N-Q

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: 06/30/2010

Item 1 – Schedule of Investments

Schedule of Investments June 30, 2010 (Unaudited)	BlackRock Balanced Capital Fund, Inc.
	(Percentages shown are based on Net Assets)

Mutual Funds	Value
Master Large Cap Core Portfolio of Master Large Cap Series LLC	$	685,605,177
Master Total Return Portfolio of Master Bond LLC		411,895,016
Total Investments (Cost - $990,712,224) – 100.2%		1,097,500,193
Liabilities in Excess of Other Assets – (0.2)%		(1,982,135	)
Net Assets – 100.0%	$	1,095,518,058

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

Affiliate	Shares Held at September 30, 2009		Net Activity			Shares Held at June 30, 2010		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		7,075,967		(7,075,967	)		—	$	2,001

	BlackRock Balanced Capital Fund, Inc. (the “Fund”) seeks to achieve its investment objective by investing all of its assets in Master Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC (collectively the “Master Portfolios”), which have the same investment objective and strategies as the Fund. As of June 30, 2010, the value of the investment and the percentage owned by the Fund of Master Large Cap Core Portfolio and Master Total Return Portfolio was $685,605,177 and $411,895,016, respectively and 20.0% and 12.1%, respectively.
•	The Fund records its investments in the Master Portfolios at fair value. The Fund’s investments in the Master Portfolios are valued pursuant to the pricing policy and procedures approved by the Board of Directors of the Master Portfolios.
•	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 semi-annual report.

As of June 30, 2010, the Fund’s investments in the Master Portfolios were classified as Level 2.

BLACKROCK BALANCED CAPITAL FUND, INC. JUNE 30, 2010 1

Schedule of Investments June 30, 2010 (Unaudited)	Master Large Cap Core Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Consumer Discretionary — 19.2%
Auto Components — 0.2%
Autoliv, Inc. (a)		140,000	$	6,699,000
Automobiles — 1.0%
Harley-Davidson, Inc. (b)		1,580,000		35,123,400
Household Durables — 0.3%
Whirlpool Corp.		130,000		11,416,600
Internet & Catalog Retail — 2.1%
Expedia, Inc.		1,890,000		35,494,200
Liberty Media Holding Corp. - Interactive (a)		3,420,000		35,910,000
				71,404,200
Media — 1.8%
Comcast Corp., Class A		2,890,000		50,199,300
Gannett Co., Inc.		340,000		4,576,400
Liberty Global, Inc. (a)		260,000		6,757,400
				61,533,100
Multiline Retail — 6.1%
Big Lots, Inc. (a)		840,000		26,955,600
Dollar Tree, Inc. (a)		195,000		8,117,850
JCPenney Co., Inc.		1,390,000		29,857,200
Macy’s, Inc.		1,940,000		34,726,000
Nordstrom, Inc.		990,000		31,868,100
Sears Holdings Corp. (a)(b)		480,000		31,032,000
Target Corp.		940,000		46,219,800
				208,776,550
Specialty Retail — 7.7%
Advance Auto Parts, Inc.		720,000		36,129,600
Dick’s Sporting Goods, Inc. (a)		160,000		3,982,400
The Gap, Inc.		1,970,000		38,336,200
Limited Brands, Inc.		1,680,000		37,077,600
PetSmart, Inc.		1,170,000		35,298,900
Ross Stores, Inc.		690,000		36,770,100
TJX Cos., Inc. (b)		970,000		40,691,500
Williams-Sonoma, Inc.		1,440,000		35,740,800
				264,027,100
Total Consumer Discretionary				658,979,950
Consumer Staples — 5.8%
Beverages — 0.9%
Dr. Pepper Snapple Group, Inc.		800,000		29,912,000
Food & Staples Retailing — 1.5%
Safeway, Inc.		470,000		9,240,200
Walgreen Co.		1,620,000		43,254,000
				52,494,200
Food Products — 2.8%
ConAgra Foods, Inc.		850,000		19,822,000
The Hershey Co.		770,000		36,906,100
Sara Lee Corp.		2,800,000		39,480,000
				96,208,100
Common Stocks	Shares		Value
Consumer Staples (concluded)
Household Products — 0.6%
The Procter & Gamble Co.		350,000	$	20,993,000
Total Consumer Staples				199,607,300
Energy — 9.2%
Energy Equipment & Services — 0.8%
Exterran Holdings, Inc. (a)		180,000		4,645,800
Nabors Industries Ltd. (a)		1,030,000		18,148,600
Oil States International, Inc. (a)		130,000		5,145,400
				27,939,800
Oil, Gas & Consumable Fuels — 8.4%
Chevron Corp.		250,000		16,965,000
Cimarex Energy Co.		510,000		36,505,800
Exxon Mobil Corp.		1,070,000		61,064,900
Marathon Oil Corp.		1,330,000		41,349,700
Mariner Energy, Inc. (a)		1,620,000		34,797,600
SM Energy Co.		560,000		22,489,600
Whiting Petroleum Corp. (a)		440,000		34,504,800
Williams Cos., Inc.		2,060,000		37,656,800
				285,334,200
Total Energy				313,274,000
Financials — 6.7%
Commercial Banks — 0.3%
East-West Bancorp, Inc.		230,000		3,507,500
Wells Fargo & Co.		240,000		6,144,000
				9,651,500
Consumer Finance — 1.3%
AmeriCredit Corp. (a)		230,000		4,190,600
Capital One Financial Corp.		980,000		39,494,000
				43,684,600
Diversified Financial Services — 2.2%
Bank of America Corp.		2,040,000		29,314,800
CME Group, Inc.		40,000		11,262,000
Citigroup, Inc. (a)		3,460,000		13,009,600
JPMorgan Chase & Co.		430,000		15,742,300
The NASDAQ Stock Market, Inc. (a)		300,000		5,334,000
				74,662,700
Insurance — 2.9%
Assurant, Inc.		860,000		29,842,000
Berkshire Hathaway, Inc. (a)		120,000		9,562,800
Lincoln National Corp.		1,040,000		25,261,600
Old Republic International Corp.		560,000		6,792,800
UnumProvident Corp. (b)		1,170,000		25,389,000
XL Capital Ltd., Class A		300,000		4,803,000
				101,651,200
Total Financials				229,650,000

BLACKROCK LARGE CAP SERIES FUNDS, INC. JUNE 30, 2010 1

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

Common Stocks	Shares		Value
Health Care — 18.5%
Biotechnology — 1.5%
Amgen, Inc. (a)		960,000	$	50,496,000
Health Care Equipment & Supplies — 0.1%
CareFusion Corp. (a)		140,000		3,178,000
Health Care Providers & Services — 12.2%
Aetna, Inc.		1,420,000		37,459,600
AmerisourceBergen Corp.		1,260,000		40,005,000
Cardinal Health, Inc.		1,180,000		39,659,800
Community Health Systems, Inc. (a)		870,000		29,414,700
Coventry Health Care, Inc. (a)		840,000		14,851,200
Health Management Associates, Inc., Class A (a)		4,010,000		31,157,700
Humana, Inc. (a)		810,000		36,992,700
Lincare Holdings, Inc.		1,100,000		35,761,000
McKesson Corp.		630,000		42,310,800
Medco Health Solutions, Inc. (a)		110,000		6,058,800
Omnicare, Inc. (b)		350,000		8,295,000
Tenet Healthcare Corp. (a)		2,420,000		10,502,800
UnitedHealth Group, Inc.		1,620,000		46,008,000
WellPoint, Inc. (a)		800,000		39,144,000
				417,621,100
Life Sciences Tools & Services — 0.1%
Pharmaceutical Product Development, Inc.		140,000		3,557,400
Pharmaceuticals — 4.6%
Eli Lilly & Co.		360,000		12,060,000
Endo Pharmaceuticals Holdings, Inc. (a)		580,000		12,655,600
Forest Laboratories, Inc. (a)		440,000		12,069,200
Johnson & Johnson		1,470,000		86,818,200
King Pharmaceuticals, Inc. (a)		60,000		455,400
Perrigo Co.		560,000		33,079,200
Pfizer, Inc.		170,000		2,424,200
				159,561,800
Total Health Care				634,414,300
Industrials — 11.4%
Aerospace & Defense — 3.3%
L-3 Communications Holdings, Inc.		500,000		35,420,000
Northrop Grumman Corp.		710,000		38,652,400
Raytheon Co.		800,000		38,712,000
				112,784,400
Building Products — 1.0%
Owens Corning, Inc. (a)		1,090,000		32,601,900
Commercial Services & Supplies — 0.4%
R.R. Donnelley & Sons Co.		810,000		13,259,700
Construction & Engineering — 0.2%
Shaw Group, Inc. (a)		220,000		7,528,400
Electrical Equipment — 0.5%
General Cable Corp. (a)		660,000		17,589,000
Common Stocks	Shares		Value
Industrials (concluded)
Industrial Conglomerates — 0.9%
General Electric Co.		2,120,000	$	30,570,400
Machinery — 4.8%
AGCO Corp. (a)		680,000		18,339,600
Eaton Corp.		410,000		26,830,400
Joy Global, Inc.		300,000		15,027,000
Manitowoc Co.		1,830,000		16,726,200
Oshkosh Corp. (a)		480,000		14,956,800
Parker Hannifin Corp.		670,000		37,158,200
SPX Corp.		470,000		24,820,700
Toro Co.		200,000		9,824,000
				163,682,900
Road & Rail — 0.3%
Ryder System, Inc.		270,000		10,862,100
Total Industrials				388,878,800
Information Technology — 10.0%
Communications Equipment — 0.4%
Cisco Systems, Inc. (a)		360,000		7,671,600
Motorola, Inc. (a)		300,000		1,956,000
Tellabs, Inc.		980,000		6,262,200
				15,889,800
Computers & Peripherals — 5.2%
Apple, Inc. (a)		170,000		42,760,100
Lexmark International, Inc., Class A (a)		980,000		32,369,400
SanDisk Corp. (a)		860,000		36,180,200
Seagate Technology Holdings (a)		2,740,000		35,729,600
Western Digital Corp. (a)		1,000,000		30,160,000
				177,199,300
IT Services — 0.6%
International Business Machines Corp.		160,000		19,756,800
Internet Software & Services — 0.3%
AOL, Inc. (a)		280,000		5,821,200
Google, Inc., Class A (a)		10,000		4,449,500
				10,270,700
Semiconductors & Semiconductor Equipment — 1.6%
Intel Corp.		1,470,000		28,591,500
Microchip Technology, Inc.		70,000		1,941,800
Micron Technology, Inc. (a)		130,000		1,103,700
National Semiconductor Corp.		1,750,000		23,555,000
				55,192,000
Software — 1.9%
CA, Inc.		2,000,000		36,800,000
Microsoft Corp.		1,200,000		27,612,000
				64,412,000
Total Information Technology				342,720,600

2 BLACKROCK LARGE CAP SERIES FUNDS, INC. JUNE 30, 2010

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

Common Stocks	Shares		Value
Materials — 11.6%
Chemicals — 5.4%
Albemarle Corp.		280,000	$	11,118,800
Ashland, Inc.		690,000		32,029,800
Eastman Chemical Co.		620,000		33,083,200
Huntsman Corp.		2,210,000		19,160,700
Lubrizol Corp.		450,000		36,139,500
Nalco Holding Co.		770,000		15,754,200
PPG Industries, Inc.		620,000		37,454,200
				184,740,400
Construction Materials — 0.1%
Eagle Materials, Inc.		160,000		4,148,800
Containers & Packaging — 2.1%
Crown Holdings, Inc. (a)		1,350,000		33,804,000
Sealed Air Corp.		210,000		4,141,200
Temple-Inland, Inc.		1,560,000		32,245,200
				70,190,400
Metals & Mining — 2.4%
Freeport-McMoRan Copper & Gold, Inc., Class B		680,000		40,208,400
Reliance Steel & Aluminum Co.		280,000		10,122,000
Titanium Metals Corp. (a)		1,860,000		32,717,400
				83,047,800
Paper & Forest Products — 1.6%
International Paper Co.		1,660,000		37,565,800
MeadWestvaco Corp.		840,000		18,648,000
				56,213,800
Total Materials				398,341,200
Telecommunication Services — 2.4%
Diversified Telecommunication Services — 0.4%
AT&T Inc.		570,000		13,788,300
Wireless Telecommunication Services — 2.0%
MetroPCS Communications, Inc. (a)(b)		4,180,000		34,234,200
NII Holdings, Inc. (a)		1,010,000		32,845,200
				67,079,400
Total Telecommunication Services				80,867,700
Utilities — 5.2%
Electric Utilities — 0.9%
Edison International		960,000		30,451,200
Independent Power Producers & Energy Traders — 2.5%
Calpine Corp. (a)		220,000		2,798,400
Constellation Energy Group, Inc.		1,120,000		36,120,000
Mirant Corp. (a)		1,120,000		11,827,200
NRG Energy, Inc. (a)(b)		1,730,000		36,693,300
				87,438,900
Common Stocks	Shares		Value
Utilities (concluded)
Multi-Utilities — 1.8%
CMS Energy Corp.		320,000	$	4,688,000
DTE Energy Co.		730,000		33,295,300
Integrys Energy Group, Inc.		110,000		4,811,400
NiSource, Inc.		1,220,000		17,690,000
				60,484,700
Total Utilities				178,374,800
Total Long-Term Investments (Cost – $3,370,142,622) – 100.0%				3,425,108,650
Short-Term Securities	Beneficial Interest (000)
BlackRock Liquidity Series, LLC Money Market Series, 0.27% (c)(d)(e)	$	79,300		79,299,550
Total Short-Term Securities (Cost – $79,299,550) – 2.3%				79,299,550
Total Investments (Cost – $3,449,442,172*) – 102.3%				3,504,408,200
Liabilities in Excess of Other Assets – (2.3)%				(79,305,210	)
Net Assets – 100.0%			$	3,425,102,990

