bank AG		09/17/58	USD	3,620		1,258		44,016		42,758
CMBX.NA.9.AAA	0.50%	Annual	Morgan Stanley & Co. International PLC		09/17/58	USD	5,570		1,935		73,252		71,317
CMBX.NA.9.AAA	0.50%	Annual	Morgan Stanley & Co. International PLC		09/17/58	USD	3,050		1,059		36,556		35,497

73

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Reference Obligation	Financing Rate Paid by the Fund	Payment Frequency		Counterparty	Termination Date		Notional Amount (000)		Value		Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
CMBX.NA.9.AAA	0.50%		Annual	Morgan Stanley & Co. International PLC		09/17/58	USD	2,530	$	879	$	30,324	$	29,445
CMBX.NA.6.AAA	0.50%		Monthly	Deutsche Bank AG		05/11/63	USD	6,435		42,428		2,067		44,495
CMBX.NA.6.AAA	0.50%		Annual	Deutsche Bank AG		05/11/63	USD	5,725		37,750		1,861		35,889
CMBX.NA.6.AAA	0.50%		Annual	Deutsche Bank AG		05/11/63	USD	4,021		26,509		780		27,289
CMBX.NA.6.BBB-	3.00%		Annual	J.P. Morgan Securities LLC		05/11/63	USD	850		87,682		83,574		4,108
									$	1,488,511	$	707,679	$	780,832

OTC Credit Default Swaps — Sell Protection

Reference Obligation	Financing Rate Received by the Fund	Payment Frequency	Counterparty	Termination Date	Credit Rating(a)	Notional Amount (000)(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Scandinavian Airlines System Denmark Norway Sweden	5.00%	Quarterly	Goldman Sachs International	06/20/19	Not Rated		EUR	1,000	$	47,344		$	(26,773	)	$	74,117
Rallye SA	5.00%	Quarterly	Citibank N.A.	06/20/20	Not Rated		EUR	300		(55,348	)		(53,424	)		(1,924	)
United Mexican States	1.00%	Quarterly	Bank of America N.A.	06/20/20	BBB+		USD	7,452		54,554			(29,951	)		84,505
People’s Republic of China	1.00%	Quarterly	Barclays Bank PLC	09/20/20	A+		USD	1,000		14,699			(3,602	)		18,301
People’s Republic of China	1.00%	Quarterly	Goldman Sachs International	09/20/20	A+		USD	1,000		14,699			(3,809	)		18,508
United Mexican States	1.00%	Quarterly	JPMorgan Chase Bank N.A.	09/20/20	BBB+		USD	7,452		51,346			(36,274	)		87,620
ITRAXX.ASIA.XJ.IG.24.V1	1.00%	Quarterly	Goldman Sachs International	12/20/20	A-		USD	1,825		21,283			(25,199	)		46,482
Rallye SA	5.00%	Quarterly	Citibank N.A.	06/20/21	Not Rated		EUR	300		(78,993	)		(65,888	)		(13,105	)
