Blackrock Bond Fund NPORT-P BlackRock Total Return Fund (Dec 2019 report)

Schedule of Investments  (unaudited)  December 31, 2019 BlackRock Total Return Fund, Inc. (Percentages shown are based on Net Assets)

Security	Value
Mutual Funds — 100.1%
Master Total Return Portfolio of Master Bond LLC	$	16,172,366,180
Total Investments — 100.1% (Cost: $15,899,364,383)		16,172,366,180
Liabilities in Excess of Other Assets — (0.1)%		(15,038,257	)
Net Assets — 100.0%	$	16,157,327,923

BlackRock Total Return Fund (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Total Return Portfolio of Master Bond LLC (the “Master Portfolio”), which has the same investment objective and strategies as the Fund. As of period end, the value of the investment and the percentage owned by the Fund of the Master Portfolio was $16,172,366,180 and 95.5%, respectively.

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

Fair Value Hierarchy as of Period End

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

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

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

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of investments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments is based on the pricing transparency of the investments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments, refer to the Fund’s most recent financial statements as contained in its annual report.

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

1

Schedule of Investments  (unaudited)  December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Asset-Backed Securities — 9.7%
Accredited Mortgage Loan Trust, Series 2006-1, Class M2, (1 mo. LIBOR US + 0.340%), 2.13%, 04/25/36(a)	USD		5,510	$	3,016,754
ACE Securities Corp. Home Equity Loan Trust:
Series 2003-OP1, Class A2, (1 mo. LIBOR US + 0.720%), 2.51%, 12/25/33(a)			581		570,477
Series 2006-CW1, Class A2C, (1 mo. LIBOR US + 0.140%), 1.93%, 07/25/36(a)			382		324,483
Series 2007-HE4, Class A2A, (1 mo. LIBOR US + 0.130%), 1.92%, 05/25/37(a)			2,728		728,687
ACIS CLO Ltd., Series 2014-4A, Class A, (3 mo. LIBOR US + 1.420%), 3.33%, 05/01/26(a)(b)			1,566		1,565,515
Adams Mill CLO Ltd., Series 2014-1A, Class A2R, (3 mo. LIBOR US + 1.100%), 3.10%, 07/15/26(a)(b)			3,401		3,402,124
AIMCO CLO, Series 2017-AA, Class A, (3 mo. LIBOR US + 1.260%), 3.23%, 07/20/29(a)(b)			500		501,369
Ajax Mortgage Loan Trust:
Series 2017-D, Class A, 3.75%, 12/25/57(b)			9,705		9,987,361
Series 2017-D, Class B, 0.00%, 12/25/57(b)(c)(d)			1,765		793,103
Series 2018-A, Class A, 3.85%, 04/25/58(b)(c)			9,785		9,772,903
Series 2018-A, Class B, 0.00%, 04/25/58(b)(c)(d)			2,665		1,545,626
Series 2018-B, Class A, 3.75%, 02/26/57(b)(c)			5,197		5,196,117
Series 2018-B, Class B, 0.00%, 02/26/57(b)(c)			2,917		815,545
Series 2018-D, Class A, 3.75%, 08/25/58(b)(c)(d)			10,994		11,067,056
Series 2018-D, Class B, 0.00%, 08/25/58(b)(c)(d)			2,854		1,596,371
Series 2018-E, Class A, 4.38%, 06/25/58(b)(d)			4,668		4,729,311
Series 2018-E, Class B, 5.25%, 06/25/58(b)(c)(d)			840		844,956
Series 2018-E, Class C, 0.00%, 06/25/58(b)(c)(d)			2,140		643,092
Series 2018-F, Class A, 4.38%, 11/25/58(b)(c)(d)			15,863		15,991,635
Series 2018-F, Class B, 5.25%, 11/25/58(b)(c)(d)			2,415		2,393,657
Series 2018-F, Class C, 0.00%, 11/25/58(b)(c)			5,745		2,798,020
Series 2018-G, Class A, 4.38%, 06/25/57(b)(c)(d)			13,827		13,874,943
Series 2018-G, Class B, 5.25%, 06/25/57(b)(c)(d)			2,042		2,008,715
Series 2018-G, Class C, 0.00%, 06/25/57(b)(c)			5,266		4,957,139
Series 2019-A, Class A, 3.75%, 08/25/57(b)(d)			14,439		14,502,977
Series 2019-A, Class B, 5.25%, 08/25/57(b)(c)(d)			1,720		1,687,664
Series 2019-A, Class C, 0.00%, 08/25/57(b)(c)			4,309		3,388,442
Series 2019-B, Class A, 3.75%, 01/25/59(b)(d)			24,651		24,718,897
Series 2019-B, Class B, 5.25%, 01/25/59(b)(c)(d)			2,845		2,793,221

Security		Par (000)		Value
Ajax Mortgage Loan Trust: (continued)
Series 2019-B, Class C, 0.00%, 01/25/59(b)(c)	USD		7,296	$	5,956,001
Series 2019-C, Class A, 3.95%, 10/25/58(b)(d)			7,113		7,256,942
Series 2019-E, Class A, 3.00%, 10/30/59(b)(e)			26,559		26,289,010
Series 2019-E, Class B, 4.88%, 10/30/59(b)(e)			2,600		2,581,062
Series 2019-E, Class C, 0.00%, 10/30/59(b)(c)			6,670		3,024,845
Series 2019-G, Class A, 3.00%, 09/25/59(b)(e)			15,184		15,037,647
Series 2019-G, Class B, 4.25%, 09/25/59(b)(e)			2,120		2,068,839
Series 2019-G, Class C, 0.00%, 09/25/59(b)			5,456		4,418,563
Series 2019-H, Class A, 3.00%, 11/25/59(b)(e)			14,560		14,403,428
Series 2019-H, Class B, 4.25%, 11/25/59(b)(e)			1,970		1,920,612
Series 2019-H, Class C, 0.00%, 11/25/59(b)(c)			5,066		5,505,834
Allegro CLO II-S Ltd., Series 2014-1RA, Class A1, (3 mo. LIBOR US + 1.080%), 3.05%, 10/21/28(a)(b)			3,790		3,776,217
Allegro CLO IV Ltd.:
Series 2016-1A, Class AR, (3 mo. LIBOR US + 1.150%), 3.15%, 01/15/30(a)(b)			6,640		6,635,661
Series 2016-1A, Class BR, (3 mo. LIBOR US + 1.700%), 3.70%, 01/15/30(a)(b)			2,530		2,524,204
Allegro CLO V Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.240%), 3.24%, 10/16/30(a)(b)			1,100		1,098,822
ALM V Ltd.:
Series 2012-5A, Class A1R3, (3 mo. LIBOR US + 0.910%), 2.91%, 10/18/27(a)(b)			4,410		4,406,720
Series 2012-5A, Class A2R3, (3 mo. LIBOR US + 1.250%), 3.25%, 10/18/27(a)(b)			1,600		1,582,367
Series 2012-5A, Class BR3, (3 mo. LIBOR US + 1.650%), 3.65%, 10/18/27(a)(b)			2,140		2,116,563
ALM VI Ltd., Series 2012-6A, Class A2R3, (3 mo. LIBOR US + 1.400%), 3.40%, 07/15/26(a)(b)			1,514		1,500,569
ALM VII Ltd., Series 2012-7A, Class A1A2, (3 mo. LIBOR US + 1.170%), 3.17%, 07/15/29(a)(b)			750		748,823
ALM VII R Ltd., Series 2013-7RA, Class A1R, (3 mo. LIBOR US + 1.410%), 3.41%, 10/15/28(a)(b)			2,970		2,962,485
ALM VIII Ltd.:
Series 2013-8A, Class A1R, (3 mo. LIBOR US + 1.490%), 3.49%, 10/15/28(a)(b)			9,310		9,323,962
Series 2013-8A, Class A2R, (3 mo. LIBOR US + 1.800%), 3.80%, 10/15/28(a)(b)			600		597,693
ALM XII Ltd.:
Series 2015-12A, Class A1R2, (3 mo. LIBOR US + 0.890%), 2.89%, 04/16/27(a)(b)			1,076		1,075,194
Series 2015-12A, Class BR2, (3 mo. LIBOR US + 1.650%), 3.65%, 04/16/27(a)(b)			3,635		3,565,858

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Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
ALM XVI Ltd./ALM XVI LLC:
Series 2015-16A, Class A2R2, (3 mo. LIBOR US + 1.500%), 3.50%, 07/15/27(a)(b)	USD		6,284	$	6,222,685
Series 2015-16A, Class BR2, (3 mo. LIBOR US + 1.900%), 3.90%, 07/15/27(a)(b)			2,060		2,050,693
ALM XVIII Ltd., Series 2016-18A, Class A2R, (3 mo. LIBOR US + 1.650%), 3.65%, 01/15/28(a)(b)			750		748,642
AMMC CLO 16 Ltd., Series 2015-16A, Class BR, (3 mo. LIBOR US + 1.600%), 3.60%, 04/14/29(a)(b)			500		495,776
AMMC CLO 21 Ltd., Series 2017-21A, Class A, (3 mo. LIBOR US + 1.250%), 3.15%, 11/02/30(a)(b)			750		746,461
AMMC CLO XII Ltd., Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.200%), 3.10%, 11/10/30(a)(b)			540		536,585
AMMC CLO XIII Ltd., Series 2013-13A, Class A1LR, (3 mo. LIBOR US + 1.260%), 3.20%, 07/24/29(a)(b)			2,620		2,631,462
AMMC CLO XIV Ltd., Series 2014-14A, Class A1LR, (3 mo. LIBOR US + 1.250%), 3.19%, 07/25/29(a)(b)			6,220		6,209,353
Anchorage Capital CLO 3-R Ltd.:
Series 2014-3RA, Class A, (3 mo. LIBOR US + 1.050%), 2.99%, 01/28/31(a)(b)			2,120		2,102,697
Series 2014-3RA, Class B, (3 mo. LIBOR US + 1.500%), 3.44%, 01/28/31(a)(b)			3,600		3,542,877
Series 2014-3RA, Class C, (3 mo. LIBOR US + 1.850%), 3.79%, 01/28/31(a)(b)			500		476,726
Anchorage Capital CLO 4-R Ltd.:
Series 2014-4RA, Class A, (3 mo. LIBOR US + 1.050%), 2.99%, 01/28/31(a)(b)			5,330		5,297,267
Series 2014-4RA, Class C, (3 mo. LIBOR US + 1.850%), 3.79%, 01/28/31(a)(b)			3,760		3,630,288
Anchorage Capital CLO 5-R Ltd.:
Series 2014-5RA, Class B, (3 mo. LIBOR US + 1.450%), 3.45%, 01/15/30(a)(b)			9,200		9,076,651
Series 2014-5RA, Class C, (3 mo. LIBOR US + 1.850%), 3.85%, 01/15/30(a)(b)			3,540		3,436,446
Anchorage Capital CLO 6 Ltd., Series 2015-6A, Class AR, (3 mo. LIBOR US + 1.270%), 3.27%, 07/15/30(a)(b)			4,010		3,999,270
Anchorage Capital CLO 7 Ltd.:
Series 2015-7A, Class B1R, (3 mo. LIBOR US + 1.300%), 3.30%, 10/15/27(a)(b)			3,470		3,432,703
Series 2015-7A, Class CR, (3 mo. LIBOR US + 1.700%), 3.70%, 10/15/27(a)(b)			2,880		2,871,996
Anchorage Capital CLO 8 Ltd.:
Series 2016-8A, Class AR, (3 mo. LIBOR US + 1.000%), 2.94%, 07/28/28(a)(b)			2,430		2,428,940
Series 2016-8A, Class BR, (3 mo. LIBOR US + 1.600%), 3.54%, 07/28/28(a)(b)			3,050		3,031,197
Anchorage Capital CLO Ltd.:
Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.250%), 3.24%, 10/13/30(a)(b)			2,755		2,740,069
Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.650%), 3.64%, 10/13/30(a)(b)			750		742,922
Series 2013-1A, Class BR, (3 mo. LIBOR US + 2.150%), 4.14%, 10/13/30(a)(b)			1,410		1,380,727
Apidos CLO XII, Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.080%), 3.08%, 04/15/31(a)(b)			2,402		2,386,053

Security		Par (000)		Value
Apidos CLO XV, Series 2013-15A, Class A1RR, (3 mo. LIBOR US + 1.010%), 2.98%, 04/20/31(a)(b)	USD		1,080	$	1,068,073
Apidos CLO XVI, Series 2013-16A, Class A1R, (3 mo. LIBOR US + 0.980%), 2.95%, 01/19/25(a)(b)			17		16,843
Apidos CLO XVIII, Series 2018-18A, Class A1, (3 mo. LIBOR US + 1.140%), 3.09%, 10/22/30(a)(b)			880		877,330
Apres Static CLO Ltd., Series 2019-1A, Class A2, (3 mo. LIBOR US + 1.750%), 3.75%, 01/15/27(a)(b)			350		348,592
Arbor Realty Collateralized Loan Obligation Ltd., Series 2017-FL3, Class A, (1 mo. LIBOR US + 0.990%), 2.73%, 12/15/27(a)(b)			3,740		3,740,524
Arbor Realty Commercial Real Estate Notes Ltd., Series 2017-FL2, Class A, (1 mo. LIBOR US + 0.990%), 2.73%, 08/15/27(a)(b)			1,660		1,660,155
ARES XXXVII CLO Ltd., Series 2015-4A, Class A1R, (3 mo. LIBOR US + 1.170%), 3.17%, 10/15/30(a)(b)			1,150		1,151,497
Argent Mortgage Loan Trust, Series 2005-W1, Class A2, (1 mo. LIBOR US + 0.480%), 2.27%, 05/25/35(a)			4,032		3,834,455
ASSURANT CLO I Ltd., Series 2017-1A, Class B, (3 mo. LIBOR US + 1.700%), 3.67%, 10/20/29(a)(b)			1,400		1,384,127
Atrium IX, Series 9A, Class AR, (3 mo. LIBOR US + 1.240%), 3.15%, 05/28/30(a)(b)			4,010		4,006,018
Atrium XII:
Series 12A, Class AR, (3 mo. LIBOR US + 0.830%), 2.78%, 04/22/27(a)(b)			1,620		1,617,946
Series 12A, Class CR, (3 mo. LIBOR US + 1.650%), 3.60%, 04/22/27(a)(b)			2,381		2,337,111
Avery Point IV CLO Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.100%), 3.04%, 04/25/26(a)(b)			17,144		17,162,023
Avery Point V CLO Ltd.:
Series 2014-5A, Class AR, (3 mo. LIBOR US + 0.980%), 2.98%, 07/17/26(a)(b)			2,199		2,196,906
Series 2014-5A, Class BR, (3 mo. LIBOR US + 1.500%), 3.50%, 07/17/26(a)(b)			2,250		2,245,885
Avery Point VI CLO Ltd.:
Series 2015-6A, Class AR, (3 mo. LIBOR US + 1.050%), 2.94%, 08/05/27(a)(b)			3,960		3,950,613
Series 2015-6A, Class BR, (3 mo. LIBOR US + 1.500%), 3.39%, 08/05/27(a)(b)			3,240		3,218,715
Avery Point VII CLO Ltd., Series 2015-7A, Class AR, (3 mo. LIBOR US + 1.140%), 3.14%, 01/15/28(a)(b)			7,480		7,467,589
B2R Mortgage Trust, Series 2015-2, Class A, 3.34%, 11/15/48(b)			283		283,569
Babson CLO Ltd.:
Series 2015-2A, Class AR, (3 mo. LIBOR US + 1.190%), 3.16%, 10/20/30(a)(b)			2,590		2,595,088
Series 2015-IA, Class BR, (3 mo. LIBOR US + 1.400%), 3.37%, 01/20/31(a)(b)			610		597,897
Bain Capital Credit CLO Ltd.:
Series 2016-2A, Class AR, (3 mo. LIBOR US + 1.140%), 3.14%, 01/15/29(a)(b)			1,350		1,348,167
Series 2016-2A, Class BR, (3 mo. LIBOR US + 1.800%), 3.80%, 01/15/29(a)(b)			1,000		1,000,008
Series 2018-2A, Class A1, (3 mo. LIBOR US + 1.080%), 3.05%, 07/19/31(a)(b)			1,420		1,412,625

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Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
BankAmerica Manufactured Housing Contract Trust:
Series 1997-2, Class B1, 7.07%, 02/10/22(d)	USD		1,680	$	1,138,683
Series 1998-2, Class B1, 7.54%, 12/10/25(d)			2,790		1,564,150
Barings CLO Ltd., Series 2018-3A, Class A1, (3 mo. LIBOR US + 0.950%), 2.92%, 07/20/29(a)(b)			1,085		1,076,679
Battalion CLO VII Ltd., Series 2014-7A, Class A1RR, (3 mo. LIBOR US + 1.040%), 3.04%, 07/17/28(a)(b)			3,450		3,447,677
Battalion CLO X Ltd., Series 2016-10A, Class A1R, (3 mo. LIBOR US + 1.250%), 3.53%, 01/24/29(a)(b)			23,120		23,126,811
Bayview Financial Revolving Asset Trust:
Series 2004-B, Class A1, (1 mo. LIBOR US + 1.000%), 2.81%, 05/28/39(a)(b)			5,954		5,523,632
Series 2004-B, Class A2, (1 mo. LIBOR US + 1.300%), 3.11%, 05/28/39(a)(b)			572		482,367
Series 2005-A, Class A1, (1 mo. LIBOR US + 1.000%), 2.81%, 02/28/40(a)(b)			2,568		2,487,970
Series 2005-E, Class A1, (1 mo. LIBOR US + 1.000%), 2.81%, 12/28/40(a)(b)			969		960,656
BCMSC Trust:
Series 2000-A, Class A2, 7.58%, 06/15/30(d)			1,674		540,464
Series 2000-A, Class A3, 7.83%, 06/15/30(d)			1,554		518,506
Series 2000-A, Class A4, 8.29%, 06/15/30(d)			1,121		396,004
BDS Ltd., Series 2019-FL3, Class A, (1 mo. LIBOR US + 1.400%), 3.14%, 12/15/35(a)(b)			4,680		4,683,665
Bear Stearns Asset-Backed Securities I Trust:
Series 2004-HE7, Class M2, (1 mo. LIBOR US + 1.725%), 3.52%, 08/25/34(a)			235		235,069
Series 2006-HE1, Class 1M4, (1 mo. LIBOR US + 0.680%), 2.47%, 12/25/35(a)			1,695		2,261,557
Series 2006-HE7, Class 1A2, (1 mo. LIBOR US + 0.170%), 1.96%, 09/25/36(a)			3,011		3,644,702
Series 2007-FS1, Class 1A3, (1 mo. LIBOR US + 0.170%), 1.96%, 05/25/35(a)			1,065		1,160,803
Series 2007-HE1, Class 21A2, (1 mo. LIBOR US + 0.160%), 1.95%, 01/25/37(a)			619		612,586
Series 2007-HE2, Class 1A4, (1 mo. LIBOR US + 0.320%), 2.11%, 03/25/37(a)			1,025		806,278
Series 2007-HE2, Class 22A, (1 mo. LIBOR US + 0.140%), 1.93%, 03/25/37(a)			979		971,227
Series 2007-HE2, Class 23A, (1 mo. LIBOR US + 0.140%), 1.93%, 03/25/37(a)			1,737		1,851,267
Series 2007-HE3, Class 1A3, (1 mo. LIBOR US + 0.250%), 2.04%, 04/25/37(a)			1,100		1,206,858
Series 2007-HE3, Class 1A4, (1 mo. LIBOR US + 0.350%), 2.14%, 04/25/37(a)			6,110		5,623,474
Bear Stearns Asset-Backed Securities Trust, Series 2005-4, Class M2, (1 mo. LIBOR US + 1.200%), 2.99%, 01/25/36(a)			93		92,964

Security		Par (000)		Value
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class A2R, (3 mo. LIBOR US + 1.750%), 3.75%, 07/15/29(a)(b)	USD		900	$	898,149
Benefit Street Partners CLO III Ltd., Series 2013-IIIA, Class A1R, (3 mo. LIBOR US + 1.250%), 3.22%, 07/20/29(a)(b)			750		753,242
Benefit Street Partners CLO IV Ltd., Series 2014-IVA, Class A1RR, (3 mo. LIBOR US + 1.250%), 3.22%, 01/20/29(a)(b)			7,830		7,840,875
Benefit Street Partners CLO V-B Ltd., Series 2018-5BA, Class A1A, (3 mo. LIBOR US + 1.090%), 3.06%, 04/20/31(a)(b)			1,450		1,443,009
Benefit Street Partners CLO VI Ltd.:
Series 2015-VIA, Class A1R, (3 mo. LIBOR US + 1.240%), 3.24%, 10/18/29(a)(b)			12,030		12,030,164
Series 2015-VIA, Class A2R, (3 mo. LIBOR US + 1.720%), 3.72%, 10/18/29(a)(b)			3,320		3,283,355
Benefit Street Partners CLO VII Ltd., Series 2015-VIIA, Class A1AR, (3 mo. LIBOR US + 0.780%), 2.78%, 07/18/27(a)(b)			2,680		2,678,245
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, (3 mo. LIBOR US + 1.100%), 3.07%, 01/20/31(a)(b)			1,250		1,248,195
Benefit Street Partners CLO X Ltd.:
Series 2016-10A, Class A1R, (3 mo. LIBOR US + 1.140%), 3.14%, 01/15/29(a)(b)			1,000		1,001,702
Series 2016-10A, Class A2R, (3 mo. LIBOR US + 1.750%), 3.75%, 01/15/29(a)(b)			600		599,236
Black Diamond CLO Ltd., Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.450%), 3.45%, 02/06/26(a)(b)			1,000		999,269
BlueMountain CLO Ltd.:
Series 2013-1A, Class A1R2, (3 mo. LIBOR US + 1.230%), 3.20%, 01/20/29(a)(b)			4,012		4,007,870
Series 2013-2A, Class A1R, (3 mo. LIBOR US + 1.180%), 3.13%, 10/22/30(a)(b)			6,370		6,364,802
Series 2015-3A, Class A1R, (3 mo. LIBOR US + 1.000%), 2.97%, 04/20/31(a)(b)			2,550		2,518,332
Bowman Park CLO Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.180%), 3.09%, 11/23/25(a)(b)			3,342		3,342,967
California Street CLO XII Ltd., Series 2013-12A, Class AR, (3 mo. LIBOR US + 1.030%), 3.03%, 10/15/25(a)(b)			1,746		1,746,012
Carlyle Global Market Strategies CLO Ltd.:
Series 2013-2A, Class AR, (3 mo. LIBOR US + 0.890%), 2.89%, 01/18/29(a)(b)			1,490		1,481,399
Series 2013-4A, Class A1RR, (3 mo. LIBOR US + 1.000%), 3.00%, 01/15/31(a)(b)			1,880		1,867,505
Series 2014-1A, Class A1R2, (3 mo. LIBOR US + 0.970%), 2.97%, 04/17/31(a)(b)			3,170		3,148,958
Series 2015-3A, Class A2R, (3 mo. LIBOR US + 1.600%), 3.54%, 07/28/28(a)(b)			2,470		2,463,068
Carlyle U.S. CLO Ltd.:
Series 2016-4A, Class A2R, (3 mo. LIBOR US + 1.450%), 3.42%, 10/20/27(a)(b)			750		740,163
Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.180%), 3.18%, 01/15/30(a)(b)			4,620		4,613,154
Carrington Mortgage Loan Trust:
Series 2006-NC1, Class M2, (1 mo. LIBOR US + 0.420%), 2.21%, 01/25/36(a)			610		505,837

3

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Carrington Mortgage Loan Trust: (continued)
Series 2006-NC3, Class A4, (1 mo. LIBOR US + 0.240%), 2.03%, 08/25/36(a)	USD		2,003	$	1,577,688
Series 2006-NC4, Class A3, (1 mo. LIBOR US + 0.160%), 1.95%, 10/25/36(a)			901		836,398
Series 2006-NC5, Class A3, (1 mo. LIBOR US + 0.150%), 1.94%, 01/25/37(a)			3,978		3,197,421
Series 2007-RFC1, Class A4, (1 mo. LIBOR US + 0.220%), 2.01%, 10/25/36(a)			1,440		1,213,559
Cascade MH Asset Trust, Series 2019-MH1, Class A, 4.00%, 11/25/44(b)(d)			11,954		11,953,614
CBAM Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.250%), 3.22%, 07/20/30(a)(b)			6,050		6,056,953
Series 2017-2A, Class B1, (3 mo. LIBOR US + 1.750%), 3.75%, 10/17/29(a)(b)			2,955		2,940,446
Series 2017-3A, Class A, (3 mo. LIBOR US + 1.230%), 3.23%, 10/17/29(a)(b)			3,780		3,772,368
Series 2017-3A, Class B1, (3 mo. LIBOR US + 1.700%), 3.70%, 10/17/29(a)(b)			1,000		994,196
C-BASS Trust, Series 2006-CB7, Class A4, (1 mo. LIBOR US + 0.160%), 1.95%, 10/25/36(a)			617		469,330
CDO Repack SPC Ltd., Series 2006-CLF1, Class D1, 0.01%, 05/20/30(b)			540		576,266
Cedar Funding II CLO Ltd.:
Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.230%), 3.12%, 06/09/30(a)(b)			1,511		1,511,665
Series 2013-1A, Class BR, (3 mo. LIBOR US + 1.750%), 3.64%, 06/09/30(a)(b)			2,450		2,440,698
Cedar Funding IV CLO Ltd., Series 2014-4A, Class AR, (3 mo. LIBOR US + 1.230%), 3.16%, 07/23/30(a)(b)			3,790		3,798,350
Cedar Funding IX CLO Ltd., Series 2018-9A, Class A1, (3 mo. LIBOR US + 0.980%), 2.95%, 04/20/31(a)(b)			940		929,249
Cedar Funding V CLO Ltd., Series 2016-5A, Class A1R, (3 mo. LIBOR US + 1.100%), 3.10%, 07/17/31(a)(b)			1,880		1,868,041
Cedar Funding VI CLO Ltd., Series 2016-6A, Class AR, (3 mo. LIBOR US + 1.090%), 3.06%, 10/20/28(a)(b)			15,035		15,024,382
Cedar Funding VIII CLO Ltd.:
Series 2017-8A, Class A1, (3 mo. LIBOR US + 1.250%), 3.25%, 10/17/30(a)(b)			16,520		16,528,296
Series 2017-8A, Class B, (3 mo. LIBOR US + 1.700%), 3.70%, 10/17/30(a)(b)			2,628		2,594,760
Series 2017-8A, Class C, (3 mo. LIBOR US + 2.250%), 4.25%, 10/17/30(a)(b)			750		725,931
Cent CLO Ltd.:
Series 2015-24A, Class A1R, (3 mo. LIBOR US + 1.070%), 3.07%, 10/15/26(a)(b)			4,000		3,991,170
Series C17A, Class A1AR, (3 mo. LIBOR US + 1.030%), 2.97%, 04/30/31(a)(b)			7,620		7,573,158
CIFC Funding Ltd.:
Series 2013-1A, Class A2R, (3 mo. LIBOR US + 1.750%), 3.75%, 07/16/30(a)(b)			500		497,438
Series 2014-4RA, Class A1A, (3 mo. LIBOR US + 1.130%), 3.13%, 10/17/30(a)(b)			26,820		26,731,784
Series 2014-4RA, Class A2, (3 mo. LIBOR US + 1.650%), 3.65%, 10/17/30(a)(b)			250		249,012

Security		Par (000)		Value
CIFC Funding Ltd.: (continued)
Series 2015-2A, Class AR, (3 mo. LIBOR US + 0.780%), 2.78%, 04/15/27(a)(b)	USD		674	$	673,321
Series 2015-2A, Class CR, (3 mo. LIBOR US + 1.700%), 3.70%, 04/15/27(a)(b)			4,620		4,533,948
Series 2017-1A, Class B, (3 mo. LIBOR US + 1.700%), 3.67%, 04/23/29(a)(b)			2,910		2,908,130
Series 2018-1A, Class A, (3 mo. LIBOR US + 1.000%), 3.00%, 04/18/31(a)(b)			1,834		1,811,839
Citicorp Residential Mortgage Trust, Series 2007-2, Class M1, 5.06%, 06/25/37(e)			2,830		2,752,871
Citigroup Mortgage Loan Trust:
Series 2006-WFH4, Class M3, (1 mo. LIBOR US + 0.320%), 2.11%, 11/25/36(a)			3,007		2,675,033
Series 2007-AHL2, Class A3B, (1 mo. LIBOR US + 0.200%), 1.99%, 05/25/37(a)			6,867		4,994,028
Series 2007-AHL2, Class A3C, (1 mo. LIBOR US + 0.270%), 2.06%, 05/25/37(a)			3,119		2,289,589
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.55%, 12/05/22(b)(d)			21,854		22,106,947
Conseco Finance Corp.:
Series 1997-3, Class M1, 7.53%, 03/15/28(d)			1,597		1,598,598
Series 1997-6, Class M1, 7.21%, 01/15/29(d)			296		300,100
Series 1998-4, Class M1, 6.83%, 04/01/30(d)			346		318,336
Series 1998-8, Class A1, 6.28%, 09/01/30			759		798,760
Series 1998-8, Class M1, 6.98%, 09/01/30(d)			2,544		2,267,397
Series 1999-5, Class A5, 7.86%, 03/01/30(d)			988		652,464
Series 1999-5, Class A6, 7.50%, 03/01/30(d)			1,059		674,756
Series 2001-D, Class B1, (1 mo. LIBOR US + 2.500%), 4.24%, 11/15/32(a)			2,038		1,990,809
Conseco Finance Securitizations Corp.:
Series 2000-1, Class A5, 8.06%, 09/01/29(d)			1,604		655,295
Series 2000-4, Class A5, 7.97%, 05/01/32			5,474		2,165,147
Series 2000-4, Class A6, 8.31%, 05/01/32(d)			1,374		566,658
Series 2000-5, Class A6, 7.96%, 05/01/31			2,258		1,183,942
Series 2000-5, Class A7, 8.20%, 05/01/31			4,119		2,222,359
Countrywide Asset-Backed Certificates:
Series 2004-5, Class A, (1 mo. LIBOR US + 0.900%), 2.69%, 10/25/34(a)			573		562,550
Series 2005-16, Class 1AF, 4.73%, 04/25/36(d)			3,693		3,645,874
Series 2005-16, Class 2AF3, 4.47%, 05/25/36(d)			743		752,517
Series 2005-17, Class 1AF4, 6.05%, 05/25/36(e)			2,851		2,872,290
Series 2006-11, Class 3AV2, (1 mo. LIBOR US + 0.160%), 1.95%, 09/25/46(a)			236		232,756
Series 2006-17, Class 2A2, (1 mo. LIBOR US + 0.150%), 1.94%, 03/25/47(a)			251		246,316
Series 2006-8, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.95%, 12/25/35(a)			633		626,561
Series 2006-S10, Class A3, (1 mo. LIBOR US + 0.320%), 2.11%, 10/25/36(a)			5,019		4,833,908

4

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Countrywide Asset-Backed Certificates: (continued)
Series 2006-S3, Class A4, 6.59%, 01/25/29(e)	USD		409	$	453,837
Series 2006-SPS1, Class A, (1 mo. LIBOR US + 0.220%), 2.01%, 12/25/25(a)			148		170,032
Countrywide Asset-Backed Certificates Revolving Home Equity Loan Trust, Series 2004-U, Class 2A, (1 mo. LIBOR US + 0.270%), 2.01%, 03/15/34(a)			761		728,562
Credit Suisse First Boston Mortgage Securities Corp., Series 2001-MH29, Class B1, 8.10%, 09/25/31(d)			1,750		1,849,419
Credit-Based Asset Servicing & Securitization LLC:
Series 2006-CB2, Class AF4, 3.32%, 12/25/36(e)			447		409,398
Series 2006-MH1, Class B1, 6.25%, 10/25/36(b)(e)			852		872,084
Series 2006-SL1, Class A2, 6.06%, 09/25/36(b)(e)			3,112		412,639
Series 2007-CB6, Class A4, (1 mo. LIBOR US + 0.340%), 2.13%, 07/25/37(a)(b)			652		439,714
Cumberland Park CLO Ltd., Series 2015-2A, Class CR, (3 mo. LIBOR US + 1.800%), 3.77%, 07/20/28(a)(b)			1,190		1,162,362
CWHEQ Home Equity Loan Trust, Series 2006-S5, Class A5, 6.16%, 06/25/35			457		501,683
CWHEQ Revolving Home Equity Loan Resuritization Trust:
Series 2006-RES, Class 4Q1B, (1 mo. LIBOR US + 0.300%), 2.04%, 12/15/33(a)(b)			786		746,012
Series 2006-RES, Class 5B1A, (1 mo. LIBOR US + 0.190%), 1.93%, 05/15/35(a)(b)			361		341,938
Series 2006-RES, Class 5B1B, (1 mo. LIBOR US + 0.190%), 1.93%, 05/15/35(a)(b)(c)			214		206,381
CWHEQ Revolving Home Equity Loan Trust:
Series 2005-B, Class 2A, (1 mo. LIBOR US + 0.180%), 1.92%, 05/15/35(a)			504		489,447
Series 2006-C, Class 2A, (1 mo. LIBOR US + 0.180%), 1.92%, 05/15/36(a)			2,947		2,888,906
Series 2006-H, Class 1A, (1 mo. LIBOR US + 0.150%), 1.89%, 11/15/36(a)			1,753		1,500,679
Deer Creek CLO Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.180%), 3.15%, 10/20/30(a)(b)			1,000		1,001,143
Dorchester Park CLO DAC, Series 2015-1A, Class BR, (3 mo. LIBOR US + 1.450%), 3.42%, 04/20/28(a)(b)			3,064		3,036,368
Dryden 43 Senior Loan Fund, Series 2016-43A, Class AR, (3 mo. LIBOR US + 1.140%), 3.11%, 07/20/29(a)(b)			7,230		7,218,648
Dryden 53 CLO Ltd., Series 2017-53A, Class A, (3 mo. LIBOR US + 1.120%), 3.12%, 01/15/31(a)(b)			18,720		18,641,151
Dryden XXV Senior Loan Fund:
Series 2012-25A, Class ARR, (3 mo. LIBOR US + 0.900%), 2.89%, 10/15/27(a)(b)			11,030		11,020,542

Security		Par (000)		Value
Dryden XXV Senior Loan Fund: (continued)
Series 2012-25A, Class CRR, (3 mo. LIBOR US + 1.850%), 3.84%, 10/15/27(a)(b)	USD		1,340	$	1,325,665
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, (3 mo. LIBOR US + 0.900%), 2.90%, 04/15/29(a)(b)			1,170		1,166,311
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class A1LR, (3 mo. LIBOR US + 1.200%), 3.11%, 08/15/30(a)(b)			9,085		9,071,337
Eaton Vance CLO Ltd.:
Series 2013-1A, Class A1RR, (3 mo. LIBOR US + 1.160%), 3.16%, 01/15/28(a)(b)			1,280		1,273,689
Series 2013-1A, Class A2RR, (3 mo. LIBOR US + 1.850%), 3.85%, 01/15/28(a)(b)			1,150		1,152,930
Elm CLO Ltd.:
Series 2014-1A, Class ARR, (3 mo. LIBOR US + 1.170%), 3.17%, 01/17/29(a)(b)			18,150		18,173,510
Series 2014-1A, Class BRR, (3 mo. LIBOR US + 1.750%), 3.75%, 01/17/29(a)(b)			1,950		1,944,105
Emerson Park CLO Ltd., Series 2013-1A, Class B1R, (3 mo. LIBOR US + 1.450%), 3.45%, 07/15/25(a)(b)			250		249,975
Finance of America Structured Securities Trust, Series 2018-HB1, Class M5, 6.00%, 09/25/28(b)(c)(d)			1,451		1,441,133
First Franklin Mortgage Loan Trust:
Series 2004-FFH3, Class M3, (1 mo. LIBOR US + 1.050%), 2.84%, 10/25/34(a)			1,000		934,715
Series 2006-FF13, Class A1, (1 mo. LIBOR US + 0.120%), 1.91%, 10/25/36(a)			2,581		2,068,609
Series 2006-FF16, Class 2A3, (1 mo. LIBOR US + 0.140%), 1.93%, 12/25/36(a)			12,775		7,314,627
Series 2006-FF17, Class A5, (1 mo. LIBOR US + 0.150%), 1.94%, 12/25/36(a)			18,106		16,481,021
Series 2006-FFH1, Class M2, (1 mo. LIBOR US + 0.400%), 2.19%, 01/25/36(a)			2,710		1,836,026
Flatiron CLO Ltd., Series 2015-1A, Class AR, (3 mo. LIBOR US + 0.890%), 2.89%, 04/15/27(a)(b)			2,377		2,375,562
Fremont Home Loan Trust, Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.140%), 1.93%, 02/25/37(a)			6,702		5,022,352
Galaxy XV CLO Ltd., Series 2013-15A, Class AR, (3 mo. LIBOR US + 1.200%), 3.20%, 10/15/30(a)(b)			1,350		1,348,577
Galaxy XXIII CLO Ltd., Series 2017-23A, Class A, (3 mo. LIBOR US + 1.280%), 3.22%, 04/24/29(a)(b)			2,603		2,604,653
Galaxy XXIX CLO Ltd.:
Series 2018-29A, Class B, (3 mo. LIBOR US + 1.400%), 3.31%, 11/15/26(a)(b)			250		247,959
Series 2018-29A, Class C, (3 mo. LIBOR US + 1.680%), 3.59%, 11/15/26(a)(b)			1,470		1,446,490

5

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
GE-WMC Asset-Backed Pass-Through Certificates:
Series 2005-2, Class A2C, (1 mo. LIBOR US + 0.250%), 2.04%, 12/25/35(a)	USD		352	$	350,140
Series 2005-2, Class M1, (1 mo. LIBOR US + 0.440%), 2.23%, 12/25/35(a)			4,942		4,195,550
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR2, (3 mo. LIBOR US + 1.110%), 3.04%, 10/29/29(a)(b)			1,830		1,833,480
Greenpoint Manufactured Housing:
Series 1999-5, Class M1B, 8.29%, 12/15/29(d)			870		921,540
Series 1999-5, Class M2, 9.23%, 12/15/29(d)			1,097		926,132
GSAA Home Equity Trust:
Series 2005-14, Class 1A2, (1 mo. LIBOR US + 0.350%), 2.14%, 12/25/35(a)			836		354,741
Series 2006-4, Class 1A1, 3.87%, 03/25/36(d)			2,746		2,360,977
Series 2006-5, Class 2A1, (1 mo. LIBOR US + 0.070%), 1.86%, 03/25/36(a)			14		7,316
Series 2007-2, Class AF3, 5.92%, 03/25/37(d)			512		162,866
GSAMP Trust:
Series 2006-FM3, Class A1, (1 mo. LIBOR US + 0.140%), 1.93%, 11/25/36(a)			5,392		3,289,424
Series 2007-H1, Class A1B, (1 mo. LIBOR US + 0.200%), 1.99%, 01/25/47(a)			997		600,462
Series 2007-HS1, Class M6, (1 mo. LIBOR US + 2.250%), 4.04%, 02/25/47(a)			1,300		1,346,742
Halcyon Loan Advisors Funding Ltd.:
Series 2014-1A, Class A1R, (3 mo. LIBOR US + 1.130%), 3.13%, 04/18/26(a)(b)			40		39,708
Series 2015-2A, Class AR, (3 mo. LIBOR US + 1.080%), 3.02%, 07/25/27(a)(b)			11,853		11,837,705
Highbridge Loan Management Ltd.:
Series 12A-18, Class A1B, (3 mo. LIBOR US + 1.250%), 3.25%, 07/18/31(a)(b)			750		749,732
Series 6A-2015, Class A1R, (3 mo. LIBOR US + 1.000%), 2.89%, 02/05/31(a)(b)			11,390		11,315,439
Series 7A-2015, Class BR, (3 mo. LIBOR US + 1.180%), 3.09%, 03/15/27(a)(b)			500		490,634
Home Equity Asset Trust, Series 2007-1, Class 2A3, (1 mo. LIBOR US + 0.150%), 1.94%, 05/25/37(a)			2,490		2,078,842
Home Equity Mortgage Loan Asset-Backed Trust:
Series 2004-A, Class M2, (1 mo. LIBOR US + 2.025%), 3.82%, 07/25/34(a)			586		588,168
Series 2007-A, Class 2A2, (1 mo. LIBOR US + 0.190%), 1.98%, 04/25/37(a)			1,996		1,452,138
Home Equity Mortgage Trust, Series 2006-2, Class 1A1, 5.87%, 07/25/36(e)			2,452		700,692
Home Loan Mortgage Loan Trust, Series 2005-1, Class A3, (1 mo. LIBOR US + 0.720%), 2.46%, 04/15/36(a)			1,065		978,017
HPS Loan Management Ltd.:
Series 10A-16, Class A1R, (3 mo. LIBOR US + 1.140%), 3.11%, 01/20/28(a)(b)			4,550		4,552,792
Series 14A-19, Class A1, (3 mo. LIBOR US + 1.270%), 3.54%, 07/25/30(a)(b)			1,300		1,296,469
ICG U.S. CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR US + 1.140%), 3.11%, 10/19/28(a)(b)			5,420		5,400,689
Invitation Homes Trust:
Series 2018-SFR3, Class A, (1 mo. LIBOR US + 1.000%), 2.74%, 07/17/37(a)(b)			2,791		2,791,890

Security		Par (000)		Value
Invitation Homes Trust: (continued)
Series 2018-SFR3, Class E, (1 mo. LIBOR US + 2.000%), 3.74%, 07/17/37(a)(b)	USD		2,468	$	2,475,941
Irwin Home Equity Loan Trust, Series 2006-3, Class 2A3, 6.53%, 09/25/37(b)(e)			541		536,289
JPMorgan Mortgage Acquisition Trust, Series 2006-CW1, Class M1, (1 mo. LIBOR US + 0.270%), 2.06%, 05/25/36(a)			1,170		1,122,277
Kayne CLO II Ltd.:
Series 2018-2A, Class A, (3 mo. LIBOR US + 1.240%), 3.24%, 10/15/31(a)(b)			500		497,062
Series 2018-2A, Class B, (3 mo. LIBOR US + 1.900%), 3.90%, 10/15/31(a)(b)			250		249,844
KKR CLO 16 Ltd., Series 16, Class A1R, (3 mo. LIBOR US + 1.250%), 3.22%, 01/20/29(a)(b)			7,421		7,420,681
LCM 26 Ltd., Series 26A, Class A1, (3 mo. LIBOR US + 1.070%), 3.04%, 01/20/31(a)(b)			8,120		8,094,136
LCM XX LP:
Series 20A, Class AR, (3 mo. LIBOR US + 1.040%), 3.01%, 10/20/27(a)(b)			3,740		3,744,760
Series 20A, Class BR, (3 mo. LIBOR US + 1.550%), 3.52%, 10/20/27(a)(b)			250		248,358
LCM XXI LP, Series 21A, Class AR, (3 mo. LIBOR US + 0.880%), 2.85%, 04/20/28(a)(b)			3,430		3,417,215
LCM XXIV Ltd., Series 24A, Class A, (3 mo. LIBOR US + 1.310%), 3.28%, 03/20/30(a)(b)			500		499,878
Legacy Mortgage Asset Trust:
Series 2019-GS2, Class A1, 3.75%, 01/25/59(b)(e)			2,531		2,554,001
Series 2019-SL2, Class A, 3.38%, 02/25/59(b)(c)(d)			9,583		9,632,294
Series 2019-SL2, Class B, 0.00%, 02/25/59(b)(c)			2,510		193,287
Series 2019-SL2, Class M, 4.25%, 02/25/59(b)(c)(d)			2,083		1,592,037
Lehman ABS Manufactured Housing Contract Trust:
Series 2001-B, Class M1, 6.63%, 04/15/40(d)			4,830		5,182,762
Series 2002-A, Class C, 0.00%, 06/15/33			400		347,016
Lehman ABS Mortgage Loan Trust, Series 2007-1, Class 2A1, (1 mo. LIBOR US + 0.090%), 1.88%, 06/25/37(a)(b)			466		334,729
Lendmark Funding Trust, Series 2019-2A, Class A, 2.78%, 04/20/28(b)			12,230		12,188,774
Litigation Fee Residual Funding LLC, Series 2015-1, Class A, 4.00%, 10/01/27(b)(c)			2,854		2,844,527
LoanCore Issuer Ltd., Series 2018-CRE1, Class A, (1 mo. LIBOR US + 1.130%), 2.87%, 05/15/28(a)(b)			2,510		2,508,981
Long Beach Mortgage Loan Trust:
Series 2006-10, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.95%, 11/25/36(a)			3,606		1,701,286
Series 2006-10, Class 2A4, (1 mo. LIBOR US + 0.220%), 2.01%, 11/25/36(a)			2,143		1,021,947
Series 2006-2, Class 1A, (1 mo. LIBOR US + 0.180%), 1.97%, 03/25/46(a)			6,611		5,310,263
Series 2006-4, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.95%, 05/25/36(a)			10,629		4,858,975
Series 2006-4, Class 2A4, (1 mo. LIBOR US + 0.260%), 2.05%, 05/25/36(a)			7,963		3,742,860
Series 2006-5, Class 2A3, (1 mo. LIBOR US + 0.150%), 1.94%, 06/25/36(a)			3,916		2,080,722
Series 2006-7, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.95%, 08/25/36(a)			6,631		3,631,841
Series 2006-9, Class 2A2, (1 mo. LIBOR US + 0.110%), 1.90%, 10/25/36(a)			1,563		646,546

6

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Long Beach Mortgage Loan Trust: (continued)
Series 2006-9, Class 2A3, (1 mo. LIBOR US + 0.160%), 1.95%, 10/25/36(a)	USD		9,953	$	4,160,696
Series 2006-9, Class 2A4, (1 mo. LIBOR US + 0.230%), 2.02%, 10/25/36(a)			1,574		667,387
Madison Avenue Manufactured Housing Contract Trust, Series 2002-A, Class B2, (1 mo. LIBOR US + 3.250%), 5.04%, 03/25/32(a)			1,270		1,288,575
Madison Park Funding X Ltd.:
Series 2012-10A, Class AR2, (3 mo. LIBOR US + 1.220%), 3.19%, 01/20/29(a)(b)			10,710		10,689,574
Series 2012-10A, Class BR2, (3 mo. LIBOR US + 1.800%), 3.77%, 01/20/29(a)(b)			250		250,011
Madison Park Funding XI Ltd., Series 2013-11A, Class AR, (3 mo. LIBOR US + 1.160%), 3.09%, 07/23/29(a)(b)			4,830		4,828,294
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, (3 mo. LIBOR US + 0.950%), 2.92%, 04/19/30(a)(b)			7,780		7,741,117
Madison Park Funding XIX Ltd.:
Series 2015-19A, Class A1R, (3 mo. LIBOR US + 1.250%), 3.20%, 01/22/28(a)(b)			5,420		5,409,428
Series 2015-19A, Class A2R, (3 mo. LIBOR US + 1.750%), 3.70%, 01/22/28(a)(b)			1,000		997,316
Madison Park Funding XVI Ltd., Series 2015-16A, Class A2R, (3 mo. LIBOR US + 1.900%), 3.87%, 04/20/26(a)(b)			500		499,484
Madison Park Funding XVIII Ltd., Series 2015-18A, Class A1R, (3 mo. LIBOR US + 1.190%), 3.16%, 10/21/30(a)(b)			14,970		14,979,392
Madison Park Funding XXIII Ltd., Series 2017-23A, Class A, (3 mo. LIBOR US + 1.210%), 3.15%, 07/27/30(a)(b)			250		249,125
Madison Park Funding XXVI Ltd., Series 2017-26A, Class AR, (3 mo. LIBOR US + 1.200%), 3.13%, 07/29/30(a)(b)			11,115		11,089,644
Marble Point CLO XI Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.180%), 3.18%, 12/18/30(a)(b)			2,000		1,987,795
Mariner CLO 5 Ltd., Series 2018-5A, Class A, (3 mo. LIBOR US + 1.110%), 3.05%, 04/25/31(a)(b)			3,550		3,537,212
Mariner CLO LLC, Series 2017-4A, Class A, (3 mo. LIBOR US + 1.210%), 3.15%, 10/26/29(a)(b)			1,800		1,801,071
Mariner Finance Issuance Trust:
Series 2019-AA, Class A, 2.96%, 07/20/32(b)			14,870		14,947,229
Series 2019-AA, Class B, 3.51%, 07/20/32(b)			2,420		2,424,096
Series 2019-AA, Class C, 4.01%, 07/20/32(b)			2,150		2,154,108
MASTR Asset-Backed Securities Trust:
Series 2006-AM2, Class A4, (1 mo. LIBOR US + 0.260%), 2.05%, 06/25/36(a)(b)			1,690		1,496,313
Series 2007-HE1, Class A4, (1 mo. LIBOR US + 0.280%), 2.07%, 05/25/37(a)			1,318		1,157,366
MASTR Specialized Loan Trust, Series 2006-3, Class A, (1 mo. LIBOR US + 0.260%), 2.05%, 06/25/46(a)(b)			539		512,907