* The cost and unrealized appreciation (depreciation) of investments as of June 30, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	3,570,288,158
Gross unrealized appreciation	$	189,423,477
Gross unrealized depreciation		(255,303,435	)
Net unrealized depreciation	$	(65,879,958	)

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

BLACKROCK LARGE CAP SERIES FUNDS, INC. JUNE 30, 2010 3

Schedule of Investments (concluded) Master Large Cap Core Portfolio

Affiliate	Beneficial Interest Held at September 30, 2009		Net Activity			Beneficial Interest Held at June 30, 2010		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		—		—			—	$	704
BlackRock Liquidity Series, LLC Money Market Series	$	129,521,650	$	(50,222,100	)	$	79,299,550	$	252,050

(d)	Represents the current yield as of report date.
(e)	Security was purchased with the cash collateral from loaned securities.
•	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 indexes or rating group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine such 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, 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 methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Portfolio’s policy regarding valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the inputs used as of June 30, 2010 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments1	$	3,425,108,650		—		—	$	3,425,108,650
Short-Term Securities		—	$	79,299,550		—		79,299,550
Total	$	3,425,108,650	$	79,299,550		—	$	3,504,408,200

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

4 BLACKROCK LARGE CAP SERIES FUNDS, INC. JUNE 30, 2010

Schedule of Investments June 30, 2010 (Unaudited)	Master Total Return Portfolio of Master Bond LLC
	(Percentages shown are based on Net Assets)

Asset-Backed Securities		Par (000)		Value
321 Henderson Receivables I LLC,
Series 2010-1A, Class A, 5.56%,
7/15/59 (a)	USD		9,824	$	9,897,866
ACE Securities Corp. (b):
Series 2003-OP1, Class A2,
0.71%, 12/25/33			581		480,459
Series 2005-ASP1, Class M1,
1.03%, 9/25/35			11,203		2,622,880
Series 2006-CW1, Class A2C,
0.49%, 7/25/36			1,680		717,113
Accredited Mortgage Loan Trust, Series 2007-1 (b):
Class A1, 0.40%, 2/25/37			96		94,855
Class A3, 0.48%, 2/25/37			2,000		1,164,690
Aegis Asset-Backed Securities
Trust, Series 2006-1, Class A1,
0.43%, 1/25/37 (b)			33		32,750
Ameriquest Mortgage Securities,
Inc., Series 2004-R11, Class A1,
0.65%, 11/25/34 (b)			408		331,784
Bank of America Auto Trust, Series 2009-2A (a):
Class A2, 1.16%, 2/15/12			15,807		15,825,579
Class A3, 2.13%, 9/15/13			305		308,965
Bear Stearns Asset-Backed Securities Trust (b):
Series 2005-4, Class A,
0.68%, 1/25/36			707		693,560
Series 2005-SD1, Class 1A2,
0.65%, 7/25/27			2,040		1,987,011
Series 2006-HE8, Class 1A1,
0.42%, 10/25/36			877		863,133
Series 2006-HE10, Class
21A1, 0.42%, 12/25/36			4,862		4,374,521
Carrington Mortgage Loan Trust, Class A1 (b):
Series 2006-NC4, 0.40%,
10/25/36			42		41,065
Series 2006-NC5, 0.40%,
1/25/37			134		127,512
Series 2007-RFC1, 0.40%,
12/25/36			104		93,958
Chase Issuance Trust, Series
2009-A7, Class A7, 0.80%,
9/17/12 (b)			30,390		30,410,167
Citigroup Mortgage Loan Trust,
Inc., Series 2006-HE2, Class
A2C, 0.50%, 8/25/36 (b)			1,975		1,527,271

Asset-Backed Securities		Par (000)		Value
Countrywide Asset-Backed Certificates (b):
Series 2003-BC3, Class A2,
0.66%, 9/25/33	USD		909	$	726,192
Series 2004-5, Class A,
0.80%, 10/25/34			1,428		1,144,404
Series 2004-13, Class AF4,
4.58%, 1/25/33			6,739		6,620,810
Series 2006-13, Class 3AV2,
0.50%, 1/25/37			2,083		1,309,295
Series 2006-17, Class 2A2,
0.50%, 3/25/47			1,284		832,990
Series 2006-21, Class 2A1,
0.40%, 5/25/37			1,638		1,608,868
Series 2006-22, Class 2A1,
0.40%, 5/25/47			52		51,037
Series 2006-25, Class 2A1,
0.42%, 6/25/47			296		282,453
Series 2007-1, Class 2A1,
0.40%, 7/25/37			264		256,937
Series 2007-11, Class 2A1,
0.41%, 6/25/47			82		77,727
Series 2007-12, Class 2A1,
0.70%, 8/25/47			111		100,733
DT Auto Owner Trust, Series 2007-
A, Class A3, 5.60%, 3/15/13 (a)			64		65,124
Fannie Mae Mortgage-Backed
Securities, Series 2003-W5,
Class A, 0.57%, 4/25/33 (b)			18		17,075
Ford Credit Auto Owner Trust, Series 2009-A (b):
Class A2B, 2.35%, 8/15/11			40		40,345
Class A3B, 2.85%, 5/15/13			51,480		52,472,936
GMAC 93, 7.43%, 12/01/22			12,531		12,405,655
GMAC Mortgage Servicer Advance
Funding Co. Ltd., Series 2010-
1A, Class A, 4.25%, 1/15/22 (a)			3,000		3,000,000
GSAA Home Equity Trust, Series
2006-5, Class 2A1, 0.42%,
3/25/36 (b)			83		62,085
GSAMP Trust, Series 2007-NC1,
Class A2B, 0.45%, 12/25/46 (b)			1,150		396,499
Globaldrive BV, Series 2008-2,
Class A, 4.00%, 10/20/16	EUR		6,085		7,554,576
Harley-Davidson Motorcycle Trust,
Series 2006-2, Class A2, 5.35%,
3/15/13	USD		3,203		3,269,779
Home Equity Asset Trust, Series
2007-2, Class 2A1, 0.46%,
7/25/37 (b)			185		177,406

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:

AUD	Australian Dollar
CAD	Canadian Dollar
CZK	Czech Republic Koruna
EUR	Euro
GBP	British Pound
GO	General Obligation Bonds
HUF	Hungary Forint
JPY	Japanese Yen
KRW	South Korean Won
LIBOR	London InterBank Offered Rate
MXN	Mexican New Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Poland Zloty
RB	Revenue Bonds
TBD	To Be Determined
USD	US Dollar
ZAR	South African Rand

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010 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
Honda Auto Receivables Owner
Trust, Series 2010-1, Class A2,
0.62%, 2/21/12	USD		200	$	199,876
IXIS Real Estate Capital Trust,
Series 2007-HE1, Class A1,
0.41%, 5/25/37 (b)			5,796		1,948,370
IndyMac Residential Asset-Backed
Trust, Series 2007-B, Class 2A1,
0.43%, 7/25/37 (b)			38		37,210
Lehman XS Trust, Series 2005-5N,
Class 3A2, 0.71%, 11/25/35 (b)			9,629		3,116,481
Long Beach Mortgage Loan Trust,
Series 2006-11, Class 2A1,
0.41%, 12/25/36 (b)			309		306,297
Maryland Insurance Backed
Securities Trust, Series 2006-1A,
Class A, 5.55%, 12/10/65			2,500		875,000
Mercedes-Benz Auto Receivables
Trust, Series 2009-1, Class A2,
0.83%, 3/15/12			256		256,601
Morgan Stanley ABS Capital I (b):
Series 2005-HE1, Class A2MZ,
0.64%, 12/25/34			820		738,061
Series 2007-NC1, Class A2A,
0.40%, 11/25/36			581		575,767
New Century Home Equity Loan
Trust, Series 2005-2, Class
A2MZ, 0.61%, 6/25/35 (b)			2,543		2,378,868
Nissan Auto Receivables Owner
Trust, Series 2009-A, Class A2,
2.94%, 7/15/11			51		51,594
Option One Mortgage Loan Trust,
Series 2003-4, Class A2, 0.99%,
7/25/33 (b)			2,291		1,740,112
PECO Energy Transition Trust,
Series 2001-A, Class A1, 6.52%,
12/31/10			256		258,234
PG&E Energy Recovery Funding
LLC, Series 2005-1, Class A3,
4.14%, 9/25/12			17		16,776
Popular ABS Mortgage Pass-
Through Trust, Series 2006-D,
Class A1, 0.41%, 11/25/46 (b)			19		18,384
RAAC, Series 2005-SP2, Class 2A,
0.65%, 6/25/44 (b)			8,203		4,390,946
Residential Asset Securities Corp.,
Series 2003-KS5, Class AIIB,
0.64%, 7/25/33 (b)			963		567,287
SLM Student Loan Trust (b):
Series 2005-4, Class A2,
0.40%, 4/26/21			6,553		6,532,107
Series 2008-5, Class A1,
1.12%, 10/25/13			384		384,682
Series 2008-5, Class A2,
1.42%, 10/25/16			33,420		33,921,898
Series 2008-5, Class A3,
1.62%, 1/25/18			9,520		9,813,247

Asset-Backed Securities		Par (000)			Value
SLM Student Loan Trust (b) (concluded):
Series 2008-5, Class A4,
2.02%, 7/25/23	USD		25,020		$	26,280,530
Santander Drive Auto Receivables Trust (a):
Series 2010-A-A2, 1.39%,
8/15/13			7,945			7,913,220
Series 2010-A-A3, 1.83%,
11/17/14			5,980			5,991,362
Series 2010-A-A4, 2.39%,
6/15/17			2,980			2,991,026
Small Business Administration, Class 1:
Series 2002-P10, 5.20%,
8/10/12			70			73,908
Series 2003-P10A, 4.52%,
2/10/13			12			12,355
Series 2004-P10, 4.50%,
2/10/14			340			354,459
Soundview Home Equity Loan
Trust, Series 2006-EQ1, Class
A2, 0.46%, 10/25/36 (b)			489			466,889
Structured Asset Receivables
Corp., Series 2003-2, Class
CTFS, 4.82%, 1/21/11 (a)(b)			—	(c)		433
Structured Asset Securities Corp.:
Series 2003-Al2, Class A,
3.36%, 1/25/31 (a)			412			341,308
Series 2004-23XS, Class 2A1,
0.65%, 1/25/35 (b)			2,697			1,616,233
Series 2006-BC2, Class A3,
0.50%, 9/25/36 (b)			3,455			1,804,778
Series 2006-BC6, Class A2,
0.43%, 1/25/37 (b)			4,628			4,485,812
Series 2007-BC1, Class A2,
0.40%, 2/25/37 (b)			814			770,929
USAA Auto Owner Trust:
Series 2006-4, Class A4,
4.98%, 10/15/12			13,919			14,071,575
Series 2009-1, Class A2,
2.64%, 8/15/11			3			2,885
Total Asset-Backed Securities – 8.8%						299,373,565
Corporate Bonds
Aerospace & Defense — 0.1%
BAE Systems Holdings, Inc.,
5.20%, 8/15/15 (a)			340			364,630
L-3 Communications Corp.:
5.88%, 1/15/15			1,360			1,343,000
Series B, 6.38%, 10/15/15			697			697,000
						2,404,630