Altice Finco SA	5.00%	Quarterly	BNP Paribas S.A.	12/20/22	CCC+		EUR	400		13,415			17,788			(4,373	)
Altice Finco SA	5.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/22	CCC+		EUR	720		24,147			16,752			7,395
Casino Guichard Perrachon SA	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/22	BB+		EUR	50		(6,558	)		(1,957	)		(4,601	)
Commerzbank AG	1.00%	Quarterly	Goldman Sachs International	12/20/22	Not Rated		EUR	1,300		(80,483	)		(41,228	)		(39,255	)
Deutsche Bank AG	1.00%	Quarterly	Barclays Bank PLC	12/20/22	Not Rated		EUR	1,340		(48,880	)		1,080			(49,960	)
Intrum Justitia AB	5.00%	Quarterly	Credit Suisse International	12/20/22	BB+		EUR	520		28,258			85,316			(57,058	)
Intrum Justitia AB	5.00%	Quarterly	Credit Suisse International	12/20/22	BB+		EUR	510		27,714			76,335			(48,621	)
Intrum Justitia AB	5.00%	Quarterly	Morgan Stanley & Co. International PLC	12/20/22	BB+		EUR	1,420		77,165			234,816			(157,651	)
ITRAXX.FINSR.28.V1	1.00%	Quarterly	Citibank N.A.	12/20/22	A-		EUR	13,200		119,506			339,641			(220,135	)
Jaguar Land Rover Automotive PLC	5.00%	Quarterly	Barclays Bank PLC	12/20/22	BB+		EUR	30		2,951			5,453			(2,502	)
Jaguar Land Rover Automotive PLC	5.00%	Quarterly	Morgan Stanley & Co. International PLC	12/20/22	BB+		EUR	60		5,903			10,608			(4,705	)
SFR Group SA	5.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/22	B		EUR	430		42,612			16,257			26,355
Telecom Italia SpA	5.00%	Quarterly	Citibank N.A.	12/20/22	BB+		EUR	40		(1,657	)		7,732			(9,389	)
Wind Acquisition Finance SA	5.00%	Quarterly	Credit Suisse International	12/20/22	Not Rated		EUR	620		108,062			118,311			(10,249	)
Wind Acquisition Finance SA	5.00%	Quarterly	Goldman Sachs International	12/20/22	BB-		EUR	700		122,005			130,775			(8,770	)
Wind Acquisition Finance SA	5.00%	Quarterly	Goldman Sachs International	12/20/22	BB-		EUR	375		65,360			70,058			(4,698	)
Adler Real Estate AG	5.00%	Quarterly	Credit Suisse International	06/20/23	BB+		EUR	1,320		228,497			272,915			(44,418	)
Altice France SA	5.00%	Quarterly	Barclays Bank PLC	06/20/23	B		EUR	530		49,560			9,465			40,095
Altice France SA	5.00%	Quarterly	Goldman Sachs International	06/20/23	B		EUR	522		48,812			45,776			3,036
Altice France SA	5.00%	Quarterly	JPMorgan Chase Bank N.A.	06/20/23	B		EUR	765		71,535			71,466			69

