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

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

Date of fiscal year end: 09/30/2013

Date of reporting period: 12/31/2012

Item 1 – Schedule of Investments

Schedule of Investments December 31, 2012 (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	$	562,254,676
Master Total Return Portfolio of Master Bond LLC		365,786,984
Total Investments (Cost - $827,438,783) – 100.2%		928,041,660
Liabilities in Excess of Other Assets – (0.2)%		(1,697,593	)
Net Assets – 100.0%	$	926,344,067

Investments in issuers considered to be an affiliate of the Fund during the period ended December 31, 2012, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares Held at September 30, 2012		Net Activity			Shares Held at December  31, 2012		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		6,285,043		(6,285,043	)		–		$	1,803

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 objectives and strategies as the Fund. As of December 31, 2012, the value of the investments and the percentage owned by the Fund of Master Large Cap Core Portfolio and Master Total Return Portfolio was $562,254,676 and $365,786,984, respectively and 25.3% and 10.5%, 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 policies approved by the Board of Directors of the Master Portfolios.

• Fair Value Measurements – Various inputs are used in determining the fair value of investments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities that each Master Portfolio has the ability to access

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master Portfolios’ policies, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks 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 Master Portfolios’ most recent financial statements as contained in their annual reports.

As of December 31, 2012, the Fund’s investment in the Master Portfolios was classified as Level 2.

Certain of the Fund’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of December 31, 2012, a bank overdraft of $638,222 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended December 31, 2012.

BLACKROCK BALANCED CAPITAL FUND, INC. DECEMBER 31, 2012 1

Schedule of Investments December 31, 2012 (Unaudited)	Master Large Cap Core Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Consumer Discretionary – 12.1%
Auto Components – 1.4%
Lear Corp.		255,400	$	11,962,936
TRW Automotive Holdings Corp.(a)		339,493		18,200,220
				30,163,156
Media – 7.4%
Comcast Corp., Class A		1,643,700		61,441,506
News Corp., Class A		2,089,250		53,359,445
Time Warner Cable, Inc.		517,380		50,284,162
				165,085,113
Multiline Retail – 1.0%
Dillard’s, Inc., Class A		261,965		21,944,808
Specialty Retail – 1.0%
PetSmart, Inc.		342,635		23,415,676
