Master Bond NPORT-PMaster Total Return Portfolio (Jun 2022 report)

Schedule of Investments (unaudited)

June 30, 2022

BlackRock Total Return Fund

(Percentages shown are based on Net Assets)

Security		Investment Value	Value
Investment Companies
Fixed-Income Funds — 100.1%
Master Total Return Portfolio of Master Bond LLC(a)		17,830,750,949	$  17,830,750,949
Total Investments — 100.1% (Cost: $19,688,740,674)			17,830,750,949
Liabilities in Excess of Other Assets — (0.1)%			(16,954,265)
Net Assets — 100.0%			$  17,813,796,684

(a)	Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended June 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 09/30/21	Purchases at Cost	Proceeds from Sale	Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 06/30/22	Investment Value Held at 06/30/22	Income (Expense)		Capital Gain Distributions from Underlying Funds
Master Total Return Portfolio of Master Bond LLC	$  20,487,863,966	$  148,268,240(a)(b)	$  —	$  (822,540,952)		$  (1,982,840,305)		$  17,830,750,949	17,830,750,949	$  361,273,333		$  —

(a)	Represents net investment value purchased (sold).
(b)	Inclusive of income, expense, realized and unrealized gains and losses allocated from the Master Portfolio.

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 $17,830,750,949 and 96.4%, respectively.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of 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); and

•    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 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 financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

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

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Schedule of Investments (unaudited)

June 30, 2022

Master Total Return Portfolio

(Percentages shown are based on Net Assets)

Schedule of Investments (unaudited)  (continued)

June 30, 2022

Master Total Return Portfolio

(Percentages shown are based on Net Assets)

Schedule of Investments (unaudited)  (continued)

June 30, 2022

Master Total Return Portfolio

(Percentages shown are based on Net Assets)

Schedule of Investments (unaudited)  (continued)

June 30, 2022

Master Total Return Portfolio

(Percentages shown are based on Net Assets)

Schedule of Investments (unaudited)  (continued)

June 30, 2022

Master Total Return Portfolio

(Percentages shown are based on Net Assets)

Schedule of Investments (unaudited)  (continued)

June 30, 2022

Master Total Return Portfolio

(Percentages shown are based on Net Assets)

Schedule of Investments (unaudited)  (continued)

June 30, 2022

Master Total Return Portfolio

(Percentages shown are based on Net Assets)

Schedule of Investments (unaudited)  (continued)

June 30, 2022

Master Total Return Portfolio

(Percentages shown are based on Net Assets)

Schedule of Investments (unaudited)  (continued)

June 30, 2022

Master Total Return Portfolio

(Percentages shown are based on Net Assets)

Schedule of Investments (unaudited)  (continued)

June 30, 2022

Master Total Return Portfolio

(Percentages shown are based on Net Assets)

Schedule of Investments (unaudited)  (continued)

June 30, 2022

Master Total Return Portfolio

(Percentages shown are based on Net Assets)

Schedule of Investments (unaudited)  (continued)

June 30, 2022

Master Total Return Portfolio

(Percentages shown are based on Net Assets)

Schedule of Investments (unaudited)  (continued)

June 30, 2022

Master Total Return Portfolio

(Percentages shown are based on Net Assets)

Schedule of Investments (unaudited)  (continued)

June 30, 2022

Master Total Return Portfolio

(Percentages shown are based on Net Assets)

Schedule of Investments (unaudited)  (continued)

June 30, 2022

Master Total Return Portfolio

(Percentages shown are based on Net Assets)