74

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Reference Obligation	Financing Rate Received by the Fund	Payment Frequency	Counterparty	Termination Date		Credit Rating(a)	Notional Amount (000)(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Altice France SA	5.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	B		EUR	530	$	49,560		$	12,085		$	37,475
Beazer Homes USA, Inc.	5.00%	Quarterly	Barclays Bank PLC		06/20/23	B-		USD	2,050		97,672			165,137			(67,465	)
Beazer Homes USA, Inc.	5.00%	Quarterly	Goldman Sachs International		06/20/23	B-		USD	622		29,616			28,764			852
Boparan Finance PLC	5.00%	Quarterly	Barclays Bank PLC		06/20/23	CCC+		EUR	730		(60,152	)		(68,124	)		7,972
Casino Guichard Perrachon SA	1.00%	Quarterly	Bank of America N.A.		06/20/23	BB+		EUR	188		(28,619	)		(29,203	)		584
Casino Guichard Perrachon SA	1.00%	Quarterly	Bank of America N.A.		06/20/23	BB+		EUR	15		(2,346	)		(2,394	)		48
Casino Guichard Perrachon SA	1.00%	Quarterly	Barclays Bank PLC		06/20/23	BB+		EUR	300		(45,649	)		(39,011	)		(6,638	)
Casino Guichard Perrachon SA	1.00%	Quarterly	BNP Paribas S.A.		06/20/23	BB+		EUR	580		(88,254	)		(86,070	)		(2,184	)
Casino Guichard Perrachon SA	1.00%	Quarterly	BNP Paribas S.A.		06/20/23	BB+		EUR	540		(82,167	)		(54,514	)		(27,653	)
Casino Guichard Perrachon SA	1.00%	Quarterly	BNP Paribas S.A.		06/20/23	BB+		EUR	530		(80,646	)		(53,505	)		(27,141	)
Casino Guichard Perrachon SA	1.00%	Quarterly	BNP Paribas S.A.		06/20/23	BB+		EUR	10		(1,522	)		(1,010	)		(512	)
Casino Guichard Perrachon SA	1.00%	Quarterly	BNP Paribas S.A.		06/20/23	BB+		EUR	10		(1,522	)		(1,010	)		(512	)
Casino Guichard Perrachon SA	1.00%	Quarterly	Citibank N.A.		06/20/23	BB+		EUR	526		(79,979	)		(74,303	)		(5,676	)
Casino Guichard Perrachon SA	1.00%	Quarterly	Citibank N.A.		06/20/23	BB+		EUR	422		(64,201	)		(61,777	)		(2,424	)
Casino Guichard Perrachon SA	1.00%	Quarterly	Citibank N.A.		06/20/23	BB+		EUR	35		(5,263	)		(5,064	)		(199	)
Casino Guichard Perrachon SA	1.00%	Quarterly	Citibank N.A.		06/20/23	BB+		EUR	15		(2,344	)		(2,178	)		(166	)
Casino Guichard Perrachon SA	1.00%	Quarterly	Goldman Sachs International		06/20/23	BB+		EUR	550		(83,689	)		(56,161	)		(27,528	)
Casino Guichard Perrachon SA	1.00%	Quarterly	Goldman Sachs International		06/20/23	BB+		EUR	10		(1,522	)		(1,021	)		(501	)
Casino Guichard Perrachon SA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB+		EUR	540		(82,168	)		(53,985	)		(28,183	)
Casino Guichard Perrachon SA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB+		EUR	526		(80,057	)		(74,375	)		(5,682	)
Casino Guichard Perrachon SA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB+		EUR	316		(48,034	)		(41,771	)		(6,263	)
Casino Guichard Perrachon SA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB+		EUR	210		(32,023	)		(27,847	)		(4,176	)
Casino Guichard Perrachon SA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB+		EUR	15		(2,347	)		(2,180	)		(167	)
Casino Guichard Perrachon SA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB+		EUR	10		(1,522	)		(1,000	)		(522	)
Casino Guichard Perrachon SA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB+		EUR	9		(1,408	)		(1,224	)		(184	)
Casino Guichard Perrachon SA	1.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	BB+		EUR	6		(938	)		(816	)		(122	)
Deutsche Bank AG	1.00%	Quarterly	Goldman Sachs International		06/20/23	Not Rated		EUR	1,320		(57,864	)		(10,530	)		(47,334	)
Deutsche Bank AG	1.00%	Quarterly	Goldman Sachs International		06/20/23	Not Rated		EUR	100		(4,384	)		(827	)		(3,557	)
Glencore International AG	5.00%	Quarterly	Barclays Bank PLC		06/20/23	BBB+		EUR	1,323		240,684			270,009			(29,325	)
Hema BondCo I BV	5.00%	Quarterly	JPMorgan Chase Bank N.A.		06/20/23	B-		EUR	800		(5,042	)		33,225			(38,267	)
Intesa San Paolo SpA	1.00%	Quarterly	BNP Paribas S.A.		06/20/23	Not Rated		EUR	140		(5,051	)		(6,731	)		1,680
Intrum Justitia AB	5.00%	Quarterly	Credit Suisse International		06/20/23	BB+		EUR	50		2,113			5,313			(3,200	)
Intrum Justitia AB	5.00%	Quarterly	Credit Suisse International		06/20/23	BB+		EUR	20		845			2,005			(1,160	)
Intrum Justitia AB	5.00%	Quarterly	Credit Suisse International		06/20/23	BB+		EUR	9		387			1,084			(697	)
Intrum Justitia AB	5.00%	Quarterly	Morgan Stanley & Co. International PLC		06/20/23	BB+		EUR	31		1,305			3,659			(2,354	)
Tata Motors Ltd.	5.00%	Quarterly	BNP Paribas S.A.		06/20/23	BB+		EUR	10		906			1,655			(749	)