Textiles, Apparel & Luxury Goods – 1.3%
NIKE, Inc., Class B		566,800		29,246,880
Total Consumer Discretionary				269,855,633
Consumer Staples – 7.2%
Beverages – 2.7%
The Coca-Cola Co.		1,180,875		42,806,719
Constellation Brands, Inc., Class A(a)		453,600		16,052,904
				58,859,623
Food & Staples Retailing – 4.4%
CVS Caremark Corp.		988,725		47,804,854
Wal-Mart Stores, Inc.		742,950		50,691,478
				98,496,332
Tobacco – 0.1%
Philip Morris International, Inc.		36,475		3,050,769
Total Consumer Staples				160,406,724
Energy – 11.2%
Energy Equipment & Services – 0.5%
Oceaneering International, Inc.		228,100		12,269,499
Oil, Gas & Consumable Fuels – 10.7%
Chevron Corp.		487,575		52,726,360
Exxon Mobil Corp.		948,600		82,101,330
Marathon Oil Corp.		540,675		16,577,096
Marathon Petroleum Corp.		645,650		40,675,950
Suncor Energy, Inc.		1,371,540		45,233,389
				237,314,125
Total Energy				249,583,624
Financials – 17.4%
Capital Markets – 2.9%
The Goldman Sachs Group, Inc.		453,731		57,877,926
State Street Corp.		142,581		6,702,733
				64,580,659
Commercial Banks – 2.7%
SunTrust Banks, Inc.		243,452		6,901,864
US Bancorp		1,682,175		53,728,670
				60,630,534
Consumer Finance – 1.2%
Discover Financial Services		668,300		25,762,965
Diversified Financial Services – 6.4%
Citigroup, Inc.		1,667,118		65,951,188
JPMorgan Chase & Co.		1,733,624		76,227,447
				142,178,635
Insurance – 4.2%
Allied World Assurance Co. Holdings AG		76,900		6,059,720
American Financial Group, Inc.		124,900		4,936,048
American International Group, Inc.(a)		780,100		27,537,530
The Chubb Corp.		175,000		13,181,000
Everest Re Group Ltd.		9,700		1,066,515
PartnerRe Ltd.		144,200		11,606,658
The Travelers Cos., Inc.		413,600		29,704,752
				94,092,223
Total Financials				387,245,016
Health Care – 13.0%
Health Care Providers & Services – 2.8%
McKesson Corp.		300,025		29,090,424
UnitedHealth Group, Inc.		588,075		31,897,188
				60,987,612
Life Sciences Tools & Services – 1.2%
Agilent Technologies, Inc.		653,700		26,762,478
Pharmaceuticals – 9.0%
Abbott Laboratories		565,500		37,040,250
Eli Lilly & Co.		409,775		20,210,103
Forest Laboratories, Inc.(a)		682,700		24,112,964
Johnson & Johnson		126,625		8,876,412
Merck & Co., Inc.		1,078,550		44,155,837
Pfizer, Inc.		2,631,275		65,992,377
				200,387,943
Total Health Care				288,138,033
Industrials – 9.2%
Airlines – 2.7%
Copa Holdings SA, Class A		115,300		11,466,585
Delta Air Lines, Inc. (a)		1,886,325		22,390,678
United Continental Holdings, Inc.(a)(b)		1,110,839		25,971,416
				59,828,679
Commercial Services & Supplies – 0.6%
Tyco International Ltd.		477,800		13,975,650
Construction & Engineering – 1.1%
KBR, Inc.		815,100		24,387,792
Industrial Conglomerates – 3.1%
3M Co.		597,075		55,438,414
General Electric Co.		616,750		12,945,582
				68,383,996