2 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010

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

Corporate Bonds		Par (000)		Value
Air Freight & Logistics — 0.2%
United Parcel Service, Inc.:
3.88%, 4/01/14	USD		6,775	$	7,288,443
6.20%, 1/15/38			35		42,076
					7,330,519
Airlines — 0.1%
American Airlines, Inc., Series
2003-1, 3.86%, 1/09/12			1,776		1,771,762
Continental Airlines, Inc., Series
2002-1, 6.56%, 8/15/13			2,555		2,529,450
					4,301,212
Beverages — 1.2%
Anheuser-Busch InBev Worldwide, Inc.:
3.00%, 10/15/12			31,650		32,490,244
4.13%, 1/15/15			225		235,536
5.38%, 1/15/20			8,165		8,798,547
Coca-Cola Enterprises, Inc., 4.25%,
3/01/15			50		54,071
					41,578,398
Capital Markets — 2.8%
The Bank of New York Mellon Corp,
4.30%, 5/15/14			175		187,956
CDP Financial, Inc. (a):
3.00%, 11/25/14			17,845		18,009,424
4.40%, 11/25/19			10,000		10,268,290
The Goldman Sachs Group, Inc.:
5.25%, 10/15/13			7,770		8,190,427
5.38%, 3/15/20			11,400		11,264,522
6.00%, 6/15/20			4,480		4,619,476
Lehman Brothers Holdings, Inc.,
6.75%, 12/28/17 (d)(e)			7,280		3,640
Morgan Stanley:
6.60%, 4/01/12			2,640		2,801,687
2.93%, 5/14/13 (b)			21,460		21,536,762
6.00%, 5/13/14			225		238,407
4.20%, 11/20/14			12,280		12,125,739
7.30%, 5/13/19			385		414,036
5.63%, 9/23/19			4,230		4,092,157
					93,752,523
Chemicals — 0.3%
CF Industries, Inc., 7.13%,
5/01/20			8,030		8,230,750
NOVA Chemicals Corp.:
6.50%, 1/15/12			1,005		1,005,000
3.65%, 11/15/13 (b)			2,292		2,102,910
					11,338,660
Commercial Banks — 2.3%
Bank of Scotland Plc, 5.00%,
11/21/11 (a)			250		258,525
Corporacion Andina de Fomento,
6.88%, 3/15/12			5,125		5,535,574
Dexia Credit Local SA (a):
2.38%, 9/23/11			450		456,132
2.00%, 3/05/13			9,890		9,884,531

Corporate Bonds		Par (000)		Value
Commercial Banks (concluded)
Eksportfinans ASA:
1.88%, 4/02/13	USD		26,475	$	26,691,830
3.00%, 11/17/14			13,620		14,026,067
5.50%, 5/25/16			8,025		9,120,733
5.50%, 6/26/17			75		85,441
HSBC Bank Plc, 3.50%,
6/28/15 (a)			8,710		8,793,790
HSBC Bank USA NA, 4.63%,
4/01/14			415		437,087
Royal Bank of Scotland Group Plc,
2.63%, 5/11/12 (a)			2,650		2,710,386
Svenska Handelsbanken AB,
2.88%, 9/14/12 (a)			200		202,990
					78,203,086
Computers & Peripherals — 0.2%
Seagate Technology International,
10.00%, 5/01/14 (a)			6,320		7,204,800
Consumer Finance — 0.3%
Ford Motor Credit Co. LLC, 9.75%,
9/15/10			2,445		2,475,208
SLM Corp.:
4.50%, 7/26/10			70		70,146
5.40%, 10/25/11			6,000		5,964,486
5.13%, 8/27/12			1,450		1,428,415
Series A, 0.62%, 1/27/14 (b)			35		28,855
Series CPI, 4.43%,
1/31/14 (b)			1,300		1,084,538
					11,051,648
Containers & Packaging — 0.5%
Ball Corp.:
7.13%, 9/01/16			2,440		2,552,850
7.38%, 9/01/19			2,440		2,537,600
Crown Americas LLC, 7.63%,
5/15/17 (a)			1,754		1,815,390
Owens-Brockway Glass Container,
Inc., 7.38%, 5/15/16			7,920		8,256,600
					15,162,440
Diversified Financial Services — 3.3%
Bank of America Corp.:
6.00%, 9/01/17			10		10,523
5.63%, 7/01/20			12,330		12,427,937
Citigroup, Inc., 6.00%, 12/13/13			12,160		12,757,214
FCE Bank Plc:
7.88%, 2/15/11	GBP		4,950		7,451,255
7.13%, 1/15/13	EUR		1,300		1,597,657
GMAC, Inc., 8.00%, 3/15/20 (a)	USD		7,490		7,321,475
General Electric Capital Corp.:
5.00%, 11/15/11			18,780		19,674,942
5.88%, 2/15/12			270		286,941
5.50%, 1/08/20			10,675		11,280,860
6.15%, 8/07/37			5		5,073
JPMorgan Chase & Co.:
4.50%, 11/15/10			10		10,133

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010 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
Diversified Financial Services (concluded)
JPMorgan Chase & Co. (concluded):
0.90%, 2/26/13 (b)	USD		5,410	$	5,409,816
JPMorgan Chase Bank NA:
6.00%, 7/05/17			13,805		14,944,727
Series BKNT, 6.00%,
10/01/17			10,900		11,869,686
Reynolds Group DL Escrow, Inc.,
7.75%, 10/15/16 (a)			8,050		7,868,875
					112,917,114
Diversified Telecommunication Services — 1.9%
AT&T Inc.:
6.50%, 9/01/37			8,975		9,954,612
6.30%, 1/15/38			50		54,259
Comcast Cable Holdings LLC,
7.88%, 8/01/13			150		172,246
France Telecom SA, 4.38%,
7/08/14			85		91,662
GTE Corp.:
6.84%, 4/15/18			8,030		9,080,123
6.94%, 4/15/28			100		110,014
New Communications Holdings,
Inc., 8.25%, 4/15/17 (a)			7,130		7,156,737
Qwest Communications International, Inc.:
7.50%, 2/15/14			1,150		1,152,875
Series B, 7.50%, 2/15/14			810		812,025
Qwest Corp.:
8.88%, 3/15/12			1,075		1,152,938
3.79%, 6/15/13 (b)			135		133,650
8.38%, 5/01/16			2,625		2,867,812
TELUS Corp., 8.00%, 6/01/11			423		448,413
Telecom Italia Capital SA:
5.25%, 10/01/15			325		328,006
6.00%, 9/30/34			45		38,553
Telefonica Emisiones SAU:
5.98%, 6/20/11			1,070		1,109,400
4.95%, 1/15/15			9,325		9,768,469
Telefonica Europe BV, 7.75%, 9/15/10			2,010		2,035,141
Verizon Communications, Inc.:
8.75%, 11/01/18			11,300		14,689,695
6.35%, 4/01/19			825		954,638
Verizon Maryland, Inc., Series B, 5.13%, 6/15/33			125		110,555
Verizon New Jersey, Inc., 7.85%, 11/15/29			35		39,268
Verizon Virginia, Inc., Series A, 4.63%, 3/15/13			60		63,316
Windstream Corp.:
8.13%, 8/01/13			180		186,075
8.63%, 8/01/16			255		256,913
					62,767,395

Corporate Bonds		Par (000)		Value
Education — 0.1%
Leland Stanford Junior University,
4.75%, 5/01/19	USD		2,450	$	2,668,957
Electric Utilities — 0.6%
Florida Power & Light Co.:
5.63%, 4/01/34			150		163,503
4.95%, 6/01/35			25		24,949
5.95%, 2/01/38			3,595		4,106,385
Florida Power Corp., 6.40%,
6/15/38			6,700		8,007,552
Massachusetts Electric Co., 5.90%,
11/15/39 (a)			4,170		4,563,902
PacifiCorp., 6.25%, 10/15/37			25		29,356
Progress Energy, Inc., 7.10%,
3/01/11			885		920,195
Southern California Edison Co.,
Series 08-A, 5.95%, 2/01/38			2,825		3,264,259
					21,080,101
Food Products — 0.5%
Kellogg Co., 4.45%, 5/30/16			125		136,557
Kraft Foods, Inc.:
6.50%, 8/11/17			120		139,382
5.38%, 2/10/20			11,845		12,692,522
6.50%, 2/09/40			3,055		3,416,495
					16,384,956
Health Care Equipment & Supplies — 0.2%
CareFusion Corp.:
5.13%, 8/01/14			140		151,258
6.38%, 8/01/19			3,478		3,973,024
Covidien International Finance SA,
2.80%, 6/15/15			2,480		2,504,564
DJO Finance LLC, 10.88%,
11/15/14			360		378,000
					7,006,846
Health Care Providers & Services — 0.7%
HCA, Inc.:
8.50%, 4/15/19			7,810		8,278,600
7.25%, 9/15/20			7,975		8,014,875
Tenet Healthcare Corp. (a):
9.00%, 5/01/15			2,475		2,617,313
10.00%, 5/01/18			147		162,435
8.88%, 7/01/19			5,255		5,570,300
					24,643,523
Household Durables — 0.4%
American Greetings Corp., 7.38%,
6/01/16			570		568,575
Belvoir Land LLC, Series A-1,
5.27%, 12/15/47 (a)			20		16,602
Centex Corp., 5.13%, 10/01/13			9,798		9,822,495
Irwin Land LLC (a):
Series A-1, 5.03%, 12/15/25			25		23,748
Series A-2, 5.40%, 12/15/47			600		508,524

4 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010

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

Corporate Bonds		Par (000)		Value
Household Durables (concluded)
Ohana Military Communities LLC,
Series 04I, 6.19%, 4/01/49 (a)	USD		25	$	24,333
Pulte Homes, Inc.:
6.25%, 2/15/13			430		438,600
5.20%, 2/15/15			2,720		2,556,800
					13,959,677
IT Services — 0.3%
iPayment Investors LP, 11.63%,
7/15/14 (a)(f)			517		454,972
Sabre Holdings Corp., 8.35%,
3/15/16			10,080		9,626,400
					10,081,372
Independent Power Producers & Energy Traders — 0.0%
AES Ironwood LLC, 8.86%,
11/30/25			80		76,181
AES Red Oak LLC, Series B, 9.20%,
11/30/29			50		48,500
NRG Energy, Inc.:
7.25%, 2/01/14			610		618,387
7.38%, 2/01/16			130		129,350
					872,418
Insurance — 2.3%
Hartford Life Global Funding
Trusts, 0.72%, 6/16/14 (b)			13,275		12,484,328
Lincoln National Corp., 7.00%,
6/15/40			2,860		3,012,281
Metropolitan Life Global Funding I (a):
2.88%, 9/17/12			8,375		8,573,982
2.50%, 1/11/13			24,245		24,519,914
5.13%, 4/10/13			11,825		12,789,577
5.13%, 6/10/14			1,500		1,629,484
Prudential Financial, Inc., 4.75%,
9/17/15			10,790		11,139,909
Teachers Insurance & Annuity
Association of America, 6.85%,
12/16/39 (a)			4,665		5,433,535
					79,583,010
Leisure Equipment & Products — 0.2%
Brunswick Corp., 11.25%,
11/01/16 (a)			7,500		8,250,000
Machinery — 0.1%
Navistar International Corp.,
3.00%, 10/15/14 (g)			1,920		2,251,200
Media — 2.7%
Belo Corp., 6.75%, 5/30/13			1,805		1,832,075
Clear Channel Worldwide Holdings, Inc. (a):
Series A, 9.25%, 12/15/17			1,843		1,833,785
Series B, 9.25%, 12/15/17			7,372		7,408,860
Comcast Cable Communications Holdings, Inc.:
8.38%, 3/15/13			670		775,839