75

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

Reference Obligation	Financing Rate Received by the Fund	Payment Frequency	Counterparty	Termination Date		Credit Rating(a)	Notional Amount (000)(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Tata Motors Ltd.	5.00%	Quarterly	Goldman Sachs International		06/20/23	BB+		EUR	6	$	543		$	1,011		$	(468	)
TDC A/S	1.00%	Quarterly	Barclays Bank PLC		06/20/23	B+		EUR	200		(18,847	)		(19,280	)		433
TDC A/S	1.00%	Quarterly	Goldman Sachs International		06/20/23	B+		EUR	1,370		(129,106	)		(127,752	)		(1,354	)
TDC A/S	1.00%	Quarterly	Goldman Sachs International		06/20/23	B+		EUR	600		(56,543	)		(56,522	)		(21	)
Tesco PLC	1.00%	Quarterly	Citibank N.A.		06/20/23	BB+		EUR	1,400		(12,443	)		(7,082	)		(5,361	)
United Group BV	5.00%	Quarterly	Goldman Sachs International		06/20/23	B		EUR	270		36,241			36,759			(518	)
Constellium NV	5.00%	Quarterly	Citibank N.A.		12/20/24	B-		EUR	1,200		136,631			145,424			(8,793	)
Constellium NV	5.00%	Quarterly	Goldman Sachs International		12/20/24	B-		EUR	890		101,334			138,335			(37,001	)
Constellium NV	5.00%	Quarterly	Goldman Sachs International		12/20/24	B-		EUR	660		75,147			75,117			30
CMBX.NA.7.AAA	0.50%	Monthly	Morgan Stanley & Co. International PLC		01/17/47	AAA		USD	5,000		28,794			(154,685	)		183,479
CMBX.NA.3.AM	0.50%	Monthly	Credit Suisse International		12/13/49	A		USD	53		(229	)		(4,571	)		4,342
CMBX.NA.3.AM	0.50%	Monthly	Goldman Sachs International		12/13/49	A		USD	135		(577	)		(11,673	)		11,096
CMBX.NA.3.AM	0.50%	Monthly	JPMorgan Chase Bank N.A.		12/13/49	A		USD	291		(1,244	)		(23,871	)		22,627
CMBX.NA.4.AM	0.50%	Annual	Deutsche Bank AG		02/17/51	BBB+		USD	73		(363	)		(9,446	)		9,083
CMBX.NA.8.A	2.00%	Annual	Goldman Sachs International		10/17/57	Not Rated		USD	1,710		(39,440	)		(94,992	)		55,552
CMBX.NA.8.A	2.00%	Monthly	Goldman Sachs International		10/17/57	Not Rated		USD	440		(10,148	)		(43,753	)		33,605
CMBX.NA.8.A	2.00%	Annual	Morgan Stanley & Co. International PLC		10/17/57	Not Rated		USD	290		(6,688	)		(24,355	)		17,667
CMBX.NA.9.BBB-	3.00%	Monthly	Credit Suisse International		09/17/58	Not Rated		USD	4,320		(444,723	)		(385,976	)		(58,747	)
CMBX.NA.9.BBB-	3.00%	Annual	Credit Suisse International		09/17/58	Not Rated		USD	896		(92,239	)		(92,451	)		212
CMBX.NA.9.BBB-	3.00%	Monthly	Deutsche Bank AG		09/17/58	Not Rated		USD	2,190		(225,450	)		(238,981	)		13,531
CMBX.NA.9.BBB-	3.00%	Monthly	Deutsche Bank AG		09/17/58	Not Rated		USD	1,854		(190,860	)		(226,038	)		35,178
CMBX.NA.9.BBB-	3.00%	Monthly	Morgan Stanley & Co. International PLC		09/17/58	Not Rated		USD	970		(99,857	)		(124,973	)		25,116
CMBX.NA.9.BBB-	3.00%	Monthly	Morgan Stanley & Co. International PLC		09/17/58	Not Rated		USD	920		(94,709	)		(113,854	)		19,145
CMBX.NA.9.BBB-	3.00%	Monthly	Morgan Stanley & Co. International PLC		09/17/58	Not Rated		USD	880		(90,592	)		(84,359	)		(6,233	)
CMBX.NA.9.BBB-	3.00%	Monthly	Morgan Stanley & Co. International PLC		09/17/58	Not Rated		USD	770		(79,268	)		(80,842	)		1,574
CMBX.NA.9.BBB-	3.00%	Annual	Morgan Stanley & Co. International PLC		09/17/58	Not Rated		USD	630		(64,855	)		(62,989	)		(1,866	)
CMBX.NA.9.BBB-	3.00%	Monthly	Morgan Stanley & Co. International PLC		09/17/58	Not Rated		USD	127		(13,074	)		(15,410	)		2,336
CMBX.NA.10.A	2.00%	Monthly	Deutsche Bank AG		11/17/59	A-		USD	3,340		(68,677	)		(147,575	)		78,898
CMBX.NA.10.A	2.00%	Monthly	Deutsche Bank AG		11/17/59	A-		USD	1,670		(34,342	)		(75,029	)		40,687
CMBX.NA.10.BBB-	3.00%	Annual	J.P. Morgan Securities LLC		11/17/59	BBB-		USD	60		(5,390	)		(5,246	)		(144	)
CMBX.NA.6.BBB-	3.00%	Annual	Credit Suisse International		05/11/63	BBB-		USD	850		(87,682	)		(67,678	)		(20,004	)
										$	(1,046,773	)	$	(893,993	)	$	(152,780	)

