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: John M. Perlowski, Chief Executive Officer, BlackRock Balanced Capital Fund, Inc., Master Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC, 40 East 52^nd Street, New York, NY 10022

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

Date of fiscal year end: 09/30/2011

Date of reporting period: 12/31/2010

Item 1 – Schedule of Investments

Schedule of Investments December 31, 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			$	759,248,957
Master Total Return Portfolio of Master Bond LLC				393,737,510
Total Mutual Funds (Cost – $1,026,303,543) – 100.0%				1,152,986,467
Short-Term Securities	Shares
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.17% (a)(b)		1,400,653		1,400,653
Total Short-Term Securities (Cost - $1,400,653) – 0.1%				1,400,653
Total Investments (Cost - $1,027,704,196) – 100.1%				1,154,387,120
Liabilities in Excess of Other Assets– (0.1)%				(1,008,295	)
Net Assets – 100.0%			$	1,153,378,825

(a) 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, 2010		Net Activity		Shares Held at December 31, 2010		Income
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.17%		—		1,400,653		1,400,653	$	2,199

(b)	Represents the current yield as of report date.
	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 December 31, 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 $759,248,957 and $393,737,510, respectively and 18.8% and 9.8%, 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 annual report.

BLACKROCK BALANCED CAPITAL FUND, INC. DECEMBER 31, 2010 1

Schedule of Investments (concluded) BlackRock Balanced Capital Fund, Inc.

The following table summarizes the inputs used as of December 31, 2010 in determining the fair valuation of the Fund’s investments:

Valuation Inputs	Level 1		Level 2		Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments:
Mutual Funds		—	$	1,152,986,467		—	$	1,152,986,467
Short-Term Securities	$	1,400,653		—		—		1,400,653
Total	$	1,400,653	$	1,152,986,467		—	$	1,154,387,120

2 BLACKROCK BALANCED CAPITAL FUND, INC. DECEMBER 31, 2010

Schedule of Investments December 31, 2010 (Unaudited)	Master Large Cap Core Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Consumer Discretionary — 19.1%
Auto Components — 1.0%
The Goodyear Tire & Rubber Co. (a)		2,870,000	$	34,009,500
Automobiles — 1.6%
Ford Motor Co. (a)		1,180,000		19,812,200
Harley-Davidson, Inc. (b)		970,000		33,629,900
				53,442,100
Diversified Consumer Services — 0.7%
Career Education Corp. (a)		1,160,000		24,046,800
Internet & Catalog Retail — 2.1%
Expedia, Inc.		1,290,000		32,366,100
Liberty Media Holding Corp. - Interactive (a)		2,340,000		36,901,800
				69,267,900
Media — 4.4%
CBS Corp., Class B		720,000		13,716,000
Comcast Corp., Class A		2,250,000		49,432,500
DIRECTV, Class A (a)		1,010,000		40,329,300
Gannett Co., Inc.		640,000		9,657,600
Interpublic Group of Cos., Inc. (a)		3,340,000		35,470,800
				148,606,200
Multiline Retail — 1.0%
Macy’s, Inc.		1,360,000		34,408,000
Specialty Retail — 8.3%
Advance Auto Parts, Inc.		510,000		33,736,500
Foot Locker, Inc.		1,750,000		34,335,000
The Gap, Inc.		1,680,000		37,195,200
Limited Brands, Inc.		1,110,000		34,110,300
PetSmart, Inc.		860,000		34,245,200
Ross Stores, Inc.		520,000		32,890,000
TJX Cos., Inc.		820,000		36,399,800
Williams-Sonoma, Inc.		960,000		34,262,400
				277,174,400
Total Consumer Discretionary				640,954,900
Consumer Staples — 4.3%
Beverages — 1.0%
Dr. Pepper Snapple Group, Inc.		1,000,000		35,160,000
Food Products — 2.0%
The Hershey Co.		680,000		32,062,000
Tyson Foods, Inc., Class A		1,980,000		34,095,600
				66,157,600
Household Products — 0.5%
The Procter & Gamble Co.		260,000		16,725,800
Tobacco — 0.8%
Philip Morris International, Inc.		460,000		26,923,800
Total Consumer Staples				144,967,200
Energy — 6.5%
Energy Equipment & Services — 1.3%
Exterran Holdings, Inc. (a)		460,000		11,017,000
McDermott International, Inc. (a)		1,540,000		31,862,600
				42,879,600
Oil, Gas & Consumable Fuels — 5.2%
Chevron Corp.		170,000		15,512,500
Common Stocks	Shares		Value
Energy (concluded)
Oil, Gas & Consumable Fuels (concluded)
Exxon Mobil Corp.		880,000	$	64,345,600
Marathon Oil Corp.		1,170,000		43,325,100
SM Energy Co.		250,000		14,732,500
Sunoco, Inc.		870,000		35,069,700
Valero Energy Corp.		160,000		3,699,200
				176,684,600
Total Energy				219,564,200
Financials — 6.2%
Capital Markets — 0.7%
Ameriprise Financial, Inc.		450,000		25,897,500
Commercial Banks — 2.5%
Fifth Third Bancorp		2,430,000		35,672,400
KeyCorp		3,840,000		33,984,000
Popular, Inc. (a)		2,750,000		8,635,000
Wells Fargo & Co.		180,000		5,578,200
				83,869,600
Consumer Finance — 0.1%
Discover Financial Services, Inc.		150,000		2,779,500
Diversified Financial Services — 0.6%
JPMorgan Chase & Co.		240,000		10,180,800
The NASDAQ Stock Market, Inc. (a)		420,000		9,958,200
				20,139,000
Insurance — 2.3%
Assurant, Inc.		810,000		31,201,200
Berkshire Hathaway, Inc. (a)		60,000		4,806,600
MBIA, Inc. (a)		2,100,000		25,179,000
The Travelers Cos., Inc.		140,000		7,799,400
Unum Group		310,000		7,508,200
				76,494,400
Total Financials				209,180,000
Health Care — 18.7%
Biotechnology — 1.9%
Amgen, Inc. (a)		880,000		48,312,000
BioMarin Pharmaceuticals, Inc. (a)		50,000		1,346,500
Myriad Genetics, Inc. (a)		610,000		13,932,400
				63,590,900
Health Care Providers & Services — 8.8%
Aetna, Inc.		1,200,000		36,612,000
AmerisourceBergen Corp.		1,040,000		35,484,800
Cardinal Health, Inc.		980,000		37,543,800
Coventry Health Care, Inc. (a)		840,000		22,176,000
Health Management Associates, Inc., Class A (a)		3,730,000		35,584,200
Humana, Inc. (a)		580,000		31,749,200
Lincare Holdings, Inc.		430,000		11,536,900
UnitedHealth Group, Inc.		1,250,000		45,137,500
WellPoint, Inc. (a)		650,000		36,959,000
				292,783,400
Life Sciences Tools & Services — 1.6%
Illumina, Inc. (a)		570,000		36,103,800

MASTER LARGE CAP SERIES LLC DECEMBER 31, 2010 1

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

Common Stocks	Shares		Value
Health Care (concluded)
Life Sciences Tools & Services (concluded)
Pharmaceutical Product Development, Inc.		650,000	$	17,641,000
				53,744,800
Pharmaceuticals — 6.4%
Bristol-Myers Squibb Co.		1,710,000		45,280,800
Eli Lilly & Co.		1,240,000		43,449,600
Endo Pharmaceuticals Holdings, Inc. (a)		920,000		32,853,200
Forest Laboratories, Inc. (a)		520,000		16,629,600
Johnson & Johnson		640,000		39,584,000
King Pharmaceuticals, Inc. (a)		2,460,000		34,563,000
Pfizer, Inc.		180,000		3,151,800
				215,512,000
Total Health Care				625,631,100
Industrials — 6.9%
Aerospace & Defense — 0.7%
Raytheon Co.		520,000		24,096,800
Airlines — 1.2%
Delta Air Lines, Inc. (a)		520,000		6,552,000
Southwest Airlines Co.		2,580,000		33,488,400
				40,040,400
Commercial Services & Supplies — 0.0%
Waste Connections, Inc.		10,000		275,300
Construction & Engineering — 0.5%
KBR, Inc.		540,000		16,453,800
Industrial Conglomerates — 2.2%
General Electric Co.		2,120,000		38,774,800
Textron, Inc.		1,470,000		34,750,800
				73,525,600
Machinery — 1.9%
Manitowoc Co.		2,540,000		33,299,400
Oshkosh Corp. (a)		480,000		16,915,200
Timken Co.		250,000		11,932,500
				62,147,100
Road & Rail — 0.4%
Ryder System, Inc.		270,000		14,212,800
Total Industrials				230,751,800
Information Technology — 23.6%
Communications Equipment — 2.0%
Motorola, Inc. (a)		4,310,000		39,091,700
Tellabs, Inc.		4,200,000		28,476,000
				67,567,700
Computers & Peripherals — 6.6%
Apple, Inc. (a)		140,000		45,158,400
Dell, Inc. (a)		2,940,000		39,837,000
Lexmark International, Inc., Class A (a)		820,000		28,552,400
SanDisk Corp. (a)		710,000		35,400,600
Seagate Technology (a)		2,460,000		36,973,800
Western Digital Corp. (a)		1,000,000		33,900,000
				219,822,200
Common Stocks	Shares		Value
Information Technology (concluded)
Electronic Equipment, Instruments & Components — 2.1%
Corning, Inc.		2,130,000	$	41,151,600
Vishay Intertechnology, Inc. (a)		1,930,000		28,332,400
				69,484,000
Internet Software & Services — 1.5%
AOL, Inc. (a)		500,000		11,855,000
Google, Inc., Class A (a)		10,000		5,939,700
VeriSign, Inc.		1,020,000		33,323,400
				51,118,100
IT Services — 2.1%
Gartner, Inc., Class A (a)		440,000		14,608,000
International Business Machines Corp.		120,000		17,611,200
The Western Union Co.		1,980,000		36,768,600
				68,987,800
Semiconductors & Semiconductor Equipment — 6.3%
Altera Corp.		990,000		35,224,200
Applied Materials, Inc.		590,000		8,289,500
Atmel Corp. (a)		2,990,000		36,836,800
Cypress Semiconductor Corp. (a)		1,950,000		36,231,000
Intel Corp.		2,980,000		62,669,400
National Semiconductor Corp.		2,300,000		31,648,000
Novellus Systems, Inc. (a)		60,000		1,939,200
				212,838,100
Software — 3.0%
CA, Inc.		1,520,000		37,148,800
Microsoft Corp.		830,000		23,173,600
Novell, Inc. (a)		860,000		5,091,200
Symantec Corp. (a)		2,090,000		34,986,600
				100,400,200
Total Information Technology				790,218,100
Materials — 3.9%
Chemicals — 0.9%
Lubrizol Corp.		290,000		30,995,200
Containers & Packaging — 1.2%
Crown Holdings, Inc. (a)		1,030,000		34,381,400
Sealed Air Corp.		210,000		5,344,500
				39,725,900
Paper & Forest Products — 1.8%
International Paper Co.		1,340,000		36,501,600
MeadWestvaco Corp.		840,000		21,974,400
				58,476,000
Total Materials				129,197,100
Telecommunication Services — 3.9%
Diversified Telecommunication Services — 1.7%
AT&T Inc.		570,000		16,746,600
Qwest Communications International, Inc.		5,220,000		39,724,200
				56,470,800

2 MASTER LARGE CAP SERIES LLC DECEMBER 31, 2010

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

Common Stocks	Shares		Value
Telecommunication Services (concluded)
Wireless Telecommunication Services — 2.2%
MetroPCS Communications, Inc. (a)(b)		2,910,000	$	36,753,300
Sprint Nextel Corp. (a)		9,140,000		38,662,200
				75,415,500
Total Telecommunication Services				131,886,300
Utilities — 6.9%
Electric Utilities — 1.6%
Edison International		940,000		36,284,000
Pepco Holdings, Inc.		880,000		16,060,000
				52,344,000
Gas Utilities — 0.9%
Questar Corp.		1,710,000		29,771,100
Independent Power Producers & Energy Traders — 1.4%
Calpine Corp. (a)		240,000		3,201,600
GenOn Energy, Inc. (a)		3,175,200		12,097,512
NRG Energy, Inc. (a)		1,620,000		31,654,800
				46,953,912
Multi-Utilities — 3.0%
Ameren Corp.		1,190,000		33,546,100
CMS Energy Corp.		1,910,000		35,526,000
NiSource, Inc.		1,800,000		31,716,000
				100,788,100
Total Utilities				229,857,112
Total Long-Term Investments (Cost – $2,764,642,479) – 100.0%				3,352,207,812
Short-Term Securities		Beneficial Interest (000)		Value
BlackRock Liquidity Series, LLC Money Market Series, 0.44% (c)(d)(e)	$	29,685		29,685,000
Total Short-Term Securities (Cost – $29,685,000) – 0.9%				29,685,000
Total Investments (Cost – $2,794,327,479*) – 100.9%				3,381,892,812
Liabilities in Excess of Other Assets – (0.9)%				(29,688,256	)
Net Assets – 100.0%			$	3,352,204,556

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2010, as computed for federal income tax purposes, were as follows:

Aggregate cost	$	2,850,232,512
Gross unrealized appreciation	$	574,252,101
Gross unrealized depreciation		(42,591,801	)
Net unrealized appreciation	$	531,660,300

(a)	Non-income producing security.
(b)	Security, or a portion of security, is on loan.
(c)	Represents the current yield as of report date.
(d)	Security was purchased with the cash collateral from loaned securities.

MASTER LARGE CAP SERIES LLC DECEMBER 31, 2010 3

Schedule of Investments (concluded) Master Large Cap Core Portfolio

(e) 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:

Affiliate		Beneficial Interest Held at September 30, 2010		Net Activity			Beneficial Interest Held at December 31, 2010		Income
BlackRock Liquidity Series, LLC Money Market Series	$	113,624,600	$	(83,939,600	)	$	29,685,000	$	30,997

• For Portfolio compliance purposes, the Portfolio’s sector and industry classifications refer to any one or more of the sector and industry sub-classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by Portfolio management. This definition may not apply for purposes of this report, which may combine such sector and industry sub-classifications for reporting ease.

