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 and 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, 55 East 52^nd Street, New York, NY 10055.

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

Date of fiscal year end: 09/30/2010

Date of reporting period: 12/31/2009

Item 1 – Schedule of Investments

BlackRock Balanced Capital Fund, Inc.
Schedule of Investments December 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Investment Companies			Value
Master Large Cap Core Portfolio of Master Large Cap Series LLC			$	804,475,843
Master Total Return Portfolio of Master Bond LLC				443,790,737
Total Investment Companies (Cost - $956,499,407) - 99.4%				1,248,266,580
Short-Term Securities	Shares
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.11% (a)(b)		5,066,471		5,066,471
Total Short-Term Securities (Cost - $5,066,471) - 0.4%				5,066,471
Total Investments (Cost - $961,565,878) - 99.8%				1,253,333,051
Other Assets Less Liabilities - 0.2%				2,533,884
Net Assets - 100.0%			$	1,255,866,935

(a) 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, Institutional Class	$	(2,009,496	)	$	857

(b)	Represents the current yield as of report date.
•	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 assets and liabilities
		•	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 most recent annual report.
	The following table summarizes the inputs used as of December 31, 2009 in determining the fair valuation of the Fund’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1	$	5,066,471
Level 2		1,248,266,580
Level 3		—
Total	$	1,253,333,051

	Master Large Cap Core Portfolio of Master Large Cap Series LLC
Schedule of Investments December 31, 2009 (Unaudited)	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Consumer Discretionary — 10.6%
Household Durables — 1.0%
Garmin Ltd. (a)		1,280,000	$	39,296,000
Media — 0.2%
Viacom, Inc., Class B (b)		290,000		8,621,700
Multiline Retail — 1.9%
Big Lots, Inc. (b)		690,000		19,996,200
Target Corp. (a)		1,130,000		54,658,100
				74,654,300
Specialty Retail — 7.5%
Advance Auto Parts, Inc.		570,000		23,073,600
AutoNation, Inc. (a)(b)		990,000		18,958,500
The Gap, Inc.		2,120,000		44,414,000
Guess?, Inc.		960,000		40,608,000
Limited Brands, Inc.		2,280,000		43,867,200
PetSmart, Inc.		1,490,000		39,768,100
Ross Stores, Inc.		990,000		42,282,900
TJX Cos., Inc. (a)		1,240,000		45,322,000
				298,294,300
Total Consumer Discretionary				420,866,300
Consumer Staples — 6.7%
Beverages — 0.3%
The Coca-Cola Co.		170,000		9,690,000
Food & Staples Retailing — 0.1%
Wal-Mart Stores, Inc.		90,000		4,810,500
Food Products — 0.2%
Sara Lee Corp.		620,000		7,551,600
Household Products — 1.9%
Kimberly-Clark Corp.		770,000		49,056,700
The Procter & Gamble Co.		440,000		26,677,200
				75,733,900
Personal Products — 1.1%
The Estée Lauder Cos., Inc., Class A		190,000		9,188,400
Herbalife Ltd.		890,000		36,107,300
				45,295,700
Tobacco — 3.1%
Lorillard, Inc.		550,000		44,126,500
Philip Morris International, Inc.		760,000		36,624,400
Reynolds American, Inc.		800,000		42,376,000
				123,126,900
Total Consumer Staples				266,208,600
Energy — 16.2%
Energy Equipment & Services — 9.6%
Diamond Offshore Drilling, Inc. (a)		400,000		39,368,000
Dresser-Rand Group, Inc. (b)		300,000		9,483,000
Ensco International Plc - ADR		270,000		10,783,800
FMC Technologies, Inc. (a)(b)		730,000		42,223,200
Helix Energy Solutions Group, Inc. (b)		680,000		7,990,000
Nabors Industries Ltd. (a)(b)		1,910,000		41,809,900
Common Stocks	Shares		Value
Energy (concluded)
Energy Equipment & Services (concluded)
National Oilwell Varco, Inc.		1,070,000	$	47,176,300
Oceaneering International, Inc. (b)		440,000		25,748,800
Patterson-UTI Energy, Inc.		2,540,000		38,989,000
Pride International, Inc. (a)(b)		1,350,000		43,078,500
Rowan Cos., Inc.		1,770,000		40,072,800
Tidewater, Inc.		730,000		35,003,500
				381,726,800
Oil, Gas & Consumable Fuels — 6.6%
Chevron Corp.		250,000		19,247,500
El Paso Corp.		3,390,000		33,323,700
Exxon Mobil Corp.		1,180,000		80,464,200
Marathon Oil Corp.		1,520,000		47,454,400
Tesoro Corp.		3,010,000		40,785,500
Williams Cos., Inc.		480,000		10,118,400
XTO Energy, Inc.		650,000		30,244,500
				261,638,200
Total Energy				643,365,000
Financials — 6.8%
Capital Markets — 1.7%
The Goldman Sachs Group, Inc.		410,000		69,224,400
Commercial Banks — 0.2%
Wells Fargo & Co.		260,000		7,017,400
Diversified Financial Services — 0.7%
Bank of America Corp.		490,000		7,379,400
JPMorgan Chase & Co.		440,000		18,334,800
				25,714,200
Insurance — 4.2%
Chubb Corp.		360,000		17,704,800
Everest Re Group Ltd.		100,000		8,568,000
HCC Insurance Holdings, Inc.		560,000		15,663,200
PartnerRe Ltd.		510,000		38,076,600
The Travelers Cos., Inc.		960,000		47,865,600
UnumProvident Corp. (a)		2,000,000		39,040,000
				166,918,200
Total Financials				268,874,200
Health Care — 21.1%
Biotechnology — 1.6%
Amgen, Inc. (b)		1,100,000		62,227,000
Health Care Equipment & Supplies — 1.3%
Hospira, Inc. (b)		810,000		41,310,000
Kinetic Concepts, Inc. (b)		250,000		9,412,500
				50,722,500
Health Care Providers & Services — 13.3%
Aetna, Inc.		1,380,000		43,746,000
AmerisourceBergen Corp.		1,710,000		44,579,700
Cardinal Health, Inc.		1,370,000		44,168,800
Community Health Systems, Inc. (b)		870,000		30,972,000
Coventry Health Care, Inc. (b)		730,000		17,731,700

Portfolio Abbreviation
ADR	American Depositary Receipts

Master Large Cap Core of Master Large Cap Series LLC December 31, 2009 1

	Master Large Cap Core Portfolio of Master Large Cap Series LLC
Schedule of Investments (continued)	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Health Care (concluded)
Health Care Providers & Services (concluded)
Health Management Associates, Inc., Class A (a)(b)		1,600,000	$	11,632,000
Humana, Inc. (b)		1,000,000		43,890,000
Lincare Holdings, Inc. (b)		1,080,000		40,089,600
McKesson Corp.		740,000		46,250,000
Medco Health Solutions, Inc. (b)		830,000		53,045,300
Omnicare, Inc. (a)		350,000		8,463,000
Quest Diagnostics, Inc. (a)		720,000		43,473,600
UnitedHealth Group, Inc.		1,730,000		52,730,400
WellPoint, Inc. (b)		830,000		48,380,700
				529,152,800
Life Sciences Tools & Services — 0.5%
Millipore Corp. (a)(b)		280,000		20,258,000
Pharmaceuticals — 4.4%
Endo Pharmaceuticals Holdings, Inc. (b)		580,000		11,895,800
Forest Laboratories, Inc. (b)		1,360,000		43,669,600
Johnson & Johnson		390,000		25,119,900
Mylan, Inc. (a)(b)		2,210,000		40,730,300
Pfizer, Inc.		820,000		14,915,800
Watson Pharmaceuticals, Inc. (b)		910,000		36,045,100
				172,376,500
Total Health Care				834,736,800
Industrials — 9.7%
Aerospace & Defense — 4.5%
L-3 Communications Holdings, Inc.		430,000		37,388,500
Lockheed Martin Corp.		650,000		48,977,500
Northrop Grumman Corp.		820,000		45,797,000
Raytheon Co. (a)		890,000		45,852,800
				178,015,800
Commercial Services & Supplies — 0.4%
R.R. Donnelley & Sons Co.		810,000		18,038,700
Construction & Engineering — 0.4%
KBR, Inc.		810,000		15,390,000
Electrical Equipment — 0.5%
General Cable Corp. (b)		740,000		21,770,800
Industrial Conglomerates — 0.5%
General Electric Co.		1,400,000		21,182,000
Machinery — 2.4%
Eaton Corp.		690,000		43,897,800
Joy Global, Inc. (a)		570,000		29,406,300
SPX Corp.		280,000		15,316,000
Toro Co. (a)		120,000		5,017,200
				93,637,300
Professional Services — 0.5%
Manpower, Inc.		350,000		19,103,000
Road & Rail — 0.5%
Landstar System, Inc.		180,000		6,978,600
Ryder System, Inc.		270,000		11,115,900
				18,094,500
Total Industrials				385,232,100
Common Stocks	Shares		Value
Information Technology — 16.1%
Communications Equipment — 0.3%
Cisco Systems, Inc. (b)		420,000	$	10,054,800
Computers & Peripherals — 3.2%
Apple, Inc. (b)		130,000		27,411,800
Hewlett-Packard Co.		100,000		5,151,000
International Business Machines Corp.		310,000		40,579,000
Teradata Corp. (b)		340,000		10,686,200
Western Digital Corp. (b)		980,000		43,267,000
				127,095,000
Electronic Equipment, Instruments & Components — 0.3%
Ingram Micro, Inc., Class A (b)		600,000		10,470,000
Internet Software & Services — 1.3%
Google, Inc., Class A (b)		20,000		12,399,600
VeriSign, Inc. (a)(b)		1,700,000		41,208,000
				53,607,600
IT Services — 5.1%
Cognizant Technology Solutions Corp. (b)		970,000		43,941,000
Computer Sciences Corp. (b)		790,000		45,448,700
Fiserv, Inc. (b)		870,000		42,177,600
Global Payments, Inc. (a)		470,000		25,314,200
Hewitt Associates, Inc., Class A (b)		930,000		39,301,800
The Western Union Co.		350,000		6,597,500
				202,780,800
Software — 5.9%
BMC Software, Inc. (b)		440,000		17,644,000
CA, Inc.		1,850,000		41,551,000
Compuware Corp. (b)		740,000		5,350,200
Microsoft Corp.		4,100,000		125,009,000
Oracle Corp.		900,000		22,086,000
Sybase, Inc. (a)(b)		540,000		23,436,000
				235,076,200
Total Information Technology				639,084,400
Materials — 7.3%
Chemicals — 2.4%
Celanese Corp., Series A		170,000		5,457,000
Eastman Chemical Co.		640,000		38,553,600
Huntsman Corp.		1,320,000		14,902,800
Lubrizol Corp.		510,000		37,204,500
				96,117,900
Containers & Packaging — 2.1%
Ball Corp. (a)		380,000		19,646,000
Pactiv Corp. (b)		1,530,000		36,934,200
Temple-Inland, Inc. (a)		1,250,000		26,387,500
				82,967,700
Metals & Mining — 1.0%
Walter Industries, Inc.		550,000		41,420,500
Paper & Forest Products — 1.8%
International Paper Co. (a)		1,730,000		46,329,400
MeadWestvaco Corp.		840,000		24,049,200
				70,378,600
Total Materials				290,884,700

2 Master Large Cap Core of Master Large Cap Series LLC December 31, 2009

	Master Large Cap Core Portfolio of Master Large Cap Series LLC
Schedule of Investments (concluded)	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Telecommunication Services — 2.2%
Diversified Telecommunication Services — 2.0%
AT&T Inc.		770,000	$	21,583,100
Verizon Communications, Inc.		1,780,000		58,971,400
				80,554,500
Wireless Telecommunication Services — 0.2%
NII Holdings, Inc. (b)		230,000		7,723,400
Total Telecommunication Services				88,277,900
Utilities — 3.3%
Independent Power Producers & Energy Traders — 2.4%
The AES Corp. (b)		3,100,000		41,261,000
Mirant Corp. (b)		810,000		12,368,700
NRG Energy, Inc. (b)		1,780,000		42,025,800
				95,655,500
Multi-Utilities — 0.9%
CMS Energy Corp.		270,000		4,228,200
DTE Energy Co. (a)		350,000		15,256,500
NiSource, Inc.		1,030,000		15,841,400
				35,326,100
Total Utilities				130,981,600
Total Long-Term Investments (Cost – $3,378,802,399) – 100.0%				3,968,511,600
Short-Term Securities	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.29% (c)(d)(e)	$	479,218		479,218,000
Total Short-Term Securities (Cost – $479,218,000) – 12.1%				479,218,000
Total Investments (Cost – $3,877,494,749*) – 112.1%				4,447,729,600
Liabilities in Excess of Other Assets – (12.1)%				(479,031,654	)
Net Assets – 100.0%			$	3,968,697,946

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	3,997,053,413
Gross unrealized appreciation	$	490,812,658
Gross unrealized depreciation		(40,136,471	)
Net unrealized appreciation	$	450,676,187

(a)	Security, or a portion of security, is on loan.
(b)	Non-income producing security.
(c)	Security was purchased with the cash collateral from securities loans.
(d)	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 Funds, TempFund, Institutional Class	$	(31,839,442	)	$	727
BlackRock Liquidity Series, LLC Money Market Series	$	349,696,350		$	87,985

(e)	Represents the current yield as of report date.
•	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 indexed 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.
•	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 assets and liabilities
	•	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, repayment 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 annual report.
	The following table summarizes the inputs used as of December 31, 2009 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets
Level 1 – Long-Term Investments1	$	3,968,511,600
Level 2 – Short-Term Securities		479,218,000
Level 3		—
Total	$	4,447,729,600

¹ See above Schedule of Investments for values in each sector and industry.

