UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

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

Name of Fund:	BlackRock Balanced Capital Fund, Inc.
	Master Large Cap Core Portfolio of Master Large Cap Series LLC
	Master Total Return Portfolio of Master Bond LLC
Fund Address:	100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Balanced Capital Fund, Inc., Master Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC, 40 East 52^nd Street, New York, NY 10022.

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

Date of fiscal year end: 09/30/2009

Date of reporting period: 06/30/2009

Item 1 – Schedule of Investments

BlackRock Balanced Capital Fund, Inc.
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Investment Companies	Value
Master Large Cap Core Portfolio of Master Large Cap Series LLC	$	737,573,081
Master Total Return Portfolio of Master Bond LLC		428,131,878
Total Investments (Cost - $1,090,799,704) - 99.8%		1,165,704,959
Other Assets Less Liabilities - 0.2%		2,492,289
Net Assets - 100.0%	$	1,168,197,248

• Investments in companies considered to be an affiliate of the Fund, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity			Income
BlackRock Liquidity Funds, TempFund		—		$	2,842
BlackRock Liquidity Series, LLC Cash Sweep Series	$	(24,827,857	)	$	190,866

•	Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:
	•	Level 1 - price quotations in active markets/exchanges for identical securities
	•	Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)
	•	Level 3 - unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s own assumptions used in determining the fair value of investments)
	The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements as contained in its semi-annual report.
	The following table summarizes the inputs used as of June 30, 2009 in determining the fair valuation of the Fund’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1		—
Level 2	$	1,165,704,959
Level 3		—
Total	$	1,165,704,959

Master Large Cap Core Portfolio of Master Large Cap Series LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Consumer Discretionary - 18.1%
Diversified Consumer Services - 1.2%	H&R Block, Inc.		2,210,000	$	38,078,300
Hotels, Restaurants & Leisure - 2.2%	Brinker International, Inc.		1,940,000		33,038,200
	Darden Restaurants, Inc.		910,000		30,011,800
	Panera Bread Co. Class A (a)(b)		180,000		8,974,800
					72,024,800
Household Durables - 2.3%	D.R. Horton, Inc.		2,730,000		25,552,800
	KB Home (b)		650,000		8,892,000
	Leggett & Platt, Inc.		370,000		5,635,100
	Lennar Corp. Class A		3,080,000		29,845,200
	MDC Holdings, Inc.		190,000		5,720,900
					75,646,000
Multiline Retail - 4.2%	Big Lots, Inc. (a)(b)		1,590,000		33,437,700
	Dollar Tree, Inc. (a)		810,000		34,101,000
	Family Dollar Stores, Inc.		1,190,000		33,677,000
	Sears Holdings Corp. (a)(b)		550,000		36,586,000
					137,801,700
Specialty Retail - 7.9%	Advance Auto Parts, Inc.		440,000		18,255,600
	AutoNation, Inc. (a)(b)		880,000		15,268,000
	AutoZone, Inc. (a)(b)		230,000		34,755,300
	Foot Locker, Inc.		1,910,000		19,997,700
	The Gap, Inc.		2,250,000		36,900,000
	Limited Brands, Inc.		1,190,000		14,244,300
	PetSmart, Inc.		410,000		8,798,600
	RadioShack Corp.		2,290,000		31,968,400
	Ross Stores, Inc.		910,000		35,126,000
	The Sherwin-Williams Co.		150,000		8,062,500
	TJX Cos., Inc.		1,200,000		37,752,000
					261,128,400
Textiles, Apparel & Luxury Goods - 0.3%	Coach, Inc.		230,000		6,182,400
	Polo Ralph Lauren Corp.		70,000		3,747,800
					9,930,200
	Total Consumer Discretionary				594,609,400
Consumer Staples - 9.7%
Beverages - 1.9%	The Coca-Cola Co.		180,000		8,638,200
	Coca-Cola Enterprises, Inc.		1,990,000		33,133,500
	Hansen Natural Corp. (a)(b)		500,000		15,410,000
	Pepsi Bottling Group, Inc.		170,000		5,752,800
					62,934,500
Food & Staples Retailing - 1.2%	BJ’s Wholesale Club, Inc. (a)		1,020,000		32,874,600
	Wal-Mart Stores, Inc.		130,000		6,297,200
					39,171,800
Food Products - 2.0%	Archer-Daniels-Midland Co.		1,480,000		39,619,600
	ConAgra Foods, Inc.		1,070,000		20,394,200
	Dean Foods Co. (a)		320,000		6,140,800
					66,154,600

1

Master Large Cap Core Portfolio of Master Large Cap Series LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Household Products - 0.7%	The Procter & Gamble Co.		470,000	$	24,017,000
Personal Products - 1.1%	Herbalife Ltd.		1,090,000		34,378,600
Tobacco - 2.8%	Philip Morris International, Inc.		1,480,000		64,557,600
	Reynolds American, Inc.		740,000		28,578,800
					93,136,400
	Total Consumer Staples				319,792,900
Energy - 12.2%
Energy Equipment & Services - 2.5%	Diamond Offshore Drilling, Inc. (b)		200,000		16,610,000
	ENSCO International, Inc.		990,000		34,521,300
	Tidewater, Inc.		730,000		31,295,100
					82,426,400
Independent Power Producers & Energy Traders - 0.3%	NRG Energy, Inc. (a)		320,000		8,307,200
Oil, Gas & Consumable Fuels - 9.4%	Anadarko Petroleum Corp.		900,000		40,851,000
	Chevron Corp.		270,000		17,887,500
	ConocoPhillips		530,000		22,291,800
	Exxon Mobil Corp.		1,360,000		95,077,600
	Frontier Oil Corp.		310,000		4,064,100
	Marathon Oil Corp.		1,380,000		41,579,400
	Murphy Oil Corp.		620,000		33,678,400
	Pioneer Natural Resources Co.		300,000		7,650,000
	Tesoro Corp.		2,650,000		33,734,500
	Valero Energy Corp.		730,000		12,329,700
					309,144,000
	Total Energy				399,877,600
Financials - 6.1%
Capital Markets - 1.8%	The Goldman Sachs Group, Inc.		410,000		60,450,400
Commercial Banks - 0.3%	Wells Fargo & Co.		440,000		10,674,400
Diversified Financial Services - 0.5%	JPMorgan Chase & Co.		500,000		17,055,000
Insurance - 3.5%	Chubb Corp.		940,000		37,487,200
	HCC Insurance Holdings, Inc.		560,000		13,445,600
	PartnerRe Ltd.		510,000		33,124,500
	UnumProvident Corp.		1,900,000		30,134,000
					114,191,300
	Total Financials				202,371,100
Health Care - 22.8%
Biotechnology - 2.6%	Amgen, Inc. (a)		990,000		52,410,600
	Biogen Idec, Inc. (a)		760,000		34,314,000
					86,724,600
Health Care Equipment & Supplies - 0.2%	Kinetic Concepts, Inc. (a)		250,000		6,812,500
Health Care Providers & Services - 10.4%	Aetna, Inc.		1,420,000		35,571,000
	AmerisourceBergen Corp.		1,930,000		34,238,200
	Community Health Systems, Inc. (a)		870,000		21,967,500
	Express Scripts, Inc. (a)		490,000		33,687,500
	Health Management Associates, Inc. Class A (a)		340,000		1,679,600

2

Master Large Cap Core of Master Large Cap Series LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
	Humana, Inc. (a)		1,140,000	$	36,776,400
	LifePoint Hospitals, Inc. (a)		380,000		9,975,000
	Lincare Holdings, Inc. (a)		1,340,000		31,516,800
	Omnicare, Inc.		603,774		15,553,218
	Quest Diagnostics, Inc.		650,000		36,679,500
	UnitedHealth Group, Inc.		1,770,000		44,214,600
	WellPoint, Inc. (a)		830,000		42,238,700
					344,098,018
Life Sciences Tools & Services - 1.5%	Millipore Corp. (a)		290,000		20,360,900
	Waters Corp. (a)		550,000		28,308,500
					48,669,400
Pharmaceuticals - 8.1%	Endo Pharmaceuticals Holdings, Inc. (a)		350,000		6,272,000
	Forest Laboratories, Inc. (a)		1,390,000		34,902,900
	Johnson & Johnson		1,590,000		90,312,000
	Mylan, Inc. (a)(b)		860,000		11,223,000
	Pfizer, Inc.		4,540,000		68,100,000
	Sepracor, Inc. (a)		1,580,000		27,365,600
	Watson Pharmaceuticals, Inc. (a)		870,000		29,310,300
					267,485,800
	Total Health Care				753,790,318
Industrials - 8.0%
Aerospace & Defense - 5.8%	Alliant Techsystems, Inc. (a)		340,000		28,002,400
	Goodrich Corp.		380,000		18,988,600
	L-3 Communications Holdings, Inc.		470,000		32,608,600
	Lockheed Martin Corp.		510,000		41,131,500
	Northrop Grumman Corp.		720,000		32,889,600
	Raytheon Co.		890,000		39,542,700
					193,163,400
Commercial Services & Supplies - 0.0%	The Brink’s Co.		50,000		1,451,500
Construction & Engineering - 1.1%	URS Corp. (a)		730,000		36,149,600
Industrial Conglomerates - 0.5%	General Electric Co.		1,310,000		15,353,200
Machinery - 0.2%	Illinois Tool Works, Inc.		150,000		5,601,000
Professional Services - 0.4%	Manpower, Inc.		350,000		14,819,000
	Total Industrials				266,537,700
Information Technology - 16.8%
Communications Equipment - 1.3%	Cisco Systems, Inc. (a)		570,000		10,624,800
	F5 Networks, Inc. (a)		950,000		32,860,500
	Nortel Networks Corp. (a)		35,748		1,559
					43,486,859
Computers & Peripherals - 6.0%	Apple, Inc. (a)		90,000		12,818,700
	EMC Corp. (a)		1,260,000		16,506,000
	International Business Machines Corp.		790,000		82,491,800
	Lexmark International, Inc. Class A (a)		1,330,000		21,080,500
	QLogic Corp. (a)		2,280,000		28,910,400
	Western Digital Corp. (a)		1,310,000		34,715,000
					196,522,400