Corporate Bonds		Par (000)		Value
Media (concluded)
Comcast Cable Communications Holdings, Inc. (concluded):
9.46%, 11/15/22	USD		2,225	$	3,069,296
Comcast Corp.:
5.50%, 3/15/11			610		628,299
5.90%, 3/15/16			475		535,300
7.05%, 3/15/33			170		196,275
6.50%, 11/15/35			15		16,313
6.45%, 3/15/37			7,000		7,569,100
6.95%, 8/15/37			1,300		1,478,784
6.40%, 3/01/40			3,400		3,659,481
Cox Communications, Inc.:
7.13%, 10/01/12			3,895		4,327,785
8.38%, 3/01/39 (a)			6,180		8,400,672
DISH DBS Corp., 7.75%, 5/31/15			8,340		8,590,200
Discovery Communications LLC,
3.70%, 6/01/15			4,410		4,521,326
NBC Universal, Inc., 5.15%,
4/30/20 (a)			6,285		6,555,180
News America Holdings, Inc.:
7.75%, 1/20/24			10		12,154
7.70%, 10/30/25			15		17,840
News America, Inc.:
7.13%, 4/08/28			125		137,878
7.63%, 11/30/28			140		161,550
6.20%, 12/15/34			75		78,991
6.40%, 12/15/35			5,210		5,670,241
6.75%, 1/09/38			5,060		5,557,358
TCI Communications, Inc.:
8.75%, 8/01/15			360		443,043
7.88%, 2/15/26			10		12,024
Time Warner Cable, Inc.:
5.40%, 7/02/12			110		117,499
5.85%, 5/01/17			4,225		4,638,843
Time Warner Cos., Inc.:
9.13%, 1/15/13			9,715		11,306,832
7.57%, 2/01/24			745		902,839
6.63%, 5/15/29			20		22,011
Time Warner Entertainment Co. LP,
8.38%, 3/15/23			150		192,316
Time Warner, Inc., 7.63%,
4/15/31			15		18,045
					90,688,034
Metals & Mining — 0.4%
Aleris International, Inc., 9.00%,
12/15/14 (d)(e)			140		1,047
AngloGold Ashanti Holdings Plc,
5.38%, 4/15/20			2,440		2,477,237
Arch Western Finance LLC, 6.75%,
7/01/13			625		626,562
Teck Resources Ltd., 10.75%,
5/15/19			7,570		9,275,521
					12,380,367

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010 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
Multiline Retail — 0.2%
Dollar General Corp., 11.88%, 7/15/17 (f)	USD		6,895	$	7,843,063
Multi-Utilities — 0.0%
CenterPoint Energy, Inc., 7.25%, 9/01/10			480		483,854
CenterPoint Energy Resources Corp., Series B, 7.88%, 4/01/13			30		34,376
					518,230
Oil, Gas & Consumable Fuels — 3.6%
BP Capital Markets Plc, 3.13%, 3/10/12 (h)			11,530		10,659,750
Canadian Natural Resources, Ltd.:
5.70%, 5/15/17			125		139,911
5.90%, 2/01/18			2,625		2,940,060
6.50%, 2/15/37			4,420		4,937,569
Cenovus Energy, Inc., 6.75%, 11/15/39			5,145		5,907,011
ConocoPhillips:
4.60%, 1/15/15			12,251		13,383,605
7.00%, 3/30/29			80		95,275
Consol Energy, Inc. (a):
8.00%, 4/01/17			5,101		5,266,782
8.25%, 4/01/20			2,849		2,970,082
Consolidated Natural Gas Co.:
Series A, 5.00%, 3/01/14			235		254,568
Series C, 6.25%, 11/01/11			150		159,024
EnCana Holdings Finance Corp., 5.80%, 5/01/14			25		28,150
Enterprise Products Operating LLC, 6.13%, 10/15/39			4,600		4,590,147
Kinder Morgan Energy Partners LP, 5.30%, 9/15/20			4,710		4,871,247
MidAmerican Energy Holdings Co.:
5.95%, 5/15/37			7,150		7,656,942
6.50%, 9/15/37			25		28,721
Nexen, Inc., 6.40%, 5/15/37			7,000		7,299,705
Pemex Finance Ltd., 9.03%, 2/15/11			11		10,657
Petrobras International Finance Co.:
5.88%, 3/01/18			690		710,136
5.75%, 1/20/20			15,650		15,760,301
Rockies Express Pipeline LLC, 3.90%, 4/15/15 (a)			6,400		6,185,370
Shell International Finance BV, 4.00%, 3/21/14			13,756		14,549,639
Tennessee Gas Pipeline Co., 7.00%, 10/15/28			920		972,308
Valero Energy Corp., 6.63%, 6/15/37			6,050		5,890,546
XTO Energy, Inc.:
6.75%, 8/01/37			3,370		4,341,409
6.38%, 6/15/38			2,750		3,402,633
					123,011,548

Corporate Bonds		Par (000)		Value
Paper & Forest Products — 0.3%
Georgia-Pacific LLC, 8.25%, 5/01/16 (a)	USD		5,962	$	6,356,982
International Paper Co., 7.30%, 11/15/39			3,305		3,644,526
					10,001,508
Pharmaceuticals — 0.9%
Bristol-Myers Squibb Co., 6.88%, 8/01/97			75		92,584
Eli Lilly & Co., 3.55%, 3/06/12			5,465		5,698,875
GlaxoSmithKline Capital, Inc., 5.65%, 5/15/18			125		143,034
Merck & Co., Inc.:
4.00%, 6/30/15			4,890		5,296,061
6.40%, 3/01/28			25		29,724
Pfizer, Inc., 5.35%, 3/15/15 (i)			12,264		13,894,768
Schering-Plough Corp., 5.30%, 12/01/13			85		95,350
Teva Pharmaceutical Finance LLC:
3.00%, 6/15/15			4,610		4,700,324
6.15%, 2/01/36			50		58,053
Wyeth, 6.00%, 2/15/36			100		112,317
					30,121,090
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC, 5.75%, 5/01/40			8,660		9,159,587
Software — 0.2%
BMC Software, Inc., 7.25%, 6/01/18			6,650		7,946,018
Oracle Corp.:
4.95%, 4/15/13			35		38,285
3.75%, 7/08/14			275		294,423
					8,278,726
Thrifts & Mortgage Finance — 0.4%
Achmea Hypotheekbank NV, 3.20%, 11/03/14 (a)			13,180		13,617,009
Tobacco — 0.3%
Philip Morris International, Inc., 4.50%, 3/26/20			10,400		10,563,249
Wireless Telecommunication Services — 1.9%
CellCo.Partnership:
3.75%, 5/20/11			27,900		28,575,989
8.50%, 11/15/18			100		130,014
Cricket Communications, Inc., 7.75%, 5/15/16			6,664		6,797,280
Crown Castle Towers LLC, 6.11%, 1/15/40 (a)			13,550		14,871,857
Rogers Wireless, Inc., 7.50%, 3/15/15			140		167,067
Vodafone Group Plc:
5.00%, 12/16/13			285		308,685
4.15%, 6/10/14			13,325		13,981,869

6 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010

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

Corporate Bonds		Par (000)		Value
Wireless Telecommunication Services (concluded)
Vodafone Group Plc (concluded):
5.00%, 9/15/15	USD		130	$	140,491
					64,973,252
Total Corporate Bonds – 29.8%					1,015,950,148
Foreign Agency Obligations
Demirate of Abu Dhabi, 6.75%, 4/08/19 (a)			100		114,312
Hellenic Republic Government Bond, 4.60%, 9/20/40	EUR		1,420		871,125
Inter-American Development Bank, 2.25%, 7/15/15	USD		28,785		28,946,249
Landwirtschaftliche Rentenbank:
4.13%, 7/15/13			1,015		1,090,757
Series E, 5.25%, 7/02/12			3,515		3,794,601
Series E, 4.38%, 1/15/13			2,860		3,075,189
Series E, 4.00%, 2/02/15			2,235		2,404,659
Mexico Government International Bond, 6.38%, 1/16/13			2,818		3,089,937
Province of Ontario Canada:
4.10%, 6/16/14			14,185		15,254,535
Series 1, 1.88%, 11/19/12			10,810		10,936,261
Russian Foreign Bond Eurobond, 7.50%, 3/31/30			12,678		14,291,458
United Mexican States, Series A, 5.13%, 1/15/20			4,550		4,732,000
Total Foreign Agency Obligations – 2.6%					88,601,083
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 8.2%
Arkle Master Issuer PLC, Series 2010-1A, Class 2A, 1.53%, 5/17/60 (a)(b)			13,200		13,035,000
Banc of America Alternative Loan Trust, Class 4A1:
Series 2004-5, 5.00%, 6/25/19			30		29,865
Series 2004-7, 5.00%, 8/25/19			1,179		1,181,689
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-2, Class 2A1, 5.65%, 7/25/36 (b)			2,035		1,484,828
BlackRock Capital Finance LP, Series 1997-R2, Class AP, 10.32%, 12/25/35 (a)(b)(j)			9		9,158

Non-Agency Mortgage-Backed Securities		Par (000)		Value
Collateralized Mortgage Obligations (continued)
Citigroup Mortgage Loan Trust, Inc., Series 2007-2, Class 2A, 6.00%, 11/25/36	USD		679	$	636,211
CitiMortgage Alternative Loan Trust, Series 2007-A8, Class A1, 6.00%, 10/25/37			22,045		17,224,195
Collateralized Mortgage Obligation Trust, Series 57, Class D, 9.90%, 2/01/19			16		17,027
Countrywide Alternative Loan Trust:
Series 2004-18CB, Class 2A5, 0.80%, 9/25/34 (b)			646		601,049
Series 2005-21B, Class A17, 6.00%, 6/25/35			19,419		17,016,827
Series 2006-01A0, Class 1A1, 1.35%, 8/25/46 (b)			74		37,072
Series 2006-0A21, Class A1, 0.54%, 3/20/47 (b)			10,469		5,368,063
Series 2006-43CB, Class 1A10, 6.00%, 2/25/37			8,544		5,471,648
Series 2006-J4, Class 2A8, 6.00%, 7/25/36			18,116		12,708,173
Series 2006-OC9, Class A1, 0.42%, 12/25/46 (b)			1,521		1,481,571
Series 2006-OC10, Class 2A1, 0.44%, 11/25/36 (b)			847		830,700
Series 2006-OC11, Class 2A1, 0.45%, 1/25/37 (b)			492		486,872
Countrywide Home Loan Mortgage Pass- Through Trust (b):
Series 2004-29, Class1A1, 0.89%, 2/25/35			529		435,104
Series 2006-0A5, Class 2A1, 0.55%, 4/25/46			4,521		2,413,095
Series 2006-0A5, Class 3A1, 0.55%, 4/25/46			7,638		4,355,805
Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 3A1, 6.00%, 10/25/21			4,168		3,239,471
Deutsche ALT-A Securities, Inc., Alternate Loan Trust (b):
Series 2005-2, Class 1A1, 0.75%, 4/25/35			1,848		1,505,715
Series 2006-0A1, Class A1, 0.55%, 2/25/47			29		17,135
First Horizon Asset Securities, Inc., Series 2005-AR3, Class 3A1, 5.50%, 8/25/35 (b)			3,176		2,998,902
GSR Mortgage Loan Trust:
Series 2004-9, Class 4A1, 3.24%, 8/25/34 (b)			116		113,740
Series 2005-AR4, Class 6A1, 5.25%, 7/25/35 (b)			11,050		9,960,957
Series 2006-2F, Class 2A2, 5.75%, 2/25/36			2,239		1,975,708

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010 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)
Harborview Mortgage Loan Trust (b):
Series 2005-8, Class 1A2A, 0.68%, 9/19/35	USD		1,482	$	858,927
Series 2005-10, Class 2A1A, 0.66%, 11/19/35			1,444		834,489
Series 2006-9, Class 2A1A, 0.56%, 11/19/36			435		254,527
Series 2006-11, Class A1A, 0.52%, 12/19/36			975		606,688
Homebanc Mortgage Trust, Class A1 (b):
Series 2005-4, 0.62%, 10/25/35			86		64,215
Series 2006-2, 0.53%, 12/25/36			9,114		6,332,223
Impac CMB Trust, Series 2005-6, Class 1A2, 0.49%, 10/25/35 (b)			549		310,361
Impac Secured Assets CMN Owner Trust, Series 2004-3 (b):
Class 1A4, 0.75%, 11/25/34			1,498		1,311,656
Class M1, 0.95%, 11/25/34			11,950		3,433,510
IndyMac INDX Mortgage Loan Trust, Series 2006-AR41, Class A3, 0.53%, 2/25/37 (b)			13,850		6,591,462
JPMorgan Mortgage Trust:
Series 2006-S2, Class 2A2, 5.88%, 7/25/36			1,995		1,816,646
Series 2007-S1, Class 1A2, 5.50%, 3/25/22			1,235		1,164,504
Luminent Mortgage Trust, Series 2006-7, Class 1A1, 0.53%, 12/25/36 (b)			18,387		10,357,120
MASTR Alternative Loans Trust, Series 2004-4, Class 1A1, 5.50%, 5/25/34			45		47,784
Ocwen Residential MBS Corp., Series 1998-R2, Class AP, 12.91%, 11/25/34 (a)(b)			21		4,281
Residential Accredit Loans, Inc.:
Series 2006-QS4, Class A9, 6.00%, 4/25/36			7,338		4,811,520
Series 2007-QS1, Class 2A10, 6.00%, 1/25/37			4,812		3,027,982
Series 2007-QS5, Class A1, 5.50%, 3/25/37			6,967		4,204,634
Station Place Securitization Trust, Series 2009-1, Class A, 1.85%, 1/25/40 (a)(b)			15,045		15,045,000
Structured Adjustable Rate Mortgage Loan Trust (b):
Series 2005-19XS, Class 1A1, 0.67%, 10/25/35			54		33,209
Series 2007-3, Class 2A1, 5.61%, 4/25/37			23,329		17,327,015