MASTER LARGE CAP SERIES LLC DECEMBER 31, 2012 1

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

Common Stocks	Shares		Value
Industrials (concluded)
Machinery – 1.7%
Ingersoll-Rand Plc		546,100	$	26,190,956
Oshkosh Corp.(a)		395,200		11,717,680
				37,908,636
Total Industrials				204,484,753
Information Technology – 21.5%
Computers & Peripherals – 6.0%
Apple, Inc.		165,350		88,136,510
EMC Corp.(a)(b)		1,233,900		31,217,670
Western Digital Corp.		325,950		13,849,616
				133,203,796
Electronic Equipment, Instruments & Components – 0.6%
Avnet, Inc.(a)		442,500		13,544,925
Internet Software & Services – 3.6%
Google, Inc., Class A(a)		112,375		79,715,454
IT Services – 4.4%
International Business Machines Corp.		110,650		21,195,008
MasterCard, Inc., Class A		109,250		53,672,340
Teradata Corp.(a)		390,600		24,174,234
				99,041,582
Semiconductors & Semiconductor Equipment – 1.6%
KLA-Tencor Corp.		752,075		35,919,102
Software – 5.3%
Activision Blizzard, Inc.		2,078,800		22,076,856
Microsoft Corp.		1,895,050		50,654,686
Oracle Corp.		1,346,700		44,872,044
				117,603,586
Total Information Technology				479,028,445
Materials – 4.5%
Containers & Packaging – 2.0%
Packaging Corp. of America		639,513		24,602,065
Rock-Tenn Co., Class A		289,094		20,210,562
				44,812,627
Paper & Forest Products – 2.5%
Domtar Corp.		259,500		21,673,440
International Paper Co.		857,300		34,154,832
				55,828,272
Total Materials				100,640,899
Telecommunication Services – 1.3%
Diversified Telecommunication Services – 1.3%
Verizon Communications, Inc.		672,800		29,112,056
Utilities – 1.7%
Independent Power Producers & Energy Traders – 1.1%
The AES Corp.		1,139,400		12,191,580
NRG Energy, Inc.		531,400		12,216,886
				24,408,466
Multi-Utilities – 0.6%
Ameren Corp.		397,200		12,201,984
Total Utilities				36,610,450
Total Long-Term Investments     (Cost – $1,825,817,882) – 99.1%				2,205,105,633
Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class,
0.11%(c)(d)		8,533,756		8,533,756
	Beneficial Interest (000)
BlackRock Liquidity Series LLC, Money Market Series,
0.29%(c)(d)(e)		29,695		29,694,990
Total Short-Term Securities     (Cost – $38,228,746) – 1.7%				38,228,746
Total Investments (Cost–$1,864,046,628*) – 100.8%				2,243,334,379
Liabilities in Excess of Other Assets – (0.8)%				(17,823,724	)
Net Assets – 100.0%			$	2,225,510,655