^(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.

76

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

OTC Interest Rate Swaps

Paid by the Fund		Received by the Fund		Counterparty		Effective Date	Termination Date	Notional Amount (000)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
4.85%	Monthly	28-day MXIBTIIE, 8.10%	Monthly		Bank of America N.A.	N/A	11/01/18		MXN	23,232	$	15,050		$	41		$	15,009
28-day MXIBTIIE, 8.10%	Monthly	7.07%	Monthly		Citibank N.A.	N/A	11/21/18		MXN	231,800		(59,026	)		—			(59,026	)
28-day MXIBTIIE, 8.10%	Monthly	7.06%	Monthly		JPMorgan Chase Bank N.A.	N/A	11/21/18		MXN	278,160		(71,485	)		—			(71,485	)
28-day MXIBTIIE, 8.10%	Monthly	6.98%	Monthly		Citibank N.A.	N/A	11/28/18		MXN	395,600		(110,287	)		(102	)		(110,185	)
28-day MXIBTIIE, 8.10%	Monthly	6.98%	Monthly		JPMorgan Chase Bank N.A.	N/A	11/28/18		MXN	224,417		(62,564	)		(58	)		(62,506	)
4.77%	Monthly	28-day MXIBTIIE, 8.10%	Monthly		Citibank N.A.	N/A	12/05/18		MXN	16,034		12,820			22			12,798
4.70%	Monthly	28-day MXIBTIIE, 8.10%	Monthly		Bank of America N.A.	N/A	12/06/18		MXN	16,034		13,088			21			13,067
4.76%	Monthly	28-day MXIBTIIE, 8.10%	Monthly		Citibank N.A.	N/A	12/06/18		MXN	16,034		12,862			22			12,840
7-day China Fixing Repo Rates, 3.40%	Quarterly	3.33%	Quarterly		Citibank N.A.	09/19/18(a)	09/19/20		CNY	156,000		95,837			—			95,837
3.27%	Quarterly	3-month LIBOR, 2.34%	Semi-Annual		Deutsche Bank AG	N/A	05/16/21		USD	9,510		(122,733	)		—			(122,733	)
1.06%	Quarterly	3-month TAIBOR, 0.66%	Quarterly		Bank of America N.A.	09/19/18(a)	09/19/23		TWD	232,527		(46,714	)		—			(46,714	)
1.06%	Quarterly	3-month TAIBOR, 0.66%	Quarterly		JPMorgan Chase Bank N.A.	09/19/18(a)	09/19/23		TWD	334,613		(67,223	)		—			(67,223	)
5.73%	Monthly	28-day MXIBTIIE, 8.10%	Monthly		Bank of America N.A.	N/A	01/03/25		MXN	23,376		132,363			262			132,101
28-day MXIBTIIE, 8.10%	Monthly	6.33%	Monthly		Citibank N.A.	N/A	06/09/25		MXN	14,869		(64,948	)		(72	)		(64,876	)
28-day MXIBTIIE, 8.10%	Monthly	6.33%	Monthly		Citibank N.A.	N/A	07/17/25		MXN	36,610		(161,250	)		(140	)		(161,110	)
28-day MXIBTIIE, 8.10%	Monthly	6.32%	Monthly		Goldman Sachs International	N/A	08/06/25		MXN	109,616		(488,620	)		(416	)		(488,204	)
6.31%	Monthly	28-day MXIBTIIE, 8.10%	Monthly		Bank of America N.A.	N/A	08/11/25		MXN	36,783		165,181			154			165,027
6.31%	Monthly	28-day MXIBTIIE, 8.10%	Monthly		Bank of America N.A.	N/A	08/11/25		MXN	36,783		165,181			154			165,027
6.31%	Monthly	28-day MXIBTIIE, 8.10%	Monthly		Deutsche Bank AG	N/A	08/11/25		MXN	136,536		614,209			572			613,637
28-day MXIBTIIE, 8.10%	Monthly	6.27%	Monthly		Bank of America N.A.	N/A	12/05/25		MXN	4,348		(20,763	)		(45	)		(20,718	)
											$	(49,022	)	$	415		$	(49,437	)