Non-Agency Mortgage-Backed Securities		Par (000)		Value
Collateralized Mortgage Obligations (concluded)
Structured Asset Securities Corp.,
Series 2005-GEL2, Class A, 0.63%, 4/25/35 (b)	USD		957	$	847,638
Thornburg Mortgage Securities Trust, Series 2006-5, Class A1, 0.47%, 10/25/46 (b)			17,426		17,000,648
WaMu Mortgage Pass-Through Certificates (b):
Series 2000-1, Class B1, 0.75%, 1/25/40 (a)			1		239
Series 2006-AR11, Class 1A, 1.40%, 9/25/46			1,236		702,076
Series 2006-AR18, Class 1A1, 5.24%, 1/25/37			24,100		17,549,966
Series 2007-0A4, Class 1A, 1.21%, 5/25/47			4,788		2,797,015
Wells Fargo Mortgage-Backed Securities Trust (b):
Series 2006-AR2, Class 2A5, 4.90%, 3/25/36			26,104		21,936,426
Series 2006-AR3, Class A4, 5.60%, 3/25/36			26,587		22,934,695
Series 2006-AR4, Class 2A4, 5.71%, 4/25/36			1,900		1,604,188
Series 2006-AR12, Class 2A1, 6.00%, 9/25/36			5,818		5,324,042
Series 2006-AR15, Class A1, 5.49%, 10/25/36			5,492		4,671,893
					278,442,159
Commercial Mortgage-Backed Securities — 14.2%
Banc of America Commercial Mortgage, Inc.:
Series 2005-3, Class A3A, 4.62%, 7/10/43			850		871,374
Series 2006-2, Class A4, 5.93%, 5/10/45 (b)			5,460		5,782,826
Series 2007-3, Class A2, 5.84%, 6/10/49 (b)(k)			22,000		22,608,522
Bank of America Commercial Mortgage, Inc.:
Series 2004-4, Class A6, 4.88%, 7/10/42 (b)			2,840		2,974,334
Series 2004-7, Class 4A1, 6.50%, 4/15/36			1,390		1,417,863
Bear Stearns Commercial Mortgage Securities:
Series 1998-C1, Class A2, 6.44%, 6/16/30			98		98,335
Series 2000-WF2, Class A2, 7.32%, 10/15/32 (b)			160		160,174
Series 2002-TOP6, Class A2, 6.46%, 10/15/36			205		216,283
Series 2004-PWR6, Class A6, 4.83%, 11/11/41			440		459,380

8 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010

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 (concluded):
Series 2006-PW11, Class A4, 5.62%, 3/11/39 (b)	USD		175	$	185,936
Series 2007-PW15, Class A4, 5.33%, 2/11/44			20,950		20,526,135
CS First Boston Mortgage Securities Corp.:
Series 2001-CK6, Class A3, 6.39%, 8/15/36			505		529,810
Series 2002-CKN2, Class A3, 6.13%, 4/15/37			235		248,186
Series 2002-CKS4, Class A2, 5.18%, 11/15/36			3,605		3,787,619
Series 2002-CP5, Class A1, 4.11%, 12/15/35			5,351		5,471,594
Series 2003-C3, Class A5, 3.94%, 5/15/38			3,550		3,661,713
Series 2003-CPN1, Class A2, 4.60%, 3/15/35			1,000		1,047,479
Citigroup Commercial Mortgage Trust, Series 2005-C3, Class A4, 4.86%, 5/15/43			860		895,421
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD5, Class A4, 5.89%, 11/15/44 (b)			446		452,642
Commercial Mortgage Pass-Through Certificates (b):
Series 2004-LB3A, Class A3, 5.09%, 7/10/37			9,900		10,136,031
Series 2007-C9, Class A4, 6.01%, 12/10/49			384		397,286
Series 2007-C9, Class AAB, 5.82%, 12/10/49			175		189,258
Credit Suisse Mortgage Capital Certificates, Series 2006-CA4, Class A2, 5.36%, 9/15/39 (k)			25,000		25,553,248
DLJ Commercial Mortgage Corp., Series 2000-CKP1, Class A1B, 7.18%, 11/10/33			293		292,785
First Union National Bank Commercial Mortgage:
Series 2000-C2, Class A2, 7.20%, 10/15/32			21		21,248
Series 2001-C2, Class A2, 6.66%, 1/12/43			2,788		2,837,995
Series 2001-C3, Class A3, 6.42%, 8/15/33			1,193		1,233,233
GE Capital Commercial Mortgage Corp.:
Series 2001-1, Class B, 6.72%, 5/15/33			225		230,748
Series 2001-3, Class A2, 6.07%, 6/10/38			1,670		1,741,241

Non-Agency Mortgage-Backed Securities		Par (000)		Value
Commercial Mortgage-Backed Securities (continued)
GE Capital Commercial Mortgage Corp. (concluded):
Series 2002-1A, Class A3, 6.27%, 12/10/35	USD		1,730	$	1,825,543
Series 2007-C1, Class A2, 5.42%, 12/10/49 (k)			38,422		39,456,731
GMAC Commercial Mortgage Securities, Inc.:
Series 2000-C2, Class A2, 5.49%, 5/10/40 (b)			2,465		2,669,635
Series 2001-C1, Class B, 6.67%, 4/15/34 (b)			15,000		15,369,656
Series 2003-C3, Class A4, 5.02%, 4/10/40			2,325		2,468,859
Series 2004-C3, Class AAB, 4.70%, 12/10/41			650		679,018
GS Mortgage Securities Corp. II:
Series 2004-GG2, Class A4, 4.96%, 8/10/38			1,625		1,681,090
Series 2007-GG10, Class A2, 5.78%, 8/10/45 (b)(k)			36,500		37,785,238
Greenwich Capital Commercial Funding Corp.:
Series 2004-GG1, Class A4, 4.76%, 6/10/36			14,986		15,128,372
Series 2005-GG3, Class A3, 4.57%, 8/10/42			2,445		2,475,388
Series 2005-GG3, Class AAB, 4.62%, 8/10/42			859		888,537
Series 2006-GG7, Class A4, 5.89%, 7/10/38 (b)			467		487,747
Series 2007-GG9, Class A4, 5.44%, 3/10/39			1,850		1,853,378
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2001-C1, Class A3, 5.86%, 10/12/35			954		990,352
Series 2001-CIB2, Class A3, 6.43%, 4/15/35			21,214		21,872,095
Series 2001-CIB3, Class A3, 6.47%, 11/15/35			3,150		3,292,574
Series 2001-CIBC, Class A3, 6.26%, 3/15/33			857		868,934
Series 2004-CBX, Class A5, 4.65%, 1/12/37			900		927,305
Series 2006-LDP8, Class A2, 5.29%, 5/15/45 (k)			24,790		25,975,533
Series 2007-LD1, Class A2, 5.97%, 6/15/49 (b)(k)			37,000		38,364,900
LB-UBS Commercial Mortgage Trust:
Series 2003-C7, Class A3, 4.56%, 9/15/27 (b)			195		197,498
Series 2005-C1, Class AAB, 4.57%, 2/15/30			1,017		1,054,580

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010 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 (concluded)
LB-UBS Commercial Mortgage Trust (concluded):
Series 2007-C1, Class A4, 5.42%, 2/15/40	USD		1,500	$	1,493,354
Series 2007-C2, Class A3, 5.43%, 2/15/40			175		175,529
Merrill Lynch/Countrywide Commercial Mortgage Trust (k):
Series 2006-2, Class A2, 5.88%, 6/12/46 (b)			14,159		14,495,528
Series 2007-9, Class ASB, 5.64%, 9/12/49			25,000		26,539,823
Merrill Lynch Mortgage Trust, Series 2006-C1, Class A2, 5.79%, 5/12/39 (b)(k)			40,000		42,069,408
Morgan Stanley Capital I:
Series 2007-HQ11, Class A2, 5.36%, 2/12/44 (k)			13,000		13,442,000
Series 2007-HQ13, Class A1, 5.36%, 12/15/44			262		266,144
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4, 6.39%, 7/15/33			1,275		1,316,797
Prudential Mortgage Capital Funding, LLC, Series 2001-Rock, Class A2, 6.61%, 5/10/34			1,958		2,003,551
RBSCF Trust, Series 2010-RR3, Class WBTA, 6.10%, 4/16/17 (a)(b)			14,233		14,920,186
Salomon Brothers Mortgage Securities VII, Inc.:
Series 2000-C3, Class A2, 6.59%, 12/18/33			391		391,610
Series 2001-C2, Class A3, 6.50%, 11/13/36			4,585		4,779,450
Wachovia Bank Commercial Mortgage Trust:
Series 2005-C21, Class A3, 5.38%, 10/15/44 (b)			9,420		9,468,380
Series 2006-C28, Class A2, 5.50%, 10/15/48 (k)			14,095		14,419,754
Series 2006-C29, Class A4, 5.31%, 11/15/48			7,040		7,289,089
WaMu Commercial Mortgage Securities Trust, Series 2005- C1A, Class A2, 5.15%, 5/25/36 (a)(b)			33		32,708
					483,444,973

Non-Agency Mortgage-Backed Securities		Par (000)		Value
Interest Only Commercial Mortgage-Backed Securities — 0.0%
WaMu Commercial Mortgage Securities Trust, Series 2005- C1A, Class X, 2.10%, 5/25/36 (a)(b)	USD		7,547	$	156,690
Total Non-Agency Mortgage-Backed Securities – 22.4%					762,043,822
Preferred Securities
Capital Trusts
Capital Markets — 0.2%
Credit Suisse Guernsey Ltd., 5.86% (b)(l)			3,101		2,736,632
Goldman Sachs Capital II, 5.79% (b)(l)			3,190		2,408,450
Lehman Brothers Holdings Capital Trust VII, 5.86% (d)(e)(l)			1,868		187
					5,145,269
Commercial Banks — 0.0%
Barclays Bank Plc (a)(b)(l):
5.93%			1,125		916,875
7.43%			100		89,000
					1,005,875
Diversified Financial Services — 0.3%
JPMorgan Chase & Co., 7.90% (b)(l)			10,800		11,131,884
JPMorgan Chase Capital XXI, Series U, 1.29%, 1/15/87 (b)			285		205,857
					11,337,741
Insurance — 1.1%
The Allstate Corp., Series B, 6.13%, 5/15/67 (b)			35		30,844
Chubb Corp., 6.38%, 3/29/67 (b)			6,875		6,600,000
Lincoln National Corp. (b):
7.00%, 5/17/66			4,185		3,484,013
6.05%, 4/20/67			3,110		2,332,500
MetLife, Inc., 6.40%, 12/15/66			8,350		7,348,000
Progressive Corp., 6.70%, 6/15/67 (b)			6,460		6,040,100
Reinsurance Group of America, 6.75%, 12/15/65 (b)			4,415		3,657,346
The Travelers Cos., Inc., 6.25%, 3/15/67 (b)			5,790		5,433,168

10 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010

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

Capital Trusts	Par (000)		Value
Insurance (concluded):
ZFS Finance (USA) Trust V, 6.50%, 5/09/67 (a)(b)	USD	1,329	$	1,189,455
				36,115,426
Total Preferred Securities – 1.6%				53,604,311
Taxable Municipal Bonds
The Board of Trustees of The Leland Stanford Junior University, 4.25%, 5/01/16		55		59,779
Chicago Metropolitan Water Reclamation District-Greater Chicago Illinois, GO, Build America Bonds, 5.72%, 12/01/38		4,195		4,569,530
City of Chicago Illinois, RB, Build America Bonds, 6.40%, 1/01/40		2,200		2,383,898
Cornell University, 4.35%, 2/01/14		360		389,671
Dallas Area Rapid Transit, RB, Build America Bonds, 6.00%, 12/01/44		2,210		2,495,311
Metropolitan Transportation Authority, RB, Build America Bonds, 7.34%, 11/15/39		5,540		6,852,481
New Jersey State Turnpike Authority, RB, Build America Bonds, 7.41%, 1/01/40		1,335		1,682,661
New York City Municipal Water Finance Authority, RB, Build America Bonds, 5.72%, 6/15/42		6,430		6,675,176
New York State Dormitory Authority, RB, Build America Bonds, 5.63%, 3/15/39		4,650		4,791,174
Port Authority of New York & New Jersey, RB, Consolidated:
158th Series, 5.86%, 12/01/24		55		63,117
159th Series, 6.04%, 12/01/29		3,275		3,608,657
State of California, GO:
Build America Bonds, 7.30%, 10/01/39		9,890		10,405,467
Build America Bonds, 7.35%, 11/01/39		4,980		5,240,205
Build America Bonds, Various Purpose, 7.50%, 4/01/34		3,310		3,531,770