• Fair Value Measurements - Various inputs are used in determining the fair value of investments, which are as follows:

• Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

• Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

• Level 3 — unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Portfolio’s own assumptions used in determining the fair value of investments)

The inputs or 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 annual report.

The following table summarizes the inputs used as of December 31, 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	$	3,352,207,812		—		—	$	3,352,207,812
Short-Term Securities		—	$	29,685,000		—		29,685,000
Total	$	3,352,207,812	$	29,685,000		—	$	3,381,892,812

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

MASTER LARGE CAP SERIES LLC DECEMBER 31, 2010 4

Schedule of Investments December 31, 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 (a):
Series 2004-A, Class A1, 0.61%, 9/15/45 (b)	USD		3,785	$	3,452,354
Series 2010-1A, Class A, 5.56%, 7/15/59			9,564		9,889,672
Series 2010-2A, Class A, 4.07%, 1/15/48			4,874		4,775,620
Series 2010-3A, Class A, 3.82%, 12/15/48 (a)			9,251		9,101,355
ACE Securities Corp. (b):
Series 2003-OP1, Class A2, 0.62%, 12/25/33			581		482,074
Series 2005-ASP1, Class M1, 0.94%, 9/25/35			11,203		3,193,314
Series 2006-CW1, Class A2C, 0.40%, 7/25/36			1,680		854,057
Accredited Mortgage Loan Trust, Series 2007-1, Class A1, 0.31%, 2/25/37 (b)			17		16,656
Ameriquest Mortgage Securities, Inc., Series 2004-R11, Class A1, 0.56%, 11/25/34 (b)			456		419,912
Bear Stearns Asset-Backed Securities Trust (b):
Series 2005-4, Class A, 0.59%, 1/25/36			459		456,140
Series 2006-HE8, Class 1A1, 0.33%, 10/25/36			238		237,810
Series 2006-HE10, Class 21A1, 0.32%, 12/25/36			4,159		3,857,954
Capital One Multi-Asset Execution Trust, Series 2006-A5, Class A5, 0.32%, 1/15/16 (b)			3,310		3,281,370
Carrington Mortgage Loan Trust, Class A1 (b):
Series 2006-NC4, 0.31%, 10/25/36			12		11,848
Series 2006-NC5, 0.31%, 1/25/37			96		94,376
Series 2007-RFC1, 0.31%, 12/25/36			89		81,067

Asset-Backed Securities		Par (000)		Value
Citibank Omni Master Trust (a):
Series 2009-A8, Class A8, 2.36%, 5/16/16 (b)	USD		26,370	$	26,696,803
Series 2009-A12, Class A12, 3.35%, 8/15/16			5,860		5,991,859
Countrywide Asset-Backed Certificates (b):
Series 2003-BC3, Class A2, 0.57%, 9/25/33			909		764,907
Series 2004-5, Class A, 0.71%, 10/25/34			1,310		1,125,353
Series 2004-13, Class AF4, 4.58%, 1/25/33			5,616		5,609,997
Series 2006-13, Class 3AV2, 0.41%, 1/25/37			2,478		1,734,896
Series 2006-17, Class 2A2, 0.41%, 3/25/47			1,216		863,065
Series 2006-21, Class 2A1, 0.31%, 5/25/37			236		236,173
Series 2006-22, Class 2A1, 0.31%, 5/25/47			19		19,353
Series 2006-25, Class 2A1, 0.33%, 6/25/47			153		150,391
Series 2007-1, Class 2A1, 0.31%, 7/25/37			205		199,000
Series 2007-11, Class 2A1, 0.32%, 6/25/47			53		52,445
Series 2007-12, Class 2A1, 0.61%, 8/25/47			94		90,026
Fannie Mae Mortgage-Backed Securities, Series 2003-W5, Class A, 0.48%, 4/25/33 (b)			15		14,684
Ford Credit Floorplan Master Owner Trust, Series 2006-4, Class B, 0.81%, 6/15/13 (b)			3,830		3,789,707
GMAC 93, 7.43%, 12/01/22			9,040		9,040,095
GMAC Mortgage Servicer Advance Funding Co. Ltd., Series 2010- 1A, Class A, 4.25%, 1/15/22 (a)			3,000		3,015,486
GSAA Home Equity Trust, Series 2006-5, Class 2A1, 0.33%, 3/25/36 (b)			36		23,695

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
CHF	Swiss Franc
CNY	China Renminlbi
CZK	Czech Republic Koruna
EUR	Euro
EURIBOR	Euro InterBank Offer Rate
GBP	British Pound
GO	General Obligation Bonds
HKD	Hong Kong Dollar
HOLDRs	Holding Company Depositary Receipts
HUF	Hungarian Forint
IDR	Indonesian Rupiah
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
RUB	Russian Ruble
SEK	Swedish Krona
SPDR	Standard & Poor’s Depositary Receipts
TRY	Turkish Lira
UAH	Ukrainian Hryvna
USD	U.S. Dollar
ZAR	South African Rand

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 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
Globaldrive BV, Series 2008-2, Class A, 4.00%, 10/20/16	EUR		4,927	$	6,640,354
Home Equity Asset Trust, Series 2007-2, Class 2A1, 0.37%, 7/25/37 (b)	USD		148		143,681
IndyMac Residential Asset-Backed Trust, Series 2007-B, Class 2A1, 0.34%, 7/25/37 (b)			3		2,651
Lehman XS Trust, Series 2005-5N, Class 3A2, 0.62%, 11/25/35 (b)			8,852		3,985,178
Maryland Insurance Backed Securities Trust, Series 2006- 1A, Class A, 5.55%, 12/10/65			2,500		1,550,000
Morgan Stanley ABS Capital I, Series 2005-HE1, Class A2MZ, 0.56%, 12/25/34 (b)			820		744,453
New Century Home Equity Loan Trust, Series 2005-2, Class A2MZ, 0.52%, 6/25/35 (b)			2,543		2,422,515
Option One Mortgage Loan Trust, Series 2003-4, Class A2, 0.58%, 7/25/33 (b)			2,086		1,697,567
RAAC, Series 2005-SP2, Class 2A, 0.56%, 6/25/44 (b)			7,476		5,878,284
Residential Asset Securities Corp., Series 2003-KS5, Class AIIB, 0.55%, 7/25/33 (b)			873		546,902
SLC Student Loan Trust, Series 2006-A, Class A4, 0.41%, 1/15/19 (b)			4,430		4,229,440
SLM Student Loan Trust (b):
Series 2008-5, Class A3, 1.59%, 1/25/18			9,520		9,784,322
Series 2008-5, Class A4, 1.99%, 7/25/23			30,815		32,050,281
Series 2009-B, Class A1, 6.26%, 7/15/42 (a)			10,115		9,800,554
Series 2010-C, Class A1, 1.91%, 12/15/17 (a)			8,011		8,012,712
Santander Drive Auto Receivables Trust:
Series 2010-2, Class B, 2.24%, 12/15/14			8,380		8,405,816
Series 2010-2, Class C, 3.89%, 7/17/17			9,885		10,099,411
Series 2010-A, Class A2, 1.37%, 8/15/13 (a)			8,185		8,215,742
Series 2010-A, Class A3, 1.83%, 11/17/14 (a)			6,215		6,278,948
Series 2010-A, Class A4, 2.39%, 6/15/17 (a)			7,150		7,270,613
Series 2010-B, Class B, 0.02%, 9/15/14 (a)			7,668		7,665,868
Series 2010-B, Class C, 0.03%, 10/17/16 (a)			8,015		8,000,309
Small Business Administration, Class 1:
Series 2002-P10, 5.20%, 8/10/12			88		92,175
Series 2003-P10A, 4.52%, 2/10/13			9		9,591
Series 2004-P10, 4.50%, 2/10/14			303		317,613
Soundview Home Equity Loan Trust, Series 2006-EQ1, Class A2, 0.37%, 10/25/36 (b)			364		358,183

Asset-Backed Securities		Par (000)			Value
Structured Asset Receivables Corp., Series 2003-2, Class CTFS, 1/21/11 (a)(b)	USD		—	(c)	$	433
Structured Asset Securities Corp.:
Series 2003-Al2, Class A, 3.36%, 1/25/31 (a)			488			443,849
Series 2004-23XS, Class 2A1, 0.56%, 1/25/35 (b)			2,565			1,865,169
Series 2006-BC6, Class A2, 0.34%, 1/25/37 (b)			3,612			3,529,778
Series 2007-BC1, Class A2, 0.30%, 2/25/37 (b)			657			644,273
Total Asset-Backed Securities – 6.2%						250,310,179

Common Stocks	Shares
Diversified Financial Services — 0.1%
Citigroup, Inc. (d)		669,000	3,164,370
Hotels, Restaurants & Leisure — 0.0%
Boyd Gaming Corp. (d)		94,600	1,002,760
Yum! Brands, Inc.		24,150	1,184,558
			2,187,318
Machinery — 0.1%
Danaher Corp.		53,550	2,525,953
Metals & Mining — 0.1%
Alcoa, Inc.		98,250	1,512,067
Freeport-McMoRan Copper & Gold,
Inc., Class B		21,000	2,521,890
			4,033,957
Multiline Retail — 0.1%
Macy’s, Inc.		132,000	3,339,600
Oil, Gas & Consumable Fuels — 0.0%
Canadian Natural Resources Ltd.		16,500	732,930
Devon Energy Corp.		9,750	765,473
Occidental Petroleum Corp.		7,500	735,750
			2,234,153
Software — 0.1%
Oracle Corp.		108,900	3,408,570
Total Common Stocks – 0.5%			20,893,921

Corporate Bonds		Par (000)
Aerospace & Defense — 0.1%
L-3 Communications Corp.:
5.88%, 1/15/15	USD		1,370	1,395,688
Series B, 6.38%, 10/15/15			702	723,060
				2,118,748
Airlines — 0.1%
Continental Airlines, Inc., Series 2002-1, 6.56%, 8/15/13			2,555	2,618,875
Auto Components — 0.1%
BorgWarner, Inc., 4.63%, 9/15/20			2,925	2,887,741

2 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 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
Beverages — 0.9%
Anheuser-Busch InBev Worldwide, Inc.:
3.00%, 10/15/12	USD		25,510	$	26,321,524
5.38%, 1/15/20			8,165		8,847,496
					35,169,020
Capital Markets — 2.1%
CDP Financial, Inc. (a):
3.00%, 11/25/14			17,845		18,139,550
4.40%, 11/25/19			10,420		10,593,764
The Goldman Sachs Group, Inc.:
5.25%, 10/15/13			7,960		8,614,455
3.70%, 8/01/15			15,790		16,088,620
5.38%, 3/15/20			1,285		1,327,869
6.00%, 6/15/20			6,620		7,153,996
Lehman Brothers Holdings, Inc., 6.75%, 12/28/17 (d)(e)			7,360		736
Morgan Stanley:
2.79%, 5/14/13 (b)			17,250		17,875,796
4.00%, 7/24/15			4,450		4,473,073
					84,267,859
Chemicals — 0.3%
CF Industries, Inc., 7.13%, 5/01/20			8,178		8,954,910
The Dow Chemical Co., 4.25%, 11/15/20			2,015		1,930,164
					10,885,074
Commercial Banks — 6.7%
BNP Paribas Home Loan Covered Bonds SA, 2.20%, 11/02/15 (a)			33,885		32,452,342
Bank of Nova Scotia, 1.65%, 10/29/15 (a)			52,000		49,972,164
Bank of Scotland Plc, 5.00%, 11/21/11 (a)			590		607,642
CIT Group, Inc., 7.00%, 5/01/17			7,000		7,017,500
Corporacion Andina de Fomento, 6.88%, 3/15/12			5,125		5,451,129
Dexia Credit Local SA, 2.38%, 9/23/11 (a)			1,300		1,312,727
Discover Bank:
8.70%, 11/18/19			8,675		10,211,464
7.00%, 4/15/20			10,720		11,524,450
DnB NOR Boligkreditt, 2.10%, 10/14/15 (a)			38,815		36,912,949
Eksportfinans ASA:
1.88%, 4/02/13			26,475		26,783,619
3.00%, 11/17/14			13,620		14,054,819
2.00%, 9/15/15			23,620		23,067,765
5.50%, 5/25/16			8,025		9,032,739
5.50%, 6/26/17			275		308,647
Royal Bank of Canada, 3.13%, 4/14/15 (a)			25,970		26,601,305
Sparebanken 1 Boligkreditt, 1.25%, 10/25/13 (a)			17,090		16,975,292
					272,286,553
Commercial Services & Supplies — 0.1%
RR Donnelley & Sons Co., 7.63%, 6/15/20			4,000		4,284,464

Corporate Bonds		Par (000)		Value
Consumer Finance — 0.4%
Capital One Multi-Asset Execution Trust, Series 4-3C, 6.63%, 4/19/17 (b)	GBP		3,400	$	5,477,265
Ford Motor Credit Co. LLC, 6.63%, 8/15/17	USD		3,680		3,867,647
SLM Corp.:
5.40%, 10/25/11			6,000		6,105,870
Series A, 0.59%, 1/27/14 (b)			35		31,525
					15,482,307
Containers & Packaging — 0.5%
Ball Corp.:
7.13%, 9/01/16			2,440		2,629,100
7.38%, 9/01/19			2,555		2,746,625
Crown Americas LLC, 7.63%, 5/15/17			5,629		6,051,175
Owens-Brockway Glass Container, Inc., 7.38%, 5/15/16			7,920		8,415,000
					19,841,900
Diversified Financial Services — 3.0%
Ally Financial, Inc., 8.00%, 3/15/20			7,490		8,182,825
Bank of America Corp., 5.63%, 7/01/20			6,905		7,039,592
Citigroup, Inc.:
4.75%, 5/19/15			6,215		6,507,708
5.38%, 8/09/20			9,670		10,047,198
FCE Bank Plc:
7.88%, 2/15/11	GBP		4,950		7,736,787
7.13%, 1/15/13	EUR		1,300		1,815,375
General Electric Capital Corp., 5.50%, 1/08/20	USD		10,675		11,416,774
JPMorgan Chase & Co.:
0.94%, 2/26/13 (b)			5,410		5,432,251
2.60%, 1/15/16 (f)			7,535		7,310,999
4.25%, 10/15/20			50		48,759
JPMorgan Chase Bank NA:
6.00%, 7/05/17			13,805		14,972,972
Series BKNT, 6.00%, 10/01/17			10,900		12,083,326
Novus USA Trust, 11/18/11 (a)(b)			9,340		9,340,000
Reynolds Group DL Escrow, Inc., 7.75%, 10/15/16 (a)			8,150		8,618,625
Reynolds Group Issuer, Inc., 7.13%, 4/15/19 (a)			5,000		5,087,500
TMX Finance LLC, 13.25%, 7/15/15 (a)			4,000		4,400,000
					120,040,691
Diversified Telecommunication Services — 1.3%
AT&T Inc., 6.50%, 9/01/37			6,975		7,522,203
Frontier Communications Corp., 8.25%, 4/15/17			2,970		3,259,575
GTE Corp., 6.84%, 4/15/18			8,030		9,102,945
Qwest Communications International, Inc.:
7.50%, 2/15/14			1,175		1,189,687
Series B, 7.50%, 2/15/14			815		825,187
Qwest Corp., 8.38%, 5/01/16			2,625		3,110,625
Telefonica Emisiones SAU, 4.95%, 1/15/15			9,325		9,657,753