^(a) Forward swap.

77

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

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
Markit iBoxx EUR Contingent Convertible Index	At Termination	3-month EURIBOR, (0.32)%	At Termination	Goldman Sachs International		09/20/18	EUR	2,506	$	(76,989	)	$	1,595		$	(78,584	)
iBoxx EUR Liquid High Yield Index	At Termination	3-month EURIBOR, (0.32)%	At Termination	JPMorgan Chase Bank N.A.		09/20/18	EUR	15,206		49,867			(12,029	)		61,896
iBoxx EUR Liquid High Yield Index	At Termination	3-month EURIBOR, (0.32)%	At Termination	JPMorgan Chase Bank N.A.		09/20/18	EUR	10,984		26,151			(7,612	)		33,763
Superior Energy Services, Inc.	Quarterly	3-month LIBOR plus 0.05%, 2.34%	Quarterly	BNP Paribas S.A.		02/07/19	USD	648		85,666			—			85,666
SPDR S&P Oil & Gas Exploration & Production ETF	Monthly	1-month LIBOR minus 0.90%, 2.09%	Monthly	Merrill Lynch International		03/15/19	USD	2,091		(127,558	)		—			(127,558	)
									$	(42,863	)	$	(18,046	)	$	(24,817	)

OTC Total Return Swaps^(a)

Reference Entity

Counterparty

Expiration Dates

Net Notional

Unrealized Appreciation (Depreciation)

Net Value of Reference Entities

Gross Notional Amount Net Asset Percentage

Equity Securities Long/Short

Bank of America N.A.

02/17/23-02/20/23

USD

6,130,865

$

(90,992

)(b)

$

5,980,819

0.1

%

^(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 20-125 basis points. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. The following are the specified benchmarks used in determining the variable rate of interest:

EURIBOR 1 Week

Intercontinental Exchange LIBOR:

GBP 1 Week

USD 1 Week

^(b)  Amount includes $59,054 of net dividends and financing fees

OTC Total Return Volatility Swaps

Reference Entity	Volatility Strike Price		Counterparty		Expiration Date		Notional Amount (000)			Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
JPY Currency		8.90%		Deutsche Bank AG		02/26/19		JPY	41,565	$	(137,443	)		—	$	(137,443	)
JPY Currency		8.90%		Deutsche Bank AG		02/26/19		JPY	20,851		(68,948	)		—		(68,948	)
JPY Currency		8.73%		Deutsche Bank AG		04/03/19		JPY	41,565		(68,242	)		—		(68,242	)
JPY Currency		8.90%		Deutsche Bank AG		04/03/19		JPY	20,683		(53,974	)		—		(53,974	)
JPY Currency		8.90%		Deutsche Bank AG		04/03/19		JPY	20,683		(53,974	)		—		(53,974	)
										$	(382,581	)		—	$	(382,581	)