Master Large Cap Core of Master Large Cap Series LLC December 31, 2009 3

Schedule of Investments December 31, 2009 (Unaudited)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

Asset-Backed Securities		Par (000)	Value
ACE Securities Corp., Series 2003-OP1, Class A2, 0.59%, 12/25/33 (a)	USD	581	$	392,224
ACE Securities Corp., Series 2005-ASP1, Class M1, 0.91%, 9/25/35 (a)		11,203		2,352,630
ACE Securities Corp., Series 2006-CW1, Class A2C, 0.37%, 7/25/36 (a)		1,680		760,398
Accredited Mortgage Loan Trust, Series 2007-1, Class A1, 0.28%, 2/25/37 (a)		203		196,670
Accredited Mortgage Loan Trust, Series 2007-1, Class A3, 0.36%, 2/25/37 (a)		2,000		889,754
Aegis Asset Backed Securities Trust, Series 2006-1, Class A1, 0.31%, 1/25/37 (a)		70		68,347
American Express Issuance Trust, Series 2008-2, Class A, 4.02%, 1/18/11		25,950		26,060,827
Ameriquest Mortgage Securities, Inc., Series 2004-R11, Class A1, 0.53%, 11/25/34 (a)		447		329,806
Banc of America Securities Auto Trust, Series 2006-G1, Class A4, 5.17%, 12/20/10		12,453		12,480,507
Bank of America Auto Trust, Series 2009-2A, Class A2, 1.16%, 2/15/12 (b)		20,765		20,815,465
Bank of America Auto Trust, Series 2009-2A, Class A3, 2.13%, 9/15/13 (b)		305		307,919
Bear Stearns Asset Backed Securities Trust, Series 2005-4, Class A, 0.56%, 1/25/36 (a)		1,250		1,182,442
Bear Stearns Asset Backed Securities Trust, Series 2005-HE10, Class A2, 0.52%, 11/25/35 (a)		1,350		1,327,302
Bear Stearns Asset Backed Securities Trust, Series 2005-SD1, Class 1A2, 0.53%, 7/25/27 (a)		4,055		3,852,745
Bear Stearns Asset Backed Securities Trust, Series 2006-HE8, Class 1A1, 0.30%, 10/25/36 (a)		1,737		1,701,230
Bear Stearns Asset Backed Securities Trust, Series 2006-HE10, Class 21A1, 0.30%, 12/25/36 (a)		5,659		5,107,138
Carrington Mortgage Loan Trust, Series 2006-NC4, Class A1, 0.28%, 10/25/36 (a)		55		53,808
Asset-Backed Securities		Par (000)	Value
Carrington Mortgage Loan Trust, Series 2006-NC5, Class A1, 0.28%, 1/25/37 (a)	USD	148	$	140,952
Carrington Mortgage Loan Trust, Series 2007-RFC1, Class A1, 0.28%, 12/25/36 (a)		111		95,628
Chase Issuance Trust, Series 2009-A7, Class A7, 0.68%, 9/17/12 (a)		30,390		30,426,280
Citigroup Mortgage Loan Trust, Inc., Series 2006-HE2, Class A2C, 0.38%, 8/25/36 (a)		1,975		1,290,410
Countrywide Asset-Backed Certificates, Series 2003-BC3, Class A2, 0.85%, 9/25/33 (a)		909		660,021
Countrywide Asset-Backed Certificates, Series 2004-5, Class A, 0.68%, 10/25/34 (a)		1,575		1,239,961
Countrywide Asset-Backed Certificates, Series 2004-13, Class AF4, 4.58%, 1/25/33 (a)		8,022		7,138,301
Countrywide Asset-Backed Certificates, Series 2006-13, Class 3AV2, 0.38%, 1/25/37 (a)		2,192		1,468,989
Countrywide Asset-Backed Certificates, Series 2006-14, Class 2A1, 0.28%, 2/25/37 (a)		61		60,303
Countrywide Asset-Backed Certificates, Series 2006-17, Class 2A2, 0.38%, 3/25/47 (a)		1,360		868,714
Countrywide Asset-Backed Certificates, Series 2006-18, Class 2A1, 0.28%, 3/25/37 (a)		74		73,607
Countrywide Asset-Backed Certificates, Series 2006-19, Class 2A1, 0.29%, 3/25/37 (a)		5		5,444
Countrywide Asset-Backed Certificates, Series 2006-21, Class 2A1, 0.28%, 5/25/37 (a)		3,824		3,723,656
Countrywide Asset-Backed Certificates, Series 2006-22, Class 2A1, 0.28%, 5/25/47 (a)		99		95,317
Countrywide Asset-Backed Certificates, Series 2006-25, Class 2A1, 0.30%, 6/25/47 (a)		403		379,459
Countrywide Asset-Backed Certificates, Series 2007-1, Class 2A1, 0.28%, 7/25/37 (a)		339		318,899
Countrywide Asset-Backed Certificates, Series 2007-11, Class 2A1, 0.29%, 6/25/47 (a)		102		96,884
Countrywide Asset-Backed Certificates, Series 2007-12, Class 2A1, 0.58%, 8/25/47 (a)		128		118,653

Portfolio Abbreviations
CAD	Canadian Dollar
EUR	Euro
GO	General Obligation Bonds
GBP	British Pound
LIBOR	London Inter Bank Offered Rate
RB	Revenue Bonds
USD	US Dollar

Master Total Return Portfolio of Master Bond LLC December 31, 2009 1

Schedule of Investments (continued)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

Asset-Backed Securities		Par (000)	Value
DT Auto Owner Trust, Series 2007-A, Class A3, 5.60%, 3/15/13 (b)	USD	102	$	104,366
Daimler Chrysler Auto Trust, Series 2006-D, Class A3, 4.98%, 2/08/11		1,287		1,289,019
Fannie Mae Mortgage Backed Securities, Series 2003-W5, Class A, 0.45%, 4/25/33 (a)		19		16,960
Ford Credit Auto Owner Trust, Series 2008-C, Class A2A, 3.72%, 1/15/11		153		153,067
Ford Credit Auto Owner Trust, Series 2009-A, Class A2B, 2.23%, 8/15/11 (a)		276		276,991
Ford Credit Auto Owner Trust, Series 2009-A, Class A3B, 2.73%, 5/15/13 (a)		51,480		52,780,483
GMAC 93, 7.43%, 12/01/22		12,837		12,708,533
GSAA Home Equity Trust, Series 2006-5, Class 2A1, 0.30%, 3/25/36 (a)		141		89,130
GSAA Home Equity Trust, Series 2006-10, Class AV1, 0.31%, 6/25/36 (a)		37		33,909
GSAMP Trust, Series 2007-NC1, Class A2B, 0.33%, 12/25/46 (a)		1,150		434,520
Globaldrive BV, Series 2008-2, Class A, 4.00%, 10/20/16	EUR	7,216		10,418,032
Harley-Davidson Motorcycle Trust, Series 2006-2, Class A2, 5.35%, 3/15/13	USD	4,770		4,908,588
Home Equity Asset Trust, Series 2007-2, Class 2A1, 0.34%, 7/25/37 (a)		221		211,334
Honda Auto Receivables Owner Trust, Series 2009-2, Class A2, 2.22%, 8/15/11		235		236,595
IXIS Real Estate Capital Trust, Series 2007-HE1, Class A1, 0.29%, 5/25/37 (a)		5,991		1,968,265
Indymac Residential Asset Backed Trust, Series 2007-B, Class 2A1, 0.31%, 7/25/37 (a)		83		79,864
Irwin Home Equity Corp., Series 2005-C, Class 1A1, 0.49%, 4/25/30 (a)		580		563,934
JPMorgan Mortgage Acquisition Corp., Series 2006-HE3, Class A2, 0.30%, 11/25/36 (a)		697		685,262
JPMorgan Mortgage Acquisition Corp., Series 2007-CH5, Class A3, 0.34%, 5/25/37 (a)		2,240		1,144,864
Lehman XS Trust, Series 2005-5N, Class 3A2, 0.59%, 11/25/35 (a)		10,458		3,586,440
Long Beach Mortgage Loan Trust, Series 2006-11, Class 2A1, 0.29%, 12/25/36 (a)		2,180		1,723,549
Asset-Backed Securities		Par (000)	Value
Maryland Insurance Backed Securities Trust Series 2006-1A Class, 5.55%, 12/10/65	USD	2,500	$	875,000
Mercedes-Benz Auto Receivables Trust, Series 2009-1, Class A2, 0.83%, 3/15/12		260		260,217
Morgan Stanley ABS Capital I, Series 2005-HE1, Class A2MZ, 0.53%, 12/25/34 (a)		820		666,185
Morgan Stanley ABS Capital I, Series 2007-NC1, Class A2A, 0.28%, 11/25/36 (a)		2,117		2,089,641
New Century Home Equity Loan Trust, Series 2005-2, Class A2MZ, 0.49%, 6/25/35 (a)		2,543		1,990,779
Nissan Auto Receivables Owner Trust, Series 2006-C, Class A4, 5.45%, 6/15/12		351		358,040
Nissan Auto Receivables Owner Trust, Series 2008-B, Class A2, 3.80%, 10/15/10		18		17,994
Nissan Auto Receivables Owner Trust, Series 2009-1, Class A2, 3.92%, 4/15/11		1,423		1,434,619
Nissan Auto Receivables Owner Trust, Series 2009-A, Class A2, 2.94%, 7/15/11		145		146,315
Option One Mortgage Loan Trust, Series 2003-4, Class A2, 0.87%, 7/25/33 (a)		2,416		1,740,908
PECO Energy Transition Trust, Series 2001-A, Class A1, 6.52%, 12/31/10		510		522,729
PG&E Energy Recovery Funding LLC, Series 2005-1, Class A3, 4.14%, 9/25/12		74		74,883
Popular ABS Mortgage Pass-Through Trust, Series 2006-D, Class A1, 0.29%, 11/25/46 (a)		46		44,192
RAAC, Series 2005-SP2, Class 2A, 0.53%, 6/25/44 (a)		9,110		4,592,939
Residential Asset Mortgage Products, Inc., Series 2005-RS3, Class AI2, 0.40%, 3/25/35 (a)		106		105,689
Residential Asset Securities Corp., Series 2003-KS5, Class AIIB, 0.52%, 7/25/33 (a)		1,002		590,229
SLM Student Loan Trust, Series 2005-4, Class A2, 0.33%, 4/26/21 (a)		7,060		7,002,104
SLM Student Loan Trust, Series 2008-5, Class A1, 1.05%, 10/25/13 (a)		1,075		1,077,398
SLM Student Loan Trust, Series 2008-5, Class A2, 1.35%, 10/25/16 (a)		33,420		33,931,663
SLM Student Loan Trust, Series 2008-5, Class A3, 1.55%, 1/25/18 (a)		9,520		9,786,946

2 Master Total Return Portfolio of Master Bond LLC December 31, 2009

Schedule of Investments (continued)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

Asset-Backed Securities		Par (000)	Value
SLM Student Loan Trust, Series 2008-5, Class A4, 1.95%, 7/25/23 (a)	USD	25,020	$	26,148,119
Small Business Administration, Series 2002-P10, Class 1, 5.20%, 8/10/12		97		101,351
Small Business Administration, Series 2003-P10A, Class 1, 4.52%, 2/10/13		29		29,625
Small Business Administration, Series 2004-P10, Class 1, 4.50%, 2/10/14		477		492,498
Soundview Home Equity Loan Trust, Series 2006-EQ1, Class A2, 0.34%, 10/25/36 (a)		657		612,927
Structured Asset Receivables Corp., Series 2003-2, Class, 4.82%, 1/21/11 (a)(b)		-(c)		433
Structured Asset Securities Corp., Series 2003-Al2, Class A, 3.36%, 1/25/31 (b)		440		327,368
Structured Asset Securities Corp., Series 2004-23XS, Class 2A1, 0.53%, 1/25/35 (a)		2,933		1,787,648
Structured Asset Securities Corp., Series 2006-BC2, Class A3, 0.38%, 9/25/36 (a)		3,455		1,950,732
Structured Asset Securities Corp., Series 2006-BC6, Class A2, 0.31%, 1/25/37 (a)		6,360		5,947,943
Structured Asset Securities Corp., Series 2007-BC1, Class A2, 0.28%, 2/25/37 (a)		994		935,565
USAA Auto Owner Trust, Series 2006-4, Class A4, 4.98%, 10/15/12		21,651		22,193,078
USAA Auto Owner Trust, Series 2009-1, Class A2, 2.64%, 8/15/11		215		216,153
Total Asset-Backed Securities – 10.8%				347,546,305
Corporate Bonds
Aerospace & Defense — 0.1%
BAE Systems Holdings, Inc., 5.20%, 8/15/15 (b)		340		350,264
L-3 Communications Corp., 5.88%, 1/15/15		1,360		1,358,300
L-3 Communications Corp., Series B, 6.38%, 10/15/15		697		699,614
				2,408,178
Air Freight & Logistics — 0.2%
United Parcel Service, Inc., 3.88%, 4/01/14		6,775		7,039,049
Corporate Bonds		Par (000)	Value
Air Freight & Logistics (concluded)
United Parcel Service, Inc., 6.20%, 1/15/38	USD	35	$	38,802
				7,077,851
Airlines — 0.1%
American Airlines, Inc., Series 2003-1, 3.86%, 1/09/12		1,849		1,770,254
Continental Airlines, Inc., Series 2002-1, 6.56%, 8/15/13		2,555		2,465,575
				4,235,829
Automobiles — 0.0%
DaimlerChrysler NA Holding Corp., 4.88%, 6/15/10		45		45,739
Beverages — 1.0%
Anheuser-Busch InBev Worldwide, Inc., 3.00%, 10/15/12 (b)		31,650		31,798,280
Anheuser-Busch InBev Worldwide, Inc., 4.13%, 1/15/15 (b)		225		228,454
Coca-Cola Enterprises, Inc., 4.25%, 3/01/15		50		52,521
				32,079,255
Building Products — 0.0%
Masco Corp., 7.13%, 8/15/13		155		161,335
Capital Markets — 2.8%
The Bank of New York Mellon Corp., 4.30%, 5/15/14		175		184,181
The Bear Stearns Cos., Inc., 0.65%, 7/19/10 (a)		4,995		5,003,556
CDP Financial, Inc., 3.00%, 11/25/14 (b)		17,845		17,413,330
The Goldman Sachs Group, Inc., 5.25%, 10/15/13		7,770		8,251,841
Lehman Brothers Holdings, Inc., 6.75%, 12/28/17 (d)(e)		7,280		2,184
Morgan Stanley, 6.75%, 4/15/11		265		280,763
Morgan Stanley, 0.50%, 1/09/12 (a)		43,350		42,859,191
Morgan Stanley, 6.00%, 5/13/14		225		241,921
Morgan Stanley, 4.20%, 11/20/14		12,280		12,288,571
Morgan Stanley, 7.30%, 5/13/19		385		432,328
Morgan Stanley, 5.63%, 9/23/19		4,230		4,260,921
				91,218,787
Chemicals — 0.3%
Huntsman International LLC, 7.88%, 11/15/14		4,390		4,291,225
Huntsman International LLC, 7.38%, 1/01/15		1,285		1,233,600
NOVA Chemicals Corp., 6.50%, 1/15/12		1,005		1,010,025
NOVA Chemicals Corp., 3.65%, 11/15/13 (a)		2,292		2,097,180
				8,632,030
Commercial Banks — 1.0%
Bank of Scotland Plc, 5.00%, 11/21/11 (b)		250		258,106