* As of December 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes was as follows:

Tax cost	$	1,861,694,532
Gross unrealized appreciation		396,290,090
Gross unrealized depreciation		(14,650,243	)
Net unrealized appreciation		381,639,847

2 MASTER LARGE CAP SERIES LLC DECEMBER 31, 2012

Schedule of Investments (continued) Master Large Cap Core Portfolio

Notes to Schedule of Investments

(a) Non-income producing security.

(b) Security, or a portion of security, is on loan.

(c) Investments in issuers considered to be an affiliate of the Portfolio during the period ended December 31, 2012, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliate	Shares/ Beneficial Interest Held at September 30, 2012		Net Activity			Shares/ Beneficial Interest Held at December 31, 2012		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		40,033,302		(31,499,546	)		8,533,756	$	6,487
BlackRock Liquidity Series LLC, Money Market Series	$	22,802,709	$	6,892,281		$	29,694,990	$	6,165

(d) Represents the current yield as of report date.

(e) Security was purchased with the cash collateral from loaned securities. The Portfolio may withdraw up to 25% of its investment daily, although the manager of the Money Market Series LLC, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

• 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. These definitions 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. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Portfolio has the ability to access

• 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 hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments is based on the pricing transparency of the investment and is not necessarily an indication of the risks 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 Portfolio’s investments categorized in the disclosure hierarchy as of December 31, 2012:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments1	$	2,205,105,633		–		–	$	2,205,105,633
Short-Term Securities		8,533,756	$	29,694,990		–		38,228,746
Total	$	2,213,639,389	$	29,694,990		–	$	2,243,334,379

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

MASTER LARGE CAP SERIES LLC DECEMBER 31, 2012 3

Schedule of Investments (concluded) Master Large Cap Core Portfolio

Certain of the Portfolio’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of December 31, 2012, collateral on securities loaned at value in the amount of $29,694,990 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended December 31, 2012.

4 MASTER LARGE CAP SERIES LLC DECEMBER 31, 2012

Consolidated Schedule of Investments December 31, 2012 (Unaudited)	Master Total Return Portfolio
	(Percentages shown are based on Net Assets)