3

Master Large Cap Core Portfolio of Master Large Cap Series LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Industry	Common Stocks	Shares		Value
Electronic Equipment, Instruments & Components - 0.3%	Ingram Micro, Inc. Class A (a)		600,000	$	10,500,000
IT Services - 4.5%	Accenture Ltd. Class A		1,230,000		41,155,800
	Affiliated Computer Services, Inc. Class A (a)		340,000		15,102,800
	Computer Sciences Corp. (a)		830,000		36,769,000
	Hewitt Associates, Inc. Class A (a)		930,000		27,695,400
	SAIC, Inc. (a)		280,000		5,194,000
	The Western Union Co.		1,400,000		22,960,000
					148,877,000
Internet Software & Services - 0.4%	Google, Inc. Class A (a)		10,000		4,215,900
	Sohu.com, Inc. (a)(b)		160,000		10,052,800
					14,268,700
Semiconductors & Semiconductor Equipment - 1.2%	Cree, Inc. (a)(b)		310,000		9,110,900
	Novellus Systems, Inc. (a)		1,760,000		29,392,000
					38,502,900
Software - 3.1%	BMC Software, Inc. (a)		220,000		7,433,800
	CA, Inc.		1,580,000		27,539,400
	Compuware Corp. (a)		1,200,000		8,232,000
	Microsoft Corp.		1,410,000		33,515,700
	Synopsys, Inc. (a)		1,350,000		26,338,500
					103,059,400
	Total Information Technology				555,217,259
Materials - 1.4%
Chemicals - 0.3%	Lubrizol Corp.		80,000		3,784,800
	Ashland, Inc.		250,000		7,012,500
					10,797,300
Containers & Packaging - 1.1%	Pactiv Corp. (a)		1,680,000		36,456,000
	Total Materials				47,253,300
Telecommunication Services - 3.7%
Diversified Telecommunication Services - 3.7%	AT&T Inc.		1,040,000		25,833,600
	Qwest Communications International Inc.		8,850,000		36,727,500
	Verizon Communications, Inc.		1,980,000		60,845,400
	Total Telecommunication Services				123,406,500
Utilities - 1.2%
Independent Power Producers & Energy Traders - 0.3%	The AES Corp. (a)		880,000		10,216,800
Multi-Utilities - 0.9%	CMS Energy Corp.		2,380,000		28,750,400
	Total Utilities				38,967,200
	Total Long-Term Investments (Cost - $3,167,485,490) - 100.0%				3,301,823,277
	Short-Term Securities	Beneficial Interest (000)
	BlackRock Liquidity Series, LLC Money Market Series, 0.55% (c)(d)(e)	$	196,433		196,433,050
	Total Short-Term Securities (Cost - $196,433,050) - 5.9%				196,433,050

4

Master Large Cap Core Portfolio of Master Large Cap Series LLC

Schedule of Investments June 30, 2009 (Unaudited)

	Value
Total Investments (Cost - $3,363,918,540*) - 105.9%	$	3,498,256,327
Liabilities in Excess of Other Assets - (5.9)%		(194,628,143	)
Net Assets - 100.0%	$	3,303,628,184

* The cost and unrealized appreciation (depreciation) of investments as of June 30, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	3,423,444,413
Gross unrealized appreciation		293,590,400
Gross unrealized depreciation		(218,778,486	)
Net unrealized appreciation	$	74,811,914

(a)	Non-income producing security.
(b)	Security, or a portion of security, is on loan.
(c)	Investments in companies considered to be an affiliate of the Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Net Activity		Income
BlackRock Liquidity Series, LLC Cash Sweep Series		—	$	725
BlackRock Liquidity Series, LLC Money Market Series	$	184,844,650	$	690,811

(d)	Represents the current yield as of report date.
(e)	Security was purchased with the cash proceeds from securities loans.
•	For Portfolio compliance purposes, the Portfolio’s sector and industry classifications refer to any one or more of the sector and industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine sector and industry sub-classifications for reporting ease.
•	Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:
	•	Level 1 - price quotations in active markets/exchanges for identical securities
	•	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 Portfolio’s own assumptions used in determining the fair value of investments)
	The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements as contained in its semi-annual report.

5

Master Large Cap Core Portfolio of Master Large Cap Series LLC

Schedule of Investments June 30, 2009 (Unaudited)

The following table summarizes the inputs used as of June 30, 2009 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1 - Long-Term Investments1	$	3,301,823,277
Level 2 - Short-Term Securities		196,433,050
Level 3		—
Total	$	3,498,256,327

¹ See above Schedule of Investments for values in each sector excluding the security type in Level 2 within the table.

6

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

	Asset-Backed Securities	Par (000)		Value
	ACE Securities Corp. Series 2003-OP1 Class A2, 0.67%, 12/25/33 (a)	USD	581	$	347,521
	ACE Securities Corp. Series 2005-ASP1 Class M1, 0.99%, 9/25/35 (a)		11,203		868,233
	Aegis Asset Backed Securities Trust Series 2006-1 Class A1, 0.39%, 1/25/37 (a)		124		118,547
	American Express Issuance Trust Series 2008-2 Class A, 4.02%, 1/18/11		25,950		26,343,140
	Banc of America Securities Auto Trust Series 2006-G1 Class A4, 5.17%, 12/20/10		29,100		29,365,561
	Bear Stearns Asset Backed Securities Trust Series 2005-4 Class A, 0.64%, 1/25/36 (a)		1,798		1,641,939
	Bear Stearns Asset Backed Securities Trust Series 2005-HE10 Class A2, 0.60%, 11/25/35 (a)		3,358		2,044,175
	Bear Stearns Asset Backed Securities Trust Series 2005-SD1 Class 1A2, 0.61%, 7/25/27 (a)		6,246		5,726,096
	Bear Stearns Asset Backed Securities Trust Series 2006-HE8 Class 1A1, 0.38%, 10/25/36 (a)		3,541		3,211,511
	Bear Stearns Asset Backed Securities Trust Series 2006-HE10 Class 21A1, 0.38%, 12/25/36 (a)		6,788		5,756,163
	Capital Auto Receivables Asset Trust Series 2004-2 Class D, 5.82%, 5/15/12 (b)		4,850		4,854,249
	Countrywide Asset Backed Certificates Series 2003- BC3 Class A2, 0.93%, 9/25/33 (a)		909		499,422
	Countrywide Asset Backed Certificates Series 2004-5 Class A, 0.76%, 10/25/34 (a)		1,738		955,322
	Countrywide Asset Backed Certificates Series 2004- 13 Class AF4, 4.58%, 1/25/33 (a)		9,302		6,603,424
	Countrywide Asset Backed Certificates Series 2006- 21 Class 2A1, 0.36%, 5/25/37 (a)		6,443		6,161,839
	Daimler Chrysler Auto Trust Series 2006-D Class A3, 4.98%, 2/08/11		8,312		8,399,347
	First Franklin Mortgage Loan Asset Backed Certificates Series 2005-FF10 Class A6, 0.66%, 11/25/35 (a)		9,358		2,624,019
	Ford Credit Auto Owner Trust Series 2006-B Class A4, 5.25%, 9/15/11		18,700		19,207,804
	Ford Credit Auto Owner Trust Series 2009-A Class A3B, 2.82%, 5/15/13 (a)		51,480		52,560,982
	HSI Asset Securitization Corp. Trust Series 2006-HE1 Class 2A1, 0.36%, 10/25/36 (a)		8,441		4,971,760
	Harley-Davidson Motorcycle Trust Series 2006- 2 Class A2, 5.35%, 3/15/13		6,509		6,699,338
	Honda Auto Receivables Owner Trust Series 2006-3 Class A3, 5.12%, 10/15/10		4,805		4,837,207
	IXIS Real Estate Capital Trust Series 2007-HE1 Class A1, 0.37%, 5/25/37 (a)		8,664		4,311,782
	Irwin Home Equity Corp. Series 2005-C Class 1A1, 0.57%, 4/25/30 (a)		1,375		1,269,887
Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the list below.
GO     General Obligation Bonds
RB     Revenue Bonds

1

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Asset-Backed Securities	Par (000)		Value
JPMorgan Mortgage Acquisition Corp. Series 2006-HE3 Class A2, 0.38%, 11/25/36 (a)	USD	2,401	$	2,268,954
Lehman XS Trust Series 2005-5N Class 3A2, 0.67%, 11/25/35 (a)		10,924		2,959,460
Long Beach Mortgage Loan Trust Series 2006-11 Class 2A1, 0.37%, 12/25/36 (a)		4,694		3,390,705
Morgan Stanley ABS Capital I Series 2005-HE1 Class A2MZ, 0.61%, 12/25/34 (a)		820		454,422
Morgan Stanley ABS Capital I Series 2007-NC1 Class A2A, 0.36%, 11/25/36 (a)		4,397		4,195,601
New Century Home Equity Loan Trust Series 2005-2 Class A2MZ, 0.57%, 6/25/35 (a)		2,543		1,270,852
Option One Mortgage Loan Trust Series 2003-4 Class A2, 0.63%, 7/25/33 (a)		2,652		1,599,025
Park Place Securities, Inc. Series 2005-WCH1 Class A1B, 0.61%, 1/25/35 (a)		469		460,568
Park Place Securities, Inc. Series 2005-WCH1 Class A3D, 0.65%, 1/25/35 (a)		695		671,321
RAAC Series 2005-SP2 Class 2A, 0.61%, 6/25/44 (a)		10,124		4,597,174
Residential Asset Mortgage Products, Inc. Series 2005-RS3 Class AI2, 0.48%, 3/25/35 (a)		784		760,390
Residential Asset Securities Corp. Series 2003-KS5 Class AIIB, 0.89%, 7/25/33 (a)		1,057		480,996
SLM Student Loan Trust Series 2005-4 Class A2, 1.17%, 4/26/21 (a)		7,060		6,929,372
SLM Student Loan Trust Series 2008-5 Class A2, 2.19%, 10/25/16 (a)		33,280		32,611,105
SLM Student Loan Trust Series 2008-5 Class A3, 2.39%, 1/25/18 (a)		8,410		8,221,708
SLM Student Loan Trust Series 2008-5 Class A4, 2.79%, 7/25/23 (a)		22,670		22,731,980
Small Business Administration Series 2002-P10 Class 1, 5.20%, 8/10/12		122		126,768
Small Business Administration Series 2004-P10 Class 1, 4.50%, 2/10/14		563		574,206
Structured Asset Securities Corp. Series 2003-Al2 Class A, 3.36%, 1/25/31 (b)		469		388,168
Structured Asset Securities Corp. Series 2004-23XS Class 2A1, 0.61%, 1/25/35 (a)		3,284		1,602,882
Structured Asset Securities Corp. Series 2006-BC6 Class A2, 0.39%, 1/25/37 (a)		8,267		7,296,821
Structured Asset Securities Corp. Series 2007-BC1 Class A2, 0.36%, 2/25/37 (a)		1,281		1,149,616
USAA Auto Owner Trust Series 2006-4 Class A3, 5.01%, 6/15/11		6,981		7,057,827
USAA Auto Owner Trust Series 2006-4 Class A4, 4.98%, 10/15/12		21,651		22,409,534
Total Asset-Backed Securities - 11.8%				333,588,723
U.S. Government & Agency Obligations
Fannie Mae, 6.25%, 2/01/11		16,780		17,649,036
Fannie Mae, 5.25%, 8/01/12		49,176		51,098,782
Fannie Mae, 6.63%, 11/15/30		200		244,955