Master Total Return Portfolio of Master Bond LLC December 31, 2009 3

Schedule of Investments (continued)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

Corporate Bonds		Par (000)	Value
Commercial Banks (concluded)
Corporacion Andina de Fomento, 6.88%, 3/15/12	USD	5,125	$	5,492,457
Danske Bank A/S, 2.50%, 5/10/12 (b)		360		366,040
Dexia Credit Local, 2.38%, 9/23/11 (b)		450		459,239
Eksportfinans ASA, 3.00%, 11/17/14		13,620		13,411,546
Eksportfinans ASA, 5.50%, 5/25/16		8,025		8,646,047
Eksportfinans ASA, 5.50%, 6/26/17		75		79,426
HSBC Bank USA NA, 4.63%, 4/01/14		415		433,216
Royal Bank of Scotland Group Plc, 2.63%, 5/11/12 (b)		2,650		2,687,940
Svenska Handelsbanken AB, 2.88%, 9/14/12 (b)		200		201,234
				32,035,251
Communications Equipment — 0.4%
Cisco Systems, Inc., 4.45%, 1/15/20		12,500		12,262,300
Computers & Peripherals — 0.0%
Hewlett-Packard Co., 2.25%, 5/27/11		135		136,917
Consumer Finance — 0.3%
Ford Motor Credit Co. LLC, 9.75%, 9/15/10		2,445		2,522,871
SLM Corp., 4.50%, 7/26/10		70		69,749
SLM Corp., 5.40%, 10/25/11		6,000		5,994,702
SLM Corp., 5.13%, 8/27/12		1,450		1,359,338
SLM Corp., Series A, 0.55%, 1/27/14 (a)		35		26,999
SLM Corp., Series CPI, 1.94%, 1/31/14 (a)		1,300		1,015,547
				10,989,206
Containers & Packaging — 0.2%
Ball Corp., 7.13%, 9/01/16		2,440		2,501,000
Ball Corp., 7.38%, 9/01/19		2,440		2,507,100
				5,008,100
Diversified Financial Services — 2.0%
Bank of America Corp., 6.00%, 9/01/17		10		10,379
FCE Bank Plc, 7.88%, 2/15/11	GBP	4,950		7,955,243
General Electric Capital Corp., 5.00%, 11/15/11	USD	18,780		19,836,488
General Electric Capital Corp., 5.88%, 2/15/12		270		289,271
General Electric Capital Corp., 6.15%, 8/07/37		5		4,722
General Electric Capital Corp., Series A, 5.00%, 12/01/10		10,915		11,351,665
JPMorgan Chase & Co., 4.50%, 11/15/10		10		10,337
JPMorgan Chase Bank NA, 6.00%, 7/05/17		13,805		14,629,283
Corporate Bonds		Par (000)	Value
Diversified Financial Services (concluded)
JPMorgan Chase Bank NA, Series BKNT, 6.00%, 10/01/17	USD	10,900	$	11,670,347
				65,757,735
Diversified Telecommunication Services — 2.0%
AT&T, Inc., 5.50%, 2/01/18		9,850		10,277,648
AT&T, Inc., 6.50%, 9/01/37		8,975		9,302,587
AT&T, Inc., 6.30%, 1/15/38		50		50,787
AT&T, Inc., 6.55%, 2/15/39		25		26,342
Comcast Cable Holdings LLC, 7.88%, 8/01/13		150		170,255
France Telecom SA, 4.38%, 7/08/14		85		88,822
GTE Corp., 6.84%, 4/15/18		8,030		8,796,528
GTE Corp., 6.94%, 4/15/28		100		102,590
Qwest Communications International, Inc., 7.50%, 2/15/14		1,150		1,154,312
Qwest Communications International, Inc., Series B, 7.50%, 2/15/14		810		813,037
Qwest Corp., 8.88%, 3/15/12		1,075		1,155,625
Qwest Corp., 3.50%, 6/15/13 (a)		135		129,938
Qwest Corp., 8.38%, 5/01/16		2,625		2,815,312
TELUS Corp., 8.00%, 6/01/11		423		457,941
Telecom Italia Capital SA, 5.25%, 10/01/15		325		339,803
Telecom Italia Capital SA, 6.00%, 9/30/34		45		42,556
Telefonica Emisiones SAU, 5.98%, 6/20/11		1,070		1,131,683
Telefonica Emisiones SAU, 4.95%, 1/15/15		9,325		9,967,865
Telefonica Europe BV, 7.75%, 9/15/10		2,010		2,102,677
Verizon Communications, Inc., 8.75%, 11/01/18		11,300		14,113,915
Verizon Communications, Inc., 6.35%, 4/01/19		825		910,165
Verizon Maryland, Inc., Series B, 5.13%, 6/15/33		125		98,896
Verizon New Jersey, Inc., 7.85%, 11/15/29		35		37,222
Verizon Virginia, Inc., Series A, 4.63%, 3/15/13		60		62,308
Windstream Corp., 8.13%, 8/01/13		180		186,750
Windstream Corp., 8.63%, 8/01/16		255		259,462
				64,595,026
Electric Utilities — 0.6%
Florida Power & Light Co., 5.63%, 4/01/34		150		150,658
Florida Power & Light Co., 4.95%, 6/01/35		25		22,839
Florida Power & Light Co., 5.95%, 2/01/38		3,595		3,776,558
Florida Power Corp., 6.40%, 6/15/38		6,700		7,315,013

4 Master Total Return Portfolio of Master Bond LLC December 31, 2009

Schedule of Investments (continued)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

Corporate Bonds		Par (000)	Value
Electric Utilities (concluded)
Massachusetts Electric Co., 5.90%, 11/15/39 (b)	USD	4,170	$	4,233,860
PacifiCorp., 6.25%, 10/15/37		25		26,973
Progress Energy, Inc., 7.10%, 3/01/11		885		936,705
Scottish Power Ltd., 4.91%, 3/15/10		100		100,829
Southern California Edison Co., Series 08-A, 5.95%, 2/01/38		2,825		2,967,671
				19,531,106
Food & Staples Retailing — 0.0%
CVS Caremark Corp., 0.56%, 6/01/10 (a)		400		400,166
Food Products — 0.8%
Kellogg Co., 4.45%, 5/30/16		125		128,721
Kraft Foods, Inc., 6.50%, 8/11/17		7,620		8,268,127
Kraft Foods, Inc., 6.13%, 2/01/18		8,165		8,585,840
Tyson Foods, Inc., 10.50%, 3/01/14		6,490		7,414,825
				24,397,513
Health Care Equipment & Supplies — 0.0%
CareFusion Corp., 5.13%, 8/01/14 (b)		140		147,170
DJO Finance LLC, 10.88%, 11/15/14		360		379,800
				526,970
Health Care Providers & Services — 0.0%
Tenet Healthcare Corp., 10.00%, 5/01/18 (b)		147		164,640
Hotels Restaurants & Leisure — 0.2%
American Real Estate Partners LP, 8.13%, 6/01/12		75		76,500
American Real Estate Partners LP, 7.13%, 2/15/13		1,890		1,927,800
Wendy’s International, Inc., 6.25%, 11/15/11		5,380		5,568,300
				7,572,600
Household Durables — 1.4%
American Greetings Corp., 7.38%, 6/01/16		570		555,750
Belvoir Land LLC, Series A-1, 5.27%, 12/15/47		20		13,673
Centex Corp., 5.13%, 10/01/13		9,798		9,969,465
D.R. Horton, Inc., 6.88%, 5/01/13		7,830		8,006,175
D.R. Horton, Inc., 6.13%, 1/15/14		9,830		9,805,425
D.R. Horton, Inc., 5.63%, 9/15/14		2,269		2,195,257
Irwin Land LLC, Series A-1, 5.03%, 12/15/25		25		21,158
Irwin Land LLC, Series A-2, 5.40%, 12/15/47		600		416,622
KB Home, 6.38%, 8/15/11		1,488		1,488,000
Lennar Corp., Series B, 5.60%, 5/31/15		3,610		3,307,662

Corporate Bonds		Par (000)	Value
Household Durables (concluded)
Ohana Military Communities LLC, Series 04I, 6.19%, 4/01/49	USD	25	$	20,175
Pulte Homes, Inc., 6.25%, 2/15/13		430		435,375
Pulte Homes, Inc., 5.20%, 2/15/15		2,720		2,536,400
Ryland Group, Inc., 5.38%, 5/15/12		2,445		2,481,675
Toll Brothers Finance Corp., 4.95%, 3/15/14		2,260		2,201,498
				43,454,310
Independent Power Producers & Energy Traders — 0.4%
AES Ironwood LLC, 8.86%, 11/30/25		81		80,587
AES Red Oak LLC, Series B, 9.20%, 11/30/29		50		46,875
NRG Energy, Inc., 7.38%, 2/01/16		740		740,925
TXU Corp., 5.55%, 11/15/14		11,845		8,400,450
Texas Competitive Electric Holdings Co. LLC, Series B, 10.25%, 11/01/15 (f)		4,463		3,615,030
				12,883,867
Insurance — 1.6%
Hartford Life Global Funding Trusts, 0.43%, 6/16/14 (a)		13,275		12,043,651
Metropolitan Life Global Funding I, 2.88%, 9/17/12 (b)		8,375		8,440,719
Metropolitan Life Global Funding I, 5.13%, 4/10/13 (b)		11,825		12,527,287
Metropolitan Life Global Funding I, 5.13%, 6/10/14 (b)		1,500		1,587,445
Monument Global Funding Ltd., 0.41%, 6/16/10 (a)		2,510		2,478,612
Prudential Financial, Inc., 4.75%, 9/17/15		10,790		10,941,222
Teachers Insurance & Annuity Association of America, 6.85%, 12/16/39 (b)		4,665		4,822,388
				52,841,324
Internet & Catalog Retail — 0.3%
Expedia, Inc., 7.46%, 8/15/18		8,620		9,406,575
IT Services — 0.6%
First Data Corp., 9.88%, 9/24/15		10,240		9,548,800
iPayment Investors LP, 12.75%, 7/15/14 (b)(g)		486		194,412
Sabre Holdings Corp., 8.35%, 3/15/16		10,080		9,185,400
				18,928,612
Media — 1.9%
Belo Corp., 6.75%, 5/30/13		1,805		1,775,669
Clear Channel Worldwide Holdings, Inc., 9.25%, 12/15/17 (b)		9,215		9,473,020
Comcast Cable Communications Holdings, Inc., 8.38%, 3/15/13		670		772,307
Comcast Corp., 5.50%, 3/15/11		610		638,348
Comcast Corp., 5.90%, 3/15/16		475		511,536

Master Total Return Portfolio of Master Bond LLC December 31, 2009 5

Schedule of Investments (continued)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

Corporate Bonds		Par (000)	Value
Media (concluded)
Comcast Corp., 7.05%, 3/15/33	USD	170	$	185,612
Comcast Corp., 6.50%, 11/15/35		15		15,553
Comcast Corp., 6.45%, 3/15/37		7,000		7,217,490
Comcast Corp., 6.95%, 8/15/37		1,300		1,416,861
Cox Communications, Inc., 7.13%, 10/01/12		3,895		4,326,706
Cox Communications, Inc., 8.38%, 3/01/39 (b)		6,180		7,695,206
News America Holdings, Inc., 7.75%, 1/20/24		10		10,274
News America Holdings, Inc., 7.70%, 10/30/25		15		15,667
News America, Inc., 7.13%, 4/08/28		125		125,596
News America, Inc., 7.63%, 11/30/28		140		149,627
News America, Inc., 6.20%, 12/15/34		75		75,376
News America, Inc., 6.40%, 12/15/35		5,210		5,349,831
News America, Inc., 6.75%, 1/09/38		5,060		5,248,829
TCI Communications, Inc., 8.75%, 8/01/15		360		426,525
TCI Communications, Inc., 7.88%, 2/15/26		10		11,209
Time Warner Cable, Inc., 5.40%, 7/02/12		110		117,527
Time Warner Cable, Inc., 5.85%, 5/01/17		4,225		4,439,098
Time Warner Cos., Inc., 9.13%, 1/15/13		9,715		11,272,635
Time Warner Cos., Inc., 7.57%, 2/01/24		745		809,021
Time Warner Cos., Inc., 6.63%, 5/15/29		20		20,854
Time Warner Entertainment Co. LP, 8.38%, 3/15/23		150		177,689
Time Warner, Inc., 6.75%, 4/15/11		200		211,900
Time Warner, Inc., 7.63%, 4/15/31		15		17,424
				62,507,390
Metals & Mining — 0.1%
Aleris International, Inc., 9.00%, 12/15/14 (d)(e)		140		700
Arch Western Finance LLC, 6.75%, 7/01/13		795		789,037
Freeport-McMoRan Copper & Gold, Inc., 3.88%, 4/01/15 (a)		1,150		1,143,537
				1,933,274
Multi-Utilities — 0.0%
CenterPoint Energy, Inc., 7.25%, 9/01/10		480		495,161
CenterPoint Energy Resources Corp., Series B, 7.88%, 4/01/13		30		33,791
				528,952