Security		Par (000)		Value
Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-2, Class A2C, (1 mo. LIBOR US + 0.240%), 2.03%, 05/25/37(a)	USD		1,972	$	1,465,952
Merrill Lynch Mortgage Investors Trust:
Series 2006-OPT1, Class M1, (1 mo. LIBOR US + 0.260%), 2.05%, 08/25/37(a)			391		206,858
Series 2006-RM3, Class A2B, (1 mo. LIBOR US + 0.090%), 1.88%, 06/25/37(a)			945		276,322
MidOcean Credit CLO III, Series 2014-3A, Class A3A2, (3 mo. LIBOR US + 0.970%), 2.94%, 04/21/31(a)(b)			2,020		1,991,054
Mill City Solar Loan Ltd., Series 2019-2GS, Class A, 3.69%, 07/20/43(b)			8,624		8,714,804
Morgan Stanley ABS Capital I, Inc. Trust:
Series 2005-HE1, Class A2MZ, (1 mo. LIBOR US + 0.600%), 2.39%, 12/25/34(a)			820		813,740
Series 2005-HE5, Class M4, (1 mo. LIBOR US + 0.870%), 2.66%, 09/25/35(a)			3,791		2,174,683
Series 2007-NC1, Class A1, (1 mo. LIBOR US + 0.130%), 1.92%, 11/25/36(a)			13,198		7,834,342
Morgan Stanley Mortgage Loan Trust, Series 2007-9SL, Class A, (1 mo. LIBOR US + 0.320%), 2.35%, 07/25/37(a)			1,183		1,128,948
Mosaic Solar Loan Trust:
Series 2018-2GS, Class A, 4.20%, 02/22/44(b)			792		820,395
Series 2019-2A, Class A, 2.88%, 09/20/40(b)			1,432		1,431,083
Mountain Hawk II CLO Ltd., Series 2013-2A, Class BR, (3 mo. LIBOR US + 1.600%), 3.57%, 07/20/24(a)(b)			4,047		4,048,880
MP CLO III Ltd., Series 2013-1A, Class AR, (3 mo. LIBOR US + 1.250%), 3.22%, 10/20/30(a)(b)			2,820		2,810,263
MP CLO VII Ltd., Series 2015-1A, Class ARR, (3 mo. LIBOR US + 1.080%), 3.08%, 10/18/28(a)(b)			490		489,763
MP CLO VIII Ltd.:
Series 2015-2A, Class AR, (3 mo. LIBOR US + 0.910%), 2.85%, 10/28/27(a)(b)			5,910		5,898,598
Series 2015-2A, Class BR, (3 mo. LIBOR US + 1.420%), 3.36%, 10/28/27(a)(b)			3,250		3,213,014
Nationstar Home Equity Loan Trust, Series 2007-C, Class 2AV3, (1 mo. LIBOR US + 0.180%), 1.97%, 06/25/37(a)			138		137,200
Navient Private Education Loan Trust, Series 2014-AA, Class B, 3.50%, 08/15/44(b)			6,000		6,069,339
Neuberger Berman CLO XVI-S Ltd., Series 2017-16SA, Class A, (3 mo. LIBOR US + 0.850%), 2.85%, 01/15/28(a)(b)			1,200		1,199,994
Neuberger Berman CLO XX Ltd., Series 2015-20A, Class AR, (3 mo. LIBOR US + 0.800%), 2.80%, 01/15/28(a)(b)			1,000		998,651
Neuberger Berman CLO XXIII Ltd., Series 2016-23A, Class BR, (3 mo. LIBOR US + 1.550%), 3.55%, 10/17/27(a)(b)			400		394,455
Neuberger Berman Loan Advisers CLO 26 Ltd., Series 2017-26A, Class A, (3 mo. LIBOR US + 1.170%), 3.17%, 10/18/30(a)(b)			5,520		5,516,646
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2006-S5, Class A1, (1 mo. LIBOR US + 0.400%), 2.19%, 10/25/36(a)(b)			285		267,230

7

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oaktree CLO Ltd., Series 2015-1A, Class A1R, (3 mo. LIBOR US + 0.870%), 2.84%, 10/20/27(a)(b)	USD		500	$	499,544
Oakwood Mortgage Investors, Inc.:
Series 2001-D, Class A2, 5.26%, 01/15/20(d)			735		524,344
Series 2001-D, Class A4, 6.93%, 09/15/31(d)			467		381,701
Series 2002-B, Class M1, 7.62%, 06/15/32(d)			4,434		3,768,168
OCP CLO Ltd.:
Series 2014-5A, Class A1R, (3 mo. LIBOR US + 1.080%), 3.02%, 04/26/31(a)(b)			660		655,127
Series 2014-7A, Class A2RR, (3 mo. LIBOR US + 1.650%), 3.62%, 07/20/29(a)(b)			750		738,659
Series 2015-10A, Class A1R, (3 mo. LIBOR US + 0.820%), 2.76%, 10/26/27(a)(b)			820		819,743
Series 2015-10A, Class BR, (3 mo. LIBOR US + 1.850%), 3.79%, 10/26/27(a)(b)			1,120		1,119,144
Series 2016-12A, Class A1R, (3 mo. LIBOR US + 1.120%), 3.12%, 10/18/28(a)(b)			7,806		7,817,890
Series 2016-12A, Class A2R, (3 mo. LIBOR US + 1.600%), 3.60%, 10/18/28(a)(b)			500		496,377
Series 2017-13A, Class A1A, (3 mo. LIBOR US + 1.260%), 3.26%, 07/15/30(a)(b)			9,170		9,170,217
Series 2017-14A, Class B, (3 mo. LIBOR US + 1.950%), 3.85%, 11/20/30(a)(b)			500		481,466
Octagon Investment Partners 18-R Ltd., Series 2018-18A, Class A1A, (3 mo. LIBOR US + 0.960%), 2.96%, 04/16/31(a)(b)			7,300		7,215,729
Octagon Investment Partners 33 Ltd., Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.190%), 3.16%, 01/20/31(a)(b)			1,310		1,310,796
Octagon Investment Partners XIX Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.100%), 3.10%, 04/15/26(a)(b)			796		796,572
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.020%), 3.02%, 07/17/30(a)(b)			3,580		3,547,158
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, (3 mo. LIBOR US + 1.000%), 2.94%, 01/25/31(a)(b)			7,240		7,195,625
Octagon Investment Partners XXIII Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 1.850%), 3.85%, 07/15/27(a)(b)			1,380		1,350,088
OFSI Fund VI Ltd., Series 2014-6A, Class A2R, (3 mo. LIBOR US + 1.130%), 3.13%, 03/20/25(a)(b)			10,488		10,481,010
OFSI Fund VII Ltd., Series 2014-7A, Class AR, (3 mo. LIBOR US + 0.900%), 2.90%, 10/18/26(a)(b)			1,682		1,682,107
OHA Credit Partners IX Ltd., Series 2013-9A, Class DR, (3 mo. LIBOR US + 1.010%), 2.98%, 10/20/25(a)(b)			64		63,590
OHA Loan Funding Ltd.:
Series 2013-2A, Class AR, (3 mo. LIBOR US + 1.040%), 2.95%, 05/23/31(a)(b)			5,315		5,292,853
Series 2016-1A, Class B1, (3 mo. LIBOR US + 1.800%), 3.77%, 01/20/28(a)(b)			300		298,936
OneMain Financial Issuance Trust, Series 2019-2A, Class A, 3.14%, 10/14/36(b)			14,760		14,649,301

Security		Par (000)		Value
Option One Mortgage Acceptance Corp. Asset-Backed Certificates, Series 2003-4, Class A2, (1 mo. LIBOR US + 0.640%), 2.43%, 07/25/33(a)	USD		878	$	871,432
Option One Mortgage Loan Trust:
Series 2006-3, Class 1A1, (1 mo. LIBOR US + 0.140%), 1.93%, 02/25/37(a)			1,295		983,822
Series 2007-CP1, Class 2A3, (1 mo. LIBOR US + 0.210%), 2.00%, 03/25/37(a)			2,360		1,650,481
Series 2007-FXD1, Class 1A1, 5.87%, 01/25/37(e)			2,787		2,675,494
Series 2007-FXD1, Class 2A1, 5.87%, 01/25/37(e)			7,138		7,051,123
Series 2007-FXD2, Class 1A1, 5.82%, 03/25/37(e)			11,995		12,080,294
Origen Manufactured Housing Contract Trust:
Series 2001-A, Class M1, 7.82%, 03/15/32(d)			1,516		1,519,921
Series 2007-B, Class A1, (1 mo. LIBOR US + 1.200%), 2.94%, 10/15/37(a)(b)(c)			2,047		2,041,310
Ownit Mortgage Loan Trust Series, Series 2006-2, Class A2C, 6.00%, 01/25/37(e)			1,990		1,909,175
OZLM Funding III Ltd., Series 2013-3A, Class BRR, (3 mo. LIBOR US + 2.700%), 4.57%, 01/22/29(a)(b)(c)			4,720		4,720,000
OZLM Funding IV Ltd.:
Series 2013-4A, Class A1R, (3 mo. LIBOR US + 1.250%), 3.20%, 10/22/30(a)(b)			13,285		13,208,259
Series 2013-4A, Class A2R, (3 mo. LIBOR US + 1.700%), 3.65%, 10/22/30(a)(b)			2,120		2,093,246
OZLM Funding Ltd., Series 2012-1A, Class A2R2, (3 mo. LIBOR US + 1.850%), 3.80%, 07/22/29(a)(b)			495		493,574
OZLM VIII Ltd., Series 2014-8A, Class BRR, (3 mo. LIBOR US + 2.200%), 4.20%, 10/17/29(a)(b)			1,160		1,122,008
OZLM XIV Ltd., Series 2015-14A, Class A2AR, (3 mo. LIBOR US + 1.700%), 4.00%, 01/15/29(a)(b)			5,770		5,747,651
OZLM XIX Ltd., Series 2017-19A, Class A1, (3 mo. LIBOR US + 1.220%), 3.21%, 11/22/30(a)(b)			2,160		2,150,871
OZLM XV Ltd.:
Series 2016-15A, Class A1, (3 mo. LIBOR US + 1.490%), 3.46%, 01/20/29(a)(b)			4,740		4,740,507
Series 2016-15A, Class A2A, (3 mo. LIBOR US + 2.100%), 4.07%, 01/20/29(a)(b)			1,940		1,932,622
OZLM XXI Ltd., Series 2017-21A, Class B, (3 mo. LIBOR US + 1.900%), 3.87%, 01/20/31(a)(b)			930		896,470
OZLM XXIV Ltd., Series 2019-24A, Class A2A, (3 mo. LIBOR US + 2.250%), 4.41%, 07/20/32(a)(b)			750		746,186
Palmer Square CLO Ltd.:
Series 2014-1A, Class A1R2, (3 mo. LIBOR US + 1.130%), 3.13%, 01/17/31(a)(b)			4,548		4,539,178
Series 2015-1A, Class A1R2, (3 mo. LIBOR US + 1.220%), 3.12%, 05/21/29(a)(b)			10,965		10,957,243
Series 2015-1A, Class A2R2, (3 mo. LIBOR US + 1.650%), 3.55%, 05/21/29(a)(b)			2,460		2,451,948

8

Schedule of Investments  (unaudited) (continued) December 31, 2019 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%), 3.03%, 04/18/31(a)(b)	USD		3,360	$	3,323,884
Series 2018-2A, Class A1A, (3 mo. LIBOR US + 1.100%), 3.10%, 07/16/31(a)(b)			4,820		4,805,677
Series 2018-3A, Class A2, (3 mo. LIBOR US + 1.350%), 3.26%, 08/15/26(a)(b)			3,323		3,303,789
Palmer Square Loan Funding Ltd.:
Series 2017-1A, Class A2, (3 mo. LIBOR US + 1.300%), 3.30%, 10/15/25(a)(b)			6,400		6,370,967
Series 2019-3A, Class A2, (3 mo. LIBOR US + 1.600%), 3.50%, 08/20/27(a)(b)			2,110		2,104,272
Parallel Ltd.:
Series 2015-1A, Class AR, (3 mo. LIBOR US + 0.850%), 2.82%, 07/20/27(a)(b)			3,990		3,982,780
Series 2015-1A, Class C1R, (3 mo. LIBOR US + 1.750%), 3.72%, 07/20/27(a)(b)			1,150		1,116,918
Series 2017-1A, Class B, (3 mo. LIBOR US + 1.700%), 3.67%, 07/20/29(a)(b)			953		946,253
Park Avenue Institutional Advisers CLO Ltd.:
Series 2017-1A, Class A1, (3 mo. LIBOR US + 1.220%), 3.13%, 11/14/29(a)(b)			6,970		6,972,304
Series 2017-1A, Class A2, (3 mo. LIBOR US + 1.700%), 3.61%, 11/14/29(a)(b)			2,940		2,920,130
Progress Residential Trust:
Series 2015-SFR3, Class F, 6.64%, 11/12/32(b)			500		499,385
Series 2017-SFR1, Class A, 2.77%, 08/17/34(b)			2,640		2,643,440
Series 2018-SFR1, Class F, 4.78%, 03/17/35(b)			1,620		1,649,358
Series 2018-SFR2, Class F, 4.95%, 08/17/35(b)			1,030		1,049,352
Race Point IX CLO Ltd., Series 2015-9A, Class A1AR, (3 mo. LIBOR US + 1.210%), 3.21%, 10/15/30(a)(b)			3,730		3,717,525
Race Point X CLO Ltd., Series 2016-10A, Class A1R, (3 mo. LIBOR US + 1.100%), 3.04%, 07/25/31(a)(b)			5,550		5,522,528
Regatta Funding LP, Series 2013-2A, Class A1R2, (3 mo. LIBOR US + 1.250%), 3.25%, 01/15/29(a)(b)			1,300		1,301,657
Regatta VI Funding Ltd., Series 2016-1A, Class AR, (3 mo. LIBOR US + 1.080%), 3.05%, 07/20/28(a)(b)			10,290		10,287,448
Regional Management Issuance Trust, Series 2019-1, Class A, 3.05%, 11/15/28(b)			12,820		12,831,721
Republic FInance Issuance Trust, Series 2019-A, Class A, 3.43%, 11/22/27(b)			14,870		14,844,422
Riserva CLO Ltd., Series 2016-3A, Class AR, (3 mo. LIBOR US + 1.140%), 3.14%, 10/18/28(a)(b)			4,670		4,672,049
Rockford Tower CLO Ltd.:
Series 2017-1A, Class A, (3 mo. LIBOR US + 1.370%), 3.37%, 04/15/29(a)(b)			9,130		9,133,248
Series 2017-1A, Class B, (3 mo. LIBOR US + 1.800%), 3.80%, 04/15/29(a)(b)			3,870		3,871,638
Series 2017-2A, Class B, (3 mo. LIBOR US + 1.750%), 3.75%, 10/15/29(a)(b)			6,049		6,031,347
Series 2017-2A, Class C, (3 mo. LIBOR US + 2.300%), 4.30%, 10/15/29(a)(b)			940		921,852
Series 2017-3A, Class A, (3 mo. LIBOR US + 1.190%), 3.16%, 10/20/30(a)(b)			9,076		9,063,039
Romark WM-R Ltd., Series 2018-1A, Class A1, (3 mo. LIBOR US + 1.030%), 3.00%, 04/20/31(a)(b)			2,910		2,875,827

Security		Par (000)		Value
RR 3 Ltd., Series 2018-3A, Class A1R2, (3 mo. LIBOR US + 1.090%), 3.09%, 01/15/30(a)(b)	USD		2,020	$	2,003,941
RR 6 Ltd., Series 2019-6A, Class A1A, (3 mo. LIBOR US + 1.250%), 3.25%, 04/15/30(a)(b)			9,840		9,811,359
SACO I Trust, Series 2006-9, Class A1, (1 mo. LIBOR US + 0.300%), 2.09%, 08/25/36(a)			342		336,146
Securitized Asset-Backed Receivables LLC Trust:
Series 2006-WM4, Class A1, (1 mo. LIBOR US + 0.190%), 1.98%, 11/25/36(a)(b)			2,818		1,642,208
Series 2006-WM4, Class A2A, (1 mo. LIBOR US + 0.080%), 1.87%, 11/25/36(a)			1,366		506,826
Series 2006-WM4, Class A2C, (1 mo. LIBOR US + 0.160%), 1.95%, 11/25/36(a)			4,092		1,541,408
Security National Mortgage Loan Trust, Series 2007-1A, Class 2A, (1 mo. LIBOR US + 0.350%), 2.14%, 04/25/37(a)(b)			593		587,326
Seneca Park CLO Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.120%), 3.12%, 07/17/26(a)(b)			131		131,122
SG Mortgage Securities Trust, Series 2006-FRE2, Class A2C, (1 mo. LIBOR US + 0.160%), 1.95%, 07/25/36(a)			970		291,106
Silver Creek CLO Ltd.:
Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.240%), 3.21%, 07/20/30(a)(b)			3,920		3,929,416
Series 2014-1A, Class CR, (3 mo. LIBOR US + 2.300%), 4.27%, 07/20/30(a)(b)			500		490,735
SLM Private Credit Student Loan Trust:
Series 2004-A, Class A3, (3 mo. LIBOR US + 0.400%), 2.29%, 06/15/33(a)			2,019		2,000,543
Series 2004-B, Class A3, (3 mo. LIBOR US + 0.330%), 2.22%, 03/15/24(a)			7,835		7,795,723
Series 2006-B, Class A5, (3 mo. LIBOR US + 0.270%), 2.16%, 12/15/39(a)			518		502,893
SMB Private Education Loan Trust, Series 2015-B, Class B, 3.50%, 12/17/40(b)			2,480		2,491,432
Sound Point CLO II Ltd., Series 2013-1A, Class A1R, (3 mo. LIBOR US + 1.070%), 3.01%, 01/26/31(a)(b)			500		491,873
Sound Point CLO XI Ltd., Series 2016-1A, Class CR, (3 mo. LIBOR US + 2.250%), 4.22%, 07/20/28(a)(b)			440		431,493
Sound Point CLO XIV Ltd.:
Series 2016-3A, Class AR, (3 mo. LIBOR US + 1.150%), 3.08%, 01/23/29(a)(b)			9,440		9,437,037
Series 2016-3A, Class C, (3 mo. LIBOR US + 2.650%), 4.58%, 01/23/29(a)(b)			1,000		986,737
Sound Point CLO XV Ltd., Series 2017-1A, Class AR, (3 mo. LIBOR US + 1.150%), 3.08%, 01/23/29(a)(b)			1,720		1,719,712
Sound Point CLO XVIII Ltd., Series 2017-4A, Class B, (3 mo. LIBOR US + 1.800%), 3.77%, 01/21/31(a)(b)			500		473,898
Sound Point CLO XXIII, Series 2019-2A, Class A1, (3 mo. LIBOR US + 1.400%), 3.40%, 04/15/32(a)(b)			19,610		19,519,610
Soundview Home Loan Trust, Series 2004-WMC1, Class M2, (1 mo. LIBOR US + 0.795%), 2.59%, 01/25/35(a)			50		48,822
Steele Creek CLO Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.250%), 3.25%, 01/15/30(a)(b)			4,140		4,132,141

9

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Stewart Park CLO Ltd., Series 2015-1A, Class CR, (3 mo. LIBOR US + 1.800%), 3.80%, 01/15/30(a)(b)	USD		1,630	$	1,566,269
Structured Asset Securities Corp. Assistance Loan Trust, Series 2003-AL2, Class A, 3.36%, 01/25/31(b)			285		283,879
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-23XS, Class 2A1, (1 mo. LIBOR US + 0.300%), 2.09%, 01/25/35(a)			443		438,534
Symphony CLO XVII Ltd., Series 2016-17A, Class AR, (3 mo. LIBOR US + 0.880%), 2.88%, 04/15/28(a)(b)			3,620		3,613,080
Symphony CLO XVIII Ltd.:
Series 2016-18A, Class AR, (3 mo. LIBOR US + 1.150%), 3.08%, 01/23/28(a)(b)			4,140		4,145,331
Series 2016-18A, Class B, (3 mo. LIBOR US + 1.800%), 3.73%, 01/23/28(a)(b)			300		300,019
TCI-Flatiron CLO Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.200%), 3.10%, 11/17/30(a)(b)			3,290		3,291,697
Thacher Park CLO Ltd., Series 2014-1A, Class AR, (3 mo. LIBOR US + 1.160%), 3.13%, 10/20/26(a)(b)			269		268,520
THL Credit Wind River CLO Ltd.:
Series 2012-1A, Class BR2, (3 mo. LIBOR US + 1.450%), 3.45%, 01/15/26(a)(b)			920		915,486
Series 2016-1A, Class AR, (3 mo. LIBOR US + 1.050%), 3.04%, 07/15/28(a)(b)			4,880		4,881,243
TIAA CLO II Ltd., Series 2017-1A, Class A, (3 mo. LIBOR US + 1.280%), 3.25%, 04/20/29(a)(b)			2,340		2,341,572
TIAA CLO III Ltd., Series 2017-2A, Class A, (3 mo. LIBOR US + 1.150%), 3.15%, 01/16/31(a)(b)			1,467		1,457,679
TICP CLO I Ltd., Series 2015-1A, Class AR, (3 mo. LIBOR US + 0.800%), 2.77%, 07/20/27(a)(b)			995		994,599
TICP CLO VI Ltd.:
Series 2016-6A, Class AR, (3 mo. LIBOR US + 1.200%), 3.20%, 01/15/29(a)(b)			1,490		1,493,209
Series 2016-6A, Class BR, (3 mo. LIBOR US + 1.700%), 3.70%, 01/15/29(a)(b)			5,360		5,327,353
Towd Point Mortgage Trust:
Series 2019-SJ2, Class A2, 4.25%, 11/25/58(b)(d)			3,280		3,363,975
Series 2019-SJ2, Class M1, 4.50%, 11/25/58(b)(d)			8,260		8,554,584
Trestles CLO Ltd., Series 2017-1A, Class A1A, (3 mo. LIBOR US + 1.290%), 3.23%, 07/25/29(a)(b)			250		250,903
Tricon American Homes Trust:
Series 2017-SFR2, Class F, 5.10%, 01/17/36(b)			2,010		2,077,684
Series 2018-SFR1, Class E, 4.56%, 05/17/37(b)			890		925,345
Series 2018-SFR1, Class F, 4.96%, 05/17/37(b)			610		635,993
Venture CLO Ltd.:
Series 2018-32A, Class A2A, (3 mo. LIBOR US + 1.070%), 3.07%, 07/18/31(a)(b)			1,480		1,470,826
Series 2018-35A, Class AS, (3 mo. LIBOR US + 1.150%), 3.10%, 10/22/31(a)(b)			2,810		2,800,404
Venture XVIII CLO Ltd., Series 2014-18A, Class AR, (3 mo. LIBOR US + 1.220%), 3.22%, 10/15/29(a)(b)			9,820		9,850,337

Security		Par (000)		Value
Venture XXIV CLO Ltd., Series 2016-24A, Class AR, (3 mo. LIBOR US + 1.180%), 3.15%, 10/20/28(a)(b)	USD		3,300	$	3,295,881
Vericrest Opportunity Loan Trust, Series 2019-NPL2, Class A1, 3.97%, 02/25/49(b)(e)			1,370		1,373,971
Vibrant CLO VII Ltd., Series 2017-7A, Class A1, (3 mo. LIBOR US + 1.270%), 3.24%, 09/15/30(a)(b)			1,750		1,741,558
Voya CLO Ltd.:
Series 2015-2A, Class BR, (3 mo. LIBOR US + 1.500%), 3.43%, 07/23/27(a)(b)			780		771,675
Series 2017-4A, Class A1, (3 mo. LIBOR US + 1.130%), 3.13%, 10/15/30(a)(b)			6,640		6,622,724
Series 2019-1A, Class A, (3 mo. LIBOR US + 1.170%), 3.17%, 04/15/29(a)(b)			10,580		10,564,501
Wachovia Asset Securitization Issuance II LLC Trust, Series 2007-HE2A, Class A, (1 mo. LIBOR US + 0.130%), 1.92%, 07/25/37(a)(b)			1,676		1,598,905
Washington Mutual Asset-Backed Certificates Trust:
Series 2006-HE4, Class 2A2, (1 mo. LIBOR US + 0.180%), 1.97%, 09/25/36(a)			5,249		2,406,964
Series 2006-HE5, Class 1A, (1 mo. LIBOR US + 0.155%), 1.95%, 10/25/36(a)			2,042		1,667,460
Series 2007-HE2, Class 2A3, (1 mo. LIBOR US + 0.250%), 2.04%, 04/25/37(a)			9,452		4,890,654
Series 2007-HE2, Class 2A4, (1 mo. LIBOR US + 0.360%), 2.15%, 04/25/37(a)			1,016		534,772
Wellfleet CLO Ltd.:
Series 2017-1A, Class A1R, (3 mo. LIBOR US + 1.150%), 3.12%, 04/20/29(a)(b)			3,750		3,748,106
Series 2017-3A, Class B, (3 mo. LIBOR US + 1.950%), 3.95%, 01/17/31(a)(b)			750		694,985
Westcott Park CLO Ltd., Series 2016-1A, Class AR, (3 mo. LIBOR US + 1.210%), 3.18%, 07/20/28(a)(b)			5,610		5,604,106
Yale Mortgage Loan Trust, Series 2007-1, Class A, (1 mo. LIBOR US + 0.400%), 2.19%, 06/25/37(a)(b)			2,523		1,039,462
York CLO-3 Ltd., Series 2016-1A, Class BR, (3 mo. LIBOR US + 1.750%), 3.72%, 10/20/29(a)(b)			3,380		3,357,047
York CLO-4 Ltd., Series 2016-2A, Class A, (3 mo. LIBOR US + 1.630%), 3.60%, 01/20/30(a)(b)			3,380		3,378,044
Total Asset-Backed Securities — 9.7% (Cost: $1,660,670,881)					1,645,475,884
		Shares
Common Stocks — 0.3%
Banks — 0.0%
Bank of America Corp.			22,950		808,299
Citigroup, Inc.			10,050		802,894
JPMorgan Chase & Co.			5,850		815,490
					2,426,683
Capital Markets — 0.0%
Morgan Stanley			15,900		812,808
Diversified Financial Services — 0.0%
Pure Acquisition Corp.(f)(g)			900		9,342

10

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security			Shares		Value
Diversified Telecommunication Services — 0.0%
Intelsat SA(f)				35,775	$	251,498
Energy Equipment & Services — 0.0%
Bristow Group, Inc.(c)(f)				21,254		588,311
Bristow Group, Inc.(c)(f)				6,387		176,792
Vantage Drilling Co.(f)				311,000		3,017
					768,120
Entertainment — 0.0%	��
Sciplay Corp.(f)				43,008		528,568
Equity Real Estate Investment Trusts (REITs) — 0.1%
Gaming and Leisure Properties, Inc.				67,680		2,913,624
MGM Growth Properties LLC, Class A				99,096		3,069,003
VICI Properties, Inc.				106,956		2,732,726
					8,715,353
Food Products — 0.0%
Tyson Foods, Inc.				18,906		1,721,202
Health Care Providers & Services — 0.0%
HCA Healthcare, Inc.				22,414		3,313,013
Hotels, Restaurants & Leisure — 0.1%
Eldorado Resorts, Inc.(f)				106,402		6,345,815
Everi Holdings, Inc.(f)				73,000		980,390
Golden Entertainment, Inc.(f)				35,439		681,138
Target Hospitality Corp.(f)				236,970		1,184,850
					9,192,193
Household Durables — 0.0%
Century Communities, Inc.(f)				127,620		3,490,407
M/I Homes, Inc.(f)				17,112		673,357
Taylor Morrison Home Corp.(f)				106,945		2,337,818
William Lyon Homes, Class A(f)				93,411		1,866,352
					8,367,934
Independent Power and Renewable Electricity Producers — 0.0%
Vistra Energy Corp.				23,312		535,943
Media — 0.0%
Altice USA, Inc., Class A(f)				141,942		3,880,694
Metals & Mining — 0.0%
Northern Graphite Corp.(f)				99,612		9,205
Oil, Gas & Consumable Fuels — 0.1%
Chesapeake Energy Corp.(f)				1,656,728		1,367,795
Rattler Midstream LP				214,106		3,808,946
Sunoco LP				166,846		5,105,488
					10,282,229
Real Estate Management & Development — 0.0%
Forestar Group, Inc.(f)				50,609		1,055,198
Specialty Retail — 0.0%
Party City Holdco, Inc.(f)				17,117		40,054
Total Common Stocks — 0.3% (Cost: $48,277,223)						51,910,037
			Par (000)
Corporate Bonds — 33.0%
Aerospace & Defense — 1.2%
Arconic, Inc., 5.40%, 04/15/21		USD		312		321,652
BAE Systems Holdings, Inc.:
3.80%, 10/07/24(b)				2,488		2,630,892
3.85%, 12/15/25(b)				10,355		10,992,103
4.75%, 10/07/44(b)				259		294,825
Boeing Co.:
3.25%, 02/01/35				2,068		2,116,521
3.38%, 06/15/46				567		554,138

Security		Par (000)		Value
Aerospace & Defense (continued)
Boeing Co.: (continued)
3.83%, 03/01/59	USD		775	$	810,309
General Dynamics Corp., 3.75%, 05/15/28			3,603		3,967,265
L3 Technologies, Inc., 4.95%, 02/15/21			250		255,418
L3Harris Technologies, Inc.:
3.85%, 06/15/23(b)			16,190		17,045,548
3.83%, 04/27/25			49		52,295
3.85%, 12/15/26(b)			10,802		11,591,986
4.40%, 06/15/28			12,662		14,116,968
4.40%, 06/15/28(b)			4,650		5,184,323
4.85%, 04/27/35			77		90,907
6.15%, 12/15/40			80		106,476
5.05%, 04/27/45			480		592,209
Lockheed Martin Corp.:
3.60%, 03/01/35			14,170		15,495,333
4.07%, 12/15/42			304		347,164
Northrop Grumman Corp.:
3.50%, 03/15/21			180		183,470
2.55%, 10/15/22			1,262		1,281,132
2.93%, 01/15/25			10,552		10,881,219
3.25%, 01/15/28			14,785		15,430,648
Raytheon Co.:
7.20%, 08/15/27			2,353		3,089,694
7.00%, 11/01/28			7,205		9,543,849
4.20%, 12/15/44			1,922		2,239,415
Textron, Inc.:
3.65%, 03/15/27			2,985		3,104,071
3.90%, 09/17/29			8,086		8,640,276
TransDigm, Inc.:
6.25%, 03/15/26(b)			11,502		12,452,180
6.38%, 06/15/26			2,710		2,874,253
7.50%, 03/15/27			1,596		1,745,705
5.50%, 11/15/27(b)			7,987		8,076,694
United Technologies Corp.:
3.35%, 08/16/21			358		366,591
1.95%, 11/01/21			13,880		13,910,277
2.30%, 05/04/22			33		33,277
4.13%, 11/16/28			15,595		17,545,842
5.40%, 05/01/35			2,386		3,066,230
					201,031,155
Air Freight & Logistics — 0.1%
FedEx Corp.:
3.90%, 02/01/35			1,939		1,976,693
3.88%, 08/01/42			5,573		5,376,371
5.10%, 01/15/44			632		693,668
4.40%, 01/15/47			63		63,290
GLP China Holdings Ltd., 4.97%, 02/26/24			925		976,742
United Parcel Service, Inc.:
3.40%, 03/15/29			6,240		6,703,765
2.50%, 09/01/29			4,006		3,997,033
6.20%, 01/15/38			178		247,974
3.75%, 11/15/47			143		154,107
XPO Logistics, Inc., 6.50%, 06/15/22(b)			100		101,900
					20,291,543
Airlines — 0.7%
Air Canada Pass-Through Trust:
Series 2015, Class 2B, 5.00%, 06/15/25(b)			1,333		1,386,430
Series 2017-1, Class B, 3.70%, 07/15/27(b)			23		22,497
Series 2017, Class 1AA, 3.30%, 07/15/31(b)			2,086		2,126,828
American Airlines Group, Inc., 4.63%, 03/01/20(b)			3,144		3,148,936
American Airlines Pass-Through Trust:
Series 2014-1, Class B, 4.38%, 04/01/24			71		72,893
Series 2015-1, Class B, 3.70%, 11/01/24			717		722,492
Series 2015-2, Class B, 4.40%, 03/22/25			6,244		6,468,173
Series 2016-1, Class B, 5.25%, 07/15/25			4,196		4,438,469
Series 2019-1, Class B, 4.00%, 12/15/25(c)			2,006		2,021,045
Series 2017-1, Class B, 4.95%, 08/15/26			1,469		1,551,418

11

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Airlines (continued)
American Airlines Pass-Through Trust: (continued)
Series 2017-2, Class B, 3.70%, 04/15/27	USD		1,603	$	1,620,816
Series 2016-3, Class B, 3.75%, 04/15/27			78		79,089
Series 2019-1, Class A, 3.50%, 12/15/27(c)			5,099		5,188,233
Series 2015-2, Class AA, 3.60%, 03/22/29			1,096		1,156,486
Series 2019-1, Class B, 3.85%, 08/15/29			5,695		5,787,290
Series 2016-2, Class AA, 3.20%, 12/15/29			1,943		1,998,336
Series 2016-3, Class AA, 3.00%, 04/15/30			4,378		4,462,381
Series 2017-1, Class AA, 3.65%, 08/15/30			1,532		1,614,358
Series 2017-2, Class AA, 3.35%, 04/15/31			1,901		1,940,012
Series 2019-1, Class AA, 3.15%, 08/15/33			5,280		5,428,999
American Airlines, Inc.:
Series 2019-1C, 4.13%, 06/15/22(c)			15,927		15,927,000
Series 2011-1B, 4.87%, 04/22/25(c)			1,211		1,253,553
ANA Holdings, Inc., 0.00%, 09/16/22(h)(i)	JPY		10,000		91,428
Avianca Holdings SA, 8.38%, 05/10/20(b)	USD		383		364,329
Continental Airlines Pass-Through Trust, Series 2012, Class B, 6.25%, 10/11/21			26		25,798
Delta Air Lines Pass-Through Trust, Series 2019-1, Class 1AA, 3.20%, 10/25/25			4,265		4,436,677
Delta Air Lines, Inc., 2.88%, 03/13/20			26,462		26,466,111
Gol Finance, Inc., 7.00%, 01/31/25(b)			1,256		1,293,680
Sun Country Airlines:
Series 2019-1C, 7.00%, 12/15/23			2,440		2,440,000
Series 2019-1B, 4.70%, 12/15/25			2,440		2,440,000
Transportes Aereos Portugueses SA, 5.63%, 12/02/24(b)	EUR		1,600		1,783,506
Turkish Airlines Pass-Through Trust, Series 2015-1, Class A, 4.20%, 09/15/28(b)	USD		1,452		1,361,612
United Airlines Pass-Through Trust:
Series 2014-1, Class B, 4.75%, 10/11/23			394		406,682
Series 2014-2, Class B, 4.63%, 03/03/24			488		502,677
Series 2016-2, Class B, 3.65%, 04/07/27			253		256,296
Series 2016-1, Class B, 3.65%, 07/07/27			479		486,994
Series 2018-1, Class B, 4.60%, 09/01/27			2,113		2,185,482
Series 2015-1, Class AA, 3.45%, 06/01/29			752		785,914
Series 2019-2, Class B, 3.50%, 11/01/29			4,946		4,995,662
Series 2016-1, Class AA, 3.10%, 01/07/30			291		297,878
Series 2016-2, Class AA, 2.88%, 04/07/30			1,866		1,890,086
Series 2018-1, Class AA, 3.50%, 09/01/31			1,283		1,322,247
Series 2019-2, Class AA, 2.70%, 11/01/33			3,365		3,378,098
US Airways Pass-Through Trust:
Series 2012-2, Class B, 6.75%, 12/03/22			142		148,622
Series 2013-1, Class B, 5.38%, 05/15/23			549		571,639
					126,347,152
Auto Components — 0.0%
American Axle & Manufacturing, Inc., 6.25%, 04/01/25			1,860		1,936,725
Aptiv PLC, 5.40%, 03/15/49			325		369,243
Lear Corp., 5.25%, 05/15/49			355		368,556
					2,674,524
Automobiles — 0.3%
BMW US Capital LLC, 2.80%, 04/11/26(b)			2,019		2,050,457
Daimler Finance North America LLC:
3.10%, 05/04/20(b)			10,030		10,063,028
2.30%, 02/12/21(b)			9,005		9,022,025
3.35%, 05/04/21(b)			13,377		13,585,681
3.75%, 11/05/21(b)			760		781,235
General Motors Co.:
6.60%, 04/01/36			4,598		5,427,021
6.25%, 10/02/43			2,767		3,108,824
Toyota Motor Corp., 2.76%, 07/02/29			175		179,572
Volkswagen Group of America Finance LLC, 4.75%, 11/13/28(b)			900		1,014,487
					45,232,330

Security		Par (000)		Value
Banks — 6.6%
ABN AMRO Bank NV, 2.65%, 01/19/21(b)	USD		8,140	$	8,188,840
Australia & New Zealand Banking Group Ltd.:
2.55%, 11/23/21			1,361		1,377,180
2.63%, 11/09/22			1,075		1,094,895
Banco Espirito Santo SA:
2.63%, 05/08/17(f)(j)	EUR		400		76,276
4.75%, 01/15/18(f)(j)			2,200		419,518
4.00%, 01/21/19(f)(j)			6,300		1,201,346
Banco Internacional del Peru SAA Interbank, 3.25%, 10/04/26(b)	USD		1,709		1,713,272
Banco Santander SA:
3.85%, 04/12/23			1,600		1,669,159
2.71%, 06/27/24			6,200		6,288,295
3.31%, 06/27/29			6,800		7,008,341
Banco Votorantim SA:
4.00%, 09/24/22(b)			2,516		2,564,747
4.50%, 09/24/24(b)			2,196		2,259,135
Bangkok Bank PCL, (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 1.900%), 3.73%, 09/25/34(k)			2,075		2,098,344
Bank of America Corp.:
2.63%, 10/19/20			5,775		5,808,060
2.63%, 04/19/21			12		12,110
(3 mo. LIBOR US + 0.660%), 2.37%, 07/21/21(k)			14,085		14,113,938
(3 mo. LIBOR US + 0.630%), 2.33%, 10/01/21(k)			37,283		37,389,230
(3 mo. LIBOR US + 0.370%), 2.74%, 01/23/22(k)			83		83,604
(3 mo. LIBOR US + 0.630%), 3.50%, 05/17/22(k)			8,468		8,638,129
2.50%, 10/21/22			403		406,923
3.30%, 01/11/23			437		451,806
(3 mo. LIBOR US + 1.160%), 3.12%, 01/20/23(k)			71		72,387
(3 mo. LIBOR US + 1.021%), 2.88%, 04/24/23(k)			428		435,201
(3 mo. LIBOR US + 0.930%), 2.82%, 07/21/23(k)			5,880		5,974,049
4.10%, 07/24/23			1,215		1,296,032
(3 mo. LIBOR US + 0.790%), 3.00%, 12/20/23(k)			1		1,023
4.13%, 01/22/24			217		233,261
(3 mo. LIBOR US + 0.780%), 3.55%, 03/05/24(k)			733		760,747
4.00%, 04/01/24			1,332		1,426,683
4.20%, 08/26/24			3,774		4,052,575
4.00%, 01/22/25			243		259,207
(3 mo. LIBOR US + 0.970%), 3.46%, 03/15/25(k)			5,234		5,465,794
3.95%, 04/21/25			5,818		6,213,372
3.88%, 08/01/25			60		64,474
(3 mo. LIBOR US + 1.090%), 3.09%, 10/01/25(k)			264		272,473
4.45%, 03/03/26			9,291		10,204,392
4.25%, 10/22/26			7		7,636
(3 mo. LIBOR US + 1.060%), 3.56%, 04/23/27(k)			8,514		8,999,753
(3 mo. LIBOR US + 1.575%), 3.82%, 01/20/28(k)			17,276		18,549,298
(3 mo. LIBOR US + 1.512%), 3.71%, 04/24/28(k)			24,811		26,529,287
(3 mo. LIBOR US + 1.370%), 3.59%, 07/21/28(k)			188		199,295
(3 mo. LIBOR US + 1.040%), 3.42%, 12/20/28(k)			38,606		40,541,850

12

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks (continued)
Bank of America Corp.: (continued)
(3 mo. LIBOR US + 1.070%), 3.97%, 03/05/29(k)	USD		9,392	$	10,235,143
(3 mo. LIBOR US + 1.310%), 4.27%, 07/23/29(k)			2,256		2,507,578
(3 mo. LIBOR US + 1.210%), 3.97%, 02/07/30(k)			3,283		3,604,301
6.11%, 01/29/37			150		202,759
4.75%, 04/21/45			84		104,103
Bank of Montreal:
3.10%, 07/13/20			185		186,281
3.10%, 04/13/21			1,274		1,294,808
1.90%, 08/27/21			281		281,530
2.90%, 03/26/22			2,012		2,051,404
2.55%, 11/06/22			186		189,709
3.30%, 02/05/24			385		401,325
2.50%, 06/28/24			1,387		1,404,197
Barclays PLC:
(3 mo. LIBOR US + 1.610%), 3.93%, 05/07/25(k)			1,650		1,734,562
4.38%, 01/12/26			2,390		2,581,917
(3 mo. LIBOR US + 1.902%), 4.97%, 05/16/29(k)			8,675		9,782,022
BBVA Bancomer SA, (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 4.308%), 5.88%, 09/13/34(b)(k)			3,089		3,243,450
BNP Paribas SA:
5.00%, 01/15/21			1,240		1,279,336
3.50%, 03/01/23(b)			7,725		7,994,413
3.38%, 01/09/25(b)			2,338		2,428,331
(3 mo. LIBOR US + 2.235%), 4.71%, 01/10/25(b)(k)			10,062		10,902,655
BPCE SA:
3.00%, 05/22/22(b)			2,017		2,052,491
2.70%, 10/01/29(b)			10,469		10,392,782
Citibank NA:
3.40%, 07/23/21			10,990		11,226,009
(3 mo. LIBOR US + 0.530%), 3.17%, 02/19/22(k)			2,510		2,541,798
3.65%, 01/23/24			36,575		38,719,708
Citigroup, Inc.:
2.75%, 04/25/22			62		62,993
4.05%, 07/30/22			27		28,219
(3 mo. LIBOR US + 1.023%), 4.04%, 06/01/24(k)			1,320		1,396,462
(3 mo. LIBOR US + 0.897%), 3.35%, 04/24/25(k)			858		893,011
4.40%, 06/10/25			5,024		5,461,546
5.50%, 09/13/25			678		775,286
3.20%, 10/21/26			282		292,600
4.45%, 09/29/27			5,970		6,577,635
(3 mo. LIBOR US + 1.563%), 3.89%, 01/10/28(k)			12,302		13,258,013
(3 mo. LIBOR US + 1.390%), 3.67%, 07/24/28(k)			25,372		27,050,167
(3 mo. LIBOR US + 1.151%), 3.52%, 10/27/28(k)			1,793		1,887,844
8.13%, 07/15/39			208		347,247
4.65%, 07/23/48			156		195,130
Citizens Bank N.A., 2.25%, 03/02/20			14,776		14,777,130
Danske Bank A/S:
5.00%, 01/12/22(b)			7,645		8,030,252
(3 mo. LIBOR US + 1.249%), 3.00%, 09/20/22(b)(k)			4,750		4,792,105
3.88%, 09/12/23(b)			1,060		1,100,788

Security		Par (000)		Value
Banks (continued)
Danske Bank A/S: (continued)
5.38%, 01/12/24(b)	USD		12,770	$	13,978,476
(3 mo. LIBOR US + 1.591%), 3.24%, 12/20/25(b)(k)			870		880,525
Fifth Third Bancorp, 3.65%, 01/25/24			2,460		2,596,575
HSBC Holdings PLC:
5.10%, 04/05/21			5,085		5,273,945
(3 mo. LIBOR US + 0.987%), 3.95%, 05/18/24(k)			1,875		1,972,799
(3 mo. LIBOR US + 1.211%), 3.80%, 03/11/25(k)			2,627		2,757,840
(3 mo. LIBOR US + 1.348%), 4.29%, 09/12/26(k)			1,554		1,680,535
(3 mo. LIBOR US + 1.546%), 4.04%, 03/13/28(k)			16,668		17,834,232
(3 mo. LIBOR US + 1.535%), 4.58%, 06/19/29(k)			400		447,297
HSBC USA, Inc., 2.35%, 03/05/20			18,862		18,871,635
Huntington National Bank, 3.25%, 05/14/21			3,780		3,844,038
ING Groep NV:
4.10%, 10/02/23			16,296		17,327,567
3.55%, 04/09/24			7,129		7,461,609
4.63%, 01/06/26(b)			3,370		3,748,822
Intesa Sanpaolo SpA, 6.50%, 02/24/21(b)			3,034		3,169,425
JPMorgan Chase & Co.:
4.25%, 10/15/20			330		335,865
2.55%, 03/01/21			7,997		8,058,856
4.63%, 05/10/21			5,262		5,445,924
2.40%, 06/07/21			67		67,442
4.35%, 08/15/21			184		191,088
(3 mo. LIBOR US + 0.610%), 3.51%, 06/18/22(k)			7,265		7,422,351
2.97%, 01/15/23			4,619		4,706,433
3.20%, 01/25/23			1,190		1,228,132
(3 mo. LIBOR US + 0.695%), 3.21%, 04/01/23(k)			26,510		27,142,189
(3 mo. LIBOR US + 0.935%), 2.78%, 04/25/23(k)			2,554		2,594,329
3.38%, 05/01/23			199		206,798
2.70%, 05/18/23			7,711		7,851,303
3.88%, 02/01/24			260		277,520
(3 mo. LIBOR US + 0.730%), 3.56%, 04/23/24(k)			3,590		3,741,100
(3 mo. LIBOR US + 0.890%), 3.80%, 07/23/24(k)			14,781		15,579,907
3.88%, 09/10/24			2,144		2,295,312
(3 mo. LIBOR US + 1.000%), 4.02%, 12/05/24(k)			22,340		23,824,989
3.13%, 01/23/25			765		798,382
(3 mo. LIBOR US + 1.155%), 3.22%, 03/01/25(k)			10,757		11,152,634
3.90%, 07/15/25			169		182,533
(Secured Overnight Financing Rate + 1.160%), 2.30%, 10/15/25(k)			6,810		6,802,321
3.20%, 06/15/26			240		250,758
(3 mo. LIBOR US + 1.245%), 3.96%, 01/29/27(k)			1,450		1,573,728
4.25%, 10/01/27			640		708,596
(3 mo. LIBOR US + 1.337%), 3.78%, 02/01/28(k)			32,987		35,572,683
(3 mo. LIBOR US + 1.380%), 3.54%, 05/01/28(k)			38,796		41,221,692
(3 mo. LIBOR US + 0.945%), 3.51%, 01/23/29(k)			2,232		2,372,426