Currency Abbreviations

ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc

78

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

CLP	Chilean Peso
CNH	Chinese Yuan Offshore
CNY	Chinese Yuan
COP	Colombian Peso
EUR	Euro
GBP	British Pound
HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
INR	Indian Rupee
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NGN	Nigerian Naira
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
RUB	Russian Ruble
SEK	Swedish Krona
SGD	Singapore Dollar
TRY	Turkish Lira
TWD	Taiwan New Dollar
USD	US Dollar
ZAR	South African Rand
Portfolio Abbreviations
ABS	Asset-Backed Security
AGM	Assurance Guaranty Municipal Corp.
AKA	Also Known As
AMBAC	AMBAC Assurance Corp.
CDO	Collateralized Debt Obligation
CLO	Collateralized Loan Obligation
DAC	Designated Activity Company
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FKA	Formerly Known As
GO	General Obligation Bonds
JIBAR	Johannesburg Interbank Average Rate
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

79

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

TAIBOR	Taiwan Interbank Offered Rate
TBA	To-be-announced
WIBOR	Warsaw Interbank Offered Rate
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 semi-annual report.

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

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities	$	—	$	1,600,804,452	$	71,362,592	$	1,672,167,044
Common Stocks(a)		31,495,079		3,695,203		211,064		35,401,346
Corporate Bonds(a)		—		4,127,317,669		137,180,100		4,264,497,769
Floating Rate Loan Interests(a)		—		271,582,154		134,085,029		405,667,183
Foreign Agency Obligations		—		58,265,954		—		58,265,954
Foreign Government Obligations		—		476,728,258		—		476,728,258
Investment Companies		157,083,351		—		—		157,083,351
Non-Agency Mortgage-Backed Securities		—		696,978,922		59,114,104		756,093,026
Preferred Securities(a)		9,469,824		108,890,684		233,018		118,593,526
Taxable Municipal Bonds		—		719,929,137		—		719,929,137
U.S. Government Sponsored Agency Securities		—		8,343,498,162		1,139,933		8,344,638,095
U.S. Treasury Obligations		—		921,069,473		—		921,069,473
Short-Term Securities:
Borrowed Bond Agreements		—		104,800,187		—		104,800,187
Certificates of Deposit		—		170,485,423		—		170,485,423
Commercial Paper		—		112,526,456		—		112,526,456
Foreign Government Obligations		—		258,624,984		—		258,624,984
Money Market Funds		65,933,690		—		—		65,933,690
U.S. Treasury Obligations		—		999,862		—		999,862
Options Purchased:
Equity contracts		1,994,006		18,755		—		2,012,761
Foreign currency exchange contracts		—		12,588,651		—		12,588,651
Credit contracts		—		223,334		—		223,334
Interest rate contracts		373,027		20,520,717		—		20,893,744

80

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

	Level 1		Level 2			Level 3		Total
Liabilities:
TBA Sale Commitments	$	—	$	(4,140,529,785	)	$	—	$	(4,140,529,785	)
Borrowed Bonds		—		(101,453,610	)		—		(101,453,610	)
Investments Sold Short		—		(764,000	)		—		(764,000	)
Unfunded floating rate loan interests(b)		—		(618	)		—		(618	)
Subtotal	$	266,348,977	$	13,766,800,424		$	403,325,840	$	14,436,475,241
Investments Valued at NAV(c)									14,785,362
Total Investments								$	14,451,260,603

^(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 June 30, 2018, 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	$	858,879		$	—		$	—	$	858,879
Credit contracts		—			4,251,038			—		4,251,038
Equity contracts		974,480			85,666			—		1,060,146
Foreign currency exchange contracts		—			34,869,561			—		34,869,561
Interest rate contracts		4,360,285			8,112,487			—		12,472,772
Other contracts		—			39,844			—		39,844
Liabilities:
Commodity contracts		(1,073,102	)		—			—		(1,073,102	)
Credit contracts		—			(3,496,856	)		—		(3,496,856	)
Equity contracts		(457,170	)		(224,383	)		—		(681,553	)
Foreign currency exchange contracts		—			(22,297,076	)		—		(22,297,076	)
Interest rate contracts		(15,206,168	)		(10,671,691	)		—		(25,877,859	)
	$	(10,542,796	)	$	10,668,590			—	$	125,794

^(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 $411,433,994 are categorized as Level 2 within the disclosure hierarchy.