2

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

U.S. Government & Agency Obligations	Par (000)		Value
Federal Home Loan Banks, 5.36%, 5/15/19 (c)	USD	36,340	$	39,234,081
Federal Home Loan Mortgage Corp., 1.75%, 6/15/12		10,700		10,661,095
Federal Home Loan Mortgage Corp., 3.00%, 7/28/14		11,425		11,448,147
Resolution Funding Corp., 6.29%, 7/15/18 (d)		100		68,136
Resolution Funding Corp., 6.30%, 10/15/18 (d)		100		67,249
U.S. Treasury Bonds, 8.13%, 8/15/19		19,790		27,133,950
U.S. Treasury Bonds, 8.00%, 11/15/21		28,000		38,631,264
U.S. Treasury Bonds, 7.25%, 8/15/22		10,700		14,057,125
U.S. Treasury Notes, 1.13%, 6/30/11		115,175		115,184,214
U.S. Treasury Notes, 1.88%, 6/15/12 (e)		42,120		42,426,212
U.S. Treasury Notes, 2.63%, 6/30/14		98,240		98,547,491
U.S. Treasury Notes, 3.13%, 5/15/19 (e)		19,875		19,222,901
U.S. Treasury Notes, 4.38%, 2/15/38		11,660		11,774,781
U.S. Treasury Notes, 3.50%, 2/15/39		62,125		53,718,866
U.S. Treasury Notes, 4.25%, 5/15/39		9,000		8,908,560
Total U.S. Government & Agency Obligations - 19.9%				560,076,845
U.S. Government Sponsored Agency Mortgage-Backed Securities
Fannie Mae Guaranteed Pass-Through Certificates:
4.00%, 7/15/14 - 7/15/39 (f)		28,300		27,966,563
4.50%, 12/01/20 - 7/15/39 (f)(g)		229,984		231,113,333
5.00%, 2/01/21 - 7/15/39 (f)(g)		327,163		334,332,336
5.04%, 8/01/38 (a)		16,164		16,768,641
5.50%, 7/01/14 - 7/15/39 (f)		245,180		254,001,509
5.87%, 12/01/37 (a)		13,631		14,287,224
6.00%, 1/01/21 - 7/15/39 (f)		251,910		263,493,443
6.28%, 8/01/11		1,800		1,914,806
6.50%, 8/15/39 (f)		55,800		59,182,875
7.00%, 4/01/32		6		6,310
Freddie Mac Mortgage Participation Certificates:
4.00%, 5/01/10		316		321,250
5.00%, 10/01/22 - 7/15/39 (f)		60,509		62,025,477
5.34%, 2/01/37 (a)		260		271,220
5.50%, 8/01/17 - 8/15/39 (f)		76,322		78,802,834
5.54%, 2/01/37 (a)		289		302,212
5.72%, 10/01/36 (a)		184		192,142
6.00%, 5/01/13 - 9/01/37		801		840,509
7.00%, 2/01/31 - 7/15/39 (f)		2,054		2,229,398
Ginnie Mae MBS Certificates:
3.75%, 5/20/34 (a)		2,137		2,180,215
5.00%, 8/15/39 (f)		38,500		39,089,512
5.50%, 11/15/33 - 6/01/39 (f)		18,374		18,941,710
6.00%, 8/21/38 - 7/15/39 (f)		47,300		49,225,427
7.50%, 4/15/31 - 3/15/32		376		415,386
Total U.S. Government Sponsored Agency Mortgage-Backed Securities - 51.8%				1,457,904,332

3

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

	U.S. Government Sponsored Agency Mortgage-Backed Securities - Collateralized Mortgage Obligations	Par (000)		Value
	Fannie Mae Trust Series 2003-41 Class XU, 4.00%, 7/25/15	USD	9,222	$	9,294,738
	Fannie Mae Trust Series 2003-W5 Class A, 0.53%, 4/25/33		21		18,536
	Fannie Mae Trust Series 2004-29 Class HC, 7.50%, 7/25/30		901		953,101
	Fannie Mae Trust Series 2005-63 Class PA, 5.50%, 10/25/24		4,839		4,884,750
	Fannie Mae Trust Series 2006-26 Class QA, 5.50%, 6/25/26		1,296		1,334,930
	Fannie Mae Trust Series 2006-M2 Class A2A, 5.27%, 10/25/32 (a)		4,600		4,845,777
	Fannie Mae Trust Series 2007-22 Class PA, 5.50%, 3/25/37		12,828		13,664,016
	Fannie Mae Trust Series 2007-108 Class AN, 8.84%, 11/25/37 (a)		13,294		14,532,070
	Freddie Mac Multiclass Certificates Series 2687 Class PM, 4.50%, 11/15/26		2,931		2,942,438
	Freddie Mac Multiclass Certificates Series 2825 Class VP, 5.50%, 6/15/15		1,411		1,512,442
	Freddie Mac Multiclass Certificates Series 3068 Class VA, 5.50%, 10/15/16		8,539		9,006,820
	Freddie Mac Multiclass Certificates Series 3137 Class XP, 6.00%, 4/15/36		13,542		14,374,561
	Freddie Mac Multiclass Certificates Series 3210 Class PA, 6.00%, 3/15/29		8,915		9,247,169
	Ginnie Mae Trust Series 2009-26 Class SC, 5.95%, 1/16/38 (h)		25,279		2,789,898
	Total U.S. Government Sponsored Agency Mortgage-Backed Securities - Collateralized Mortgage Obligations - 3.2%				89,401,246
Industry	Taxable Municipal Bonds
County/City/Special District/School District - 0.1%	Dallas Area Rapid Transit, RB, Build America Bonds, 6.00%, 12/01/44		2,210		2,247,570
State - 0.7%	State of California, GO, Taxable, Various Purpose 3, 5.45%, 4/01/15		20,425		20,007,309
Transportation - 0.2%	Metropolitan Transportation Authority, RB, Build America Bonds, 7.34%, 11/15/39		5,540		6,585,897
Transportation Infrastructure - 0.1%	Port Authority of New York & New Jersey, RB, Consolidated, One Hundred Fifty Nine, 6.04%, 12/01/29		3,275		3,364,211
	Total Taxable Municipal Bonds - 1.1%				32,204,987
	Non-U.S Government Sponsored Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations - 11.6%	Banc of America Alternative Loan Trust Series 2004-7 Class 4A1, 5.00%, 8/25/19		859		760,043
	Bear Stearns Adjustable Rate Mortgage Trust Series 2005-4 Class 3A1, 5.36%, 8/25/35 (a)(b)		82,680		55,503,976
	BlackRock Capital Finance LP Series 1997-R2 Class AP, 1.27%, 12/25/35 (a)(b)(i)		10		10,166

4

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Non-U.S Government Sponsored Agency		Par
Mortgage-Backed Securities		(000)		Value
CitiMortgage Alternative Loan Trust Series 2007-A8 Class A1, 6.00%, 10/25/37	USD	24,085	$	15,313,264
Collateralized Mortgage Obligation Trust Series 57 Class D, 9.90%, 2/01/19		18		18,846
Countrywide Alternative Loan Trust Series 2004-18CB Class 2A5, 0.76%, 9/25/34 (a)		938		682,737
Countrywide Alternative Loan Trust Series 2005-21B Class A17, 6.00%, 6/25/35		21,519		16,043,815
Countrywide Alternative Loan Trust Series 2006-0A21 Class A1, 0.51%, 3/20/47 (a)		10,337		4,076,557
Countrywide Alternative Loan Trust Series 2006-OC8 Class 2A1A, 0.40%, 11/25/36 (a)		684		657,211
Countrywide Alternative Loan Trust Series 2006-OC9 Class A1, 0.39%, 9/25/35 (a)		7,233		6,643,977
Countrywide Alternative Loan Trust Series 2006-OC10 Class 2A1, 0.40%, 11/25/36 (a)		5,454		4,882,971
Countrywide Alternative Loan Trust Series 2006-OC11 Class 2A1, 0.41%, 1/25/37 (a)		8,276		7,343,280
Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-29 Class 1A1, 0.58%, 2/25/35 (a)		472		287,732
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-0A5 Class 2A1, 0.51%, 4/25/46 (a)		4,603		1,957,872
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-0A5 Class 3A1, 0.51%, 4/25/46 (a)		8,555		3,499,540
Countrywide Home Loan Mortgage Pass-Through Trust Series 2007-16 Class A1, 6.50%, 10/25/37		3,436		2,525,143
Credit Suisse Mortgage Capital Certificates Series 2006-8 Class 3A1, 6.00%, 10/25/21		5,317		3,500,695
First Horizon Asset Securities, Inc. Series 2005-AR3 Class 3A1, 5.50%, 8/25/35 (a)		3,861		3,147,708
GMAC 93, 7.43%, 12/01/22		13,132		13,000,299
GSR Mortgage Loan Trust Series 2005-AR4 Class 6A1, 5.25%, 7/25/35 (a)		14,534		10,648,488
Harborview Mortgage Loan Trust Series 2005-8 Class 1A2A, 0.64%, 9/19/35 (a)		824		353,653
Harborview Mortgage Loan Trust Series 2005-10 Class 2A1A, 0.62%, 11/19/35 (a)		1,558		747,839
Homebanc Mortgage Trust Series 2006-2 Class A1, 0.49%, 12/25/36 (a)		9,821		4,265,942
Impac Secured Assets CMN Owner Trust Series 2004-3 Class 1A4, 1.11%, 11/25/34 (a)		1,877		898,244
Impac Secured Assets CMN Owner Trust Series 2004-3 Class M1, 1.21%, 11/25/34 (a)		11,950		1,763,954
IndyMac INDX Mortgage Loan Trust Series 2006-AR41 Class A3, 0.49%, 2/25/37 (a)		15,914		5,180,775
JPMorgan Mortgage Trust Series 2005-A5 Class TA1, 5.43%, 8/25/35 (a)		28,284		23,493,427