Asset-Backed Securities	Par (000)		Value
321 Henderson Receivables I LLC, Class A(a):
Series 2010-1A, 5.56%, 7/15/59	USD	7,926	$	9,037,174
Series 2010-2A, 4.07%, 1/15/48		3,967		4,269,712
Series 2010-3A, 3.82%, 12/15/48		7,674		8,093,439
Series 2012-3A, 3.22%, 9/15/65		4,239		4,232,436
ACE Securities Corp.(b):
Series 2003-OP1, Class A2, 0.93%, 12/25/33		581		496,149
Series 2006-CW1, Class A2C, 0.35%, 7/25/36		1,659		1,075,497
AH Mortgage Advance Co. Ltd., Series SART-3, Class 1A1,
2.98%, 3/13/43(a)		5,685		5,709,366
AH Mortgage Servicer Advance Revolving Trust I, Series SART-1, Class A1R,
2.23%, 5/10/43(a)		3,370		3,372,359
Alm Loan Funding, Series 2012-7A, Class A1,
1.70%, 10/19/24(a)(b)		9,870		9,870,000
AmeriCredit Automobile Receivables Trust:
Series 2011-5, Class C, 3.44%, 10/08/17		4,050		4,278,278
Series 2012-2, Class C, 2.64%, 10/10/17		3,080		3,164,623
Series 2012-2, Class D, 3.38%, 4/09/18		4,230		4,378,202
Series 2012-3, Class C, 2.42%, 5/08/18		2,880		2,987,508
Series 2012-3, Class D, 3.03%, 7/09/18		1,910		1,954,514
Series 2012-4, Class B, 1.31%, 11/08/17		1,825		1,834,084
Series 2012-4, Class C, 1.93%, 8/08/18		2,865		2,887,685
Series 2012-4, Class D, 2.68%, 10/09/18		5,630		5,697,393
Series 2012-5, Class C, 1.69%, 11/08/18		3,440		3,440,551
Series 2012-5, Class D, 2.35%, 12/10/18		3,985		3,983,045
ARES CLO Ltd., Series 2012-2A, Class B1,
3.43%, 10/12/23(a)(b)		3,015		3,041,381
Bear Stearns Asset-Backed Securities Trust, Series 2006-HE10, Class 21A1,
0.28%, 12/25/36(b)		1,668		1,622,008
Capital One Multi-Asset Execution Trust, Series 4-3C,
6.63%, 6/17/14	GBP	3,400		5,715,241
Capital Trust Re CDO Ltd., Series 2006-4A, Class A1,
0.52%, 10/20/43(a)(b)	USD	4,910		4,516,614
Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class A,
1.78%, 1/20/25(a)(b)		13,730		13,730,000
CarMax Auto Owner Trust, Series 2012-1:
Class B, 1.76%, 8/15/17		1,860		1,902,933
Class C, 2.20%, 10/16/17		1,150		1,177,804
Class D, 3.09%, 8/15/18		1,430		1,466,138
Chesapeake Funding LLC, Series 2012-1A(a)(b):
Class B, 1.81%, 11/07/23		2,630		2,636,131
Class C, 2.21%, 11/07/23		1,690		1,693,919
CIFC Funding Ltd., Series 2012-3A(a)(b)(c):
Class A1L, 1.69%, 1/29/25		5,000		5,000,000
Class A2L, 2.56%, 1/29/25		4,480		4,390,400
Countrywide Asset-Backed Certificates(b):
Series 2003-BC3, Class A2, 0.83%, 9/25/33		672		619,236
Series 2004-5, Class A, 0.66%, 10/25/34		752		718,401
Series 2006-17, Class 2A2, 0.36%, 3/25/47		947		772,588
Series 2007-12, Class 2A1, 0.56%, 8/25/47		27		27,035
Credit Acceptance Auto Loan Trust, Series 2012-2A, Class A,
1.52%, 3/16/20(a)		4,165		4,166,162
DT Auto Owner Trust(a):
Series 2011-2A, Class B, 2.12%, 2/16/16		1,794		1,794,793
Series 2011-3A, Class C, 4.03%, 2/15/17		2,460		2,488,415
Series 2012-1A, Class B, 2.26%, 10/16/17		2,700		2,705,116
Series 2012-1A, Class C, 3.38%, 10/16/17		1,780		1,784,954
Series 2012-1A, Class D, 4.94%, 7/16/18		3,885		3,937,960
Series 2012-2, Class B, 1.85%, 4/17/17		530		530,843
Series 2012-2, Class C, 2.72%, 4/17/17		200		200,429
ECP CLO Ltd., Series 2012-4A, Class A1,
1.66%, 6/19/24(a)(b)		4,910		4,859,967
Ford Credit Floorplan Master Owner Trust:
Series 2010-5, Class D, 2.41%, 9/15/15(a)		1,620		1,630,253
Series 2011-2, Class C, 2.37%, 9/15/15		3,860		3,892,852
Series 2011-2, Class D, 2.86%, 9/15/15		2,685		2,690,757
Series 2012-1, Class C, 1.71%, 1/15/16(b)		4,380		4,402,956