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 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 Telecommunication Services (concluded):
Verizon Communications, Inc.:
8.75%, 11/01/18	USD		7,832	$	10,227,151
6.40%, 2/15/38			5,640		6,238,883
Windstream Corp.:
8.13%, 8/01/13			210		231,000
8.63%, 8/01/16			255		268,388
					51,633,397
Education — 0.1%
Leland Stanford Junior University, 4.75%, 5/01/19			2,450		2,630,884
Electric Utilities — 0.3%
Florida Power & Light Co.:
5.63%, 4/01/34			150		157,467
4.95%, 6/01/35			25		23,970
5.95%, 2/01/38			3,645		4,039,007
Florida Power Corp., 6.40%, 6/15/38			2,646		3,076,721
Progress Energy, Inc., 7.10%, 3/01/11			885		894,002
Southern California Edison Co., Series 08-A, 5.95%, 2/01/38			2,825		3,108,486
					11,299,653
Energy Equipment & Services — 0.1%
Pride International, Inc., 6.88%, 8/15/20			3,640		3,776,500
Food & Staples Retailing — 0.1%
Wal-Mart Stores, Inc., 5.63%, 4/01/40			2,343		2,495,262
Food Products — 0.6%
Kraft Foods, Inc.:
5.38%, 2/10/20			20,174		21,712,651
6.50%, 2/09/40			3,055		3,423,521
					25,136,172
Health Care Equipment & Supplies — 0.1%
CareFusion Corp., 6.38%, 8/01/19			3,478		3,929,410
DJO Finance LLC, 10.88%, 11/15/14			360		392,850
					4,322,260
Health Care Providers & Services — 0.6%
HCA, Inc.:
8.50%, 4/15/19			7,810		8,551,950
7.25%, 9/15/20			7,975		8,333,875
Tenet Healthcare Corp.:
9.00%, 5/01/15			2,475		2,747,250
10.00%, 5/01/18			147		171,255
8.88%, 7/01/19			5,365		6,062,450
					25,866,780
Hotels, Restaurants & Leisure — 0.4%
International Game Technology, 7.50%, 6/15/19			11,199		12,606,289
MGM Mirage, 13.00%, 11/15/13			2,952		3,490,740
					16,097,029

Corporate Bonds		Par (000)		Value
Household Durables — 0.0%
Belvoir Land LLC, Series A-1, 5.27%, 12/15/47 (a)	USD		20	$	16,323
Irwin Land LLC (a):
Series A-1, 5.03%, 12/15/25			25		24,293
Series A-2, 5.40%, 12/15/47			600		473,766
Ohana Military Communities LLC, Series 04I, 6.19%, 4/01/49 (a)			25		22,998
					537,380
IT Services — 0.0%
iPayment Investors LP, 12.75%, 7/15/14 (a)(g)			550		474,355
Independent Power Producers & Energy Traders — 0.0%
AES Ironwood LLC, 8.86%, 11/30/25			78		77,750
AES Red Oak LLC, Series B, 9.20%, 11/30/29			50		48,875
NRG Energy, Inc.:
7.25%, 2/01/14			575		586,500
7.38%, 2/01/16			175		179,375
					892,500
Industrial Conglomerates — 0.1%
Sequa Corp., 11.75%, 12/01/15 (a)			2,500		2,675,000
Insurance — 2.5%
Hartford Life Global Funding Trusts, 0.48%, 6/16/14 (b)			13,275		12,890,861
Lincoln National Corp., 7.00%, 6/15/40			2,860		3,110,173
Manulife Financial Corp., 3.40%, 9/17/15			12,215		11,964,959
MetLife, Inc.:
4.75%, 2/08/21			3,617		3,693,040
5.88%, 2/06/41			2,425		2,556,746
Metropolitan Life Global Funding I (a):
2.88%, 9/17/12			8,375		8,583,822
2.50%, 1/11/13			24,245		24,774,511
5.13%, 4/10/13			11,825		12,732,190
5.13%, 6/10/14			1,600		1,740,394
Prudential Financial, Inc.:
4.75%, 9/17/15			10,790		11,415,658
5.38%, 6/21/20			1,905		1,990,636
Teachers Insurance & Annuity Association of America, 6.85%, 12/16/39 (a)			4,665		5,458,059
					100,911,049
Life Sciences Tools & Services — 0.0%
Life Technologies Corp., 5.00%, 1/15/21			1,570		1,555,218
Machinery — 0.2%
Danaher Corp., 0.00%, 1/22/21 (h)(i)			1,900		2,603,000
Navistar International Corp.:
3.00%, 10/15/14 (h)			1,920		2,563,200
8.25%, 11/01/21			2,000		2,150,000
					7,316,200
Media — 3.3%
CBS Corp., 8.88%, 5/15/19			5,530		6,957,193
CCH II LLC, 13.50%, 11/30/16			12,770		15,228,225

4 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 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
Media (concluded):
Clear Channel Worldwide Holdings, Inc.:
9.25%, 12/15/17	USD		1,854	$	2,016,225
Series B, 9.25%, 12/15/17			7,372		8,072,340
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22			2,225		3,078,468
Comcast Corp.:
6.45%, 3/15/37			3,686		3,938,362
6.40%, 3/01/40			3,400		3,644,341
Cox Communications, Inc., 8.38%, 3/01/39 (a)			6,180		8,008,730
DIRECTV Holdings LLC:
3.13%, 2/15/16			15,303		15,098,950
6.00%, 8/15/40			2,285		2,293,980
Discovery Communications LLC, 3.70%, 6/01/15			4,410		4,565,836
The Interpublic Group of Cos., Inc., 6.25%, 11/15/14			1,312		1,415,320
Knight Ridder, Inc., 6.88%, 3/15/29			2,350		1,586,250
NBC Universal, Inc. (a):
5.15%, 4/30/20			6,370		6,603,295
4.38%, 4/01/21			7,210		6,998,076
The New York Times Co., 6.63%, 12/15/16 (a)			20,100		20,351,250
News America, Inc., 6.40%, 12/15/35			5,210		5,597,640
Time Warner Cable, Inc.:
5.00%, 2/01/20			3,470		3,571,109
5.88%, 11/15/40			5,025		4,971,534
Time Warner, Inc.:
4.70%, 1/15/21			2,080		2,117,791
6.10%, 7/15/40			1,370		1,437,522
UPC Germany GmbH, 8.13%, 12/01/17 (a)			5,000		5,225,000
					132,777,437
Metals & Mining — 0.6%
AngloGold Ashanti Holdings Plc, 5.38%, 4/15/20			2,440		2,537,600
Arch Western Finance LLC, 6.75%, 7/01/13			322		325,220
Cliffs Natural Resources, Inc.:
4.80%, 10/01/20			4,525		4,421,418
6.25%, 10/01/40			1,830		1,781,569
Corporacion Nacional del Cobre de Chile, 3.75%, 11/04/20 (a)			2,800		2,655,867
FMG Resources August 2006 Property Ltd., 7.00%, 11/01/15 (a)			4,365		4,474,125
Teck Resources Ltd., 10.75%, 5/15/19			7,670		9,971,000
					26,166,799
Multiline Retail — 0.2%
Dollar General Corp., 11.88%, 7/15/17 (g)			6,985		8,085,137
Saks, Inc., 2.00%, 3/15/24 (h)			750		777,188
					8,862,325
Oil, Gas & Consumable Fuels — 3.3%
Arch Coal, Inc., 7.25%, 10/01/20			8,855		9,342,025
BP Capital Markets Plc, 3.13%, 3/10/12			11,530		11,789,898

Corporate Bonds		Par (000)		Value
Oil, Gas & Consumable Fuels (concluded):
Canadian Natural Resources, Ltd.:
5.90%, 2/01/18	USD		2,625	$	2,989,620
6.50%, 2/15/37			4,445		5,056,179
Cenovus Energy, Inc., 6.75%, 11/15/39			5,145		5,993,894
Chesapeake Energy Corp., 6.63%, 8/15/20			12,460		12,273,100
Consol Energy, Inc. (a):
8.00%, 4/01/17			5,166		5,501,790
8.25%, 4/01/20			2,884		3,114,720
Enterprise Products Operating LLC:
5.20%, 9/01/20			3,522		3,648,873
6.13%, 10/15/39			4,600		4,787,721
MidAmerican Energy Holdings Co.:
5.95%, 5/15/37			7,150		7,541,999
6.50%, 9/15/37			25		28,280
Nexen, Inc., 6.40%, 5/15/37			6,000		5,813,292
Peabody Energy Corp., 6.50%, 9/15/20			11,963		12,770,503
Pemex Finance Ltd., 9.03%, 2/15/11			7		6,555
Petrobras International Finance Co.:
5.88%, 3/01/18			3,775		4,019,688
5.75%, 1/20/20			15,835		16,429,889
Petrohawk Energy Corp., 7.25%, 8/15/18			8,963		9,052,630
Rockies Express Pipeline LLC, 3.90%, 4/15/15 (a)			6,400		6,330,189
Tennessee Gas Pipeline Co., 7.00%, 10/15/28			935		988,706
Valero Energy Corp., 6.63%, 6/15/37			6,075		6,169,970
					133,649,521
Paper & Forest Products — 0.3%
Georgia-Pacific LLC, 8.25%, 5/01/16 (a)			7,565		8,538,994
International Paper Co., 7.30%, 11/15/39			3,305		3,765,859
					12,304,853
Pharmaceuticals — 0.2%
Bristol-Myers Squibb Co., 6.88%, 8/01/97			85		95,424
Merck & Co., Inc., 4.00%, 6/30/15			4,890		5,246,486
Teva Pharmaceutical Finance LLC, 3.00%, 6/15/15			4,610		4,690,574
					10,032,484
Real Estate Investment Trusts (REITs) — 0.4%
Duke Realty LP, 6.75%, 3/15/20			4,000		4,339,548
Hospitality Properties Trust, 6.70%, 1/15/18			4,000		4,193,864
Kimco Realty Corp., 6.88%, 10/01/19			4,000		4,525,212
Mack-Cali Realty LP, 7.75%, 8/15/19			4,000		4,655,020
					17,713,644
Road & Rail — 0.2%
Burlington Northern Santa Fe LLC, 5.75%, 5/01/40			8,660		8,959,783

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 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
Software — 0.2%
Oracle Corp. (a):
3.88%, 7/15/20	USD		4,150	$	4,125,457
5.38%, 7/15/40			3,405		3,447,947
					7,573,404
Thrifts & Mortgage Finance — 1.8%
Achmea Hypotheekbank NV, 3.20%, 11/03/14 (a)			13,370		13,910,469
MGIC Investment Corp.:
5.38%, 11/01/15			8,010		7,669,575
5.00%, 5/01/17 (h)			3,600		4,135,500
The PMI Group, Inc.:
6.00%, 9/15/16			13,350		11,076,540
4.50%, 4/15/20 (h)			2,900		2,392,500
Radian Group, Inc.:
5.63%, 2/15/13			13,350		13,350,000
5.38%, 6/15/15			13,350		12,348,750
3.00%, 11/15/17 (h)			6,900		6,753,375
					71,636,709
Tobacco — 0.2%
Philip Morris International, Inc., 4.50%, 3/26/20			10,400		10,740,423
Wireless Telecommunication Services — 0.9%
Cricket Communications, Inc., 7.75%, 5/15/16			7,367		7,643,263
Crown Castle Towers LLC, 6.11%, 1/15/40 (a)			13,730		14,324,797
Vodafone Group Plc, 4.15%, 6/10/14			13,325		14,006,973
					35,975,033
Total Corporate Bonds – 32.3%					1,303,895,286

Floating Rate Loan Interests (b)
Media — 0.9%
Intelsat Jackson Holdings Ltd., Term Loan B, 5.25%, 3/07/18	37,500	37,841,513
Oil, Gas & Consumable Fuels — 0.8%
Obsidian Natural Gas Trust, Term Loan, 7.00%, 11/30/15	32,057	32,377,451
Total Floating Rate Loan Interests – 1.7%		70,218,964

Foreign Agency Obligations
Bundesrepublik Deutschland, Series 06, 3.75%, 1/04/17	EUR	30,045	43,451,286
Mexico Government International Bond:
6.38%, 1/16/13	USD	2,818	3,078,665
5.63%, 1/15/17		3,840	4,247,040

Foreign Agency Obligations		Par (000)		Value
United Mexican States, Series A, 5.13%, 1/15/20	USD		1,645	$	1,714,912
Total Foreign Agency Obligations – 1.3%					52,491,903

Investment Companies	Shares
Consumer Discretionary Select Sector SPDR Fund		31,500	1,178,415
Energy Select Sector SPDR Fund		18,750	1,279,688
Financial Select Sector SPDR Fund		23,625	376,819
Industrial Select Sector SPDR Fund		42,525	1,484,122
iShares JPMorgan USD Emerging Markets Bond Fund (j)		114,500	12,260,660
Materials Select Sector SPDR Fund		15,750	606,375
Oil Service HOLDRs Trust		6,525	916,958
Technology Select Sector SPDR Fund		36,225	912,146
Total Investment Companies – 0.5%			19,015,183

