# cd /usr/src/bin/sh
# make cleandir
...
# make depend
yacc -d -d -o arith.c /usr/src/bin/sh/arith.y
lex -8 /usr/src/bin/sh/arith_lex.l
mv lex.yy.c arith_lex.c
sh /usr/src/bin/sh/mkbuiltins /usr/src/bin/sh/shell.h /usr/src/bin/sh/builtins.def /usr/src/bin/sh/obj
cc -O   -o mkinit /usr/src/bin/sh/mkinit.c
Shared object "libbfd.so.3" not found
...
# file `which cc`
/usr/bin/cc: ELF 32-bit LSB executable, Intel 80386, version 1, dynamically linked (uses shared libs), stripped
# ls -l /usr/lib/libbf*
lrwxr-xr-x  1 root  wheel      13 Jul  5 16:01 /usr/lib/libbfd.so.3 -> libbfd.so.3.0
-r--r--r--  1 root  wheel  365239 Jul  5 16:01 /usr/lib/libbfd.so.3.0

(Just in case from /usr/share/mk/bsd.own.mk
    ${MACHINE_ARCH} == "i386"
OBJECT_FMT?=ELF
)

# ls -l /usr/libexec/ld*
-r-xr-xr-x  1 root  wheel  35496 Jul  5 11:04 /usr/libexec/ld.elf_so

So what did I miss?

Cheers,

Patrick