MASTER TOTAL RETURN PORTFOLIO DECEMBER 31, 2012 1

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

Asset-Backed Securities	Par (000)		Value
Ford Credit Floorplan Master Owner Trust (concluded):
Series 2012-1, Class D, 2.31%, 1/15/16(b)	USD	4,100	$	4,132,169
Series 2012-2, Class C, 2.86%, 1/15/19		1,030		1,066,969
Series 2012-2, Class D, 3.50%, 1/15/19		1,820		1,884,168
Series 2012-4, Class C, 1.39%, 9/15/16		2,125		2,133,341
Series 2012-4, Class D, 2.09%, 9/15/16		3,710		3,712,300
GSAA Home Equity Trust, Series 2006-5, Class 2A1,
0.28%, 3/25/36(b)		30		15,756
HLSS Servicer Advance Receivables Backed Notes, Series 2012-T2(a):
Class A1, 1.34%, 10/15/43		1,535		1,538,837
Class A2, 1.99%, 10/15/45		1,815		1,841,091
Home Equity Asset Trust, Series 2007-2, Class 2A1,
0.32%, 7/25/37(b)		38		37,906
Hyundai Auto Receivables Trust, Series 2012-A, Class D,
2.61%, 5/15/18		2,555		2,587,893
ING Investment Management, Class A(a)(b):
Series 2012-2A, 1.97%, 10/15/22		7,045		7,045,000
Series 2012-3A, 1.77%, 10/15/22		12,895		12,895,000
KKR Financial CLO Corp., Series 2007-A, Class A,
1.09%, 10/15/17(a)(b)		9,504		9,409,106
Morgan Stanley ABS Capital I, Series 2005-HE1, Class A2MZ,
0.81%, 12/25/34(b)		820		758,928
Nelnet Student Loan Trust(b):
Series 2006-1, Class A5, 0.42%, 8/23/27		6,505		6,196,520
Series 2008-3, Class A4, 1.96%, 11/25/24		5,600		5,873,286
New Century Home Equity Loan Trust, Series 2005-2, Class A2MZ,
0.47%, 6/25/35(b)		2,543		2,519,177
Northwoods Capital Corp./Northwoods Capital Ltd., Series 2012-9A(a)(b):
Class A, 1.79%, 1/18/24		4,300		4,300,000
Class B1, 2.62%, 1/18/24		4,090		4,008,200
Option One Mortgage Loan Trust, Series 2003-4, Class A2,
0.85%, 7/25/33(b)		1,454		1,302,367
OZLM Funding Ltd., Series 2012-2A, Class A1,
2.21%, 10/30/23(a)(b)		7,530		7,574,427
PFS Financing Corp., Series 2012-AA, Class A,
1.41%, 2/15/16(a)(b)		4,400		4,436,058
RAAC, Series 2005-SP2, Class 2A,
0.51%, 6/25/44(b)		5,594		4,664,640
Residential Asset Securities Corp., Series 2003-KS5, Class AIIB,
0.79%, 7/25/33(b)		695		538,170
Santander Consumer Acquired Receivables Trust(a):
Series 2011-S1A, Class B, 1.66%, 8/15/16		5,086		5,128,444
Series 2011-S1A, Class C, 2.01%, 8/15/16		3,741		3,758,828
Series 2011-WO, Class C, 3.19%, 10/15/15		6,580		6,744,901
Santander Drive Auto Receivables Trust:
Series 2010-2, Class C, 3.89%, 7/17/17		9,885		10,222,237
Series 2011-1, Class D, 4.01%, 2/15/17		8,000		8,356,312
Series 2011-S1A, Class B, 1.48%, 5/15/17(a)		3,428		3,438,501
Series 2011-S1A, Class D, 3.10%, 5/15/17(a)		2,498		2,505,307
Series 2012-1, Class B, 2.72%, 5/16/16		2,260		2,317,759
Series 2012-1, Class C, 3.78%, 11/15/17		3,045		3,183,688
Series 2012-2, Class C, 3.20%, 2/15/18		6,490		6,697,459
Series 2012-2, Class D, 3.87%, 2/15/18		4,020		4,215,569
Series 2012-3, Class B, 1.94%, 12/15/16		6,245		6,322,401
Series 2012-3, Class C, 3.01%, 4/16/18		8,515		8,780,523
Series 2012-3, Class D, 3.64%, 5/15/18		7,005		7,278,973
Series 2012-4, Class C, 2.94%, 12/15/17		4,600		4,756,713
Series 2012-4, Class D, 3.50%, 6/15/18		6,210		6,459,269
Series 2012-5, Class B, 1.56%, 8/15/18		4,090		4,107,542
Series 2012-5, Class C, 2.70%, 8/15/18		1,950		2,014,993
Series 2012-5, Class D, 3.30%, 9/17/18		1,660		1,710,135
Series 2012-6, Class B, 1.33%, 5/15/17		3,565		3,564,355
Series 2012-6, Class C, 1.94%, 3/15/18		2,460		2,458,945
Series 2012-AA, Class B, 1.21%, 10/16/17(a)		9,060		9,060,906
Series 2012-AA, Class C, 1.78%, 11/15/18(a)		16,880		16,874,936
Series 2012-AA, Class D, 2.46%, 12/17/18(a)		7,400		7,397,780