Non-Agency Mortgage-Backed Securities	Par (000)
Collateralized Mortgage Obligations — 8.6%
Adjustable Rate Mortgage Trust, Series 2005-7, Class 4A1, 5.44%, 10/25/35 (b)		11,479	10,423,197
Arkle Master Issuer Plc, Series 2010-1A, Class 2A, 1.53%, 5/17/60 (a)(b)		13,470	13,368,840
Banc of America Alternative Loan Trust, Series 2004-7, Class 4A1, 5.00%, 8/25/19		1,135	1,156,783
Bear Stearns Adjustable Rate Mortgage Trust, Series 2006-2, Class 2A1, 5.59%, 7/25/36 (b)		1,922	1,369,132
BlackRock Capital Finance LP, Series 1997-R2, Class AP, 1.21%, 12/25/35 (a)(b)(j)		9	9,158
Chase Mortgage Finance Corp., Series 2005-A1, Class 1A1, 5.40%, 12/25/35 (b)		11,429	10,993,769
Citigroup Mortgage Loan Trust, Inc., Series 2007-2, Class 2A, 6.00%, 11/25/36		656	626,932
CitiMortgage Alternative Loan Trust, Series 2007-A8, Class A1, 6.00%, 10/25/37		20,957	16,772,033
Collateralized Mortgage Obligation Trust, Series 57, Class D, 9.90%, 2/01/19		14	15,346

6 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 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
Collateralized Mortgage Obligations (continued):
Countrywide Alternative Loan Trust:
Series 2005-21B, Class A17, 6.00%, 6/25/35	USD		18,031	$	16,719,328
Series 2006-01A0, Class 1A1, 1.22%, 8/25/46 (b)			125		69,156
Series 2006-0A21, Class A1, 0.45%, 3/20/47 (b)			26,109		14,154,309
Series 2006-43CB, Class 1A10, 6.00%, 2/25/37			7,983		5,471,739
Series 2006-J4, Class 2A8, 6.00%, 7/25/36			16,403		12,896,683
Countrywide Home Loan Mortgage Pass- Through Trust (b):
Series 2004-29, Class1A1, 0.53%, 2/25/35			523		439,656
Series 2006-0A5, Class 2A1, 0.46%, 4/25/46			4,435		2,679,990
Series 2006-0A5, Class 3A1, 0.46%, 4/25/46			7,322		4,735,740
Credit Suisse Mortgage Capital Certificates, Series 2006-8, Class 3A1, 6.00%, 10/25/21			3,683		3,083,240
Deutsche ALT-A Securities, Inc. Alternate Loan Trust (b):
Series 2005-2, Class 1A1, 0.66%, 4/25/35			1,703		1,257,417
Series 2006-0A1, Class A1, 0.46%, 2/25/47			8,723		5,647,911
First Horizon Asset Securities, Inc., Series 2005-AR3, Class 3A1, 5.52%, 8/25/35 (b)			2,983		2,831,910
GSR Mortgage Loan Trust:
Series 2004-9, Class 4A1, 2.91%, 8/25/34 (b)			172		156,576
Series 2005-AR4, Class 6A1, 5.25%, 7/25/35 (b)			9,721		9,359,300
Series 2006-2F, Class 2A2, 5.75%, 2/25/36			2,025		1,875,530
Harborview Mortgage Loan Trust (b):
Series 2005-8, Class 1A2A, 0.59%, 9/19/35			1,442		941,090
Series 2005-10, Class 2A1A, 0.57%, 11/19/35			9,414		6,422,179
Series 2006-9, Class 2A1A, 0.47%, 11/19/36			594		392,276
Series 2006-11, Class A1A, 0.43%, 12/19/36			913		592,121
Homebanc Mortgage Trust, Class A1 (b):
Series 2005-4, 0.53%, 10/25/35			27,102		20,307,897
Series 2006-2, 0.44%, 12/25/36			8,474		6,347,581
Impac CMB Trust, Series 2005-6, Class 1A2, 0.40%, 10/25/35 (b)			511		295,963
Impac Secured Assets CMN Owner Trust Series 2004-3 (b):
Class 1A4, 0.66%, 11/25/34			1,332		1,251,368
Class M1, 0.86%, 11/25/34			11,950		4,960,744
JPMorgan Mortgage Trust:
Series 2006-S2, Class 2A2,
5.88%, 7/25/36			7,521		7,126,353

Non-Agency Mortgage-Backed Securities		Par (000)		Value
Collateralized Mortgage Obligations (concluded):
JPMorgan Mortgage Trust (concluded):
Series 2007-S1, Class 1A2, 5.50%, 3/25/22	USD		2,182	$	2,018,633
Luminent Mortgage Trust, Series 2006-7, Class 1A1, 0.44%, 12/25/36 (b)			16,766		10,390,652
Morgan Stanley Mortgage Loan Trust, Series 2005-4, Class 5A3, 5.50%, 8/25/35			15,817		15,485,570
Ocwen Residential MBS Corp., Series 1998-R2, Class AP, 11.49%, 11/25/34 (a)(b)			21		3,834
Residential Accredit Loans, Inc.:
Series 2006-QS4, Class A9, 6.00%, 4/25/36			6,945		4,976,739
Series 2007-QS1, Class 2A10, 6.00%, 1/25/37			4,519		3,093,793
Series 2007-QS5, Class A1, 5.50%, 3/25/37			6,758		4,761,008
Structured Adjustable Rate Mortgage Loan Trust (b):
Series 2005-19XS, Class 1A1, 0.58%, 10/25/35			10,341		6,982,688
Series 2007-3, Class 2A1, 5.56%, 4/25/37			22,440		16,512,444
Structured Asset Securities Corp., Series 2005-GEL2, Class A, 0.54%, 4/25/35 (b)			904		797,245
Thornburg Mortgage Securities Trust, Series 2006-5, Class A1, 0.38%, 10/25/46 (b)			15,348		15,205,948
WaMu Mortgage Pass-Through Certificates (b):
Series 2000-1, Class B1, 0.66%, 1/25/40 (a)			1		407
Series 2006-AR11, Class 1A, 1.30%, 9/25/46			1,181		772,430
Series 2006-AR18, Class 1A1, 5.14%, 1/25/37			22,405		16,938,567
Series 2007-0A4, Class 1A, 1.10%, 5/25/47			4,592		3,025,191
Wells Fargo Mortgage-Backed Securities Trust (b):
Series 2006-AR2, Class 2A5, 3.43%, 3/25/36			33,101		28,485,764
Series 2006-AR3, Class A4, 5.50%, 3/25/36			24,126		21,121,432
Series 2006-AR12, Class 2A1, 5.94%, 9/25/36			4,927		4,511,328
Series 2006-AR15, Class A1, 5.43%, 10/25/36			4,901		4,426,556
					344,261,476
Commercial Mortgage-Backed Securities — 12.5%
Banc of America Commercial Mortgage, Inc.:
Series 2004-4, Class A6, 4.88%, 7/10/42 (b)			2,840		3,007,945
Series 2004-7, Class 4A1, 6.50%, 4/15/36			914		916,926

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 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
Commercial Mortgage-Backed Securities (continued):
Banc of America Commercial Mortgage, Inc. (concluded):
Series 2005-3, Class A3A, 4.62%, 7/10/43	USD		850	$	879,561
Series 2006-2, Class A4, 5.74%, 5/10/45 (b)			5,460		5,977,403
Series 2006-4, Class A4, 5.63%, 7/10/46			15,100		16,201,527
Series 2006-4, Class AM, 5.68%, 7/10/46			3,050		3,072,738
Series 2006-5, Class AM, 5.45%, 9/10/47			1,110		1,099,073
Series 2007-1, Class A4, 5.45%, 1/15/49			8,950		9,336,822
Series 2007-3, Class A2, 5.66%, 6/10/49 (b)			22,000		22,862,367
Series 2007-3, Class A4, 5.66%, 6/10/49 (b)			7,000		7,184,430
Bear Stearns Commercial Mortgage Securities:
Series 2002-TOP6, Class A2, 6.46%, 10/15/36			183		191,108
Series 2004-PWR6, Class A6, 4.83%, 11/11/41			440		466,775
Series 2005-PW10, Class AM, 5.45%, 12/11/40 (b)			1,350		1,362,132
Series 2006-PW11, Class A4, 5.62%, 3/11/39 (b)			175		189,208
CS First Boston Mortgage Securities Corp.:
Series 2001-CK6, Class A3, 6.39%, 8/15/36			485		498,469
Series 2002-CKN2, Class A3, 6.13%, 4/15/37			235		244,751
Series 2002-CKS4, Class A2, 5.18%, 11/15/36			3,605		3,758,907
Series 2002-CP5, Class A1, 4.11%, 12/15/35			4,638		4,706,934
Series 2003-C3, Class A5, 3.94%, 5/15/38			3,550		3,683,264
Series 2003-CPN1, Class A2, 4.60%, 3/15/35			1,000		1,048,552
Citigroup Commercial Mortgage Trust, Series 2005-C3, Class A4, 4.86%, 5/15/43			860		901,779
Citigroup/Deutsche Bank Commercial Mortgage Trust:
Series 2006-CD3, Class A5, 5.62%, 10/15/48			11,789		12,645,453
Series 2007-CD4, Class A2B, 5.21%, 12/11/49			15,960		16,409,933
Series 2007-CD5, Class A4, 5.89%, 11/15/44 (b)			446		476,407
Commercial Mortgage Pass-Through Certificates:
Series 2004-LB3A, Class A3, 5.09%, 7/10/37 (b)			9,900		9,992,172
Series 2006-C8, Class A4, 5.31%, 12/10/46			6,000		6,257,917
Series 2007-C9, Class A4, 6.01%, 12/10/49 (b)			5,384		5,793,160

Non-Agency Mortgage-Backed Securities		Par (000)		Value
Commercial Mortgage-Backed Securities (continued):
Commercial Mortgage Pass-Through Certificates (concluded):
Series 2007-C9, Class AAB, 6.01%, 12/10/49 (b)	USD		175	$	188,221
Extended Stay America Trust, Series 2010-ESHA (a):
Class A, 2.95%, 11/05/27			27,830		27,370,953
Class C, 4.86%, 11/05/27			8,265		8,100,780
First Union National Bank Commercial Mortgage:
Series 2001-C2, Class A2, 6.66%, 1/12/43			572		571,794
Series 2001-C3, Class A3, 6.42%, 8/15/33			1,019		1,030,358
GE Capital Commercial Mortgage Corp.:
Series 2001-1, Class B, 6.72%, 5/15/33			225		226,711
Series 2001-3, Class A2, 6.07%, 6/10/38			1,670		1,714,806
Series 2002-1A, Class A3, 6.27%, 12/10/35			1,678		1,747,612
Series 2007-C1, Class A2, 5.42%, 12/10/49			38,422		39,189,975
GMAC Commercial Mortgage Securities, Inc.:
Series 2000-C2, Class A2, 5.48%, 5/10/40 (b)			2,775		2,987,326
Series 2001-C1, Class B, 6.67%, 4/15/34 (b)			15,000		15,069,701
Series 2003-C3, Class A4, 5.02%, 4/10/40			2,325		2,483,391
Series 2004-C3, Class AAB, 4.70%, 12/10/41			590		616,011
Series 2006-C1, Class AM, 5.29%, 11/10/45 (b)			1,980		1,971,945
GS Mortgage Securities Corp. II:
Series 2004-GG2, Class A4, 4.96%, 8/10/38			1,625		1,684,931
Series 2005-GG4, Class A4, 4.76%, 7/10/39			13,351		13,769,196
Series 2006-GG8, Class A4, 5.56%, 11/10/39			5,000		5,303,650
Greenwich Capital Commercial Funding Corp.:
Series 2005-GG3, Class A3, 4.57%, 8/10/42			2,445		2,501,145
Series 2005-GG3, Class AAB, 4.62%, 8/10/42			767		794,774
Series 2006-GG7, Class A4, 5.89%, 7/10/38 (b)			467		509,079
Series 2006-GG7, Class AM, 6.08%, 7/10/38 (b)			3,509		3,613,919
Series 2007-GG9, Class A4, 5.44%, 3/10/39			5,135		5,410,125
JPMorgan Chase Commercial Mortgage Securities Corp.:
Series 2001-C1, Class A3, 5.86%, 10/12/35			866		877,058
Series 2001-CIB2, Class A3, 6.43%, 4/15/35			16,724		16,949,727
Series 2001-CIB3, Class A3, 6.47%, 11/15/35			3,236		3,322,452

8 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 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):
JPMorgan Chase Commercial Mortgage Securities Corp. (concluded):
Series 2004-CBX, Class A5, 4.65%, 1/12/37	USD		900	$	932,903
Series 2007-LD1, Class A2, 5.99%, 6/15/49 (b)			37,000		38,318,447
Series 2010-C2, Class A3, 4.07%, 11/15/43 (a)			3,500		3,328,197
Series 2010-C2, Class C, 5.72%, 11/15/43 (a)(b)			3,500		3,275,422
LB-UBS Commercial Mortgage Trust:
Series 2003-C7, Class A3, 4.56%, 9/15/27 (b)			195		196,132
Series 2005-C1, Class AAB, 4.57%, 2/15/30			903		938,905
Series 2005-C2, Class A5, 5.15%, 4/15/30 (b)			7,000		7,344,587
Series 2006-C4, Class AM, 5.90%, 6/15/38 (b)			1,402		1,456,473
Series 2006-C7, Class AM, 5.38%, 11/15/38			1,410		1,417,042
Series 2007-C1, Class A4, 5.42%, 2/15/40			4,000		4,200,558
Series 2007-C2, Class A3, 5.43%, 2/15/40			175		180,460
Series 2007-C6, Class A4, 5.86%, 7/15/40 (b)			8,960		9,414,003
Merrill Lynch/Countrywide Commercial Mortgage Trust:
Series 2006-2, Class A2, 5.88%, 6/12/46 (b)			12,690		12,748,103
Series 2007-9, Class ASB, 5.64%, 9/12/49			25,000		26,505,840
Morgan Stanley Capital I:
Series 1998-WF2, Class G, 6.34%, 7/15/30 (a)(b)			5,026		5,284,590
Series 2004-HQ4, Class A7, 4.97%, 4/14/40			8,900		9,462,553
Series 2007-HQ11, Class A2, 5.36%, 2/12/44			13,000		13,365,495
Series 2007-HQ13, Class A1, 5.36%, 12/15/44			223		231,777
Morgan Stanley Dean Witter Capital I, Series 2001-TOP3, Class A4, 6.39%, 7/15/33			1,062		1,077,117
Morgan Stanley Reremic Trust, Series 2010-GG10, Class A4A, 5.81%, 8/12/45 (a)(b)			13,860		14,819,759
Prudential Mortgage Capital Funding, LLC, Series 2001-Rock, Class A2, 6.61%, 5/10/34			672		675,775
RBSCF Trust, Series 2010-RR3, Class WBTA, 6.10%, 2/16/51 (a)(b)			14,233		15,058,514
Salomon Brothers Mortgage Securities VII, Inc., Series 2001- C2, Class A3, 6.50%, 11/13/36			4,092		4,188,074
Wachovia Bank Commercial Mortgage Trust:
Series 2005-C21, Class A3, 5.20%, 10/15/44 (b)			1,625		1,655,594