13

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks (continued)
JPMorgan Chase & Co.: (continued)
(3 mo. LIBOR US + 1.260%), 4.20%, 07/23/29(k)	USD		3,556	$	3,969,527
(3 mo. LIBOR US + 1.160%), 3.70%, 05/06/30(k)			6,870		7,401,611
(3 mo. LIBOR US + 1.360%), 3.88%, 07/24/38(k)			1,912		2,116,458
Kasikornbank PCL, (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 1.700%), 3.34%, 10/02/31(k)			1,740		1,745,438
KeyBank NA:
3.35%, 06/15/21			1,500		1,532,420
2.30%, 09/14/22			745		753,273
Keycorp, 4.15%, 10/29/25			803		880,654
KeyCorp.:
4.10%, 04/30/28			162		177,669
2.55%, 10/01/29			99		96,815
Lloyds Banking Group PLC:
4.05%, 08/16/23			901		955,395
3.90%, 03/12/24			4,096		4,325,474
3.75%, 01/11/27			5,097		5,361,221
Mitsubishi UFJ Financial Group, Inc.:
3.54%, 07/26/21			1,810		1,852,593
3.00%, 02/22/22			3,776		3,848,617
2.62%, 07/18/22			1,633		1,655,327
2.67%, 07/25/22			540		548,001
3.46%, 03/02/23			28,006		28,985,457
3.76%, 07/26/23			9,509		10,017,525
3.41%, 03/07/24			546		569,395
3.78%, 03/02/25			33		35,257
3.29%, 07/25/27			359		374,240
3.20%, 07/18/29			770		798,144
Mizuho Financial Group, Inc.:
2.63%, 04/12/21(b)			7,490		7,552,803
2.27%, 09/13/21			5,639		5,662,126
2.95%, 02/28/22			33,115		33,721,821
(3 mo. LIBOR US + 0.980%), 2.84%, 07/16/25(k)			797		807,110
(3 mo. LIBOR US + 1.100%), 2.56%, 09/13/25(k)			9,080		9,082,622
3.66%, 02/28/27			352		373,955
(3 mo. LIBOR US + 1.310%), 2.87%, 09/13/30(k)			4,826		4,822,030
Nordea Bank Abp, 2.13%, 05/29/20(b)			9,883		9,886,424
Royal Bank of Scotland Group PLC, (3 mo. LIBOR US + 1.480%), 3.50%, 05/15/23(k)			1,875		1,920,864
Santander UK Group Holdings PLC, 2.88%, 08/05/21			12,877		12,996,988
Santander UK PLC, 5.00%, 11/07/23(b)			11,039		11,869,839
Shinhan Financial Group Co. Ltd., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 1.500%), 3.34%, 02/05/30(k)			1,025		1,040,591
Shizuoka Bank Ltd., (3 mo. LIBOR US - 0.500%), 1.44%, 01/25/23(a)(h)			200		190,367
Standard Chartered PLC, (3 mo. LIBOR US + 1.080%), 3.89%, 03/15/24(b)(k)			2,885		2,987,635
Sumitomo Mitsui Financial Group, Inc.:
2.70%, 07/16/24			4,400		4,463,259
3.04%, 07/16/29			2,780		2,836,925
SunTrust Bank:
2.80%, 05/17/22			4,550		4,636,559
3.20%, 04/01/24			78		81,159
Svenska Handelsbanken AB, 3.35%, 05/24/21			3,000		3,059,208
Toronto-Dominion Bank:
3.50%, 07/19/23			2,658		2,797,848
3.25%, 03/11/24			27		28,273
2.65%, 06/12/24			2,524		2,585,567

Security		Par (000)		Value
Banks (continued)
U.S. Bancorp:
2.95%, 07/15/22	USD		4,709	$	4,818,949
2.40%, 07/30/24			7,609		7,714,921
3.15%, 04/27/27			87		91,435
U.S. Bank NA, (3 mo. LIBOR US + 0.290%), 3.10%, 05/21/21(k)			3,410		3,425,980
US BanCorp., 3.38%, 02/05/24			172		180,621
Washington Mutual Escrow Bonds:
0.00%(c)(f)(j)(l)			3,115		—
0.00%(c)(f)(j)(l)			2,570		—
0.00%(c)(f)(j)(l)			13,308		1
0.00%(c)(f)(j)(l)			11,911		1
Wells Fargo & Co.:
2.60%, 07/22/20			4,233		4,249,175
2.55%, 12/07/20			5,394		5,426,859
2.50%, 03/04/21			20,854		21,003,850
4.60%, 04/01/21			5,686		5,870,530
2.10%, 07/26/21			459		459,674
3.50%, 03/08/22			6,866		7,090,610
2.63%, 07/22/22			13,387		13,587,057
3.75%, 01/24/24			18,568		19,632,428
3.00%, 02/19/25			682		703,771
3.55%, 09/29/25			5,912		6,260,285
(3 mo. LIBOR US + 0.825%), 2.41%, 10/30/25(k)			970		970,914
3.00%, 04/22/26			10,741		11,049,111
3.00%, 10/23/26			3,878		3,974,575
(3 mo. LIBOR US + 1.170%), 3.20%, 06/17/27(k)			1,209		1,254,536
(3 mo. LIBOR US + 1.310%), 3.58%, 05/22/28(k)			23,702		25,196,803
(3 mo. LIBOR US + 1.170%), 2.88%, 10/30/30(k)			1,545		1,555,739
5.38%, 11/02/43			10		12,843
5.61%, 01/15/44			404		532,410
Wells Fargo Bank NA:
(3 mo. LIBOR US + 0.490%), 3.33%, 07/23/21(k)			13,250		13,353,749
3.55%, 08/14/23			490		513,556
Yamaguchi Financial Group, Inc., (3 mo. LIBOR US - 0.500%), 1.45%, 03/26/20(a)(h)			1,000		991,793
					1,123,468,248
Beverages — 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.:
4.70%, 02/01/36			32,891		38,112,586
4.90%, 02/01/46			2,202		2,611,842
Anheuser-Busch InBev Worldwide, Inc.:
4.00%, 04/13/28			1,147		1,262,335
4.75%, 01/23/29			26,725		30,978,806
5.45%, 01/23/39			2,869		3,610,441
4.95%, 01/15/42			500		591,863
Coca-Cola Co.:
2.20%, 05/25/22			331		334,445
3.20%, 11/01/23			17		17,831
2.88%, 10/27/25			1,969		2,053,193
2.13%, 09/06/29			2,600		2,534,647
Keurig Dr Pepper, Inc.:
3.55%, 05/25/21			2,577		2,632,043
4.06%, 05/25/23			922		972,435
Molson Coors Brewing Co.:
5.00%, 05/01/42			1,050		1,148,127
4.20%, 07/15/46			1,500		1,497,225
PepsiCo, Inc.:
3.45%, 10/06/46			1,562		1,658,207
4.00%, 05/02/47			2,631		3,043,726

14

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Beverages (continued)
PepsiCo, Inc.: (continued)
3.38%, 07/29/49	USD		403	$	422,744
					93,482,496
Biotechnology — 0.3%
AbbVie, Inc.:
3.75%, 11/14/23			150		157,893
2.95%, 11/21/26(b)			4,542		4,624,500
4.50%, 05/14/35			20,381		22,986,721
4.30%, 05/14/36			302		332,449
4.05%, 11/21/39(b)			120		126,127
4.45%, 05/14/46			114		122,104
Amgen, Inc.:
4.40%, 05/01/45			9,161		10,265,347
4.66%, 06/15/51			461		543,165
Gilead Sciences, Inc.:
3.70%, 04/01/24			552		585,412
3.50%, 02/01/25			8,217		8,722,139
3.65%, 03/01/26			565		608,502
4.60%, 09/01/35			2,810		3,355,487
4.00%, 09/01/36			397		439,556
4.80%, 04/01/44			2,644		3,177,510
4.50%, 02/01/45			554		644,026
4.75%, 03/01/46			679		816,521
					57,507,459
Building Products — 0.0%
Johnson Controls International PLC:
4.63%, 07/02/44			2,058		2,262,256
5.13%, 09/14/45			7		8,179
4.50%, 02/15/47			57		61,656
LIXIL Group Corp., 0.00%, 03/04/20(h)(i)	JPY		80,000		732,122
Masonite International Corp., 5.75%, 09/15/26(b)	USD		120		127,500
Owens Corning:
3.95%, 08/15/29			1,900		1,977,791
4.30%, 07/15/47			259		245,835
					5,415,339
Capital Markets — 1.6%
Bank of New York Mellon Corp.:
(3 mo. LIBOR US + 0.634%), 2.66%, 05/16/23(k)			763		774,755
3.65%, 02/04/24			134		142,505
2.80%, 05/04/26			1,534		1,577,650
(3 mo. LIBOR US + 1.069%), 3.44%, 02/07/28(k)			6,475		6,870,659
CCTI 2017 Ltd., 3.63%, 08/08/22			1,675		1,669,242
Charles Schwab Corp., 3.20%, 03/02/27			3,391		3,549,502
Cindai Capital Ltd., 0.00%, 02/08/23(h)(i)			2,461		2,451,156
CME Group, Inc.:
3.00%, 09/15/22			255		262,517
3.75%, 06/15/28			1,931		2,133,559
Credit Suisse Group AG, (3 mo. LIBOR US + 1.200%), 3.00%, 12/14/23(b)(k)			10,360		10,554,048
Credit Suisse Group Funding Guernsey Ltd.:
3.45%, 04/16/21			1,328		1,350,748
3.80%, 09/15/22			3,072		3,198,403
3.80%, 06/09/23			4,302		4,504,289
3.75%, 03/26/25			790		836,256
Deutsche Bank AG:
2.70%, 07/13/20			12,042		12,050,485
2.95%, 08/20/20			925		927,163
4.25%, 02/04/21			2,930		2,976,849
E*TRADE Financial Corp., 3.80%, 08/24/27			785		816,304
Goldman Sachs Group, Inc.:
2.75%, 09/15/20			2,492		2,503,740
5.25%, 07/27/21			588		617,059
2.35%, 11/15/21			13,827		13,881,943
5.75%, 01/24/22			2,601		2,792,213

Security		Par (000)		Value
Capital Markets (continued)
Goldman Sachs Group, Inc.: (continued)
(3 mo. LIBOR US + 1.053%), 2.91%, 06/05/23(k)	USD		668	$	679,013
(3 mo. LIBOR US + 0.990%), 2.91%, 07/24/23(k)			193		196,484
3.63%, 02/20/24			454		476,586
4.00%, 03/03/24			120		127,876
3.50%, 01/23/25			398		417,825
3.75%, 05/22/25			374		397,021
(3 mo. LIBOR US + 1.201%), 3.27%, 09/29/25(k)			30		31,059
3.75%, 02/25/26			740		783,302
(3 mo. LIBOR US + 1.170%), 3.08%, 05/15/26(a)			10,315		10,422,240
3.50%, 11/16/26			900		947,202
3.85%, 01/26/27			6,683		7,114,374
(3 mo. LIBOR US + 1.510%), 3.69%, 06/05/28(k)			14,519		15,447,998
(3 mo. LIBOR US + 1.373%), 4.02%, 10/31/38(k)			4,210		4,575,347
(3 mo. LIBOR US + 1.430%), 4.41%, 04/23/39(k)			1,340		1,526,987
4.80%, 07/08/44			37		44,817
Intercontinental Exchange, Inc.:
4.00%, 10/15/23			1,000		1,067,002
3.75%, 12/01/25			6,634		7,144,267
3.10%, 09/15/27			1,680		1,760,349
3.75%, 09/21/28			6,306		6,885,755
4.25%, 09/21/48			330		390,588
Lehman Brothers Holdings, Inc., 6.75%, 12/28/17(c)(f)(j)			7,360		1
Moody’s Corp.:
2.75%, 12/15/21			470		477,276
4.88%, 02/15/24			1,978		2,175,287
3.25%, 01/15/28			140		146,892
Morgan Stanley:
2.75%, 05/19/22			95		96,754
3.13%, 01/23/23			65		66,826
3.75%, 02/25/23			13,503		14,140,482
(3 mo. LIBOR US + 0.847%), 3.74%, 04/24/24(k)			2		2,090
3.88%, 04/29/24			783		832,390
3.70%, 10/23/24			591		627,822
(Secured Overnight Financing Rate + 1.152%), 2.72%, 07/22/25(k)			185		187,339
4.00%, 07/23/25			9,820		10,625,871
3.88%, 01/27/26			1,061		1,139,613
3.13%, 07/27/26			318		328,348
6.25%, 08/09/26			3,622		4,411,715
3.63%, 01/20/27			26,031		27,718,178
(3 mo. LIBOR US + 1.340%), 3.59%, 07/22/28(k)			3,973		4,224,544
(3 mo. LIBOR US + 1.140%), 3.77%, 01/24/29(k)			9,730		10,473,886
Northern Trust Corp.:
3.15%, 05/03/29			419		440,223
(3 mo. LIBOR US + 1.131%), 3.38%, 05/08/32(k)			4,795		4,928,748
Nuveen LLC, 4.00%, 11/01/28(b)			421		468,854
Poseidon Finance 1 Ltd., 0.00%, 02/01/25(h)(i)			2,640		2,710,950
State Street Corp.:
3.55%, 08/18/25			99		106,484
2.65%, 05/19/26			3,056		3,110,765
(3 mo. LIBOR US + 1.030%), 4.14%, 12/03/29(k)			461		514,529
UBS Group AG:
2.65%, 02/01/22(b)			334		337,435
3.49%, 05/23/23(b)			3,000		3,087,419

15

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Capital Markets (continued)
UBS Group AG: (continued)
(3 mo. LIBOR US + 0.954%), 2.86%, 08/15/23(b)(k)	USD		14,300	$	14,529,315
4.13%, 09/24/25(b)			11,625		12,648,550
4.25%, 03/23/28(b)			1,726		1,886,401
(3 mo. LIBOR US + 1.468%), 3.13%, 08/13/30(b)(k)			3,857		3,923,612
				263,245,736
Chemicals — 0.4%
Air Liquide Finance SA, 2.50%, 09/27/26(b)			1,050		1,043,938
Cydsa SAB de CV, 6.25%, 10/04/27(b)			1,207		1,242,078
Dow Chemical Co.:
9.00%, 04/01/21			3,960		4,304,387
3.15%, 05/15/24			181		187,656
4.55%, 11/30/25			1,962		2,168,046
3.63%, 05/15/26			6,474		6,813,131
4.80%, 11/30/28			515		589,151
4.38%, 11/15/42			7,435		7,941,811
DuPont de Nemours, Inc.:
4.21%, 11/15/23			97		103,785
4.49%, 11/15/25			17,273		19,024,297
5.32%, 11/15/38			133		158,758
5.42%, 11/15/48			3,598		4,439,500
LG Chem Ltd., 0.00%, 04/16/21(h)(i)	EUR		300		336,582
LYB International Finance BV:
4.00%, 07/15/23	USD		400		423,125
4.88%, 03/15/44			451		508,186
LYB International Finance III LLC, 4.20%, 10/15/49			2,730		2,849,410
Methanex Corp., 5.25%, 12/15/29			1,800		1,860,072
Mitsubishi Chemical Holdings Corp.:
0.00%, 03/30/22(h)(i)	JPY		150,000		1,388,829
0.00%, 03/29/24(h)(i)			40,000		377,259
Rock International Investment, Inc., 6.63%, 03/27/20	USD		500		225,781
RPM International, Inc., 4.25%, 01/15/48			640		628,462
Sherwin-Williams Co.:
4.00%, 12/15/42			971		1,001,753
4.50%, 06/01/47			1,846		2,098,315
UPL Corp. Ltd., 4.50%, 03/08/28			1,040		1,052,256
					60,766,568
Commercial Services & Supplies — 0.2%
Beijing Environment Bvi Co. Ltd., 5.30%, 10/18/21			680		701,675
Conservation Fund, 3.47%, 12/15/29			2,124		2,117,625
KAR Auction Services, Inc., 5.13%, 06/01/25(b).			2,696		2,803,840
Republic Services, Inc.:
3.55%, 06/01/22			2,050		2,117,955
4.75%, 05/15/23			5,974		6,433,547
2.90%, 07/01/26			2,994		3,067,523
3.38%, 11/15/27			420		444,260
3.95%, 05/15/28			7,407		8,162,475
Waste Management, Inc.:
3.13%, 03/01/25			1,035		1,081,571
3.90%, 03/01/35			1,448		1,596,262
4.00%, 07/15/39			7,402		8,293,951
4.15%, 07/15/49			90		102,982
Waste Pro USA, Inc., 5.50%, 02/15/26(b)			1,398		1,457,415
					38,381,081
Communications Equipment — 0.1%
Cisco Systems, Inc., 2.95%, 02/28/26			309		322,318
Juniper Networks, Inc., 5.95%, 03/15/41			490		558,853
Motorola Solutions, Inc.:
4.60%, 02/23/28			237		257,048
4.60%, 05/23/29			10,242		11,180,609
5.50%, 09/01/44			823		918,001
					13,236,829

Security		Par (000)		Value
Construction & Engineering — 0.0%
China City Construction International Co. Ltd., 5.35%, 07/03/17(f)(j)	CNH		340	$	2,684
IHS Netherlands Holdco BV:
7.13%, 03/18/25(b)	USD		1,509		1,573,132
8.00%, 09/18/27(b)			2,135		2,257,762
Zhengzhou Real Estate Group Co. Ltd., 3.95%, 10/09/22			965		968,920
					4,802,498
Construction Materials — 0.0%
Cemex SAB de CV, 3.72%, 03/15/20(h)			593		593,927
Summit Materials LLC/Summit Materials Finance Corp., 6.13%, 07/15/23			130		132,113
					726,040
Consumer Finance — 1.0%
American Express Co.:
2.50%, 08/01/22			2,604		2,635,110
3.70%, 08/03/23			6,764		7,111,643
3.40%, 02/22/24			1,110		1,161,181
2.50%, 07/30/24			4,110		4,158,090
4.20%, 11/06/25			2,584		2,848,930
3.13%, 05/20/26			9,868		10,263,965
American Express Credit Corp.:
2.38%, 05/26/20			563		563,680
2.60%, 09/14/20			48		48,177
2.25%, 05/05/21			4,191		4,211,197
2.70%, 03/03/22			437		444,336
American Honda Finance Corp., 2.15%, 09/10/24			4,500		4,503,545
Capital One Financial Corp.:
3.45%, 04/30/21			1,162		1,183,137
4.75%, 07/15/21			1,019		1,061,235
3.20%, 01/30/23			940		966,497
3.50%, 06/15/23			902		937,419
3.90%, 01/29/24			12,656		13,424,054
3.75%, 04/24/24			476		501,332
3.30%, 10/30/24			4,162		4,334,699
3.20%, 02/05/25			2,438		2,525,701
4.25%, 04/30/25			1,086		1,182,458
3.80%, 01/31/28			748		804,417
Credivalores-Crediservicios SAS, 9.75%, 07/27/22(b)			1,082		1,097,892
Discover Financial Services, 4.10%, 02/09/27			952		1,025,879
Ford Motor Credit Co. LLC:
2.43%, 06/12/20			2,180		2,178,666
3.16%, 08/04/20			2,430		2,439,646
3.20%, 01/15/21			2,396		2,409,404
5.75%, 02/01/21			7,810		8,062,165
3.34%, 03/18/21			1,500		1,511,279
3.34%, 03/28/22			2,303		2,326,434
2.98%, 08/03/22			3,495		3,500,424
5.58%, 03/18/24			1,014		1,097,695
4.69%, 06/09/25			695		722,551
4.13%, 08/04/25			6,432		6,522,467
4.39%, 01/08/26			1,367		1,389,401
5.11%, 05/03/29			15,250		15,716,605
General Motors Financial Co., Inc.:
4.20%, 11/06/21			724		750,636
3.55%, 07/08/22			91		93,678
3.70%, 05/09/23			23		23,713
4.15%, 06/19/23			159		167,028
3.95%, 04/13/24			134		140,091
3.50%, 11/07/24			107		110,255
4.00%, 01/15/25			11,830		12,436,007
4.35%, 04/09/25			210		224,075
4.00%, 10/06/26			1,000		1,048,590
Hyundai Capital Services, Inc., 3.00%, 08/29/22(b)			7,790		7,882,506

16

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Consumer Finance (continued)
Navient Corp.:
5.88%, 03/25/21	USD		1,549	$	1,600,117
6.63%, 07/26/21			1,857		1,963,778
6.50%, 06/15/22			2,529		2,740,804
7.25%, 09/25/23			1,473		1,664,534
5.88%, 10/25/24			1,377		1,473,390
6.75%, 06/25/25			1,446		1,596,384
6.75%, 06/15/26			1,424		1,565,118
Synchrony Financial:
2.70%, 02/03/20			1,986		1,986,681
4.38%, 03/19/24			3,385		3,611,822
4.25%, 08/15/24			570		608,389
4.50%, 07/23/25			68		73,373
3.70%, 08/04/26			4		4,134
Toyota Motor Credit Corp.:
3.20%, 01/11/27			88		93,111
3.05%, 01/11/28			3,390		3,575,273
3.65%, 01/08/29			1,614		1,766,996
Unifin Financiera SAB de CV SOFOM ENR, (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 6.308%), 8.88%(b)(k)(l)			1,805		1,657,216
					163,729,010
Containers & Packaging — 0.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.25%, 09/15/22(b)			336		340,066
5.25%, 08/15/27(b)			2,217		2,333,437
Graphic Packaging International LLC, 4.75%, 04/15/21			104		106,470
International Paper Co.:
5.00%, 09/15/35			245		288,332
6.00%, 11/15/41			2,571		3,209,358
4.80%, 06/15/44			1,456		1,600,202
4.40%, 08/15/47			79		84,613
Klabin Finance SA, 4.88%, 09/19/27(b)			3,015		3,129,947
Owens-Brockway Glass Container, Inc.:
5.00%, 01/15/22(b)			1,379		1,431,388
5.88%, 08/15/23(b)			2,010		2,145,675
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg, 7.00%, 07/15/24(b)			155		160,231
					14,829,719
Diversified Consumer Services — 0.1%
American University, 3.67%, 04/01/49			6,416		6,881,533
Bright Scholar Education Holdings Ltd., 7.45%, 07/31/22			200		205,000
China Education Group Holdings Ltd., 2.00%, 03/28/24(h)	HKD		8,000		1,049,935
Claremont Mckenna College, 3.38%, 01/01/50	USD		4,913		4,879,594
George Washington University, 4.13%, 09/15/48			2,354		2,717,432
Massachusetts Institute of Technology, 3.96%, 07/01/38			1,385		1,566,579
University of Southern California, 3.03%, 10/01/39			246		247,314
Wesleyan University, 4.78%, 07/01/2116			1,285		1,441,607
					18,988,994
Diversified Financial Services — 0.9%
ASG Finance Designated Activity Co., 7.88%, 12/03/24(b)			4,831		4,667,954
AXA Equitable Holdings, Inc.:
3.90%, 04/20/23			880		922,228
5.00%, 04/20/48			682		734,042
Azul Investments LLP, 5.88%, 10/26/24(b)			234		242,556

Security		Par (000)		Value
Diversified Financial Services (continued)
Baoxin Auto Finance I Ltd., (3 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 8.909%), 5.63%(k)(l)	USD		500	$	369,219
Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24(b)			4,232		4,390,700
CC Holdings GS V LLC/Crown Castle GS III Corp., 3.85%, 04/15/23			2,211		2,317,649
CK Hutchison International 17 II Ltd., 3.25%, 09/29/27			600		612,188
Coastal Emerald Ltd.:
(5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 7.445%), 4.30%(k)(l)			1,190		1,188,465
3.95%, 08/01/22			695		698,398
Deutsche Telekom International Finance BV, 3.60%, 01/19/27(b)			5,182		5,457,439
Easy Tactic Ltd.:
9.13%, 07/28/22			200		210,578
8.63%, 02/27/24			630		653,428
8.13%, 07/11/24			800		814,000
Energuate Trust, 5.88%, 05/03/27(b)			547		564,094
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35			8,729		9,337,708
GlaxoSmithKline Capital PLC, 3.38%, 06/01/29	.		5,651		6,065,497
GlaxoSmithKline Capital, Inc., 3.88%, 05/15/28	.		4,261		4,706,658
Guojing Capital BVI Ltd., 3.95%, 12/11/22			498		498,623
Holcim U.S. Finance Sarl & Cie SCS, 5.15%, 09/12/23(b)			3,645		3,915,865
Hyundai Capital America:
2.55%, 04/03/20(b)			21,316		21,322,661
3.95%, 02/01/22(b)			11,376		11,678,033
IBM Credit LLC, 3.45%, 11/30/20			4,770		4,843,634
Intelsat Jackson Holdings SA:
5.50%, 08/01/23			2,174		1,867,553
8.50%, 10/15/24(b)			1,808		1,646,781
Intercorp Peru Ltd., 3.88%, 08/15/29(b)			789		782,343
Muthoot Finance Ltd., 6.13%, 10/31/22(b)			3,214		3,339,881
New Lion Bridge Co. Ltd., 9.75%, 10/10/20			430		377,863
ORIX Corp., 2.90%, 07/18/22			4,137		4,217,702
Pacific National Finance Pty Ltd., 4.75%, 03/22/28			1,100		1,185,151
Pearl Holding III Ltd., 9.50%, 12/11/22			600		402,600
Prime Bloom Holdings Ltd., 6.95%, 07/05/22			890		431,445
RELX Capital, Inc.:
3.50%, 03/16/23			6,730		6,988,398
4.00%, 03/18/29			6,910		7,505,443
Santos Finance Ltd., 5.25%, 03/13/29			1,500		1,623,517
Shell International Finance BV:
2.25%, 01/06/23			900		907,474
3.25%, 05/11/25			3,000		3,179,924
4.13%, 05/11/35			7,111		8,320,617
6.38%, 12/15/38			2,499		3,647,508
3.63%, 08/21/42			1,539		1,646,423
4.55%, 08/12/43			775		945,132
4.38%, 05/11/45			1,846		2,203,789
4.00%, 05/10/46			515		586,897
3.75%, 09/12/46			3		3,299
Silversea Cruise Finance Ltd., 7.25%, 02/01/25(b)			2,647		2,799,203
Total Capital International SA:
2.75%, 06/19/21			1,320		1,337,817
2.88%, 02/17/22			680		694,844
3.70%, 01/15/24			523		556,140
3.75%, 04/10/24			2,156		2,309,324
2.43%, 01/10/25			5,420		5,488,858
					151,207,543

17

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Diversified Telecommunication Services — 1.2%
AT&T Inc.:
3.40%, 06/15/22	USD		116	$	119,628
0.00%, 11/27/22(b)(i)			20,000		18,700,781
3.60%, 07/15/25			2,168		2,294,943
3.80%, 02/15/27			1,895		2,020,132
4.25%, 03/01/27			3,849		4,227,673
4.10%, 02/15/28			23		25,027
4.35%, 03/01/29			356		396,055
4.30%, 02/15/30			6,324		7,027,172
4.50%, 05/15/35			21,627		24,099,567
5.25%, 03/01/37			1,469		1,755,138
4.90%, 08/15/37			204		234,890
6.00%, 08/15/40			7,659		9,809,969
5.35%, 09/01/40			420		506,926
5.55%, 08/15/41			295		360,995
5.15%, 03/15/42			2,188		2,556,654
4.65%, 06/01/44			689		753,155
4.80%, 06/15/44			3,085		3,519,970
4.85%, 07/15/45			4,355		4,974,094
4.75%, 05/15/46			44		49,797
5.15%, 11/15/46			2,057		2,462,936
5.45%, 03/01/47			40		49,691
C&W Senior Financing DAC, 6.88%, 09/15/27(b)			771		824,453
Connect Finco SARL/Connect U.S. Finco LLC, 6.75%, 10/01/26(b)			5,764		6,138,660
Empresa Nacional de Telecomunicaciones SA, 4.75%, 08/01/26(b)			1,285		1,358,887
Frontier Communications Corp., 8.00%, 04/01/27(b)			4,655		4,864,475
Intelsat SA, 4.50%, 06/15/25(h)			3,270		2,152,880
Level 3 Financing, Inc., 5.63%, 02/01/23			1,387		1,391,161
Network i2i Ltd., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 4.274%), 5.65%(k)(l)			200		198,000
Oi SA, 10.00% (10.00% Cash or 12.00% PIK), 07/27/25(m)			3,036		2,734,298
Telefonica del Peru SAA, 7.38%, 04/10/27(b)	PEN		4,500		1,451,668
UPC Holding BV, 5.50%, 01/15/28(b)	USD		1,479		1,499,336
Verizon Communications, Inc.:
4.13%, 03/16/27			34,463		38,262,161
4.40%, 11/01/34			731		847,416
4.27%, 01/15/36			26,810		30,363,746
5.25%, 03/16/37			1,994		2,504,323
Zayo Group LLC/Zayo Capital, Inc.:
6.38%, 05/15/25			2,541		2,619,339
5.75%, 01/15/27(b)			4,564		4,638,165
Ziggo BV:
5.50%, 01/15/27(b)			5,702		6,058,375
4.88%, 01/15/30(b)			1,372		1,416,329
					195,268,865
Electric Utilities — 2.0%
Adani Transmission Ltd.:
4.00%, 08/03/26			662		679,378
4.25%, 05/21/36			1,050		1,060,500
AEP Texas, Inc.:
3.95%, 06/01/28			10,571		11,495,404
3.45%, 01/15/50			561		561,537
AEP Transmission Co. LLC:
4.25%, 09/15/48			2,195		2,521,704
3.80%, 06/15/49			4,475		4,788,938
3.15%, 09/15/49			3,515		3,401,071
Alabama Power Co.:
3.55%, 12/01/23			885		933,988
6.00%, 03/01/39			215		296,790
4.15%, 08/15/44			300		334,504
3.75%, 03/01/45			5,343		5,664,286

Security		Par (000)		Value
Electric Utilities (continued)
Alabama Power Co.: (continued)
Series A, 4.30%, 07/15/48	USD		2,138	$	2,477,968
3.45%, 10/01/49			4,193		4,302,057
Baltimore Gas & Electric Co.:
3.50%, 08/15/46			4,197		4,274,455
3.75%, 08/15/47			2,530		2,701,152
4.25%, 09/15/48			1,490		1,704,579
3.20%, 09/15/49			2,000		1,960,257
Bi Hai Co. Ltd., 6.25%, 03/05/22			400		414,214
CenterPoint Energy Houston Electric LLC:
3.55%, 08/01/42			2,240		2,355,601
3.95%, 03/01/48			549		616,754
Commonwealth Edison Co., 2.95%, 08/15/27			1,200		1,243,539
Dayton Power & Light Co., 3.95%, 06/15/49(b)			4,358		4,466,671
DTE Electric Co., 4.05%, 05/15/48			6,639		7,708,158
Duke Energy Carolinas LLC:
3.05%, 03/15/23			1,085		1,118,382
3.95%, 11/15/28			1,701		1,889,564
2.45%, 08/15/29			5,675		5,636,881
5.30%, 02/15/40			366		474,061
4.25%, 12/15/41			88		100,624
4.00%, 09/30/42			1,150		1,283,621
3.88%, 03/15/46			1,550		1,720,620
3.70%, 12/01/47			3,255		3,503,022
3.95%, 03/15/48			831		933,072
3.20%, 08/15/49			2,665		2,656,151
Duke Energy Florida LLC:
3.80%, 07/15/28			2,807		3,075,031
2.50%, 12/01/29			9,957		9,930,608
6.40%, 06/15/38			3,550		5,122,684
3.40%, 10/01/46			2,103		2,142,906
4.20%, 07/15/48			6		6,958
Duke Energy Ohio, Inc., 3.65%, 02/01/29			10,000		10,868,427
Duke Energy Progress LLC:
3.00%, 09/15/21			1,710		1,741,396
3.25%, 08/15/25			4,025		4,228,362
3.70%, 09/01/28			10,090		11,009,961
3.45%, 03/15/29			3,674		3,938,335
4.10%, 05/15/42			2,372		2,684,908
4.10%, 03/15/43			2,695		3,019,647
4.38%, 03/30/44			625		726,187
4.20%, 08/15/45			200		227,811
3.70%, 10/15/46			49		52,466
Edison International:
2.40%, 09/15/22			1,019		1,016,555
3.13%, 11/15/22			10		10,157
3.55%, 11/15/24			1,233		1,263,023
Entergy Arkansas LLC, 4.20%, 04/01/49			164		190,896
Entergy Corp., 2.95%, 09/01/26			521		529,418
Entergy Louisiana LLC:
5.40%, 11/01/24			1,470		1,683,674
4.20%, 09/01/48			5,580		6,459,062
4.20%, 04/01/50			10		11,604
Eversource Energy, 2.90%, 10/01/24			6,150		6,286,973
Exelon Corp.:
4.95%, 06/15/35			530		613,620
5.10%, 06/15/45			70		84,426
4.45%, 04/15/46			1,710		1,922,515
FirstEnergy Transmission LLC:
4.35%, 01/15/25(b)			13,860		14,894,576
4.55%, 04/01/49(b)			4,870		5,583,110
Florida Power & Light Co.:
(3 mo. LIBOR US + 0.400%), 2.31%, 05/06/22(a)			26,545		26,545,798
3.25%, 06/01/24			60		62,852
3.70%, 12/01/47			81		88,461
3.95%, 03/01/48			5,658		6,457,135
4.13%, 06/01/48			90		105,459

18

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Electric Utilities (continued)
Florida Power & Light Co.: (continued)
3.15%, 10/01/49	USD		7,990	$	8,082,051
Generacion Mediterranea SA/Generacion Frias SA/Central Termica Roca SA, 9.63%, 07/27/23(b)			4,333		2,682,398
Huachen Energy Co. Ltd., 6.63%, 05/18/20			400		191,250
ITC Holdings Corp., 2.70%, 11/15/22			3,406		3,448,586
LLPL Capital Pte Ltd., 6.88%, 02/04/39			642		748,538
MidAmerican Energy Co.:
3.10%, 05/01/27			350		364,999
3.65%, 04/15/29			2,060		2,252,735
3.65%, 08/01/48			1,020		1,103,155
4.25%, 07/15/49			2,149		2,579,933
3.15%, 04/15/50			3,370		3,328,935
Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/28(b)			992		1,085,723
Mong Duong Finance Holdings BV, 5.13%, 05/07/29			1,425		1,457,063
Northern States Power Co.:
3.40%, 08/15/42			3,707		3,881,377
4.00%, 08/15/45			1,610		1,827,847
3.60%, 09/15/47			855		915,493
2.90%, 03/01/50			2,475		2,364,520
NSTAR Electric Co.:
3.20%, 05/15/27			2,007		2,104,865
3.25%, 05/15/29			825		871,193
Ohio Power Co.:
Series G, 6.60%, 02/15/33			3,415		4,633,251
4.00%, 06/01/49			2,719		3,054,058
Oncor Electric Delivery Co. LLC:
3.70%, 11/15/28			5,350		5,856,522
5.75%, 03/15/29			480		592,744
4.55%, 12/01/41			1,420		1,701,455
3.80%, 09/30/47			2,314		2,554,434
3.80%, 06/01/49			947		1,029,850
3.10%, 09/15/49			2,220		2,169,921
Public Service Electric & Gas Co.:
2.38%, 05/15/23			990		1,003,336
3.65%, 09/01/28			6,843		7,464,281
3.20%, 05/15/29			1,421		1,499,260
Southern Co. Gas Capital Corp.:
3.95%, 10/01/46			45		46,556
4.40%, 05/30/47			249		275,628
Southwestern Public Service Co.:
4.50%, 08/15/41			147		171,860
3.40%, 08/15/46			43		43,281
3.70%, 08/15/47			109		114,838
4.40%, 11/15/48			6		7,098
Tampa Electric Co.:
4.35%, 05/15/44			1,190		1,353,137
4.30%, 06/15/48			987		1,150,467
4.45%, 06/15/49			2,671		3,167,229
Tohoku Electric Power Co., Inc., 0.00%, 12/03/20(h)(i)	JPY		110,000		1,005,115
Trans-Allegheny Interstate Line Co., 3.85%, 06/01/25(b)	USD		11,377		12,073,654
Vistra Operations Co. LLC:
3.55%, 07/15/24(b)			12,601		12,765,037
5.00%, 07/31/27(b)			2,527		2,640,664
4.30%, 07/15/29(b)			9,543		9,735,655
					333,264,496
Electrical Equipment — 0.0%
Bizlink Holding, Inc., 0.00%, 02/01/23(h)(i)			750		770,718
Suzlon Energy Ltd., 5.75%, 07/16/19(e)(f)(h)(j)			500		150,000
				920,718

Security		Par (000)		Value
Electronic Equipment, Instruments & Components — 0.0%
Amphenol Corp., 3.20%, 04/01/24	USD		1,816	$	1,884,334
Corning, Inc.:
3.70%, 11/15/23			775		807,815
4.38%, 11/15/57			3,010		3,088,839
Hon Hai Precision Industry Co. Ltd., 0.00%, 11/06/22(h)(i)			600		587,761
LG Display Co. Ltd., 1.50%, 08/22/24(h)			600		633,750
					7,002,499
Energy Equipment & Services — 0.1%
Anton Oilfield Services Group/Hong Kong, 9.75%, 12/05/20			410		421,659
Hilong Holding Ltd., 8.25%, 09/26/22			250		252,031
Nabors Industries, Inc., 5.50%, 01/15/23			2		1,920
Odebrecht Drilling Norbe VIII/IX Ltd., 6.35%, 12/01/21(b)			739		734,373
Transocean Guardian Ltd., 5.88%, 01/15/24(b)			1,058		1,082,020
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24(b)			8,137		8,625,008
Transocean Proteus Ltd., 6.25%, 12/01/24(b)			817		841,407
					11,958,418
Equity Real Estate Investment Trusts (REITs) — 0.5%
American Tower Corp.:
3.30%, 02/15/21			60		60,816
2.25%, 01/15/22			120		120,390
3.00%, 06/15/23			373		381,250
5.00%, 02/15/24			763		839,199
2.95%, 01/15/25			1,285		1,313,172
4.00%, 06/01/25			2,242		2,399,393
2.75%, 01/15/27			1,252		1,250,635
3.13%, 01/15/27			481		492,372
3.95%, 03/15/29			1,674		1,800,561
Boston Properties LP, 3.85%, 02/01/23			2,170		2,273,911
Crown Castle International Corp.:
3.40%, 02/15/21			32		32,435
2.25%, 09/01/21			80		80,233
4.88%, 04/15/22			144		152,542
3.15%, 07/15/23			2,323		2,397,090
3.20%, 09/01/24			17,943		18,561,308
4.45%, 02/15/26			1,044		1,143,782
3.70%, 06/15/26			7,386		7,808,100
3.65%, 09/01/27			575		608,532
3.80%, 02/15/28			176		187,614
4.30%, 02/15/29			232		257,152
3.10%, 11/15/29			6,595		6,679,542
5.20%, 02/15/49			1,135		1,380,972
Equinix, Inc., 2.63%, 11/18/24			7,278		7,291,537
ESH Hospitality, Inc., 5.25%, 05/01/25(b)			300		310,125
GLP Capital LP/GLP Financing II, Inc.:
4.38%, 04/15/21			650		662,623
3.35%, 09/01/24			2,340		2,388,461
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.:
5.63%, 05/01/24			4,119		4,505,115
4.50%, 09/01/26			1,431		1,506,127
5.75%, 02/01/27(b)			2,288		2,551,120
Prologis Euro Finance LLC, 1.50%, 09/10/49	EUR		3,500		3,539,095
Realty Income Corp.:
4.65%, 08/01/23	USD		165		178,590
3.88%, 04/15/25			174		187,663
4.13%, 10/15/26			2,631		2,887,238
3.00%, 01/15/27			865		890,192
Ryman Hospitality Properties, Inc., 4.75%, 10/15/27(b)			1,940		2,003,050

19

Schedule of Investments  (unaudited) (continued) December 31, 2019 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)
VICI Properties LP/VICI Note Co., Inc., 4.25%, 12/01/26(b)	USD		12,954	$	13,342,620
					92,464,557
Food & Staples Retailing — 0.5%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC:
5.75%, 03/15/25			3,478		3,599,730
7.50%, 03/15/26(b)			1,805		2,026,112
5.88%, 02/15/28(b)			2,180		2,316,250
Alimentation Couche-Tard, Inc., 3.55%, 07/26/27(b)			10,356		10,652,465
CVS Health Corp.:
4.10%, 03/25/25			8,196		8,799,752
3.88%, 07/20/25			534		568,766
4.88%, 07/20/35			1,190		1,368,749
4.78%, 03/25/38			7,029		7,991,053
5.13%, 07/20/45			13,329		15,812,399
Performance Food Group, Inc., 5.50%, 10/15/27(b)			3,012		3,219,075
Walmart, Inc.:
3.30%, 04/22/24			1,788		1,880,518
3.55%, 06/26/25			4,638		4,982,363
3.25%, 07/08/29			8,531		9,156,501
3.95%, 06/28/38			2,452		2,840,494
3.63%, 12/15/47			368		409,602
2.95%, 09/24/49			469		467,283
					76,091,112
Food Products — 0.2%
BRF GmbH, 4.35%, 09/29/26(b)			2,256		2,322,975
Campbell Soup Co., 8.88%, 05/01/21			2,350		2,539,366
Ezaki Glico Co. Ltd., 0.00%, 01/30/24(h)(i)	JPY		10,000		92,090
Grupo Bimbo SAB de CV, 4.00%, 09/06/49(b)	USD		2,420		2,266,481
JBS Investments II GmbH, 5.75%, 01/15/28(b)			2,377		2,506,546
Knight Castle Investments Ltd., 7.99%, 01/23/21			700		318,500
Marfrig Holdings Europe BV, 8.00%, 06/08/23(b).			1,600		1,667,000
MHP Lux SA, 6.25%, 09/19/29(b)			3,383		3,311,111
Pilgrim’s Pride Corp., 5.88%, 09/30/27(b)			2,458		2,657,713
Post Holdings, Inc.:
5.00%, 08/15/26(b)			4,116		4,347,525
5.75%, 03/01/27(b)			3,722		3,991,845
5.63%, 01/15/28(b)			2,728		2,939,420
5.50%, 12/15/29(b)			2,156		2,298,943
Simmons Foods, Inc., 5.75%, 11/01/24(b)			1,440		1,447,200
Tyson Foods, Inc.:
3.95%, 08/15/24			406		435,372
4.00%, 03/01/26			123		133,146
3.55%, 06/02/27			4,852		5,159,093
5.15%, 08/15/44			480		586,050
4.55%, 06/02/47			385		440,798
5.10%, 09/28/48			662		833,563
					40,294,737
Gas Utilities — 0.0%
Atmos Energy Corp., 3.38%, 09/15/49			2,607		2,647,488
Piedmont Natural Gas Co., Inc., 3.64%, 11/01/46			427		424,846
					3,072,334
Health Care Equipment & Supplies — 0.2%
Abbott Laboratories:
3.40%, 11/30/23			1,079		1,134,444
3.75%, 11/30/26			18,829		20,573,536
Baxter International, Inc., 1.70%, 08/15/21			500		499,274
Becton Dickinson and Co.:
3.30%, 03/01/23			4,644		4,743,431

Security		Par (000)		Value
Health Care Equipment & Supplies (continued)
Becton Dickinson and Co.: (continued)
4.69%, 12/15/44	USD		139	$	162,673
Covidien International Finance SA, 2.95%, 06/15/23			3,090		3,178,557
Edwards Lifesciences Corp., 4.30%, 06/15/28			856		951,866
Medtronic Global Holdings SCA, 1.75%, 07/02/49	EUR		3,300		3,616,896
Medtronic, Inc., 3.50%, 03/15/25	USD		1,202		1,288,529
					36,149,206
Health Care Providers & Services — 1.3%
Aetna, Inc.:
4.50%, 05/15/42			4,738		5,110,985
4.13%, 11/15/42			10		10,245
4.75%, 03/15/44			1,023		1,142,775
AMN Healthcare, Inc., 5.13%, 10/01/24(b)			4,520		4,678,200
Anthem, Inc.:
3.50%, 08/15/24			855		896,445
2.38%, 01/15/25			1,973		1,970,681
3.65%, 12/01/27			489		517,846
4.10%, 03/01/28			2,802		3,044,651
2.88%, 09/15/29			851		847,785
Baylor Scott & White Holdings, 4.19%, 11/15/45			1,324		1,480,778
Catholic Health Initiatives, 4.35%, 11/01/42			1,075		1,104,168
Centene Corp.:
5.38%, 06/01/26(b)			5,920		6,282,600
4.25%, 12/15/27(b)			5,323		5,476,036
CHRISTUS Health, 4.34%, 07/01/28			15,081		16,661,446
Cigna Corp.:
3.20%, 09/17/20			5,035		5,074,176
3.25%, 04/15/25(b)			6,379		6,615,742
3.05%, 10/15/27(b)			1,786		1,811,449
4.38%, 10/15/28			6,617		7,330,895
CommonSpirit Health:
3.35%, 10/01/29			2,474		2,489,183
3.82%, 10/01/49			8,300		8,099,369
4.19%, 10/01/49			2,568		2,567,546
DH Europe Finance II Sarl, 1.80%, 09/18/49	EUR		3,400		3,678,949
Encompass Health Corp.:
4.50%, 02/01/28	USD		1,372		1,421,735
4.75%, 02/01/30			1,382		1,433,825
HCA, Inc.:
4.75%, 05/01/23			6,749		7,230,302
5.00%, 03/15/24			316		345,441
5.25%, 04/15/25			15,527		17,373,312
4.50%, 02/15/27			774		834,752
4.13%, 06/15/29			8,000		8,488,633
Montefiore Obligated Group, 5.25%, 11/01/48			2,916		3,285,198
Ochsner Clinic Foundation, 5.90%, 05/15/45			783		1,036,288
PeaceHealth Obligated Group, 4.79%, 11/15/48			462		568,844
Redco Group, 13.50%, 01/21/20			490		491,072
RWJ Barnabas Health, Inc., 3.48%, 07/01/49			1,409		1,392,534
Select Medical Corp., 6.25%, 08/15/26(b)			1,590		1,721,207
Spectrum Health System Obligated Group, 3.49%, 07/15/49			2,494		2,497,461
SSM Health Care Corp., 3.69%, 06/01/23			8,263		8,621,462
Sutter Health, 3.70%, 08/15/28			3,083		3,304,090
Tenet Healthcare Corp.:
4.63%, 09/01/24(b)			7,363		7,676,664
5.13%, 05/01/25			3,854		3,969,620
4.88%, 01/01/26(b)			8,347		8,742,648
6.25%, 02/01/27(b)			4,299		4,626,799
Toledo Hospital, 5.75%, 11/15/38			1,059		1,210,628
UnitedHealth Group, Inc.:
3.50%, 02/15/24			338		356,837