Taxable Municipal Bonds		Par (000)		Value
State of California, GO:
Various Purpose, Series 3, 5.45%, 4/01/15	USD		20,425	$	21,630,483
Total Taxable Municipal Bonds – 2.2%					74,379,380
U.S. Government Sponsored Agency Securities
Agency Obligations — 5.4%
Fannie Mae:
1.75%, 5/07/13			3,450		3,513,025
6.63%, 11/15/30			1,450		1,885,663
Federal Home Loan Banks:
1.63%, 7/27/11			12,250		12,397,110
5.38%, 8/19/11 (i)(m)			15,950		16,799,816
1.00%, 12/28/11			4,300		4,325,594
4.00%, 9/06/13			11,950		12,930,139
3.63%, 10/18/13			13,950		14,942,403
5.00%, 11/17/17			10,950		12,495,461
Freddie Mac:
5.25%, 7/18/11 (i)			15,950		16,751,934
1.13%, 12/15/11			4,300		4,333,953
2.13%, 3/23/12			2,000		2,049,418
1.75%, 6/15/12 (h)(i)			27,450		27,988,706
2.13%, 9/21/12			4,500		4,626,873
4.50%, 7/15/13 (i)			13,950		15,345,279
2.50%, 4/23/14			11,100		11,492,563
4.38%, 7/17/15			7,950		8,815,834
4.88%, 6/13/18			4,300		4,866,972
3.75%, 3/27/19			3,650		3,808,129
6.25%, 7/15/32			4,300		5,443,417
					184,812,289
Collateralized Mortgage Obligations — 0.8%
Fannie Mae Mortgage-Backed Securities:
Series 2004-29, Class HC, 7.50%, 7/25/30			679		715,014
Series 2005-48, Class AR, 5.50%, 2/25/35			67		73,890
Series 2005-118, Class MC, 6.00%, 1/25/32			46		46,714
Series 2006-26, Class QA, 5.50%, 6/25/26			578		588,070
Series 2006-M2, Class A2A, 5.27%, 10/25/32 (b)			4,600		5,015,755
Series 2007-22, Class PA, 5.50%, 3/25/37			10,629		11,751,363
Freddie Mac Mortgage-Backed Securities:
Series 2825, Class VP, 5.50%, 6/15/15			1,206		1,313,397
Series 3063, Class YB, 5.50%, 6/15/26			360		363,295

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010 11

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)
Freddie Mac Mortgage-Backed Securities (concluded):
Series 3068, Class VA, 5.50%, 10/15/16	USD		7,564	$	7,926,294
					27,793,792
Commercial Mortgage-Backed Securities — 0.0%
Freddie Mac Mortgage-Backed Securities, Series K003, Class A3, 4.32%, 12/25/15			105		112,954
Interest Only Collateralized Mortgage Obligations — 1.2%
Ginnie Mae Mortgage-Backed Securities (b):
Series 2006-69, Class SA, 6.46%, 12/20/36			9,714		1,127,552
Series 2007-9, Class BI, 6.35%, 3/20/37			23,439		2,696,401
Series 2007-27, Class S, 6.16%, 5/20/37			18,191		1,817,156
Series 2007-36, Class SA, 6.13%, 6/20/37			12,678		1,433,896
Series 2009-16, Class SL, 7.10%, 1/20/37			28,366		3,825,097
Series 2009-33, Class SK, 6.14%, 5/20/39			50,574		5,049,919
Series 2009-47, Class KS, 5.82%, 6/16/39			65,690		6,563,732
Series 2009-61, Class ES, 6.51%, 3/20/39			57,232		5,715,464
Series 2009-106, Class CM, 6.26%, 1/16/34			59,459		7,126,888
Series 2009-106, Class SL, 5.76%, 4/20/36			31,507		3,462,406
Series 2009-110, Class CS, 6.04%, 11/16/39			26,480		2,900,867
					41,719,378
Mortgage-Backed Securities — 192.3%
Fannie Mae Mortgage-Backed Securities:
4.00%, 7/15/15 - 8/15/40 (n)			458,100		471,881,095
4.49%, 11/01/35 (b)			27,498		28,590,584
4.50%, 7/15/25 - 9/15/40 (n)			1,550,200		1,607,565,643
5.00%, 7/15/25 - 8/15/40 (i)(n)			1,174,711		1,244,282,410
5.04%, 8/01/38 (b)			11,985		12,741,288
5.50%, 12/01/32 - 7/15/40 (n)			603,635		648,506,418
5.56%, 10/01/38 (b)			97		103,658
6.00%, 2/01/34 - 8/15/40 (n)			997,210		1,081,624,059
6.28%, 8/01/11			1,800		1,850,945
6.50%, 7/15/40 - 8/15/40 (n)			46,400		50,755,905

U.S. Government Sponsored Agency Securities		Par (000)		Value
Mortgage-Backed Securities (concluded)
Freddie Mac Mortgage-Backed Securities:
4.00%, 4/01/25 - 6/01/25	USD		70,933	$	73,815,590
4.50%, 4/01/40 - 7/15/40 (n)			55,409		57,528,111
5.00%, 10/01/34			57		60,062
5.32%, 2/01/37 (b)			174		183,786
5.36%, 5/01/36 (b)			98		102,408
5.48%, 2/01/37 (b)			179		189,789
5.50%, 12/01/34 - 7/15/40 (n)			113,098		121,428,919
5.71%, 10/01/36 (b)			116		122,614
Ginnie Mae Mortgage-Backed Securities:
2.75%, 5/20/34 (b)			1,811		1,856,172
4.50%, 7/15/40 - 8/15/40 (n)			510,400		530,736,122
5.00%, 7/15/40 - 8/15/40 (n)			228,400		243,051,326
5.50%, 7/15/40 - 8/15/40 (n)			224,000		241,877,424
6.00%, 7/15/40 (n)			84,500		92,078,636
6.50%, 7/15/40 (n)			31,000		34,007,961
					6,544,940,925
Total U.S. Government Sponsored Agency Securities – 199.7%					6,799,379,338
U.S. Treasury Obligations
U.S. Treasury Bonds:
7.25%, 5/15/16 (h)			6,800		8,734,811
8.75%, 5/15/17			8,150		11,469,854
8.75%, 8/15/20			25,600		38,380,006
8.00%, 11/15/21			7,300		10,616,937
6.25%, 8/15/23			5,450		7,064,562
7.63%, 2/15/25			7,500		11,017,965
6.13%, 11/15/27			12,300		16,189,875
5.38%, 2/15/31			2,850		3,506,389
4.50%, 2/15/36			11,350		12,538,209
U.S. Treasury Notes:
1.13%, 6/30/11			34,450		34,698,970
1.00%, 7/31/11			15,250		15,345,312
1.00%, 8/31/11 (i)			31,500		31,704,246
4.63%, 10/31/11			37,700		39,802,944
0.88%, 2/29/12			2,425		2,437,974
1.38%, 9/15/12 (h)			134,550		136,599,735
1.38%, 1/15/13			44,550		45,148,663
1.25%, 6/15/13			30,615		30,736,848
3.38%, 6/30/13 (h)			14,850		15,913,869
2.38%, 8/31/14			26,600		27,499,825
2.38%, 9/30/14			45,050		46,531,739
4.25%, 11/15/14			24,050		26,783,812
2.38%, 3/31/15 (i)			7,460		7,730,425

12 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010

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

U.S. Treasury Obligations		Par (000)		Value
U.S. Treasury Notes (concluded):
2.50%, 4/30/15	USD		23,065	$	23,884,891
2.00%, 5/31/15 (h)			931		947,004
1.88%, 6/30/15 (h)			88,600		88,939,161
4.25%, 8/15/15			23,300		26,054,130
5.13%, 5/15/16			4,400		5,134,593
4.88%, 8/15/16			18,800		21,761,000
2.75%, 11/30/16 (h)			18,850		19,325,661
4.50%, 5/15/17			27,400		31,171,774
2.63%, 6/30/17			33,654		33,795,978
4.75%, 8/15/17			8,200		9,480,610
2.75%, 2/15/19			22,900		22,814,125
3.63%, 2/15/20			77,590		81,978,646
3.50%, 5/15/20			180,048		188,431,035
8.13%, 5/15/21			9,100		13,268,937
3.50%, 2/15/39			23,100		21,457,729
4.38%, 11/15/39			27,585		29,778,863
4.25%, 5/15/40 (h)			64,825		70,092,036
Total U.S. Treasury Obligations – 37.3%					1,268,769,143
Total Long-Term Investments (Cost – $10,300,024,148) – 304.4%					10,362,100,790
Short-Term Securities		Shares
Borrowed Bond Agreements — 8.0%
Banc of America Securities LLC:
0.00%, 7/01/10			233,798,250		233,798,250
0.16%, 7/07/10			15,811,200		15,811,200
JPMorgan Securities Inc., 0.00%, 7/01/10			22,917,250		22,917,250
Total Short-Term Securities (Cost – $272,526,700) – 8.0%					272,526,700
Options Purchased		Contracts (o)
Over-the-Counter Call Swaptions Purchased — 0.1%
Receive a fixed rate of 1.15% and pay a floating rate based on 3-month LIBOR, Expires 9/03/10, Broker Deutsche Bank AG			235		859,362

Options Purchased	Contracts (o)			Value
Over-the-Counter Call Swaptions Purchased (concluded)
Receive a fixed rate of 4.39% and pay a floating rate based on 3- month LIBOR, Expires 5/08/12, Broker Citibank NA		21	$	1,806,129
Receive a fixed rate of 4.21% and pay a floating rate based on 3-month LIBOR, Expires 4/22/13, Broker JPMorgan Chase Bank NA		49		1,407,530
				4,073,021
Over-the-Counter Put Swaptions Purchased — 0.1%
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.		235		3,064
Pay a fixed rate of 1.95% and receive a floating rate based on 3-month LIBOR, Expires 9/18/10, Broker Citibank NA		235		301,696
Pay a fixed rate of 4.39% and receive a floating rate based on 3-month LIBOR, Expires 5/08/12, Broker Citibank NA		21		601,871
Pay a fixed rate of 4.21% and receive a floating rate based on 3-month LIBOR, Expires 4/22/13, Broker JPMorgan Chase Bank NA		49		363,222
				1,269,853
Total Options Purchased (Cost – $7,106,707) – 0.2%				5,342,874
Total Investments Before Borrowed Bonds, TBA Sale Commitments and Outstanding Options Written (Cost – $10,579,657,555*) – 312.6%				10,639,970,364

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010 13

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

Borrowed Bonds		Par (000)		Value
U.S. Treasury Note:
3.63%, 2/15/20	USD		84,700	$	(89,490,801	)
3.50%, 5/15/20			266,286		(274,052,202	)
4.63%, 2/15/40			14,640		(16,456,268	)
Total Borrowed Bonds
(Proceeds – $371,032,262) – (11.2)%					(379,999,271	)
TBA Sale Commitments (n)
Fannie Mae Mortgage-Backed Securities:
4.00%, 7/15/15 - 8/15/40			429,300		(443,579,087	)
4.50%, 7/15/25 - 9/15/40			1,661,900		(1,723,218,091	)
5.00%, 7/15/25 - 8/15/40			933,300		(987,880,720	)
5.50%, 12/01/32 - 7/15/40			412,300		(442,578,487	)
6.00%, 2/01/34 - 8/15/40			882,200		(956,773,248	)
6.50%, 7/15/40 - 8/15/40			25,300		(27,707,447	)
Freddie Mac Mortgage-Backed Securities:
4.50%, 4/01/40 - 7/15/40			55,400		(57,373,625	)
5.50%, 12/01/34 - 7/15/40			111,300		(119,421,450	)
Ginnie Mae Mortgage-Backed Securities:
4.50%, 7/15/40 - 8/15/40			255,200		(265,806,622	)
5.00%, 7/15/40 - 8/15/40			170,000		(181,001,640	)
5.50%, 7/15/40 - 8/15/40			188,000		(203,098,656	)
6.00%, 7/15/40			50,000		(54,484,400	)
Total TBA Sale Commitments (Proceeds – $5,423,056,449) – (160.5)%					(5,462,923,473	)
Options Written		Contracts
Exchange-Traded Call Options Written — (0.0)%
10-Year U.S. Treasury Bond Future, Strike Price USD 122.50, Expires 8/27/10			540		(750,937	)
Exchange-Traded Put Options Written — (0.0)%
10-Year U.S. Treasury Bond Future, Strike Price USD 119.50, Expires 8/27/10			540		(210,938	)
Over-the-Counter Call Options — (0.0)%
Euro-Schatz, Strike Price USD 109.50, Expires 8/31/10, Broker Citibank NA			1,162		(320,252	)