5

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

	Non-U.S Government Sponsored Agency		Par
	Mortgage-Backed Securities		(000)		Value
	JPMorgan Mortgage Trust Series 2006-S2 Class 2A2, 5.88%, 7/25/36	USD	2,576	$	2,211,326
	JPMorgan Mortgage Trust Series 2007-S1 Class 1A2, 5.50%, 3/25/22		1,587		1,343,476
	Luminent Mortgage Trust Series 2006-7 Class 1A1, 0.49%, 12/25/36 (a)		21,696		7,789,682
	Maryland Insurance Backed Securities Trust Series 2006-1A Class, 5.55%, 12/10/65		2,500		875,000
	Ocwen Residential MBS Corp. Series 1998-R2 Class AP, 10.09%, 11/25/34 (a)(b)		29		5,779
	Structured Adjustable Rate Mortgage Loan Trust Series 2007-3 Class 2A1, 5.73%, 4/25/37 (a)		26,093		14,310,596
	Structured Asset Securities Corp. Series 2005-GEL2 Class A, 0.59%, 4/25/35 (a)		1,141		972,197
	Structured Asset Securities Corp. Series 2005-OPT1 Class A4M, 0.66%, 11/25/35 (a)		4,799		1,609,525
	WaMu Mortgage Pass-Through Certificates Series 2000 1 Class B1, 4.81%, 1/25/40 (a)(b)		1		58
	WaMu Mortgage Pass-Through Certificates Series 2006 AR18 Class 1A1, 5.29%, 1/25/37 (a)		27,527		16,054,962
	WaMu Mortgage Pass-Through Certificates Series 2007 0A4 Class 1A, 2.11%, 5/25/47 (a)		5,169		2,164,450
	WaMu Mortgage Pass-Through Certificates Series 2007-0A5 Class 1A, 2.09%, 6/25/47 (a)		5,733		2,342,457
	Wells Fargo Mortgage Backed Securities Trust Series 2005-AR15 Class 2A1, 5.11%, 9/25/35 (a)(b)		34,092		28,318,136
	Wells Fargo Mortgage Backed Securities Trust Series 2006-AR2 Class 2A5, 5.07%, 3/25/36 (a)		31,416		20,481,716
	Wells Fargo Mortgage Backed Securities Trust Series 2006-AR3 Class A4, 5.71%, 3/25/36 (a)		31,863		21,932,319
	Wells Fargo Mortgage Backed Securities Trust Series 2006-AR4 Class 2A4, 5.77%, 4/25/36 (a)(b)		1,500		1,013,968
	Wells Fargo Mortgage Backed Securities Trust Series 2006-AR12 Class 2A1, 6.10%, 9/25/36 (a)		7,253		5,031,629
	Wells Fargo Mortgage Backed Securities Trust Series 2006-AR15 Class A1, 5.11%, 10/25/36 (a)		7,077		4,731,753
	Wells Fargo Mortgage Backed Securities Trust Series 2006-AR17 Class A1, 5.34%, 10/25/36 (a)		11,786		7,106,154
					325,503,337
Commercial Mortgage-Backed Securities - 13.3%	Bank of America Commercial Mortgage, Inc. Series 2004-7 Class 4A1, 6.50%, 4/15/36		1,539		1,565,672
	Bank of America Commercial Mortgage, Inc. Series 2006-2 Class A4, 5.93%, 5/10/45 (a)		5,460		4,553,453
	Bear Stearns Commercial Mortgage Securities Series 1998-C1 Class A2, 6.44%, 6/16/30		537		535,959
	Bear Stearns Commercial Mortgage Securities Series 2000-WF2 Class A2, 7.32%, 10/15/32 (a)		1,328		1,360,199
	Bear Stearns Commercial Mortgage Securities Series 2007-PW15 Class A4, 5.33%, 2/11/44		20,950		16,954,923
	CS First Boston Mortgage Securities Corp. Series 2001-CK6 Class A3, 6.39%, 8/15/36		369		370,713

6

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Non-U.S Government Sponsored Agency Mortgage-Backed Securities	Par (000)		Value
CS First Boston Mortgage Securities Corp. Series 2002-CKS4 Class A2, 5.18%, 11/15/36	USD	2,415	$	2,370,928
CS First Boston Mortgage Securities Corp. Series 2002-CP5 Class A1, 4.11%, 12/15/35		7,347		7,308,233
CS First Boston Mortgage Securities Corp. Series 2003-C3 Class A5, 3.94%, 5/15/38		2,320		2,094,296
Chase Commercial Mortgage Securities Corp. Series 1999-2 Class A2, 7.11%, 1/15/32		13,649		13,716,568
Chase Commercial Mortgage Securities Corp. Series 2000-1 Class A2, 7.76%, 4/15/32		14,064		14,207,257
Commercial Mortgage Pass-Through Certificates Series 2004-LB3A Class A3, 5.09%, 7/10/37 (a)		9,900		9,396,888
DLJ Commercial Mortgage Corp. Series 2000- CKP1 Class A1B, 7.18%, 11/10/33		1,825		1,860,668
First Union National Bank Commercial Mortgage Series 2000-C1 Class A2, 7.84%, 5/17/32		12,185		12,419,569
First Union National Bank Commercial Mortgage Series 2001-C2 Class A2, 6.66%, 1/12/43		2,078		2,139,288
GE Capital Commercial Mortgage Corp. Series 2001-3 Class A2, 6.07%, 6/10/38		1,670		1,679,179
GE Capital Commercial Mortgage Corp. Series 2002-1A Class A3, 6.27%, 12/10/35		1,730		1,763,667
GE Capital Commercial Mortgage Corp. Series 2005 C4 Class A4, 5.51%, 11/10/45 (a)		1,850		1,556,890
GMAC Commercial Mortgage Securities, Inc. Series 1998-C2 Class D, 6.50%, 5/15/35		3,540		3,529,093
GMAC Commercial Mortgage Securities, Inc. Series 2000-C1 Class A2, 7.72%, 3/15/33 (a)		1,133		1,143,416
GMAC Commercial Mortgage Securities, Inc. Series 2000-C2 Class A2, 7.46%, 8/16/33 (a)		1,165		1,192,316
GMAC Commercial Mortgage Securities, Inc. Series 2000-C2 Class A2, 5.67%, 5/10/40 (a)		2,465		2,431,614
GMAC Commercial Mortgage Securities, Inc. Series 2001-C1 Class B, 6.67%, 4/15/34 (a)		15,000		14,454,983
GMAC Commercial Mortgage Securities, Inc. Series 2004-C3 Class AAB, 4.70%, 12/10/41		700		671,652
GS Mortgage Securities Corp. II Series 2003-C1 Class X2, 1.03%, 1/10/40 (b)(h)		11,206		64,474
GS Mortgage Securities Corp. II Series 2004- GG2 Class A4, 4.96%, 8/10/38		1,625		1,517,765
GS Mortgage Securities Corp. II Series 2006- GG6 Class A2, 5.51%, 4/10/38 (a)		18,650		18,063,275
Greenwich Capital Commercial Funding Corp. Series 2004-GG1 Class A4, 4.75%, 6/10/36		20,425		20,507,160
Greenwich Capital Commercial Funding Corp. Series 2005-GG3 Class A3, 4.57%, 8/10/42		2,445		2,204,813
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-CIB2 Class A3, 6.43%, 4/15/35		21,558		21,949,528
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-CIB3 Class A3, 6.47%, 11/15/35		2,120		2,153,596

7

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Non-U.S Government Sponsored Agency Mortgage-Backed Securities	Par (000)		Value
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2001-CIBC Class A3, 6.26%, 3/15/33	USD	1,043	$	1,065,360
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2007-LD1 Class A2, 5.99%, 6/15/49 (a)		9,700		8,939,541
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2007-LD12 Class A2, 5.83%, 2/15/51		7,882		6,991,608
LB Commercial Conduit Mortgage Trust Series 1999-C2 Class A2, 7.33%, 10/15/32		8,680		8,684,966
LB-UBS Commercial Mortgage Trust Series 2000-C3 Class A2, 7.95%, 5/15/25 (a)		20,676		21,012,115
LB-UBS Commercial Mortgage Trust Series 2000-C4 Class A2, 7.37%, 8/15/26		1,043		1,068,099
LB-UBS Commercial Mortgage Trust Series 2005-C3 Class A5, 4.74%, 7/15/30		15,850		13,562,293
LB-UBS Commercial Mortgage Trust Series 2006-C1 Class A4, 5.16%, 2/15/31		17,731		14,766,322
LB-UBS Commercial Mortgage Trust Series 2006-C7 Class A2, 5.30%, 11/15/38		20,170		18,711,033
Morgan Stanley Capital I Series 2005-HQ5 Class A4, 5.17%, 1/14/42		8,000		7,211,984
Morgan Stanley Capital I Series 2006-IQ11 Class A2, 5.69%, 10/15/42 (a)		6,715		6,305,397
Morgan Stanley Capital I Series 2007-HQ12 Class A2, 5.81%, 4/12/49 (a)		3,520		3,280,292
Morgan Stanley Dean Witter Capital I Series 2000-LIFE Class A2, 7.57%, 11/15/36 (a)		12,112		12,183,805
Prudential Mortgage Capital Funding, LLC Series 2001-Rock Class A2, 6.61%, 5/10/34		2,128		2,154,884
Prudential Securities Secured Financing Corp. Series 2000-C1 Class A2, 7.73%, 5/17/32 (a)		13,447		13,587,111
Salomon Brothers Mortgage Securities VII, Inc. Series 2000-C3 Class A2, 6.59%, 12/18/33		1,505		1,537,936
Salomon Brothers Mortgage Securities VII, Inc. Series 2001-C2 Class A3, 6.50%, 11/13/36		4,802		4,928,514
WaMu Commercial Mortgage Securities Trust Series 2005-C1A Class X, 2.10%, 5/25/36 (b)(h)		10,167		299,511
Wachovia Bank Commercial Mortgage Trust Series 2005-C21 Class A3, 5.38%, 10/15/44 (a)		9,420		9,227,440
Wachovia Bank Commercial Mortgage Trust Series 2006-C25 Class A4, 5.93%, 5/15/43 (a)		17,875		14,613,125
Wachovia Bank Commercial Mortgage Trust Series 2006-C28 Class A2, 5.50%, 10/15/48		15,101		14,585,488
Wachovia Bank Commercial Mortgage Trust Series 2006-C29 Class A4, 5.31%, 11/15/48		7,040		5,376,927
				375,831,786
Total Non-U.S Government Sponsored Agency Mortgage-Backed Securities - 24.9%				701,335,123