20

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Health Care Providers & Services (continued)
UnitedHealth Group, Inc.: (continued)
2.38%, 08/15/24	USD		904	$	915,995
3.75%, 07/15/25			18,577		20,067,989
3.70%, 12/15/25			4,035		4,367,381
3.10%, 03/15/26			2,398		2,511,881
2.95%, 10/15/27			160		166,447
3.85%, 06/15/28			4,350		4,800,194
2.88%, 08/15/29			227		233,649
5.80%, 03/15/36			1,436		1,906,990
3.50%, 08/15/39			4,986		5,236,245
4.63%, 11/15/41			2,362		2,817,552
4.75%, 07/15/45			780		960,524
3.75%, 10/15/47			2,666		2,869,638
4.45%, 12/15/48			10		11,961
WuXi AppTec Co. Ltd., 0.00%, 09/17/24(h)(i)			500		569,844
					220,957,592
Hotels, Restaurants & Leisure — 0.5%
1011778 BC ULC/New Red Finance, Inc., 5.00%, 10/15/25(b)			8,681		8,963,133
Boyd Gaming Corp.:
6.38%, 04/01/26			1,848		1,988,332
6.00%, 08/15/26			1,726		1,851,135
Caesars Resort Collection LLC/CRC Finco, Inc., 5.25%, 10/15/25(b)			4,652		4,814,820
Cedar Fair LP, 5.25%, 07/15/29(b)			1,456		1,568,840
Cedar Fair LP/Canada’s Wonderland Co/Magnum Management Corp./Millennium Op, 5.38%, 04/15/27			1,424		1,532,338
Churchill Downs, Inc.:
5.50%, 04/01/27(b)			1,707		1,809,420
4.75%, 01/15/28(b)			1,402		1,447,565
Eldorado Resorts, Inc., 6.00%, 09/15/26			1,525		1,679,406
Golden Nugget, Inc., 6.75%, 10/15/24(b)			3,550		3,674,250
HIS Co. Ltd., 0.00%, 11/15/24(h)(i)	JPY		40,000		369,307
International Game Technology PLC, 6.25%, 02/15/22(b)	USD		4,246		4,479,530
McDonald’s Corp.:
3.70%, 01/30/26			5,015		5,411,404
4.70%, 12/09/35			837		992,715
6.30%, 03/01/38			199		269,570
3.70%, 02/15/42			484		491,585
3.63%, 05/01/43			2,482		2,473,147
4.88%, 12/09/45			2,899		3,495,057
4.45%, 03/01/47			1,030		1,171,187
4.45%, 09/01/48			1,560		1,787,993
3.63%, 09/01/49			10,935		11,123,302
REXLot Holdings Ltd., 4.50%, 04/17/19(f)(h)(j)	HKD		1,161		44,692
Scientific Games International, Inc., 5.00%, 10/15/25(b)	USD		2,974		3,111,548
Six Flags Entertainment Corp., 5.50%, 04/15/27(b)			1,400		1,492,750
Station Casinos LLC, 5.00%, 10/01/25(b)			1,495		1,521,163
Studio City Finance Ltd., 7.25%, 02/11/24			200		211,750
Viking Cruises Ltd., 5.88%, 09/15/27(b)			2,359		2,521,181
Vinpearl JSC, 3.50%, 06/14/23(h)			800		866,447
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
5.50%, 03/01/25(b)			5,147		5,507,290
5.25%, 05/15/27(b)			2,564		2,724,250
Wynn Macau Ltd.:
4.88%, 10/01/24(b)			1,617		1,655,404
5.50%, 10/01/27(b)			2,063		2,133,916
5.50%, 10/01/27			200		206,875
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29(b)			5,000		5,362,500
					88,753,802

Security		Par (000)		Value
Household Durables — 0.4%
Ashton Woods USA LLC/Ashton Woods Finance Co.:
6.75%, 08/01/25(b)	USD		1,069	$	1,093,052
9.88%, 04/01/27(b)			3,448		3,879,000
Beazer Homes USA, Inc., 7.25%, 10/15/29(b)			4,961		5,295,867
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp.:
6.13%, 07/01/22(b)			1,820		1,847,300
6.25%, 09/15/27(b)			4,837		5,103,035
Century Communities, Inc., 6.75%, 06/01/27(b)			7,145		7,660,869
Harvest International Co., 0.00%, 11/21/22(h)(i)	HKD		8,000		1,072,212
Iida Group Holdings Co. Ltd., 0.00%, 06/18/20(h)(i)	JPY		100,000		916,821
KB Home, 7.63%, 05/15/23	USD		1,769		1,981,280
Lennar Corp.:
2.95%, 11/29/20			20		20,050
8.38%, 01/15/21			755		798,412
4.75%, 04/01/21			447		457,057
5.88%, 11/15/24			4,092		4,562,580
5.25%, 06/01/26			60		65,700
LGI Homes, Inc., 6.88%, 07/15/26(b)			1,069		1,119,777
Mattamy Group Corp.:
6.50%, 10/01/25(b)			3,141		3,353,017
5.25%, 12/15/27(b)			2,352		2,446,080
PulteGroup, Inc.:
4.25%, 03/01/21			152		154,660
5.00%, 01/15/27			204		222,156
6.00%, 02/15/35			53		59,095
Shea Homes LP/Shea Homes Funding Corp., 5.88%, 04/01/23(b)			58		59,088
Tempur Sealy International, Inc., 5.50%, 06/15/26			1,710		1,801,913
Toll Brothers Finance Corp.:
4.38%, 04/15/23			5,264		5,500,880
3.80%, 11/01/29			6,706		6,672,470
TRI Pointe Group, Inc., 5.25%, 06/01/27			2,378		2,485,010
Weekley Homes LLC/Weekley Finance Corp., 6.00%, 02/01/23			2,406		2,409,008
William Lyon Homes, Inc., 6.00%, 09/01/23			3,857		4,020,923
					65,057,312
Household Products — 0.0%
Clorox Co.:
3.10%, 10/01/27			900		927,975
3.90%, 05/15/28			82		90,139
Spectrum Brands, Inc., 5.75%, 07/15/25			2,442		2,548,886
					3,567,000
Independent Power and Renewable Electricity Producers — 0.3%
AES Panama SRL, 6.00%, 06/25/22(b)			527		542,810
Calpine Corp.:
5.50%, 02/01/24			1,399		1,419,985
5.25%, 06/01/26(b)			4,450		4,633,562
4.50%, 02/15/28(b)			16,049		16,191,355
China Singyes Solar Technologies Holdings Ltd., 6.00% (6.00% Cash or 6.00% PIK), 12/19/22(m)			333		299,997
Inkia Energy Ltd., 5.88%, 11/09/27(b)			1,009		1,051,567
NRG Energy, Inc.:
3.75%, 06/15/24(b)			554		572,864
7.25%, 05/15/26			4,513		4,930,453
4.45%, 06/15/29(b)			1,584		1,659,395
2.75%, 06/01/48(h)			2,906		3,294,678
Orazul Energy Egenor S en C por A, 5.63%, 04/28/27(b)			1,497		1,537,700
ReNew Power Ltd., 6.45%, 09/27/22			1,000		1,032,188
ReNew Power Synthetic, 6.67%, 03/12/24			800		828,000

21

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Independent Power and Renewable Electricity Producers (continued)
Rio Energy SA/UGEN SA/UENSA SA, 6.88%, 02/01/25	USD		766	$	461,898
Star Energy Geothermal Wayang Windu Ltd., 6.75%, 04/24/33(b)			184		194,809
Stoneway Capital Corp.:
10.00%, 03/01/27(b)			4,160		2,627,037
10.00%, 03/01/27			1,864		1,177,329
Talen Energy Supply LLC:
6.50%, 06/01/25			3,071		2,620,884
10.50%, 01/15/26(b)			1,956		1,860,645
7.25%, 05/15/27(b)			3,890		4,093,058
Vistra Energy Corp., 5.88%, 06/01/23			350		358,064
					51,388,278
Industrial Conglomerates — 0.2%
3M Co.:
3.25%, 02/14/24			490		512,859
2.00%, 02/14/25			1,250		1,243,282
3.00%, 08/07/25			1,150		1,209,232
2.88%, 10/15/27			1,433		1,494,676
3.38%, 03/01/29			880		940,417
2.38%, 08/26/29			5,934		5,855,135
3.63%, 10/15/47			80		83,133
General Electric Co.:
6.15%, 08/07/37			140		174,101
5.88%, 01/14/38			6,269		7,620,344
6.88%, 01/10/39			1,273		1,701,419
4.13%, 10/09/42			827		853,169
Grupo KUO SAB de CV, 5.75%, 07/07/27(b)			2,432		2,539,160
Honeywell International, Inc., 2.70%, 08/15/29			3,860		3,950,848
Tyco Electronics Group SA:
3.45%, 08/01/24			865		906,492
3.13%, 08/15/27			1,669		1,719,165
					30,803,432
Insurance — 0.4%
Ambac Assurance Corp., 5.10%, 06/07/20(b)			462		684,060
Ambac LSNI LLC, (3 mo. LIBOR US + 5.000%), 6.95%, 02/12/23(a)(b)			2,912		2,948,528
Aon Corp.:
4.50%, 12/15/28			8,643		9,737,587
3.75%, 05/02/29			11,343		12,137,863
Aon PLC:
3.88%, 12/15/25			320		344,437
4.75%, 05/15/45			1,475		1,739,634
China Reinsurance Finance Corp. Ltd., 3.38%, 03/09/22			1,311		1,316,326
Marsh & McLennan Cos., Inc.:
4.05%, 10/15/23			2,451		2,607,649
3.88%, 03/15/24			123		131,216
3.50%, 06/03/24			8,930		9,381,390
3.50%, 03/10/25			3,288		3,471,140
4.38%, 03/15/29			5,140		5,860,323
4.20%, 03/01/48			1,582		1,800,695
MetLife, Inc., 4.72%, 12/15/44			475		580,010
Principal Financial Group, Inc., 3.70%, 05/15/29			2,435		2,655,580
QBE Insurance Group Ltd., (USD Swap Rate 11:00 am NY 10Y + 4.395%), 5.88%, 06/17/46(k)			450		490,554
T&D Holdings, Inc., 0.00%, 06/05/20(h)(i)	JPY		80,000		736,583
Travelers Cos., Inc., 6.25%, 06/15/37	USD		65		90,774
Travelers Property Casualty Corp., 6.38%, 03/15/33			127		175,304
Trinity Acquisition PLC, 4.40%, 03/15/26			1,765		1,919,227
Union Life Insurance Co. Ltd., 3.00%, 09/19/21			229		199,345

Security		Par (000)		Value
Insurance (continued)
Willis North America, Inc.:
3.60%, 05/15/24	USD		2,050	$	2,141,940
3.88%, 09/15/49			240		239,445
					61,389,610
Interactive Media & Services — 0.0%
Baidu, Inc., 4.38%, 05/14/24			3,320		3,539,247
Tencent Holdings Ltd., 3.98%, 04/11/29			1,400		1,511,391
YY, Inc., 0.75%, 06/15/25(b)(h)			166		150,126
					5,200,764
Internet & Direct Marketing Retail — 0.2%
Alibaba Group Holding Ltd., 3.60%, 11/28/24			5,095		5,353,826
Amazon.com, Inc.:
4.80%, 12/05/34			200		252,386
3.88%, 08/22/37			6,410		7,285,507
4.95%, 12/05/44			39		51,106
Baozun, Inc., 1.63%, 05/01/24(b)(h)			258		234,561
Expedia Group, Inc.:
3.80%, 02/15/28			2,973		3,041,012
3.25%, 02/15/30(b)			9,085		8,743,964
					24,962,362
IT Services — 0.9%
21Vianet Group, Inc., 7.88%, 10/15/21			685		682,927
Fidelity National Information Services, Inc., 3.00%, 08/15/26			15,395		15,930,745
Fiserv, Inc.:
4.75%, 06/15/21			1,600		1,663,901
2.75%, 07/01/24			329		334,812
3.85%, 06/01/25			1,580		1,685,999
3.20%, 07/01/26			17,824		18,459,347
4.20%, 10/01/28			9,909		10,991,524
3.50%, 07/01/29			5,345		5,618,014
Global Payments, Inc.:
2.65%, 02/15/25			2,175		2,184,899
3.20%, 08/15/29			8,010		8,163,867
International Business Machines Corp.:
2.90%, 11/01/21			535		544,924
3.63%, 02/12/24			5,876		6,230,008
3.30%, 05/15/26			27,030		28,534,455
3.50%, 05/15/29			701		754,211
4.15%, 05/15/39			469		529,044
5.60%, 11/30/39			1		1,322
Mastercard, Inc.:
2.95%, 11/21/26			2,250		2,340,977
2.95%, 06/01/29			9,316		9,722,215
3.65%, 06/01/49			1,535		1,705,201
PayPal Holdings, Inc.:
2.20%, 09/26/22			420		422,389
2.40%, 10/01/24			5,400		5,453,257
2.65%, 10/01/26			4,165		4,223,498
2.85%, 10/01/29			6,520		6,580,566
Sabre GLBL, Inc., 5.25%, 11/15/23(b)			300		307,875
Total System Services, Inc.:
3.80%, 04/01/21			1,910		1,947,574
3.75%, 06/01/23			2,350		2,447,818
4.00%, 06/01/23			236		248,314
4.80%, 04/01/26			8,347		9,291,152
Transcosmos, Inc., 0.00%, 12/22/20(h)(i)	JPY		40,000		393,091
VeriSign, Inc., 4.63%, 05/01/23	USD		5,071		5,152,136
Visa, Inc., 4.30%, 12/14/45			1,144		1,406,325
					153,952,387
Leisure Products — 0.0%
Hasbro, Inc.:
2.60%, 11/19/22			3,298		3,318,207

22

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Leisure Products (continued)
Hasbro, Inc.: (continued)
3.90%, 11/19/29	USD		1,450	$	1,460,517
					4,778,724
Life Sciences Tools & Services — 0.2%
Agilent Technologies, Inc.:
3.88%, 07/15/23			658		690,533
3.05%, 09/22/26			9,644		9,864,360
2.75%, 09/15/29			2,265		2,248,909
Thermo Fisher Scientific, Inc.:
4.15%, 02/01/24			32		34,293
2.95%, 09/19/26			11,734		12,067,206
2.60%, 10/01/29			7,400		7,320,358
5.30%, 02/01/44			300		384,369
1.88%, 10/01/49	EUR		5,085		5,275,715
					37,885,743
Machinery — 0.1%
China Conch Venture Holdings International Ltd., 0.00%, 09/05/23(h)(i)	HKD		6,000		833,034
CNH Industrial NV:
4.50%, 08/15/23	USD		155		165,971
3.85%, 11/15/27			790		824,828
Parker-Hannifin Corp.:
2.70%, 06/14/24			4,400		4,495,260
3.25%, 06/14/29			2,583		2,698,605
Terex Corp., 5.63%, 02/01/25(b)			1,628		1,680,910
					10,698,608
Media — 1.6%
Altice France SA/France:
7.38%, 05/01/26(b)			15,115		16,228,069
8.13%, 02/01/27(b)			5,275		5,940,969
5.50%, 01/15/28(b)			3,005		3,087,788
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.75%, 01/15/24			23		23,402
5.75%, 02/15/26(b)			5,720		6,034,714
5.50%, 05/01/26(b)			3,389		3,571,159
5.13%, 05/01/27(b)			8,329		8,787,095
5.88%, 05/01/27(b)			1,819		1,923,592
5.00%, 02/01/28(b)			5,669		5,948,595
5.38%, 06/01/29(b)			3,505		3,750,350
4.75%, 03/01/30(b)			4,054		4,127,094
Charter Communications Operating LLC/Charter Communications Operating Capital:
(3 mo. LIBOR US + 1.650%), 3.56%, 02/01/24(a)			208		213,963
4.50%, 02/01/24			6,149		6,617,735
4.91%, 07/23/25			8,254		9,089,118
4.20%, 03/15/28			209		222,806
6.38%, 10/23/35			12,361		15,558,127
6.48%, 10/23/45			9,205		11,411,680
5.75%, 04/01/48			3,110		3,632,245
5.13%, 07/01/49			1,511		1,644,498
4.80%, 03/01/50			4,500		4,745,270
Clear Channel Worldwide Holdings, Inc., 5.13%, 08/15/27(b)			3,843		4,001,716
Comcast Corp.:
3.70%, 04/15/24			1,497		1,596,691
3.95%, 10/15/25			152		165,895
3.15%, 03/01/26			9,094		9,534,156
2.35%, 01/15/27			740		739,389
3.15%, 02/15/28			1,993		2,089,426
4.15%, 10/15/28			506		569,930
4.25%, 01/15/33			1,409		1,633,147
4.20%, 08/15/34			2,147		2,450,347
4.40%, 08/15/35			2,300		2,697,965
6.50%, 11/15/35			1,210		1,716,034

Security		Par (000)		Value
Media (continued)
Comcast Corp.: (continued)
3.20%, 07/15/36	USD		17,583	$	18,001,685
6.95%, 08/15/37			61		90,477
3.90%, 03/01/38			30		33,240
4.60%, 10/15/38			6,837		8,151,529
4.75%, 03/01/44			68		82,760
3.40%, 07/15/46			6,345		6,439,983
3.97%, 11/01/47			1,258		1,385,975
Cox Communications, Inc.:
3.15%, 08/15/24(b)			14,626		15,040,484
3.35%, 09/15/26(b)			894		922,715
CSC Holdings LLC:
10.88%, 10/15/25(b)			777		868,298
7.50%, 04/01/28(b)			3,177		3,590,010
5.75%, 01/15/30(b)			6,441		6,875,767
Diamond Sports Group LLC/Diamond Sports Finance Co., 6.63%, 08/15/27(b)			5,099		4,958,777
Discovery Communications LLC:
5.00%, 09/20/37			4,047		4,573,862
4.95%, 05/15/42			275		305,056
5.20%, 09/20/47			4,450		5,187,354
Fox Corp., 4.03%, 01/25/24(b)			1,775		1,891,542
Gray Television, Inc.:
5.88%, 07/15/26(b)			1,994		2,121,117
7.00%, 05/15/27(b)			2,255		2,505,869
Kakao Corp., 0.00%, 05/11/21(h)(i)	KRW		400,000		424,575
Meredith Corp., 6.88%, 02/01/26	USD		3,573		3,714,848
NBCUniversal Media LLC:
6.40%, 04/30/40			89		127,322
5.95%, 04/01/41			4,160		5,724,233
Nexstar Broadcasting, Inc., 5.63%, 07/15/27(b)			3,217		3,390,075
Nielsen Co. Luxembourg SARL, 5.00%, 02/01/25(b)			1,349		1,389,470
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27(b)			1,852		1,939,970
Sirius XM Radio, Inc., 4.63%, 07/15/24(b)			1,750		1,837,500
Time Warner Cable LLC:
5.00%, 02/01/20			2,900		2,905,431
4.00%, 09/01/21			911		932,243
6.55%, 05/01/37			990		1,214,477
5.50%, 09/01/41			3,125		3,490,960
4.50%, 09/15/42			314		321,027
TWDC Enterprises 18 Corp., 7.00%, 03/01/32			107		155,042
Viacom, Inc.:
3.88%, 12/15/21			78		80,700
4.25%, 09/01/23			30		31,952
6.88%, 04/30/36			3,442		4,608,977
ViacomCBS, Inc., 4.38%, 03/15/43			3,795		4,023,691
Walt Disney Co.:
3.70%, 10/15/25			493		533,716
6.40%, 12/15/35			3,227		4,586,656
6.65%, 11/15/37			1,509		2,243,167
6.15%, 02/15/41			64		92,481
4.75%, 09/15/44			1,915		2,392,325
Ziggo Bond Co. BV, 6.00%, 01/15/27(b)			1,779		1,876,845
					270,817,148
Metals & Mining — 0.3%
ABJA Investment Co. Pte Ltd., 5.95%, 07/31/24			200		209,063
Anglo American Capital PLC:
3.63%, 09/11/24(b)			7,445		7,723,801
4.88%, 05/14/25(b)			320		351,640
4.75%, 04/10/27(b)			4,150		4,539,604
4.50%, 03/15/28(b)			984		1,054,620
ArcelorMittal:
3.60%, 07/16/24			94		96,393
6.13%, 06/01/25			2,732		3,139,035

23

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Metals & Mining (continued)
ArcelorMittal: (continued)
4.55%, 03/11/26	USD		675	$	716,807
Barrick Gold Corp., 5.25%, 04/01/42			2,356		2,811,756
Evraz PLC, 5.25%, 04/02/24(b)			1,103		1,195,721
Industrias Penoles SAB de CV, 4.15%, 09/12/29(b)			2,303		2,384,325
Minera Mexico SA de CV, 4.50%, 01/26/50(b)			3,933		3,996,911
Newmont Corp.:
2.80%, 10/01/29			4,570		4,527,791
4.88%, 03/15/42			95		111,238
Novolipetsk Steel Via Steel Funding DAC,
4.70%, 05/30/26(b)			2,149		2,342,410
Nucor Corp., 5.20%, 08/01/43			1,640		2,025,758
Steel Dynamics, Inc.:
5.13%, 10/01/21			2,954		2,955,783
5.25%, 04/15/23			312		318,080
2.80%, 12/15/24			1,664		1,674,670
Teck Resources Ltd.:
6.13%, 10/01/35			1,384		1,627,558
6.00%, 08/15/40			119		132,847
6.25%, 07/15/41			411		471,189
Usiminas International Sarl, 5.88%, 07/18/26(b)			1,047		1,090,189
Vedanta Resources Finance II PLC, 8.00%, 04/23/23			500		496,250
Vedanta Resources PLC, 6.38%, 07/30/22			586		573,731
Zekelman Industries, Inc., 9.88%, 06/15/23(b)			151		158,739
					46,725,909
Multiline Retail — 0.0%
Dollar General Corp., 3.88%, 04/15/27			998		1,068,674
Multi-Utilities — 0.3%
Ameren Illinois Co.:
3.80%, 05/15/28			3,671		4,002,836
3.25%, 03/15/50			3,650		3,696,389
China Huaneng Group Hong Kong Treasury Management Holding Ltd., 3.00%, 12/10/29			2,630		2,642,711
Consumers Energy Co.:
3.95%, 05/15/43			5		5,523
3.25%, 08/15/46			995		1,000,511
3.95%, 07/15/47			287		321,644
4.05%, 05/15/48			1,325		1,529,000
4.35%, 04/15/49			113		137,185
3.75%, 02/15/50			3,657		4,042,702
3.10%, 08/15/50			4,745		4,736,641
Dominion Energy Gas Holdings LLC, 4.80%, 11/01/43			1,110		1,269,324
Virginia Electric & Power Co.:
Series C, 2.75%, 03/15/23			6,506		6,625,781
Series A, 3.50%, 03/15/27			6,512		6,966,495
4.00%, 01/15/43			5,445		6,020,801
Series C, 4.00%, 11/15/46			1,554		1,715,137
3.30%, 12/01/49			1,136		1,147,045
					45,859,725
Oil, Gas & Consumable Fuels — 3.2%
Boardwalk Pipelines LP, 4.80%, 05/03/29			640		686,060
BP Capital Markets America, Inc.:
3.79%, 02/06/24			3,688		3,925,091
3.80%, 09/21/25			7,118		7,703,701
3.41%, 02/11/26			669		712,820
3.12%, 05/04/26			2,440		2,549,771
3.94%, 09/21/28			574		634,454
BP Capital Markets PLC:
2.32%, 02/13/20			1,834		1,834,416
3.81%, 02/10/24			307		327,984
3.28%, 09/19/27			126		132,589
Bruin E&P Partners LLC, 8.88%, 08/01/23(b)			2,601		1,690,650
Cameron LNG LLC:
3.30%, 01/15/35(b)			6,390		6,453,833

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Cameron LNG LLC: (continued)
3.40%, 01/15/38(b)	USD		6,650	$	6,674,246
Centennial Resource Production LLC:
5.38%, 01/15/26(b)			297		291,802
6.88%, 04/01/27(b)			1,460		1,518,400
Cheniere Corpus Christi Holdings LLC:
7.00%, 06/30/24			5,227		6,023,543
5.88%, 03/31/25			9,235		10,384,388
5.13%, 06/30/27			12,079		13,349,469
Cheniere Energy Partners LP, 5.25%, 10/01/25			156		162,566
Cheniere Energy, Inc., 4.88% (4.88 Cash or 4.88% PIK), 05/28/21(b)(h)(m)			15,673		16,072,640
Chesapeake Energy Corp.:
6.63%, 08/15/20			1,498		1,483,020
6.13%, 02/15/21			9,743		9,012,275
5.38%, 06/15/21			425		386,750
4.88%, 04/15/22			2,446		1,932,340
5.75%, 03/15/23			2,400		1,624,512
11.50%, 01/01/25(b)			17,424		16,465,680
5.50%, 09/15/26(h)			3,640		1,734,038
Chevron Corp.:
2.50%, 03/03/22			130		132,178
2.36%, 12/05/22			130		131,821
3.19%, 06/24/23			170		176,981
2.90%, 03/03/24			7,380		7,649,957
Cimarex Energy Co.:
4.38%, 06/01/24			1,901		2,008,008
4.38%, 03/15/29			801		849,693
CNX Resources Corp., 5.88%, 04/15/22			1,575		1,576,102
Concho Resources, Inc., 3.75%, 10/01/27			4,145		4,359,885
Continental Resources, Inc.:
5.00%, 09/15/22			1,255		1,264,002
3.80%, 06/01/24			836		864,664
CVR Refining LLC/Coffeyville Finance, Inc., 6.50%, 11/01/22			311		314,887
Diamondback Energy, Inc.:
2.88%, 12/01/24			18,698		18,916,344
5.38%, 05/31/25			19,122		20,076,636
3.50%, 12/01/29			11,600		11,804,160
Enbridge Energy Partners LP, 7.38%, 10/15/45			658		983,032
Enbridge, Inc., 2.90%, 07/15/22			2,385		2,429,755
Endeavor Energy Resources LP/EER Finance, Inc., 5.50%, 01/30/26(b)			2,532		2,614,290
Energen Corp., 4.63%, 09/01/21			377		385,856
Energy Transfer Operating LP:
5.88%, 01/15/24			2,819		3,121,027
4.90%, 02/01/24			159		170,640
4.75%, 01/15/26			161		174,357
4.20%, 04/15/27			487		510,060
5.50%, 06/01/27			2,772		3,116,435
4.90%, 03/15/35			390		409,691
5.80%, 06/15/38			1,183		1,339,830
6.50%, 02/01/42			11,153		13,266,537
5.15%, 03/15/45			4		4,211
6.13%, 12/15/45			2,581		2,993,252
5.30%, 04/15/47			719		767,558
Enterprise Products Operating LLC:
3.90%, 02/15/24			536		568,790
3.75%, 02/15/25			753		802,524
6.88%, 03/01/33			2,153		2,936,021
6.65%, 10/15/34			205		278,733
6.13%, 10/15/39			26		34,017
4.45%, 02/15/43			5,728		6,304,033
4.85%, 03/15/44			678		784,502
5.10%, 02/15/45			3,975		4,765,539
4.90%, 05/15/46			173		202,911
4.25%, 02/15/48			59		63,389
EOG Resources, Inc.:
4.15%, 01/15/26			1,116		1,226,772

24

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
EOG Resources, Inc.: (continued)
3.90%, 04/01/35	USD		398	$	441,523
Exxon Mobil Corp.:
2.22%, 03/01/21			18		18,106
1.90%, 08/16/22			926		931,111
2.73%, 03/01/23			1,852		1,896,964
2.02%, 08/16/24			960		963,476
2.71%, 03/06/25			7,376		7,625,965
3.04%, 03/01/26			666		698,737
2.28%, 08/16/26			7,621		7,672,427
3.00%, 08/16/39			756		758,015
3.57%, 03/06/45			680		730,239
4.11%, 03/01/46			146		171,412
Gran Tierra Energy, Inc., 7.75%, 05/23/27(b)			286		267,413
Great Western Petroleum LLC/Great Western Finance Corp., 9.00%, 09/30/21(b)			7,127		6,369,756
Hammerhead Resources, Inc., 9.00%, 07/10/22			4,789		4,310,100
Hess Corp.:
6.00%, 01/15/40			2,901		3,427,976
5.60%, 02/15/41			100		117,112
HPCL-Mittal Energy Ltd., 5.45%, 10/22/26			200		203,600
Kinder Morgan Energy Partners LP:
5.80%, 03/15/35			1,086		1,314,845
6.50%, 02/01/37			5,007		6,245,529
6.95%, 01/15/38			401		531,276
6.38%, 03/01/41			655		822,595
5.63%, 09/01/41			85		98,903
5.00%, 03/01/43			3,147		3,451,589
Kinder Morgan, Inc., 4.30%, 03/01/28			6,665		7,267,629
Marathon Petroleum Corp.:
4.75%, 12/15/23			2,680		2,912,608
5.13%, 12/15/26			225		254,889
5.85%, 12/15/45			1,915		2,199,165
MPLX LP:
5.25%, 01/15/25(b)			850		892,792
4.13%, 03/01/27			17,599		18,486,676
4.25%, 12/01/27(b)			6,918		7,284,054
4.50%, 04/15/38			226		229,972
NGPL PipeCo LLC, 4.38%, 08/15/22(b)			7,204		7,483,020
Northwest Pipeline LLC, 4.00%, 04/01/27			10,855		11,560,202
NuStar Logistics LP, 4.80%, 09/01/20			5,090		5,153,625
Oasis Petroleum, Inc., 6.50%, 11/01/21			1,547		1,531,530
Occidental Petroleum Corp.:
4.85%, 03/15/21			119		122,580
2.60%, 08/13/21			3,745		3,772,712
0.00%, 10/10/36(i)			30,220		15,180,638
Odebrecht Offshore Drilling Finance Ltd.:
6.72%, 12/01/22(b)			1,016		995,121
7.72% (7.72% Cash or 7.72% PIK), 12/01/26(b)(m)			39		9,296
Odebrecht Oil & Gas Finance Ltd., 0.00%(b)(i)(l)			193		1,445
Pacific Drilling SA, 8.38%, 10/01/23(b)			1,396		1,273,850
Parsley Energy LLC/Parsley Finance Corp.:
6.25%, 06/01/24(b)			2,004		2,084,160
5.25%, 08/15/25(b)			500		513,750
Plains All American Pipeline LP/PAA Finance Corp., 3.65%, 06/01/22			184		188,784
PTTEP Treasury Center Co. Ltd., 3.90%, 12/06/59(b)			4,841		4,792,590
Puma International Financing SA:
5.13%, 10/06/24(b)			595		577,150
5.00%, 01/24/26(b)			1,709		1,593,643
Rockies Express Pipeline LLC, 5.63%, 04/15/20(b)			10,242		10,350,542
Sabine Pass Liquefaction LLC:
5.63%, 02/01/21			165		169,602
6.25%, 03/15/22			6,831		7,339,517

Security		Par (000)		Value
Oil, Gas & Consumable Fuels (continued)
Sabine Pass Liquefaction LLC: (continued)
5.63%, 04/15/23	USD		7,074	$	7,699,469
5.75%, 05/15/24			11,415		12,735,692
5.63%, 03/01/25			16,565		18,657,301
5.88%, 06/30/26			6,070		6,977,611
SM Energy Co., 1.50%, 07/01/21(h)			938		887,993
Spectra Energy Partners LP:
3.38%, 10/15/26			64		66,268
4.50%, 03/15/45			4,218		4,654,192
Suncor Energy, Inc.:
3.60%, 12/01/24			2,534		2,689,453
6.80%, 05/15/38(n)			1,770		2,521,668
6.50%, 06/15/38			1,163		1,618,978
Sunoco Logistics Partners Operations LP:
4.65%, 02/15/22			1,115		1,162,602
5.30%, 04/01/44			17		18,094
5.35%, 05/15/45			1,982		2,131,532
5.40%, 10/01/47			290		315,311
Talos Production LLC/Talos Production Finance, Inc., 11.00%, 04/03/22			5,130		5,245,425
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.13%, 02/01/25			154		159,775
Texas Eastern Transmission LP:
3.50%, 01/15/28(b)			4,350		4,469,117
4.15%, 01/15/48(b)			3,170		3,371,650
Total Capital Canada Ltd., 2.75%, 07/15/23			200		205,160
TransCanada PipeLines Ltd.:
3.75%, 10/16/23			293		308,780
4.88%, 01/15/26			10,936		12,244,480
4.25%, 05/15/28			3,315		3,682,287
4.63%, 03/01/34			1,850		2,110,257
5.85%, 03/15/36			1,026		1,268,961
6.20%, 10/15/37			286		373,208
4.75%, 05/15/38			612		699,197
7.63%, 01/15/39			40		60,023
6.10%, 06/01/40			4,116		5,449,476
5.10%, 03/15/49			27		32,954
Transcontinental Gas Pipe Line Co. LLC:
7.85%, 02/01/26			3,593		4,566,555
4.00%, 03/15/28			6,240		6,639,193
4.45%, 08/01/42			440		463,556
4.60%, 03/15/48			1,270		1,392,711
Valero Energy Corp.:
3.65%, 03/15/25			1,461		1,554,185
3.40%, 09/15/26			6,974		7,310,311
4.00%, 04/01/29			53		57,180
Western Midstream Operating LP:
4.00%, 07/01/22			940		963,559
4.65%, 07/01/26			2,305		2,360,342
5.45%, 04/01/44			720		637,997
Whiting Petroleum Corp., 1.25%, 04/01/20(h)			451		440,216
Williams Cos., Inc.:
4.55%, 06/24/24			1,879		2,028,685
3.90%, 01/15/25			1,098		1,156,336
3.75%, 06/15/27			2,379		2,481,439
7.50%, 01/15/31			2,180		2,845,176
5.75%, 06/24/44			3,190		3,780,612
Yankuang Group Cayman Ltd., 4.75%, 11/30/20			770		770,062
					538,701,358
Paper & Forest Products — 0.2%
Celulosa Arauco y Constitucion SA:
4.25%, 04/30/29(b)			1,305		1,322,533
4.20%, 01/29/30(b)			1,718		1,727,127
5.15%, 01/29/50(b)			1,824		1,807,721
Daio Paper Corp., 0.00%, 09/17/20(h)(i)	JPY		140,000		1,342,993

25

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Paper & Forest Products (continued)
Eldorado Intl. Finance GmbH, 8.63%, 06/16/21(b)	USD		969	$	1,011,697
Georgia-Pacific LLC:
5.40%, 11/01/20(b)			3,718		3,821,206
3.73%, 07/15/23(b)			3,907		4,090,556
3.60%, 03/01/25(b)			1,475		1,558,691
7.38%, 12/01/25			3,288		4,161,500
7.75%, 11/15/29			1,275		1,804,990
8.88%, 05/15/31			528		820,672
Suzano Austria GmbH:
5.00%, 01/15/30			1,075		1,129,558
7.00%, 03/16/47(b)			1,078		1,267,998
					25,867,242
Personal Products — 0.0%
Top Glove Labuan Ltd., 2.00%, 03/01/24(h)			800		814,513
Pharmaceuticals — 0.9%
Allergan Finance LLC, 3.25%, 10/01/22			975		996,595
Allergan Funding SCS:
3.80%, 03/15/25			12,976		13,636,576
4.55%, 03/15/35			7,054		7,711,553
Bausch Health Americas, Inc.:
9.25%, 04/01/26(b)			3,933		4,517,444
8.50%, 01/31/27(b)			4,589		5,225,953
Bausch Health Cos., Inc.:
6.50%, 03/15/22(b)			4,276		4,372,210
5.88%, 05/15/23(b)			2,538		2,560,208
9.00%, 12/15/25(b)			3,992		4,539,702
7.00%, 01/15/28(b)			1,897		2,093,909
7.25%, 05/30/29(b)			1,961		2,240,442
Bayer U.S. Finance II LLC:
2.85%, 04/15/25(b)			2,800		2,736,174
3.60%, 07/15/42(b)			2,845		2,474,106
Bristol-Myers Squibb Co.:
3.95%, 10/15/20(b)			840		853,711
2.25%, 08/15/21(b)			470		472,939
3.25%, 08/15/22(b)			4,110		4,246,983
3.55%, 08/15/22(b)			3,980		4,136,431
2.75%, 02/15/23(b)			5,783		5,893,948
3.25%, 02/20/23(b)			12,189		12,624,388
3.63%, 05/15/24(b)			48		50,731
3.20%, 06/15/26(b)			18,567		19,506,842
4.13%, 06/15/39(b)			10		11,542
Johnson & Johnson, 2.45%, 03/01/26			1,273		1,292,829
Luye Pharma Group Ltd., 1.50%, 07/09/24(h)			1,100		1,168,063
Merck & Co., Inc., 3.90%, 03/07/39			49		56,057
Pfizer, Inc.:
3.00%, 06/15/23			381		396,143
5.80%, 08/12/23			517		584,324
3.20%, 09/15/23			79		82,425
3.45%, 03/15/29			84		90,525
4.00%, 12/15/36			1,815		2,058,484
7.20%, 03/15/39			134		210,799
4.13%, 12/15/46			137		159,305
Shire Acquisitions Investments Ireland DAC:
2.88%, 09/23/23			4,400		4,483,675
3.20%, 09/23/26			10,946		11,280,888
Takeda Pharmaceutical Co. Ltd., 5.00%, 11/26/28			14,825		17,272,479
Teva Pharmaceutical Finance IV LLC, 2.25%, 03/18/20			4,322		4,324,550
Wyeth LLC, 5.95%, 04/01/37			6,154		8,406,255
					152,769,188
Real Estate Management & Development — 0.3%
Alam Synergy Pte Ltd., 6.63%, 04/24/22			415		357,929
Arrow Bidco LLC, 9.50%, 03/15/24(b)			2,177		2,079,035
Central China Real Estate Ltd.:
7.33%, 01/27/20			455		453,294

Security		Par (000)		Value
Real Estate Management & Development (continued)
Central China Real Estate Ltd.: (continued)
6.88%, 10/23/20	USD		500	$	500,000
6.50%, 03/05/21			260		259,243
6.75%, 11/08/21			435		433,112
CFLD Cayman Investment Ltd.:
8.63%, 02/28/21			581		594,799
8.60%, 04/08/24			519		535,868
China Aoyuan Group Ltd., 7.95%, 02/19/23			1,965		2,082,900
China Evergrande Group:
9.50%, 04/11/22			665		634,456
4.25%, 02/14/23(h)	HKD		17,000		1,988,020
10.00%, 04/11/23	USD		600		567,750
7.50%, 06/28/23			800		696,250
8.75%, 06/28/25			900		771,469
China SCE Group Holdings Ltd.:
7.45%, 04/17/21			400		408,160
7.25%, 04/19/23			1,000		1,020,650
7.38%, 04/09/24			800		812,500
CIFI Holdings Group Co. Ltd.:
6.88%, 04/23/21			980		1,004,333
5.50%, 01/23/22			1,300		1,308,125
7.63%, 02/28/23			200		211,250
Country Garden Holdings Co. Ltd., 6.50%, 04/08/24			200		212,375
Esic Sukuk Ltd., 3.94%, 07/30/24			1,500		1,492,500
Fantasia Holdings Group Co. Ltd.:
8.38%, 03/08/21			510		512,231
11.75%, 04/17/22			230		235,404
7.95%, 07/05/22			530		497,869
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(b)			4,330		4,361,652
Forestar Group, Inc., 8.00%, 04/15/24(b)			9,456		10,283,400
Future Land Development Holdings Ltd.:
6.50%, 09/12/20			300		298,406
7.50%, 01/22/21			700		702,188
Global Prime Capital Pte Ltd., 7.25%, 04/26/21	.		440		452,720
Jingrui Holdings Ltd., 9.45%, 04/23/21			700		651,875
Kaisa Group Holdings Ltd.:
8.50%, 06/30/22			254		249,003
11.95%, 10/22/22			700		733,250
11.50%, 01/30/23			200		205,500
KWG Group Holdings Ltd., 5.88%, 11/10/24			200		190,625
Logan Property Holdings Co. Ltd., 6.50%, 07/16/23			200		206,063
Longfor Group Holdings Ltd., 3.95%, 09/16/29			620		620,969
New Metro Global Ltd., 6.50%, 04/23/21			600		596,562
No Va Land Investment Group Corp., 5.50%, 04/27/23(h)			1,500		1,468,594
NWD MTN Ltd., 4.13%, 07/18/29			1,200		1,198,500
Powerlong Real Estate Holdings Ltd., 7.13%, 11/08/22			620		627,348
Realogy Group LLC/Realogy Co-Issuer Corp., 9.38%, 04/01/27(b)			410		427,819
RKPF Overseas 2019 A Ltd., 7.88%, 02/01/23			300		318,375
Ronshine China Holdings Ltd.:
11.25%, 08/22/21			265		282,225
8.75%, 10/25/22			530		551,200
8.95%, 01/22/23			705		738,047
Scenery Journey Ltd., 11.00%, 11/06/20			1,200		1,227,000
Shui On Development Holding Ltd.:
(5 yr. Swap Semi 30/360 US + 8.809%), 7.50%(h)(k)(l)			500		505,000
5.75%, 11/12/23			300		304,500
Singha Estate PCL, 2.00%, 07/20/22(h)			1,000		990,313
Sunac China Holdings Ltd.:
7.25%, 06/14/22			605		621,461
7.50%, 02/01/24			900		924,075

26

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Real Estate Management & Development (continued)
Times China Holdings Ltd.:
7.63%, 02/21/22	USD		800	$	826,856
5.75%, 04/26/22			500		498,570
Vanke Real Estate Hong Kong Co. Ltd., 3.15%, 05/12/25			1,650		1,644,890
Wanda Group Overseas Ltd., 7.50%, 07/24/22	.		640		616,000
Xinyuan Real Estate Co. Ltd., 9.88%, 03/19/20	.		410		388,475
Yanlord Land HK Co. Ltd.:
6.75%, 04/23/23			200		204,125
6.80%, 02/27/24			680		694,025
Yuzhou Properties Co. Ltd.:
6.00%, 10/25/23			620		606,050
8.50%, 02/26/24			700		727,563
Zhenro Properties Group Ltd.:
8.70%, 08/03/22			600		610,500
9.15%, 05/06/23			710		731,300
					56,954,546
Road & Rail — 0.4%
Burlington Northern Santa Fe LLC:
3.40%, 09/01/24			380		401,952
3.00%, 04/01/25			315		327,934
6.15%, 05/01/37			889		1,246,174
5.75%, 05/01/40			4,663		6,296,115
5.05%, 03/01/41			399		494,612
4.40%, 03/15/42			98		113,559
CSX Corp.:
3.80%, 03/01/28			105		114,594
4.25%, 03/15/29			1,995		2,247,375
6.15%, 05/01/37			75		99,695
5.50%, 04/15/41			285		360,893
4.30%, 03/01/48			2,583		2,934,488
4.75%, 11/15/48			3,448		4,184,246
4.50%, 03/15/49			1,561		1,829,556
3.35%, 09/15/49			4,505		4,443,508
3.95%, 05/01/50			150		162,159
4.25%, 11/01/66			2,578		2,757,971
Norfolk Southern Corp.:
3.65%, 08/01/25			3,515		3,762,063
2.90%, 06/15/26			5,595		5,769,950
2.55%, 11/01/29			365		364,067
4.84%, 10/01/41			455		539,222
4.45%, 06/15/45			35		40,401
3.94%, 11/01/47			225		242,507
4.10%, 05/15/49			1,352		1,494,263
3.40%, 11/01/49			205		203,670
4.05%, 08/15/52			4,322		4,758,212
Penske Truck Leasing Co. LP/PTL Finance Corp.:
4.45%, 01/29/26(b)			950		1,024,296
3.40%, 11/15/26(b)			839		856,593
3.35%, 11/01/29(b)			930		929,351
Ryder System, Inc.:
2.25%, 09/01/21			66		66,157
2.80%, 03/01/22			66		66,826
2.50%, 09/01/22			345		346,762
3.40%, 03/01/23			2,600		2,681,635
Union Pacific Corp.:
3.15%, 03/01/24			2,339		2,435,110
2.75%, 03/01/26			4,737		4,854,953
3.38%, 02/01/35			3,813		3,951,897
3.60%, 09/15/37			4,839		5,048,640
4.38%, 09/10/38			227		260,272
3.55%, 08/15/39			317		329,424
4.05%, 11/15/45			100		108,857
3.84%, 03/20/60(b)			2,402		2,437,130
Union Pacific Railroad Co. Pass-Through Trust, Series 2014-1, 3.23%, 05/14/26			2,778		2,880,586
					73,467,675

Security		Par (000)		Value
Semiconductors & Semiconductor Equipment — 0.7%
Analog Devices, Inc.:
3.90%, 12/15/25	USD		485	$	521,422
3.50%, 12/05/26			2,953		3,098,397
Applied Materials, Inc.:
5.10%, 10/01/35			524		662,544
4.35%, 04/01/47			5,835		7,051,708
Broadcom Corp./Broadcom Cayman Finance Ltd.:
2.38%, 01/15/20			4,194		4,194,187
3.13%, 01/15/25			1,677		1,697,438
3.88%, 01/15/27			17,456		18,132,558
Broadcom, Inc., 4.25%, 04/15/26(b)			9,772		10,379,540
KLA-Tencor Corp.:
4.10%, 03/15/29			5,379		5,893,532
5.00%, 03/15/49			2,835		3,487,367
Lam Research Corp.:
2.75%, 03/15/20			3,359		3,360,695
3.75%, 03/15/26			6,728		7,213,393
4.88%, 03/15/49			2,870		3,594,114
NVIDIA Corp., 3.20%, 09/16/26			12,556		13,185,774
NXP BV/NXP Funding LLC:
4.13%, 06/01/21(b)			11,201		11,484,248
4.63%, 06/15/22(b)			2,400		2,529,667
4.63%, 06/01/23(b)			9,245		9,883,836
5.55%, 12/01/28(b)			92		107,538
NXP BV/NXP Funding LLC/NXP USA, Inc.:
3.88%, 06/18/26(b)			861		913,373
4.30%, 06/18/29(b)			3,759		4,064,924
QUALCOMM, Inc.:
4.65%, 05/20/35			253		300,785
4.80%, 05/20/45			1,964		2,406,462
4.30%, 05/20/47			2,155		2,472,383
Rohm Co. Ltd., 0.00%, 12/05/24(h)(i)	JPY		30,000		292,738
Texas Instruments, Inc.:
2.75%, 03/12/21	USD		360		363,709
2.25%, 05/01/23			2,000		2,025,058
2.90%, 11/03/27			110		115,200
2.25%, 09/04/29			3,635		3,589,233
3.88%, 03/15/39			1,405		1,588,411
					124,610,234
Software — 0.4%
Autodesk, Inc., 3.50%, 06/15/27			12,151		12,739,988
Microsoft Corp.:
3.50%, 02/12/35			7,913		8,719,137
4.20%, 11/03/35			3,239		3,853,633
3.45%, 08/08/36			16,115		17,662,257
4.45%, 11/03/45			219		274,231
3.70%, 08/08/46			4,795		5,421,963
Oracle Corp.:
2.50%, 05/15/22			1,038		1,051,629
3.40%, 07/08/24			1,065		1,124,305
2.65%, 07/15/26			6,339		6,484,702
3.25%, 11/15/27			2,554		2,706,919
3.90%, 05/15/35			7,077		7,893,482
3.85%, 07/15/36			473		518,628
3.80%, 11/15/37			1,136		1,241,600
5.38%, 07/15/40			2,990		3,886,528
4.13%, 05/15/45			1,025		1,158,258
4.00%, 07/15/46			780		868,270
					75,605,530
Specialty Retail — 0.1%
Home Depot, Inc.:
1.80%, 06/05/20			201		200,892
3.75%, 02/15/24			1,721		1,837,678
3.90%, 12/06/28			608		682,836
2.95%, 06/15/29			4,339		4,514,746
5.88%, 12/16/36			245		338,218