2 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012

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

Asset-Backed Securities	Par (000)		Value
Scholar Funding Trust, Series 2011-A, Class A,
1.21%, 10/28/43(a)(b)	USD	4,602	$	4,596,426
SLM Student Loan Trust:
Series 2004-B, Class A2, 0.51%, 6/15/21(b)		5,122		5,053,771
Series 2005-A, Class A3, 0.51%, 6/15/23(b)		10,935		9,800,767
Series 2008-5, Class A4, 2.02%, 7/25/23(b)		4,690		4,949,845
Series 2011-B, Class A2, 3.74%, 2/15/29(a)		1,420		1,539,293
Series 2011-C, Class A2B, 4.54%, 10/17/44(a)		4,120		4,602,988
Series 2012-A, Class A1, 1.61%, 8/15/25(a)(b)		2,797		2,835,207
Series 2012-A, Class A2, 3.83%, 1/17/45(a)		2,750		2,970,162
Series 2012-B, Class A2, 3.48%, 10/15/30(a)		730		778,822
Series 2012-C, Class A1, 1.31%, 8/15/23(a)(b)		5,567		5,613,897
Series 2012-C, Class A2, 3.31%, 10/15/46(a)		10,125		10,741,167
Series 2012-D, Class A2, 2.95%, 2/15/46(a)		12,220		12,796,857
Series 2012-E, Class A1, 0.96%, 10/16/23(a)(b)		5,368		5,387,244
Small Business Administration:
Series 2003-P10A, Class 1, 4.52%, 2/10/13		2		2,306
Series 2004-P10A, Class 1, 4.50%, 2/10/14		90		92,723
Structured Asset Securities Corp.:
Series 2003-AL2, Class A, 3.36%, 1/25/31(a)		1,183		1,186,363
Series 2004-23XS, Class 2A1, 0.51%, 1/25/35(b)		1,952		1,656,304
Series 2005-GEL2, Class A, 0.49%, 4/25/35(b)		515		491,451
Series 2007-BC1, Class A2, 0.26%, 2/25/37(b)		156		155,087
Vibrant CLO Ltd., Series 2012-1A(a)(b)(c):
Class A1, 1.66%, 7/17/24		13,740		13,740,000
Class A2, 2.56%, 7/17/24		2,600		2,545,400
World Financial Network Credit Card Master Trust:
Series 2012-C, Class A, 2.23%, 8/15/22		8,570		8,670,371
Series 2012-C, Class B, 3.57%, 8/15/22		3,000		3,173,109
Series 2012-C, Class C, 4.55%, 8/15/22		5,030		5,342,252
Series 2012-D, Class A, 2.15%, 4/17/23		11,030		11,199,862
Series 2012-D, Class B, 3.34%, 4/17/23		3,551		3,586,146
Series 2012-D, Class M, 3.09%, 4/17/23		2,725		2,720,118
Total Asset-Backed Securities – 14.9%				518,933,024
Corporate Bonds
Aerospace & Defense – 0.1%
Meccanica Holdings USA, Inc.,
6.25%, 7/15/19(a)		2,254		2,260,537
Airlines – 0.0%
Scandinavian Airlines System Denmark-Norway-Sweden,
9.65%, 6/16/14	EUR	600		788,049
Auto Components – 0.3%
BorgWarner, Inc.,
4.63%, 9/15/20	USD	2,925		3,218,667
Continental Rubber of America Corp.,
4.50%, 9/15/19(a)		5,370		5,495,626
Valeo SA,
4.88%, 5/11/18	EUR	1,600		2,348,528
				11,062,821
Automobiles – 0.2%
BMW Finance NV,
3.38%, 12/14/18	GBP	1,700		2,939,020
BMW UK Capital Plc,
5.00%, 10/02/17		615		1,132,997
Porsche International Financing Plc,
3.88%, 2/01/16	EUR	1,610		2,279,853
				6,351,870
Beverages – 0.7%
Anheuser-Busch InBev Worldwide, Inc.,
2.50%, 7/15/22	USD	2,770		2,787,340
Davide Campari-Milano SpA,
4.50%, 10/25/19	EUR	708		981,332
Heineken NV(a):
1.40%, 10/01/17	USD	1,110		1,106,649
2.75%, 4/01/23		6,755		6,632,640
Pernod-Ricard SA:
4.88%, 3/18/16	EUR	1,600		2,345,713
4.45%, 1/15/22(a)	USD	9,019		9,974,807
SABMiller Holdings, Inc.,
1.88%, 1/20/20	EUR	1,280		1,692,240
				25,520,721
Biotechnology – 0.1%
Amgen, Inc.,
4.38%, 12/05/18		1,600		2,454,281
Building Products – 0.1%
Momentive Performance Materials, Inc.,
8.88%, 10/15/20(a)	USD	2,035		2,055,350