8

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Industry	Corporate Bonds	Par (000)		Value
Aerospace & Defense - 0.1%	BAE Systems Holdings, Inc., 5.20%, 8/15/15 (b)	USD	340	$	337,922
	L-3 Communications Corp., 5.88%, 1/15/15		860		763,250
	L-3 Communications Corp. Series B, 6.34%, 10/15/15		697		632,528
					1,733,700
Air Freight & Logistics - 0.7%	United Parcel Service, Inc., 3.88%, 4/01/14		18,250		18,819,035
Airlines - 0.2%	American Airlines, Inc. Series 2003-1, 3.86%, 1/09/12		2,058		1,913,798
	Continental Airlines, Inc. Series 2002-1, 6.56%, 8/15/13		2,555		2,312,275
					4,226,073
Capital Markets - 2.5%	The Bear Stearns Cos., Inc., 1.51%, 7/19/10 (a)		4,995		4,998,781
	Goldman Sachs Capital II, 5.79% (a)(j)		3,180		1,938,051
	The Goldman Sachs Group, Inc., 5.25%, 10/15/13		7,770		7,930,023
	Lehman Brothers Holdings, Inc., 6.75%, 12/28/17 (k)(l)		7,180		718
	Morgan Stanley, 0.79%, 1/09/12 (a)(g)		43,250		38,985,853
	UBS AG, 5.75%, 4/25/18		11,000		10,018,096
	UBS AG Series DPNT, 5.88%, 12/20/17		7,715		7,184,671
					71,056,193
Chemicals - 0.3%	Huntsman International LLC, 7.88%, 11/15/14		4,390		3,479,075
	Huntsman International LLC, 7.38%, 1/01/15		1,285		1,008,725
	NOVA Chemicals Corp., 6.50%, 1/15/12		960		902,400
	NOVA Chemicals Corp., 4.54%, 11/15/13 (a)		2,292		1,896,630
					7,286,830
Commercial Banks - 2.1%	Corporacion Andina de Fomento, 6.88%, 3/15/12		5,125		5,403,154
	Danske Bank A/S, 2.50%, 5/10/12 (b)		11,460		11,504,692
	Dexia Credit Local, 2.38%, 9/23/11 (b)		9,295		9,305,089
	Eksportfinans A/S, 5.50%, 5/25/16		8,025		8,091,702
	HSBC Bank USA NA, 4.63%, 4/01/14		415		407,442
	Kreditanstalt fuer Wiederaufbau, 3.50%, 3/10/14		24,950		25,459,449
					60,171,528
Consumer Finance - 0.5%	FIA Card Services NA, 4.63%, 8/03/09		3,135		3,140,947
	SLM Corp., 1.23%, 7/27/09 (a)		4,125		4,107,432
	SLM Corp., 5.40%, 10/25/11		6,000		5,396,340
	SLM Corp., 5.13%, 8/27/12		1,450		1,240,271
					13,884,990
Diversified Consumer Services - 0.1%	Leland Stanford Junior University, 4.75%, 5/01/19		2,450		2,464,561
Diversified Financial Services - 3.5%	Citigroup Funding, Inc., 2.13%, 7/12/12		12,005		12,006,657
	Ford Motor Credit Co. LLC, 9.75%, 9/15/10		2,445		2,342,056
	General Electric Capital Corp., 5.00%, 11/15/11		18,780		19,336,245
	General Electric Capital Corp., 2.13%, 12/21/12		9,480		9,414,768
	General Electric Capital Corp., 6.38%, 11/15/67 (a)		10,075		6,722,252
	General Electric Capital Corp. Series A, 5.00%, 12/01/10		10,915		11,235,464
	JPMorgan Chase & Co., 4.50%, 11/15/10		10		10,194
	JPMorgan Chase Bank NA, 6.00%, 7/05/17		12,725		12,394,723

9

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Industry	Corporate Bonds	Par (000)		Value
	JPMorgan Chase Bank NA Series BKNT, 6.00%, 10/01/17		9,865	$	9,601,979
	LeasePlan Corp. NV, 3.00%, 5/07/12 (b)		15,300		15,356,763
					98,421,101
Diversified Telecommunication Services - 2.0%	AT&T, Inc., 5.50%, 2/01/18		9,750		9,735,736
	AT&T, Inc., 6.50%, 9/01/37		8,975		8,901,836
	Cincinnati Bell, Inc., 7.25%, 7/15/13		200		183,000
	Citizens Communications Co., 6.25%, 1/15/13		235		216,200
	Comcast Cable Holdings LLC, 7.88%, 8/01/13		150		170,665
	GTE Corp., 6.84%, 4/15/18		8,030		8,361,213
	GTE Corp., 6.94%, 4/15/28		75		75,200
	Qwest Communications International, Inc., 7.50%, 2/15/14		1,135		1,035,688
	Qwest Communications International, Inc. Series B, 7.50%, 2/15/14		455		415,188
	Qwest Corp., 3.88%, 6/15/13 (a)		135		120,656
	Qwest Corp., 8.38%, 5/01/16 (b)		2,625		2,533,125
	Telecom Italia Capital SA, 5.25%, 10/01/15		275		265,468
	Telefonica Emisiones SAU, 4.95%, 1/15/15		9,225		9,376,788
	Telefonica Europe BV, 7.75%, 9/15/10		160		168,780
	Verizon Communications, Inc., 8.75%, 11/01/18		11,200		13,266,165
	Verizon Maryland, Inc. Series B, 5.13%, 6/15/33		95		70,384
	Verizon New Jersey, Inc., 7.85%, 11/15/29		35		36,402
	Verizon Virginia, Inc. Series A, 4.63%, 3/15/13		60		60,131
	Windstream Corp., 8.13%, 8/01/13		240		232,200
	Windstream Corp., 8.63%, 8/01/16		255		244,163
					55,468,988
Electric Utilities - 0.6%	Florida Power & Light Co., 5.63%, 4/01/34		150		153,261
	Florida Power & Light Co., 5.95%, 2/01/38		3,575		3,825,186
	Florida Power Corp., 6.40%, 6/15/38		6,650		7,394,248
	Nevada Power Co., 6.65%, 4/01/36		3,755		3,819,252
	Southern California Edison Co. Series 08-A, 5.95%, 2/01/38		2,800		2,962,341
					18,154,288
Food Products - 0.8%	Kraft Foods, Inc., 6.50%, 8/11/17		7,555		7,957,138
	Kraft Foods, Inc., 6.13%, 2/01/18		8,090		8,364,437
	Tyson Foods, Inc., 10.50%, 3/01/14 (b)		6,490		7,041,650
					23,363,225
Gas Utilities - 0.0%	El Paso Natural Gas Co., 8.63%, 1/15/22		130		140,410
Health Care Providers & Services - 0.1%	UnitedHealth Group, Inc., 5.80%, 3/15/36		3,465		2,802,686
	WellPoint, Inc., 5.95%, 12/15/34		410		330,041
					3,132,727
Hotels, Restaurants & Leisure - 0.3%	American Real Estate Partners LP, 8.13%, 6/01/12		75		69,000
	American Real Estate Partners LP, 7.13%, 2/15/13		1,890		1,705,725
	Harrah’s Operating Co., Inc., 10.00%, 12/15/18 (b)		1,570		902,750
	Wendy’s International, Inc., 6.25%, 11/15/11		5,380		5,178,250
					7,855,725
Household Durables - 1.8%	Belvoir Land LLC Series A-1, 5.27%, 12/15/47 (b)		325		206,079
	Centex Corp., 4.55%, 11/01/10		3,890		3,802,475
	Centex Corp., 5.13%, 10/01/13		13,074		11,766,600

10

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Industry	Corporate Bonds	Par (000)		Value
	DR Horton, Inc., 6.88%, 5/01/13	USD	7,830	$	7,330,838
	DR Horton, Inc., 6.13%, 1/15/14		9,105		8,148,975
	DR Horton, Inc., 5.63%, 9/15/14		2,269		1,939,995
	Irwin Land LLC Series A-2, 5.40%, 12/15/47		600		383,586
	KB Home, 6.38%, 8/15/11		6,600		6,369,000
	Lennar Corp. Series B, 5.60%, 5/31/15		3,610		2,842,875
	Pulte Homes, Inc., 5.20%, 2/15/15		2,720		2,271,200
	Ryland Group, Inc., 5.38%, 5/15/12		2,445		2,298,300
	Toll Brothers Finance Corp., 4.95%, 3/15/14		2,260		2,030,359
					49,390,282
IT Services - 0.5%	First Data Corp., 9.88%, 9/24/15		10,240		7,270,400
	Sabre Holdings Corp., 6.35%, 3/15/16		10,080		6,652,800
					13,923,200
Independent Power Producers & Energy Traders - 0.4%	AES Ironwood LLC, 8.88%, 11/30/25		83		71,761
	AES Red Oak LLC Series B, 9.20%, 11/30/29		50		42,250
	NRG Energy, Inc., 7.38%, 2/01/16		90		85,163
	TXU Corp., 5.55%, 11/15/14		11,705		7,390,771
	Texas Competitive Electric Holdings Co. LLC Series B, 10.25%, 11/01/15		4,463		2,778,218
					10,368,163
Insurance - 0.8%	Hartford Life Global Funding Trusts, 0.80%, 9/15/09 (a)		1,285		1,279,779
	Hartford Life Global Funding Trusts, 0.81%, 6/16/14 (a)		13,275		8,302,039
	Metropolitan Life Global Funding I, 5.13%, 4/10/13 (b)		11,675		11,874,374
	Monument Global Funding Ltd., 0.47%, 6/16/10 (a)(b)		2,510		2,397,207
					23,853,399
Internet & Catalog Retail - 0.3%	Expedia, Inc., 7.46%, 8/15/18		8,620		8,189,000
Media - 2.1%	Belo Corp., 6.75%, 5/30/13		1,665		1,323,675
	Comcast Cable Communications Holdings, Inc., 8.38%, 3/15/13		670		763,800
	Comcast Corp., 5.90%, 3/15/16		425		439,630
	Comcast Corp., 7.05%, 3/15/33		155		164,960
	Comcast Corp., 6.45%, 3/15/37		7,000		6,898,773
	Comcast Corp., 6.95%, 8/15/37		1,250		1,303,349
	Cox Communications, Inc., 7.13%, 10/01/12		3,895		4,186,954
	Cox Communications, Inc., 8.38%, 3/01/39 (b)		5,775		6,439,027
	News America, Inc., 7.13%, 4/08/28		125		112,867
	News America, Inc., 7.63%, 11/30/28		140		134,072
	News America, Inc., 6.40%, 12/15/35		5,210		4,559,974
	News America, Inc., 6.75%, 1/09/38		5,060		5,149,441
	Shaw Communications, Inc., 7.20%, 12/15/11		3,135		3,236,888
	TCI Communications, Inc., 8.75%, 8/01/15		360		410,303
	Time Warner Cable, Inc., 5.85%, 5/01/17		4,225		4,219,089
	Time Warner Cos., Inc., 9.13%, 1/15/13		9,715		10,696,234
	Time Warner Cos., Inc., 7.57%, 2/01/24		720		704,875
	Time Warner Entertainment Co. LP, 8.38%, 3/15/23		150		165,394