Options Written	Contracts (o)		Value
Over-the-Counter Call Swaptions Written — (0.6)%
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		27	$	(2,538,427	)
Pay a fixed rate of 4.14% and receive a floating rate based on 3-month LIBOR, Expires 6/15/12, Broker Deutsche Bank AG		95		(6,585,495	)
Pay a fixed rate of 4.15% and receive a floating rate based on 3-month LIBOR, Expires 6/18/12, Broker Bank of America NA		60		(4,192,140	)
Pay a fixed rate of 4.05% and receive a floating rate based on 3-month LIBOR, Expires 6/18/12, Broker Deutsche Bank AG		32		(2,090,779	)
Pay a fixed rate of 5.00% and receive a floating rate based on 3-month LIBOR, Expires 4/22/13, Broker JPMorgan Chase Bank NA		56		(6,186,777	)
				(21,593,618	)
Over-the-Counter Put Swaptions Written — (0.3)%
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		27		(4,250	)
Receive a fixed rate of 4.14% and pay a floating rate based on 3-month LIBOR, Expires 6/15/12, Broker Deutsche Bank AG		95		(3,510,535	)
Receive a fixed rate of 4.15% and pay a floating rate based on 3-month LIBOR, Expires 6/18/12, Broker Bank of America NA		60		(2,204,640	)
Receive a fixed rate of 4.05% and pay a floating rate based on 3-month LIBOR, Expires 6/18/12, Broker Deutsche Bank AG		32		(1,287,446	)

14 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010

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

Options Written	Contracts (o)		Value
Over-the-Counter Put Swaptions Written (concluded)
Receive a fixed rate of 5.00% and pay a floating rate based on 3-month LIBOR, Expires 4/22/13, Broker JPMorgan Chase Bank NA		56	$	(1,630,643	)
				(8,637,514	)
Total Options Written (Premiums Received – $30,398,098) – (0.9)%				(31,513,259	)
Total Investments, Net of Borrowed Bonds, TBA Sale Commitments and Outstanding Options Written – 140.0%				4,765,534,361
Liabilities in Excess of Other Assets – (40.0)%				(1,361,704,660	)
Net Assets – 100.0%			$	3,403,829,701

* The cost and unrealized appreciation (depreciation) of investments as of June 30, 2010, as computed for federal income tax purposes were as follows:

Aggregate cost	$	10,586,407,229
Gross unrealized appreciation	$	171,360,342
Gross unrealized depreciation		(114,797,207	)
Net unrealized appreciation	$	56,563,135

(a)	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.
(b)	Variable rate security. Rate shown is as of report date.
(c)	Amount is less than $1,000.
(d)	Issuer filed for bankruptcy and/or is in default of interest payments.
(e)	Non-income producing security.
(f)	Represents a payment-in-kind security which may pay interest/dividends in additional face/shares.
(g)	Convertible security.
(h)	All or a portion of security has been pledged as collateral in connection with open reverse repurchase agreements.
(i)	All or a portion of security has been pledged as collateral in connection with swaps.

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010 15

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

(j) Investments in companies considered to be an affiliate of the Portfolio during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, are as follows:

Affiliate	Shares Held at September 30, 2009		Shares Purchased		Shares Sold			Shares Held at June 30, 2010		Value at June 30, 2010		Realized Gain		Income
BlackRock Capital Finance LP, Series 1997-R2, Class AP		10,162		—		(1,004	)		9,158	$	9,158		—	$	782
BlackRock Liquidity Funds, TempFund, Institutional Class		2,551,335		—		(2,551,335	)		—		—		—	$	14,302

(k)	All or a portion of security has been pledged as collateral in connection with Term Asset-Backed Securities Loan Facility (“TALF”) Program.
(l)	Security is perpetual in nature and has no stated maturity date.
(m)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts.
(n)	Represents or includes a to-be-announced (“TBA”) transaction. Unsettled TBA transactions as of report date were as follows:

Counterparty	Value			Unrealized Appreciation (Depreciation)
BNP Paribas	$	(64,505,237	)	$	(3,370,580	)
Bank of America NA	$	(26,221,072	)	$	(684,072	)
Barclays Capital, Inc.	$	113,969,044		$	740,175
Citigroup Global Markets, Inc.	$	147,647,164		$	2,267,493
Credit Suisse Securities LLC	$	305,484,879		$	1,851,922
Deutsche Bank Securities, Inc.	$	(24,946,998	)	$	307,252
Goldman Sachs & Co.	$	155,426,855		$	(2,412,631	)
Greenwich Financial Services	$	(90,789,166	)	$	(334,158	)
JPMorgan Chase Bank NA	$	46,885,821		$	(115,702	)
Morgan Stanley Capital Services, Inc.	$	(402,248,535	)	$	(5,912,926	)
Nomura Securities International, Inc.	$	(101,624,380	)	$	(297,302	)
UBS Securities	$	(67,337,073	)	$	(823,627	)
Wells Fargo Bank, NA	$	15,700,698		$	(418,189	)

(o)	One contract represents a notional amount of $1 million.
•	Financial futures contracts purchased as of June 30, 2010 were as follows:

Contracts	Issue		Expiration Date		Notional Value		Unrealized Appreciation
153		10-Year U.S. Treasury Bond		September 2010	$	18,718,885	$	30,787
394		30-Year U.S. Treasury Bond		September 2010	$	50,146,617		88,383
Total							$	119,170

• Financial futures contracts sold as of June 30, 2010 were as follows:

Contracts	Issue		Expiration Date		Notional Value		Unrealized Depreciation
978		2-Year U.S. Treasury Bond		September 2010	$	213,427,012	$	(586,895	)
2,973		5-Year U.S. Treasury Bond		September 2010	$	347,427,780		(4,431,417	)
284		30-Year U.S. Ultra Treasury Bond		September 2010	$	36,746,313		(1,824,437	)
319		Euro Dollar Futures		September 2010	$	79,217,221		(10,417	)
289		Euro Dollar Futures		December 2010	$	71,662,461		(31,214	)
291		Euro Dollar Futures		March 2011	$	71,975,237		(163,663	)
214		Euro Dollar Futures		June 2011	$	52,966,185		(30,915	)
257		Euro Dollar Futures		September 2011	$	63,238,161		(314,727	)
259		Euro Dollar Futures		December 2011	$	63,853,847		(60,878	)

16 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010

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

• Financial futures contracts sold as of June 30, 2010 (concluded):

Contracts	Issue		Expiration Date		Notional Value		Unrealized Depreciation
187		Euro Dollar Futures		March 2012	$	45,708,921	$	(344,504	)
79		Euro Dollar Futures		June 2012	$	19,305,474		(104,826	)
73		Euro Dollar Futures		September 2012	$	17,786,964		(107,161	)
74		Euro Dollar Futures		December 2012	$	17,981,640		(113,210	)
73		Euro Dollar Futures		March 2013	$	17,700,481		(112,432	)
9		Euro Dollar Futures		June 2013	$	2,191,135		(140	)
Total							$	(8,236,836	)

• Foreign currency exchange contracts as of June 30, 2010 were as follows:

Currency Purchased			Currency Sold		Counterparty		Settlement Date		Unrealized Appreciation (Depreciation)
USD	16,601,209	JPY		1,521,368,000		Citibank NA		7/06/10	$	(607,485	)
JPY	1,562,270,000	USD		17,209,787		Morgan Stanley Capital Services, Inc.		7/06/10		461,563
JPY	1,446,197,000	USD		15,916,324		UBS AG		7/06/10		442,086
USD	15,640,649	JPY		1,446,197,000		UBS AG		7/06/10		(717,760	)
USD	22,253,468	JPY		1,995,691,000		UBS AG		7/09/10		(321,536	)
USD	9,704,977	EUR		7,733,000		BNP Paribas SA		7/14/10		248,074
EUR	209,000	USD		256,778		Citibank NA		7/14/10		(1,186	)
MXN	100,196,135	CAD		8,230,000		HSBC Bank USA, NA		7/19/10		2,657
CAD	8,337,000	MXN		102,620,133		JPMorgan Chase Bank NA		7/19/10		(89,230	)
MXN	103,996,695	CAD		8,430,000		JPMorgan Chase Bank NA		7/19/10		108,116
MXN	160,221,472	ZAR		97,285,000		JPMorgan Chase Bank NA		7/19/10		(267,284	)
ZAR	47,162,000	MXN		77,699,395		JPMorgan Chase Bank NA		7/19/10		127,495
JPY	2,504,508,818	KRW		32,581,081,000		HSBC Bank USA, NA		7/26/10		1,700,275
KRW	36,833,040,000	JPY		3,053,597,610		HSBC Bank USA, NA		7/26/10		(4,436,829	)
JPY	217,384,000	USD		2,395,337		Morgan Stanley Capital Services, Inc.		7/26/10		64,372
JPY	291,334,039	KRW		4,125,290,000		UBS AG		7/26/10		(76,387	)
USD	7,426,618	GBP		4,800,000		Royal Bank of Scotland Plc		7/28/10		255,053
EUR	55,215,000	USD		67,330,486		Citibank NA		8/16/10		205,787
USD	33,359,818	EUR		27,265,000		Citibank NA		8/16/10		10,611
CZK	148,023,000	EUR		5,733,814		UBS AG		8/16/10		24,541
EUR	6,824,276	GBP		5,675,000		UBS AG		8/16/10		(131,690	)
GBP	5,365,000	CZK		166,415,862		UBS AG		8/16/10		103,287
NOK	50,340,000	CZK		164,858,466		UBS AG		8/16/10		(121,954	)
SEK	61,662,000	CZK		165,790,619		UBS AG		8/16/10		25,296
AUD	9,997,000	NZD		12,274,816		JPMorgan Chase Bank NA		8/30/10		(27,182	)
HUF	758,416,080	EUR		2,724,000		JPMorgan Chase Bank NA		8/30/10		(104,695	)
HUF	1,881,915,135	PLN		27,883,000		JPMorgan Chase Bank NA		8/30/10		(176,462	)
Total									$	(3,300,467	)

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010 17

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

• Interest rate swaps outstanding as of June 30, 2010 were as follows:

Fixed Rate

Floating Rate

Counterparty

Expiration

Notional Amount (000)

Unrealized Appreciation (Depreciation)

1.67% (a)

3-month LIBOR

JPMorgan Chase Bank NA

May 2013

USD

31,000

$

332,099

1.72% (a)

3-month LIBOR

Morgan Stanley Capital Services, Inc.

June 2013

USD

86,600

997,477

2.09% (a)

3-month LIBOR

Credit Suisse International

June 2015

USD

43,300

73,950

2.20% (a)

3-month LIBOR

Credit Suisse International

June 2015

USD

75,000

514,974

2.34% (a)

3-month LIBOR

Deutsche Bank AG

June 2015

USD

65,100

903,447

3.51% (b)

3-month LIBOR

BNP Paribas SA

May 2020

USD

13,000

(579,134

)

2.52% (c)

3-month LIBOR

Deutsche Bank AG

May 2020

USD

39,700

449,721

3.54% (a)

3-month LIBOR

Deutsche Bank AG

May 2020

USD

13,000

616,394

3.72% (a)

3-month LIBOR

JPMorgan Chase Bank NA

May 2020

USD

30,000

1,879,719

3.54% (a)

3-month LIBOR

Royal Bank of Scotland Plc

May 2020

USD

8,500

400,550

4.80% (b)

3-month LIBOR

Barclays Bank Plc

June 2020

USD

107,600

(11,361,017

)

3.35% (a)

3-month LIBOR

Credit Suisse International

June 2020

USD

43,200

1,288,788

3.38% (b)

3-month LIBOR

Deutsche Bank AG

June 2020

USD

14,000

(451,783

)

3.26% (a)

3-month LIBOR

Morgan Stanley Capital Services, Inc.