Corporate Bonds		Par (000)	Value
Oil, Gas & Consumable Fuels — 3.0%
BP Capital Markets Plc, 3.13%, 3/10/12	USD	11,530	$	11,876,453
Canadian Natural Resources, Ltd., 5.70%, 5/15/17		125		133,549
Canadian Natural Resources, Ltd., 5.90%, 2/01/18		2,625		2,821,106
Cenovus Energy, Inc., 6.75%, 11/15/39 (b)		7,170		7,815,687
ConocoPhillips, 4.60%, 1/15/15		17,042		18,098,434
ConocoPhillips, 7.00%, 3/30/29		80		88,560
Consolidated Natural Gas Co., Series A, 5.00%, 3/01/14		235		246,252
Consolidated Natural Gas Co., Series C, 6.25%, 11/01/11		150		161,478
EnCana Holdings Finance Corp., 5.80%, 5/01/14		25		27,292
Enterprise Products Operating LLC, 6.13%, 10/15/39		4,600		4,443,936
Enterprise Products Operating LP, 4.95%, 6/01/10		450		456,130
Kinder Morgan Finance Co. ULC, 5.35%, 1/05/11		5,350		5,403,500
Kinder Morgan, Inc., 6.50%, 9/01/12		2,235		2,324,400
MidAmerican Energy Holdings Co., 5.95%, 5/15/37		7,150		7,158,015
MidAmerican Energy Holdings Co., 6.50%, 9/15/37		25		26,885
Pemex Finance Ltd., 9.03%, 2/15/11		18		18,025
Petrobras International Finance Co., 5.88%, 3/01/18		690		695,803
Petrobras International Finance Co., 5.75%, 1/20/20		15,650		15,920,542
Shell International Finance B.V., 4.00%, 3/21/14		14,625		15,261,641
Tennessee Gas Pipeline Co., 7.00%, 10/15/28		920		980,634
XTO Energy, Inc., 6.75%, 8/01/37		3,370		3,969,496
				97,927,818
Paper & Forest Products — 0.2%
International Paper Co., 7.30%, 11/15/39		5,550		5,887,779
Pharmaceuticals — 2.0%
Bristol-Myers Squibb Co., 6.88%, 8/01/97		75		81,297
Eli Lilly & Co., 3.55%, 3/06/12		5,465		5,687,349
GlaxoSmithKline Capital, Inc., 4.85%, 5/15/13		8,050		8,641,265
GlaxoSmithKline Capital, Inc., 5.65%, 5/15/18		125		134,824
Merck & Co., Inc., 4.00%, 6/30/15		11,910		12,420,260
Merck & Co., Inc., 6.40%, 3/01/28		25		27,581
Pfizer, Inc., 5.35%, 3/15/15 (h)		19,655		21,481,048
Roche Holdings, Inc., 2.26%, 2/25/11		2,735		2,792,665

6 Master Total Return Portfolio of Master Bond LLC December 31, 2009

Schedule of Investments (continued)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

Corporate Bonds		Par (000)	Value
Pharmaceuticals (concluded)
Roche Holdings, Inc., 5.00%, 3/01/14 (b)	USD	11,525	$	12,329,871
Roche Holdings, Inc., 6.00%, 3/01/19 (b)		25		27,471
Schering-Plough Corp., 5.55%, 12/01/13 (f)		85		93,420
Teva Pharmaceutical Finance LLC, 6.15%, 2/01/36		50		51,644
Wyeth, 6.00%, 2/15/36		100		104,461
				63,873,156
Real Estate Investment Trusts (REITs) — 0.1%
iStar Financial, Inc., 5.65%, 9/15/11		2,220		1,631,700
Road & Rail — 0.1%
The Hertz Corp., 8.88%, 1/01/14		1,160		1,186,100
Software — 0.2%
Oracle Corp., 4.95%, 4/15/13		35		37,557
Oracle Corp., 3.75%, 7/08/14		275		283,749
Oracle Corp., 5.75%, 4/15/18		5,980		6,465,492
				6,786,798
Specialty Retail — 0.0%
Limited Brands, Inc., 6.13%, 12/01/12		395		404,875
Thrifts & Mortgage Finance — 0.4%
Achmea Hypotheekbank NV, 3.20%, 11/03/14 (b)		13,180		13,154,483
Wireless Telecommunication Services — 1.4%
CellCo Partnership, 3.75%, 5/20/11		27,900		28,769,531
CellCo Partnership, 8.50%, 11/15/18		100		124,038
Rogers Wireless, Inc., 7.50%, 3/15/15		140		163,519
Vodafone Group Plc, 7.75%, 2/15/10		1,175		1,183,977
Vodafone Group Plc, 5.00%, 12/16/13		285		301,770
Vodafone Group Plc, 4.15%, 6/10/14		13,325		13,708,547
Vodafone Group Plc, 5.00%, 9/15/15		130		136,262
				44,387,644
Total Corporate Bonds – 25.7%				826,961,191
Foreign Agency Obligations
Bundesrepublik Deutschland Series 08, 4.75%, 7/04/40	EUR	32,360		51,429,840
Canadian Government Bond, 3.75%, 6/01/19	CAD	35,805		34,611,899
Demirate of Abu Dhabi, 6.75%, 4/08/19	USD	100		109,699

Foreign Agency Obligations		Par (000)	Value
Israel Government Bond, 5.50%, 9/18/23	USD	850	$	905,382
Israel Government Bond, 5.50%, 4/26/24		700		747,017
Israel Government Bond, 5.50%, 9/18/33		60		59,282
Japan Finance Corp., 2.00%, 6/24/11		8,595		8,698,647
Kreditanstalt fuer Wiederaufbau, 2.25%, 4/16/12		350		355,246
Kreditanstalt fuer Wiederaufbau, 3.50%, 3/10/14		225		231,226
Kreditanstalt fuer Wiederaufbau, 2.75%, 10/21/14		17,795		17,595,020
Landwirtschaftliche Rentenbank, 4.13%, 7/15/13		1,015		1,070,140
Landwirtschaftliche Rentenbank, Series E, 5.25%, 7/02/12		3,515		3,797,690
Landwirtschaftliche Rentenbank, Series E, 4.38%, 1/15/13		2,860		3,017,537
Landwirtschaftliche Rentenbank, Series E, 4.00%, 2/02/15		2,235		2,320,757
Mexico Government International Bond, 6.38%, 1/16/13		2,818		3,113,890
Province of Ontario Canada, 4.10%, 6/16/14		14,980		15,633,353
Province of Ontario Canada, Series 1, 1.88%, 11/19/12		10,810		10,738,969
Qatar Government International Bond, 4.00%, 1/20/15 (b)		5,980		5,994,950
Societe Financement de l’Economie Francaise, 2.25%, 6/11/12 (b)		325		328,562
Societe Financement de l’Economie Francaise, 3.38%, 5/05/14 (b)		275		280,351
Total Foreign Agency Obligations – 5.0%				161,039,457
Non-Agency Mortgage Backed Securities
Collateralized Mortgage Obligations — 9.9%
American Home Mortgage Investment Trust, Series 2005-1, Class 6A, 5.29%, 6/25/45 (a)		1,865		1,270,500
Banc of America Alternative Loan Trust, Series 2004-5, Class 4A1, 5.00%, 6/25/19		33		32,748
Banc of America Alternative Loan Trust, Series 2004-6, Class 4A1, 5.00%, 7/25/19		44		41,430
Banc of America Alternative Loan Trust, Series 2004-7, Class 4A1, 5.00%, 8/25/19		1,280		1,209,377

Master Total Return Portfolio of Master Bond LLC December 31, 2009 7

Schedule of Investments (continued)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

Non-Agency Mortgage Backed Securities		Par (000)	Value
Collateralized Mortgage Obligations (continued)
Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-4, Class 3A1, 5.36%, 8/25/35 (a)	USD	12,971	$	11,074,695
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-2, Class 2A1, 5.65%, 7/25/36 (a)		2,177		1,433,522
BlackRock Capital Finance LP, Series 1997-R2, Class AP, 28.90%, 12/25/35 (a)(b)(i)		10		10,145
Citigroup Mortgage Loan Trust, Inc., Series 2007-2, Class 2A, 6.00%, 11/25/36		792		726,097
CitiMortgage Alternative Loan Trust, Series 2007-A8, Class A1, 6.00%, 10/25/37		22,899		15,435,559
Collateralized Mortgage Obligation Trust, Series 57, Class D, 9.90%, 2/01/19		17		18,159
Countrywide Alternative Loan Trust, Series 2004-18CB, Class 2A5, 0.68%, 9/25/34 (a)		780		721,671
Countrywide Alternative Loan Trust, Series 2005-21B, Class A17, 6.00%, 6/25/35		20,275		18,431,433
Countrywide Alternative Loan Trust, Series 2006-01A0, Class 1A1, 1.41%, 8/25/46 (a)		76		36,680
Countrywide Alternative Loan Trust, Series 2006-OA10, Class 4A1, 0.42%, 8/25/46 (a)		2,843		1,414,243
Countrywide Alternative Loan Trust, Series 2006-0A21, Class A1, 0.42%, 3/20/47 (a)		10,792		5,786,660
Countrywide Alternative Loan Trust, Series 2006-OC9, Class A1, 0.31%, 12/25/46 (a)		4,312		4,042,845
Countrywide Alternative Loan Trust, Series 2006-OC10, Class 2A1, 0.32%, 11/25/36 (a)		3,025		2,920,517
Countrywide Alternative Loan Trust, Series 2006-OC11, Class 2A1, 0.33%, 1/25/37 (a)		4,130		3,935,445
Countrywide Alternative Loan Trust, Series 2006-43CB, Class 1A10, 6.00%, 2/25/37		9,193		5,969,529
Countrywide Alternative Loan Trust, Series 2006-J4, Class 2A8, 6.00%, 7/25/36		20,764		14,485,363
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-29, Class1A1, 0.50%, 2/25/35 (a)		463		304,352
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-0A5, Class 2A1, 0.43%, 4/25/46 (a)		4,631		2,246,727

Non-Agency Mortgage Backed Securities		Par (000)	Value
Collateralized Mortgage Obligations (continued)
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2006-0A5, Class 3A1, 0.43%, 4/25/46 (a)	USD	8,285	$	3,824,628
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2007-16, Class A1, 6.50%, 10/25/37		3,834		3,108,992
Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 3A1, 6.00%, 10/25/21		4,611		3,074,101
Credit Suisse Mortgage Capital Certificates, Series 2009-13R, Class 1A1, 6.00%, 9/26/37 (a)		225		218,026
Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2005-2, Class 1A1, 0.63%, 4/25/35 (a)		1,986		1,167,095
Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2006-0A1, Class A1, 0.43%, 2/25/47 (a)		30		16,144
First Horizon Asset Securities, Inc., Series 2005-AR3, Class 3A1, 5.50%, 8/25/35 (a)		3,592		3,096,303
GSR Mortgage Loan Trust, Series 2004-9, Class 4A1, 4.05%, 8/25/34 (a)		134		125,237
GSR Mortgage Loan Trust, Series 2005-AR4, Class 6A1, 5.25%, 7/25/35 (a)		12,574		11,557,550
GSR Mortgage Loan Trust, Series 2006-0A1, Class 2A1, 0.42%, 8/25/46 (a)		1,403		1,006,584
GSR Mortgage Loan Trust, Series 2006-2F, Class 2A2, 5.75%, 2/25/36		2,369		1,964,456
Harborview Mortgage Loan Trust, Series 2005-8, Class 1A2A, 0.56%, 9/19/35 (a)		1,537		845,279
Harborview Mortgage Loan Trust, Series 2005-10, Class 2A1A, 0.54%, 11/19/35 (a)		1,489		784,120
Harborview Mortgage Loan Trust, Series 2006-9, Class 2A1A, 0.44%, 11/19/36 (a)		454		266,421
Harborview Mortgage Loan Trust, Series 2006-11, Class A1A, 0.40%, 12/19/36 (a)		1,027		539,716
Homebanc Mortgage Trust, Series 2005-4, Class A1, 0.50%, 10/25/35 (a)		92		62,431
Homebanc Mortgage Trust, Series 2006-2, Class A1, 0.41%, 12/25/36 (a)		9,907		5,770,787
Impac CMB Trust, Series 2005-6, Class 1A2, 0.37%, 10/25/35 (a)		581		324,913

8 Master Total Return Portfolio of Master Bond LLC December 31, 2009

Schedule of Investments (continued)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

Non-Agency Mortgage Backed Securities		Par (000)	Value
Collateralized Mortgage Obligations (continued)
Impac Secured Assets CMN Owner Trust, Series 2004-3, Class 1A4, 0.63%, 11/25/34 (a)	USD	1,625	$	1,451,175
Impac Secured Assets CMN Owner Trust, Series 2004-3, Class M1, 0.83%, 11/25/34 (a)		11,950		3,209,063
IndyMac INDX Mortgage Loan Trust, Series 2006-AR41, Class A3, 0.41%, 2/25/37 (a)		15,172		7,891,885
JPMorgan Mortgage Trust, Series 2006-S2, Class 2A2, 5.88%, 7/25/36		2,233		1,912,962
JPMorgan Mortgage Trust, Series 2007-S1, Class 1A2, 5.50%, 3/25/22		1,392		1,167,357
Luminent Mortgage Trust, Series 2006-7, Class 1A1, 0.41%, 12/25/36 (a)		20,087		9,501,620
MASTR Alternative Loans Trust, Series 2004-4, Class 1A1, 5.50%, 5/25/34		50		48,997
Ocwen Residential MBS Corp., Series 1998-R2, Class AP, 12.91%, 11/25/34 (a)(b)		22		4,305
Residential Accredit Loans, Inc., Series 2006-QS4, Class A9, 6.00%, 4/25/36		8,014		5,281,445
Residential Accredit Loans, Inc., Series 2007-QS1, Class 2A10, 6.00%, 1/25/37		5,620		3,323,706
Residential Accredit Loans, Inc., Series 2007-QS5, Class A1, 5.50%, 3/25/37		7,732		5,130,942
Station Place Securitization Trust , Series 2009-1, Class A, 1.74%, 12/29/10 (a)		15,045		14,969,775
Structured Adjustable Rate Mortgage Loan Trust, Series 2005-19XS, Class 1A1, 0.55%, 10/25/35 (a)		59		35,239
Structured Adjustable Rate Mortgage Loan Trust, Series 2007-3, Class 2A1, 5.71%, 4/25/37 (a)		24,897		15,976,289
Structured Asset Securities Corp., Series 2005-GEL2, Class A, 0.51%, 4/25/35 (a)		1,016		873,772
WaMu Mortgage Pass-Through Certificates, Series 2000-1, Class B1, 0.63%, 1/25/40 (a)(b)		1		58
WaMu Mortgage Pass-Through Certificates, Series 2006-AR11, Class 1A, 1.59%, 9/25/46 (a)		1,316		710,325
WaMu Mortgage Pass-Through Certificates, Series 2006-AR18, Class 1A1, 5.28%, 1/25/37 (a)		25,678		18,874,138
Non-Agency Mortgage Backed Securities		Par (000)	Value
Collateralized Mortgage Obligations (concluded)
WaMu Mortgage Pass-Through Certificates, Series 2007-0A4, Class 1A, 1.40%, 5/25/47 (a)	USD	5,023	$	2,774,805
WaMu Mortgage Pass-Through Certificates, Series 2007-0A5, Class 1A, 1.29%, 6/25/47 (a)		5,578		2,800,014
Wells Fargo Mortgage Backed Securities Trust, Series 2005-AR15, Class 2A1, 5.11%, 9/25/35		31,935		28,820,516
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR2, Class 2A5, 5.01%, 3/25/36 (a)		28,692		23,097,164
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR3, Class A4, 5.71%, 3/25/36 (a)		29,189		21,556,572
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR4, Class 2A4, 5.78%, 4/25/36 (a)		1,900		1,594,132
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR12, Class 2A1, 6.10%, 9/25/36 (a)		6,358		5,315,535
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR15, Class A1, 5.65%, 10/25/36 (a)		6,250		4,995,624
Wells Fargo Mortgage Backed Securities Trust, Series 2006-AR17, Class A1, 5.33%, 10/25/36 (a)		10,377		7,705,473
				318,323,368
Commercial Mortgage-Backed Securities — 16.1%
Banc of America Commercial Mortgage, Inc., Series 2004-4, Class A6, 4.88%, 7/10/42 (a)		2,840		2,826,235
Banc of America Commercial Mortgage, Inc., Series 2004-7, Class 4A1, 6.50%, 4/15/36		1,566		1,617,910
Banc of America Commercial Mortgage, Inc., Series 2005-1, Class 4A, 5.14%, 11/10/42 (a)		170		173,644
Banc of America Commercial Mortgage, Inc., Series 2005-3, Class A3A, 4.62%, 7/10/43		850		845,331
Banc of America Commercial Mortgage, Inc., Series 2006-2, Class A4, 5.74%, 5/10/45 (a)		5,460		5,365,689
Banc of America Commercial Mortgage, Inc., Series 2007-3, Class A2, 5.66%, 6/10/49 (a)(j)		22,000		22,383,819