11

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Industry	Corporate Bonds	Par (000)		Value
	Time Warner, Inc., 6.75%, 4/15/11	USD	200	$	209,314
	Viacom, Inc., 5.75%, 4/30/11		7,630		7,811,304
					58,929,923
Metals & Mining - 0.1%	Aleris International, Inc., 9.00%, 12/15/14 (k)(l)		140		1,400
	Arch Western Finance LLC, 6.75%, 7/01/13		795		725,438
	Freeport-McMoRan Copper & Gold, Inc., 5.00%, 4/01/15 (a)		1,150		1,076,458
					1,803,296
Multi-Utilities - 0.0%	CenterPoint Energy, Inc., 7.25%, 9/01/10		480		487,756
Multiline Retail - 0.2%	Macy’s Retail Holdings, Inc., 5.35%, 3/15/12		4,865		4,428,181
	The May Department Stores Co., 5.75%, 7/15/14		1,350		1,147,828
					5,576,009
Oil, Gas & Consumable Fuels - 2.3%	BP Capital Markets Plc, 3.13%, 3/10/12		11,425		11,654,677
	Canadian Natural Resources, Ltd., 5.90%, 2/01/18		2,625		2,681,298
	ConocoPhillips, 4.60%, 1/15/15		16,822		17,287,044
	ConocoPhillips, 7.00%, 3/30/29		80		83,853
	Consolidated Natural Gas Co. Series A, 5.00%, 3/01/14		235		239,297
	Consolidated Natural Gas Co. Series C, 6.25%, 11/01/11		150		160,068
	Enterprise Products Operating LP, 4.95%, 6/01/10		450		456,643
	Kinder Morgan Finance Co. ULC, 5.35%, 1/05/11		5,350		5,243,000
	Kinder Morgan, Inc., 6.50%, 9/01/12		1,655		1,617,763
	MidAmerican Energy Holdings Co., 5.95%, 5/15/37		7,100		6,853,460
	Shell International Finance B.V., 4.00%, 3/21/14		14,500		14,888,977
	Tennessee Gas Pipeline Co., 7.00%, 10/15/28		920		876,681
	XTO Energy, Inc., 6.75%, 8/01/37		3,370		3,518,122
					65,560,883
Paper & Forest Products - 0.2%	Meadwestvaco Corp., 6.85%, 4/01/12		5,925		6,076,443
Pharmaceuticals - 2.1%	Bristol-Myers Squibb Co., 6.88%, 8/01/97		75		77,992
	Eli Lilly & Co., 3.55%, 3/06/12		5,415		5,609,837
	GlaxoSmithKline Capital, Inc., 4.85%, 5/15/13		8,050		8,420,646
	Merck & Co., Inc., 4.00%, 6/30/15		11,910		12,119,556
	Pfizer, Inc., 5.35%, 3/15/15		18,470		19,847,862
	Roche Holdings, Inc., 2.66%, 2/25/11 (a)(b)		2,735		2,765,304
	Roche Holdings, Inc., 5.00%, 3/01/14 (b)		10,875		11,374,217
					60,215,414
Real Estate Investment Trusts (REITs) - 0.0%	iStar Financial, Inc., 5.65%, 9/15/11		2,220		1,287,600
Road & Rail - 0.0%	The Hertz Corp., 8.88%, 1/01/14		1,160		1,067,200
Software - 0.2%	Oracle Corp., 5.75%, 4/15/18 (g)		5,980		6,307,961
Wireless Telecommunication Services - 1.4%	Rogers Wireless, Inc., 7.50%, 3/15/15		140		152,291
	Verizon Wireless Capital LLC, 3.75%, 5/20/11 (b)		26,275		26,812,928
	Vodafone Group Plc, 5.00%, 12/16/13		275		285,205
	Vodafone Group Plc, 4.15%, 6/10/14		12,400		12,205,432

12

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Industry	Corporate Bonds		Par (000)		Value
	Vodafone Group Plc, 5.00%, 9/15/15	USD	55	$	55,226
					39,511,082
	Total Corporate Bonds - 26.2%				738,726,985
	Foreign Government Obligations
	Bundesrepublik Deutschland Series 05, 4.00%, 1/04/37	EUR	2,105		2,840,508
	Bundesrepublik Deutschland Series 07, 4.25%, 7/04/39		5,600		7,934,728
	Israel Government AID Bond, 5.50%, 9/18/23	USD	850		908,783
	Israel Government AID Bond, 5.50%, 4/26/24		625		669,497
	Japan Finance Corp., 2.00%, 6/24/11		7,525		7,538,605
	Mexico Government International Bond, 6.38%, 1/16/13		2,378		2,568,240
	Societe Financement de l’Economie Francaise Series 144A, 3.38%, 5/05/14 (b)		13,400		13,457,303
	United Kingdom Gilt, 4.25%, 12/07/49	GBP	4,880		7,838,284
	Total Foreign Government Obligations - 1.6%				43,755,948
	Capital Trusts
Capital Markets - 0.1%	Credit Suisse Guernsey Ltd., 5.86% (a)(j)		3,101		2,015,650
	Lehman Brothers Holdings Capital Trust VII, 5.86% (j)(k)(l)		1,868		187
					2,015,837
Commercial Banks - 0.2%	Barclays Bank Plc, 7.43% (a)(b)(j)		100		67,000
	Barclays Bank Plc, 8.55% (a)(b)(j)		6,660		4,462,200
	Wachovia Capital Trust III, 5.80%, (a)(j)		1,865		1,119,000
					5,648,200
Diversified Financial Services - 0.3%	JPMorgan Chase & Co., 7.90% (a)(j)		10,730		9,389,823
Insurance - 1.1%	American International Group, Inc., 8.18%, 5/15/58 (a)(b)		2,630		750,328
	Chubb Corp., 6.38%, 3/29/67 (a)		6,825		5,460,000
	Lincoln National Corp., 7.00%, 5/17/66 (a)		4,185		2,636,550
	Lincoln National Corp., 6.05%, 4/20/67 (a)		2,500		1,587,500
	MetLife, Inc., 6.40%, 12/15/66		7,995		5,716,425
	Progressive Corp., 6.70%, 6/15/37 (a)		6,460		4,554,985
	Reinsurance Group of America, 6.75%, 12/15/65 (a)		4,415		2,495,932
	The Travelers Cos., Inc., 6.25%, 3/15/67 (a)		5,715		4,606,084
	ZFS Finance (USA) Trust V, 6.50%, 5/09/67 (a)(b)		5,275		3,798,000
					31,605,804
	Total Capital Trusts - 1.7%				48,659,664
	Total Long-Term Investments (Cost - $4,253,252,812) - 142.2%				4,005,653,853
	Short-Term Securities		Shares
	BlackRock Liquidity Funds, TempFund, 0.45% (i)(m)		24,811,121		24,811,121
	Total Short-Term Securities (Cost - $24,811,121) - 0.9%				24,811,121

13

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

	Options Purchased		Contracts (n)			Value
Over-the-Counter Call Options	Receive a fixed rate of 2.25% and pay a floating rate based on 3-month LIBOR, expiring October 2009, Broker JPMorgan Chase Bank		61		$	82,477
	Receive a fixed rate of 2.37% and pay a floating rate based on 3-month LIBOR, expiring November 2009, Broker Goldman Sachs International		66			165,402
	Receive a fixed rate of 2.50% and pay a floating rate based on 3-month LIBOR, expiring March 2010, Broker Barclays Bank Plc		28			144,518
	Receive a fixed rate of 2.50% and pay a floating rate based on 3-month LIBOR, expiring November 2009, Broker JPMorgan Chase Bank		47			152,615
	Receive a fixed rate of 2.75% and pay a floating rate based on 3-month LIBOR, expiring December 2009, Broker Morgan Stanley Capital Services Inc.		108			823,140
	Receive a fixed rate of 2.75% and pay a floating rate based on 3-month LIBOR, expiring November 2009, Broker Morgan Stanley Capital Services Inc.		142			1,060,314
	Receive a fixed rate of 3.12% and pay a floating rate based on 3-month LIBOR, expiring October 2009, Broker Barclays Bank Plc		78			887,374
	Receive a fixed rate of 3.40% and pay a floating rate based on 3-month LIBOR, expiring April 2010, Broker Deutsche Bank AG		48			1,099,846
	Receive a fixed rate of 4.39% and pay a floating rate based 3-month LIBOR, expiring June 2010, Broker Deutsche Bank AG		54			3,281,690
						7,697,376
Over-the-Counter Put Options	Receive a fixed rate of 3.34% and pay a floating rate based on 3-month LIBOR, expiring April 2010, Broker Deutsche Bank AG		78			5,943,831
	Pay a fixed rate of 3.40% and receive a floating rate based 3-month LIBOR, expiring April 2010, Broker Deutsche Bank AG		48			3,814,759
	Pay a fixed rate of 4.39% and receive a floating rate based 3-month LIBOR, expiring June 2010, Broker Deutsche Bank AG		54			2,330,514
						12,089,104
	Total Options Purchased (Cost - $17,885,342) - 0.7%					19,786,480
	Total Investments Before TBA Sale Commitments and Options Written (Cost - $4,295,949,275*) - 143.8%					4,050,251,454
	TBA Sale Commitments (f)		Par (000)
	Fannie Mae Guaranteed Pass-Through Certificates:
	4.50%, 12/01/20 - 7/15/39	USD	(175,400	)		(175,897,089	)
	5.00%, 2/01/21 - 7/15/39		(221,100	)		(225,829,584	)
	5.50%, 7/01/14 - 7/15/39		(215,648	)		(222,949,458	)
	6.00%, 1/01/21 - 7/15/39		(201,300	)		(210,390,751	)