27

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Specialty Retail (continued)
Lowe’s Cos., Inc.:
4.65%, 04/15/42	USD		118	$	135,305
4.38%, 09/15/45			4,365		4,872,417
3.70%, 04/15/46			70		71,408
4.05%, 05/03/47			1,726		1,864,665
					14,518,165
Technology Hardware, Storage & Peripherals — 0.3%
Apple Inc.:
3.00%, 02/09/24			4,160		4,320,401
2.85%, 05/11/24			377		389,984
3.20%, 05/13/25			84		88,762
3.25%, 02/23/26			158		167,334
3.35%, 02/09/27			496		528,332
3.85%, 05/04/43			19,526		21,891,211
4.38%, 05/13/45			33		40,073
4.25%, 02/09/47			178		213,132
Dell International LLC/EMC Corp.:
5.88%, 06/15/21(b)			307		311,798
8.10%, 07/15/36(b)			7,500		9,862,034
8.35%, 07/15/46(b)			5		6,890
EMC Corp., 2.65%, 06/01/20			310		310,056
Hewlett Packard Enterprise Co.:
3.60%, 10/15/20			58		58,659
4.40%, 10/15/22			640		676,243
6.35%, 10/15/45			2,500		3,010,332
HP, Inc., 6.00%, 09/15/41			1,215		1,347,195
Seagate HDD Cayman:
4.25%, 03/01/22			643		665,581
5.75%, 12/01/34			1,250		1,309,611
					45,197,628
Thrifts & Mortgage Finance — 0.0%
Mongolian Mortgage Corp. Hfc LLC, 9.75%, 01/29/22			800		776,750
Nationstar Mortgage Holdings, Inc.:
8.13%, 07/15/23(b)			2,745		2,905,637
9.13%, 07/15/26(b)			2,249		2,490,768
					6,173,155
Tobacco — 0.5%
Altria Group, Inc.:
4.40%, 02/14/26			8,970		9,751,700
4.80%, 02/14/29			7,175		7,997,721
5.80%, 02/14/39			14,181		16,684,162
6.20%, 02/14/59			559		666,095
BAT Capital Corp.:
3.22%, 09/06/26			1,960		1,975,029
3.56%, 08/15/27			5,835		5,957,687
4.54%, 08/15/47			3,632		3,652,785
Philip Morris International, Inc.:
2.13%, 05/10/23			170		170,518
2.88%, 05/01/24			4,380		4,508,697
4.50%, 03/20/42			1,110		1,261,522
Reynolds American, Inc.:
4.45%, 06/12/25			15,599		16,798,332
5.70%, 08/15/35			329		382,512
5.85%, 08/15/45			7,982		9,160,885
					78,967,645
Trading Companies & Distributors — 0.1%
American Builders & Contractors Supply Co., Inc.:
5.88%, 05/15/26(b)			1,723		1,830,687
4.00%, 01/15/28(b)			1,868		1,896,020
Ashtead Capital, Inc.:
4.13%, 08/15/25(b)			998		1,025,445
5.25%, 08/01/26(b)			330		353,100
Beacon Roofing Supply, Inc., 4.88%, 11/01/25(b)			3,424		3,441,120

Security		Par (000)		Value
Trading Companies & Distributors (continued)
GATX Corp., 2.60%, 03/30/20	USD		2,962	$	2,963,782
H&E Equipment Services, Inc., 5.63%, 09/01/25			2,694		2,821,965
Herc Holdings, Inc., 5.50%, 07/15/27(b)			3,403		3,581,657
					17,913,776
Transportation Infrastructure — 0.0%
Adani Ports & Special Economic Zone Ltd.:
4.00%, 07/30/27			203		205,601
4.38%, 07/03/29			1,275		1,314,445
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29(b)			706		784,542
Rumo Luxembourg Sarl, 5.88%, 01/18/25(b)			2,174		2,324,142
					4,628,730
Wireless Telecommunication Services — 0.3%
Digicel Group Two Ltd., 8.25%, 09/30/22(b)			3,096		721,721
Digicel Ltd.:
6.00%, 04/15/21(b)			2,289		1,774,662
6.75%, 03/01/23(b)			233		135,286
Kenbourne Invest SA, 6.88%, 11/26/24(b)			3,480		3,627,900
Millicom International Cellular SA, 6.63%, 10/15/26(b)			1,100		1,214,813
Sprint Communications, Inc., 7.00%, 03/01/20(b)			1,024		1,029,448
Sprint Corp.:
7.88%, 09/15/23			312		344,239
7.13%, 06/15/24			156		168,285
7.63%, 02/15/25			4,480		4,916,128
7.63%, 03/01/26			4,516		4,980,245
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC, 3.36%, 03/20/23(b)			7,225		7,289,618
Vodafone Group PLC:
3.75%, 01/16/24			3,254		3,442,103
4.13%, 05/30/25			3,461		3,759,591
4.38%, 05/30/28			562		623,122
5.00%, 05/30/38			527		610,302
4.38%, 02/19/43			3,084		3,312,165
5.25%, 05/30/48			9,378		11,265,064
5.13%, 06/19/59			7		8,230
					49,222,922
Total Corporate Bonds — 33.0% (Cost: $5,380,895,820)					5,591,130,583
Floating Rate Loan Interests(a)— 2.5%
Air Freight & Logistics — 0.0%
XPO Logistics, Inc., Refinancing Term Loan (2018) (1 mo. LIBOR US + 2.000%, 0.000% Floor), 3.80%, 02/24/25			7,638		7,676,648
Airlines — 0.2%
Allegiant Travel Co., Class B Term Loan (3 mo. LIBOR US + 4.500%, 0.000% Floor), 6.39%, 02/05/24(c)			7,263		7,308,509
Gol Luxco SA, Term Loan (6 mo. FIXED US + 6.500%, 0.000% Floor), 6.50%, 08/31/20(c)(o)			7,462		7,536,620
Kestrel Bidco, Inc., Term Loan (1 mo. LIBOR US + 3.000%, 1.000% Floor), 4.72%, 12/11/26			14,767		14,885,727
					29,730,856
Banks — 0.1%
Goldman Sachs Bank USA, Term Loan B (MFA) (1 mo. LIBOR US + .000%, 0.250% Floor), 4.12%, 09/17/20 (c)			10,971		10,943,402

28

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		value
Biotechnology — 0.0%
Grifols Worldwide Operations Ltd., Dollar Tranche B Term Loan (1 mo. LIBOR US + 2.000%, 0.000% Floor), 3.74%, 11/15/27	USD		7,258	$	7,314,342
Building Products — 0.0%
Jeld-Wen, Inc., Term B-4 Loan (3 mo. LIBOR US + 2.000%, 0.000% Floor), 3.94%, 12/14/24			2,912		2,913,365
TAMKO Building Products LLC:
Initial Term Loan (1 mo. LIBOR US + 3.250%, 0.000% Floor), 5.16%, 05/29/26			3,169		3,192,936
Initial Term Loan (1 mo. LIBOR US + 3.250%, 0.000% Floor), 5.05%, 05/29/26(c)			624		629,008
					6,735,309
Capital Markets — 0.1%
LSTAR Securities Financing Vehicle LLC, Loan (1 mo. LIBOR US + 2.000%, 0.000% Floor), 4.44%, 05/30/22(c)			23,284		23,284,389
Commercial Services & Supplies — 0.1%
621 17th Street Operating Co. LLC (633 17th Street Operating Co. LLC), Loan (1 mo. LIBOR US + 2.900%, 0.000% Floor), 4.64%, 05/15/20(c)			8,600		8,625,800
KAR Auction Services, Inc., Tranche B-6 Term Loan (1 mo. LIBOR US + 2.250%, 0.000% Floor), 4.06%, 09/19/26			1,077		1,084,168
					9,709,968
Construction & Engineering — 0.0%
PLH Infrastructure Services, Inc., Term Loan (3 mo. LIBOR US + 6.000%, 0.000% Floor), 7.89%, 08/07/23(c)			2,672		2,564,981
Ply Gem Midco, Inc., Initial Term Loan (1 mo. LIBOR US + 3.750%, 0.000% Floor), 5.49%, 04/12/25			3,119		3,108,461
					5,673,442
Construction Materials — 0.0%
Advanced Drainage Systems, Inc., Initial Term Loan (1 mo. LIBOR US + 2.250%, 0.000% Floor), 4.00%, 07/31/26			1,107		1,114,240
Diversified Financial Services — 0.4%
18 Fremont Street Acquisition LLC, Term Loan (6 mo. LIBOR US + 8.000%, 1.500% Floor), 10.04%, 08/09/25			12,000		12,060,274
BSREP II Houston Office 1HC Owner LLC, Mezzanine Loan (1 mo. LIBOR US + 2.100%, 0.000% Floor), 3.81%, 01/09/21			13,000		13,000,000
Connect Finco S.a.r.l., Initial Term Loan (1 mo. LIBOR US + 4.500%, 1.000% Floor), 6.29%, 12/11/26			1,037		1,040,886
Goldman Sachs Lending Partners LLC, Term Loan A (MFA) (1 mo. LIBOR US + .000%, 0.250% Floor), 4.12%, 08/26/20(c)			4,640		4,627,931
Intelsat Jackson Holdings SA:
Tranche B-3 Term Loan (3 mo. LIBOR US + 3.750%, 1.000% Floor), 5.68%, 11/27/23			1,275		1,276,135
Tranche B-4 Term Loan (6 mo. LIBOR US + 4.500%, 1.000% Floor), 6.43%, 01/02/24			1,458		1,468,479
Pretium Mortgage Credit Partners I LP, Term Loan B1 (1 yr. LIBOR US + 2.000%, 0.000% Floor), 3.96%, 10/21/20(c)			10,590		10,590,358

Security		Par (000)		value
Diversified Financial Services (continued)
RNTR-1 LLC (AKA Seer Sylvan), Initial Term Loan (1 mo. LIBOR US + 2.375%, 0.250% Floor), 4.28%, 12/20/21(c)	USD		7,860	$	7,840,350
Stars Group Holdings BV, USD Term Loan (3 mo. LIBOR US + 3.500%, 0.000% Floor), 5.44%, 07/10/25			9,697		9,773,368
					61,677,781
Electronic Equipment, Instruments & Components — 0.0%
Robertshaw U.S. Holding Corp. (FKA Fox U.S. Bidco Corp.), Initial Term Loan (Second Lien) (1 mo. LIBOR US + 8.000%, 1.000% Floor), 9.81%, 02/28/26(c)			1,795		1,436,000
Energy Equipment & Services — 0.1%
Bristow Group, Inc., Term Loan (1 mo. LIBOR US + 8.000%, 2.500% Floor), 10.50%, 05/10/22(c)			1,738		1,739,795
Pioneer Energy Services Corp. (FKA Pioneer Drilling Co.), Term Loan (1 mo. LIBOR US + 7.750%, 1.000% Floor), 9.55%, 11/08/22(c)			6,928		6,651,063
					8,390,858
Equity Real Estate Investment Trusts (REITs) — 0.1%
VICI Properties 1 LLC, Term B Loan (1 mo. LIBOR US + 2.000%, 0.000% Floor), 3.79%, 12/20/24			8,361		8,395,987
Food Products — 0.0%
JBS USA Lux SA (FKA JBS USA LLC), New Term Loan (1 mo. LIBOR US + 2.000%, 0.000% Floor), 3.80%, 05/01/26			4,757		4,784,786
Health Care Providers & Services — 0.1%
Acadia Healthcare Co., Inc., Tranche B-4 Term Loan (1 mo. LIBOR US + 2.500%, 0.000% Floor), 4.30%, 02/16/23			7,502		7,513,105
Select Medical Corp., Tranche B Term Loan (3 mo. LIBOR US + 2.500%, 0.000% Floor), 4.58%, 03/06/25			1,155		1,156,109
					8,669,214
Hotels, Restaurants & Leisure — 0.3%
Aimbridge Acquisition Co., Inc., Initial Term Loan (2019) (First Lien) (1 mo. LIBOR US + 3.750%, 0.000% Floor), 5.54%, 02/02/26(c)			3,943		3,972,838
DuPont Hotel Project Owner LLC, Loan (1 mo. LIBOR US + 2.500%, 1.000% Floor), 4.21%, 04/01/24(c)			12,000		12,036,000
Golden Nugget, Inc. (AKA Landry’s, Inc.):
Initial B Term Loan (3 mo. LIBOR US + 2.750%, 0.750% Floor), 4.55%, 10/04/23			96		96,491
Initial B Term Loan (3 mo. LIBOR US + 2.750%, 0.750% Floor), 4.68%, 10/04/23			2,395		2,400,691
Initial B Term Loan (3 mo. LIBOR US + 2.750%, 0.750% Floor), 4.72%, 10/04/23			2,115		2,120,583
MGM Growth Properties Operating Partnership LP, Term B Loan (1 mo. LIBOR US + 2.000%, 0.000% Floor), 3.80%, 03/21/25			8,996		9,025,613
PCI Gaming Authority, Term B Facility Loan (1 mo. LIBOR US + 2.500%, 0.000% Floor), 4.30%, 05/29/26			6,799		6,838,537

29

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		value
Hotels, Restaurants & Leisure (continued)
Spectacle Gary Holdings LLC:
Delayed Draw Term Loan, 9.00%, 11/06/25(c)(p)	USD		1,006	$	1,016,483
Term Loan B, 9.00%, 11/06/25(c)(p)			13,889		14,027,467
					51,534,703
Machinery — 0.0%
Gates Global LLC, Initial B-2 Dollar Term Loan (1 mo. LIBOR US + 2.750%, 1.000% Floor), 4.55%, 04/01/24			986		986,259
Media — 0.2%
Burlingame Point LLC, Term Loan, 0.00%, 05/09/23(p)			13,166		13,166,348
Charter Communications Operating LLC (AKA CCO Safari LLC), Term A-4 Loan (1 mo. LIBOR US + 1.250%, 0.000% Floor), 3.05%, 02/01/25(c)			6,989		6,954,271
CSC Holdings LLC (FKA CSC Holdings, Inc. (Cablevision)), September 2019 Initial Term Loan (1 mo. LIBOR US + 2.500%, 0.000% Floor), 4.24%, 04/15/27(c)			4,549		4,564,061
Lamar Media Corp., Term B Loan (1 mo. LIBOR US + 1.750%, 0.000% Floor), 3.56%, 03/14/25(p)			477		479,109
					25,163,789
Metals & Mining — 0.0%
Samarco Mineracao SA, Term Loan, 1.40%, 12/02/18(c)(f)(j)(p)			1,122		785,534
Oil, Gas & Consumable Fuels — 0.3%
BCP Raptor II LLC, Initial Term Loan (1 mo. LIBOR US + 4.750%, 0.000% Floor), 6.55%, 11/03/25			9,499		8,739,324
Buckeye Partners LP, Initial Term Loan (1 mo. LIBOR US + 2.750%, 0.000% Floor), 4.44%, 11/01/26			11,636		11,728,157
California Resources Corp.:
Initial Loan (1 mo. LIBOR US + 4.750%, 1.000% Floor), 6.55%, 12/31/22			8,708		7,761,005
Loan (1 mo. LIBOR US + 10.375%, 1.000% Floor), 12.18%, 12/31/21			7,760		5,755,359
Chesapeake Energy Corp., Class A Term Loan, 8.00%, 06/24/24(p)			15,648		16,091,308
					50,075,153
Real Estate Management & Development — 0.1%
BRE Park Avenue Tower Owner LLC, Mezzanine A Loan (1 mo. LIBOR US + 2.053%, 0.000% Floor), 3.76%, 03/09/24(c)			17,000		17,000,000
Road & Rail — 0.0%
Genesee & Wyoming, Inc., Term Loan, 2.00%, 11/06/26(p)			4,258		4,294,491
Software — 0.1%
Interface Security Systems LLC, Initial Term Loan (1 mo. LIBOR US + 7.000%, 1.750% Floor), 8.80%, 08/07/23(c)			5,536		5,383,760
Playtika Holding Corp., Term B Loan (1 mo. LIBOR US + 6.000%, 1.000% Floor), 7.80%, 12/10/24			12,754		12,875,570
					18,259,330

Security		Par (000)		value
Technology Hardware, Storage & Peripherals — 0.1%
Aligned Energy Data Centers (SLC) Propco LLC, Term Loan (1 mo. LIBOR US + 3.500%, 0.000% Floor), 5.21%, 10/09/23(c)	USD		11,886	$	11,886,364
Everi Payments, Inc., Term B Loan, 2.75%, 05/09/24(p)			821		823,920
					12,710,284
Thrifts & Mortgage Finance — 0.2%
Caliber Home Loans, Inc., Term Loan (1 mo. LIBOR US + 3.250%, 0.000% Floor), 5.03%, 04/24/21(c)			14,581		14,544,457
Roundpoint Mortgage Servicing Corp., Closing Date Term Loan (1 mo. LIBOR US + 3.375%, 0.000% Floor), 5.07%, 08/27/20(c)			17,753		17,746,338
					32,290,795
Trading Companies & Distributors — 0.0%
Foundation Building Materials Holding Company LLC, Term Loan (1 mo. LIBOR US + 3.000%, 0.000% Floor), 4.80%, 08/13/25			3,970		3,982,326
Total Floating Rate Loan Interests — 2.5% (Cost: $413,868,619)					412,619,886
Foreign Agency Obligations — 1.0%
Brazil — 0.1%
Petrobras Global Finance BV:
8.75%, 05/23/26			3,094		3,974,243
7.38%, 01/17/27			3,629		4,420,122
6.00%, 01/27/28			1,454		1,655,743
7.25%, 03/17/44			6,802		8,249,551
6.85%, 06/05/2115			3,264		3,737,280
					22,036,939
China — 0.1%
Chengdu Xingcheng Investment Group Co. Ltd., 2.50%, 03/20/21	EUR		800		890,634
China Construction Bank Corp., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 1.880%), 4.25%, 02/27/29(k)	USD		805		845,250
China Minmetals Corp., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 4.717%), 3.75%(k)(l)			339		341,013
China Resources Land Ltd., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 5.139%), 3.75%(k)(l)			1,450		1,453,625
Chinalco Capital Holdings Ltd.:
(5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 5.788%), 4.10%(k)(l)			735		742,350
4.25%, 04/21/22			1,025		1,039,709
CNAC HK Finbridge Co. Ltd., 4.63%, 03/14/23			1,675		1,759,797
CNAC HK Synbridge Co. Ltd., 5.00%, 05/05/20			2,857		2,877,987
Franshion Brilliant Ltd., 4.25%, 07/23/29			1,000		1,008,750
Guangxi Financial Investment Group Co. Ltd., 5.75%, 01/23/21			500		473,325
HBIS Group Hong Kong Co. Ltd., 4.25%, 04/07/20			492		491,693
Huarong Finance 2019 Co. Ltd.:
3.25%, 11/13/24			2,300		2,304,744
4.50%, 05/29/29			1,500		1,585,313

30

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
China (continued)
Huarong Finance 2019 Co. Ltd.: (continued)
3.88%, 11/13/29	USD		1,600	$	1,612,995
Inner Mongolia High-Grade High Way Construction And Development Co. Ltd., 4.38%, 12/04/20			300		298,710
Leader Goal International Ltd., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 6.919%), 4.25%(k)(l)			700		712,688
Rongshi International Finance Ltd., 3.75%, 05/21/29			1,945		2,053,798
Sino-Ocean Land Treasure IV Ltd.:
5.25%, 04/30/22			480		497,244
4.75%, 08/05/29			715		710,978
					21,700,603
Colombia — 0.1%
Ecopetrol SA:
5.38%, 06/26/26			1,183		1,326,439
7.38%, 09/18/43			2,035		2,744,070
Empresas Publicas de Medellin ESP, 4.25%, 07/18/29(b)			1,400		1,457,750
					5,528,259
Hong Kong — 0.0%
Joy Treasure Assets Holdings, Inc.:
4.50%, 03/20/29			470		508,922
3.50%, 09/24/29			1,565		1,568,423
					2,077,345
India — 0.0%
Greenko Solar Mauritius Ltd., 5.55%, 01/29/25	.		200		202,250
Oil India Ltd., 5.13%, 02/04/29			880		977,075
Power Finance Corp. Ltd.:
3.75%, 06/18/24			1,060		1,077,726
3.75%, 12/06/27			1,130		1,120,466
4.50%, 06/18/29			893		921,185
REC Ltd., 4.63%, 03/22/28			670		695,125
					4,993,827
Indonesia — 0.0%
Pertamina Persero PT, 4.70%, 07/30/49			625		667,188
Perusahaan Listrik Negara PT, 4.88%, 07/17/49			850		918,000
					1,585,188
Malaysia — 0.0%
1MDB Energy Ltd., 5.99%, 05/11/22			1,500		1,578,750
Mexico — 0.6%
Petroleos Mexicanos:
6.38%, 02/04/21			5,442		5,649,476
(3 mo. LIBOR US + 3.650%), 5.54%, 03/11/22(a)			1,086		1,131,498
4.50%, 01/23/26			1,393		1,384,503
6.88%, 08/04/26			4,512		4,954,176
6.49%, 01/23/27(b)			6,521		6,944,865
6.50%, 03/13/27			52,356		55,469,873
5.35%, 02/12/28			6,035		5,974,650
6.63%, 06/15/35			3,208		3,281,784
7.69%, 01/23/50(b)			5,177		5,672,491
					90,463,316
Saudi Arabia — 0.0%
SABIC Capital II BV, 4.00%, 10/10/23(b)			1,864		1,960,462
Saudi Telecom Co., 3.89%, 05/13/29(b)			1,699		1,813,683
					3,774,145
Singapore — 0.0%
BOC Aviation Ltd., 3.00%, 09/11/29			2,000		1,961,379

Security		Par (000)		Value
South Africa — 0.0%
Eskom Holdings SOC Ltd.:
6.75%, 08/06/23(b)	USD		2,325	$	2,365,687
7.13%, 02/11/25(b)			656		669,940
					3,035,627
United Arab Emirates — 0.1%
Abu Dhabi Crude Oil Pipeline LLC, 4.60%, 11/02/47			1,100		1,270,500
MDGH — GMTN BV:
2.50%, 11/07/24(b)			5,309		5,322,272
2.88%, 11/07/29(b)			1,779		1,795,122
3.70%, 11/07/49			1,875		1,950,000
					10,337,894
United States — 0.0%
Citgo Holding, Inc., 9.25%, 08/01/24(b)			1,775		1,903,687
Total Foreign Agency Obligations — 1.0% (Cost: $163,946,023)					170,976,959
Foreign Government Obligations — 2.5%
Argentina — 0.1%
Republic of Argentina:
3.38%, 10/12/20	CHF		385		233,315
4.63%, 01/11/23	USD		1,871		933,161
7.50%, 04/22/26			2,142		1,109,154
5.88%, 01/11/28			8,423		3,956,178
7.13%, 07/06/36			3,371		1,612,813
6.88%, 01/11/48			5,442		2,605,357
					10,449,978
China — 0.0%
People’s Republic of China, 3.30%, 07/04/23	CNH		3,500		511,100
Colombia — 0.2%
Republic of Colombia, 3.88%, 04/25/27	USD		35,230		37,343,800
Egypt — 0.1%
Arab Republic of Egypt:
15.90%, 07/02/24	EGP		13,550		907,778
7.50%, 01/31/27	USD		2,338		2,603,217
16.10%, 05/07/29	EGP		60,647		4,238,210
5.63%, 04/16/30	EUR		2,767		3,204,630
6.38%, 04/11/31(b)			2,459		2,947,904
6.88%, 04/30/40	USD		1,527		1,540,838
8.15%, 11/20/59(b)			713		762,910
					16,205,487
Hungary — 0.1%
Republic of Hungary, 5.38%, 03/25/24			8,710		9,796,028
Indonesia — 0.4%
Republic of Indonesia:
4.10%, 04/24/28			5,130		5,569,256
8.25%, 05/15/29	IDR		249,413,000		19,529,042
6.63%, 05/15/33			25,942,000		1,738,810
8.38%, 03/15/34			132,134,000		10,250,914
7.50%, 06/15/35			153,315,000		11,016,151
8.38%, 04/15/39			222,188,000		17,185,260
					65,289,433
Maldives — 0.0%
Republic of Maldives, 7.00%, 06/07/22	USD		775		724,431
Mexico — 0.7%
United Mexican States:
6.50%, 06/09/22	MXN		214,818		11,285,541
8.00%, 12/07/23			194,194		10,684,769

31

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Mexico (continued)
United Mexican States: (continued)
8.00%, 09/05/24	MXN		151,314	$	8,385,321
10.00%, 12/05/24			453,941		27,206,793
5.75%, 03/05/26			78,245		3,916,111
4.15%, 03/28/27	USD		53,967		57,795,284
					119,273,819
Panama — 0.1%
Republic of Panama, 3.88%, 03/17/28			16,318		17,801,918
Peru — 0.1%
Republic of Peru:
4.13%, 08/25/27			14,574		16,322,880
5.35%, 08/12/40(b)	PEN		9,500		2,897,959
					19,220,839
Philippines — 0.1%
Republic of the Philippines, 3.00%, 02/01/28	USD		22,148		23,005,571
Russia — 0.3%
Russian Federation:
7.10%, 10/16/24	RUB		1,191,603		20,100,276
8.50%, 09/17/31			1,728,456		32,841,813
					52,942,089
Saudi Arabia — 0.1%
Kingdom of Saudi Arabia:
3.25%, 10/26/26	USD		2,695		2,782,588
4.38%, 04/16/29			5,723		6,395,453
					9,178,041
Sri Lanka — 0.0%
Republic of Sri Lanka:
6.85%, 03/14/24			425		430,945
7.55%, 03/28/30			1,000		987,434
					1,418,379
Turkey — 0.0%
Republic of Turkey, 7.63%, 04/26/29			4,710		5,213,381
Ukraine — 0.1%
Ukraine Government, 9.75%, 11/01/28			7,998		9,727,568
United Arab Emirates — 0.0%
Emirate of Abu Dhabi:
2.13%, 09/30/24(b)			2,395		2,386,019
3.13%, 09/30/49			1,925		1,877,477
					4,263,496
Uruguay — 0.1%
Republic of Uruguay, 4.38%, 10/27/27			19,388		21,412,012
Total Foreign Government Obligations — 2.5% (Cost: $408,289,359)					423,777,370
		Shares
Investment Companies — 0.2%
Invesco Senior Loan ETF			68,385		1,560,546
SPDR Bloomberg Barclays High Yield Bond ETF			70,545		7,727,499
VanEck Vectors Gold Miners ETF			45,664		1,337,042
VanEck Vectors JPMorgan EM Local Currency Bond ETF			726,933		24,722,991
Total Investment Companies — 0.2% (Cost: $34,538,827)					35,348,078

Security		Par (000)		Value
Non-Agency Mortgage-Backed Securities — 5.1%
Collateralized Mortgage Obligations — 1.5%
American Home Mortgage Assets Trust:
Series 2006-3, Class 2A11, (12 mo. Federal Reserve Cumulative Average US + 0.940%), 3.18%, 10/25/46(a)	USD		913	$	812,786
Series 2006-4, Class 1A12, (1 mo. LIBOR US + 0.210%), 2.00%, 10/25/46(a)			2,566		1,755,458
Series 2006-5, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.920%), 3.16%, 11/25/46(a)			3,604		1,733,396
Series 2007-1, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.700%), 2.94%, 02/25/47(a)			812		490,749
APS Resecuritization Trust:
Series 2016-1, Class 1MZ, 4.33%, 07/31/57(b)(d)			7,099		2,664,903
Series 2016-3, Class 3A, (1 mo. LIBOR US + 2.850%), 4.64%, 09/27/46(a)(b)			5,478		5,589,938
Series 2016-3, Class 4A, (1 mo. LIBOR US + 2.600%), 4.39%, 04/27/47(a)(b)(c)			1,101		1,102,741
ARI Investments LLC:
Series 2017-1, Class A, 5.13%, 01/06/25(c)(d)			2,921		2,921,249
Series 2019-1, 0.00%, 01/30/25(c)(d)			3,178		3,177,920
Banc of America Funding Trust:
Series 2014-R2, Class 1C, 0.00%, 11/26/36(b)(d)			4,060		1,006,878
Series 2016-R2, Class 1A1, 4.70%, 05/01/33(b)(c)(d)			1,475		1,531,302
Bear Stearns Asset-Backed Securities I Trust, Series 2005-AC9, Class A5, 6.25%, 12/25/35(e)			245		239,292
Bear Stearns Mortgage Funding Trust:
Series 2006-SL1, Class A1, (1 mo. LIBOR US + 0.280%), 2.07%, 08/25/36(a)			1,476		1,470,315
Series 2007-AR2, Class A1, (1 mo. LIBOR US + 0.170%), 1.96%, 03/25/37(a)			462		434,266
Series 2007-AR3, Class 1A1, (1 mo. LIBOR US + 0.140%), 1.93%, 03/25/37(a)			699		673,473
Series 2007-AR4, Class 2A1, (1 mo. LIBOR US + 0.210%), 2.00%, 06/25/37(a)			742		721,792
BlackRock Capital Finance LP, Series 1997-R2, Class AP, 1.24%, 12/25/35(b)(d)(u)			3		3,058
Chase Mortgage Finance Trust, Series 2007-S6, Class 1A1, 6.00%, 12/25/37			25,309		18,294,500
Citicorp Mortgage Securities Trust:
Series 2007-9, Class 1A1, 6.25%, 12/25/37			1,955		1,734,003
Series 2008-2, Class 1A1, 6.50%, 06/25/38			6,142		5,335,623
Citigroup Mortgage Loan Trust, Series 2007-2, Class 2A, 6.00%, 11/25/36			15		15,604
Countrywide Alternative Loan Trust:
Series 2005-22T1, Class A1, (1 mo. LIBOR US + 0.350%), 2.14%, 06/25/35(a)			4,149		3,613,664
Series 2005-72, Class A3, (1 mo. LIBOR US + 0.600%), 2.39%, 01/25/36(a)			686		644,129
Series 2005-76, Class 2A1, (12 mo. Federal Reserve Cumulative Average US + 1.000%), 3.24%, 02/25/36(a)			848		800,186

32

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Countrywide Alternative Loan Trust: (continued)
Series 2006-11CB, Class 3A1, 6.50%, 05/25/36	USD		1,838	$	1,402,235
Series 2006-15CB, Class A1, 6.50%, 06/25/36			425		313,148
Series 2006-23CB, Class 2A5, (1 mo. LIBOR US + 0.400%), 2.19%, 08/25/36(a)			6,023		1,911,058
Series 2006-OA14, Class 1A1, (12 mo. Federal Reserve Cumulative Average US + 1.730%), 3.97%, 11/25/46(a)			3,569		3,157,923
Series 2006-OA16, Class A4C, (1 mo. LIBOR US + 0.340%), 2.13%, 10/25/46(a)			4,142		2,517,997
Series 2006-OA21, Class A1, (1 mo. LIBOR US + 0.190%), 1.96%, 03/20/47(a)			9,446		8,122,745
Series 2006-OA8, Class 1A1, (1 mo. LIBOR US + 0.190%), 1.98%, 07/25/46(a)			511		498,317
Series 2006-OC10, Class 2A3, (1 mo. LIBOR US + 0.230%), 2.02%, 11/25/36(a)			1,647		1,361,577
Series 2006-OC7, Class 2A3, (1 mo. LIBOR US + 0.250%), 2.04%, 07/25/46(a)			2,415		2,014,474
Series 2007-3T1, Class 1A1, 6.00%, 04/25/37			389		270,465
Series 2007-OA3, Class 1A1, (1 mo. LIBOR US + 0.140%), 1.93%, 04/25/47(a)			1,131		1,051,936
Series 2007-OA3, Class 2A2, (1 mo. LIBOR US + 0.180%), 1.97%, 04/25/47(a)			102		23,375
Series 2007-OA8, Class 2A1, (1 mo. LIBOR US + 0.180%), 1.97%, 06/25/47(a)			403		324,088
Series 2007-OH2, Class A2A, (1 mo. LIBOR US + 0.240%), 2.03%, 08/25/47(a)			511		418,719
Countrywide Home Loan Mortgage Pass-Through Trust:
Series 2004-29, Class 1A1, (1 mo. LIBOR US + 0.540%), 2.33%, 02/25/35(a)			279		270,413
Series 2006-OA4, Class A1, (12 mo. Federal Reserve Cumulative Average US + 0.960%), 3.20%, 04/25/46(a)			1,487		698,774
Series 2006-OA5, Class 3A1, (1 mo. LIBOR US + 0.200%), 1.99%, 04/25/46(a)			732		696,820
Series 2007-15, Class 2A2, 6.50%, 09/25/37			9,841		6,773,157
Credit Suisse Commercial Mortgage Trust:
Series 19-JR1, Class A1, 4.10%, 09/27/66(b)(d)			39,468		39,511,725
Series 2009-12R, Class 3A1, 6.50%, 10/27/37(b)			8,103		4,463,642
Series 2009-5R, Class 4A4, 4.16%, 06/25/36(b)(d)			2,005		1,839,825
Series 2014-11R, Class 16A1, 3.98%, 09/27/47(b)(d)			1,599		1,626,550
Series 2014-4R, Class 16A3, (1 mo. LIBOR US + 0.200%), 0.00%, 02/27/36(a)(b)(c)			772		728,336
Series 2014-9R, Class 9A1, (1 mo. LIBOR US + 0.120%), 1.83%, 08/27/36(a)(b)			1,485		1,305,552
Series 2015-6R, Class 5A1, (1 mo. LIBOR US + 0.180%), 2.07%, 03/27/36(a)(b)			68		67,604
Series 2015-6R, Class 5A2, (1 mo. LIBOR US + 0.180%), 2.07%, 03/27/36(a)(b)			2,721		2,079,518
Series 2019-RPL4, Class A1, 3.83%, 08/26/58(b)			6,147		6,195,020
CSFB Mortgage-Backed Pass-Through Certificates, Series 2005-10, Class 10A1, (1 mo. LIBOR US + 1.350%), 3.14%, 11/25/35(a)			1,306		377,011

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA4, Class A2A, (1 mo. LIBOR US + 0.170%), 1.96%, 08/25/47(a)	USD		1,354	$	953,671
Deutsche Alt-A Securities, Inc., Series 2007-RS1, Class A2, (1 mo. LIBOR US + 0.500%), 2.20%, 01/27/37(a)(b)			77		74,202
Deutsche Alt-B Securities Mortgage Loan Trust:
Series 2006-AB3, Class A3, 6.51%, 07/25/36(d)			521		486,459
Series 2006-AB3, Class A8, 6.36%, 07/25/36(d)			333		310,215
GreenPoint Mortgage Funding Trust, Series 2006-AR2, Class 4A1, (12 mo. Federal Reserve Cumulative Average US + 2.000%), 4.24%, 03/25/36(a)			910		907,856
GSR Mortgage Loan Trust:
Series 2006-OA1, Class 1A1, (1 mo. LIBOR US + 0.220%), 2.01%, 08/25/46(a)			18,317		7,047,338
Series 2007-1F, Class 2A4, 5.50%, 01/25/37			267		296,911
HarborView Mortgage Loan Trust:
Series 2006-12, Class 1A1A, (1 mo. LIBOR US + 0.205%), 1.97%, 12/19/36(a)			14,921		13,207,956
Series 2007-4, Class 2A2, (1 mo. LIBOR US + 0.250%), 2.01%, 07/19/47(a)			801		733,226
Impac CMB Trust:
Series 2004-11, Class 1A2, (1 mo. LIBOR US + 0.520%), 2.31%, 03/25/35(a)			1,392		1,383,386
Series 2005-6, Class 1A1, (1 mo. LIBOR US + 0.500%), 2.29%, 10/25/35(a)			1,068		1,051,435
IndyMac INDX Mortgage Loan Trust:
Series 2007-AR19, Class 3A1, 3.61%, 09/25/37(d)			3,217		2,260,234
Series 2007-FLX5, Class 2A2, (1 mo. LIBOR US + 0.240%), 2.03%, 08/25/37(a)			1,133		1,004,276
JPMorgan Alternative Loan Trust:
Series 2007-A1, Class 1A4, (1 mo. LIBOR US + 0.210%), 2.00%, 03/25/37(a)			1,733		1,673,312
Series 2007-A2, Class 2A1, 4.09%, 05/25/37(d)			390		353,818
Legacy Mortgage Asset Trust, Series 2019-SL1, Class A 4.00%, 12/25/54(b)(d)			9,180		9,249,471
Lehman XS Trust, Series 2007-20N, Class A1, (1 mo. LIBOR US + 1.150%), 2.94%, 12/25/37(a)			1,034		1,015,261
LSTAR Securities Investment Trust:
Series 2019-1, Class A1, (1 mo. LIBOR US + 1.700%), 3.48%, 03/01/24(a)(b)			3,182		3,181,606
Series 2019-2, Class A1, (1 mo. LIBOR US + 1.500%), 3.28%, 04/01/24(a)(b)			3,940		3,937,704
MASTR Resecuritization Trust, Series 2008-3, Class A1, 2.14%, 08/25/37(b)(c)(d)			1,233		977,205
MCM Trust:
Series 2018-NPL1, Class A, 4.00%, 06/25/58(b)(d)			2,121		2,137,395
Series 2018-NPL1, Class B, 0.00%, 06/25/58(b)(c)(d)			8,858		1,239,249
Series 2018-NPL2, Class A, 4.00%, 10/25/28(b)(c)(e)			5,511		5,551,567
Series 2018-NPL2, Class B, 0.00%, 10/25/28(b)(c)			14,597		3,231,706
Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2, Class A2, (1 mo. LIBOR US + 0.210%), 2.00%, 04/25/37(a)			2,505		2,182,648

33

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Merrill Lynch Mortgage Investors Trust, Series 2006-A3, Class 6A1, 3.97%, 05/25/36(d)	USD		1,564	$	1,465,008
Mortgage Loan Resecuritization Trust, Series 2009-RS1, Class A85, (1 mo. LIBOR US + 0.340%), 2.05%, 04/16/36(a)(b)			8,275		7,258,778
New Residential Mortgage Loan Trust:
Series 2019-2A, Class A1, 4.25%, 12/25/57(b)(d)			2,205		2,297,489
Series 2019-RPL1, Class A1, 4.34%, 02/26/24(b)(e)			6,707		6,730,622
Nomura Asset Acceptance Corp. Alternative Loan Trust:
Series 2001-R1A, Class A, 7.00%, 02/19/30(b)(d)			480		490,302
Series 2006-AF1, Class 1A4, 6.63%, 05/25/36(e)			597		217,344
Series 2007-2, Class A4, (1 mo. LIBOR US + 0.420%), 2.21%, 06/25/37(a)			441		366,145
Paragon Mortgages No. 13 PLC, Series 13X, Class A2C, (3 mo. LIBOR US + 0.180%), 2.18%, 01/15/39(a)			329		309,003
RALI Trust, Series 2007-QH9, Class A1, 3.47%, 11/25/37(d)			850		792,878
Reperforming Loan REMIC Trust:
Series 2005-R2, Class 1AF1, (1 mo. LIBOR US + 0.340%), 2.13%, 06/25/35(a)(b)			502		483,102
Series 2005-R3, Class AF, (1 mo. LIBOR US + 0.400%), 2.19%, 09/25/35(a)(b)			167		154,973
Seasoned Credit Risk Transfer Trust:
Series 2017-3, Class M2, 4.75%, 07/25/56(b)(d)			1,550		1,577,849
Series 2018-1, Class BX, 4.45%, 05/25/57(d)			551		227,696
Series 2018-1, Class M, 4.75%, 05/25/57(d)			500		513,675
Series 2018-3, Class M, 4.75%, 08/25/57(b)(d)			2,700		2,780,198
STACR Trust, Series 2018-DNA2, Class M2, (1 mo. LIBOR US + 2.150%), 3.94%, 12/25/30(a)(b)			1,430		1,444,040
Structured Adjustable Rate Mortgage Loan Trust, Series 2006-3, Class 4A, 4.02%, 04/25/36(d)			990		796,833
Structured Asset Mortgage Investments II Trust:
Series 2006-AR4, Class 3A1, (1 mo. LIBOR US + 0.190%), 1.98%, 06/25/36(a)			3,008		2,920,843
Series 2006-AR5, Class 2A1, (1 mo. LIBOR US + 0.210%), 2.00%, 05/25/46(a)			580		495,536
Thornburg Mortgage Securities Trust, Series 2007-3, Class 4A1, (12 mo. LIBOR US + 1.250%), 3.25%, 06/25/47(a)			382		351,057
Washington Mutual Mortgage Pass-Through Certificates, Series 2006-1, Class 4CB, 6.50%, 02/25/36			1,514		1,343,384
Washington Mutual Mortgage Pass-Through Certificates Trust:
Series 2005-AR2, Class B1, (1 mo. LIBOR US + 0.530%), 2.32%, 01/25/45(a)			610		411,975
Series 2006-4, Class 1A1, 6.00%, 04/25/36			4,449		4,327,147

Security		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Washington Mutual Mortgage Pass-Through Certificates Trust: (continued)
Series 2006-4, Class 3A1, 6.50%, 05/25/36(e)	USD		1,468	$	1,364,771
Series 2006-4, Class 3A5, 6.35%, 05/25/36(e)			569		529,174
					250,887,158
Commercial Mortgage-Backed Securities — 3.3%
1211 Avenue of the Americas Trust:
Series 2015-1211, Class D, 4.28%, 08/10/35(b)(d)			660		689,756
Series 2015-1211, Class E, 4.28%, 08/10/35(b)(d)			1,110		1,127,853
245 Park Avenue Trust:
Series 2017-245P, Class D, 3.78%, 06/05/37(b)(d)			480		492,188
Series 2017-245P, Class E, 3.78%, 06/05/37(b)(d)			1,699		1,664,835
280 Park Avenue Mortgage Trust:
Series 2017-280P, Class D, (1 mo. LIBOR US + 1.537%), 3.28%, 09/15/34(a)(b)			2,920		2,923,533
Series 2017-280P, Class E, (1 mo. LIBOR US + 2.119%), 3.86%, 09/15/34(a)(b)			5,835		5,846,123
Series 2017-280P, Class F, (1 mo. LIBOR US + 2.827%), 4.57%, 09/15/34(a)(b)			630		631,766
Americold LLC, Series 2010-ARTA, Class C, 6.81%, 01/14/29(b)			700		717,008
AOA Mortgage Trust, Series 2015-1177, Class C, 3.01%, 12/13/29(b)(d)			1,340		1,345,799
Arizona Industrial Development Authority,
Series 2019-2, Class A, 3.63%, 05/20/33			1,945		2,184,971
Ashford Hospitality Trust, Series 2018-ASHF, Class D, (1 mo. LIBOR US + 2.100%), 3.84%, 04/15/35(a)(b)			961		958,588
Asset Securitization Corp., Series 1997-D5, Class B2, 6.93%, 02/14/43			31		31,264
Atrium Hotel Portfolio Trust:
Series 2017-ATRM, Class D, (1 mo. LIBOR US + 1.950%), 3.69%, 12/15/36(a)(b)			4,840		4,832,380
Series 2017-ATRM, Class E, (1 mo. LIBOR US + 3.050%), 4.79%, 12/15/36(a)(b)			910		909,419
Series 2018-ATRM, Class E, (1 mo. LIBOR US + 3.400%), 5.14%, 06/15/35(a)(b)			1,640		1,643,135
Aventura Mall Trust, Series 2013-AVM, Class D, 3.87%, 12/05/32(b)(d)			300		302,027
Banc of America Merrill Lynch Commercial Mortgage Securities Trust:
Series 2015-200P, Class F, 3.60%, 04/14/33(b)(d)			1,241		1,227,109
Series 2016-ISQ, Class C, 3.61%, 08/14/34(b)(d)			445		454,904
Series 2016-ISQ, Class E, 3.61%, 08/14/34(b)(d)			6,140		6,064,143
Series 2017-SCH, Class BF, (1 mo. LIBOR US + 1.400%), 3.14%, 11/15/33(a)(b)			2,870		2,863,399
Series 2017-SCH, Class CL, (1 mo. LIBOR US + 1.500%), 3.24%, 11/15/32(a)(b)			970		969,961

34

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Banc of America Merrill Lynch Commercial Mortgage Securities Trust: (continued)
Series 2017-SCH, Class DL, (1 mo. LIBOR US + 2.000%), 3.74%, 11/15/32(a)(b)	USD		1,930	$	1,930,772
Series 2018-DSNY, Class D, (1 mo. LIBOR US + 1.700%), 3.44%, 09/15/34(a)(b)			3,275		3,280,775
Bancorp Commercial Mortgage Trust, Series 2018-CR3, Class A, (1 mo. LIBOR US + 0.850%), 2.59%, 01/15/33(a)(b)			1,464		1,462,451
BANK:
Series 2019-BN19, Class C, 4.04%, 08/15/61(d)			686		718,813
Series 2019-BN24, Class A3, 2.96%, 11/15/62			941		964,900
Barclays Commercial Mortgage Trust:
Series 2015-STP, Class E, 4.43%, 09/10/28(b)(d)			100		99,276
Series 2018-TALL, Class A, (1 mo. LIBOR US + 0.722%), 2.46%, 03/15/37(a)(b)			918		913,398
Series 2018-TALL, Class D, (1 mo. LIBOR US + 1.449%), 3.19%, 03/15/37(a)(b)			1,120		1,117,222
Bayview Commercial Asset Trust:
Series 2005-2A, Class A1, (1 mo. LIBOR US + 0.310%), 2.10%, 08/25/35(a)(b)			1,268		1,214,802
Series 2005-4A, Class A1, (1 mo. LIBOR US + 0.300%), 2.09%, 01/25/36(a)(b)			310		298,123
Series 2005-4A, Class A2, (1 mo. LIBOR US + 0.390%), 2.18%, 01/25/36(a)(b)			87		84,399
Series 2005-4A, Class M1, (1 mo. LIBOR US + 0.450%), 2.24%, 01/25/36(a)(b)			233		224,335
Series 2006-1A, Class A2, (1 mo. LIBOR US + 0.360%), 2.15%, 04/25/36(a)(b)			315		303,579
Series 2006-3A, Class A1, (1 mo. LIBOR US + 0.250%), 2.04%, 10/25/36(a)(b)			566		540,898
Series 2006-3A, Class A2, (1 mo. LIBOR US + 0.300%), 2.09%, 10/25/36(a)(b)			394		377,975
Series 2006-4A, Class A1, (1 mo. LIBOR US + 0.230%), 2.02%, 12/25/36(a)(b)			821		791,303
Series 2007-6A, Class A4A, (1 mo. LIBOR US + 1.500%), 3.29%, 12/25/37(a)(b)			1,980		1,886,377
BBCMS Mortgage Trust:
Series 2018-CHRS, Class E, 4.41%, 08/05/38(b)(d)			980		890,749
Series 2019-BWAY, Class D, (1 mo. LIBOR US + 2.160%), 3.90%, 11/25/34(a)(b)			2,450		2,437,731
BBCMS Trust, Series 2015-SRCH, Class A1, 3.31%, 08/10/35(b)			2,730		2,815,084
BB-UBS Trust, Series 2012-SHOW, Class E, 4.16%, 11/05/36(b)(d)			790		788,000
Bear Stearns Commercial Mortgage Securities Trust:
Series 2005-PWR7, Class B, 5.21%, 02/11/41(d)			599		597,663
Series 2007-T26, Class AM, 5.45%, 01/12/45(d)			763		756,803
Benchmark Mortgage Trust:
Series 2018-B3, Class A5, 4.03%, 12/15/72			2,890		3,187,134
Series 2018-B3, Class D, 3.06%, 04/10/51(b)(d)			210		190,804
Series 2019-B10, Class 3CCA, 3.90%, 12/15/72(b)(d)			3,610		3,683,175