Master Total Return Portfolio of Master Bond LLC December 31, 2009 9

Schedule of Investments (continued)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

Non-Agency Mortgage Backed Securities		Par (000)	Value
Commercial Mortgage-Backed Securities (continued)
Bear Stearns Commercial Mortgage Securities, Series 1998-C1, Class A2, 6.44%, 6/16/30	USD	248	$	247,455
Bear Stearns Commercial Mortgage Securities, Series 2000-WF2, Class A2, 7.32%, 10/15/32 (a)		1,103		1,124,868
Bear Stearns Commercial Mortgage Securities, Series 2002-TOP6, Class A2, 6.46%, 10/15/36		205		215,223
Bear Stearns Commercial Mortgage Securities, Series 2004-PWR6, Class A6, 4.83%, 11/11/41		440		429,119
Bear Stearns Commercial Mortgage Securities, Series 2006-PW11, Class A4, 5.46%, 3/11/39 (a)		175		171,050
Bear Stearns Commercial Mortgage Securities, Series 2007-PW15, Class A4, 5.33%, 2/11/44		20,950		18,079,305
CS First Boston Mortgage Securities Corp., Series 2001-CK6, Class A3, 6.39%, 8/15/36		557		584,097
CS First Boston Mortgage Securities Corp., Series 2002-CKN2, Class A3, 6.13%, 4/15/37		235		247,296
CS First Boston Mortgage Securities Corp., Series 2002-CKS4, Class A2, 5.18%, 11/15/36		3,605		3,724,714
CS First Boston Mortgage Securities Corp., Series 2002-CP5, Class A1, 4.11%, 12/15/35		6,107		6,201,572
CS First Boston Mortgage Securities Corp., Series 2003-C3, Class A5, 3.94%, 5/15/38		3,550		3,493,875
CS First Boston Mortgage Securities Corp., Series 2003-CPN1, Class A2, 4.60%, 3/15/35		1,000		1,005,133
Chase Commercial Mortgage Securities Corp., Series 2000-1, Class A2, 7.76%, 4/15/32		4,297		4,293,305
Citigroup Commercial Mortgage Trust, Series 2005-C3, Class A4, 4.86%, 5/15/43		860		836,790
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5, Class A4, 5.89%, 11/15/44 (a)		446		399,676
Commercial Mortgage Asset Trust, Series 1999-C2, Class A2, 7.55%, 11/17/32 (a)		30		30,322
Commercial Mortgage Pass-Through Certificates, Series 2000-C1, Class A2, 7.42%, 8/15/33 (a)		196		197,508
Commercial Mortgage Pass-Through Certificates, Series 2004-LB3A, Class A3, 5.09%, 7/10/37 (a)		9,900		10,095,421
Non-Agency Mortgage Backed Securities		Par (000)	Value
Commercial Mortgage-Backed Securities (continued)
Commercial Mortgage Pass-Through Certificates, Series 2007-C9, Class A4, 5.82%, 12/10/49 (a)	USD	384	$	348,579
Commercial Mortgage Pass-Through Certificates, Series 2007-C9, Class AAB, 5.82%, 12/10/49 (a)		175		173,186
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C4, Class A2, 5.02%, 8/15/38		200		200,829
Credit Suisse Mortgage Capital Certificates, Series 2006-CA4, Class A2, 5.36%, 9/15/39 (j)		25,000		25,344,668
DLJ Commercial Mortgage Corp., Series 2000-CKP1, Class A1B, 7.18%, 11/10/33		1,777		1,810,193
First Union National Bank Commercial Mortgage, Series 2000-C1, Class A2, 7.84%, 5/17/32		4,456		4,460,839
First Union National Bank Commercial Mortgage, Series 2000-C2, Class A2, 7.20%, 10/15/32		108		110,249
First Union National Bank Commercial Mortgage, Series 2001-C2, Class A2, 6.66%, 1/12/43		3,126		3,240,378
First Union National Bank Commercial Mortgage, Series 2001-C3, Class A3, 6.42%, 8/15/33		1,211		1,264,590
GE Capital Commercial Mortgage Corp., Series 2001-1, Class B, 6.72%, 5/15/33		225		233,473
GE Capital Commercial Mortgage Corp., Series 2001-3, Class A2, 6.07%, 6/10/38		1,670		1,749,139
GE Capital Commercial Mortgage Corp., Series 2002-1A, Class A3, 6.27%, 12/10/35		1,730		1,822,976
GE Capital Commercial Mortgage Corp., Series 2005-C4, Class A4, 5.33%, 11/10/45 (a)		1,850		1,806,695
GE Capital Commercial Mortgage Corp., Series 2007-C1, Class A2, 5.42%, 12/10/49 (j)		38,422		38,679,385
GMAC Commercial Mortgage Securities, Inc., Series 1998-C2, Class D, 6.50%, 5/15/35		2,037		2,034,713
GMAC Commercial Mortgage Securities, Inc., Series 2000-C2, Class A2, 7.46%, 8/16/33 (a)		767		777,851
GMAC Commercial Mortgage Securities, Inc., Series 2000-C2, Class A2, 5.48%, 5/10/40 (a)		2,465		2,549,357

10 Master Total Return Portfolio of Master Bond LLC December 31, 2009

Schedule of Investments (continued)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

Non-Agency Mortgage Backed Securities		Par (000)	Value
Commercial Mortgage-Backed Securities (continued)
GMAC Commercial Mortgage Securities, Inc., Series 2001-C1, Class B, 6.67%, 4/15/34 (a)	USD	15,000	$	15,291,581
GMAC Commercial Mortgage Securities, Inc., Series 2003-C3, Class A4, 5.02%, 4/10/40		2,325		2,364,950
GMAC Commercial Mortgage Securities, Inc., Series 2004-C3, Class AAB, 4.70%, 12/10/41		700		706,880
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A4, 4.96%, 8/10/38		1,625		1,644,112
GS Mortgage Securities Corp. II, Series 2007-GG10, Class A2, 5.78%, 8/10/45 (a)(j)		36,500		37,384,424
Greenwich Capital Commercial Funding Corp., Series 2004-GG1, Class A4, 4.76%, 6/10/36		20,485		20,572,391
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class A3, 4.57%, 8/10/42		2,445		2,394,430
Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class AAB, 4.62%, 8/10/42		955		969,374
Greenwich Capital Commercial Funding Corp., Series 2006-GG7, Class A4, 5.88%, 7/10/38 (a)		467		425,434
Greenwich Capital Commercial Funding Corp., Series 2007-GG9, Class A4, 5.44%, 3/10/39		1,850		1,634,558
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-C1, Class A3, 5.86%, 10/12/35		960		999,516
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-CIB2, Class A3, 6.43%, 4/15/35		21,558		22,452,562
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-CIB3, Class A3, 6.47%, 11/15/35 (b)		3,150		3,309,722
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2001-CIBC, Class A3, 6.26%, 3/15/33		1,018		1,047,528
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2004-CBX, Class A5, 4.65%, 1/12/37		900		897,615
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2006-LDP8, Class A2, 5.29%, 5/15/45 (j)		25,000		25,428,250
Non-Agency Mortgage Backed Securities		Par (000)	Value
Commercial Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2007-LD1, Class A2, 5.80%, 6/15/49	USD	37,000	$	37,996,336
JPMorgan Commercial Mortgage Finance Corp., Series 2000-C10, Class A2, 7.37%, 8/15/32 (a)		32		32,093
LB-UBS Commercial Mortgage Trust, Series 2000-C3, Class A2, 7.95%, 5/15/25 (a)		3,233		3,237,422
LB-UBS Commercial Mortgage Trust, Series 2000-C4, Class A2, 7.37%, 8/15/26		698		708,481
LB-UBS Commercial Mortgage Trust, Series 2003-C7, Class A3, 4.56%, 9/15/27 (a)		195		198,189
LB-UBS Commercial Mortgage Trust, Series 2005-C1, Class AAB, 4.57%, 2/15/30		1,050		1,064,201
LB-UBS Commercial Mortgage Trust, Series 2007-C1, Class A4, 5.42%, 2/15/40		1,500		1,242,195
LB-UBS Commercial Mortgage Trust, Series 2007-C2, Class A3, 5.43%, 2/15/40		175		151,163
LB-UBS Commercial Mortgage Trust, Series 2007-C6, Class A2, 5.85%, 7/15/40		200		202,513
LB-UBS Commercial Mortgage Trust, Series 2007-C7, Class A2, 5.59%, 9/15/45		1,845		1,868,679
LB-UBS Commercial Mortgage Trust, Series 2007-C7, Class A3, 5.87%, 9/15/45 (a)		255		223,816
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A2, 5.88%, 6/12/46 (a)		14,159		14,525,967
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2007-9, Class ASB, 5.64%, 9/12/49 (j)		25,000		24,182,390
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.61%, 5/12/39 (j)		40,000		40,726,676
Morgan Stanley Capital I, Series 2005-HQ6, Class A4A, 4.99%, 8/13/42		225		217,794
Morgan Stanley Capital I, Series 2006-IQ11, Class A2, 5.69%, 10/15/42 (a)		6,715		6,845,491
Morgan Stanley Capital I, Series 2007-HQ11, Class A2, 5.36%, 2/12/44 (j)		13,000		13,266,648
Morgan Stanley Capital I, Series 2007-HQ12, Class A2, 5.63%, 4/12/49 (a)		3,520		3,555,020

Master Total Return Portfolio of Master Bond LLC December 31, 2009 11

Schedule of Investments (continued)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

Non-Agency Mortgage Backed Securities		Par (000)	Value
Commercial Mortgage-Backed Securities (concluded)
Morgan Stanley Capital I, Series 2007-HQ13, Class A1, 5.36%, 12/15/44	USD	266	$	272,847
Morgan Stanley Dean Witter Capital I, Series 2000-LIFE, Class A2, 7.57%, 11/15/36 (a)		903		902,460
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4, 6.39%, 7/15/33		1,307		1,362,270
Prudential Mortgage Capital Funding, LLC, Series 2001-Rock, Class A2, 6.61%, 5/10/34		2,088		2,167,217
Prudential Securities Secured Financing Corp., Series 2000-C1, Class A2, 7.73%, 5/17/32 (a)		4,686		4,683,099
Salomon Brothers Mortgage Securities VII, Inc., Series 2000-C3, Class A2, 6.59%, 12/18/33		1,344		1,367,296
Salomon Brothers Mortgage Securities VII, Inc., Series 2001-C2, Class A3, 6.50%, 11/13/36		4,878		5,112,471
Wachovia Bank Commercial Mortgage Trust, Series 2005-C21, Class A3, 5.21%, 10/15/44 (a)		9,420		9,547,939
Wachovia Bank Commercial Mortgage Trust, Series 2006-C28, Class A2, 5.50%, 10/15/48 (j)		29,196		29,770,901
Wachovia Bank Commercial Mortgage Trust, Series 2006-C29, Class A4, 5.31%, 11/15/48		7,040		6,605,979
WaMu Commercial Mortgage Securities Trust, Series 2005-C1A, Class A2, 5.15%, 5/25/36 (a)		89		89,497
				520,846,834
Interest Only Commercial Mortgage-Backed Securities — 0.0%
GS Mortgage Securities Corp. II, Series 2003-C1, Class X2, 1.03%, 1/10/40 (a)		11,206		15,404
WaMu Commercial Mortgage Securities Trust, Series 2005-C1A, Class X, 2.10%, 5/25/36 (a)		9,715		263,315
				278,719
Total Non-Agency Mortgage Backed Securities – 26.0%				839,448,921
Preferred Securities
Capital Trust
Capital Markets — 0.2%
Credit Suisse Guernsey Ltd., 5.86%, 5/29/49 (a)(k)		3,101		2,697,870
Capital Trust		Par (000)		Value
Capital Markets (concluded)
Goldman Sachs Capital II, 5.79%, 12/29/49 (a)(k)	USD	3,190	$	2,472,250
Lehman Brothers Holdings Capital Trust VII, 5.86%, 11/29/49 (d)(e)(k)		1,868		560
				5,170,680
Commercial Banks — 0.0%
Barclays Bank Plc, 5.93%, 9/29/49 (a)(b)(k)		1,125		843,750
Barclays Bank Plc, 7.43%, 12/15/49 (a)(b)(k)		100		91,000
				934,750
Diversified Financial Services — 0.5%
General Electric Capital Corp., 6.38%, 11/15/67 (a)		7,210		6,254,675
JPMorgan Chase & Co., 7.90%, 4/29/49 (a)(k)		10,800		11,139,768
JPMorgan Chase Capital XXI, Series U, 1.23%, 1/15/87 (a)		285		194,712
JPMorgan Chase Capital XXV, 6.80%, 10/01/37		275		273,230
				17,862,385
Insurance — 1.1%
The Allstate Corp., Series B, 6.13%, 5/15/67 (a)		35		30,450
Chubb Corp., 6.38%, 3/29/67 (a)		6,875		6,393,750
Lincoln National Corp., 7.00%, 5/17/66 (a)		4,185		3,473,550
Lincoln National Corp., 6.05%, 4/20/67 (a)		3,110		2,410,250
MetLife, Inc., 6.40%, 12/15/66		8,350		7,306,250
Progressive Corp., 6.70%, 6/15/67 (a)		6,460		5,716,254
Reinsurance Group of America, 6.75%, 12/15/65 (a)		4,415		3,731,986
The Travelers Cos., Inc., 6.25%, 3/15/67 (a)		5,790		5,274,632
ZFS Finance (USA) Trust V, 6.50%, 5/09/67 (a)(b)		1,329		1,123,005
				35,460,127
Total Preferred Securities – 1.8%				59,427,942
Taxable Municipal Bonds
Board of Trustees of The Leland Stanford Junior University, 4.25%, 5/01/16		55		56,563
Chicago Metropolitan Water Reclamation District-Greater Chicago Illinois, GO, Build America Bonds, Taxable, 5.72%, 12/01/38		4,195		4,206,578
Cornell University, 4.35%, 2/01/14		360		377,075