14

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

	TBA Sale Commitments (f)	Par (000)			Value
	Freddie Mac Mortgage Participation Certificates:
	5.00%, 10/01/22 - 7/15/39	USD	(56,500	)	$	(57,779,125	)
	5.50%, 8/01/17 - 8/15/39		(100	)		(103,219	)
	6.00%, 5/01/13 - 9/01/37		(500	)		(521,719	)
	7.00%, 2/01/31 - 7/15/39		(26	)		(28,124	)
	Ginnie Mae MBS Certificates, 5.50%, 11/15/33 - 6/01/39		(17,800	)		(18,328,660	)
	Total TBA Sale Commitments (Proceeds Received - $907,100,193) - (32.4)%					(911,827,729	)
	Options Written	Contracts (n)
Over-the-Counter Call Options	Pay a fixed rated of 4.87% and receive a floating rate based on 3-month LIBOR, expiring February 2010, Broker UBS AG		116			(10,648,195	)
	Pay a fixed rated of 5.49% and receive a floating rate based on expiring 3-month LIBOR, Broker JPMorgan Chase Bank		5			(750,244	)
	Pay a fixed rated of 5.67% and receive a floating rate based on 3-month LIBOR, expiring January 2010, Broker Citibank NA		4			(549,583	)
	Pay a fixed rated of 3.32% and receive a floating rate based on 3-month LIBOR, expiring March 2010, Broker Deutsche Bank AG		20			(408,840	)
	Pay a fixed rated of 4.10% and receive a floating rate based on 3-month LIBOR, expiring May 2010, Broker Barclays Bank Plc		18			(854,898	)
	Pay a fixed rated of 4.22% and receive a floating rate based on 3-month LIBOR, expiring May 2010, Broker JPMorgan Chase Bank		80			(4,271,520	)
	Pay a fixed rated of 4.28% and receive a floating rate based on 3-month LIBOR, expiring May 2010, Broker Barclays Bank Plc		72			(4,046,472	)
	Pay a fixed rated of 4.32% and receive a floating rate based on 3-month LIBOR, expiring May 2010, Broker Barclays Bank Plc		200			(11,623,800	)
	Pay a fixed rated of 4.80% and receive a floating rate based on 3-month LIBOR, expiring June 2010, Broker Barclays Bank Plc		108			(8,955,979	)
						(42,109,531	)
Over-the-Counter Put Options	Receive a fixed rate of 3.32% and pay a floating rate based on 3-month LIBOR, expiring March 2010, Broker Deutsche Bank AG		20			(1,640,060	)
	Receive a fixed rate of 4.10% and pay a floating rate based on 3-month LIBOR, expiring May 2010, Broker Barclays Bank Plc		18			(932,684	)
	Receive a fixed rate of 4.22% and pay a floating rate based on 3-month LIBOR, expiring May 2010, Broker JPMorgan Chase Bank		80			(3,835,440	)
	Receive a fixed rate of 4.28% and pay a floating rate based on 3-month LIBOR, expiring May 2010, Broker Barclays Bank Plc		72			(3,300,624	)

15

Master Total Return Portfolio of Master Bond LLC
Schedule of Investments June 30, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

	Options Written	Contracts			Value
	Receive a fixed rate of 4.32% and pay a floating rate based on 3-month LIBOR, expiring May 2010, Broker Barclays Bank Plc		200	(n)	$	(8,897,000	)
	Receive a fixed rate of 4.50% and pay a floating rate based on 3-month LIBOR, expiring March 2010, Broker Barclays Bank Plc		28	(n)		(2,048,012	)
	Receive a fixed rate of 4.80% and pay a floating rate based on 3-month LIBOR, expiring June 2010, Broker Barclays Bank Plc		107	(n)		(3,396,825	)
	Receive a fixed rate of 4.87% and pay a floating rate based on 3-month LIBOR expiring February 2010, Broker UBS AG		116	(n)		(2,459,978	)
	Receive a fixed rate of 5.49% and pay a floating rate based on 3-month LIBOR, expiring October 2009, Broker JPMorgan Chase Bank		5	(n)		(30,769	)
	Receive a fixed rate of 5.67% and pay a floating rate based on 3-month LIBOR, expiring January 2010, Broker Citibank NA		4	(n)		(29,541	)
						(26,570,933	)
Exchange-Traded Put Option	30-Year U.S. Treasury Bond, expiring August 2009 at USD 110		227			(109,953	)
	Total Options Written (Premiums Received - $63,203,209) - (2.4)%					(68,790,417	)
	Total Investments - 109.0%					3,069,633,308
	Liabilities in Excess of Other Assets - (9.0)%					(254,381,267	)
	Net Assets - 100.0%				$	2,815,252,041

  * The cost and unrealized appreciation (depreciation) of investments as of June 30, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	4,300,664,501
Gross unrealized appreciation	$	63,824,126
Gross unrealized depreciation		(314,237,173	)
Net unrealized depreciation	$	(250,413,047	)

(a)	Variable rate security. Rate shown is as of report date.
(b)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(c)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts.
(d)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(e)	All or a portion of security has been pledged as collateral for reverse repurchase agreements.
	Reverse repurchase agreements outstanding as of June 30, 2009 were as follows:

Counterparty	Interest Rate	Trade Date	Maturity Date	Net Closing Amount		Face Amount
Barclays Bank Plc	(1.75%)	6/29/09	TBD	$	19,327,498	$	19,328,438
JPMorgan Securities	(1.15%)	6/29/09	TBD		42,487,193		42,488,550
Total				$	61,814,691	$	61,816,988

16

Master Total Return Portfolio of Master Bond LLC

Schedule of Investments June 30, 2009 (Unaudited)

(f) Represents or includes a “to-be-announced” transaction. The Master Portfolio has committed to purchasing (selling) securities for which all specific information is not available at this time.

Counterparty	Market Value			Unrealized Appreciation (Depreciation)
BNP Paribas	$	(42,426,898	)	$	(175,542	)
Bank of America NA		(5,108,797	)		265,519
Barclays Capital Plc		6,457,684			18,919
Citigroup NA		(8,392,513	)		(79,007	)
Credit Suisse International		28,278,247			1,041,200
Deutsche Bank AG		84,778,131			2,181,047
Goldman Sachs Bank USA		17,659,387			(249,348	)
JPMorgan Chase Bank		(43,511,991	)		(42,696	)
Morgan Stanley Capital Services, Inc.		40,481,539			830,300

(g)	All or a portion of security has been pledged as collateral in connection with swaps.
(h)	Represents the interest only portion of a mortgage-backed security and has either a nominal or a notional amount of principal.
(i)	Investments in companies considered to be an affiliate of the Master Portfolio, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, were as follows:

Affiliate	Purchase Cost		Sale Cost		Realized Gain		Income
BlackRock Capital Finance LP Series 1997-R2 Class AP, 1.27%, 12/25/35		—		—		—	$	725
BlackRock Liquidity Funds, TempFund		24,811,121		—		—	$	23,675

(j)	Security is perpetual in nature and has no stated maturity date.
(k)	Non-income producing security.
(l)	Issuer filed for bankruptcy and/or is in default of interest payments.
(m)	Represents the current yield as of report date.
(n)	One contract represents a notional amount of $1 million.
•	For Mater Portfolio compliance purposes, the Master Portfolio’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Master Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.
•	Financial futures contracts purchased as of June 30, 2009 were as follows:

Contracts	Issue	Exchange	Expiration Date		Face Value		Unrealized Appreciation
449	2-Year U.S.
	Treasury Bond	Chicago	September 2009	$	97,069,176	$	13,043
3,303	10-Year U.S.
	Treasury Bond	Chicago	September 2009	$	383,450,691		574,668
63	Euro-Bund Future	Eurex	September 2009	$	10,511,606		189,459
48	Long Gilt	London	September 2009	$	9,305,403		19,309
Total						$	796,479

  • Financial futures contracts sold as of June 30, 2009 were as follows:

Contracts	Issue	Expiration Date	Face Value		Unrealized Depreciation
1,472	5-Year U.S. Treasury Bond	September 2009	$	167,881,816	$	(984,184	)

17

Master Total Return Portfolio of Master Bond LLC

Schedule of Investments June 30, 2009 (Unaudited)

• Foreign currency exchange contracts as of June 30, 2009 were as follows:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Depreciation
USD	13,819,533	EUR	10,146,500	Citibank NA	7/15/09	$	(415,105	)
USD	18,230,628	GBP	11,263,500	Deutsche Bank AG	8/26/09		(298,919	)
Total						$	(714,024	)

• Interest rate swaps outstanding as of June 30, 2009 were as follows:

Fixed Rate	Floating Rate	Counterparty	Expiration	Notional Amount (000)		Unrealized Appreciation (Depreciation)
4.05% (a)	3-month LIBOR	Barclays Bank Plc	December 2009	USD	57,800	$	865,804
1.75% (a)	3-month LIBOR	Goldman Sachs Bank USA	June 2011	USD	14,700		66,494
2.25% (b)	3-month LIBOR	Deutsche Bank AG	December 2012	USD	35,680		196,880
4.32% (a)	3-month LIBOR	Citibank NA	July 2013	USD	35,700		2,318,664
3.36% (a)	3-month LIBOR	Bank of America NA	June 2014	USD	36,000		666,872
2.93% (a)	3-month LIBOR	Citibank NA	June 2014	USD	60,000		(105,852	)
2.81% (a)	3-month LIBOR	Citibank NA	February 2016	USD	50,000		(1,629,868	)
3.80% (b)	3-month LIBOR	Citibank NA	May 2019	USD	45,200		(231,511	)
4.30% (b)	3-month LIBOR	Citibank NA	June 2019	USD	29,000		(1,362,739	)
4.40% (b)	3-month LIBOR	Barclays Bank Plc	June 2019	USD	38,500		(2,132,861	)
4.08% (b)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	June 2019	USD	23,800		(670,913	)
3.93% (b)	3-month LIBOR	JPMorgan Chase Bank NA	June 2019	USD	7,500		(114,853	)
3.92% (b)	3-month LIBOR	Citibank NA	June 2019	USD	23,100		(331,414	)
4.05% (a)	3-month LIBOR	Barclays Bank Plc	June 2019	USD	100,000		2,580,654
3.83% (a)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	June 2019	USD	11,400		75,691
3.80% (a)	3-month LIBOR	Deutsche Bank AG	June 2019	USD	41,800		198,253
5.41% (a)	3-month LIBOR	JPMorgan Chase Bank NA	August 2022	USD	24,125		3,657,665
3.50% (b)	3-month LIBOR	Barclays Bank Plc	March 2040	USD	7,400		1,006,964
Total						$	5,053,930

(a)	Trust pays floating interest rate and receives fixed rate.
(b)	Trust pays fixed interest rate and receives floating rate.