Non-Agency Mortgage-Backed Securities		Par (000)		Value
Commercial Mortgage-Backed Securities (concluded):
Wachovia Bank Commercial Mortgage Trust (concluded):
Series 2006-C28, Class A2, 5.50%, 10/15/48	USD		7,495	$	7,624,737
Series 2006-C29, Class A4, 5.31%, 11/15/48			7,110		7,546,031
Series 2007-C33, Class A4, 5.90%, 2/15/51 (b)			16,380		17,000,389
WaMu Commercial Mortgage Securities Trust, Series 2005-C1A, Class A2, 5.15%, 5/25/36 (a)(b)			1		855
					505,419,685
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)			5,641		104,057
Total Non-Agency Mortgage-Backed Securities – 21.1%					849,785,218
Preferred Securities
Capital Trusts
Capital Markets — 0.1%
Credit Suisse Guernsey Ltd., 5.86% (b)(k)			3,101		2,930,445
Goldman Sachs Capital II, 5.79% (b)(k)			3,190		2,703,525
Lehman Brothers Holdings Capital Trust VII, 5.86% (d)(e)(k)			1,888		189
					5,634,159
Diversified Financial Services — 0.3%
JPMorgan Chase & Co., 7.90% (b)(k)			10,835		11,517,497
Insurance — 0.1%
Lincoln National Corp., 6.05%, 4/20/67 (b)			3,110		2,868,975
Total Capital Trusts – 0.5%					20,020,631
Trust Preferreds		Shares
Diversified Financial Services — 0.2%
Citigroup Capital XIII, 7.88%, 10/30/40 (b)			5,900,000		6,350,760
Total Trust Preferreds – 0.2%					6,350,760
Total Preferred Securities – 0.7%					26,371,391

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2010 9

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

Taxable Municipal Bonds		Par (000)		Value
The Board of Trustees of The Leland Stanford Junior University, 4.25%, 5/01/16	USD		55	$	58,832
City of Chicago Illinois, RB, Build America Bonds, 6.40%, 1/01/40			2,225		2,163,612
Cornell University, 4.35%, 2/01/14			360		389,336
Dallas Area Rapid Transit, RB, Build America Bonds, 6.00%, 12/01/44			2,210		2,315,417
Metropolitan Transportation Authority, RB, Build America Bonds, 7.34%, 11/15/39			5,540		6,139,539
New Jersey State Turnpike Authority, RB, Build America Bonds, 7.41%, 1/01/40			1,335		1,472,745
New York City Municipal Water Finance Authority, RB, Build America Bonds, 5.72%, 6/15/42			6,480		6,474,168
New York State Dormitory Authority, RB, Build America Bonds, 5.63%, 3/15/39			4,650		4,552,397
Port Authority of New York & New Jersey, RB, Consolidated:
158th Series, 5.86%, 12/01/24			105		108,834
159th Series, 6.04%, 12/01/29			3,275		3,422,080
State of California, GO:
Build America Bonds, 7.30%, 10/01/39			9,890		10,031,922
Build America Bonds, 7.35%, 11/01/39			4,980		5,081,791
Build America Bonds, Various Purpose, 7.50%, 4/01/34			3,310		3,424,559
Various Purpose, Series 3, 5.45%, 4/01/15			20,425		21,562,468
University of California, RB, Build America Bonds, 5.95%, 5/15/45			4,255		3,953,576
Total Taxable Municipal Bonds – 1.8%					71,151,276
U.S. Government Sponsored Agency Securities
Agency Obligations — 1.6%
Fannie Mae:
1.75%, 5/07/13 (f)			3,450		3,523,640
6.63%, 11/15/30			1,450		1,829,565
Federal Home Loan Banks:
1.00%, 12/28/11			4,300		4,325,383
5.00%, 11/17/17			10,950		12,414,519
Freddie Mac:
2.13%, 3/23/12			2,000		2,039,864
2.13%, 9/21/12 (f)			4,500		4,615,191
2.50%, 4/23/14 (f)			11,100		11,500,488
4.38%, 7/17/15 (f)			7,950		8,769,001
4.88%, 6/13/18 (f)			4,300		4,808,849
3.75%, 3/27/19 (f)			3,650		3,778,367
6.25%, 7/15/32 (f)			4,300		5,252,643
					62,857,510
U.S. Government Sponsored Agency Securities		Par (000)		Value
Collateralized Mortgage Obligations — 0.6%
Fannie Mae Mortgage-Backed Securities:
Series 2004-29, Class HC, 7.50%, 7/25/30	USD		439	$	463,524
Series 2005-48, Class AR, 5.50%, 2/25/35			60		65,685
Series 2005-118, Class MC, 6.00%, 1/25/32			12		12,349
Series 2006-26, Class QA, 5.50%, 6/25/26			235		236,991
Series 2006-M2, Class A2A, 5.27%, 10/25/32 (b)			4,600		5,020,053
Series 2007-22, Class PA, 5.50%, 3/25/37			9,579		10,526,820
Freddie Mac Mortgage-Backed Securities:
Series 2825, Class VP, 5.50%, 6/15/15			1,100		1,197,093
Series 3068, Class VA, 5.50%, 10/15/16			7,056		7,324,691
					24,847,206
Commercial Mortgage-Backed Securities — 0.0%
Freddie Mac Mortgage-Backed Securities, Series K003, Class A3, 4.32%, 12/25/15			105		110,907
Interest Only Collateralized Mortgage Obligations — 1.2%
Fannie Mae Mortgage-Backed Securities (b):
Series 2006-82, Class SI, 6.10%, 9/25/36			52,759		6,730,913
Series 2008-1, Class CI, 6.04%, 2/25/38			39,361		4,629,671
Series 2009-70, Class SI, 6.12%, 9/25/36			49,949		6,336,545
Ginnie Mae Mortgage-Backed Securities (b):
Series 2006-69, Class SA, 6.46%, 12/20/36			8,530		1,212,047
Series 2007-9, Class BI, 6.35%, 3/20/37			20,633		2,870,316
Series 2009-16, Class SL, 7.10%, 1/20/37			25,174		3,579,272
Series 2009-66, Class US, 5.72%, 8/16/39			33,976		3,753,387
Series 2009-88, Class SK, 5.97%, 10/16/39			24,794		2,962,392
Series 2009-92, Class SL, 6.04%, 10/16/39			30,500		3,546,185
Series 2009-106, Class KS, 6.14%, 11/20/39			52,628		6,324,983
Series 2009-106, Class SL, 5.76%, 4/20/36			27,395		3,206,716
Series 2009-106, Class SU, 5.93%, 5/20/37			21,659		2,269,896
Series 2009-110, Class CS, 6.04%, 11/16/39			24,269		2,970,752
					50,393,075

10 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2010

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
Mortgage-Backed Securities — 165.5%
Fannie Mae Mortgage-Backed Securities:
2.83%, 11/01/35 (b)	USD		21,642	$	22,602,712
3.32%, 12/01/40 (b)			10,220		10,367,711
3.50%, 12/13/40 - 1/13/41 (l)			31,500		30,095,417
4.00%, 12/01/15 - 1/01/41 (l)			1,704,200		1,697,042,198
4.50%, 1/15/26 - 1/15/41 (l)			1,823,195		1,872,617,812
5.00%, 1/15/26 - 1/15/41 (l)			866,903		912,335,018
5.03%, 8/01/38 (b)			10,531		11,205,680
5.50%, 12/01/32 - 1/15/41 (f)(l)			1,362,024		1,458,067,923
5.57%, 10/01/38 (b)			81		86,009
6.00%, 2/01/34 - 1/15/41 (f)(l)			180,997		197,427,874
6.28%, 8/01/11			1,704		1,717,858
6.50%, 1/15/41 (l)			52,100		57,896,125
Freddie Mac Mortgage-Backed Securities:
4.50%, 12/01/40 - 1/15/41 (l)			156,800		160,780,604
5.30%, 5/01/36 (b)			89		93,653
5.31%, 2/01/37 (b)			162		170,467
5.50%, 2/01/37 - 1/15/41 (b)(l)			1,827		1,946,197
5.69%, 10/01/36 (b)			94		98,446
Ginnie Mae Mortgage-Backed Securities:
1.88%, 5/20/34 (b)			1,671		1,704,665
4.50%, 1/15/41 (l)			83,100		86,268,187
5.00%, 1/15/41 (l)			75,600		80,372,250
5.50%, 1/15/41 (l)			36,000		38,902,500
6.00%, 1/15/41 (l)			29,500		32,436,165
					6,674,235,471
Total U.S. Government Sponsored Agency Securities – 168.9%					6,812,444,169
U.S. Treasury Obligations
U.S. Treasury Bonds:
8.75%, 8/15/20 (m)			47,793		69,815,106
8.13%, 5/15/21			9,100		12,917,732
8.00%, 11/15/21 (m)			7,300		10,324,937
7.25%, 8/15/22 (n)			14,620		19,764,412
6.25%, 8/15/23 (m)			5,450		6,849,969
7.63%, 2/15/25 (m)			7,500		10,635,937
6.13%, 11/15/27 (m)			12,300		15,451,875
5.25%, 2/15/29			17,000		19,496,875
5.38%, 2/15/31			2,850		3,326,930
4.50%, 2/15/36 (m)			11,350		11,750,791
3.50%, 2/15/39 (m)			23,100		19,905,709
4.38%, 11/15/39 (m)			17,150		17,241,101
4.63%, 2/15/40			7,125		7,463,438
4.38%, 5/15/40 (m)			8,416		8,456,733
3.88%, 8/15/40			16,725		15,405,297
4.25%, 11/15/40 (m)			37,130		36,526,637
U.S. Treasury Inflation Indexed Bonds:
1.25%, 7/15/20			12,535		12,835,046
2.13%, 2/15/40			10,119		10,709,911
U.S. Treasury Notes:
0.38%, 9/30/12 (m)			96,975		96,743,909

U.S. Treasury Obligations		Par (000)		Value
U.S. Treasury Notes (concluded):
0.38%, 10/31/12 (m)	USD		54,470	$	54,304,030
0.50%, 11/30/12 (f)(m)			45,300		45,241,608
1.38%, 1/15/13 (m)			44,550		45,228,675
1.38%, 5/15/13 (m)			31,310		31,760,238
3.38%, 6/30/13 (m)			14,850		15,811,775
1.00%, 7/15/13 (m)			50,000		50,246,000
0.75%, 9/15/13 (m)			76,415		76,170,243
0.50%, 10/15/13			1,250		1,236,035
2.38%, 8/31/14 (m)			26,600		27,555,951
2.38%, 9/30/14 (m)			45,050		46,661,934
4.25%, 11/15/14 (m)			24,050		26,588,405
2.50%, 4/30/15			13,555		14,013,539
4.25%, 8/15/15			23,300		25,799,298
1.25%, 9/30/15			76,505		74,227,752
1.25%, 10/31/15			37,867		36,648,427
1.38%, 11/30/15 (m)			7,448		7,237,944
5.13%, 5/15/16			4,400		5,069,280
7.25%, 5/15/16 (m)			6,800		8,572,780
4.88%, 8/15/16 (m)			18,800		21,427,601
2.75%, 11/30/16 (m)			18,850		19,240,252
3.13%, 4/30/17			13,155		13,630,843
2.75%, 5/31/17 (m)			20,375		20,634,455
2.38%, 7/31/17 (m)			17,000		16,776,875
4.75%, 8/15/17 (m)			8,200		9,298,669
1.88%, 9/30/17 (m)			20,000		19,045,320
2.25%, 11/30/17 (m)			29,275		28,467,654
2.75%, 2/15/19 (m)			22,900		22,604,796
3.38%, 11/15/19 (m)			10,980		11,209,032
2.63%, 11/15/20			75,381		71,105,465
Total U.S. Treasury Obligations – 31.0%					1,251,437,221
Total Long-Term Investments (Cost – $10,735,707,012) – 266.0%					10,728,014,711
Short-Term Securities
Borrowed Bond Agreements – 7.5%
France – 1.1%
Barclays Bank Plc, 0.35%, 1/24/11	EUR		31,801		42,496,425
United States – 6.4%
Barclays Capital, Inc.:
(0.90)%, 1/18/11	USD		61,720		61,718,750
(0.25)%, Open			79,875		79,875,000
(0.50)%, Open			52,750		52,750,000
0.16%, Open			35,091		35,090,720
Credit Suisse Securities (USA) LLC, 0.04%, Open			5,275		5,274,833
Merrill Lynch & Co.:
0.15%, Open			16,751		16,747,500
0.20%, Open			6,842		6,845,156
					258,301,959