12 Master Total Return Portfolio of Master Bond LLC December 31, 2009

Schedule of Investments (continued)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

Taxable Municipal Bonds		Par (000)		Value
Dallas Area Rapid Transit, RB, Build America Bonds, 6.00%, 12/01/44	USD	2,210	$	2,269,294
Leland Stanford Junior University, 4.75%, 5/01/19		2,450		2,481,164
Metropolitan Transportation Authority, RB, Build America Bonds, Taxable, 7.34%, 11/15/39		5,540		6,186,241
New Jersey State Turnpike Authority, RB, Build America Bonds, Taxable, 7.41%, 1/01/40		1,535		1,730,252
New York State Dormitory Authority, RB, Build America Bonds, Taxable, 5.63%, 3/15/39		4,650		4,438,007
Port Authority of New York & New Jersey, RB, Consolidated, 158th Series, 5.86%, 12/01/24		55		56,101
Port Authority of New York & New Jersey, RB, Consolidated, 159th Series, 6.04%, 12/01/29		3,275		3,256,038
State of California, GO, Build America Bonds, 7.30%, 10/01/39		6,590		6,228,077
State of California, GO, Taxable, Various Purpose 3, 5.45%, 4/01/15		20,425		20,544,282
State of Texas, GO, Build America Bonds, Taxable, 5.52%, 4/01/39		11,285		11,007,276
Total Taxable Municipal Bonds – 1.9%				62,836,948
U.S. Treasury Obligations
U.S. Treasury Bonds, 7.25%, 5/15/16 (l)		15,370		19,026,385
U.S. Treasury Bonds, 8.13%, 8/15/19 (l)		70,205		94,491,577
U.S. Treasury Bonds, 8.75%, 8/15/20		8,000		11,317,504
U.S. Treasury Bonds, 8.13%, 8/15/21 (l)		41,590		57,043,264
U.S. Treasury Bonds, 8.00%, 11/15/21 (l)		37,850		51,541,064
U.S. Treasury Bonds, 7.13%, 2/15/23		10,800		13,851,000
U.S. Treasury Bonds, 6.63%, 2/15/27		75		93,668
U.S. Treasury Notes, 1.13%, 12/15/12		55		54,119
U.S. Treasury Notes, 2.13%, 11/30/14 (l)		120,690		117,833,268
U.S. Treasury Notes, 4.00%, 8/15/18 (l)		29,300		29,924,910
U.S. Treasury Notes, 3.38%, 11/15/19 (l)		219,715		211,339,464
U.S. Treasury Notes, 5.25%, 2/15/29 (l)		21,200		22,968,886
U.S. Treasury Obligations		Par (000)		Value
U.S. Treasury Notes, 3.50%, 2/15/39	USD	28,405	$	23,265,456
U.S. Treasury Notes, 4.25%, 5/15/39		11,404		10,698,377
U.S. Treasury Notes, 4.50%, 8/15/39		52,965		51,765,025
U.S. Treasury Strips, 4.69%, 8/15/20 (m)		53,190		33,840,010
Total U.S. Treasury Obligations – 23.2%				749,053,977
U.S. Government Sponsored Agency Securities
Agency Obligations — 6.4%
Fannie Mae, 6.25%, 2/01/11 (h)		16,780		17,628,564
Fannie Mae, 5.25%, 8/01/12		49,176		52,477,185
Fannie Mae, 1.75%, 8/10/12		325		324,935
Fannie Mae, 4.63%, 5/01/13		250		263,007
Fannie Mae, 5.13%, 1/02/14		75		79,622
Fannie Mae, 2.75%, 2/05/14		175		176,978
Fannie Mae, 2.75%, 3/13/14		725		731,157
Fannie Mae, 3.50%, 8/25/14		375		377,681
Fannie Mae, 3.00%, 9/16/14		400		405,071
Fannie Mae, 2.63%, 11/20/14		18,645		18,500,427
Fannie Mae, 5.25%, 9/15/16		200		220,968
Fannie Mae, 6.63%, 11/15/30		200		240,362
Federal Home Loan Bank of Chicago, 5.63%, 6/13/16		100		100,819
Federal Home Loan Bank, 5.38%, 5/15/19 (h)(n)		36,340		38,895,102
Federal Home Loan Bank, 5.63%, 6/11/21		310		337,459
Freddie Mac, 1.13%, 12/15/11		49,580		49,425,955
Freddie Mac, 2.13%, 3/23/12		2,050		2,081,416
Freddie Mac, 1.75%, 6/15/12		11,300		11,350,048
Freddie Mac, 2.13%, 9/21/12		485		490,158
Resolution Funding Corp. 5.90%, 7/15/18 (m)		125		86,469
Resolution Funding Corp. 5.89%, 10/15/18 (m)		125		85,156
Tennessee Valley Authority, 5.25%, 9/15/39		12,145		12,033,934
				206,312,473
Collateralized Mortgage Obligations — 1.0%
Fannie Mae Mortgage Backed Securities, Series 2003-41, Class XU, 4.00%, 7/25/15		2,937		2,944,109
Fannie Mae Mortgage Backed Securities, Series 2004-28, Class PB, 6.00%, 8/25/28		18		17,924
Fannie Mae Mortgage Backed Securities, Series 2004-29, Class HC, 7.50%, 7/25/30		791		840,819

Master Total Return Portfolio of Master Bond LLC December 31, 2009 13

Schedule of Investments (continued)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

U.S. Government Sponsored Agency Securities		Par (000)		Value
Collateralized Mortgage Obligations (concluded)
Fannie Mae Mortgage Backed Securities, Series 2005-48, Class AR, 5.50%, 2/25/35	USD	75	$	79,299
Fannie Mae Mortgage Backed Securities, Series 2005-63, Class PA, 5.50%, 10/25/24		549		548,914
Fannie Mae Mortgage Backed Securities, Series 2005-118, Class MC, 6.00%, 1/25/32		81		82,727
Fannie Mae Mortgage Backed Securities, Series 2006-26, Class QA, 5.50%, 6/25/26		931		957,213
Fannie Mae Mortgage Backed Securities, Series 2006-M2, Class A2A, 5.27%, 10/25/32 (a)		4,600		4,717,557
Fannie Mae Mortgage Backed Securities, Series 2007-22, Class PA, 5.50%, 3/25/37		11,712		12,432,075
Fannie Mae Mortgage Backed Securities, Series 2989, Class KA, 4.50%, 3/15/19		759		788,484
Freddie Mac Mortgage Backed Securities, Series 2825, Class VP, 5.50%, 6/15/15		1,310		1,397,552
Freddie Mac Mortgage Backed Securities, Series 3063, Class YB, 5.50%, 6/15/26		806		821,577
Freddie Mac Mortgage Backed Securities, Series 3068, Class VA, 5.50%, 10/15/16		8,058		8,489,572
				34,117,822
Commercial Mortgage-Backed Securities — 0.0%
Freddie Mac Mortgage Backed Securities, Series K003, Class A3, 4.32%, 12/25/15		105		108,380
Federal Deposit Insurance Corporation Guaranteed — 6.2%
Citibank NA, 1.38%, 8/10/11		47,455		47,580,803
Citibank NA, 1.25%, 11/15/11		260		259,802
Citibank NA, 1.75%, 12/28/12		20,610		20,428,673
Citigroup Funding, Inc., 1.38%, 5/05/11		410		412,622
Citigroup Funding, Inc., 2.13%, 7/12/12		12,005		12,097,703
Citigroup Funding, Inc., 1.88%, 10/22/12		26,015		25,916,715
Citigroup Funding, Inc., 2.25%, 12/10/12		1,940		1,955,229
Citigroup, Inc., 1.88%, 5/07/12		1,465		1,472,795
General Electric Capital Corp., 1.80%, 3/11/11		260		262,933
General Electric Capital Corp., 2.25%, 3/12/12		17,045		17,291,982
General Electric Capital Corp., 2.00%, 9/28/12		16,400		16,421,222
General Electric Capital Corp., 2.13%, 12/21/12		33,930		33,961,453

U.S. Government Sponsored Agency Securities		Par (000)	Value
Federal Deposit Insurance Corporation Guaranteed (concluded)
General Electric Capital Corp., 2.63%, 12/28/12	USD	20,900	$	21,284,832
JPMorgan Chase & Co., 2.20%, 6/15/12		200		202,779
Morgan Stanley, 2.25%, 3/13/12		1,205		1,224,009
				200,773,552
Interest Only Collateralized Mortgage Obligations — 0.1%
Ginnie Mae Mortgage Backed Securities, Series 2009-26, Class SC, 5.95%, 1/16/38 (a)		22,523		2,853,086
Mortgaged-Backed Securities — 49.9%
Fannie Mae Mortgage Backed Securities:
4.00%, 12/01/14 - 1/01/40 (o)		64,500		63,722,522
4.50%, 12/01/20 – 1/15/40 (h)		356,951		357,834,938
5.00%, 4/01/21 – 1/15/40 (h)(o)		245,910		253,439,568
5.04%, 8/01/38 (a)		14,527		15,268,828
5.33%, 2/01/37 (a)		239		250,716
5.38%, 5/01/36 (a)		125		130,476
5.50%, 7/01/14 – 1/15/40 (h)		278,202		292,309,432
5.54%, 2/01/37 (a)		269		284,537
5.56%, 10/01/38 (a)		112		118,616
5.72%, 10/01/36 (a)		157		164,434
6.00%, 1/01/21 – 1/15/40		94,618		101,044,128
6.28%, 8/01/11		1,800		1,896,139
6.50%, 8/01/32 – 1/15/40		49,021		52,499,162
7.00%, 3/01/11 – 11/01/17		11		12,215
Freddie Mac Mortgage Backed Securities:
4.00%, 3/01/10 – 5/01/10		233		234,863
5.00%, 6/01/21 – 1/15/40 (o)		19,606		20,477,252
5.50%, 2/01/14 – 1/15/40 (o)		75,056		78,833,080
6.00%, 5/01/13 – 1/15/40 (o)		265,790		282,087,862
Ginnie Mae Mortgage Backed Securities:
2.75%, 5/20/34		1,914		1,938,346
5.00%, 1/15/40 (o)		53,700		55,218,690
5.50%, 6/15/33 – 2/15/35		504		532,077
6.00%, 10/15/14 – 11/15/28		23		24,433
6.50%, 1/15/40		29,900		31,787,438
7.50%, 4/15/31 – 3/15/32		346		389,563
				1,610,499,315
Total U.S. Government Sponsored Agency Securities – 63.6%				2,054,664,628
Total Long-Term Investments (Cost – $5,195,687,500) – 158.0%				5,100,979,369

Short-Term Securities	Shares
Money Market Fund – 0.3%
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.12%, 12/31/99 (i)(p)	10,876,406	10,876,406

14 Master Total Return Portfolio of Master Bond LLC December 31, 2009

Schedule of Investments (Continued)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

Short-Term Securities		Par (000)	Value
Borrowed Bond Agreements – 2.9%
Barclays Capital Inc., 0.02%, 1/13/10	USD	48,073	$	48,073,250
Credit Suisse Securities (USA) LLC, 0.00%, 1/13/10		14,909		14,909,238
JPMorgan Securities Inc., 0.04%, 1/13/10		6,174		6,173,655
JPMorgan Securities Inc., 0.05%, 1/13/10		23,664		23,664,106
				92,820,249
Total Short-Term Securities (Cost – $103,696,655) – 3.2%				103,696,655
Options Purchased		Contracts (q)
Over-the-Counter Call Swaptions — 0.1%
Receive a fixed rate of 1.92% and pay a floating rate based on 3- month LIBOR, expires 9/02/10, Broker Morgan Stanley Capital Services, Inc.		236		1,242,375
Receive a fixed rate of 1.95% and pay a floating rate based on 3- month LIBOR, expires 9/18/10, Broker Citibank NA		236		1,287,393
Receive a fixed rate of 2.25% and pay a floating rate based on 3- month LIBOR, expires 2/25/10, Broker Morgan Stanley Capital Services, Inc.		117		12,402
Receive a fixed rate of 2.50% and pay a floating rate based on 3- month LIBOR, expires 3/11/10, Broker Barclays Bank Plc		2		22
Receive a fixed rate of 2.50% and pay a floating rate based on 3- month LIBOR, expires 3/12/10, Broker Barclays Bank Plc		28		281
				2,542,473
Exchanged-Traded Put Options — 0.1%
10-Year U.S. Treasury Bond, Strike Price USD 117, expires 2/19/10		910		1,876,875
Euro-Dollar Future, Strike Price USD 98.75, expires 9/13/10		2,125		1,540,625
				3,417,500
Over-the-Counter Put Swaptions — 0.8%
Pay a fixed rate of 1.92% and receive a floating rate based on 3-month LIBOR, expires 9/02/10, Broker Morgan Stanley Capital Services, Inc.		236		726,428