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Benchmark Mortgage Trust: (continued)
Series 2019-B14, Class 225C, 3.29%, 12/15/62(b)	USD		3,974	$	3,845,816
BHMS, Series 2018-ATLS, Class A, (1 mo. LIBOR US + 1.250%), 2.99%, 07/15/35(a)(b)			7,050		7,043,780
BWAY Mortgage Trust:
Series 2013-1515, Class A2, 3.45%, 03/10/33(b)			2,920		3,040,682
Series 2013-1515, Class D, 3.63%, 03/10/33(b)			1,400		1,424,509
Series 2013-1515, Class E, 3.72%, 03/10/33(b)			250		253,829
Series 2013-1515, Class F, 4.06%, 03/10/33(b)(d)			250		252,480
BX Commercial Mortgage Trust:
Series 2018-IND, Class H, (1 mo. LIBOR US + 3.000%), 4.74%, 11/15/35(a)(b)			10,976		10,986,248
Series 2019-XL, Class G, (1 mo. LIBOR US + 2.300%), 4.04%, 10/15/36(a)(b)			19,601		19,619,366
Series 2019-XL, Class J, (1 mo. LIBOR US + 2.650%), 4.39%, 10/15/36(a)(b)			19,840		19,871,633
BX Trust:
Series 2019-OC11, Class A, 3.20%, 12/09/41(b)			1,910		1,964,497
Series 2019-OC11, Class D, 4.08%, 12/09/41(b)			9,585		9,751,035
Series 2019-OC11, Class E, 4.08%, 12/09/41(b)			13,376		12,934,516
BXP Trust:
Series 2017-CC, Class D, 3.55%, 08/13/37(b)(d)			750		760,652
Series 2017-CC, Class E, 3.55%, 08/13/37(b)(d)			1,450		1,423,118
Series 2017-GM, Class D, 3.43%, 06/13/39(b)(d)			590		595,377
Series 2017-GM, Class E, 3.43%, 06/13/39(b)(d)			1,240		1,210,712
CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class D, (1 mo. LIBOR US + 1.750%), 3.49%, 12/15/37(a)(b)			6,011		6,027,363
CCRESG Commercial Mortgage Trust, Series 2016-HEAT, Class D, 5.67%, 04/10/29(b)(d)			560		569,962
CD Mortgage Trust, Series 2017-CD6, Class A5, 3.46%, 11/13/50			2,840		3,013,089
CFCRE Commercial Mortgage Trust:
Series 2016-C3, Class A3, 3.87%, 01/10/48			410		439,068
Series 2018-TAN, Class C, 5.30%, 02/15/33(b)			1,160		1,222,529
CFK Trust, Series 2019-FAX, Class D, 4.64%, 01/15/39(b)(d)			2,643		2,929,871
CGBAM Commercial Mortgage Trust:
Series 2015-SMRT, Class E, 3.79%, 04/10/28(b)(d)			1,880		1,878,931
Series 2015-SMRT, Class F, 3.79%, 04/10/28(b)(d)			230		229,869
CGDBB Commercial Mortgage Trust:
Series 2017-BIOC, Class A, (1 mo. LIBOR US + 0.790%), 2.53%, 07/15/32(a)(b)			3,956		3,951,923
Series 2017-BIOC, Class D, (1 mo. LIBOR US + 1.600%), 3.34%, 07/15/32(a)(b)			4,348		4,351,133

35

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
CGDBB Commercial Mortgage Trust: (continued)
Series 2017-BIOC, Class E, (1 mo. LIBOR US + 2.150%), 3.89%, 07/15/32(a)(b)	USD		6,395	$	6,378,798
CHC Commercial Mortgage Trust,
Series 2019-CHC, Class B, (1 mo. LIBOR US + 1.500%), 3.24%, 06/15/34(a)(b)			7,293		7,274,764
Citigroup Commercial Mortgage Trust:
Series 2014-GC19, Class C, 5.26%, 03/10/47(d)			440		478,526
Series 2015-SHP2, Class F, (1 mo. LIBOR US + 5.200%), 6.94%, 07/15/27(a)(b)			298		297,631
Series 2016-C1, Class D, 5.12%, 05/10/49(b)(d)			450		459,172
Series 2016-GC37, Class C, 5.09%, 04/10/49(d)			640		685,559
Series 2016-P3, Class C, 4.83%, 04/15/49(d)			120		129,239
Series 2016-P3, Class D, 2.80%, 04/15/49(b)(d)			137		118,898
Series 2017-C4, Class A4, 3.47%, 10/12/50	.		1,220		1,297,448
Series 2019-C7, Class A4, 3.10%, 12/15/72	.		7,150		7,394,515
Series 2019-PRM, Class E, 4.89%, 05/10/36(b)			4,801		4,927,128
Series 2019-SMRT, Class D, 4.90%, 01/10/24(b)(d)			7,200		7,566,155
Series 2019-SMRT, Class E, 4.90%, 01/10/24(b)(d)			419		430,238
Citigroup/Deutsche Bank Commercial Mortgage Trust:
Series 2006-CD3, Class AM, 5.65%, 10/15/48			3,190		3,268,085
Series 2017-CD3, Class A4, 3.63%, 02/10/50			850		909,874
Series 2017-CD4, Class A4, 3.51%, 05/10/50(d)			50		52,968
Commercial Mortgage Pass-Through Certificates:
Series 2005-C6, Class F, 5.91%, 06/10/44(b)(d)			365		369,150
Series 2014-CR14, Class A4, 4.24%, 02/10/47(d)			855		912,372
Series 2014-CR15, Class C, 4.90%, 02/10/47(d)			260		278,641
Series 2014-CR16, Class A4, 4.05%, 04/10/47			4,806		5,100,688
Series 2014-CR17, Class A5, 3.98%, 05/10/47			2,642		2,810,997
Series 2014-CR18, Class A4, 3.55%, 07/15/47			388		404,480
Series 2014-CR19, Class A5, 3.80%, 08/10/47			1,391		1,474,155
Series 2014-CR21, Class C, 4.58%, 12/10/47(d)			1,010		1,059,212
Series 2015-CR23, Class CMC, 3.81%, 05/10/48(b)(d)			210		210,196
Series 2015-CR23, Class CMD, 3.81%, 05/10/48(b)(d)			10,150		10,154,475
Series 2015-CR23, Class CME, 3.81%, 05/10/48(b)(d)			2,600		2,598,596
Series 2015-CR24, Class A5, 3.70%, 07/10/25			1,370		1,457,100
Series 2015-CR25, Class A4, 3.76%, 08/10/48			3,505		3,737,828

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Pass-Through Certificates: (continued)
Series 2015-CR25, Class C, 4.69%, 08/10/48(d)	USD		1,010	$	1,049,783
Series 2015-LC19, Class A4, 3.18%, 02/10/48			1,785		1,850,729
Series 2015-LC19, Class D, 2.87%, 02/10/48(b)			676		623,595
Series 2015-LC21, Class C, 4.45%, 07/10/48(d)			1,600		1,669,223
Series 2017-COR2, Class A3, 3.51%, 09/10/50			1,180		1,250,318
Series 2017-COR2, Class D, 3.00%, 09/10/50(b)			860		799,142
Series 2018-HCLV, Class B, (1 mo. LIBOR US + 1.400%), 3.14%, 09/15/33(a)(b)			1,420		1,413,794
Commercial Mortgage Trust:
Series 2012-CR4, Class AM, 3.25%, 10/15/45			1,470		1,469,924
Series 2013-GAM, Class A2, 3.37%, 02/10/28(b)			1,656		1,663,105
Series 2013-GAM, Class E, 3.53%, 02/10/28(b)(d)			2,270		2,231,174
Series 2014-LC15, Class A4, 4.01%, 04/10/47			2,350		2,499,517
Series 2014-UBS4, Class C, 4.80%, 08/10/47(d)			2,395		2,476,921
Series 2015-CR23, Class A4, 3.50%, 05/10/48			810		852,674
Series 2015-LC23, Class A4, 3.77%, 10/10/48			1,040		1,111,829
Series 2016-667M, Class D, 3.29%, 10/10/36(b)(d)			630		624,881
Credit Suisse Commercial Mortgage Trust:
Series 2017-PFHP, Class A, (1 mo. LIBOR US + 0.950%), 2.69%, 12/15/30(a)(b)			900		898,873
Series 2017-TIME, Class A, 3.65%, 11/13/39(b)			850		884,665
CSAIL Commercial Mortgage Trust:
Series 2015-C2, Class A4, 3.50%, 06/15/57	.		1,160		1,212,749
Series 2015-C2, Class B, 4.19%, 06/15/57(d)			2,020		2,046,252
Series 2018-CX12, Class A4, 4.22%, 08/15/51(d)			970		1,074,184
Series 2019-C15, Class A4, 4.05%, 03/15/52			3,683		4,051,265
Series 2019-C15, Class C, 4.98%, 03/15/52(d)			2,755		3,044,302
Series 2019-C15, Class D, 3.00%, 03/15/52(b)			1,285		1,154,536
Series 2019-C16, Class A3, 3.33%, 06/15/52			2,650		2,780,225
Series 2019-C16, Class C, 4.24%, 06/15/52(d)			3,600		3,737,427
Series 2019-C17, Class C, 3.93%, 09/15/52	.		3,158		3,217,167
Series 2019-C17, Class D, 2.50%, 09/15/52(b)			2,481		2,076,588
DBGS Mortgage Trust, Series 2019-1735, Class F, 4.33%, 04/10/37(b)(d)			1,144		1,105,046
Deutsche Bank JPMorgan Mortgage Trust, Series 2016-C1, Class A4, 3.28%, 02/10/26	.		1,430		1,492,714
Deutsche Bank UBS Mortgage Trust:
Series 2017-BRBK, Class A, 3.45%, 10/10/34(b)			2,540		2,646,246
Series 2017-BRBK, Class D, 3.65%, 10/10/34(b)(d)			1,800		1,826,008

36

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Deutsche Bank UBS Mortgage Trust: (continued)
Series 2017-BRBK, Class E, 3.65%, 10/10/34(b)(d)	USD		4,290	$	4,268,025
Series 2017-BRBK, Class F, 3.65%, 10/10/34(b)(d)			880		867,963
Eleven Madison Trust Mortgage Trust,
Series 2015-11MD, Class A, 3.67%, 09/10/35(b)(d)			1,190		1,245,852
Exantas Capital Corp. Ltd., Series 2019-RSO7, Class AS, (1 mo. LIBOR US + 1.500%), 3.24%, 04/15/36(a)(b)			3,495		3,494,993
FREMF Mortgage Trust:
Series 2016-K54, Class B, 4.05%, 04/25/48(b)(d)			1,280		1,342,127
Series 2017-K64, Class B, 3.98%, 05/25/50(b)(d)			766		809,187
Series 2017-KGX1, Class BFX, 3.59%, 10/25/27(b)(d)			1,190		1,170,258
Series 2018-K74, Class B, 4.09%, 02/25/51(b)(d)			120		125,809
Series 2018-K77, Class B, 4.16%, 05/25/51(b)(d)			770		815,246
Series 2018-K80, Class B, 4.23%, 08/25/50(b)(d)			1,510		1,613,116
Series 2019-K103, Class B, 3.57%, 12/25/51(b)(d)			996		983,175
FRESB Mortgage Trust:
Series 2018-SB52, Class A10F, 3.48%, 06/25/28(d)			2,440		2,543,968
Series 2018-SB53, Class A10F, 3.66%, 06/25/28(d)			1,427		1,499,044
GPMT Ltd., Series 2018-FL1, Class A, (1 mo. LIBOR US + 0.900%), 2.67%, 11/21/35(a)(b)			1,185		1,182,736
Grace Mortgage Trust, Series 2014-GRCE, Class F, 3.71%, 06/10/28(b)(d)			1,662		1,667,822
GS Mortgage Securities Corp Trust:
Series 2017-500K, Class D, (1 mo. LIBOR US + 1.300%), 3.04%, 07/15/32(a)(b)			230		229,712
Series 2017-500K, Class E, (1 mo. LIBOR US + 1.500%), 3.24%, 07/15/32(a)(b)			480		479,236
Series 2017-500K, Class F, (1 mo. LIBOR US + 1.800%), 3.54%, 07/15/32(a)(b)			549		548,999
Series 2017-500K, Class G, (1 mo. LIBOR US + 2.500%), 4.24%, 07/15/32(a)(b)			170		169,898
GS Mortgage Securities Corp. II:
Series 2005-ROCK, Class A, 5.37%, 05/03/32(b)			2,750		3,125,149
Series 2012-TMSQ, Class D, 3.57%, 12/10/30(b)(d)			1,210		1,219,903
GS Mortgage Securities Corp. Trust:
Series 2017-GPTX, Class A, 2.86%, 05/10/34(b)			2,290		2,283,296
Series 2018-HULA, Class D, (1 mo. LIBOR US + 1.800%), 3.54%, 07/15/25(a)(b)			1,204		1,202,187
Series 2019-BOCA, Class A, (1 mo. LIBOR US + 1.200%), 2.94%, 06/15/38(a)(b)			1,431		1,430,537
Series 2019-SOHO, Class E, (1 mo. LIBOR US + 1.875%), 3.61%, 06/15/36(a)(b)			4,020		4,011,472
GS Mortgage Securities Trust:
Series 2010-C1, Class A1, 3.68%, 08/10/43(b)			14		14,379

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
GS Mortgage Securities Trust: (continued)
Series 2014-GC20, Class B, 4.53%, 04/10/47(d)	USD		140	$	148,611
Series 2014-GC24, Class A5, 3.93%, 09/10/47			882		940,853
Series 2015-590M, Class E, 3.93%, 10/10/35(b)(d)			1,790		1,780,439
Series 2015-GC28, Class B, 3.98%, 02/10/48			680		707,326
Series 2015-GC32, Class C, 4.56%, 07/10/48(d)			1,370		1,443,905
Series 2015-GS1, Class A3, 3.73%, 11/10/48			670		715,844
Series 2016-RENT, Class C, 4.20%, 02/10/29(b)(d)			1,070		1,079,558
Series 2017-GS6, Class A3, 3.43%, 05/10/50			1,290		1,362,413
Series 2017-GS7, Class A4, 3.43%, 08/10/50			3,001		3,175,876
Series 2017-GS7, Class D, 3.00%, 08/10/50(b)			530		498,156
Series 2017-GS7, Class E, 3.00%, 08/10/50(b)			180		165,373
Series 2019-GSA1, Class C, 3.81%, 11/10/52			520		519,229
GSCG Trust, Series 2019-600C, Class F, 4.12%, 09/06/34(b)(d)			1,950		1,892,827
HMH Trust, Series 2017-NSS, Class A, 3.06%, 07/05/31(b)			3,390		3,426,490
Hudson Yards Mortgage Trust:
Series 2016-10HY, Class A, 2.84%, 08/10/38(b)			2,640		2,656,852
Series 2019-30HY, Class E, 3.56%, 07/10/39(b)(d)			2,178		2,124,708
Series 2019-55HY, Class F, 3.04%, 12/10/41(b)(d)			4,179		3,691,098
IMT Trust:
Series 2017-APTS, Class AFX, 3.48%, 06/15/34(b)			1,540		1,597,940
Series 2017-APTS, Class DFX, 3.50%, 06/15/34(b)(d)			1,600		1,614,611
Series 2017-APTS, Class EFX, 3.50%, 06/15/34(b)(d)			810		802,581
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C26, Class A4, 3.49%, 01/15/48			1,247		1,309,472
Series 2015-C33, Class D1, 4.12%, 12/15/48(b)(d)			1,873		1,855,210
JPMDB Commercial Mortgage Securities Trust:
Series 2017-C5, Class A5, 3.69%, 03/15/50	.		1,880		2,014,630
Series 2017-C5, Class D, 4.55%, 03/15/50(b)(d)			2,051		2,084,747
Series 2018-C8, Class A4, 4.21%, 06/15/51	.		965		1,076,810
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2019-BKWD, Class E, (1 mo. LIBOR US + 2.600%), 4.34%, 09/15/29(a)(b)			4,580		4,584,250
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2012-CBX, Class A4FL, (1 mo. LIBOR US + 1.300%), 3.04%, 06/15/45(a)(b)			415		415,997
Series 2014-C20, Class A5, 3.81%, 07/15/47			1,990		2,109,116
Series 2014-C21, Class A5, 3.78%, 08/15/47			1,420		1,505,103

37

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust: (continued)
Series 2014-C22, Class A4, 3.80%, 09/15/47	USD		563	$	597,898
Series 2015-JP1, Class A5, 3.91%, 01/15/49			339		365,516
Series 2015-JP1, Class C, 4.74%, 01/15/49(d)			710		748,487
Series 2015-UES, Class C, 3.74%, 09/05/32(b)(d)			3,431		3,443,940
Series 2015-UES, Class E, 3.74%, 09/05/32(b)(d)			3,880		3,881,752
Series 2015-UES, Class F, 3.74%, 09/05/32(b)(d)			350		349,395
Series 2016-NINE, Class A, 2.95%, 10/06/38(b)(d)			4,650		4,720,651
Series 2017-JP5, Class D, 4.64%, 03/15/50(b)(d)			1,650		1,705,546
Series 2017-JP6, Class A5, 3.49%, 07/15/50			1,180		1,249,984
Series 2017-JP7, Class B, 4.05%, 09/15/50			320		338,299
Series 2019-COR5, Class C, 3.75%, 06/13/52			988		991,114
Series 2019-MFP, Class E, (1 mo. LIBOR US + 2.160%), 3.90%, 07/15/36(a)(b)			2,460		2,462,938
Series 2019-MFP, Class F, (1 mo. LIBOR US + 3.000%), 4.74%, 07/15/36(a)(b)			891		892,419
Series 2019-OSB, Class E, 3.91%, 06/05/39(b)(d)			1,384		1,390,244
KNDL Mortgage Trust, Series 2019-KNSQ, Class E, (1 mo. LIBOR US + 1.800%), 3.54%, 05/15/36(a)(b)			11,283		11,276,465
Lehman Brothers Small Balance Commercial Mortgage Trust:
Series 2006-2A, Class M2, (1 mo. LIBOR US + 0.390%), 2.10%, 09/25/36(a)(b)			628		615,141
Series 2007-1A, Class 1A, (1 mo. LIBOR US + 0.250%), 2.04%, 03/25/37(a)(b)			910		884,071
LSTAR Commercial Mortgage Trust, Series 2015-3, Class AS, 3.15%, 04/20/48(b)(d)			1,620		1,644,403
MAD Mortgage Trust:
Series 2017-330M, Class D, 3.98%, 08/15/34(b)(d)			1,085		1,099,879
Series 2017-330M, Class E, 4.03%, 08/15/34(b)(d)			3,010		2,994,513
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2014-C16, Class A5, 3.89%, 06/15/47			3,880		4,105,180
Series 2015-C23, Class A4, 3.72%, 07/15/50			1,016		1,080,497
Series 2015-C23, Class D, 4.13%, 07/15/50(b)(d)			412		411,349
Series 2015-C24, Class A4, 3.73%, 05/15/48			840		894,256
Series 2015-C25, Class C, 4.53%, 10/15/48(d)			430		458,946
Series 2015-C26, Class A5, 3.53%, 10/15/48			1,144		1,207,149
Series 2015-C26, Class D, 3.06%, 10/15/48(b)			372		352,876
Series 2016-C31, Class A5, 3.10%, 11/15/49			2,903		3,001,701
Series 2017-C33, Class C, 4.56%, 05/15/50(d)			840		880,038
Morgan Stanley Capital Barclays Bank Trust, Series 2016-MART, Class A, 2.20%, 09/13/31(b)			820		817,997

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Capital I Trust:
Series 2006-IQ11, Class C, 6.08%, 10/15/42(d)	USD		1,601	$	1,636,676
Series 2007-T27, Class AJ, 5.95%, 06/11/42(d)			2,128		2,244,282
Series 2014-150E, Class F, 4.44%, 09/09/32(b)(d)			1,120		1,147,018
Series 2014-CPT, Class E, 3.45%, 07/13/29(b)(d)			250		251,347
Series 2014-CPT, Class F, 3.45%, 07/13/29(b)(d)			2,059		2,060,948
Series 2014-CPT, Class G, 3.45%, 07/13/29(b)(d)			1,290		1,284,577
Series 2015-MS1, Class A4, 3.78%, 05/15/48(d)			420		447,669
Series 2015-MS1, Class C, 4.03%, 05/15/48(d)			1,000		1,025,932
Series 2015-MS1, Class D, 4.03%, 05/05/48(b)(d)			310		296,636
Series 2017-CLS, Class F, (1 mo. LIBOR US + 2.600%), 4.34%, 11/15/34(a)(b)			6,092		6,092,001
Series 2017-H1, Class C, 4.28%, 06/15/50(d)			560		573,198
Series 2017-H1, Class D, 2.55%, 06/15/50(b)			4,190		3,615,299
Series 2017-HR2, Class D, 2.73%, 12/15/50			430		386,288
Series 2018-H3, Class A5, 4.18%, 07/15/51			175		194,517
Series 2018-H3, Class C, 4.85%, 07/15/51(d)			1,060		1,147,414
Series 2018-MP, Class E, 4.28%, 07/11/40(b)(d)			3,789		3,760,735
Series 2018-SUN, Class F, (1 mo. LIBOR US + 2.550%), 4.61%, 07/15/35(a)(b)			1,015		1,014,992
Series 2019-AGLN, Class D, (1 mo. LIBOR US + 1.750%), 3.49%, 03/15/34(a)(b)			3,605		3,604,985
Series 2019-AGLN, Class F, (1 mo. LIBOR US + 2.600%), 4.34%, 03/15/34(a)(b)			3,840		3,856,818
Series 2019-H6, Class A4, 3.42%, 06/15/52			1,858		1,970,607
Series 2019-L2, Class A4, 4.07%, 03/15/52			1,485		1,649,313
Series 2019-NUGS, Class E, (1 mo. LIBOR US + 2.244%), 3.99%, 12/15/36(a)(b)			1,400		1,394,746
Morgan Stanley Capital I, Inc., Series 2018-H3, Class D, 3.00%, 07/15/51(b)			960		866,412
Natixis Commercial Mortgage Securities Trust:
Series 2018-FL1, Class A, (1 mo. LIBOR US + 0.950%), 2.72%, 06/15/35(a)(b)			757		754,161
Series 2018-FL1, Class MCR1, (1 mo. LIBOR US + 2.350%), 4.12%, 06/15/35(a)(b)			646		645,480
Series 2019-10K, Class D, 4.14%, 05/15/39(b)(d)			4,070		4,253,383
Series 2019-LVL, Class D, 4.44%, 08/15/38(b)(d)			1,550		1,659,798
Olympic Tower Mortgage Trust, Series 2017-OT, Class E, 4.08%, 05/10/39(b)(d)			2,910		2,939,396
PFP Ltd.:
Series 2019-5, Class A, (1 mo. LIBOR US + 0.970%), 2.71%, 04/14/36(a)(b)			1,533		1,533,358
Series 2019-5, Class AS, (1 mo. LIBOR US + 1.420%), 3.16%, 04/14/36(a)(b)			900		900,000
Prima Capital CRE Securitization Ltd.:
Series 2015-4A, Class C, 4.00%, 08/24/49(b)(c)			1,590		1,630,704

38

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Prima Capital CRE Securitization Ltd.: (continued)
Series 2016-6A, Class C, 4.00%, 08/24/40(b)(c)	USD		7,170	$	7,126,263
RAIT Trust, Series 2017-FL7, Class C, (1 mo. LIBOR US + 2.500%), 4.24%, 06/15/37(a)(b)			250		250,252
Scorpio European Loan Conduit No. 34 DAC, Series 34A, Class C, (3 mo. LIBOR GBP + 2.100%), 2.89%, 05/17/29(a)(b)	GBP		1,185		1,557,691
SG Commercial Mortgage Securities Trust, Series 2019-PREZ, Class D, 3.59%, 09/15/39(b)(d)	USD		2,200		2,184,612
U.S.:
Series 2018-USDC, Class E, 4.49%, 05/13/38(b)(d)			1,890		1,935,374
Series 2018-USDC, Class F, 4.49%, 05/09/38(b)(d)			1,420		1,426,469
Velocity Commercial Capital Loan Trust:
Series 2014-1, Class M7, 8.76%, 09/25/44(b)(d)			2,399		2,417,899
Series 2016-1, Class M4, 8.94%, 04/25/46(b)(d)			370		409,486
Series 2016-2, Class M2, 4.46%, 10/25/46(d)			200		204,278
Series 2016-2, Class M3, 5.50%, 10/25/46(d)			800		816,701
Series 2016-2, Class M4, 7.23%, 10/25/46(d)			370		381,597
Series 2017-1, Class M2, 4.45%, 05/25/47(b)(d)			410		413,720
Series 2017-1, Class M3, 5.35%, 05/25/47(b)(d)			410		419,579
Series 2017-2, Class M3, 4.24%, 11/25/47(b)(d)			591		595,513
Series 2017-2, Class M4, 5.00%, 11/25/47(b)(d)			355		358,150
Series 2018-1, Class M2, 4.26%, 04/25/48(b)			328		336,416
VNDO Mortgage Trust, Series 2013-PENN, Class D, 3.95%, 12/13/29(b)(d)			550		553,106
Wells Fargo Commercial Mortgage Trust:
Series 2014-LC18, Class A5, 3.41%, 12/15/47			550		575,611
Series 2015-C27, Class C, 3.89%, 02/15/48	.		902		891,725
Series 2015-C28, Class A4, 3.54%, 05/15/48			930		981,811
Series 2015-C30, Class A4, 3.66%, 09/15/48			1,715		1,825,055
Series 2015-C31, Class A4, 3.70%, 11/15/48	.		590		629,372
Series 2015-NXS1, Class A5, 3.15%, 05/15/48			399		413,553
Series 2015-NXS2, Class A5, 3.77%, 07/15/58(d)			3,050		3,258,361
Series 2015-NXS4, Class A4, 3.72%, 12/15/48			608		649,198
Series 2015-NXS4, Class D, 3.60%, 12/15/48(d)			95		94,112
Series 2015-P2, Class A4, 3.81%, 12/15/48			2,150		2,306,925
Series 2015-P2, Class D, 3.24%, 12/15/48(b)			1,784		1,594,899
Series 2017-C39, Class D, 4.35%, 09/15/50(b)(d)			594		595,471
Series 2017-C41, Class D, 2.60%, 11/15/50(b)(d)			1,772		1,550,266
Series 2017-HSDB, Class A, (1 mo. LIBOR US + 0.850%), 2.59%, 12/13/31(a)(b)			1,508		1,503,460
Series 2018-1745, Class A, 3.75%, 05/15/51(b)(d)			930		993,960

Security		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
Wells Fargo Commercial Mortgage Trust: (continued)
Series 2018-BXI, Class E, (1 mo. LIBOR US + 2.157%), 3.90%, 12/15/36(a)(b)	USD		877	$	876,190
Series 2018-C44, Class D, 3.00%, 05/15/51(b)			348		314,293
Series 2018-C45, Class C, 4.73%, 06/15/51	.		530		561,631
Series 2019-C54, Class A4, 3.15%, 12/15/52			626		648,873
WFRBS Commercial Mortgage Trust:
Series 2011-C3, Class A3FL, (1 mo. LIBOR US + 0.950%), 2.69%, 03/15/44(a)(b)			9		9,179
Series 2014-C21, Class A5, 3.68%, 08/15/47			1,515		1,598,590
Series 2014-C24, Class B, 4.20%, 11/15/47(d)			770		782,153
					555,487,676
Interest Only Collateralized Mortgage Obligations — 0.0%
Seasoned Credit Risk Transfer Trust, Series 2017-3, Class BIO, 1.07%, 07/25/56(b)(d)			3,255		395,788
Voyager OPTONE Delaware Trust, Series 2009-1, Class SAA7, 4.80%, 02/25/38(b)(d)			14,405		5,189,141
					5,584,929
Interest Only Commercial Mortgage-Backed Securities — 0.3%
245 Park Avenue Trust, Series 2017-245P, Class XA, 0.27%, 06/05/37(b)(d)			13,000		168,090
Banc of America Commercial Mortgage Trust:
Series 2017-BNK3, Class XB, 0.63%, 02/15/50(d)			11,850		488,743
Series 2017-BNK3, Class XD, 1.29%, 02/15/50(b)(d)			5,000		392,800
BANK:
Series 2019-BN20, Class XA, 0.84%, 09/15/61(d)			11,553		775,478
Series 2019-BN20, Class XB, 0.36%, 09/15/61(d)			39,279		1,276,041
Barclays Commercial Mortgage Trust:
Series 2015-SRCH, Class XA, 1.12%, 08/10/35(b)(d)			17,710		1,008,407
Series 2019-C3, Class XA, 1.35%, 05/15/52(d)			19,809		2,025,378
Benchmark Mortgage Trust:
Series 2019-B13, Class XA, 1.27%, 08/15/57(d)			68,736		5,743,316
Series 2019-B9, Class XA, 1.05%, 03/15/52(d)			20,995		1,650,347
CFCRE Commercial Mortgage Trust:
Series 2016-C3, Class XD, 1.86%, 01/10/48(b)(d)			5,497		495,994
Series 2016-C4, Class XB, 0.89%, 05/10/58(d)			5,810		248,319
Commercial Mortgage Pass-Through Certificates:
Series 2013-CR6, Class XA, 1.18%, 03/10/46(d)			19,787		478,911
Series 2015-3BP, Class XA, 0.17%, 02/10/35(b)(d)			150,000		717,000
Series 2015-CR25, Class XA, 0.99%, 08/10/48(d)			4,783		183,914

39

Schedule of Investments  (unaudited) (continued) December 31, 2019 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: (continued)
Series 2018-COR3, Class XD, 1.75%, 05/10/51(b)(d)	USD		3,200	$	390,835
CSAIL Commercial Mortgage Trust:
Series 2017-CX10, Class XB, 0.14%, 11/15/50(d)			12,490		200,983
Series 2019-C16, Class XA, 1.57%, 06/15/52(d)			50,825		6,052,078
Series 2019-C17, Class XA, 1.37%, 09/15/52(d)			39,721		4,033,531
Series 2019-C17, Class XB, 0.56%, 09/15/52(d)			19,090		916,232
DBGS Mortgage Trust, Series 2019-1735, Class X, 0.43%, 04/10/37(b)(d)			21,535		573,692
Deutsche Bank JPMorgan Mortgage Trust, Series 2017-C6, Class XD, 1.00%, 06/10/50(b)(d)			5,780		338,939
GS Mortgage Securities Corp. II, Series 2005-ROCK, Class X1, 0.40%, 05/03/32(b)(d)			21,000		284,836
GS Mortgage Securities Trust, Series 2019-GSA1, Class XA, 0.84%, 11/10/52(d)			14,728		984,542
JPMBB Commercial Mortgage Securities Trust:
Series 2014-C22, Class XA, 0.85%, 09/15/47(d)			1,976		65,137
Series 2014-C23, Class XA, 0.64%, 09/15/47(d)			29,697		727,861
Series 2015-C29, Class XA, 0.76%, 05/15/48(d)			2,615		60,559
JPMDB Commercial Mortgage Securities Trust, Series 2016-C4, Class XC, 0.75%, 12/15/49(b)(d)			4,940		219,711
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2013-LC11, Class XB, 0.51%, 04/15/46(d)			4,570		76,222
Series 2016-JP3, Class XC, 0.75%, 08/15/49(b)(d)			13,040		559,155
LSTAR Commercial Mortgage Trust, Series 2017-5, Class X, 1.23%, 03/10/50(b)(d)			3,456		137,031
Morgan Stanley Bank of America Merrill Lynch Trust:
Series 2014-C19, Class XF, 1.21%, 12/15/47(b)(d)			4,370		214,917
Series 2015-C26, Class XD, 1.34%, 10/15/48(b)(d)			4,490		315,063
Morgan Stanley Capital I Trust:
Series 2016-UBS9, Class XD, 1.61%, 03/15/49(b)(d)			13,984		1,234,927
Series 2017-H1, Class XD, 2.20%, 06/15/50(b)(d)			3,293		459,604
Series 2019-H6, Class XB, 0.72%, 06/15/52(d)			23,510		1,424,892

Security		Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Capital I Trust: (continued)
Series 2019-L2, Class XA, 1.03%, 03/15/52(d)	USD		8,854	$	697,333
Olympic Tower Mortgage Trust, Series 2017-OT, Class XA, 0.51%, 05/10/39(b)(d)			36,697		994,489
One Market Plaza Trust:
Series 2017-1MKT, Class XCP, 0.22%, 02/10/32(b)(d)			53,230		161,287
Series 2017-1MKT, Class XNCP, 0.00%, 02/10/32(b)(c)(d)			10,646		106
UBS Commercial Mortgage Trust:
Series 2019-C17, Class XA, 1.64%, 10/15/52(d)			32,796		3,694,831
Series 2019-C18, Class XA, 1.18%, 12/15/52(d)			35,950		2,712,704
Wells Fargo Commercial Mortgage Trust:
Series 2015-NXS4, Class XA, 0.91%, 12/15/48(d)			3,154		129,947
Series 2016-BNK1, Class XD, 1.26%, 08/15/49(b)(d)			4,420		303,875
Series 2019-C50, Class XA, 1.46%, 05/15/52(d)			20,817		2,127,447
					45,745,504
Principal Only Collateralized Mortgage Obligations — 0.0%
Seasoned Credit Risk Transfer Trust, Series 2017-3, Class B, 0.00%, 07/25/56(b)(i)			1,592		178,174
Total Non-Agency Mortgage-Backed Securities — 5.1% (Cost: $856,202,328)					857,883,441
Preferred Securities — 0.8%
Capital Trusts — 0.8%
Banks — 0.3%
Bank of America Corp., (3 mo. LIBOR US + 2.931%), 5.88%(k)(l)			8,450		9,369,360
Burgan Bank SAK, (5 yr. Swap Semi 30/360 US + 4.007%), 5.75%(k)(l)			350		356,563
Credit Agricole SA, (5 yr. Swap Semi 30/360 US + 6.185%), 8.13%(b)(k)(l)			13,300		16,126,250
Emirates NBD PJSC, (6 yr. Swap Semi 30/360 US + 3.656%), 6.13%(k)(l)			1,850		1,944,813
Itau Unibanco Holding SA:
(5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 3.981%), 6.13%(b)(k)(l)			1,607		1,678,813
(5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 3.863%), 6.50%(b)(k)(l)			946		1,000,395
JPMorgan Chase & Co., (Secured Overnight Financing Rate + 3.380%), 5.00%(k)(l)			10,890		11,325,600
Kookmin Bank, (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 2.639%), 4.35%(k)(l)			1,700		1,741,438
Lehman Brothers Holdings Capital Trust VII, 5.86%(c)(f)(j)(l)			1,888		—

40

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Banks (continued)
Nanyang Commercial Bank Ltd., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 3.205%), 5.00%(k)(l)	USD		200	$	200,688
Shinhan Financial Group Co. Ltd., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 3.051%), 5.88%(k)(l)			900		967,219
United Overseas Bank Ltd., (5 yr. Swap Semi 30/360 US + 1.794%), 3.88%(k)(l)			864		876,960
					45,588,099
Capital Markets — 0.3%
Bank of New York Mellon Corp.:
Series F, (3 mo. LIBOR US + 3.131%), 4.63%(k)(l)			7,622		8,017,353
(3 mo. LIBOR US + 3.420%), 4.95%(k)(l)			4,380		4,423,800
State Street Corp.:
(3 mo. LIBOR US + 3.597%), 5.25%(k)(l)			4,015		4,117,302
(3 mo. LIBOR US + 2.539%), 5.63%(k)(l)			19,655		20,859,065
UBS Group AG, (5 yr. Swap Semi 30/360 US + 4.344%), 7.00%(b)(k)(l)			15,350		16,769,875
					54,187,395
Commercial Services & Supplies — 0.0%
King Talent Management Ltd., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 3.521%), 5.60%(k)(l)			600		527,250
Construction & Engineering — 0.0%
Chalieco Hong Kong Corp. Ltd., (3 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 8.292%), 5.70%(k)(l)			200		200,188
Insurance — 0.0%
Heungkuk Life Insurance Co. Ltd., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 2.472%), 4.48%(k)(l)			1,000		984,063
KDB Life Insurance Co. Ltd., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 4.658%), 7.50%(k)(l)			900		898,313
					1,882,376
Machinery — 0.0%
Weichai International Hong Kong Energy Group Co. Ltd., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 6.084%), 3.75%(k)(l)			278		279,185
Media — 0.1%
NBCUniversal Enterprise, Inc., 5.25%(b)(l)			13,680		14,124,600
Oil, Gas & Consumable Fuels — 0.1%
Enbridge, Inc., (3 mo. LIBOR US + 3.418%), 5.50%, 07/15/77(k)			12,820		13,226,522
Real Estate Management & Development — 0.0%
Agile Group Holdings Ltd., (5 yr. U.S. Treasury Yield Curve Rate T Note Constant Maturity + 9.216%), 6.88%(k)(l)			200		199,875
Total Capital Trusts — 0.8% (Cost: $124,260,462)					130,215,490
		Shares
Preferred Stocks — 0.0%
Energy Equipment & Services — 0.0%
Bristow Group, Inc.:
10.00%(c)			5,492		281,300

Security		Shares		Value
Energy Equipment & Services (continued)
Bristow Group, Inc.: (continued)
10.00%(b)(c)			12,995	$	665,604
Total Preferred Stocks — 0.0% (Cost: $898,678)					946,904
Total Preferred Securities — 0.8% (Cost: $125,159,140)					131,162,394
		Par (000)
Taxable Municipal Bonds — 4.1%
Arizona — 0.1%
Arizona Health Facilities Authority RB, 2.09%, 01/01/37(d)	USD		1,355		1,344,198
Salt River Project Agricultural Improvement & Power District RB, 5.00%, 12/01/45			5,310		6,197,673
					7,541,871
California — 1.0%
Bay Area Toll Authority RB:
2.43%, 04/01/26			7,195		7,260,978
6.92%, 04/01/40			3,145		4,607,236
7.04%, 04/01/50			17,715		28,381,910
California Health Facilities Financing Authority RB:
2.93%, 06/01/32			980		972,170
5.00%, 08/15/33			1,190		1,448,670
5.00%, 08/15/47			1,650		1,925,995
California Pollution Control Financing Authority RB, 5.00%, 11/21/45(b)			1,000		1,077,010
City of Riverside, CA Electric Revenue RB, 7.61%, 10/01/40			1,325		2,057,858
Contra Costa Community College District GO, 6.50%, 08/01/34			570		755,335
Foothill-Eastern Transportation Corridor Agency RB, 4.09%, 01/15/49			2,175		2,176,435
Los Angeles Community College District GO, 6.60%, 08/01/42			3,440		5,244,830
Los Angeles Department of Water & Power Power System RB, 6.57%, 07/01/45			1,145		1,791,616
Los Angeles Unified School District GO:
5.75%, 07/01/34			415		529,125
6.76%, 07/01/34			7,405		10,142,925
Orange County Local Transportation Authority RB, 6.91%, 02/15/41			2,790		3,947,264
Regents of the University of California Medical Center Pooled Revenue RB, 6.58%, 05/15/49			2,860		4,070,924
Sacramento County Sanitation Districts Financing Authority RB, 1.81%, 12/01/35(d)			3,500		3,378,953
San Diego Public Facilities Financing Authority Sewer Revenue RB, 5.00%, 05/15/39			1,250		1,505,713
San Francisco City & County Airport Comm-San Francisco International Airport RB, 5.00%, 05/01/50			2,695		3,305,310
San Jose Redevelopment Agency Successor Agency TA:
2.96%, 08/01/24			7,265		7,525,741
3.18%, 08/01/26			2,025		2,120,519
3.13%, 08/01/28			4,275		4,425,010
3.25%, 08/01/29			3,585		3,717,143
State of California GO:
2.65%, 04/01/26			18,890		19,289,523
7.50%, 04/01/34			2,210		3,335,420
4.60%, 04/01/38			16,540		18,425,064

41

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
California (continued)
State of California GO: (continued)
7.55%, 04/01/39	USD		3,715	$	5,944,111
7.30%, 10/01/39			2,575		3,933,724
7.35%, 11/01/39			720		1,096,618
University of California RB:
3.06%, 07/01/25			1,865		1,948,104
3.35%, 07/01/29			5,675		6,072,307
4.60%, 05/15/31			3,755		4,321,780
5.00%, 05/15/32			2,070		2,463,818
5.77%, 05/15/43			3,980		5,266,615
4.86%, 05/15/2112			1,415		1,750,199
					176,215,953
Colorado — 0.0%
Colorado Health Facilities Authority RB, 5.25%, 02/01/31			785		819,666
Connecticut — 0.2%
Connecticut State Health & Educational Facility Authority RB, 5.00%, 07/01/45			1,700		1,899,682
State of Connecticut GO:
3.31%, 01/15/26			4,655		4,849,113
5.09%, 10/01/30			7,910		9,081,708
5.85%, 03/15/32			9,225		11,737,152
					27,567,655
District of Columbia — 0.0%
District of Columbia RB:
5.00%, 07/15/34			775		906,789
5.00%, 07/15/35			775		905,874
Metropolitan Washington Airports Authority Dulles Toll Road Revenue RB:
7.46%, 10/01/46			1,060		1,688,877
5.00%, 10/01/53			1,000		1,062,550
					4,564,090
Florida — 0.1%
Canaveral Port Authority RB:
5.00%, 06/01/45			1,890		2,207,331
5.00%, 06/01/48			1,890		2,241,805
County of Broward, FL Airport System Revenue RB:
2.81%, 10/01/31			1,610		1,588,281
2.91%, 10/01/32			1,435		1,418,440
County of Miami-Dade, FL Aviation RB:
3.35%, 10/01/29			560		579,286
2.53%, 10/01/30			5,705		5,503,328
3.45%, 10/01/30			1,030		1,069,923
3.50%, 10/01/31			965		1,002,847
4.06%, 10/01/31			1,765		1,916,437
5.00%, 10/01/38			1,600		1,841,072
5.00%, 10/01/40			1,650		1,944,475
Sumter Landing Community Development District RB, 4.17%, 10/01/47			920		1,014,033
					22,327,258
Georgia — 0.1%
City of Atlanta, GA Water & Wastewater Revenue RB, 5.00%, 11/01/40			885		1,032,167
Metropolitan Atlanta Rapid Transit Authority RB, 5.00%, 07/01/41			2,220		2,585,967
Municipal Electric Authority of Georgia RB:
6.64%, 04/01/57			1,601		2,153,281
6.66%, 04/01/57			1,895		2,633,633
					8,405,048
Idaho — 0.0%
Idaho Health Facilities Authority RB, 5.00%, 12/01/47			1,155		1,363,836

Security		Par (000)		Value
Illinois — 0.1%
State of Illinois GO, 5.10%, 06/01/33	USD		13,140	$	14,153,094
Indiana — 0.0%
Indiana Finance Authority RB, 5.00%, 10/01/45			3,120		3,547,471
Indiana Housing & Community Development Authority RB GNMA Collateral, 3.80%, 07/01/38			930		998,485
					4,545,956
Louisiana — 0.0%
Louisiana Public Facilities Authority RB, 5.00%, 07/01/48			1,240		1,459,195
New Orleans Aviation Board RB, 5.00%, 01/01/40			1,140		1,283,321
					2,742,516
Maryland — 0.0%
Maryland Health & Higher Educational Facilities Authority RB:
5.00%, 08/15/25			2,080		2,449,970
5.25%, 07/01/27			815		941,235
5.00%, 08/15/27			1,305		1,529,878
					4,921,083
Massachusetts — 0.2%
Commonwealth of Massachusetts GO, 2.90%, 09/01/49			4,350		4,141,113
Massachusetts Development Finance Agency RB:
5.00%, 07/01/43			2,390		2,834,612
5.00%, 07/01/47			1,260		1,466,174
5.00%, 07/01/48			2,535		2,981,084
Massachusetts Educational Financing Authority RB, 5.00%, 01/01/22			500		534,205
Massachusetts Housing Finance Agency RB:
4.50%, 12/01/39			940		985,618
4.60%, 12/01/44			995		1,064,491
4.50%, 12/01/48			1,160		1,220,111
Massachusetts School Building Authority RB:
2.87%, 10/15/31			6,940		6,897,319
2.97%, 10/15/32			4,300		4,289,637
Massachusetts Water Resources Authority RB, 5.00%, 08/01/40			920		1,099,207
					27,513,571
Michigan — 0.2%
Great Lakes Water Authority Water Supply System Revenue RB, 5.25%, 07/01/33			755		906,619
Michigan Finance Authority RB:
5.00%, 11/15/28			1,380		1,678,853
5.00%, 06/01/39			840		944,874
3.38%, 12/01/40			4,555		4,556,139
5.00%, 11/15/41			850		998,308
5.00%, 12/01/47			5,290		5,877,719
2.86%, 09/01/49(d)			6,090		6,175,686
Michigan State Housing Development Authority RB:
3.55%, 10/01/33			1,055		1,123,216
4.00%, 10/01/43			1,010		1,080,286
4.05%, 10/01/48			465		494,890
4.15%, 10/01/53			2,400		2,538,408
Royal Oak Hospital Finance Authority RB, 5.00%, 09/01/39			1,160		1,298,052
					27,673,050
Mississippi — 0.0%
Mississippi Hospital Equipment & Facilities Authority RB, 5.00%, 09/01/46			1,610		1,782,769

42

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
Missouri — 0.1%
Health & Educational Facilities Authority of the State of Missouri RB:
5.00%, 11/15/29	USD		840	$	1,003,859
3.65%, 01/15/46			8,185		8,784,469
3.09%, 09/15/51			3,450		3,369,374
					13,157,702
New Jersey — 0.1%
New Jersey State Turnpike Authority RB, 7.41%, 01/01/40			2,329		3,654,480
New Jersey Transportation Trust Fund Authority RB:
5.75%, 12/15/28			3,350		3,859,602
5.00%, 06/15/29			915		1,068,940
4.13%, 06/15/42			2,490		2,462,486
4.00%, 06/15/44			3,780		3,953,880
Rutgers The State University of New Jersey RB, 3.27%, 05/01/43			2,280		2,241,377
					17,240,765
New York — 0.9%
City of New York, NY GO:
3.76%, 12/01/27			2,675		2,905,077
2.85%, 08/01/31			5,380		5,406,739
2.90%, 08/01/32			9,025		9,066,064
6.27%, 12/01/37			2,095		2,905,074
Dutchess County Local Development Corp. RB, 5.00%, 07/01/46			2,685		3,093,066
Metropolitan Transportation Authority RB:
5.87%, 11/15/39			735		935,354
6.67%, 11/15/39			350		492,954
6.81%, 11/15/40			860		1,226,334
5.00%, 11/15/41			1,860		2,297,267
New York City Housing Development Corp. RB:
3.70%, 11/01/38			1,090		1,149,449
3.85%, 11/01/43			3,300		3,483,150
4.00%, 11/01/53			2,510		2,622,222
New York City Transitional Finance Authority Building Aid Revenue RB, 5.00%, 07/15/40			930		1,085,924
New York City Transitional Finance Authority Future Tax Secured Revenue RB:
3.65%, 11/01/24			4,050		4,280,567
3.55%, 05/01/25			5,040		5,383,577
3.75%, 11/01/25			4,050		4,281,377
3.05%, 05/01/27			4,675		4,857,839
3.35%, 11/01/30			6,190		6,455,551
3.90%, 08/01/31			4,860		5,248,363
New York City Water & Sewer System RB:
5.75%, 06/15/41			1,330		1,850,030
6.01%, 06/15/42			665		944,267
5.38%, 06/15/43			2,920		3,039,632
5.38%, 06/15/43			1,490		1,543,864
5.44%, 06/15/43			1,775		2,414,586
5.50%, 06/15/43			5,285		5,506,283
5.88%, 06/15/44			1,240		1,781,409
New York Convention Center Development Corp. RB, 5.00%, 11/15/40			930		1,094,591
New York Liberty Development Corp. RB, 5.00%, 11/15/44(b)			2,200		2,403,434
New York State Dormitory Authority RB:
5.39%, 03/15/40			1,470		1,865,724
3.19%, 02/15/43			4,315		4,321,386
3.14%, 07/01/43			3,080		3,053,235
New York State Urban Development Corp. RB:
3.12%, 03/15/25			1,955		2,042,936
3.25%, 03/15/25			2,325		2,449,829
2.35%, 03/15/27			5,870		5,838,830