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2010 11

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

Short-Term Securities	Shares		Value
Money Market Fund – 0.3%
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.17% (j)(o)		13,395,174	$	13,395,174
Total Short-Term Securities (Cost – $313,463,528) – 7.8%				314,193,558
Options Purchased	Contracts
Exchange-Traded Put Options — 0.0%
Radian Group, Inc., Strike Price USD 9.00, Expires 1/22/11		1,500		157,500
Over-the-Counter Call Options — 0.0%
CHF Call Option, Strike Price USD 1.40, Expires 2/17/11, Broker Citibank NA		69,792		2,792
HKD Call Option, Strike Price USD 7.70, Expires 11/10/11, Broker HSBC Securities (USA), Inc.		320,136		149,503
				152,295
		Notional
		Amount
		(000)
Over-the-Counter Call Swaptions — 0.2%
Receive a fixed rate of 3.12% and pay a floating rate based on 3-month LIBOR, Expires 11/08/11, Broker Deutsche Bank AG	USD	32,000		414,048
Receive a fixed rate of 3.54% and pay a floating rate based on 3-month LIBOR, Expires 12/01/11, Broker UBS AG		73,000		1,879,020
Receive a fixed rate of 3.63% and pay a floating rate based on 3-month LIBOR, Expires 12/02/11, Broker Deutsche Bank AG		34,800		1,014,281
Receive a fixed rate of 3.36% and pay a floating rate based on 3-month LIBOR, Expires 10/22/12, Broker UBS AG		34,500		729,020
Receive a fixed rate of 3.46% and pay a floating rate based on 3-month LIBOR, Expires 10/22/12, Broker UBS AG		50,000		1,178,450
Receive a fixed rate of 4.85% and pay a floating rate based on 3-month LIBOR, Expires 11/23/20, Broker UBS AG		23,800		1,387,611
				6,602,430

	Contracts			Value
Over-the-Counter Put Options — 0.0%
CHF Put Option, Strike Price USD 1.25, Expires 2/17/11, Broker UBS AG		38,637	$	671,125
	Notional Amount (000)
Over-the-Counter Put Swaptions — 0.4%
Pay a fixed rate of 4.15% and receive a floating rate based on 3-month LIBOR, Expires 5/12/11, Broker Deutsche Bank AG	USD	128,600		1,179,133
Pay a fixed rate of 3.12% and receive a floating rate based on 3-month LIBOR, Expires 11/08/11, Broker Deutsche Bank AG		32,000		2,288,512
Pay a fixed rate of 3.54% and receive a floating rate based on 3-month LIBOR, Expires 12/01/11, Broker UBS AG		73,000		3,732,417
Pay a fixed rate of 3.63% and receive a floating rate based on 3-month LIBOR, Expires 12/02/11, Broker Deutsche Bank AG		34,800		1,635,983
Pay a fixed rate of 3.36% and receive a floating rate based on 3-month LIBOR, Expires 10/22/12, Broker UBS AG		34,500		3,204,360
Pay a fixed rate of 3.46% and receive a floating rate based on 3-month LIBOR, Expires 10/22/12, Broker UBS AG		50,000		4,378,900
Pay a fixed rate of 4.85% and receive a floating rate based on 3-month LIBOR, Expires 11/23/20, Broker UBS AG		23,800		1,604,953
				18,024,258
Total Options Purchased (Cost – $25,533,300) – 0.6%				25,607,608
Total Investments Before Borrowed Bonds, TBA Sale Commitments and Options Written (Cost – $11,074,703,840*) – 274.4%				11,067,815,877

Borrowed Bonds		Par (000)
European Investment Bank:
2.88%, 1/15/15			75,000	(77,789,775	)
2.75%, 3/23/15			50,000	(51,547,250	)
1.38%, 10/20/15			62,500	(60,053,313	)
Republic of France, 3.75%, 4/25/17	EUR		29,310	(41,738,876	)
U.S. Treasury CPI Note, 2.13%, 2/15/40	USD		12,500	(12,835,050	)

12 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2010

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 Bonds:
1.25%, 10/31/15	USD	73,997	$	(71,615,185	)
2.50%, 1/15/29		14,000		(16,181,746	)
U.S. Treasury Notes:
2.63%, 1/15/20		67,300		(63,482,811	)
4.63%, 2/15/40		13,500		(14,141,250	)
Total Borrowed Bonds (Proceeds - $417,105,019) - (10.1)%				(409,385,256	)
TBA Sale Commitments (l)
Fannie Mae Mortgage-Backed Securities:
3.50%, 12/13/40 - 1/13/41		31,500		(30,095,416	)
4.00%, 12/01/15 - 1/01/41		1,238,200		(1,231,700,025	)
4.50%, 1/15/26 - 1/15/41		1,732,800		(1,778,244,913	)
5.50%, 12/01/32 - 1/15/41		2,031,500		(2,157,351,207	)
6.00%, 2/01/34 - 1/15/41		88,200		(95,788,313	)
6.50%, 1/15/41		7,700		(8,556,625	)
Freddie Mac Mortgage-Backed Securities, 4.50%, 12/01/40 - 1/15/41		156,800		(160,362,211	)
Total TBA Sale Commitments (Proceeds – $5,463,283,816) – (135.4)%				(5,462,098,710	)
Options Written	Contracts
Exchange-Traded Call Options — (0.0)%
CBOE Volatility Index, Strike Price USD 27.50, Expires 2/16/11		1,120		(123,200	)
Five-Year U.S. Treasury Bond Future, Strike Price USD 119.50, Expires 2/18/11		127		(29,766	)
Ten-Year U.S. Treasury Bond Future, Strike Price USD 124.00, Expires 2/18/11		509		(143,156	)
				(296,122	)
Exchange-Traded Put Options — (0.1)%
Five-Year U.S. Treasury Bond Future, Strike Price USD 119.50, Expires 2/18/11		127		(255,984	)
Ten-Year U.S. Treasury Bond Future, Strike Price USD 124.00, Expires 2/18/11		509		(1,956,469	)
				(2,212,453	)
Over-the-Counter Call Options — (0.0)%
CHF Call Option, Strike Price USD 1.40, Expires 2/17/11, Broker UBS AG		34,497		(1,380	)
HKD Call Option, Strike Price USD 7.30, Expires 11/10/11, Broker HSBC Securities (USA), Inc.		320,136		(11,525	)
				(12,905	)

	Notional Amount (000)		Value
Over-the-Counter Call Swaptions — (0.3)%
Pay a fixed rate of 2.10% and receive a floating rate based on 3-month LIBOR, Expires 1/06/11, Broker Citibank NA	USD	41,200	$	(412	)
Pay a fixed rate of 2.80% and receive a floating rate based on 3-month LIBOR, Expires 2/08/11, Broker Deutsche Bank AG		64,700		(34,485	)
Pay a fixed rate of 3.82% and receive a floating rate based on 3-month LIBOR, Expires 12/08/11, Broker JPMorgan Chase Bank NA		34,700		(1,287,682	)
Pay a fixed rate of 3.81% and receive a floating rate based on 3-month LIBOR, Expires 12/09/11, Broker UBS AG		26,300		(964,027	)
Pay a fixed rate of 3.84% and receive a floating rate based on 3-month LIBOR, Expires 12/12/11, Broker Citibank NA		15,000		(571,110	)
Pay a fixed rate of 3.83% and receive a floating rate based on 3-month LIBOR, Expires 12/12/11, Broker JPMorgan Chase Bank NA		10,400		(388,898	)
Pay a fixed rate of 3.85% and receive a floating rate based on 3-month LIBOR, Expires 12/12/11, Broker UBS AG		41,500		(1,604,764	)
Pay a fixed rate of 3.95% and receive a floating rate based on 3-month LIBOR, Expires 12/13/11, Broker Goldman Sachs Bank USA		32,800		(1,418,731	)
Pay a fixed rate of 3.94% and receive a floating rate based on 3-month LIBOR, Expires 12/13/11, Broker UBS AG		9,700		(414,840	)
Pay a fixed rate of 3.98% and receive a floating rate based on 3-month LIBOR, Expires 12/14/11, Broker Bank of America NA		17,000		(760,138	)
Pay a fixed rate of 3.77% and receive a floating rate based on 3-month LIBOR, Expires 11/23/12, Broker UBS AG		36,000		(1,185,300	)
Pay a fixed rate of 4.03% and receive a floating rate based on 3-month LIBOR, Expires 12/06/12, Broker UBS AG		22,700		(953,218	)
Pay a fixed rate of 4.14% and receive a floating rate based on 3-month LIBOR, Expires 12/07/12, Broker Citibank NA		22,400		(1,033,021	)

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2010 13

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

Options Written	Notional Amount (000)		Value
Over-the-Counter Call Swaptions (concluded):
Pay a fixed rate of 3.23% and receive a floating rate based on 6-month EURIBOR, Expires 9/03/13, Broker Citibank NA	USD	53,600	$	(1,305,267	)
Pay a fixed rate of 3.44% and receive a floating rate based on 6-month EURIBOR, Expires 10/21/13, Broker Deutsche Bank AG		14,900		(461,825	)
				(12,383,718	)
	Contracts
Over-the-Counter Put Options — (0.0)%
CHF Put Option, Strike Price USD 1.25, Expires 2/17/11, Broker Citibank NA		78,167		(1,357,770	)
	Notional Amount (000)
Over-the-Counter Put Swaptions — (0.9)%
Receive a fixed rate of 3.15% and pay a floating rate based on 3-month LIBOR, Expires 1/05/11, Broker Citibank NA	USD	35,000		(756,490	)
Receive a fixed rate of 3.10% and pay a floating rate based on 3-month LIBOR, Expires 1/06/11, Broker Citibank NA		41,200		(1,065,720	)
Receive a fixed rate of 2.80% and pay a floating rate based on 3-month LIBOR, Expires 2/08/11, Broker Deutsche Bank AG		64,700		(3,647,786	)
Receive a fixed rate of 1.80% and pay a floating rate based on 3-month LIBOR, Expires 3/02/11, Broker Royal Bank of Scotland Plc		147,500		(3,823,937	)
Receive a fixed rate of 2.15% and pay a floating rate based on 3-month LIBOR, Expires 4/26/11, Broker Deutsche Bank AG		40,100		(819,965	)
Receive a fixed rate of 3.82% and pay a floating rate based on 3-month LIBOR, Expires 12/08/11, Broker JPMorgan Chase Bank NA		34,700		(1,374,953	)
Receive a fixed rate of 3.81% and pay a floating rate based on 3-month LIBOR, Expires 12/09/11, Broker UBS AG		26,300		(1,054,656	)
Receive a fixed rate of 3.84% and pay a floating rate based on 3-month LIBOR, Expires 12/12/11, Broker Citibank NA		15,000		(586,515	)
Options Written	Notional Amount (000)		Value
Over-the-Counter Put Swaptions (concluded)
Receive a fixed rate of 3.83% and pay a floating rate based on 3-month LIBOR, Expires 12/12/11, Broker JPMorgan Chase Bank NA	USD	10,400	$	(412,745	)
Receive a fixed rate of 3.85% and pay a floating rate based on 3-month LIBOR, Expires 12/12/11, Broker UBS AG		41,500		(1,601,858	)
Receive a fixed rate of 3.95% and pay a floating rate based on 3-month LIBOR, Expires 12/13/11, Broker Goldman Sachs Bank USA		32,800		(1,151,608	)
Receive a fixed rate of 3.94% and pay a floating rate based on 3-month LIBOR, Expires 12/13/11, Broker UBS AG		9,700		(344,020	)
Receive a fixed rate of 3.98% and pay a floating rate based on 3-month LIBOR, Expires 12/14/11, Broker Bank of America NA		17,000		(580,567	)
Receive a fixed rate of 4.00% and pay a floating rate based on 3-month LIBOR, Expires 8/13/12, Broker Morgan Stanley Capital Services, Inc.		80,800		(4,474,462	)
Receive a fixed rate of 3.77% and pay a floating rate based on 3-month LIBOR, Expires 11/23/12, Broker UBS AG		36,000		(2,663,460	)
Receive a fixed rate of 4.03% and pay a floating rate based on 3-month LIBOR, Expires 12/06/12, Broker UBS AG		22,700		(1,437,228	)
Receive a fixed rate of 4.14% and pay a floating rate based on 3-month LIBOR, Expires 12/07/12, Broker Citibank NA		22,400		(1,321,555	)
Receive a fixed rate of 3.23% and pay a floating rate based on 6-month EURIBOR, Expires 9/03/13, Broker Citibank NA		53,600		(6,128,946	)
Receive a fixed rate of 3.44% and pay a floating rate based on 6-month EURIBOR, Expires 10/21/13, Broker Deutsche Bank AG		14,900		(1,516,403	)
Receive a fixed rate of 4.47% and pay a floating rate based on 3-month LIBOR, Expires 8/05/15, Broker JPMorgan Chase Bank NA		26,200		(1,204,388	)
				(35,967,262	)
Total Options Written (Premiums Received – $41,652,623) – (1.3)%				(52,230,230	)

14 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2010

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

	Value
Total Investments, Net of Borrowed Bonds, TBA Sale
Commitments and Options Written – 127.6%	$	5,144,101,681
Liabilities in Excess of Other Assets – (27.6)%		(1,111,094,768	)
Net Assets – 100.0%	$	4,033,006,913

* The cost and unrealized appreciation (depreciation) of investments as of December 31, 2010, as computed for federal income tax purposes were as follows:

Aggregate cost	$	11,079,417,336
Gross unrealized appreciation	$	122,928,910
Gross unrealized depreciation		(134,530,369	)
Net unrealized depreciation	$	(11,601,459	)

(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)	Non-income producing security.
(e)	Issuer filed for bankruptcy and/or is in default of interest payments.
(f)	All or a portion of security has been pledged as collateral in connection with swaps.
(g)	Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.
(h)	Convertible security.
(i)	Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.
(j)	Investments in companies considered to be an affiliate of the Master LLC during the period, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Par/Shares Held at September 30, 2010		Par/Shares Purchased	Par/Shares Sold		Par/Shares Held at December 31, 2010		Value at December 31, 2010		Realized Loss			Income
BlackRock Capital Finance LP, Series 1997-R2, Class AP, 1.21%, 12/25/35	$	9,158	—	—		$	9,158	$	9,158		—		$	235
BlackRock Liquidity Funds, TempFund, Institutional Class		20,883,348	—	(7,488,174	)1		13,395,174	$	13,395,174		—		$	13,833
iShares JPMorgan USD Emerging Markets Bond Fund		145,000	45,000	(75,500	)		114,500	$	12,260,660	$	(171,926	)		—