Options Purchased	Contracts (q)	Value
Over-the-Counter Put Swaptions (concluded)
Pay a fixed rate of 1.95% and receive a floating rate based on 3-month LIBOR, expires 9/18/10, Broker Citibank NA	236	$	712,285
Pay a fixed rate of 4.50% and receive a floating rate based on 3-month LIBOR, expires 3/15/10, Broker Royal Bank of Scotland Plc	144		1,078,235
Pay a fixed rate of 5.04% and receive a floating rate based on 3-month LIBOR, expires 10/23/12, Broker JPMorgan Chase Bank NA	252		16,869,866
Pay a fixed rate of 5.09% and receive a floating rate based on 3-month LIBOR, expires 10/12/12, Broker Credit Suisse International	40		2,642,229
Pay a fixed rate of 5.17% and receive a floating rate based on 3-month LIBOR, expires 10/15/12, Broker JPMorgan Chase Bank NA	51		3,210,721
Pay a fixed rate of 5.35% and receive a floating rate based on 3-month LIBOR, expires 2/04/10, Broker JPMorgan Chase Bank NA	330		21,463
			25,261,227
Total Options Purchased (Cost – $31,223,845) – 1.0%			31,221,200
Total Investments Before Borrowed Bonds, TBA Sale Commitments and Outstanding Options Written (Cost – $5,330,608,000*) – 162.2%			5,235,897,224

Borrowed Bonds		Par (000)
U.S. Treasury Notes, 3.38%, 11/15/19	USD	95,450	(91,811,446	)
Total Borrowed Bonds (Proceeds – $94,234,884) – (2.8)%			(91,811,446	)
TBA Sale Commitments
Fannie Mae Mortgage Backed Securities:
4.00%, 12/01/14 - 1/01/40		9,000	(9,052,029	)
4.50%, 12/01/20 – 1/15/40		99,100	(99,396,164	)
5.00%, 4/01/21 – 1/15/40		201,000	(206,692,966	)
5.50%, 7/01/14 – 1/15/40		120,300	(125,956,951	)
6.00%, 1/01/21 – 1/15/40		94,400	(99,983,110	)

Master Total Return Portfolio of Master Bond LLC December 31, 2009 15

Schedule of Investments (continued)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

TBA Sale Commitments		Par (000)	Value
Freddie Mac Mortgage Backed Securities:
5.00%, 6/01/21 – 1/15/40	USD	12,600	$	(13,170,932	)
6.00%, 5/01/13 – 1/14/40		211,100		(223,831,863	)
Total TBA Sale Commitments (Proceeds – $783,874,435) – (24.1)%				(778,084,015	)

Options Written	Contracts (q)
Over-the-Counter Call Swaptions — (0.7)%
Pay a fixed rate of 3.18% and receive a floating rate based on 3-month LIBOR, expires 1/06/10, Broker Citibank NA	4		(40	)
Pay a fixed rate of 3.58% and receive a floating rate based on 3-month LIBOR, expires 1/16/10, Broker Deutsche Bank AG	93		(1,112	)
Pay a fixed rate of 3.60% and receive a floating rate based on 3-month LIBOR, expires 2/04/10, Broker JPMorgan Chase Bank NA	25		(44,653	)
Pay a fixed rate of 3.80% and receive a floating rate based on 3-month LIBOR, expires 5/15/10, Broker Morgan Stanley Capital Services, Inc.	80		(1,036,240	)
Pay a fixed rate of 3.86% and receive a floating rate based on 3-month LIBOR, expires 3/22/10, Broker Citibank NA	53		(582,826	)
Pay a fixed rate of 4.08% and receive a floating rate based on 3-month LIBOR, expires 9/18/10, Broker Deutsche Bank AG	20		(509,980	)
Pay a fixed rate of 4.12% and receive a floating rate based on 3-month LIBOR, expires 8/21/10, Broker Goldman Sachs Bank USA	28		(750,223	)
Pay a fixed rate of 4.12% and receive a floating rate based on 3-month LIBOR, expires 8/21/10, Broker Morgan Stanley Capital Services, Inc.	25		(686,892	)
Pay a fixed rate of 4.80% and receive a floating rate based on 3-month LIBOR, expires 6/11/10, Broker Barclays Bank Plc	108		(6,583,076	)
Pay a fixed rate of 4.84% and receive a floating rate based on 3-month LIBOR, expires 12/02/14, Broker JPMorgan Chase Bank NA	23		(1,233,788	)
Options Written	Contracts (q)	Value
Over-the-Counter Call Swaptions (concluded)
Pay a fixed rate of 4.87% and receive a floating rate based on 3-month LIBOR, expires 2/20/10, Broker Deutsche Bank AG	4	$	(8,331,732	)
Pay a fixed rate of 4.89% and receive a floating rate based on 3-month LIBOR, expires 12/03/14, Broker Deutsche Bank AG	27		(1,465,641	)
Pay a fixed rate of 4.89% and receive a floating rate based on 3-month LIBOR, expires 12/03/14, Broker Deutsche Bank AG	14		(754,534	)
Pay a fixed rate of 5.67% and receive a floating rate based on 3-month LIBOR, expires 1/04/10, Broker Citibank NA	4		(530,173	)
			(22,510,910	)
Exchanged-Traded Put Options — (0.1)%
10-Year U.S. Treasury Bond, Strike Price USD 116, expires 2/19/10	910		(1,308,125	)
Euro-Dollar Future, Strike Price USD 98.75, expires 9/13/10	2,125		(876,562	)
			(2,184,687	)
Over-the-Counter Put Swaptions — (0.9)%
Receive a fixed rate of 2.75% and pay a floating rate based on 3- month LIBOR, expires 2/04/10, Broker Deutsche Bank AG	35		(2,048	)
Receive a fixed rate of 3.18% and pay a floating rate based on 3- month LIBOR, expires 1/06/10, Broker Citibank NA	4		(269,380	)
Receive a fixed rate of 3.86% and pay a floating rate based on 3- month LIBOR, expires 3/22/10, Broker Citibank NA	53		(1,625,019	)
Receive a fixed rate of 4.08% and pay a floating rate based on 3- month LIBOR, expires 1/16/10, Broker Deutsche Bank AG	93		(255,296	)
Receive a fixed rate of 4.08% and pay a floating rate based on 3- month LIBOR, expires 9/18/10, Broker Deutsche Bank AG	20		(940,380	)
Receive a fixed rate of 4.10% and pay a floating rate based on 3- month LIBOR, expires 2/04/10, Broker JPMorgan Chase Bank NA	25		(255,219	)
Receive a fixed rate of 4.12% and pay a floating rate based on 3- month LIBOR, expires 8/21/10, Broker Goldman Sachs Bank USA	28		(1,216,084	)

16 Master Total Return Portfolio of Master Bond LLC December 31, 2009

	Master Total Return Portfolio of Master Bond LLC
Schedule of Investments (continued)	(Percentages shown are based on Net Assets)

Options Written	Contracts (q)		Value
Over-the-Counter Put Swaptions (continued)
Receive a fixed rate of 4.12% and pay a floating rate based on 3-month LIBOR, expires 8/21/10, Broker Morgan Stanley Capital Services, Inc.		25	$	(1,128,522	)
Receive a fixed rate of 4.50% and pay a floating rate based on 3-month LIBOR, expires 3/11/10, Broker Barclays Bank Plc		2		(86,838	)
Receive a fixed rate of 4.50% and pay a floating rate based on 3-month LIBOR, expires 3/11/10, Broker Barclays Bank Plc		28		(1,117,312	)
Receive a fixed rate of 4.50% and pay a floating rate based on 3-month LIBOR, expires 5/15/10, Broker Morgan Stanley Capital Services, Inc.		80		(1,445,040	)
Receive a fixed rate of 4.80% and pay a floating rate based on 3-month LIBOR, expires 6/11/10, Broker Barclays Bank Plc		108		(1,414,294	)
Receive a fixed rate of 4.84% and pay a floating rate based on 3-month LIBOR, expires 12/02/14, Broker JPMorgan Chase Bank NA		23		(2,026,089	)
Receive a fixed rate of 4.87% and pay a floating rate based on 3-month LIBOR, expires 2/20/10, Deutsche Bank AG		116		(58,499	)
Receive a fixed rate of 4.89% and pay a floating rate based on 3-month LIBOR, expires 12/03/14, Broker Deutsche Bank A		14		(1,179,068	)
Receive a fixed rate of 4.89% and pay a floating rate based on 3-month LIBOR, expires 12/03/14, Broker Deutsche Bank AG		27		(2,290,275	)
Receive a fixed rate of 5.50% and pay a floating rate based on 3-month LIBOR, expires 3/15/10, Broker Royal Bank of Scotland Plc		144		(94,438	)
Receive a fixed rate of 5.67% and pay a floating rate based on 3-month LIBOR, expires 1/04/10, Broker Citibank NA		4		(37	)
Receive a fixed rate of 6.04% and pay a floating rate based on 3-month LIBOR, expires 10/15/12, Broker JPMorgan Chase Bank NA		252		(10,050,192	)
Receive a fixed rate of 6.09% and pay a floating rate based on 3-month LIBOR, expires 10/29/12, Broker Credit Suisse International		40		(1,575,488	)

Options Written	Contracts (q)		Value
Over-the-Counter Put Swaptions (concluded)
Receive a fixed rate of 6.17% and pay a floating rate based on 3-month LIBOR, expires 10/23/12, Broker JPMorgan Chase Bank NA		51		(1,910,124	)
				(28,939,642	)
Total Options Written (Premiums Received – $69,983,443) – (1.7)%				(53,635,239	)
Total Investments, Net of Outstanding Options Written, TBA Sale Commitments and Borrowed Bonds – 133.6%				4,312,366,524
Liabilities in Excess of Other Assets – (33.6)%				(1,084,031,874	)
Net Assets – 100.0%			$	3,228,334,650

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2009, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	5,334,357,674
Gross unrealized appreciation	$	98,437,993
Gross unrealized depreciation		(196,898,443	)
Net unrealized depreciation	$	(98,460,450	)

(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)	Amount is less than $1,000.
(d)	Non-income producing security.
(e)	Issuer filed for bankruptcy and/or is in default of interest payments.
(f)	Represents a step-down bond that pays an initial coupon rate for the first period and then a lower coupon rate for the following periods. Rate shown is as of report date.
(g)	Represents a payment-in-kind security which may pay interest/dividends in additional face/shares.
(h)	All or a portion of security has been pledged as collateral in connection with swaps.

Master Total Return Portfolio of Master Bond LLC December 31, 2009 17

	Master Total Return Portfolio of Master Bond LLC
Schedule of Investments (continued)	(Percentages shown are based on Net Assets)

(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			Sales Cost		Realized Loss		Income
BlackRock Capital Finance LP, Series 1997-R2 Class AP, 1.29%, 12/25/35		—			—		—		—
BlackRock Liquidity Funds, TempFund, Institutional Class	$	8,325,071	1		—		—	$	2,534

	1Represents net purchase cost.
(j)	All or a portion of security has been pledged as collateral in connection with TALF Program.
(k)	Security is perpetual in nature and has no stated maturity date.
(l)	All or a portion of security has been pledged as collateral for reverse repurchase agreements.
(m)	Represents a zero coupon bond. Rate shown reflects the current yield as of report date.
(n)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts.
(o)	Represents or includes a to-be-announced (“TBA”) transaction. Unsettled TBA transactions as of report date were as follows:

Counterparty	Market Value			Unrealized Appreciation (Depreciation)
Banc of America Securities	$	69,734,439		$	(868,266	)
Citigroup Global Markets, Inc.	$	(16,776,289	)	$	156,961
Credit Suisse Securities LLC	$	(34,282,561	)	$	312,478
Deutsche Bank Securities, Inc.	$	86,553,826		$	209,163
Goldman Sachs & Co.	$	167,591,571		$	(1,043,921	)
JPMorgan Securities, Ltd.	$	(47,303,748	)	$	502,077
Morgan Stanly Capital
Services, Inc.	$	(194,842,590	)	$	1,204,512
UBS Securities	$	31,787,438		$	(140,027	)

(p)	Represents the current yield as of report date.
(q)	One contract represents a notional amount of $1 million.
•	For Portfolio compliance purposes, the Portfolio’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexed or ratings group indexes, and /or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.
•	Financial futures contracts sold as of December 31, 2009 were as follows:

Contracts	Issue		Expiration Date		Face Value		Unrealized Appreciation
811		2-Year U.S. Treasury Notes		March 2010	$	176,148,167	$	756,744
2,695		5-Year U.S. Treasury Notes		March 2010		312,440,710		4,179,029
1,105		10-Year U.S. Treasury Notes		March 2010		129,951,913		2,376,210
52		30-Year U.S. Treasury Bonds		March 2010		6,303,261		303,761
Total							$	7,615,744

• Reverse repurchase agreements outstanding as of December 31, 2009 were as follows:

Counterparty	Interest Rate		Trade Date	Maturity Date		Net Closing Amount		Face Amount
Credit Suisse Securities	0.09	%	10/23/09		Open	$	24,092,715	$	24,088,500
Barclays Capital Inc.	0.14	%	11/04/09		Open		12,928,066		12,925,000
JPMorgan Securities Inc.	0.18	%	12/04/09		Open		31,062,814		31,058,000
JPMorgan Securities Inc.	0.05	%	12/11/09		1/13/10		20,695,706		20,694,844
JPMorgan Securities Inc.	0.06	%	12/11/09		1/13/10		211,462,272		211,453,814
JPMorgan Securities Inc.	0.09	%	12/11/09		1/13/10		119,971,172		119,963,974
JPMorgan Securities Inc.	0.12	%	12/11/09		1/13/10		55,920,723		55,916,250

18 Master Total Return Portfolio of Master Bond LLC December 31, 2009

Schedule of Investments (continued) Master Total Return Portfolio of Master Bond LLC

Counterparty	Interest Rate	Trade Date	Maturity Date	Net Closing Amount		Face Amount
JPMorgan Securities Inc.	0.15%	12/22/09	1/13/10	$	44,522,412	$	44,520,000
JPMorgan Securities Inc.	0.15%	12/24/09	1/13/10		44,162,024		44,160,000
Total				$	564,817,904	$	564,780,382

• Foreign currency exchange contracts as of December 31, 2009 were as follows:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation
USD	67,885,482	EUR	45,668,000	Citibank NA	1/20/10	$	2,419,278
USD	40,662,640	CAD	42,249,500	Goldman Sachs Bank USA	1/27/10		264,399
USD	8,696,940	GBP	5,190,000	Citibank NA	1/27/10		315,404
Total						$	2,999,081

• Interest rate swaps outstanding as of December 31, 2009 were as follows:

Fixed Rate	Floating Rate	Counterparty	Expiration	Notional Amount (000)		Unrealized Appreciation (Depreciation)
1.75% (a)	3-month LIBOR	Goldman Sachs Bank USA	June 2011	USD	14,700	$	155,312
2.25% (b)	3-month LIBOR	Deutsche Bank AG	December 2012	USD	35,680		(207,684	)
2.85% (b)	3-month LIBOR	Deutsche Bank AG	August 2014	USD	11,800		(5,480	)
2.90% (b)	3-month LIBOR	Credit Suisse International	August 2014	USD	44,000		(116,019	)
2.79% (b)	3-month LIBOR	JPMorgan Chase Bank NA	November 2014	USD	18,980		128,866
2.37% (a)	3-month LIBOR	JPMorgan Chase Bank NA	December 2014	USD	124,400		(3,317,588	)
2.63% (a)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	December 2014	USD	129,400		(1,944,089	)
2.81% (a)	3-month LIBOR	Citibank NA	February 2016	USD	50,000		(1,423,209	)
3.68% (a)	3-month LIBOR	Deutsche Bank AG	August 2019	USD	68,900		(1,418,744	)
3.73% (a)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	August 2019	USD	32,100		(533,149	)
3.47% (a)	3-month LIBOR	Royal Bank of Scotland Plc	September 2019	USD	46,600		(1,816,548	)
3.50% (a)	3-month LIBOR	Bank of America NA	September 2019	USD	49,400		(1,790,966	)
3.50% (a)	3-month LIBOR	Citibank NA	September 2019	USD	34,100		(1,229,675	)
3.12% (b)	3-month LIBOR	Barclays Bank Plc	October 2019	USD	78,300		3,052,917
3.36% (a)	3-month LIBOR	Goldman Sachs Bank USA	October 2019	USD	23,900		(1,161,109	)
3.43% (b)	3-month LIBOR	Deutsche Bank AG	October 2019	USD	17,700		751,302
3.73% (b)	3-month LIBOR	Citibank NA	October 2019	USD	31,800		593,769
5.49% (b)	3-month LIBOR	JPMorgan Chase Bank NA	October 2019	USD	5,400		(490,582	)
3.44% (a)	3-month LIBOR	Bank of America NA	November 2019	USD	8,000		(348,658	)

Master Total Return Portfolio of Master Bond LLC December 31, 2009 19

Schedule of Investments (continued) Master Total Return Portfolio of Master Bond LLC

Fixed Rate	Floating Rate	Counterparty	Expiration	Notional Amount (000)		Unrealized Appreciation (Depreciation)
3.50% (b)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	November 2019	USD	9,900	$	379,422
3.60% (a)	3-month LIBOR	Citibank NA	November 2019	USD	8,600		(261,281	)
3.31% (a)	3-month LIBOR	Barclays Bank Plc	December 2019	USD	98,100		(5,348,244	)
3.31% (a)	3-month LIBOR	Royal Bank of Scotland Plc	December 2019	USD	15,100		(820,186	)
3.40% (b)	3-month LIBOR	Deutsche Bank AG	December 2019	USD	98,900		4,665,722
3.50% (b)	3-month LIBOR	Deutsche Bank AG	December 2019	USD	3,600		140,475
3.50% (a)	3-month LIBOR	Deutsche Bank AG	December 2019	USD	12,400		(486,340	)
3.55% (a)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	December 2019	USD	14,000		(487,156	)
3.62% (a)	3-month LIBOR	Deutsche Bank AG	December 2019	USD	28,000		(807,921	)
3.66% (b)	3-month LIBOR	Credit Suisse International	December 2019	USD	26,000		674,741
3.70% (a)	3-month LIBOR	Credit Suisse International	December 2019	USD	33,800		(770,498	)
4.24% (c)	3-month LIBOR	JPMorgan Chase Bank NA	August 2020	USD	11,615		(144,955	)
4.42% (c)	3-month LIBOR	JPMorgan Chase Bank NA	August 2020	USD	38,165		(920,540	)
5.41% (a)	3-month LIBOR	JPMorgan Chase Bank NA	August 2022	USD	24,125		2,880,145
4.35% (b)	3-month LIBOR	JPMorgan Chase Bank NA	July 2039	USD	20,700		585,611
3.50% (b)	3-month LIBOR	Barclays Bank Plc	March 2040	USD	7,400		1,313,703
Total						$	(10,528,636	)

(a) Pays floating interest rate and receives fixed rate.

(b) Pays fixed interest rate and receives floating rate.

(c) Pays fixed interest rate and receives floating rate at expiration date.

• Credit default swaps on single-name issues – buy protection outstanding as of December 31, 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	$	(239,250	)
Limited Brands, Inc.	1.07%	UBS AG	December 2010	USD	7,625		14,353
Radio Shack Corp.	1.16%	UBS AG	December 2010	USD	7,625		(31,605	)
Knight Inc.	1.80%	Credit Suisse International	January 2011	USD	5,350		(54,177	)
Sara Lee Corp.	0.60%	JPMorgan Chase Bank NA	March 2011	USD	7,720		(29,670	)
Computer Sciences Corp.	0.88%	Morgan Stanley Capital Services, Inc.	June 2011	USD	7,770		(80,595	)
iStar Financial, Inc.	5.00%	Morgan Stanley Capital Services, Inc.	September 2011	USD	2,220		70,483
Wendy’s International Inc.	2.90%	JPMorgan Chase Bank NA	December 2011	USD	5,380		(192,440	)
NOVA Chemicals Corp.	5.00%	Citibank NA	March 2012	USD	405		(19,715	)
Macy’s, Inc.	7.50%	Morgan Stanley Capital Services, Inc.	June 2012	USD	3,605		(530,025	)

20 Master Total Return Portfolio of Master Bond LLC December 31, 2009

Schedule of Investments (continued) Master Total Return Portfolio of Master Bond LLC

Issuer	Pay Rate	Counterparty	Expiration	Notional Amount (000)		Unrealized Appreciation (Depreciation)
Macy’s, Inc.	8.00%	Morgan Stanley Capital Services, Inc.	June 2012	USD	1,260	$	(200,357	)
NOVA Chemicals Corp.	5.00%	JPMorgan Chase Bank NA	June 2012	USD	555		(23,906	)
Ryland Group, Inc.	4.51%	JPMorgan Chase Bank NA	June 2012	USD	2,445		(180,859	)
Knight Inc.	1.00%	Morgan Stanley Capital Services, Inc.	September 2012	USD	1,655		(11,648	)
Knight Inc.	1.00%	Royal Bank of Scotland Plc	September 2012	USD	580		(3,495	)
Limited Brands, Inc.	1.00%	Royal Bank of Scotland Plc	December 2012	USD	395		(12,326	)
Pulte Homes, Inc.	1.00%	Royal Bank of Scotland Plc	March 2013	USD	430		2,040
Belo Corp.	5.00%	Barclays Bank Plc	June 2013	USD	1,665		(276,592	)
D.R. Horton, Inc.	5.04%	JPMorgan Chase Bank NA	June 2013	USD	7,830		(795,504	)
Eastman Chemical Co.	0.68%	Morgan Stanley Capital Services, Inc.	September 2013	USD	7,800		(85,467	)
Expedia, Inc.	5.00%	Citibank NA	September 2013	USD	5,705		(877,128	)
Expedia, Inc.	5.18%	Goldman Sachs Bank USA	September 2013	USD	2,915		(467,003	)
Centex Corp.	1.00%	Royal Bank of Scotland Plc	December 2013	USD	205		(3,869	)
Centex Corp.	4.37%	Deutsche Bank AG	December 2013	USD	8,259		(1,074,341	)
Centex Corp.	4.40%	JPMorgan Chase Bank NA	December 2013	USD	4,815		(631,785	)
NOVA Chemicals Corp.	5.00%	Goldman Sachs Bank USA	December 2013	USD	2,292		(198,139	)
D.R. Horton, Inc.	1.00%	JPMorgan Chase Bank NA	March 2014	USD	9,105		(150,559	)
Hertz Global Holdings, Inc.	5.00%	Goldman Sachs Bank USA	March 2014	USD	1,160		(357,825	)
Toll Brothers Finance Corp.	2.00%	JPMorgan Chase Bank NA	March 2014	USD	2,260		(59,226	)
Tyson Foods, Inc.	4.10%	Barclays Bank Plc	March 2014	USD	3,240		(256,023	)
Tyson Foods, Inc.	4.22%	Barclays Bank Plc	March 2014	USD	3,250		(271,894	)
D.R. Horton, Inc.	5.07%	JPMorgan Chase Bank NA	September 2014	USD	2,269		(280,014	)
Macy’s, Inc.	1.00%	Morgan Stanley Capital Services, Inc.	September 2014	USD	1,350		(15,797	)
Energy Future Holdings Corp.	5.00%	JPMorgan Chase Bank NA	December 2014	USD	1,745		(201,818	)
Energy Future Holdings Corp.	5.00%	Morgan Stanley Capital Services, Inc.	December 2014	USD	9,960		(885,271	)
Huntsman International LLC	5.00%	Goldman Sachs Bank USA	December 2014	USD	4,390		(1,615,006	)
Huntsman International LLC	5.00%	Goldman Sachs Bank USA	March 2015	USD	1,285		(385,850	)
Pulte Homes, Inc.	3.00%	JPMorgan Chase Bank NA	March 2015	USD	2,720		(138,015	)
Lennar Corp.	5.86%	JPMorgan Chase Bank NA	June 2015	USD	3,610		(443,750	)
First Data Corp.	5.00%	Barclays Bank Plc	December 2015	USD	4,610		(739,573	)
First Data Corp.	5.00%	Credit Suisse International	December 2015	USD	1,915		(307,220	)
First Data Corp.	5.00%	Goldman Sachs Bank USA	December 2015	USD	1,275		(198,905	)

Master Total Return Portfolio of Master Bond LLC December 31, 2009 21

Schedule of Investments (continued) Master Total Return Portfolio of Master Bond LLC

Issuer	Pay Rate	Counterparty	Expiration	Notional Amount (000)		Unrealized Appreciation (Depreciation)
First Data Corp.	5.00%	JPMorgan Chase Bank NA	December 2015	USD	2,440	$	(391,444	)
Sabre Holdings Corp.	5.00%	JPMorgan Chase Bank NA	March 2016	USD	10,080		(4,420,741	)
American Greetings Corp.	5.00%	Royal Bank of Scotland Plc	September 2016	USD	570		(33,345	)
Total						$	(17,085,296	)

• Credit default swaps on single-name issues – sold protection outstanding as of December 31, 2009 were as follows:

Issuer	Received Fixed Rate	Counterparty	Expiration	Credit Rating1	Notional Amount (000)		Unrealized Depreciation
SLM Corp.	5.00%	Barclays Bank Plc	March 2013	BBB	USD	5,000	$	(27,808	)

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.

•	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 assets and liabilities
	•	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, repayment 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 Note 1 of the Notes to Financial Statements.
	The following table summarizes the inputs used as of December 31, 2009 in determining the fair valuation of the Master Portfolio’s investments:

Valuation Inputs	Investments in Securities
	Assets		Liabilities
Level 1
Short-Term Securities	$	10,876,406		—
Level 2
Long-Term Investments:
Asset-Backed Securities		321,191,676		—
Borrowed Bonds		—	$	(91,811,446	)
Corporate Bonds		826,766,779		—
Foreign Agency Obligations		161,039,457		—
Non-Agency Mortgage Backed Securities		824,246,670		—
Preferred Securities		59,427,942		—
Taxable Municipal Bonds		62,836,948		—
TBA Sale Commitments		—		(778,084,015	)
U.S. Government Sponsored Agency Securities		2,054,664,628		—
U.S. Treasury Obligations		749,053,977		—
Short-Term Securities:
Borrowed Bond Agreements		92,820,249		—
Total Level 2		5,152,048,326		(869,895,461	)

22 Master Total Return Portfolio of Master Bond LLC December 31, 2009

Schedule of Investments (concluded) Master Total Return Portfolio of Master Bond LLC

Valuation Inputs	Investments in Securities
	Assets		Liabilities
Level 3
Long-Term Investments:
Asset-Backed Securities	$	26,354,629		—
Corporate Bonds		194,412		—
Non-Agency Mortgage Backed Securities		15,202,251		—
Total Level 3		41,751,292		—
Total	$	5,204,676,024	$	(869,895,461	)
Valuation Inputs	Other Financial Instruments1
	Assets		Liabilities
Level 1	$	11,033,244	$	(2,184,687	)
Level 2		46,211,642		(93,402,313	)
Level 3		—		(244,049,791	)
Total	$	57,244,886	$	(339,636,791	)

1	Other financial instruments are swaps, financial futures contracts, options purchased, options written, TALF loans and foreign currency exchange contracts. Swaps, financial futures contracts and foreign currency exchange contracts are shown at the unrealized appreciation/depreciation on the instrument and options purchased, options written and TALF loans are shown at market value.
	The following is a reconciliation of investments for unobservable inputs (Level 3) used in determining fair value:

	Investments in Securities
	Asset-Backed Securities			Corporate Bonds		Non-Agency Mortgage-Backed Securities			Total
Balance, as of September 30, 2009	$	14,543,431		$	194,412	$	15,999		$	14,753,842
Accrued discounts/premiums		—			—		—			—
Realized gain (loss)		(4,007	)		—		174			(3,833	)
Change in unrealized appreciation (depreciation)2		1,545,906			—		5,719			1,551,625
Net purchases (sales)		(148,733	)		—		(7,384	)		(156,117	)
Net transfers in (out) of Level 3		10,418,032			—		15,187,743			25,605,775
Balance, as of December 31, 2009	$	26,354,629		$	194,412	$	15,202,251		$	41,751,292

2	The change in unrealized appreciation/depreciation on securities still held at December 31, 2009 was $1,551,626.
	The following is a reconciliation of other financial instruments for unobservable inputs (Level 3) used in determining fair value:

	Other Financial Instruments3
	Assets			Liabilities
Balance, as of September 30, 2009	$	21,125		$	(176,205,090	)
Accrued discounts/premiums		—			—
Realized gain (loss)		—			—
Change in unrealized appreciation (depreciation)		(54,470	)		—
Net purchases (sales)		—			—
Net transfers in (out) of Level 3		—			(67,811,356	)
Balance, as of December 31, 2009	$	(33,345	)	$	(244,016,446	)

Master Total Return Portfolio of Master Bond LLC December 31, 2009 23

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: February 23, 2010
	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: February 23, 2010
	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: February 23, 2010