Security		Par (000)		Value
New York (continued)
New York State Urban Development Corp. RB: (continued)
3.32%, 03/15/29	USD		4,035	$	4,204,268
New York Transportation Development Corp. RB:
5.00%, 08/01/20			2,200		2,242,878
5.00%, 07/01/46			730		807,052
5.25%, 01/01/50			9,190		10,302,817
Port Authority of New York & New Jersey RB:
5.65%, 11/01/40			2,165		2,891,358
4.96%, 08/01/46			3,735		4,738,184
4.93%, 10/01/51			4,360		5,649,426
4.46%, 10/01/62			3,155		3,873,804
State of New York GO, 2.80%, 02/15/32			5,195		5,211,624
TSASC, Inc. RB, 5.00%, 06/01/41			1,700		1,907,230
					149,154,625
North Carolina — 0.0%
North Carolina Turnpike Authority RB, AGM, 5.00%, 01/01/35			1,290		1,584,172
Ohio — 0.1%
American Municipal Power, Inc. RB:
7.83%, 02/15/41			1,500		2,345,385
6.45%, 02/15/44			4,635		6,426,335
Buckeye Tobacco Settlement Financing Authority RB, 5.88%, 06/01/47			5,210		5,228,131
JobsOhio Beverage System RB, 3.99%, 01/01/29			8,385		9,112,986
					23,112,837
Oklahoma — 0.0%
Oklahoma Development Finance Authority RB:
5.25%, 08/15/43			1,000		1,187,770
5.50%, 08/15/57			4,760		5,682,869
					6,870,639
Oregon — 0.2%
Oregon School Boards Association GO:
AMBAC, 4.76%, 06/30/28			5,785		6,465,779
5.55%, 06/30/28			7,175		8,479,630
5.68%, 06/30/28			10,105		12,114,783
State of Oregon GO, 5.89%, 06/01/27			8,145		9,716,008
					36,776,200
Pennsylvania — 0.2%
Berks County Industrial Development Authority RB, 5.00%, 11/01/47			1,780		2,020,585
City of Philadelphia, PA Airport Revenue RB, 5.00%, 07/01/42			1,000		1,174,320
Commonwealth Financing Authority RB:
3.86%, 06/01/38			1,180		1,264,736
4.14%, 06/01/38			1,730		1,895,959
3.81%, 06/01/41			11,155		11,897,811
DuBois Hospital Authority RB, 5.00%, 07/15/43			1,290		1,496,168
Pennsylvania Economic Development Financing Authority RB:
5.00%, 12/31/22			1,000		1,099,360
5.00%, 12/31/38			320		361,488
Pennsylvania Turnpike Commission RB:
5.00%, 12/01/46			1,120		1,303,736
5.00%, 12/01/48			2,805		3,338,988
					25,853,151
Puerto Rico — 0.0%
Commonwealth of Puerto Rico GO, 8.00%, 07/01/35(f)(j)			6,430		4,053,826

43

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Security		Par (000)		Value
South Carolina — 0.0%
Lexington County Health Services District, Inc. RB, 5.00%, 11/01/41	USD		960	$	1,114,042
South Carolina Public Service Authority RB, 2.39%, 12/01/23			4,067		4,048,821
Spartanburg County School District No. 7 GO, SCSDE, 5.00%, 03/01/48			645		786,481
					5,949,344
Tennessee — 0.0%
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB:
5.00%, 07/01/40			930		1,084,743
5.00%, 07/01/46			1,800		2,081,826
Tennessee Housing Development Agency RB:
3.75%, 07/01/38			975		1,035,489
3.85%, 07/01/43			460		486,689
3.95%, 01/01/49			360		380,765
					5,069,512
Texas — 0.2%
Central Texas Regional Mobility Authority RB:
5.00%, 01/01/45			900		1,030,446
5.00%, 01/01/46			900		1,035,522
City Public Service Board of San Antonio, TX RB, 5.81%, 02/01/41			3,260		4,480,479
Dallas Area Rapid Transit RB:
5.00%, 12/01/41			1,780		2,089,845
5.00%, 12/01/46			2,410		2,824,255
Dallas/Fort Worth International Airport RB:
5.00%, 11/01/42			2,025		2,133,884
Series A, 5.00%, 11/01/43			60		61,828
3.14%, 11/01/45			2,420		2,403,883
5.00%, 11/01/45			3,670		3,782,265
5.00%, 11/01/45			2,650		2,787,959
New Hope Cultural Education Facilities Finance Corp. RB, 5.00%, 08/15/47			1,380		1,630,608
San Antonio Water System RB, 5.00%, 05/15/39			1,520		1,763,094
Texas A&M University RB, 2.84%, 05/15/27			2,240		2,306,550
Texas Municipal Gas Acquisition & Supply Corp. RB, 6.25%, 12/15/26			720		851,112
Texas Private Activity Bond Surface Transportation Corp. RB:
5.00%, 12/31/55			370		411,647
5.00%, 06/30/58			2,185		2,543,908
					32,137,285
Virginia — 0.1%
Chesapeake Bay Bridge & Tunnel District RB:
AGM, 5.00%, 07/01/41			880		1,023,378
5.00%, 07/01/51			700		806,995
Tobacco Settlement Financing Corp. RB, 6.71%, 06/01/46			4,135		3,986,512
Virginia Small Business Financing Authority RB:
5.00%, 12/31/52			2,535		2,901,612
5.00%, 12/31/56			2,190		2,491,213
					11,209,710
Washington — 0.1%
Central Puget Sound Regional Transit Authority RB, 5.00%, 11/01/50			1,730		2,007,976
Grant County Public Utility District No. 2 RB, 4.58%, 01/01/40			600		699,750
Port of Seattle, WA RB, 5.00%, 05/01/43			930		1,087,523
State of Washington GO:
5.00%, 08/01/40			2,720		3,177,885
5.00%, 08/01/40			1,120		1,353,834

Security		Par (000)		Value
Washington (continued)
State of Washington GO: (continued)
5.00%, 02/01/41	USD		1,880	$	2,250,548
5.00%, 08/01/41			1,175		1,418,378
					11,995,894
West Virginia — 0.1%
Tobacco Settlement Finance Authority RB, 7.47%, 06/01/47			6,515		6,754,882
West Virginia Hospital Finance Authority RB:
5.00%, 06/01/20			965		979,726
5.00%, 06/01/21			960		1,009,603
5.00%, 06/01/22			1,050		1,141,098
5.00%, 06/01/23			870		974,417
5.00%, 06/01/24			935		1,076,166
					11,935,892
Wisconsin — 0.0%
State of Wisconsin GO:
5.00%, 05/01/36			1,520		1,782,382
5.00%, 05/01/38			1,530		1,788,754
State of Wisconsin RB, 3.15%, 05/01/27			1,900		1,981,320
					5,552,456
Total Taxable Municipal Bonds — 4.1% (Cost: $661,648,350)					693,791,426
U.S. Government Sponsored Agency Securities — 59.5%
Agency Obligations — 0.0%
Fannie Mae 6.63%, 11/15/30			1,450		2,067,065
Collateralized Mortgage Obligations — 0.0%
Fannie Mae Series 2003-W5, Class A, (1 mo. LIBOR US + 0.110%), 2.01%, 04/25/33(a)			2		1,723
Freddie Mac:
Series 2015-DN1, Class B, (1 mo. LIBOR US + 11.500%), 13.29%, 01/25/25(a)			491		665,635
Series 2015-HQ2, Class B, (1 mo. LIBOR US + 7.950%), 9.74%, 05/25/25(a)			523		618,192
Series 2017-DNA2, Class B1, (1 mo. LIBOR US + 5.150%), 6.94%, 10/25/29(a)			590		680,983
Series 2017-DNA3, Class B1, (1 mo. LIBOR US + 4.450%), 6.24%, 03/25/30(a)			1,860		2,057,074
Series 2017-HRP1, Class M2, (1 mo. LIBOR US + 2.450%), 4.24%, 12/25/42(a)			657		662,730
					4,686,337
Commercial Mortgage-Backed Securities — 0.1%
Fannie Mae Series 2006-M2, Class A2A, 5.27%, 10/25/32(d)			1,475		1,652,973
Freddie Mac:
Series K076, Class A2, 3.90%, 06/25/51			3,176		3,509,404
Series KL4F, Class A2AS, 3.68%, 10/25/25(d)			1,664		1,763,134
Series KW06, Class A2, 3.80%, 06/25/28(d)			1,040		1,129,036
Ginnie Mae:
Series 2015-97, Class VA, 2.25%, 12/16/38			1,050		1,020,242
Series 2016-158, Class VA, 2.00%, 03/16/35			687		651,575
					9,726,364
Interest Only Commercial Mortgage-Backed Securities — 0.1%
Fannie Mae Series 2015-M4, Class X2, 0.48%, 07/25/22(d)			29,830		208,091

44

Schedule of Investments  (unaudited) (continued) December 31, 2019 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:
Series 2012-23, Class IO, 0.35%, 06/16/53(d)	USD		2,924	$	40,497
Series 2013-191, Class IO, 0.73%, 11/16/53(d)			2,776		85,211
Series 2013-30, Class IO, 0.80%, 09/16/53(d)			12,628		477,571
Series 2013-63, Class IO, 0.79%, 09/16/51(d)			16,795		830,151
Series 2013-78, Class IO, 0.75%, 10/16/54(d)			13,386		515,485
Series 2014-40, Class AI, 1.00%, 02/16/39			1,462		9,340
Series 2014-52, Class AI, 0.83%, 08/16/41			3,751		73,182
Series 2015-173, Class IO, 0.87%, 09/16/55(d)			6,300		385,240
Series 2015-22, Class IO, 0.70%, 03/16/55(d)			9,581		405,645
Series 2015-37, Class IO, 0.76%, 10/16/56(d)			2,325		123,221
Series 2015-48, Class IO, 0.69%, 02/16/50(d)			5,222		211,666
Series 2016-110, Class IO, 1.03%, 05/16/58(d)			6,307		450,510
Series 2016-113, Class IO, 1.18%, 02/16/58(d)			7,832		638,989
Series 2016-125, Class IO, 0.99%, 12/16/57(d)			7,844		552,266
Series 2016-128, Class IO, 0.95%, 09/16/56(d)			13,284		951,094
Series 2016-152, Class IO, 0.88%, 08/15/58(d)			8,146		551,960
Series 2016-162, Class IO, 0.99%, 09/16/58(d)			25,661		1,977,309
Series 2016-165, Class IO, 0.96%, 12/16/57(d)			6,517		495,278
Series 2016-26, Class IO, 0.94%, 02/16/58(d)			32,415		2,142,264
Series 2016-36, Class IO, 0.91%, 08/16/57(d)			4,011		266,437
Series 2016-67, Class IO, 1.14%, 07/16/57(d)			4,727		347,208
Series 2016-92, Class IO, 1.00%, 04/16/58(d)			7,878		534,145
Series 2016-96, Class IO, 0.98%, 12/16/57(d)			16,699		1,187,217
Series 2016-97, Class IO, 1.04%, 07/16/56(d)			9,789		706,767
Series 2018-85, Class IO, 0.50%, 07/16/60(d)			11,292		627,242
					14,793,986
Mortgage-Backed Securities — 59.3%
Fannie Mae Mortgage-Backed Securities:
4.50%, 02/01/25 - 01/01/50(q)			958,125		1,021,945,613
2.50%, 09/01/27 - 01/01/50(q)			286,784		286,789,801
3.00%, 04/01/28 - 01/01/50(q)			768,362		786,245,308
3.50%, 08/01/28 - 01/01/50(q)			1,387,976		1,435,254,555
4.00%, 08/01/31 - 01/01/50(q)			3,352,698		3,504,540,200
2.00%, 10/01/31 - 03/01/32			16,580		16,480,403
5.00%, 11/01/32 - 01/01/50(q)			68,825		74,356,971
5.50%, 12/01/32 - 04/01/41			22,008		24,666,540
6.00%, 02/01/34 - 01/01/50(q)			22,958		25,762,830
6.50%, 05/01/40			2,582		2,929,959
Freddie Mac Mortgage-Backed Securities:
2.50%, 02/01/24 - 04/01/31			21,781		22,103,801
3.00%, 09/01/27 - 02/01/47			78,711		81,089,131
3.50%, 09/01/30 - 01/01/48			245,587		260,356,777

Security		Par (000)		Value
Mortgage-Backed Securities (continued)
Freddie Mac Mortgage-Backed Securities:(continued)
5.50%, 02/01/35 - 06/01/41	USD		3,046	$	3,417,032
5.00%, 07/01/35 - 11/01/41			10,092		11,080,497
4.50%, 02/01/39 - 04/01/49			157,883		171,264,075
4.00%, 08/01/40 - 08/01/49			69,620		74,170,321
Ginnie Mae Mortgage-Backed Securities:
5.00%, 04/15/33 - 01/15/50(q)			50,282		53,305,354
4.00%, 04/20/39 - 01/15/50(q)			316,566		328,493,256
4.50%, 12/20/39 - 01/15/50(q)			943,888		986,993,047
3.50%, 01/15/42 - 01/15/50(q)			413,395		428,378,992
3.00%, 12/20/44 - 01/15/50(q)			412,330		423,626,824
2.50%, 01/15/50(q)			16,264		16,333,252
5.50%, 01/15/50(q)			5,800		6,158,423
					10,045,742,962
Total U.S. Government Sponsored Agency Securities — 59.5% (Cost: $10,012,535,855)					10,077,016,714
U.S. Treasury Obligations — 11.4%
U.S. Treasury Bonds:
4.25%, 05/15/39			111		146,303
4.50%, 08/15/39			111		150,878
4.38%, 11/15/39			111		148,788
3.13%, 02/15/43			398		452,305
2.88%, 05/15/43 - 11/15/46			12,870		14,148,848
3.63%, 08/15/43			398		489,074
3.75%, 11/15/43			12,973		16,256,284
3.00%, 02/15/48			12,472		14,056,334
2.25%, 08/15/49			548		533,101
U.S. Treasury Inflation Indexed Notes:
0.63%, 04/15/23			16,086		16,335,393
0.50%, 04/15/24			1,454,055		1,477,562,211
0.13%, 10/15/24			131,485		132,242,013
0.25%, 01/15/25			237,649		239,760,119
U.S. Treasury Notes:
2.00%, 07/31/20 - 02/15/25			2,505		2,522,062
2.50%, 12/31/20			1,157		1,166,672
1.13%, 07/31/21			1,734		1,721,063
1.75%, 07/31/21 - 07/31/24			3,892		3,904,532
1.50%, 01/31/22 - 08/15/26			2,662		2,638,126
2.13%, 12/31/22 - 05/15/25			2,387		2,431,192
2.75%, 05/31/23			768		796,320
2.25%, 08/15/27			768		789,930
2.88%, 08/15/28			233		251,294
3.13%, 11/15/28			233		256,364
1.63%, 08/15/29			233		227,166
Total U.S. Treasury Obligations — 11.4% (Cost: $1,913,643,379)					1,928,986,372
		Shares
Warrants — 0.0%
Real Estate Management & Development — 0.0%
Target Hospitality Corp. (Issued/Exercisable 3/05/18, 1 Share for 1 Warrant, Expires 3/15/24, Strike Price USD 11.50)(f)			8,280		4,306
Total Warrants — 0.0% (Cost: $11,817)					4,306
Total Long-Term Investments — 130.1% (Cost: $21,679,687,621)					22,020,083,450

45

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC (Percentages shown are based on Net Assets)

Short-Term Securities — 8.9%

Security		Par (000)		Value
Foreign Government Obligations — 1.9%
Japan Treasury Discount Bill:
(0.14)%, 03/09/20(r)	JPY		17,743,400	$	163,346,672
(0.11)%, 03/16/20(r)			18,026,450		165,956,531
Total Foreign Government Obligations — 1.9% (Cost: $328,957,944)					329,303,203
		Shares
Mutual Funds — 7.0%
BlackRock Liquidity Funds, T-Fund, Institutional Class,     1.51%(s)(u)			1,178,259,649		1,178,259,649
SL Liquidity Series, LLC, Money Market Series,     1.80%(s)(t)(u)			4,239		4,240
Total Mutual Funds — 7.0% (Cost — $1,178,263,889)					1,178,263,889
Total Short-Term Investments — 8.9% (Cost: $1,507,221,833)					1,507,567,092
Options Purchased — 0.1%     (Cost: $22,109,452)					21,100,639
Total Investments Before Options Written and TBA Sale Commitments —139.1% (Cost: $23,209,018,906)					23,548,751,181
		Par (000)
TBA Sale Commitments — (11.2)%(q)
Mortgage-Backed Securities — (11.2)%
Fannie Mae Mortgage-Backed Securities:
2.50%, 01/01/35	USD		55,054		(55,549,639	)
3.00%, 01/01/35 - 01/01/50			85,933		(87,210,100	)
3.50%, 01/01/35 - 01/01/50			340,616		(350,534,590	)
4.00%, 01/01/50			633,060		(658,431,861	)
4.50%, 01/01/50			140,690		(148,125,686	)
5.50%, 01/01/50			1,113		(1,198,562	)
Ginnie Mae Mortgage-Backed Securities:
3.50%, 01/15/50			517,504		(533,332,561	)
4.00%, 01/15/50			53,450		(55,320,750	)
Total TBA Sale Commitments — (11.2)% (Proceeds: $1,889,529,821)					(1,889,703,749	)
Options Written — 0.0%     (Premiums Received: $6,973,795)					(2,640,067	)
Total Investments Net of Options Written and TBA Sale Commitments — 127.9% (Cost: $21,312,515,290)					21,656,407,365
Liabilities in Excess of Other Assets — (27.9)%					(4,726,393,271	)
Net Assets — 100.0%				$	16,930,014,094

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

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

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

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

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

46

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

^(f)  Non-income producing security.

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

^(h)  Convertible security.

⁽ⁱ⁾  Zero-coupon bond.

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

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

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

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

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

^(o)  Fixed rate.

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

^(q)  Represents or includes a TBA transaction.

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

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

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

^(u)  During the period ended December 31, 2019, investments in issuers considered to be an affiliate/affiliates of the Master Portfolio for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, and/or related parties of the Fund were as follows:

Affiliated Persons and/or Related Parties	Par/Shares Held at 09/30/19		Par/Shares Purchased		Par/Shares Sold			Par/Shares Held at 12/31/19		Value at 12/31/19		Income			Net Realized Gain (Loss)(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Capital Finance LP, Series 1997-R2, Class AP	$	3,374	$	—	$	—		$	3,374	$	3,058	$	—		$	—	$	2
BlackRock Liquidity Funds, T-Fund, Institutional Class(b)		205,577,418		972,682,231		—			1,178,259,649		1,178,259,649		2,706,935			2,436		—
iShares MSCI Emerging Markets ETF		138,000		—		(138,000	)		—		—		—			245,218		128,478
SL Liquidity Series, LLC, Money Market Series(c)		1,616,527		—		(1,612,288	)		4,239		4,240		3,084	(d)		—		—
										$	1,178,266,947	$	2,710,019		$	247,654	$	128,480

^(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 rating group indexes, and/or as defined by the investment adviser. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro-Bobl		184	03/06/20	$	27,580	$	(91,955	)
Euro-BTP Italian Government Bond		677	03/06/20		108,183		(273,581	)
Euro-Schatz		6,869	03/06/20		862,227		(746,934	)
U.S. Treasury Bonds (30 Year)		71	03/20/20		11,069		(8,351	)
U.S. Ultra Treasury Bonds		6,361	03/20/20		1,155,515		(33,047,977	)
U.S. Ultra Treasury Bonds (10 Year)		2,693	03/20/20		378,914		(3,503,543	)
30 Day Fed Fund		145	03/31/20		57,095		(15,922	)
U.S. Treasury Notes (2 Year)		13,022	03/31/20		2,806,241		(1,494,171	)
U.S. Treasury Notes (5 Year)		4,667	03/31/20		553,550		222,542
30 Day Fed Fund		145	06/30/20		59,503		(43,198	)
3-month EURIBOR		146	12/14/20		41,092		(90,217	)
Canadian Bankers Acceptance		1,218	06/14/21		229,838		84,554
Canadian Bankers Acceptance		450	09/13/21		84,911		25,339
							(38,983,414	)

47

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Short Contracts
Euro-Bund		663		03/06/20	$	126,792	$	1,140,205
Euro-Buxl		82		03/06/20		18,247		424,070
Canadian Government Bonds (10 Year)		276		03/20/20		29,221		601,102
E-Mini S&P 500 Index		336		03/20/20		54,282		(337,910	)
U.S. Treasury Notes (10 Year)		9,063		03/20/20		1,163,887		987,615
Long Gilt British		597		03/27/20		103,894		419,118
Canadian Bankers Acceptance		768		06/15/20		144,930		(9,053	)
								3,225,147
							$	(35,758,267	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
BRL	10,185,941	USD	2,507,000	Citibank N.A.	01/03/20	$	24,902
BRL	10,206,415	USD	2,429,000	Citibank N.A.	01/03/20		107,992
BRL	12,952,575	USD	3,095,000	Citibank N.A.	01/03/20		124,600
BRL	10,339,263	USD	2,427,000	Citibank N.A.	01/03/20		143,013
BRL	10,303,829	USD	2,427,000	Deutsche Bank AG	01/03/20		134,205
BRL	51,182,589	USD	12,534,000	Deutsche Bank AG	01/03/20		188,371
MXN	63,637,437	USD	3,261,000	Citibank N.A.	01/03/20		103,175
MXN	63,327,571	USD	3,235,000	HSBC Bank PLC	01/03/20		112,794
ZAR	92,578,218	USD	6,581,000	JPMorgan Chase Bank N.A.	01/06/20		23,626
CNH	17,037,277	USD	2,420,000	Bank of America N.A.	01/08/20		26,994
CNH	17,192,455	USD	2,429,000	Bank of America N.A.	01/08/20		40,281
EUR	2,868,000	USD	3,179,237	HSBC Bank PLC	01/08/20		39,406
KRW	3,922,991,100	USD	3,339,000	BNP Paribas S.A.	01/08/20		53,876
KRW	2,889,295,500	USD	2,429,000	Deutsche Bank AG	01/08/20		69,864
KRW	3,734,373,000	USD	3,145,000	JPMorgan Chase Bank N.A.	01/08/20		84,746
MXN	27,889,109	USD	1,421,000	Morgan Stanley & Co. International PLC	01/08/20		52,219
RUB	208,871,774	USD	3,239,000	BNP Paribas S.A.	01/09/20		122,518
RUB	47,145,827	USD	733,000	Citibank N.A.	01/09/20		25,750
USD	163,480,243	JPY	17,748,723,000	Citibank N.A.	01/09/20		50,484
USD	166,473,019	JPY	18,031,858,000	UBS AG	01/14/20		390,739
USD	2,857,825	EUR	2,500,000	NatWest Markets PLC	01/15/20		50,957
AUD	5,185,000	JPY	392,196,251	Morgan Stanley & Co. International PLC	01/17/20		27,227
AUD	4,853,000	JPY	366,374,129	Morgan Stanley & Co. International PLC	01/17/20		32,019
USD	2,856,320	EUR	2,500,000	Royal Bank of Canada	01/17/20		49,105
COP	19,953,182,230	USD	5,767,149	Citibank N.A.	01/22/20		298,005
COP	23,536,195,000	USD	6,810,242	Standard Chartered Bank	01/22/20		344,039
COP	3,704,305,920	USD	1,070,299	UBS AG	01/22/20		55,696
COP	29,293,852,000	USD	8,463,985	UBS AG	01/22/20		440,446
RUB	269,363,339	USD	4,171,810	HSBC Bank PLC	01/22/20		156,209
RUB	398,750,661	USD	6,191,300	JPMorgan Chase Bank N.A.	01/22/20		215,661
MXN	63,521,804	USD	3,339,000	Bank of America N.A.	01/23/20		8,786
BRL	20,095,294	USD	4,941,000	Credit Suisse International	02/04/20		49,183
BRL	50,976,405	USD	12,534,000	Credit Suisse International	02/04/20		124,764
BRL	16,939,762	USD	4,174,000	Morgan Stanley & Co. International PLC	02/04/20		32,582
JPY	267,517,473	USD	2,462,000	Morgan Stanley & Co. International PLC	02/05/20		4,985
MXN	317,283,000	USD	16,384,945	Bank of America N.A.	02/05/20		304,286
MXN	96,753,000	USD	4,935,894	HSBC Bank PLC	02/05/20		153,358

48

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
JPY	882,843,150	USD	8,098,000	UBS AG	02/06/20	$	43,854
RUB	527,305,380	USD	8,356,000	Bank of America N.A.	02/18/20		88,912
USD	44,135,574	EUR	33,810,000	Deutsche Bank AG	02/25/20		6,078,481
CNH	4,431,967	USD	631,128	Bank of America N.A.	03/13/20		4,479
USD	44,963,466	JPY	4,504,440,000	HSBC Bank PLC	03/16/20		3,328,015
AUD	15,432,301	USD	10,783,552	Bank of America N.A.	03/18/20		66,942
AUD	23,874,350	USD	16,676,448	Goldman Sachs International	03/18/20		109,674
BRL	151,657,150	USD	37,032,000	Bank of America N.A.	03/18/20		546,640
BRL	172,220,590	USD	41,710,000	Deutsche Bank AG	03/18/20		963,990
CAD	31,285,982	USD	23,919,861	Bank of America N.A.	03/18/20		179,720
CAD	4,630,148	USD	3,540,139	Royal Bank of Canada	03/18/20		26,462
EUR	24,492,555	USD	27,460,000	BNP Paribas S.A.	03/18/20		147,521
GBP	20,919,705	USD	27,460,000	TD Securities, Inc.	03/18/20		309,643
MXN	287,920,555	USD	14,885,000	BNP Paribas S.A.	03/18/20		167,852
MXN	285,062,325	USD	14,730,000	Citibank N.A.	03/18/20		173,420
MXN	804,192,935	USD	41,090,000	Citibank N.A.	03/18/20		954,226
MXN	233,881,015	USD	12,095,000	Deutsche Bank AG	03/18/20		132,596
RUB	2,652,449,380	USD	41,594,000	Bank of America N.A.	03/18/20		743,075
RUB	2,630,331,500	USD	40,850,000	Bank of America N.A.	03/18/20		1,134,041
USD	6,865,000	AUD	9,753,415	Bank of America N.A.	03/18/20		7,346
USD	27,460,000	AUD	39,040,436	Morgan Stanley & Co. International PLC	03/18/20		10,560
USD	6,865,000	CAD	8,905,724	Bank of America N.A.	03/18/20		4,924
USD	27,460,000	EUR	24,328,919	Morgan Stanley & Co. International PLC	03/18/20		36,927
USD	6,865,000	EUR	6,089,851	State Street Bank and Trust Co.	03/18/20		641
							19,526,804
USD	7,944,000	BRL	33,843,029	Citibank N.A.	01/03/20		(468,305	)
USD	12,534,000	BRL	50,913,108	Credit Suisse International	01/03/20		(121,386	)
USD	4,941,000	BRL	20,070,342	Credit Suisse International	01/03/20		(47,851	)
USD	3,336,000	MXN	63,874,392	BNP Paribas S.A.	01/03/20		(40,701	)
USD	3,160,000	MXN	60,343,360	Citibank N.A.	01/03/20		(30,034	)
JPY	263,392,258	USD	2,429,000	Bank of America N.A.	01/06/20		(4,089	)
JPY	341,800,683	USD	3,154,000	Morgan Stanley & Co. International PLC	01/06/20		(7,225	)
USD	3,121,000	JPY	340,386,215	Morgan Stanley & Co. International PLC	01/06/20		(12,753	)
USD	2,462,000	JPY	267,964,843	Morgan Stanley & Co. International PLC	01/06/20		(5,008	)
USD	3,342,000	ZAR	48,270,304	Bank of America N.A.	01/06/20		(101,654	)
USD	3,239,000	ZAR	47,739,621	BNP Paribas S.A.	01/06/20		(166,794	)
USD	4,849,000	CNH	34,150,052	Bank of America N.A.	01/08/20		(55,831	)
USD	3,195,617	EUR	2,868,000	Bank of America N.A.	01/08/20		(23,026	)
USD	5,574,000	KRW	6,630,941,880	Deutsche Bank AG	01/08/20		(160,901	)
USD	3,339,000	KRW	3,972,141,180	Deutsche Bank AG	01/08/20		(96,385	)
USD	1,421,000	MXN	27,936,435	Goldman Sachs International	01/08/20		(54,719	)
USD	3,972,000	RUB	249,560,760	Citibank N.A.	01/09/20		(44,354	)
EUR	5,000,000	USD	5,659,655	NatWest Markets PLC	01/17/20		(45,224	)
JPY	496,677,212	AUD	6,625,080	Morgan Stanley & Co. International PLC	01/17/20		(75,759	)
USD	3,342,000	KRW	3,887,080,200	BNP Paribas S.A.	01/21/20		(20,794	)
USD	22,066,683	COP	76,487,535,150	Credit Suisse International	01/22/20		(1,183,178	)
USD	9,628,770	RUB	623,535,071	Morgan Stanley & Co. International PLC	01/22/20		(389,933	)
USD	5,680,439	RUB	367,851,012	Morgan Stanley & Co. International PLC	01/22/20		(230,039	)
USD	3,097,926	RUB	200,613,918	Morgan Stanley & Co. International PLC	01/22/20		(125,456	)
COP	10,977,722,000	USD	3,353,000	JPMorgan Chase Bank N.A.	01/24/20		(16,347	)
USD	3,353,000	COP	11,167,166,500	Citibank N.A.	01/24/20		(41,234	)
USD	993,567	AUD	1,464,000	National Australia Bank Ltd.	02/05/20		(34,725	)

49

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	727,875	CHF	712,173	Morgan Stanley & Co. International PLC	02/05/20	$	(9,882	)
USD	2,056,776	EUR	1,844,000	Goldman Sachs International	02/05/20		(16,269	)
USD	1,597,054	EUR	1,432,000	Goldman Sachs International	02/05/20		(12,817	)
USD	1,307,575	EUR	1,172,000	Goldman Sachs International	02/05/20		(10,001	)
USD	5,620,939	EUR	5,001,678	HSBC Bank PLC	02/05/20		(2,005	)
USD	2,895,276	EUR	2,606,000	Morgan Stanley & Co. International PLC	02/05/20		(34,419	)
USD	21,475,231	IDR	304,411,404,524	Barclays Bank PLC	02/05/20		(380,356	)
USD	10,766,478	IDR	152,205,700,000	BNP Paribas S.A.	02/05/20		(161,316	)
USD	6,790,010	IDR	96,465,671,000	BNP Paribas S.A.	02/05/20		(135,860	)
USD	5,172,470	IDR	73,458,379,850	BNP Paribas S.A.	02/05/20		(101,564	)
USD	10,726,265	IDR	152,205,704,523	Citibank N.A.	02/05/20		(201,529	)
USD	3,077,206	IDR	43,674,786,497	HSBC Bank PLC	02/05/20		(58,478	)
USD	558,593	IDR	7,925,975,503	UBS AG	02/05/20		(10,462	)
USD	152,645	JPY	16,641,000	TD Securities, Inc.	02/05/20		(814	)
USD	79,433,141	MXN	1,537,126,594	HSBC Bank PLC	02/05/20		(1,420,422	)
USD	37,402,357	RUB	2,403,587,637	JPMorgan Chase Bank N.A.	02/05/20		(1,151,206	)
USD	4,572,297	RUB	294,295,910	JPMorgan Chase Bank N.A.	02/05/20		(148,211	)
USD	6,581,000	ZAR	92,952,676	JPMorgan Chase Bank N.A.	02/05/20		(24,057	)
EUR	33,810,000	USD	41,665,584	JPMorgan Chase Bank N.A.	02/25/20		(3,608,492	)
JPY	86,008,000	USD	796,486	Royal Bank of Canada	03/13/20		(1,633	)
USD	571,255	CNH	4,035,000	Bank of America N.A.	03/13/20		(7,421	)
USD	570,586	CNH	4,031,079	BNP Paribas S.A.	03/13/20		(7,527	)
USD	2,616,158	EUR	2,345,421	Bank of America N.A.	03/13/20		(26,718	)
USD	234,875	HKD	1,834,306	Bank of America N.A.	03/13/20		(386	)
USD	5,627,066	HKD	44,069,776	Citibank N.A.	03/13/20		(25,158	)
USD	7,801,840	JPY	844,514,026	Bank of America N.A.	03/13/20		(2,838	)
USD	373,805	KRW	444,098,451	HSBC Bank PLC	03/13/20		(10,903	)
USD	1,274,777	TWD	38,600,260	Goldman Sachs International	03/13/20		(17,399	)
JPY	4,504,440,000	USD	41,738,695	JPMorgan Chase Bank N.A.	03/16/20		(103,245	)
USD	27,460,000	AUD	39,177,082	Deutsche Bank AG	03/18/20		(85,516	)
USD	27,858,000	CAD	36,207,043	Bank of America N.A.	03/18/20		(32,272	)
USD	27,460,000	CAD	35,859,811	BNP Paribas S.A.	03/18/20		(162,799	)
USD	27,460,000	CAD	35,703,393	BNP Paribas S.A.	03/18/20		(42,311	)
USD	27,858,000	CHF	26,818,200	Morgan Stanley & Co. International PLC	03/18/20		(6,802	)
USD	27,460,000	EUR	24,409,106	Morgan Stanley & Co. International PLC	03/18/20		(53,458	)
USD	6,865,000	GBP	5,177,033	Bank of America N.A.	03/18/20		(7,199	)
USD	27,460,000	GBP	20,889,437	Citibank N.A.	03/18/20		(269,463	)
USD	27,460,000	GBP	20,757,741	Morgan Stanley & Co. International PLC	03/18/20		(94,645	)
USD	1,790,749	EUR	1,591,408	UBS AG	11/27/20		(31,332	)
							(12,080,890	)
Net Unrealized Appreciation						$	7,445,914

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	0.50%	Citibank N.A.	03/13/20		USD	1,017,480	$	35,347	$	391,730	$	(356,383	)
10Y-2Y CMS Index Cap	0.40%	Goldman Sachs International	03/31/20		USD	860,000		131,313		718,100		(586,787	)
							$	166,660	$	1,109,830	$	(943,170	)

50

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

Exchange-Traded Options Purchased

Description	Number of Contracts	Expiration Date	Exercise Price		Notional Amount (000)		Value
Call
Caesars Entertainment Corp.	14,489	01/17/20	USD	12.00	USD	19,705	$	2,339,974
SPDR S&P 500 ETF Trust	1,008	01/17/20	USD	320.00	USD	32,443		480,312
SPDR S&P 500 ETF Trust	595	01/17/20	USD	322.00	USD	19,151		199,623
VanEck Vectors JPMorgan EM Local Currency Bond ETF	11,684	01/17/20	USD	37.00	USD	39,737		87,630
VanEck Vectors Semiconductor ETF	746	01/17/20	USD	142.00	USD	10,549		176,056
SPDR S&P 500 ETF Trust	676	01/21/20	USD	322.00	USD	21,758		239,980
iShares MSCI Emerging Markets Index ETF	24,704	02/21/20	USD	44.73	USD	110,847		2,692,736
SPDR S&P 500 ETF Trust	1,824	02/21/20	USD	330.00	USD	58,707		398,544
Euro Dollar (1 Year) Mid-Curve	12,998	03/13/20	USD	99.13	USD	3,198,808		243,713
Euro Dollar (1 Year) Mid-Curve	6,499	03/13/20	USD	99.00	USD	1,599,404		162,475
DAX Performance-Index	415	03/20/20	EUR	13,600.00	EUR	27,492		381,134
EURO STOXX 50 Index	1,443	03/20/20	EUR	3,800.00	EUR	54,043		866,771
Caesars Entertainment Corp.	11,693	01/15/21	USD	12.00	USD	15,902		2,209,976
Market Vectors Gold Miners ETF	2,288	01/15/21	USD	30.00	USD	6,699		806,520
								11,285,444
Put
CME CBOT U.S. Treasury Notes (10 Year) Week 2	3,481	01/10/20	USD	127.75	USD	447,037		489,516
Caesars Entertainment Corp.	499	01/17/20	USD	10.00	USD	679		1,248
SPDR S&P 500 ETF Trust	775	01/17/20	USD	295.00	USD	24,944		18,213
								508,977
							$	11,794,421

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	Bank of America N.A.		—		01/06/20		TRY	5.60		USD	5.60		USD	134	$	3
USD Currency	One-Touch	BNP Paribas S.A.		—		01/06/20		TRY	5.60		USD	5.60		USD	380		10
AUD Currency	In-Touch	Morgan Stanley & Co. International PLC		—		01/09/20		USD	0.72		AUD	0.72		AUD	470		10,891
USD Currency	One-Touch	BNP Paribas S.A.		—		01/10/20		TRY	5.67		USD	5.67		USD	834		4,373
USD Currency	One-Touch	BNP Paribas S.A.		—		01/10/20		TRY	5.67		USD	5.67		USD	500		2,622
USD Currency	One-Touch	HSBC Bank PLC		—		01/23/20		CNH	6.90		USD	6.90		USD	524		94,072
EUR Currency	One-Touch	Deutsche Bank AG		—		02/06/20		NOK	9.85		USD	9.85		EUR	246		123,012
USD Currency	One-Touch	Citibank N.A.		—		02/06/20		BRL	3.98		USD	3.98		USD	718		267,681
USD Currency	One-Touch	Deutsche Bank AG		—		02/06/20		BRL	3.98		USD	3.98		USD	575		214,368
USD Currency	One-Touch	Bank of America N.A.		—		02/07/20		RUB	62.10		USD	62.10		USD	527		258,984
USD Currency	One-Touch	Bank of America N.A.		—		02/14/20		RUB	61.10		USD	61.10		USD	668		149,310
EUR Currency	Under-and-Out	Citibank N.A.		—		12/22/20		MXN	22.66		EUR	22.70		EUR	10,892		278,474
EUR Currency	Under-and-Out	Citibank N.A.		—		12/22/20		RUB	73.44		EUR	73.50		EUR	10,892		266,841
																$	1,670,641

51

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

OTC Options Purchased

Description	Counterparty	Number of Contracts	Expiration Date		Exercise Price		Notional Amount (000)		Value
Call
USD Currency	Deutsche Bank AG	—		01/09/20	ZAR	15.30	USD	4,154	$	1
USD Currency	Bank of America N.A.	—		01/21/20	TWD	30.60	USD	8,098		537
Hang Seng China Enterprises Index	JPMorgan Chase Bank N.A.	30		01/30/20	HKD	11,542.46	HKD	16,752		12,285
Hang Seng China Enterprises Index	UBS AG	30		01/30/20	HKD	11,498.31	HKD	16,752		14,317
Financial Select Sector SPDR Fund	UBS AG	259,500		03/20/20	USD	32.00	USD	7,987		96,015
USD Currency	Bank of America N.A.	—		03/24/20	ZAR	15.50	USD	12,752		57,660
USD Currency	Citibank N.A.	—		03/24/20	ZAR	17.00	USD	6,376		3,081
USD Currency	Deutsche Bank AG	—		03/31/20	ZAR	14.65	USD	6,231		93,359
USD Currency	Citibank N.A.	—		04/08/20	ZAR	15.60	USD	12,461		68,024
										345,279
Put
USD Currency	Deutsche Bank AG	—		01/14/20	KRW	1,178.00	USD	8,341		172,949
USD Currency	Deutsche Bank AG	—		01/17/20	BRL	3.96	USD	4,753		9,793
USD Currency	Morgan Stanley & Co. International PLC	—		01/17/20	BRL	4.10	USD	6,337		129,638
USD Currency	Citibank N.A.	—		02/06/20	BRL	4.14	USD	7,838		251,040
USD Currency	Credit Suisse International	—		02/06/20	BRL	4.18	USD	6,508		263,404
USD Currency	Deutsche Bank AG	—		02/14/20	BRL	4.10	USD	12,512		312,308
USD Currency	Citibank N.A.	—		02/19/20	BRL	4.16	USD	4,017		150,093
USD Currency	Bank of America N.A.	—		03/06/20	RUB	64.30	USD	7,891		260,130
USD Currency	Citibank N.A.	—		03/06/20	BRL	4.14	USD	7,838		270,097
USD Currency	Deutsche Bank AG	—		04/02/20	JPY	107.00	USD	24,295		184,301
EUR Currency	JPMorgan Chase Bank N.A.	—		04/29/20	USD	1.11	EUR	29,665		138,293
USD Currency	Citibank N.A.	—		05/01/20	JPY	107.00	USD	8,098		81,238
										2,223,284
									$	2,568,563

OTC Interest Rate Swaptions Purchased

Paid by the Fund

Received by the Fund

Expiration

Exercise

Notional Amount

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

(000)

Value

Call

10-Year Interest Rate Swap, 06/05/30

3-month LIBOR, 1.91%

Quarterly

1.71

%

Semi- Annual

Citibank N.A.

06/03/20

1.71

%

USD

91,477

$

736,146

10-Year Interest Rate Swap, 06/05/30

3-month LIBOR, 1.91%

Quarterly

1.71

%

Semi- Annual

Citibank N.A.

06/03/20

1.71

%

USD

23,863

192,033

928,179

52

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

Paid by the Fund

Received by the Fund

Expiration

Exercise

Notional Amount

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

(000)

Value

Put

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

2.00%

Semi- Annual

3-month LIBOR, 1.91%

Quarterly

Morgan Stanley & Co. International PLC

01/29/20

2.00%

USD

169,782

$

531,482

10-Year Interest Rate Swap, 04/01/30

2.30%

Semi- Annual

3-month LIBOR, 1.91%

Quarterly

Bank of America N.A.

03/30/20

2.30%

USD

49,716

88,984

10-Year Interest Rate Swap, 04/01/30

2.30%

Semi- Annual

3-month LIBOR, 1.91%

Quarterly

Citibank N.A.

03/30/20

2.30%

USD

149,147

266,949

10-Year Interest Rate Swap, 06/05/30

1.71%

Semi- Annual

3-month LIBOR, 1.91%

Quarterly

Citibank N.A.

06/03/20

1.71%

USD

91,477

2,446,546

10-Year Interest Rate Swap, 06/05/30

1.71%

Semi- Annual

3-month LIBOR, 1.91%

Quarterly

Citibank N.A.