June 2020

USD

6,600

140,762

3.39% (a)

3-month LIBOR

Royal Bank of Scotland Plc

June 2020

USD

9,800

(322,169

)

3.48% (a)

3-month LIBOR

Royal Bank of Scotland Plc

June 2020

USD

21,700

898,290

3.04% (a)

3-month LIBOR

Deutsche Bank AG

July 2020

USD

20,000

—

3.01% (a)

3-month LIBOR

JPMorgan Chase Bank NA

July 2020

USD

6,400

(3,174

)

3.05% (a)

3-month LIBOR

Morgan Stanley Capital Services, Inc.

July 2020

USD

23,500

69,106

3.06% (a)

3-month LIBOR

Morgan Stanley Capital Services, Inc.

July 2020

USD

10,300

35,840

3.02% (a)

3-month LIBOR

Royal Bank of Scotland Plc

July 2020

USD

19,700

3,282

3.03% (b)

3-month LIBOR

Royal Bank of Scotland Plc

July 2020

USD

20,000

—

4.07% (a)

3-month LIBOR

BNP Paribas SA

June 2040

USD

7,000

465,096

Total

$

(3,647,782

)

(a)	Pays floating interest rate and receives fixed rate.
(b)	Pays fixed interest rate and receives floating rate.
(C)	Pays floating amount and receives fixed interest amount at expiration.

• Credit default swaps on single-name issues - buy protection outstanding as of June 30, 2010 were as follows:

Issuer	Pay Rate			Counterparty		Expiration		Notional Amount (000)			Unrealized Appreciation (Depreciation)
Radio Shack Corp.		1.16	%		UBS AG		December 2010		USD	7,625	$	9,155
Computer Sciences Corp.		0.88	%		Morgan Stanley Capital Services, Inc.		June 2011		USD	7,770		(46,299	)
Wendy’s International Inc.		2.90	%		JPMorgan Chase Bank NA		December 2011		USD	5,380		(107,904	)
NOVA Chemicals Corp.		5.00	%		Citibank NA		March 2012		USD	405		(3,695	)
Macy’s, Inc.		7.50	%		Morgan Stanley Capital Services, Inc.		June 2012		USD	3,605		(422,987	)
Macy’s, Inc.		8.00	%		Morgan Stanley Capital Services, Inc.		June 2012		USD	1,260		(160,075	)
NOVA Chemicals Corp.		5.00	%		JPMorgan Chase Bank NA		June 2012		USD	555		(816	)
Pulte Homes, Inc.		1.00	%		Royal Bank of Scotland Plc		March 2013		USD	430		10,176
Belo Corp.		5.00	%		Barclays Bank Plc		June 2013		USD	1,665		(271,609	)
Eastman Chemical Co.		0.68	%		Morgan Stanley Capital Services, Inc.		September 2013		USD	7,800		(27,817	)
Centex Corp.		4.37	%		Deutsche Bank AG		December 2013		USD	8,259		(835,872	)
Centex Corp.		4.40	%		JPMorgan Chase Bank NA		December 2013		USD	4,815		(492,145	)
NOVA Chemicals Corp.		5.00	%		Goldman Sachs Bank USA		December 2013		USD	2,292		(27,951	)
Seagate Technology Holdings		1.00	%		Credit Suisse International		June 2014		USD	1,510		20,110
Seagate Technology Holdings		5.00	%		Morgan Stanley Capital Services, Inc.		June 2014		USD	3,575		32,576
Macy’s, Inc.		1.00	%		Morgan Stanley Capital Services, Inc.		September 2014		USD	1,350		(10,388	)

18 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010

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

• Credit default swaps on single-name issues - buy protection outstanding as of June 30, 2010 (concluded):

Issuer	Pay Rate	Counterparty	Expiration	Notional Amount (000)		Unrealized Appreciation (Depreciation)
Pulte Homes, Inc.	3.00%	JPMorgan Chase Bank NA	March 2015	USD	2,720	$	(17,463	)
Sabre Holdings Corp.	5.00%	JPMorgan Chase Bank NA	March 2016	USD	10,080		(4,357,957	)
American Greetings Corp.	5.00%	Royal Bank of Scotland Plc	September 2016	USD	570		(61,589	)
Brunswick Corp.	5.00%	Goldman Sachs Bank USA	December 2016	USD	7,500		555,263
Total						$	(6,217,287	)

• Credit default swaps on single-name issues - sold protection outstanding as of June 30, 2010 were as follows:

Issuer	Received Fixed Rate	Counterparty	Expiration	CreditRating1	NotionalAmount (000)2		UnrealizedDepreciation
SLM Corp.	5.00%	Barclays Bank Plc	March 2013	BBB-	USD	5,000	$	(40,223	)

1	Using Standard and Poor’s rating.
2	The maximum potential amount the Master Portfolio may pay should a negative event take place as defined under the terms of agreement.

• Credit default swaps on traded indexes - sold protection outstanding as of June 30, 2010 were as follows:

Issuer

ReceivedRate

Counterparty

Expiration

CreditRating1

Notional Amount (000)2

UnrealizedDepreciation

Dow Jones CDX

5.00

%

Credit Suisse International

June 2015

B

USD

52,900

$

(184,114

)

North America High Yield

1	Using Standard and Poor’s rating.
2	The maximum potential amount the Master Portfolio may pay should a negative event take place as defined under the terms of agreement.

• Total return swaps outstanding as of June 30, 2010 were as follows:

Interest Receivable Rate	Counterparty	Expiration	Notional Amount (000)		Unrealized Appreciation
2.62%	Morgan Stanley Capital Services, Inc.	May 2020	USD	66,000	$	1,347,984	(a)

^(a) Based on the change in the return of the Consumer Price Index for All Urban Consumers.

• Reverse repurchase agreements outstanding as of June 30, 2010 were as follows:

Counterparty	Interest Rate		Trade Date		Maturity Date		Net Closing Amount		Face Amount
Bank of America NA	0.19	%		6/14/10		TBD	$	20,501,731	$	20,500,000
Deutsche Bank AG	0.00	%		6/28/10		TBD		9,600,455		9,600,455
Barclays Capital, Inc.	(0.04	)%		6/30/10		7/01/10		67,167,132		67,167,206
Barclays Capital, Inc.	(0.02	)%		6/30/10		7/01/10		70,262,461		70,262,500
Barclays Capital, Inc.	0.07	%		6/30/10		7/01/10		71,625,139		71,625,000
JPMorgan Chase Bank NA	0.30	%		6/30/10		7/01/10		155,321,122		155,319,828
BNP Paribas	0.26	%		5/17/10		7/07/10		242,893,727		242,814,812
Bank of America NA	0.21	%		6/24/10		7/07/10		300,540,168		300,527,897
Barclays Capital, Inc.	0.21	%		6/28/10		7/07/10		228,414,915		228,412,250
Total							$	1,166,326,850	$	1,166,229,948

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010 19

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

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

The following tables summarize the inputs used as of June 30, 2010 in determining the fair valuation of the Portfolio’s investments:

Valuation Inputs	Level 1		Level 2			Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments:
Asset-Backed Securities		—	$	249,121,547		$	50,252,018	$	299,373,565
Corporate Bonds		—		1,015,950,148			—		1,015,950,148
Foreign Agency Obligations		—		88,601,083			—		88,601,083
Non-Agency Mortgage-Backed Securities		—		719,030,197			43,013,625		762,043,822
Preferred Securities		—		53,604,311			—		53,604,311
Taxable Municipal Bonds		—		74,379,380			—		74,379,380
U.S. Government Sponsored Agency Securities		—		6,799,379,338			—		6,799,379,338
U.S. Treasury Obligations		—		1,268,769,143			—		1,268,769,143
Short-Term Securities:
Borrowed Bond Agreements		—		272,526,700			—		272,526,700
Liabilities:
Investments in Securities:
Long-Term Investments:
Borrowed Bonds		—		(379,999,271	)		—		(379,999,271	)
TBA Sale Commitments		—		(5,462,923,473	)		—		(5,462,923,473	)
TALF Loans		—		(242,541,459	)				(242,541,459	)
Total		—	$	4,455,897,644		$	93,265,643	$	4,549,163,287

Derivative Financial Instruments1
Valuation Inputs	Level 1			Level 2			Level 3			Total
Assets:
Credit contracts		—		$	627,280			—		$	627,280
Foreign currency exchange contracts		—			3,779,213			—			3,779,213
Interest rate contracts	$	119,170			14,412,369			—			14,531,539
Other contracts		—			1,347,984			—			1,347,984
Liabilities:
Credit contracts		—			(7,007,315	)	$	(61,589	)		(7,068,904	)
Foreign currency exchange contracts		—			(7,079,680	)		—			(7,079,680	)
Interest rate contracts		(9,198,711	)		(43,268,661	)		—			(52,467,372	)
Total	$	(9,079,541	)	$	(37,188,810	)	$	(61,589	)	$	(46,329,940	)

¹ Derivative financial instruments are swaps, financial futures contracts, foreign currency exchange contracts and options. Swaps, financial futures contracts and foreign currency exchange contracts are shown at the unrealized appreciation/depreciation on the instrument and options are shown at value.

20 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010

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

The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:

	Asset-Backed Securities			Corporate Bonds			Non-Agency Mortgage- Backed Securities			TALF Loans			Total
Asset/Liabilities:
Balance as of September 31, 2009	$	14,543,431		$	194,412		$	15,999		$	(17,205,090	)	$	(2,451,248	)
Accrued discounts/premiums		(7,084	)		—			1,270			—			(5,814	)
Net realized gain (loss)		(4,409	)		—			176			—			(4,233	)
Net change in unrealized appreciation/depreciation2		1,826,702			218,704			79,755			—			2,125,161
Purchases		—			18,592						—			18,592
Sales		(454,671	)		(1	)		(8,478	)		—			(463,150	)
Transfers in3		34,348,049			—			42,924,961			—			77,273,010
Transfers out3		—			(431,707	)		(58	)		17,205,090			16,773,325
Balance as of June 30, 2010	$	50,252,018			—		$	43,013,625			—		$	93,265,643

2	The change in unrealized appreciation/depreciation on securities still held at May 31, 2010 was $1,906,457.
The following table is a reconciliation of Level 3 derivative financial instruments for which significant unobservable inputs were used to determine fair value:

	Credit Contracts
	Assets			Liabilities
Balance, as of September 30, 2009	$	21,125			—
Accrued discounts/premium		—			—
Net realized gain (loss)		—			—
Net change in unrealized appreciation/depreciation		(21,125	)	$	(61,589	)
Purchases		—			—
Sales		—			—
Transfers in3		—			—
Transfers out3		—			—
Balance, as of June 30, 2010		—		$	(61,589	)

³ The Portfolio’s policy is to recognize transfers in and transfers out as of the end of the period of the event or the change in circumstances that caused the transfer.

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2010 21

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 15d-15(b) under the Securities Exchange Act of 1934, as amended.
2(b) –	There were no changes in the registrants' internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrants' last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants' internal control over financial reporting.
Item 3 –	Exhibits
	Certifications – Attached hereto
	Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, each registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
	BlackRock Balanced Capital Fund, Inc., Master Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC
	By:	/s/ Anne F. Ackerley
		Anne F. Ackerley
		Chief Executive Officer of
		BlackRock Balanced Capital Fund, Inc., Master Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC
	Date: August 25, 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: August 25, 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: August 25, 2010

EX-99.CERT

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, 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, certify that:

1. I have reviewed this report on Form N-Q 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;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrants as of the end of the fiscal quarter for which the report is filed;

4. The registrants' other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrants' disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) disclosed in this report any change in the registrants' internal control over financial reporting that occurred during the registrants' most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants' internal control over financial reporting; and

5. The registrants' other certifying officer(s) and I have disclosed to the registrants' auditors and the audit committee of the registrants' board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants' internal control over financial reporting.

Date: August 25, 2010

/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

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, 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, certify that:

1. I have reviewed this report on Form N-Q 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;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrants as of the end of the fiscal quarter for which the report is filed;

4. The registrants' other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrants and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrants, including their consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrants' disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) disclosed in this report any change in the registrants' internal control over financial reporting that occurred during the registrants' most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants' internal control over financial reporting; and

5. The registrants' other certifying officer(s) and I have disclosed to the registrants' auditors and the audit committee of the registrants' board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants' ability to record, process, summarize, and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants' internal control over financial reporting.

Date: August 25, 2010

/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