• Credit default swaps on single-name issues - buy protection outstanding as of June 30, 2009 were as follows:

Issuer	Pay Fixed Rate		Counterparty	Expiration	Notional Amount (000)		Unrealized Appreciation (Depreciation)
Centex Corp.	6.92	%	JPMorgan Chase Bank NA	December 2010	USD	3,890	$	(292,599	)
Limited Brands, Inc.	1.07	%	UBS AG	December 2010	USD	7,625		161,186
Radio Shack Corp.	1.16	%	UBS AG	December 2010	USD	7,625		37,689
Knight Inc.	1.80	%	Credit Suisse International	January 2011	USD	5,350		(69,755	)
Sara Lee Corp.	0.60	%	JPMorgan Chase Bank NA	March 2011	USD	7,720		(37,139	)

18

Master Total Return Portfolio of Master Bond LLC

Schedule of Investments June 30, 2009 (Unaudited)

Issuer	Pay Fixed Rate		Counterparty	Expiration	Notional Amount (000)		Unrealized Appreciation (Depreciation)
Computer Sciences Corp.	0.88	%	Morgan Stanley Capital Services, Inc.	June 2011	USD	7,770	$	(88,686	)
Viacom, Inc.	2.40	%	Deutsche Bank AG	June 2011	USD	7,630		(140,016	)
iStar Financial, Inc.	5.00	%	Morgan Stanley Capital Services, Inc.	September 2011	USD	1,110		73,218
iStar Financial, Inc.	5.00	%	Morgan Stanley Capital Services, Inc.	September 2011	USD	1,110		67,845
KB Home	4.90	%	JPMorgan Chase Bank NA	September 2011	USD	6,600		(263,590)
Wendy’s	2.90	%	JPMorgan Chase Bank NA	December 2011	USD	5,380		(170,767	)
NOVA Chemicals Corp.	5.00	%	Citibank NA	March 2012	USD	405		(5,015	)
Macy’s, Inc.	7.50	%	Morgan Stanley Capital Services, Inc.	June 2012	USD	3,605		(332,719	)
Macy’s, Inc.	8.00	%	Morgan Stanley Capital Services, Inc.	June 2012	USD	1,260		(133,075	)
MeadWestvaco Corp.	1.20	%	Deutsche Bank AG	June 2012	USD	5,925		(39,671	)
NOVA Chemicals Corp.	5.00	%	JPMorgan Chase Bank NA	June 2012	USD	555		(1,006	)
Ryland Group, Inc.	4.51	%	JPMorgan Chase Bank NA	June 2012	USD	2,445		(135,316	)
Knight Inc.	1.00	%	Morgan Stanley Capital Services, Inc.	September 2012	USD	1,655		(7,908	)
Belo Corp.	5.00	%	Barclays Bank Plc	June 2013	USD	1,665		(5,665	)
D.R. Horton, Inc.	5.04	%	JPMorgan Chase Bank NA	June 2013	USD	7,830		(606,499	)
Eastman Chemical Co.	0.68	%	Morgan Stanley Capital Services, Inc.	September 2013	USD	7,800		52,764
Expedia, Inc.	5.00	%	Citibank NA	September 2013	USD	4,275		(455,804	)
Expedia, Inc.	5.00	%	Citibank NA	September 2013	USD	1,430		(152,468	)
Expedia, Inc.	5.18	%	Goldman Sachs Bank USA	September 2013	USD	2,915		(330,779	)
Centex Corp.	4.37	%	Deutsche Bank AG	December 2013	USD	8,259		(920,946	)
Centex Corp.	4.40	%	JPMorgan Chase Bank NA	December 2013	USD	4,815		(542,784	)
NOVA Chemicals Corp.	5.00	%	Goldman Sachs Bank USA	December 2013	USD	2,292		(83,170	)
D.R. Horton, Inc.	1.00	%	JPMorgan Chase Bank NA	March 2014	USD	9,105		71,455
Hertz Global Holdings, Inc.	5.00	%	Goldman Sachs Bank USA	March 2014	USD	1,160		(308,121	)
Toll Brothers Finance Corp.	2.00	%	JPMorgan Chase Bank NA	March 2014	USD	2,260		(54,776	)
Tyson Foods, Inc.	4.10	%	Barclays Bank Plc	March 2014	USD	3,240		(271,116	)
Tyson Foods, Inc.	4.22	%	Barclays Bank Plc	March 2014	USD	3,250		(288,335	)

19

Master Total Return Portfolio of Master Bond LLC

Schedule of Investments June 30, 2009 (Unaudited)

Issuer	Pay Fixed Rate		Counterparty	Expiration	Notional Amount (000)		Unrealized Appreciation (Depreciation)
D.R. Horton, Inc.	5.07	%	JPMorgan Chase Bank NA	September 2014	USD	2,269	$	(236,307	)
Macy’s, Inc.	1.00	%	Morgan Stanley Capital Services, Inc.	September 2014	USD	1,350		98,005
Energy Future Holdings Corp.	5.00	%	Morgan Stanley Capital Services, Inc.	December 2014	USD	9,960		(1,313,827	)
Energy Future Holdings Corp.	5.00	%	JPMorgan Chase Bank NA	December 2014	USD	1,745		(275,476	)
Huntsman International LLC	5.00	%	Goldman Sachs Bank USA	December 2014	USD	2,530		(784,726	)
Huntsman International LLC	5.00	%	Goldman Sachs Bank USA	December 2014	USD	1,860		(526,472	)
Huntsman International LLC	5.00	%	Goldman Sachs Bank USA	March 2015	USD	1,285		(285,700	)
Pulte Homes, Inc.	3.00	%	JPMorgan Chase Bank NA	March 2015	USD	2,720		(99,071	)
Lennar Corp.	5.86	%	JPMorgan Chase Bank NA	June 2015	USD	3,610		(387,316	)
First Data Corp.	5.00	%	Credit Suisse International	December 2015	USD	1,915		(144,209	)
First Data Corp.	5.00	%	Goldman Sachs Bank USA	December 2015	USD	1,275		(89,892	)
First Data Corp.	5.00	%	JPMorgan Chase Bank NA	December 2015	USD	2,440		(183,745	)
First Data Corp.	5.00	%	Barclays Bank Plc	December 2015	USD	2,370		(178,473	)
First Data Corp.	5.00	%	Barclays Bank Plc	December 2015	USD	2,240		(168,684	)
Sabre Holdings Corp.	5.00	%	JPMorgan Chase Bank NA	March 2016	USD	5,040		(1,524,155	)
Sabre Holdings Corp.	5.00	%	JPMorgan Chase Bank NA	March 2016	USD	5,040		(1,549,248	)
							$	(12,922,864	)

• Credit default swaps on single-name issues - sold protection outstanding as of June 30, 2009 were as follows:

Issuer	Receive Fixed Rate	Counterparty	Expiration	Credit Rating1	Notional Amount (000)2		Unrealized Depreciation
SLM Corp.	5.00%	Barclays Bank Plc	March 2013	BBB	USD	5,000	$	(417,449	)

¹ Using Standard and Poor’s ratings of the issuer.

² The maximum potential amount the Master Portfolio may pay should a negative credit event take place as defined under the terms of the agreement.

•	Currency Abbreviations:
	EUR	Euro
	GBP	British Pound
	USD	US Dollar

20

Master Total Return Portfolio of Master Bond LLC

Schedule of Investments June 30, 2009 (Unaudited)

• Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 - price quotations in active markets/exchanges for identical securities

• 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 Master Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of June 30, 2009 in determining the fair valuation of the Master Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets		Liabilities
Level 1 -
Short-Term Securities	$	24,811,121
Total Level 1		24,811,121
Level 2-
Long-Term Investments1		3,988,850,143
TBA Sale Commitments		—		(911,827,729	)
Total Level 2		3,988,850,143		(911,827,729	)
Level 3 -
Long-Term Investments
Asset-Backed Securities		2,912,408
Non-U.S. Government Sponsored Agency Mortgage-Backed Securities		13,891,302
Total Level 3		16,803,710
Total	$	4,030,464,974	$	(911,827,729	)

¹ See above Schedule of Investments for values in each security type excluding the security types in Level 3 within the table.

21

Master Total Return Portfolio of Master Bond LLC

Schedule of Investments June 30, 2009 (Unaudited)

Valuation Inputs	Other Financial Instruments*
	Assets		Liabilities
Level 1	$	796,479	$	(1,094,137	)
Level 2		31,982,583		(151,693,962	)
Level 3		—		—
Total	$	32,779,062	$	(152,788,099	)

* Other financial instruments are swaps, futures, foreign currency exchange contracts, reverse repurchase agreements and options. Swaps, futures and foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and reverse repurchase agreements and options are shown at market value.

The following is a reconciliation of investments for unobservable inputs (Level 3) were used in determining fair value:

	Non-U.S. Government Sponsored Agency Mortgage- Backed Securities			Asset-Backed Securities			Investments in Securities
Balance, as of September 30, 2008	$	1,735,232		$	238,640		$	1,973,872
Accrued discounts/premiums		—			—			—
Realized gain		—			395			395
Change in unrealized appreciation/depreciation		(850,000	)		2,082			(847,918	)
Net sales		(65	)		(120,237	)		(120,302	)
Net transfers in Level 3		13,006,135			2,791,528			15,797,663
Balance, as of June 30, 2009	$	13,891,302		$	2,912,408		$	16,803,710

22

Item 2 –	Controls and Procedures
2(a) –	The registrants' principal executive and principal financial officers or persons performing similar functions have concluded that the registrants' disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15(d)-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) –	There were no changes in the registrants' internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants' last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants' internal control over financial reporting.
Item 3 –	Exhibits
	Certifications – Attached hereto
	Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, each registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
	BlackRock Balanced Capital Fund, Inc., Master Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC
	By:	/s/ Anne F. Ackerley
		Anne F. Ackerley
		Chief Executive Officer of
		BlackRock Balanced Capital Fund, Inc., Master Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC
	Date: August 21, 2009
	Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of each registrant and in the capacities and on the dates indicated.
	By:	/s/ Anne F. Ackerley
		Anne F. Ackerley
		Chief Executive Officer (principal executive officer) of
		BlackRock Balanced Capital Fund, Inc., Master Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC
	Date: August 21, 2009
	By:	/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Balanced Capital Fund, Inc., Master Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC
	Date: August 21, 2009