06/03/20

1.71%

USD

23,863

638,214

3,972,175

$

4,900,354

Exchange-Traded Options Written

Description	Number of Contracts	Expiration Date	Exercise Price			Notional Amount (000)			Value
Call
Energy Select Sector SPDR ETF	530	01/17/20		USD	58.21		USD	3,182	$	(118,720	)
Industrial Select Sector SPDR Fund	341	01/17/20		USD	82.00		USD	2,778		(24,893	)
SPDR KBW Regional Banking ETF	535	01/17/20		USD	57.00		USD	3,116		(97,638	)
SPDR S&P Retail ETF	672	01/17/20		USD	45.00		USD	3,092		(95,088	)
SPDR S&P 500 ETF Trust	676	01/21/20		USD	327.00		USD	21,758		(71,318	)
U.S. Treasury Notes (2 Year)	620	01/24/20		USD	107.75		USD	133,610		(106,563	)
Euro Dollar (3 Year) Mid-Curve	12,998	03/13/20		USD	99.00		USD	3,193,121		(243,709	)
Euro Dollar (3 Year) Mid-Curve	6,499	03/13/20		USD	98.88		USD	1,596,561		(203,094	)
Utilities SPDR ETF	998	03/20/20		USD	65.00		USD	6,449		(126,746	)
										(1,087,769	)
Put
CME CBOT U.S. Treasury Notes (10 Year) Week 2	3,481	01/10/20		USD	126.75		USD	447,037		(108,781	)
CBOE Volatility Index	2,705	01/22/20		USD	13.00		USD	3,727		(114,963	)
U.S. Treasury Notes (10 Year)	267	01/24/20		USD	128.00		USD	34,289		(87,609	)
										(311,353	)
									$	(1,399,122	)

OTC Options Written

Description	Counterparty	Number of Contracts	Expiration     Date			Exercise Price		Notional Amount (000)			Value
Call
USD Currency	Citibank N.A.	—		01/09/20	ZAR		15.30		USD	4,154	$	(1	)
USD Currency	Morgan Stanley & Co. International PLC	—		01/17/20	BRL		4.35		USD	2,376		(14	)
USD Currency	Citibank N.A.	—		01/20/20	RUB		62.60		USD	5,849		(25,231	)
USD Currency	Citibank N.A.	—		02/05/20	JPY		109.00		USD	2,429		(10,366	)
USD Currency	Credit Suisse International	—		02/06/20	BRL		4.35		USD	3,254		(1,895	)

53

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

Description	Counterparty	Number of Contracts	Expiration     Date	Exercise         Price			Notional         Amount (000)			Value
EUR Currency	Bank of America N.A.	—	02/14/20		CNH	7.85		EUR	5,998	$	(47,390	)
USD Currency	Citibank N.A.	—	02/19/20		BRL	4.35		USD	2,410		(2,977	)
USD Currency	Bank of America N.A.	—	03/24/20		ZAR	17.00		USD	12,752		(6,152	)
USD Currency	Deutsche Bank AG	—	03/31/20		ZAR	15.35		USD	12,461		(80,228	)
USD Currency	Citibank N.A.	—	04/08/20		ZAR	17.00		USD	12,461		(11,380	)
											(185,634	)
Put
USD Currency	Citibank N.A.	—	01/09/20		ZAR	14.45		USD	4,154		(131,118	)
USD Currency	Morgan Stanley & Co. International PLC	—	01/17/20		BRL	3.99		USD	4,753		(18,907	)
USD Currency	Citibank N.A.	—	02/05/20		JPY	108.00		USD	2,429		(12,373	)
USD Currency	Citibank N.A.	—	02/06/20		BRL	3.98		USD	11,756		(87,838	)
USD Currency	Credit Suisse International	—	02/06/20		BRL	4.06		USD	9,761		(169,943	)
USD Currency	Deutsche Bank AG	—	02/14/20		BRL	3.98		USD	16,682		(138,994	)
USD Currency	Bank of America N.A.	—	03/06/20		RUB	62.50		USD	11,837		(152,019	)
USD Currency	Citibank N.A.	—	03/06/20		BRL	3.98		USD	11,756		(128,214	)
EUR Currency	Citibank N.A.	—	04/29/20		USD	1.11		EUR	29,665		(138,975	)
USD Currency	Citibank N.A.	—	05/01/20		JPY	104.00		USD	8,098		(34,230	)
											(1,012,611	)
										$	(1,198,245	)

OTC Interest Rate Swaptions Written

Paid by the Fund

Received by the Fund

Expiration

Exercise

Notional Amount

Description

Rate

Frequency

Rate

Frequency

Counterparty

Date

Rate

(000)

Value

Put

2-Year Interest Rate Swap, 01/31/22

3-month LIBOR, 1.91%

Quarterly

1.86

%

Semi- Annual

Morgan Stanley & Co. International PLC

01/29/20

1.86%

USD

848,910

$

(42,700

)

Centrally Cleared Credit Default Swaps — Buy Protection

Reference Obligation	Financing Rate Paid by the Fund	Payment Frequency	Termination Date	Notional Amount (000)		Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
CDX.NA.HY.33.V1	5.00%	Quarterly	12/20/24		USD 57,266	$	(5,620,074	)	$	(4,906,999	)	$	(713,075	)
CDX.NA.IG.33.V1	1.00%	Quarterly	12/20/24		USD 322,715		(8,483,245	)		(6,843,036	)		(1,640,209	)
						$	(14,103,319	)	$	(11,750,035	)	$	(2,353,284	)

54

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

Centrally Cleared Interest Rate Swaps

								Notional						Upfront Premium			Unrealized
Paid by the Fund		Received by the Fund		Effective		Termination		Amount					Paid			Appreciation
Rate	Frequency	Rate	Frequency	Date		Date		(000)		Value			(Received)			(Depreciation)
1.62%	At Termination	1-day CORRA, 1.78%	At Termination		3/04/20(a)		04/15/20	CAD	10,226,680	$	987,426		$	8,948		$	978,478
1.58%	At Termination	1-day CORRA, 1.78%	At Termination		3/04/20(a)		04/15/20	CAD	455,760		60,077			398			59,679
1.60%	At Termination	1-day CORRA, 1.78%	At Termination		3/04/20(a)		04/15/20	CAD	455,760		52,039			398			51,641
1-day CORRA, 1.78%	At Termination	1.59%	At Termination		4/15/20(a)		06/03/20	CAD	8,802,580		(1,249,871	)		5,594			(1,255,465	)
1-day CORRA, 1.78%	At Termination	1.57%	At Termination		4/15/20(a)		06/03/20	CAD	393,330		(64,933	)		248			(65,181	)
1-day CORRA, 1.78%	At Termination	1.55%	At Termination		4/15/20(a)		06/03/20	CAD	393,325		(71,995	)		248			(72,243	)
1-day CORRA, 1.78%	At Termination	1.69%	At Termination		7/15/20(a)		09/09/20	CAD	1,391,005		(16,068	)		976			(17,044	)
28-day MXIBTIIE, 7.56%	Monthly	6.88%	Monthly		N/A		12/15/20	MXN	614,867		(55,179	)		744			(55,923	)
28-day MXIBTIIE, 7.56%	Monthly	6.88%	Monthly		N/A		12/16/20	MXN	1,189,610		(107,636	)		1,434			(109,070	)
6.86%	Monthly	28-day MXIBTIIE, 7.56%	Monthly		7/24/20(a)		07/23/21	MXN	136,786		(25,800	)		12			(25,812	)
6.90%	Monthly	28-day MXIBTIIE, 7.56%	Monthly		7/27/20(a)		07/26/21	MXN	190,933		(40,201	)		17			(40,218	)
6.78%	Monthly	28-day MXIBTIIE, 7.56%	Monthly		8/07/20(a)		08/06/21	MXN	604,159		(95,577	)		52			(95,629	)
3-month Canadian Bankers Acceptances, 2.08%	Semi-Annual	1.85%	Semi-Annual		N/A		09/11/21	CAD	52,220		(106,117	)		269			(106,386	)
3-month Canadian Bankers Acceptances, 2.08%	Semi-Annual	1.93%	Semi-Annual		N/A		10/18/21	CAD	52,720		(48,066	)		2,704			(50,770	)
3-month Canadian Bankers Acceptances, 2.08%	Semi-Annual	1.94%	Semi-Annual		N/A		10/21/21	CAD	52,760		(40,035	)		(2,959	)		(37,076	)
2.58%	Semi-Annual	3-month Canadian Bankers Acceptances, 2.08%	Semi-Annual		N/A		12/03/21	CAD	15,645		(142,259	)		255			(142,514	)
1.48%	Semi-Annual	3-month LIBOR, 1.91%	Quarterly		12/03/20(a)		12/03/21	USD	41,135		49,307			70			49,237
3-month Canadian Bankers Acceptances, 2.08%	Semi-Annual	1.94%	Semi-Annual		N/A		12/06/21	CAD	310,150		(205,572	)		1,724			(207,296	)
6-month CIBOR, (0.22)%	Semi-Annual	0.12%	Annual		N/A		12/06/21	DKK	92,248		84,611			1,616			82,995
6-month STIBOR, 0.29%	Quarterly	0.17%	Annual		N/A		12/06/21	SEK	128,311		(13,583	)		1,265			(14,848	)

55

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

Paid by the Fund		Received by the Fund		Effective	Termination		Notional Amount					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		(000)		Value			(Received)			(Depreciation)
1.40%	Semi-Annual	3-month LIBOR, 1.91%	Quarterly	12/07/20(a)		12/07/21	USD	41,130	$	83,710		$	70		$	83,640
3.01%	Semi-Annual	3-month LIBOR, 1.91%	Quarterly	N/A		12/07/21	USD	11,851		(305,910	)		(3,125	)		(302,785	)
28-day MXIBTIIE, 7.56%	Monthly	6.52%	Monthly	N/A		12/14/21	MXN	933,381		(178,170	)		1,643			(179,813	)
1.59%	Semi-Annual	3-month LIBOR, 1.91%	Quarterly	12/14/20(a)		12/14/21	USD	85,150		12,028			(649	)		12,677
28-day MXIBTIIE, 7.56%	Monthly	6.51%	Monthly	N/A		12/15/21	MXN	795,231		(157,244	)		1,400			(158,644	)
1.50%	Semi-Annual	3-month LIBOR, 1.91%	Quarterly	4/30/20(a)		12/15/21	USD	133,785		289,970			417			289,553
1.63%	Semi-Annual	3-month LIBOR, 1.91%	Quarterly	4/03/20(a)		12/15/21	USD	66,596		16,609			(815	)		17,424
3-month Canadian Bankers Acceptances, 2.08%	Semi-Annual	2.02%	Semi-Annual	N/A		12/17/21	CAD	322,365		139,963			(230	)		140,193
3-month Canadian Bankers Acceptances, 2.08%	Semi-Annual	2.02%	Semi-Annual	N/A		12/17/21	CAD	128,000		55,575			(91	)		55,666
7.23%	Monthly	28-day MXIBTIIE, 7.56%	Monthly	N/A		07/18/22	MXN	148,112		(108,284	)		(237	)		(108,047	)
7.23%	Monthly	28-day MXIBTIIE, 7.56%	Monthly	N/A		07/19/22	MXN	74,056		(56,159	)		(118	)		(56,041	)
7.22%	Monthly	28-day MXIBTIIE, 7.56%	Monthly	N/A		07/20/22	MXN	28,487		(21,280	)		(46	)		(21,234	)
7.21%	Monthly	28-day MXIBTIIE, 7.56%	Monthly	N/A		07/25/22	MXN	39,870		(29,581	)		9			(29,590	)
7.20%	Monthly	28-day MXIBTIIE, 7.56%	Monthly	N/A		08/03/22	MXN	184,683		(138,579	)		(289	)		(138,290	)
28-day MXIBTIIE, 7.56%	Monthly	7.00%	Monthly	N/A		08/11/22	MXN	347,829		164,453			678			163,775
3-month Canadian Bankers Acceptances, 2.08%	Semi-Annual	1.58%	Semi-Annual	8/23/21(a)		08/23/22	CAD	214,000		(730,177	)		460			(730,637	)
7.11%	Monthly	28-day MXIBTIIE, 7.56%	Monthly	N/A		10/14/22	MXN	146,271		(98,368	)		69			(98,437	)
7.11%	Monthly	28-day MXIBTIIE, 7.56%	Monthly	N/A		10/14/22	MXN	110,975		(75,406	)		52			(75,458	)
1.92%	Annual	6-month NIBOR, 1.96%	Semi-Annual	N/A		11/01/22	NOK	70,000		16,070			(6	)		16,076
6-month CHF LIBOR, (0.62)%	Semi-Annual	-0.64%	Annual	N/A		11/05/22	CHF	11,000		(21,543	)		85			(21,628	)
3-month LIBOR, 1.91%	Quarterly	1.64%	Semi-Annual	12/14/21(a)		12/14/22	USD	86,195		(29,061	)		(299	)		(28,762	)

56

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

Paid by the Fund		Received by the Fund		Effective	Termination		Notional Amount					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date	Date		(000)		Value			(Received)			(Depreciation)
3-month LIBOR, 1.91%	Quarterly	1.57%	Semi-Annual	11/28/22(a)		11/28/23	USD	42,415	$	(78,593	)	$	71		$	(78,664	)
2.62%	Semi-Annual	3-month Canadian Bankers Acceptances, 2.08%	Semi-Annual	N/A		12/03/23	CAD	9,604		(168,068	)		(816	)		(167,252	)
3-month LIBOR, 1.91%	Quarterly	1.47%	Semi-Annual	12/05/22(a)		12/05/23	USD	42,415		(120,199	)		71			(120,270	)
6-month CIBOR, (0.22)%	Semi-Annual	0.42%	Annual	N/A		12/06/23	DKK	55,726		166,737			3,788			162,949
6-month STIBOR, 0.29%	Quarterly	0.51%	Annual	N/A		12/06/23	SEK	77,818		64,539			2,135			62,404
3.00%	Semi-Annual	3-month LIBOR, 1.91%	Quarterly	N/A		12/07/23	USD	7,311		(366,446	)		(3,653	)		(362,793	)
1.52%	Semi-Annual	3-month LIBOR, 1.91%	Quarterly	4/03/20(a)		05/31/24	USD	33,019		245,796			(3,847	)		249,643
1.65%	Semi-Annual	3-month LIBOR, 1.91%	Quarterly	4/03/20(a)		05/31/24	USD	16,510		35,183			362			34,821
1.77%	Annual	6-month NIBOR, 1.96%	Semi-Annual	N/A		06/05/24	NOK	60,000		9,516			68			9,448
28-day MXIBTIIE, 7.56%	Monthly	6.73%	Monthly	N/A		08/09/24	MXN	117,510		29,783			835			28,948
28-day MXIBTIIE, 7.56%	Monthly	6.67%	Monthly	N/A		08/12/24	USD	258,548		32,476			652			31,824
28-day MXIBTIIE, 7.56%	Monthly	6.72%	Monthly	N/A		08/13/24	EUR	222,465		50,260			543			49,717
6-month CHF LIBOR, (0.62)%	Semi-Annual	-0.73%	Annual	N/A		10/08/24	CHF	7,300		(99,362	)		69			(99,431	)
28-day MXIBTIIE, 7.56%	Monthly	6.59%	Monthly	N/A		11/08/24	MXN	347,047		(21,647	)		2,689			(24,336	)
28-day MXIBTIIE, 7.56%	Monthly	6.32%	Monthly	N/A		07/17/25	MXN	73,475		(63,948	)		310			(64,258	)
3-month LIBOR, 1.91%	Quarterly	2.13%	Semi-Annual	N/A		08/25/25	USD	2,360		60,387			20			60,367
2.27%	Semi-Annual	3-month LIBOR, 1.91%	Quarterly	N/A		09/11/25	USD	1,800		(60,696	)		23			(60,719	)
2.91%	Semi-Annual	3-month LIBOR, 1.91%	Quarterly	N/A		08/23/26	USD	3,692		(291,899	)		(46	)		(291,853	)
2.93%	Semi-Annual	3-month LIBOR, 1.91%	Quarterly	N/A		08/24/28	USD	8,170		(769,055	)		128			(769,183	)
3.16%	Semi-Annual	3-month LIBOR, 1.91%	Quarterly	N/A		10/03/28	USD	4,519		(486,041	)		71			(486,112	)
6-month CIBOR, (0.22)%	Semi-Annual	1.03%	Annual	N/A		12/06/28	DKK	28,735		312,703			7,376			305,327
3.08%	Semi-Annual	3-month LIBOR, 1.91%	Quarterly	N/A		12/07/28	USD	3,916		(396,481	)		(2,139	)		(394,342	)

57

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

Paid by the Fund		Received by the Fund		Effective		Termination		Notional Amount					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Date		Date		(000)		Value			(Received)			(Depreciation)
1.86%	Annual	6-month NIBOR, 1.96%	Semi-Annual		N/A		06/05/29	NOK	32,000	$	64,284		$	63		$	64,221
6-month CHF LIBOR, (0.62)%	Semi-Annual	(0.59)%	Annual		N/A		09/05/29	CHF	4,300		(199,537	)		72			(199,609	)
0.83%	Semi-Annual	6-month GBP LIBOR, 0.88%	Semi-Annual		N/A		11/01/29	GBP	2,600		61,646			36			61,610
6-month EURIBOR, (0.32)%	Semi-Annual	0.06%	Annual		N/A		11/06/29	EUR	3,600		(45,897	)		68			(45,965	)
2.91%	Semi-Annual	3-month Canadian Bankers Acceptances, 2.08%	Semi-Annual		N/A		12/03/48	CAD	2,165		(235,228	)		(444	)		(234,784	)
6-month EURIBOR, (0.32)%	Semi-Annual	1.46%	Annual		N/A		12/04/48	EUR	1,518		395,728			91			395,637
1.73%	Semi-Annual	6-month GBP LIBOR, 0.88%	Semi-Annual		N/A		12/04/48	GBP	1,134		(240,018	)		1,687			(241,705	)
6-month CIBOR, (0.22)%	Semi-Annual	1.53%	Annual		N/A		12/06/48	DKK	11,141		416,256			688			415,568
6-month STIBOR, 0.29%	Quarterly	1.68%	Annual		N/A		12/06/48	SEK	16,157		320,362			2,270			318,092
3.19%	Semi-Annual	3-month LIBOR, 1.91%	Quarterly		N/A		12/07/48	USD	1,695		(410,639	)		(1,494	)		(409,145	)
										$	(4,008,914	)	$	34,738		$	(4,043,652	)

^(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		$(50,239	)		$(39,872	)		$(10,367	)
HCA, Inc.		5.00%	Quarterly	JPMorgan Chase Bank N.A.	06/20/20	USD	3,095		(77,909	)		(66,538	)		(11,371	)
HCA, Inc.		5.00%	Quarterly	JPMorgan Chase Bank N.A.	06/20/20	USD	930		(23,410	)		(20,085	)		(3,325	)
United Mexican States		1.00%	Quarterly	JPMorgan Chase Bank N.A.	06/20/20	USD	7,452		(32,358	)		6,109			(38,467	)
United Mexican States		1.00%	Quarterly	Bank of America N.A.	09/20/20	USD	7,452		(46,513	)		13,452			(59,965	)
Australia & New Zealand Banking Group Ltd.		1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	1,205		(11,518	)		(1,087	)		(10,431	)
Australia & New Zealand Banking Group Ltd.		1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	1,000		(9,560	)		(70	)		(9,490	)
Australia & New Zealand Banking Group Ltd.		1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	795		(7,602	)		(790	)		(6,812	)
Commonwealth Bank of Australia		1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	1,150		(11,028	)		(816	)		(10,212	)
Commonwealth Bank of Australia		1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	1,000		(9,589	)		(523	)		(9,066	)
Itochu Corp.		1.00%	Quarterly	Goldman Sachs International	12/20/20	JPY	32,023		(2,853	)		(324	)		(2,529	)
Itochu Corp.		1.00%	Quarterly	Goldman Sachs International	12/20/20	JPY	29,326		(2,612	)		(292	)		(2,320	)
Itochu Corp.		1.00%	Quarterly	Goldman Sachs International	12/20/20	JPY	29,326		(2,613	)		(276	)		(2,337	)
Itochu Corp.		1.00%	Quarterly	Goldman Sachs International	12/20/20	JPY	29,326		(2,613	)		(226	)		(2,387	)
Mitsubishi Corp.		1.00%	Quarterly	Barclays Bank PLC	12/20/20	JPY	47,573		(4,253	)		(1,119	)		(3,134	)

58

Schedule of Investments  (unaudited) (continued) December 31, 2019 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)
Mitsubishi Corp.	1.00%	Quarterly	Goldman Sachs International	12/20/20	JPY	29,326	$	(2,621	)	$	(574	)	$	(2,047	)
Mitsui & Co. Ltd.	1.00%	Quarterly	Goldman Sachs International	12/20/20	JPY	58,651		(5,246	)		(452	)		(4,794	)
Mitsui & Co. Ltd.	1.00%	Quarterly	Goldman Sachs International	12/20/20	JPY	29,326		(2,623	)		(173	)		(2,450	)
National Australia Bank Ltd.	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	USD	1,000		(9,539	)		(264	)		(9,275	)
Standard Chartered Bank	1.00%	Quarterly	BNP Paribas S.A.	12/20/20	EUR	810		(8,548	)		3,884			(12,432	)
Standard Chartered Bank	1.00%	Quarterly	BNP Paribas S.A.	12/20/20	EUR	460		(4,855	)		2,300			(7,155	)
Standard Chartered Bank	1.00%	Quarterly	Goldman Sachs International	12/20/20	EUR	610		(6,437	)		1,304			(7,741	)
Standard Chartered Bank	1.00%	Quarterly	Morgan Stanley & Co. International PLC	12/20/20	EUR	240		(2,533	)		1,224			(3,757	)
Sumitomo Corp.	1.00%	Quarterly	Barclays Bank PLC	12/20/20	JPY	24,938		(2,226	)		170			(2,396	)
Sumitomo Corp.	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/20	JPY	25,316		(2,260	)		305			(2,565	)
Westpac Banking Corp.	1.00%	Quarterly	Citibank N.A.	12/20/20	USD	1,000		(9,401	)		(615	)		(8,786	)
Frontier Communications Corp.	5.00%	Quarterly	Barclays Bank PLC	06/20/21	USD	1,661		795,417			318,228			477,189
Frontier Communications Corp.	5.00%	Quarterly	Barclays Bank PLC	06/20/21	USD	725		347,187			138,901			208,286
Transocean, Inc.	1.00%	Quarterly	Morgan Stanley & Co. International PLC	06/20/22	USD	2,172		126,499			173,109			(46,610	)
DISH DBS Corp.	5.00%	Quarterly	Goldman Sachs International	12/20/23	USD	2,168		(177,836	)		88,697			(266,533	)
KB Home	5.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/23	USD	2,138		(347,721	)		(142,580	)		(205,141	)
Realogy Group LLC	5.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/23	USD	1,069		(37,447	)		(8,334	)		(29,113	)
RR Donnelley & Sons Co.	5.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/23	USD	1,070		(39,109	)		43,110			(82,219	)
Beazer Homes USA, Inc.	5.00%	Quarterly	Barclays Bank PLC	06/20/24	USD	1,199		(162,873	)		(71,585	)		(91,288	)
Beazer Homes USA, Inc.	5.00%	Quarterly	BNP Paribas S.A.	06/20/24	USD	1,103		(149,832	)		(62,747	)		(87,085	)
Beazer Homes USA, Inc.	5.00%	Quarterly	BNP Paribas S.A.	06/20/24	USD	1,000		(135,841	)		(52,717	)		(83,124	)
Tenet Healthcare Corp.	5.00%	Quarterly	Barclays Bank PLC	06/20/24	USD	1,000		(130,763	)		(10,521	)		(120,242	)
Tenet Healthcare Corp.	5.00%	Quarterly	Goldman Sachs International	06/20/24	USD	1,223		(159,923	)		(15,564	)		(144,359	)
Tenet Healthcare Corp.	5.00%	Quarterly	Goldman Sachs International	06/20/24	USD	1,175		(153,647	)		(37,955	)		(115,692	)
Tenet Healthcare Corp.	5.00%	Quarterly	Goldman Sachs International	06/20/24	USD	1,175		(153,647	)		(37,922	)		(115,725	)
Tenet Healthcare Corp.	5.00%	Quarterly	Goldman Sachs International	06/20/24	USD	1,150		(150,378	)		(37,115	)		(113,263	)
Tenet Healthcare Corp.	5.00%	Quarterly	JPMorgan Chase Bank N.A.	06/20/24	USD	500		(65,382	)		(6,160	)		(59,222	)
Broadcom, Inc.	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/24	USD	1,325		40,933			40,384			549
Chesapeake Energy Corp.	5.00%	Quarterly	Goldman Sachs International	12/20/24	USD	700		303,382			339,757			(36,375	)
Federative Republic of Brazil	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	39,966		(31,256	)		659,901			(691,157	)
Federative Republic of Brazil	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	1,523		(1,191	)		25,146			(26,337	)
Federative Republic of Brazil	1.00%	Quarterly	Goldman Sachs International	12/20/24	USD	25,912		(20,265	)		467,249			(487,514	)
Federative Republic of Brazil	1.00%	Quarterly	Goldman Sachs International	12/20/24	USD	4,524		(3,539	)		81,583			(85,122	)
Netflix, Inc.	5.00%	Quarterly	BNP Paribas S.A.	12/20/24	USD	650		(116,037	)		(99,540	)		(16,497	)
Netflix, Inc.	5.00%	Quarterly	BNP Paribas S.A.	12/20/24	USD	650		(116,037	)		(97,965	)		(18,072	)
Netflix, Inc.	5.00%	Quarterly	Goldman Sachs International	12/20/24	USD	1,300		(232,074	)		(204,517	)		(27,557	)
Netflix, Inc.	5.00%	Quarterly	Morgan Stanley & Co. International PLC	12/20/24	USD	2,600		(464,149	)		(397,243	)		(66,906	)
Republic of Chile	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	5,651		(158,301	)		(136,937	)		(21,364	)
Republic of Chile	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	5,650		(158,270	)		(132,134	)		(26,136	)
Republic of Chile	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	5,147		(144,180	)		(124,418	)		(19,762	)
Republic of Chile	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	3,844		(107,690	)		(85,769	)		(21,921	)
Republic of Chile	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	2,830		(79,275	)		(67,183	)		(12,092	)
Republic of Chile	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	2,826		(79,163	)		(69,818	)		(9,345	)

59

Schedule of Investments  (unaudited) (continued) December 31, 2019 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 Chile	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	2,826	$	(79,150	)	$	(68,468	)	$	(10,682	)
Republic of Chile	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	2,824		(79,107	)		(62,889	)		(16,218	)
Republic of Chile	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	2,820		(78,995	)		(67,653	)		(11,342	)
Republic of Chile	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	2,820		(78,995	)		(61,443	)		(17,552	)
Republic of Colombia	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	50,670		(675,879	)		(182,840	)		(493,039	)
Republic of Colombia	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	2,313		(30,852	)		(8,346	)		(22,506	)
Republic of Colombia	1.00%	Quarterly	Morgan Stanley & Co. International PLC	12/20/24	USD	27,910		(372,288	)		(105,531	)		(266,757	)
Republic of Colombia	1.00%	Quarterly	Morgan Stanley & Co. International PLC	12/20/24	USD	1,280		(17,074	)		(4,840	)		(12,234	)
Republic of South Africa	1.00%	Quarterly	Goldman Sachs International	12/20/24	USD	26,499		758,661			1,016,958			(258,297	)
Republic of the Philippines	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	18,990		(607,578	)		(476,191	)		(131,387	)
Republic of Turkey	1.00%	Quarterly	Goldman Sachs International	12/20/24	USD	11,575		925,254			1,428,950			(503,696	)
State of Qatar	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/24	USD	4,095		(126,049	)		(101,031	)		(25,018	)
United Mexican States	1.00%	Quarterly	Barclays Bank PLC	12/20/24	USD	5,949		(63,007	)		(58,774	)		(4,233	)
United Mexican States	1.00%	Quarterly	Barclays Bank PLC	12/20/24	USD	4,688		(49,652	)		(46,316	)		(3,336	)
United Mexican States	1.00%	Quarterly	Barclays Bank PLC	12/20/24	USD	2,975		(31,508	)		(32,212	)		704
United Mexican States	1.00%	Quarterly	Barclays Bank PLC	12/20/24	USD	2,975		(31,509	)		(30,802	)		(707	)
United Mexican States	1.00%	Quarterly	Barclays Bank PLC	12/20/24	USD	2,975		(31,509	)		(30,097	)		(1,412	)
United Mexican States	1.00%	Quarterly	Barclays Bank PLC	12/20/24	USD	2,974		(31,498	)		(31,496	)		(2	)
United Mexican States	1.00%	Quarterly	Barclays Bank PLC	12/20/24	USD	2,974		(31,498	)		(30,791	)		(707	)
United Mexican States	1.00%	Quarterly	Barclays Bank PLC	12/20/24	USD	2,974		(31,498	)		(29,382	)		(2,116	)
United Mexican States	1.00%	Quarterly	BNP Paribas S.A.	12/20/24	USD	2,975		(31,509	)		(31,462	)		(47	)
United Mexican States	1.00%	Quarterly	BNP Paribas S.A.	12/20/24	USD	2,974		(31,498	)		(30,791	)		(707	)
United Mexican States	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	36,742		(389,144	)		275,700			(664,844	)
United Mexican States	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	21,450		(227,181	)		129,220			(356,401	)
United Mexican States	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	6,938		(73,482	)		52,060			(125,542	)
United Mexican States	1.00%	Quarterly	Goldman Sachs International	12/20/24	USD	5,366		(56,837	)		(63,110	)		6,273
United Mexican States	1.00%	Quarterly	Goldman Sachs International	12/20/24	USD	3,752		(39,738	)		(38,790	)		(948	)
United Mexican States	1.00%	Quarterly	Goldman Sachs International	12/20/24	USD	3,218		(34,082	)		(36,318	)		2,236
United Mexican States	1.00%	Quarterly	Goldman Sachs International	12/20/24	USD	2,683		(28,416	)		(31,552	)		3,136
United Mexican States	1.00%	Quarterly	Morgan Stanley & Co. International PLC	12/20/24	USD	3,171		(33,584	)		(31,328	)		(2,256	)
Wells Fargo & Co.	1.00%	Quarterly	Bank of America N.A.	12/20/24	USD	2,262		(69,094	)		(61,250	)		(7,844	)
Wells Fargo & Co.	1.00%	Quarterly	Citibank N.A.	12/20/24	USD	5,655		(172,734	)		(152,848	)		(19,886	)
Wells Fargo & Co.	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/24	USD	6,786		(207,263	)		(180,450	)		(26,813	)
Wells Fargo & Co.	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/24	USD	5,655		(172,735	)		(155,596	)		(17,139	)
Wells Fargo & Co.	1.00%	Quarterly	JPMorgan Chase Bank N.A.	12/20/24	USD	2,262		(69,094	)		(61,188	)		(7,906	)
CMBX.NA.9.AAA	0.50%	Annual	Credit Suisse International	09/17/58	USD	4,540		(59,382	)		52,381			(111,763	)
CMBX.NA.9.AAA	0.50%	Annual	Deutsche Bank AG	09/17/58	USD	3,620		(47,349	)		42,370			(89,719	)
CMBX.NA.9.AAA	0.50%	Annual	Morgan Stanley & Co. International PLC	09/17/58	USD	5,570		(72,855	)		70,513			(143,368	)
CMBX.NA.9.AAA	0.50%	Annual	Morgan Stanley & Co. International PLC	09/17/58	USD	3,050		(39,893	)		35,190			(75,083	)
CMBX.NA.9.AAA	0.50%	Annual	Morgan Stanley & Co. International PLC	09/17/58	USD	2,530		(33,092	)		29,190			(62,282	)
CMBX.NA.9.BBB-	3.00%	Monthly	Citigroup Global Markets, Inc.	09/17/58	USD	2,080		11,095			72,104			(61,009	)
CMBX.NA.9.BBB-	3.00%	Monthly	Morgan Stanley & Co. International PLC	09/17/58	USD	204		1,089			11,579			(10,490	)
CMBX.NA.6.AAA	0.50%	Annual	Deutsche Bank AG	05/11/63	USD	5,458		(46,699	)		(1,715	)		(44,984	)
CMBX.NA.6.AAA	0.50%	Annual	Deutsche Bank AG	05/11/63	USD	2,246		(19,218	)		421			(19,639	)
CMBX.NA.6.BBB-	3.00%	Annual	J.P. Morgan Securities LLC	05/11/63	USD	850		42,933			80,773			(37,840	)
							$	(4,976,860	)	$	1,363,902		$	(6,340,762	)

60

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

OTC Credit Default Swaps — Sell Protection

Reference Obligation	Financing Rate Received by the Fund			Payment Frequency	Counterparty	Termination Date	Credit Rating(a)	Notional Amount (000)(b)			Value			Upfront Premium Paid (Received)			Unrealized Appreciation (Depreciation)
United Mexican States		1.00	%	Quarterly	Bank of America N.A.	06/20/20	BBB+		USD	7,452	$	32,358		$	(7,081	)	$	39,439
People’s Republic of China		1.00	%	Quarterly	Barclays Bank PLC	09/20/20	A+		USD	1,000		7,341			(1,164	)		8,505
People’s Republic of China		1.00	%	Quarterly	Goldman Sachs International	09/20/20	A+		USD	1,000		7,341			(1,231	)		8,572
United Mexican States		1.00	%	Quarterly	JPMorgan Chase Bank N.A.	09/20/20	BBB+		USD	7,452		46,513			(11,719	)		58,232
ITRAXX.ASIA.XJ.IG.24.V1		1.00	%	Quarterly	Goldman Sachs International	12/20/20	A		USD	1,825		18,628			(9,862	)		28,490
Broadcom, Inc.		1.00	%	Quarterly	Citibank N.A.	06/20/24	BBB-		USD	14,931		38,986			(1,021,740	)		1,060,726
Republic of Turkey		1.00	%	Quarterly	Goldman Sachs International	12/20/24	B+		USD	2,894		(231,314	)		(357,238	)		125,924
CMBX.NA.7.AAA		0.50	%	Monthly	Morgan Stanley & Co. International PLC	01/17/47	AAA		USD	4,977		58,676			(145,880	)		204,556
CMBX.NA.3.AM		0.50	%	Monthly	Credit Suisse International	12/13/49	Not Rated		USD	0		—			(13	)		13
CMBX.NA.3.AM		0.50	%	Monthly	Goldman Sachs International	12/13/49	Not Rated		USD	0		—			(33	)		33
CMBX.NA.3.AM		0.50	%	Monthly	JPMorgan Chase Bank N.A.	12/13/49	Not Rated		USD	1		—			(68	)		68
CMBX.NA.9.BBB-		3.00	%	Monthly	Deutsche Bank AG	09/17/58	Not Rated		USD	906		(4,833	)		(106,330	)		101,497
CMBX.NA.9.BBB-		3.00	%	Monthly	J.P. Morgan Securities LLC	09/17/58	Not Rated		USD	438		(2,337	)		(37,920	)		35,583
CMBX.NA.9.BBB-		3.00	%	Monthly	Morgan Stanley & Co. International PLC	09/17/58	Not Rated		USD	1,060		(5,654	)		(52,540	)		46,886
CMBX.NA.9.BBB-		3.00	%	Quarterly	Morgan Stanley & Co. International PLC	09/17/58	Not Rated		USD	231		(1,232	)		(13,765	)		12,533
CMBX.NA.10.A		2.00	%	Monthly	Deutsche Bank AG	11/17/59	A-		USD	3,340		61,038			(142,215	)		203,253
CMBX.NA.10.A		2.00	%	Monthly	Deutsche Bank AG	11/17/59	A-		USD	1,670		30,519			(72,303	)		102,822
CMBX.NA.10.BBB-		3.00	%	Annual	J.P. Morgan Securities LLC	11/17/59	BBB-		USD	60		(113	)		(5,055	)		4,942
CMBX.NA.6.BBB-		3.00	%	Annual	Credit Suisse International	05/11/63	BB+		USD	850		(42,934	)		(65,410	)		22,476
											$	12,983		$	(2,051,567	)	$	2,064,550

^(a)  Using the rating of the issuer or the underlying securities of the index, as applicable, provided by S&P Global Ratings.

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

OTC Interest Rate Swaps

									Value			Upfront Premium Paid (Received)		Unrealized Appreciation (Depreciation)
Paid by the Fund		Received by the Fund			Termination		Notional Amount
Rate	Frequency	Rate	Frequency	Counterparty	Date		(000)
4.49%	At Termination	1-day BZDIOVER, 0.02%	At Termination	Citibank N.A.		01/04/21	BRL	208,898	$	65,759			$—	$	65,759
4.46%	At Termination	1-day BZDIOVER, 0.02%	At Termination	Citibank N.A.		01/04/21	BRL	142,360		55,143			—		55,143
4.45%	At Termination	1-day BZDIOVER, 0.02%	At Termination	JPMorgan Chase Bank N.A.		01/04/21	BRL	212,335		88,413			—		88,413
3.27%	Quarterly	3-month LIBOR, 1.91%	Semi-Annual	Deutsche Bank AG		05/16/21	USD	9,510		(215,827	)		—		(215,827	)
1-day BZDIOVER, 0.02%	At Termination	5.32%	At Termination	JPMorgan Chase Bank N.A.		01/03/22	BRL	174,706		68,285			—		68,285
1-day BZDIOVER, 0.02%	At Termination	8.27%	At Termination	JPMorgan Chase Bank N.A.		01/02/23	BRL	62,487		1,541,813			—		1,541,813
1-day BZDIOVER, 0.02%	At Termination	6.35%	At Termination	JPMorgan Chase Bank N.A.		01/02/23	BRL	110,569		613,941			—		613,941
1-day BZDIOVER, 0.02%	At Termination	6.26%	At Termination	Citibank N.A.		01/02/25	BRL	73,055		(3,080	)		—		(3,080	)

61

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

Paid by the Fund		Received by the Fund			Termination		Notional Amount					Upfront Premium Paid			Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Counterparty	Date		(000)		Value			(Received)			(Depreciation)
1-day BZDIOVER, 0.02%	At Termination	5.99%	At Termination	Citibank N.A.		01/02/25	BRL	47,801	$	(149,316	)	$	—		$	(149,316	)
1-day BZDIOVER, 0.02%	At Termination	6.05%	At Termination	Citibank N.A.		01/02/25	BRL	46,891		(113,865	)		—			(113,865	)
1-day BZDIOVER, 0.02%	At Termination	5.98%	At Termination	JPMorgan Chase Bank N.A.		01/02/25	BRL	67,432		(223,514	)		—			(223,514	)
1-day BZDIOVER, 0.02%	At Termination	6.03%	At Termination	JPMorgan Chase Bank N.A.		01/02/25	BRL	47,806		(128,184	)		—			(128,184	)
5.73%	Monthly	28-day MXIBTIIE, 7.56%	Monthly	Bank of America N.A.		01/03/25	MXN	23,376		49,075			262			48,813
28-day MXIBTIIE, 7.56%	Monthly	6.33%	Monthly	Citibank N.A.		06/09/25	MXN	14,869		(11,589	)		(61	)		(11,528	)
28-day MXIBTIIE, 7.56%	Monthly	6.33%	Monthly	Citibank N.A.		07/17/25	MXN	36,610		(31,397	)		(118	)		(31,279	)
28-day MXIBTIIE, 7.56%	Monthly	6.32%	Monthly	Goldman Sachs International		08/06/25	MXN	109,616		(98,635	)		(344	)		(98,291	)
6.31%	Monthly	28-day MXIBTIIE, 7.56%	Monthly	Bank of America N.A.		08/11/25	MXN	36,783		33,937			154			33,783
6.31%	Monthly	28-day MXIBTIIE, 7.56%	Monthly	Bank of America N.A.		08/11/25	MXN	36,783		33,937			154			33,783
6.31%	Monthly	28-day MXIBTIIE, 7.56%	Monthly	Deutsche Bank AG		08/11/25	MXN	136,536		126,956			571			126,385
28-day MXIBTIIE, 7.56%	Monthly	6.27%	Monthly	Bank of America N.A.		12/05/25	MXN	4,348		(4,847	)		(38	)		(4,809	)
									$	1,697,005		$	580		$	1,696,425

OTC Total Return Swaps

Paid by the Fund		Received by the Fund			Termination		Notional Amount					Upfront Premium Paid		Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Counterparty	Date		(000)		Value			(Received)		(Depreciation)
SPDR S&P Oil & Gas Exploration & Production ETF	Monthly	1-month LIBOR minus 0.47%, 1.76%	Monthly	Merrill Lynch International		03/17/20	USD	1,151	$	(39,826	)	$	—	$	(39,826	)
Occidental Petroleum Corp.	Quarterly	3-month LIBOR, 1.91%	Quarterly	BNP Paribas S.A.		05/15/20	USD	2,254		(162,088	)		—		(162,088	)
Intelsat SA	Quarterly	3-month LIBOR minus 0.52%, 1.91%	Quarterly	Credit Suisse International		06/11/20	USD	671		(64,458	)		—		(64,458	)
Quorum Health Corp.	Quarterly	3-month LIBOR minus 1.25%, 1.91%	Quarterly	JPMorgan Chase Bank N.A.		06/11/20	USD	31		(2,496	)		—		(2,496	)
Quorum Health Corp.	Quarterly	3-month LIBOR minus 1.25%, 1.91%	Quarterly	JPMorgan Chase Bank N.A.		06/11/20	USD	23		(1,808	)		—		(1,808	)

62

Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

Paid by the Fund		Received by the Fund			Termination		Notional Amount					Upfront Premium Paid		Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Counterparty	Date		(000)		Value			(Received)		(Depreciation)
Quorum Health Corp.	Quarterly	3-month LIBOR minus 1.25%, 1.91%	Quarterly	JPMorgan Chase Bank N.A.		06/11/20	USD	20	$	(1,570	)	$	—	$	(1,570	)
Quorum Health Corp.	Quarterly	3-month LIBOR minus 1.25%, 1.91%	Quarterly	JPMorgan Chase Bank N.A.		06/11/20	USD	13		(1,046	)		—		(1,046	)
Quorum Health Corp.	Quarterly	3-month LIBOR minus 1.25%, 1.91%	Quarterly	JPMorgan Chase Bank N.A.		06/11/20	USD	12		(943	)		—		(943	)
Quorum Health Corp.	Quarterly	3-month LIBOR minus 1.25%, 1.91%	Quarterly	JPMorgan Chase Bank N.A.		06/11/20	USD	8		(597	)		—		(597	)
Charter Communications, Inc.	Quarterly	3-month LIBOR minus 0.25%, 1.91%	Quarterly	BNP Paribas S.A.		08/05/20	USD	705		(15,494	)		—		(15,494	)
SPDR S&P Oil & Gas Exploration & Production ETF	Quarterly	3-month LIBOR minus 0.63%, 1.91%	Quarterly	BNP Paribas S.A.		08/05/20	USD	492		(16,951	)		—		(16,951	)
Charter Communications, Inc.	Quarterly	3-month LIBOR minus 0.10%, 1.91%	Quarterly	BNP Paribas S.A.		08/26/20	USD	1,403		(49,218	)		—		(49,218	)
3-month LIBOR, 1.91%	Quarterly	Goldman Sachs Systematic Skew U.S. Series 10 Excess Return Strategy	Quarterly	Goldman Sachs International		09/09/20	USD	3,175		5,198			—		5,198
3-month LIBOR, 1.91%	Quarterly	Goldman Sachs Systematic Skew U.S. Series 10 Excess Return Strategy	Quarterly	Goldman Sachs International		09/09/20	USD	784		2,103			—		2,103
Tidewater, Inc.	Quarterly	3-month LIBOR minus 0.30%, 1.91%	Quarterly	BNP Paribas S.A.		09/29/20	USD	331		(77,571	)		—		(77,571	)
Tidewater, Inc.	Quarterly	3-month LIBOR minus 0.30%, 1.91%	Quarterly	BNP Paribas S.A.		09/29/20	USD	292		(63,161	)		—		(63,161	)
McDermott International, Inc.	Quarterly	3-month LIBOR minus 50.00%, 1.91%	Quarterly	Citibank N.A.		10/21/20	USD	58		39,213			—		39,213
McDermott International, Inc.	Quarterly	3-month LIBOR minus 50.00%, 1.91%	Quarterly	Citibank N.A.		10/21/20	USD	38		28,459			—		28,459

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Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

Paid by the Fund		Received by the Fund			Termination		Notional Amount					Upfront Premium Paid		Unrealized Appreciation
Rate	Frequency	Rate	Frequency	Counterparty	Date		(000)		Value			(Received)		(Depreciation)
McDermott International, Inc.	Quarterly	3-month LIBOR minus 50.00%, 1.91%	Quarterly	Citibank N.A.		10/22/20	USD	40	$	26,967		$	—	$	26,967
Chesapeake Energy Corp.	Quarterly	3-month LIBOR minus 6.50%, 1.91%	Quarterly	Citibank N.A.		11/05/20	USD	207		28,227			—		28,227
Chesapeake Energy Corp.	Quarterly	3-month LIBOR minus 6.50%, 1.91%	Quarterly	Citibank N.A.		11/05/20	USD	35		5,984			—		5,984
Southwestern Energy	Quarterly	3-month LIBOR minus 0.40%, 1.91%	Quarterly	Citibank N.A.		11/05/20	USD	808		(105,671	)		—		(105,671	)
Antero Resources Corp.	Quarterly	3-month LIBOR minus 0.40%, 1.91%	Quarterly	Credit Suisse International		11/05/20	USD	680		(67,556	)		—		(67,556	)
Berry Petroleum Corp.	Quarterly	3-month LIBOR minus 0.45%, 1.91%	Quarterly	Credit Suisse International		11/05/20	USD	610		(42,988	)		—		(42,988	)
Party City Holdco, Inc.	Quarterly	3-month LIBOR minus 0.90%, 1.91%	Quarterly	Credit Suisse International		11/06/20	USD	80		16,132			—		16,132
3-month LIBOR minus 0.10%, 1.91%	Quarterly	Goldman Sachs U.S. Portfolio Strategy Sector Baskets Cyclicals	Quarterly	Goldman Sachs International		12/11/20	USD	45,321		1,391,964			—		1,391,964
Goldman Sachs U.S. Portfolio Strategy Sector Baskets Defensives	Quarterly	3-month LIBOR minus 0.10%, 1.91%	Quarterly	Goldman Sachs International		12/11/20	USD	45,172		(1,114,418	)		—		(1,114,418	)
California Resources Corp.	Quarterly	3-month LIBOR minus 14.75%, 1.91%	Quarterly	BNP Paribas S.A.		12/16/20	USD	1,128		21,829			—		21,829
									$	(261,784	)	$	—	$	(261,784	)

Currency Abbreviations
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
CHF	Swiss Franc
CNH	Chinese Yuan Offshore
COP	Colombian Peso
DKK	Danish Krone
EGP	Egyptian Pound
EUR	Euro
GBP	British Pound

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Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

HKD	Hong Kong Dollar
IDR	Indonesian Rupiah
JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
NOK	Norwegian Krone
PEN	Peruvian Sol
RUB	Russian Ruble
SEK	Swedish Krona
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.
BZDIOVER	Overnight Brazil CETIP — Interbank Rate
CBOT	Chicago Board of Trade
CIBOR	Copenhagen Interbank Offered Rate
CLO	Collateralized Loan Obligation
CME	Chicago Mercantile Exchange
CMS	Constant Maturity Swap
CORRA	Canadian Overnight Repo Rate Average
DAC	Designated Activity Company
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
FKA	Formerly Known As
GNMA	Government National Mortgage Association
GO	General Obligation Bonds
KBW	Keefe, Bruyette & Woods
LIBOR	London Interbank Offered Rate
MSCI	Morgan Stanley Capital International
MXIBTIIE	Mexico Interbank TIIE 28-Day
NIBOR	Norwegian Interbank Offered Rate
OTC	Over-the-counter
PIK	Payment-in-kind
RB	Revenue Bonds
REMIC	Real Estate Mortgage Investment Conduit
S&P	Standard & Poor’s
SCSDE	South Carolina State Department of Education
SPDR	Standard & Poor’s Depositary Receipts
STIBOR	Stockholm Interbank Offered Rate
TBA	To-be-announced

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Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

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 BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 Investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investments and derivative financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments, refer to the Master Portfolio’s most recent financial statements as contained in its 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	$	—	$	1,526,150,030		$	119,325,854	$	1,645,475,884
Common Stocks(a)		51,144,934		—			765,103		51,910,037
Corporate Bonds(a)		—		5,566,740,749			24,389,834		5,591,130,583
Floating Rate Loan Interests(a)		—		205,731,171			206,888,715		412,619,886
Foreign Agency Obligations		—		170,976,959			—		170,976,959
Foreign Government Obligations		—		423,777,370			—		423,777,370
Investment Companies		35,348,078		—			—		35,348,078
Non-Agency Mortgage-Backed Securities		—		828,665,093			29,218,348		857,883,441
Preferred Securities(a)		—		130,215,490			946,904		131,162,394
Taxable Municipal Bonds		—		693,791,426			—		693,791,426
U.S. Government Sponsored Agency Securities		—		10,077,016,714			—		10,077,016,714
U.S. Treasury Obligations		—		1,928,986,372			—		1,928,986,372
Warrants(a)		4,306		—			—		4,306
Short-Term Securities:
Foreign Government Obligations		—		329,303,203			—		329,303,203
Money Market Funds		1,178,259,649		—			—		1,178,259,649
Options Purchased:
Equity contracts		10,898,717		122,617			—		11,021,334
Foreign currency exchange contracts		—		4,116,587			—		4,116,587
Interest rate contracts		895,704		5,067,014			—		5,962,718
Unfunded Floating Rate Loan Interests(b)		—		6,083			643		6,726
Liabilities:
TBA Sale Commitments		—		(1,889,703,749	)		—		(1,889,703,749	)
Subtotal	$	1,276,551,388	$	20,000,963,129		$	381,535,401	$	21,659,049,918
Investments Valued at Net Asset Value (“NAV”)(c)									4,240
Total Investments								$	21,659,054,158

^(a)  See above 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)  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.

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Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments(a)
Assets:
Credit contracts	$	—		$	2,762,923		$	—	$	2,762,923
Equity contracts		—			1,566,076			—		1,566,076
Foreign currency exchange contracts		—			19,526,804			—		19,526,804
Interest rate contracts		3,904,545			6,927,728			—		10,832,273
Liabilities:
Credit contracts		—			(9,392,419	)		—		(9,392,419	)
Equity contracts		(987,276	)		(1,827,860	)		—		(2,815,136	)
Foreign currency exchange contracts		—			(13,279,135	)		—		(13,279,135	)
Interest rate contracts		(40,074,658	)		(9,317,655	)		—		(49,392,313	)
	$	(37,157,389	)	$	(3,033,538	)		—	$	(40,190,927	)

^(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.

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, 2019	$	119,808,152		$	—		$	24,565,099		$	143,255,372		$	36,178,812
Transfers into Level 3		10,369,204			—			—			48,579,849			—
Transfers out of Level 3		(9,090,995	)		—			—			(12,000,273	)		(3,691,695	)
Accrued discounts/premiums		53,317			—			—			16,139			14,408
Net realized gain (loss)		(52,502	)		(32	)		—			(721,565	)		(831,653	)
Net change in unrealized appreciation (depreciation)(a)		(242,626	)		(281,697	)		(44,329	)		519,519			140,001
Purchases		10,225,834			1,046,832			—			47,914,448			3,177,920
Sales		(11,744,530	)		—			(130,936	)		(20,674,774	)		(5,769,445	)
Closing Balance, as of December 31, 2019	$	119,325,854		$	765,103		$	24,389,834		$	206,888,715		$	29,218,348
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019(a)	$	(217,344	)	$	(281,697	)	$	(44,329	)	$	538,658		$	140,001
				Preferred Securities			Options Purchased			Unfunded Floating Rate Loan Interests			Total
Assets:
Opening Balance, as of September 30, 2019				$	—		$	1		$	—		$	323,807,436
Transfers into Level 3					—			—			(4,607	)		58,944,446
Transfers out of Level 3					—			—			—			(24,782,963	)
Accrued discounts/premiums					—			—			—			83,864
Net realized gain (loss)					(75	)		(1	)		—			(1,605,828	)
Net change in unrealized appreciation (depreciation)(a)					48,226			—			5,250			144,344
Purchases					898,753			—			—			63,263,787
Sales					—			—			—			(38,319,685	)
Closing Balance, as of December 31, 2019				$	946,904		$	—		$	643		$	381,535,401
Net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019(a)				$	48,226		$	—		$	5,250		$	188,765

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019, is generally due to investments no longer held or categorized as Level 3 at period end.

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Schedule of Investments  (unaudited) (continued) December 31, 2019 Master Total Return Portfolio of Master Bond LLC

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

	Foreign Currency Exchange Contracts
	Assets		Liabilities
Opening Balance, as of September 30, 2019	$	—	$	(1	)
Transfers into Level 3		—		—
Transfers out of Level 3		—		—
Accrued discounts/premiums		—		—
Net realized gain (loss)		—		—
Net change in unrealized appreciation (depreciation)(a)		—		1
Purchases		—		—
Issues		—		—
Sales		—		—
Settlements		—		—
Closing Balance, as of December 31, 2019	$	—	$	—
Net change in unrealized appreciation (depreciation) on derivative financial instruments still held at December 31, 2019(a)	$	—	$	—

^(a)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at December 31, 2019 is generally due to investments no longer held or categorized as Level 3 at period end.

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

68