1	Represents net shares sold.
(k)	Security is perpetual in nature and has no stated maturity date.

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2010 15

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

(l) 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	$	206,535,235		$	(620,997	)
Banc of America NA	$	71,219,661		$	507,829
Barclays Capital, Inc	$	213,198,356		$	61,089
Citigroup Global Markets, Inc	$	(285,176,020	)	$	(230,294	)
Credit Suisse Securities LLC	$	753,113,874		$	471,090
Deutsche Bank Securities, Inc	$	187,411,374		$	(5,374,488	)
Goldman Sachs & Co	$	(286,797,157	)	$	2,077,544
Greenwich Financial Services	$	127,457,919		$	556,500
JPMorgan Chase Bank NA	$	36,004,231		$	4,662,930
Morgan Stanley Capital Services, Inc	$	(841,956,702	)	$	(5,906,377	)
Nomura Securities International, Inc	$	101,561,878		$	(1,769,782	)
UBS Securities	$	(61,421,990	)	$	1,202,201

(m)	All or a portion of security has been pledged as collateral in connection with open reverse repurchase agreements.
(n)	All or a portion of security has been pledged as collateral in connection with open financial futures contracts.
(o)	Represents the current yield as of report date.
•	For Master LLC compliance purposes, the Master LLC’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 Master LLC management. This definition may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.
•	Reverse repurchase agreements outstanding as of December 31, 2010 were as follows:

Counterparty	Interest Rate		Trade Date	Maturity Date	Net Closing Amount		Face Amount
Credit Suisse Securities (USA) LLC	0.29	%	10/15/2010	Open	$	20,062,921	$	20,050,000
Barclays Capital, Inc	0.22	%	10/20/2010	Open		47,943,902		47,921,938
Barclays Capital, Inc	0.23	%	11/1/2010	Open		17,750,891		17,743,750
Credit Suisse Securities (USA) LLC	0.24	%	11/3/2010	Open		58,274,209		58,250,520
Credit Suisse Securities (USA) LLC	0.18	%	11/18/2010	Open		76,528,116		76,510,518
Merrill Lynch & Co., Inc	0.23	%	11/22/2010	Open		20,622,150		20,616,750
Barclays Capital, Inc	0.21	%	11/23/2010	Open		9,792,966		9,790,625
Merrill Lynch & Co., Inc	0.20	%	12/6/2010	Open		118,989,596		118,971,749
Merrill Lynch & Co., Inc	0.23	%	12/8/2010	Open		155,062,591		155,036,838
Credit Suisse Securities (USA) LLC	(2.25	)%	12/13/2010	Open		24,766,202		24,798,750
Credit Suisse Securities (USA) LLC	0.17	%	12/13/2010	Open		28,472,761		28,469,938
Merrill Lynch & Co., Inc	0.23	%	12/13/2010	Open		30,947,745		30,943,594
Deutsche Bank AG	0.26	%	12/21/2010	1/11/2011		54,270,441		54,265,738

16 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2010

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

• Reverse repurchase agreements outstanding as of December 31, 2010 (concluded):

Counterparty	Interest Rate	Trade Date	Maturity Date	Net Closing Amount		Face Amount
Deutsche Bank AG	0.26%	12/22/2010	1/6/2011	$	58,450,933	$	58,446,290
Barclays Capital, Inc	0.18%	12/30/2010	1/3/2011		7,215,358		7,215,250
Deutsche Bank AG	0.02%	12/30/2010	1/3/2011		39,660,429		39,660,362
Deutsche Bank AG	0.25%	12/30/2010	1/3/2011		78,804,142		78,802,500
Total				$	847,615,353	$	847,495,110

• Financial futures contracts purchased as of December 31, 2010 were as follows:

Contracts	Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation (Depreciation)
2,386	2-Year U.S. Treasury Bond	Chicago Board of Trade	March 2011	$	521,623,413	$	686,900
71	Euro-Dollar	Chicago Mercantile	December 2012	$	17,452,608		(19,445	)
67	Euro-Dollar	Chicago Mercantile	September 2013	$	16,355,518		(44,368	)
7	Euro-Dollar	Chicago Mercantile	December 2013	$	1,697,257		2,256
Total						$	625,343

• Financial futures contracts sold as of December 31, 2010 were as follows:

Contracts	Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation (Depreciation)
3,107	5-Year U.S. Treasury Bond	Chicago Board of Trade	March 2011	$	364,572,435	$	(1,179,721	)
2,879	10-Year U.S. Treasury Bond	Chicago Board of Trade	March 2011	$	344,886,265		(1,853,298	)
20	30-Year U.S. Treasury Bond	Chicago Board of Trade	March 2011	$	2,441,837		(663	)
17	30-Year Ultra Long Term
	U.S. Treasury Bond	Chicago Board of Trade	March 2011	$	2,137,191		(23,403	)
315	Euro-Dollar	Chicago Mercantile	March 2011	$	78,359,322		(103,241	)
239	Euro-Dollar	Chicago Mercantile	June 2011	$	59,442,755		(44,345	)
223	Euro-Dollar	Chicago Mercantile	September 2011	$	55,412,367		(27,751	)
253	Euro-Dollar	Chicago Mercantile	December 2011	$	62,747,467		(40,808	)
188	Euro-Dollar	Chicago Mercantile	March 2012	$	46,570,958		17,458
84	Euro-Dollar	Chicago Mercantile	June 2012	$	20,817,119		73,319
45	Euro-Dollar	Chicago Mercantile	September 2012	$	11,157,026		75,213
74	Euro-Dollar	Chicago Mercantile	March 2013	$	18,223,196		105,221
14	Euro-Dollar	Chicago Mercantile	June 2013	$	3,454,462		36,712
Total						$	(2,965,307	)

• Foreign currency exchange contracts as of December 31, 2010 were as follows:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	7,883,647	EUR	5,928,000	Citibank NA	1/03/11	$	(37,992	)
IDR	23,723,993,280	USD	2,672,000	HSBC Bank	1/11/11		(43,458	)
NZD	15,065,541	USD	11,168,874	HSBC Bank	1/11/11		559,757
USD	11,211,000	IDR	101,144,706,000	HSBC Bank	1/11/11		4,492
USD	2,671,888	NZD	3,389,000	HSBC Bank	1/11/11		33,527
CNY	205,045,510	USD	30,859,000	HSBC Bank	1/18/11		244,953
CAD	10,141,016	AUD	10,292,000	Morgan Stanley Capital Services, Inc.	1/19/11		(304,528	)
EUR	7,436,832	HUF	2,063,807,891	Deutsche Bank AG	1/19/11		36,500
USD	13,374,623	GBP	8,420,000	Citibank NA	1/19/11		248,984
EUR	2,963,000	USD	3,922,627	Citibank NA	1/20/11		36,737
USD	3,974,724	EUR	3,030,000	JPMorgan Chase Bank NA	1/20/11		(74,170	)
CNY	193,968,666	USD	29,196,000	HSBC Bank	1/26/11		223,406
USD	14,877,110	EUR	11,385,000	Citibank NA	1/27/11		(336,059	)
USD	3,321,000	UAH	27,020,500	HSBC Bank	1/27/11		(41,951	)
EUR	5,928,000	USD	7,883,499	Citibank NA	1/28/11		37,753

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2010 17

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

• Foreign currency exchange contracts as of December 31, 2010 (concluded):

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	1,508,825	EUR	1,102,000	Deutsche Bank AG	1/28/11	$	36,285
USD	49,659,411	EUR	37,553,000	UBS AG	1/28/11		(520,546	)
CZK	148,023,000	EUR	6,023,108	Royal Bank of Scotland Plc	2/14/11		(150,926	)
EUR	6,589,030	GBP	5,675,000	UBS AG	2/14/11		(40,810	)
EUR	3,736,000	HUF	1,034,871,253	Deutsche Bank AG	2/14/11		41,156
EUR	9,454,288	NOK	74,730,000	Citibank NA	2/14/11		(146,256	)
GBP	5,365,000	CZK	153,008,512	Royal Bank of Scotland Plc	2/14/11		198,773
HUF	1,946,908,169	PLN	27,883,000	Citibank NA	2/14/11		(77,868	)
NOK	29,340,000	CZK	89,064,533	Deutsche Bank AG	2/14/11		265,565
PLN	27,883,000	EUR	6,967,040	UBS AG	2/14/11		82,633
RUB	158,051,550	USD	5,133,000	HSBC Bank	2/14/11		21,219
SEK	32,442,000	CZK	85,429,519	Deutsche Bank AG	2/14/11		258,591
USD	12,317,017	HKD	95,415,000	HSBC Bank	2/14/11		36,620
USD	5,133,000	HUF	1,045,028,340	HSBC Bank	2/14/11		133,717
USD	2,361,000	TRY	3,414,363	Citibank NA	2/14/11		161,520
CHF	18,830,000	EUR	13,883,431	Deutsche Bank AG	2/17/11		1,601,379
CHF	21,812,016	EUR	16,641,065	UBS AG	2/17/11		1,108,108
EUR	20,926,101	CHF	27,862,000	UBS AG	2/17/11		(1,857,301	)
JPY	259,415,475	KRW	3,613,861,000	HSBC Bank	2/22/11		21,513
KRW	10,414,774,250	JPY	758,265,325	HSBC Bank	2/22/11		(193,330	)
USD	4,046,233	JPY	337,327,600	UBS AG	2/23/11		(110,938	)
USD	1,217,136	JPY	100,793,000	Royal Bank of Scotland Plc	2/23/11		(25,021	)
USD	5,527,000	ZAR	39,201,690	Deutsche Bank AG	2/24/11		(377,098	)
EUR	14,860,000	USD	19,571,883	Royal Bank of Scotland Plc	3/03/11		281,775
EUR	14,830,000	USD	19,852,610	BNP Paribas	3/03/11		(39,033	)
EUR	7,395,000	USD	9,698,543	Royal Bank of Scotland Plc	3/03/11		181,525
EUR	7,395,000	USD	9,655,873	UBS AG	3/03/11		224,194
USD	19,510,140	EUR	14,860,000	Goldman Sachs International	3/03/11		(343,518	)
USD	9,862,305	EUR	7,395,000	Citibank NA	3/03/11		(17,763	)
USD	19,650,578	EUR	14,790,000	Goldman Sachs International	3/03/11		(109,557	)
USD	9,742,839	EUR	7,395,000	Citibank NA	3/03/11		(137,229	)
USD	9,787,699	EUR	7,405,000	Deutsche Bank AG	3/03/11		(105,729	)
NOK	105,033,000	EUR	13,070,980	Williams Capital Group	3/07/11		478,510
MXN	61,128,940	CAD	4,923,000	UBS AG	3/22/11		(23,176	)
CNY	165,411,000	USD	24,592,774	HSBC Bank	7/27/11		563,347
USD	51,087,018	CNY	342,272,803	HSBC Bank	7/27/11		(966,691	)
Total						$	1,041,591

• Credit default swaps on single-name issuers - buy protection outstanding as of December 31, 2010 were as follows:

Issuer	Pay Fixed Rate	Counterparty	Expiration Date	Notional Amount (000)		Unrealized Depreciation
Radian Group, Inc.	5.00%	Citibank NA	3/20/13	$	13,350	$	(987,184	)
Eastman Chemical Co.	0.68%	Morgan Stanley Capital Services, Inc.	9/20/13	$	7,800		(26,773	)
Radian Group, Inc.	5.00%	Citibank NA	6/20/15	$	13,350		(1,185,537	)
Wells Fargo & Co.	1.00%	Barclays Bank Plc	9/20/15	$	5,000		(46,982	)
Barrick Gold Corp.	1.00%	Deutsche Bank AG	12/20/15	$	16,000		(118,881	)
General Electric Capital Corp.	1.00%	Barclays Bank Plc	12/20/15	$	8,000		(178,554	)
Hartford Financial Services Group, Inc.	1.00%	Citibank NA	12/20/15	$	8,000		(176,158	)
MGIC Investment Corp.	5.00%	Citibank NA	12/20/15	$	8,010		(592,308	)
Nexen, Inc.	1.00%	Deutsche Bank AG	12/20/15	$	4,000		(14,626	)
Wells Fargo & Co.	1.00%	Credit Suisse International	12/20/15	$	16,000		(130,934	)
The PMI Group, Inc.	5.00%	Citibank NA	9/20/16	$	13,350		(510,940	)
The New York Times Co.	1.00%	Barclays Bank Plc	12/20/16	$	20,100		(441,141	)
Total						$	(4,410,018	)

18 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2010

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

• Credit default swaps on traded indexes - buy protection outstanding as of December 31, 2010 were as follows:

Issuer	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)		Unrealized Depreciation
Dow Jones CDX Emerging Markets Series 14		5.00	%	Morgan Stanley Capital Services, Inc.	12/20/15	$	10,740	$	(117,556	)
Dow Jones CDX North America High Yield Index Series 15		5.00	%	Citibank NA	12/20/15	$	20,400		(692,645	)
Dow Jones CDX North America High Yield Index Series 15		1.00	%	Credit Suisse International	12/20/15	$	37,500		(38,932	)
Dow Jones CDX North America High Yield Index Series 15		5.00	%	Deutsche Bank AG	12/20/15	$	17,350		(589,128	)
Dow Jones CDX North America High Yield Index Series 15		1.00	%	Morgan Stanley Capital Services, Inc.	12/20/15	$	8,000		(46,537	)
Dow Jones CDX North America Investment Grade Index Series 15		1.00	%	Credit Suisse International	12/20/15	$	5,715		(27,223	)
Dow Jones CDX North America Investment Grade Index Series 15		1.00	%	Morgan Stanley Capital Services, Inc.	12/20/15	$	4,000		(20,925	)
Total								$	(1,532,946	)

• Credit default swaps on single-name issuers - sold protection outstanding as of December 31, 2010 were as follows:

Issuer	Receive Fixed Rate			Counterparty	Expiration Date	Issuer Credit Rating1	Notional Amount (000)2		Unrealized Appreciation (Depreciation)
MBIA Insurance Corp.		5.00	%	Barclays Bank Plc	12/20/12	CCC	$	4,000	$	(206,810	)
MBIA Insurance Corp.		5.00	%	Deutsche Bank AG	12/20/12	CCC	$	16,000		(440,361	)
Boyd Gaming Corp.		5.00	%	Deutsche Bank AG	12/20/14	CCC+	$	2,640		110,904
Boyd Gaming Corp.		5.00	%	Morgan Stanley Capital Services, Inc.	12/20/14	CCC+	$	2,000		21,473
Assured Guaranty Ltd.		5.00	%	Citibank NA	12/20/15	A+	$	3,750		(119,004	)
Assured Guaranty Ltd.		5.00	%	Morgan Stanley Capital Services, Inc.	12/20/15	A+	$	4,000		(250,683	)
Block Financial LLC		5.00	%	Citibank NA	12/20/15	BBB	$	3,000		(110,335	)
Boyd Gaming Corp.		5.00	%	Credit Suisse International	12/20/15	CCC+	$	2,000		8,698
Ford Motor Co.		5.00	%	Barclays Bank Plc	12/20/15	B	$	8,000		290,700
M.D.C. Holdings, Inc.		1.00	%	Deutsche Bank AG	12/20/15	BBB-	$	12,000		124,541
Macy’s, Inc.		1.00	%	Barclays Bank Plc	12/20/15	BB+	$	8,000		127,377
McClatchy Co.		5.00	%	Morgan Stanley Capital Services, Inc.	12/20/15	CCC+	$	8,000		510,958
The PMI Group, Inc.		5.00	%	Citibank NA	12/20/15	CCC+	$	5,000		(88,149	)
Total									$	(20,691	)

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

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2010 19

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

• Credit default swaps on traded indexes - sold protection outstanding as of December 31, 2010 were as follows:

Issuer	Receive Fixed Rate		Counterparty	Expiration Date	Average Credit Rating3	Notional Amount (000)4		Unrealized Depreciation
MCDX North America Series 14	0.00	%	Goldman Sachs International	6/20/20	AA	$	10,340	$	(242,016	)

	3	Using Standard and Poor’s rating.
	4	The maximum potential amount the Master LLC may pay should a negative event take place as defined under the terms of agreement.
•	Interest rate swaps outstanding as of December 31, 2010 were as follows:

Fixed Rate	Floating Rate	Counterparty	Expiration Date	Notional Amount (000)		Unrealized Appreciation (Depreciation)
0.69% (a)	3-month LIBOR	Barclays Bank Plc	9/07/12	$	250,000	$	(141,501	)
0.62% (a)	3-month LIBOR	Deutsche Bank AG	11/26/12	$	187,900		434,941
0.75% (a)	3-month LIBOR	Royal Bank of Scotland Plc	12/02/12	$	181,100		252
0.85% (a)	3-month LIBOR	BNP Paribas SA	12/14/12	$	61,700		(96,375	)
1.32% (a)	3-month LIBOR	Citibank NA	12/17/13	$	31,000		(65,246	)
1.41% (a)	3-month LIBOR	Deutsche Bank AG	12/20/13	$	46,600		(215,308	)
1.26% (a)	3-month LIBOR	Deutsche Bank AG	12/24/13	$	48,400		2,175
1.50% (b)	3-month LIBOR	JPMorgan Chase Bank NA	8/22/14	$	14,500		(141,800	)
1.40% (b)	3-month LIBOR	JPMorgan Chase Bank NA	8/24/14	$	29,300		(381,643	)
1.73% (c)	3-month LIBOR	JPMorgan Chase Bank NA	11/26/15	$	51,000		(982,317	)
1.71% (c)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	11/26/15	$	116,000		(2,309,796	)
1.74% (a)	3-month LIBOR	Credit Suisse International	12/02/15	$	28,560		543,653
1.94% (a)	3-month LIBOR	Credit Suisse International	12/06/15	$	2,310		22,507
2.01% (c)	3-month LIBOR	Bank of America NA	12/17/15	$	35,400		(61,136	)
2.36% (c)	3-month LIBOR	Deutsche Bank AG	12/17/15	$	30,500		291,464
2.09% (a)	3-month LIBOR	Citibank NA	12/22/15	$	26,700		91,499
2.38% (a)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	11/17/17	$	22,300		588,519
2.48% (a)	3-month LIBOR	JPMorgan Chase Bank NA	12/08/17	$	113,900		2,378,853
3.51% (a)	3-month LIBOR	BNP Paribas SA	5/20/20	$	400		(7,316	)
4.12% (a)	3-month LIBOR	Goldman Sachs International	8/31/20	$	27,600		(579,052	)
2.61% (a)	3-month LIBOR	Royal Bank of Scotland Plc	10/26/20	$	15,600		1,001,735
2.57% (c)	3-month LIBOR	Deutsche Bank AG	10/27/20	$	7,200		(490,576	)
2.79% (a)	3-month LIBOR	Deutsche Bank AG	10/29/20	$	21,700		1,071,057
4.25% (b)	3-month LIBOR	Citibank NA	11/02/20	$	36,000		(817,228	)
2.86% (a)	3-month LIBOR	Citibank NA	11/12/20	$	14,300		622,289
2.78% (a)	3-month LIBOR	Goldman Sachs International	11/12/20	$	35,000		1,765,565
2.97% (a)	3-month LIBOR	Citibank NA	11/17/20	$	29,100		1,002,019
3.03% (a)	3-month LIBOR	Deutsche Bank AG	11/17/20	$	12,000		354,760
3.03% (a)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	11/17/20	$	12,000		349,569
3.17% (a)	3-month LIBOR	Credit Suisse International	12/06/20	$	14,815		259,789
3.20% (a)	3-month LIBOR	Deutsche Bank AG	12/07/20	$	6,800		101,801
3.18% (a)	3-month LIBOR	Royal Bank of Scotland Plc	12/07/20	$	16,000		276,097
3.10% (a)	3-month LIBOR	UBS AG	12/07/20	$	20,000		477,718
3.39% (a)	3-month LIBOR	UBS AG	12/10/20	$	11,200		(11,297	)
3.30% (a)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	12/13/20	$	52,100		337,887
3.42% (a)	3-month LIBOR	Royal Bank of Scotland Plc	12/14/20	$	16,200		(60,077	)
3.60% (c)	3-month LIBOR	Citibank NA	12/17/20	$	5,700		109,946
3.66% (c)	3-month LIBOR	Citibank NA	12/17/20	$	66,000		1,617,927
3.59% (a)	3-month LIBOR	Credit Suisse International	12/17/20	$	21,700		(390,222	)
5.30% (b)	3-month LIBOR	Bank of America NA	12/20/20	$	26,700		476,733
3.43% (c)	3-month LIBOR	Citibank NA	12/21/20	$	13,700		56,711
3.49% (c)	3-month LIBOR	JPMorgan Chase Bank NA	12/21/20	$	26,200		253,472
3.43% (c)	3-month LIBOR	Citibank NA	12/22/20	$	2,700		11,100
3.43% (a)	3-month LIBOR	Credit Suisse International	12/22/20	$	17,300		(77,303	)
3.44% (c)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	12/23/20	$	24,600		120,747
3.39% (c)	3-month LIBOR	Deutsche Bank AG	12/24/20	$	15,600		15,548
3.42% (c)	3-month LIBOR	Morgan Stanley Capital Services, Inc.	12/24/20	$	10,000		38,734
3.16% (c)	3-month LIBOR	Deutsche Bank AG	12/31/20	$	58,600		(882,989	)
3.77% (b)	3-month LIBOR	Royal Bank of Scotland Plc	10/01/24	$	15,300		(1,199,845	)
Total						$	5,764,040

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

20 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2010

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

• Total return swaps outstanding as of December 31, 2010 were as follows:

Interest Rate Payable		Interest Rate Receivable			Counterparty	Expiration Date	Notional Value		Unrealized Appreciation (Depreciation)
6.50	%		—		Credit Suisse International	1/12/38	$	8,405	$	79,274	(d)
6.50	%		—		Goldman Sachs International	1/12/38	$	17,596		(225,370	) (d)
6.50	%		—		JPMorgan Chase Bank NA	1/12/38	$	57,295		(115,990	) (d)
—			5.50	%	Barclays Bank Plc	1/12/39	$	3,586		(14,842	) (e)
—			5.50	%	Credit Suisse International	1/12/39	$	25,963		(102,302	) (e)
5.50	%		—		Goldman Sachs International	1/12/39	$	29,549		(268,821	) (e)
5.00	%		—		Royal Bank of Scotland Plc	1/12/40	$	4,462		66,707	(f)
—			5.00	%	Goldman Sachs International	1/12/40	$	4,462		(101,729	) (f)
Total									$	(683,073	)

(d)	Based on the change in the return of the Markit IOS Index referencing the interest component of the 6.50% coupon, 30-year, fixed-rate Fannie Mae residential mortgage-backed securities pools.
(e)	Based on the change in the return of the Markit IOS Index referencing the interest component of the 5.50% coupon, 30-year, fixed-rate Fannie Mae residential mortgage-backed securities pools.
(f)	Based on the change in the return of the Markit IOS Index referencing the interest component of the 5.00% coupon, 30-year, fixed-rate Fannie Mae residential mortgage-backed securities pools.

• Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivatives, 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 Master LLC’s own assumptions used in determining the fair value of investments and derivatives)

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 Master LLC’s policy regarding valuation of investments and other significant accounting policies, please refer to the Master LLC’s most recent financial statements as contained in its annual report.

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2010 21

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

The following tables summarize the inputs used as of December 31, 2010 in determining the fair valuation of the Master LLC’s investments and derivatives:

Valuation Inputs	Level 1		Level 2			Level 3		Total
Assets:
Investments in Securities:
Long-Term Investments:
Asset-Backed Securities		—	$	214,952,119		$	35,358,060	$	250,310,179
Common Stocks	$	20,893,921		—			—		20,893,921
Corporate Bonds		—		1,294,555,286			9,340,000		1,303,895,286
Floating Rate Loan Interests		—		37,841,513			32,377,451		70,218,964
Foreign Agency Obligations		—		52,491,903			—		52,491,903
Investment Companies		19,015,183		—			—		19,015,183
Non-Agency Mortgage-Backed Securities		—		834,713,712			15,071,506		849,785,218
Preferred Securities		6,350,760		20,020,631			—		26,371,391
Taxable Municipal Bonds		—		71,151,276			—		71,151,276
U.S. Government Sponsored Agency Securities		—		6,812,444,169			—		6,812,444,169
U.S. Treasury Obligations		—		1,251,437,221			—		1,251,437,221
Short-Term Securities:
Borrowed Bond Agreements		—		300,798,384			—		300,798,384
Money Market Fund		13,395,174		—			—		13,395,174
Liabilities:
Investments in Securities:
Borrowed Bonds		—		(409,385,256	)		—		(409,385,256	)
TBA Sale Commitments		—		(5,462,098,710	)		—		(5,462,098,710	)
Total	$	59,655,038	$	5,018,922,248		$	92,147,017	$	5,170,724,303

Derivative Financial Instruments1
Valuation Inputs	Level 1			Level 2			Level 3			Total
Assets:
Credit contracts		—		$	1,194,651			—		$	1,194,651
Equity contracts	$	157,500			—			—			157,500
Foreign currency exchange contracts		—			7,945,959			—			7,945,959
Interest rate contracts		997,079			39,301,755		$	145,981			40,444,815
Liabilities:
Credit contracts		—			(7,158,306	)		(242,016	)		(7,400,322	)
Foreign currency exchange contracts		—			(7,451,623	)		—			(7,451,623	)
Interest rate contracts		(5,845,618	)		(57,262,007	)		(829,054	)		(63,936,679	)
Total	$	(4,691,039	)	$	(23,429,571	)	$	(925,089	)	$	(29,045,699	)

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.

22 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2010

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

• The following table 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			Floating Rate Loan Interests		Total
Assets/Liabilities
Balance, as of September 30, 2010	$	17,382,858			—	$	44,026,239			—	$	61,409,097
Accrued discounts/premium		22,191			—		4,630			—		26,821
Net realized gain (loss)		113,491			—		73,410			—		186,901
Net change in unrealized appreciation/depreciation2		286,810			—		(636,226	)		—		(349,416	)
Purchases		—			—		537,341			—		537,341
Sales		(7,214,822	)		—		(15,565,048	)		—		(22,779,870	)
Transfers in3		24,767,532		$	9,340,000		—		$	32,377,451		66,484,983
Transfers out3		—			—		(13,368,840	)		—		(13,368,840	)
Balance, as of December 31, 2010	$	35,358,060		$	9,340,000	$	15,071,506		$	32,377,451	$	92,147,017

2	The change in unrealized appreciation/depreciation on securities still held at December 31, 2010 was $(417,803).
3	The Master LLC’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.

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			Interest Rate Contracts					Total
				Assets		Liabilities
Assets/Liabilities:
Balance, as of September 30, 2010	$	(448,869	)		—	$	(163,781	)	$	(612,650	)
Accrued discounts/premiums		—			—		—			—
Net realized gain (loss)		(177,915	)		—		(1,250,130	)		(1,428,045	)
Net change in unrealized appreciation/depreciation4		235,069			—		188,956			424,025
Purchases		—			—		871,385			871,385
Sales		149,699			—		(133,543	)		16,156
Transfers in5		—		$	145,981		(341,941	)		(195,960	)
Transfers out5		—			—		—			—
Balance, as of December 31, 2010	$	(242,016	)	$	145,981	$	(829,054	)	$	(925,089	)

4	The change in unrealized appreciation/depreciation on securities still held at December 31, 2010 was $(577,058).
5	The Master LLC’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 DECEMBER 31, 2010 23

Item 2 –	Controls and Procedures
2(a) –	The registrants' principal executive and principal financial officers or persons performing similar functions have concluded that the registrants' disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the ″1940 Act″)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 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/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Balanced Capital Fund, Inc., Master Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC
	Date: February 25, 2011
	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/ John M. Perlowski
		John M. Perlowski
		Chief Executive Officer (principal executive officer) of
		BlackRock Balanced Capital Fund, Inc., Master Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC
	Date: February 25, 2011
	By:	/s/ Neal J. Andrews
		Neal J. Andrews
		Chief Financial Officer (principal financial officer) of
		BlackRock Balanced Capital Fund, Inc., Master Large Cap Core Portfolio of Master Large Cap Series LLC and Master Total Return Portfolio of Master Bond LLC
	Date: February 25, 2011

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, John M. Perlowski, 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: February 25, 2011

/s/ John M. Perlowski

John M. Perlowski

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: February 25, 2011

/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