During the period ended June 30, 2018, there were no transfers between Level 1 and Level 2.

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		67,174			—			828,945			—			9,995,053
Transfers out of Level 3		(49,604,152	)		—			—			(7,648,550	)		(15,705,500	)
Accrued discounts/premiums		(257,375	)		—			(2,194	)		(43,923	)		(1,843,238	)
Net realized gain (loss)		700,900			—			—			454,871			502,766
Net change in unrealized appreciation (depreciation)(a)		(15,964,177	)	$	(82,651	)		(446,780	)		55,031			(288,888	)
Purchases		70,806,066			—			136,800,000			122,329,677			11,163,465
Sales		(14,950,076	)		—			(725	)		(57,112,896	)		(30,631,241	)
Closing Balance, as of June 30, 2018	$	71,362,592		$	211,064		$	137,180,100		$	134,085,029		$	59,114,104
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018(a)	$	(15,964,177	)	$	(82,651	)	$	(446,653	)	$	412,323		$	418,206

81

Consolidated Schedule of Investments  (unaudited) (continued) June 30, 2018 Master Total Return Portfolio of Master Bond LLC

	Preferred Securities			U.S. Government Sponsored Agency Securities			Total
Assets:
Opening Balance, as of September 30, 2017	$	324,267		$	—		$	243,155,574
Transfers into Level 3		—			—			10,891,172
Transfers out of Level 3		—			—			(72,958,202	)
Accrued discounts/premiums		—			—			(2,146,730	)
Net realized gain (loss)		—			—			1,658,537
Net change in unrealized appreciation (depreciation)(a)		(91,249	)		(106,833	)		(16,925,547	)
Purchases		—			1,246,766			342,345,974
Sales		—			—			(102,694,938	)
Closing Balance, as of June 30, 2018	$	233,018		$	1,139,933		$	403,325,840
Net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018(a)	$	(91,249	)	$	(106,833	)	$	(15,861,034	)

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at June 30, 2018, is generally due to investments no longer held or categorized as Level 3 at period end.

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

82

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:	August 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:	August 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:	August 22, 2018

EX-99.CERT

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, 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, certify that:

1.        I have reviewed this report on Form N-Q 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;

2.        Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.        Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrants as of the end of the fiscal quarter for which the report is filed;

4.        The registrants’ other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

a)        designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)        designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)        evaluated the effectiveness of the registrants’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d)        disclosed in this report any change in the registrants’ internal control over financial reporting that occurred during the registrants’ most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants’ internal control over financial reporting; and

5.        The registrants’ other certifying officer(s) and I have disclosed to the registrants’ auditors and the audit committees of the registrants’ boards of directors (or persons performing the equivalent functions):

a)        all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants’ ability to record, process, summarize, and report financial information; and

b)        any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants’ internal control over financial reporting.

Date: August 22, 2018

   /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

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, 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, certify that:

I have reviewed this report on Form N-Q 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;

1.        Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

2.        Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrants as of the end of the fiscal quarter for which the report is filed;

3.        The registrants’ other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

a)        designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)        designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)        evaluated the effectiveness of the registrants’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d)        disclosed in this report any change in the registrants’ internal control over financial reporting that occurred during the registrants’ most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants’ internal control over financial reporting; and

5.        The registrants’ other certifying officer(s) and I have disclosed to the registrants’ auditors and the audit committees of the registrants’ boards of directors (or persons performing the equivalent functions):

a)        all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants’ ability to record, process, summarize, and report financial information; and

b)        any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants’ internal control over financial reporting.

Date: August 22, 2018

   /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