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012 3

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

Corporate Bonds	Par (000)		Value
Capital Markets – 1.0%
The Goldman Sachs Group, Inc.,
5.75%, 1/24/22	USD	14,856	$	17,562,942
Morgan Stanley,
5.50%, 7/28/21(f)		15,000		17,030,610
				34,593,552
Chemicals – 0.5%
INEOS Finance Plc,
7.50%, 5/01/20(a)		565		591,837
LyondellBasell Industries NV,
5.75%, 4/15/24(f)		5,000		5,875,000
Rockwood Specialties Group, Inc.,
4.63%, 10/15/20		2,355		2,437,425
Tronox Finance LLC,
6.38%, 8/15/20(a)		7,645		7,721,450
				16,625,712
Commercial Banks – 2.9%
Banco Santander SA,
3.25%, 2/17/15	EUR	2,100		2,806,268
Bank of India,
6.25%, 2/16/21	USD	4,670		5,081,180
Bankinter SA,
3.88%, 10/30/15	EUR	1,550		2,051,419
Caixa Economica Federal(a):
2.38%, 11/06/17	USD	3,100		3,076,750
3.50%, 11/07/22		2,110		2,136,375
Caixa Geral de Depositos SA,
5.63%, 12/04/15	EUR	2,000		2,722,399
Canadian Imperial Bank of Commerce,
2.60%, 7/02/15(a)	USD	5,910		6,210,228
Discover Bank:
8.70%, 11/18/19		470		611,603
7.00%, 4/15/20		5,720		7,102,501
Eksportfinans ASA:
5.50%, 5/25/16		1,310		1,363,626
5.50%, 6/26/17		275		289,417
HSBC Bank Brasil SA - Banco Multiplo,
4.00%, 5/11/16(a)		15,610		16,214,888
HSBC Bank Plc,
3.10%, 5/24/16(a)		7,630		8,066,970
ICICI Bank Ltd.,
4.75%, 11/25/16(a)		6,450		6,761,064
ING Bank NV,
0.99%, 5/23/16(b)		600		563,879
Intesa Sanpaolo SpA,
3.75%, 3/02/20(b)	EUR	600		669,215
Lloyds TSB Bank Plc:
11.88%, 12/16/21(b)		4,680		7,759,023
6.50%, 9/17/40	GBP	350		709,297
National Agricultural Cooperative Federation,
3.50%, 2/08/17(a)	USD	8,300		8,715,091
Oversea-Chinese Banking Corp. Ltd.,
3.75%, 11/15/22(b)		10,000		10,528,900
Sberbank of Russia Via SB Capital SA,
6.13%, 2/07/22		3,260		3,724,550
Together Housing Finance Plc,
4.50%, 12/17/42	GBP	1,185		1,954,073
WM Treasury Plc,
4.63%, 12/03/42		1,140		1,877,427
				100,996,143
Communications Equipment – 0.1%
Nokia Oyj,
5.00%, 10/26/17	EUR	2,100		3,769,779
Construction & Engineering – 0.0%
H&E Equipment Services, Inc.,
7.00%, 9/01/22(a)	USD	1,605		1,709,325
Construction Materials – 0.1%
Buzzi Unicem SpA,
6.25%, 9/28/18	EUR	1,892		2,664,572
Rain CII Carbon LLC/CII Carbon Corp.,
8.50%, 1/15/21		1,160		1,582,819
				4,247,391
Consumer Finance – 1.0%
Discover Financial Services,
3.85%, 11/21/22(a)	USD	1,510		1,558,130
Ford Motor Credit Co. LLC:
2.75%, 5/15/15		7,960		8,123,737
6.63%, 8/15/17		3,018		3,526,430
5.00%, 5/15/18		2,088		2,303,974
4.25%, 9/20/22		4,814		5,090,252
SLM Corp.:
6.25%, 1/25/16		7,120		7,743,000
6.00%, 1/25/17		5,000		5,412,500
Series A, 0.62%, 1/27/14(b)		35		34,671
				33,792,694
Containers & Packaging – 0.2%
GCL Holdings SCA,
9.38%, 4/15/18	EUR	924		1,308,058
Rock-Tenn Co.,
4.00%, 3/01/23(a)	USD	5,293		5,377,111
				6,685,169
Distributors – 0.1%
VWR Funding, Inc.,
7.25%, 9/15/17(a)		3,926		4,122,300
Diversified Consumer Services – 0.1%
313 Group, Inc.,
6.38%, 12/01/19(a)		2,282		2,262,032
Diversified Financial Services – 4.2%
Aircastle Ltd.,
6.25%, 12/01/19(a)		2,100		2,189,250
AyT Cedulas Cajas Global:
4.00%, 3/21/17	EUR	1,100		1,342,810
Series 2, 3.50%, 3/14/16		800		980,052
Series 8, 4.25%, 6/14/18		200		239,254
AyT Cedulas Cajas IX Fondo de Titulizacion,
3.75%, 3/31/15		3,200		4,041,068
AyT Cedulas Cajas VIII Fondo de Titulizacion de Activos, Series VIII,
4.25%, 11/18/19		300		340,248

4 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012

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

Corporate Bonds	Par (000)		Value
Diversified Financial Services (concluded)
AyT Cedulas Cajas X Fondo de Titulizacion:
Series X, 0.26%, 6/30/15(b)	EUR	600	$	688,655
Series X, 3.75%, 6/30/25		2,900		2,789,903
Bank of America Corp.:
3.88%, 3/22/17	USD	5,130		5,563,593
Series L, 5.65%, 5/01/18		22,815		26,543,952
7.63%, 6/01/19		3,000		3,838,713
5.70%, 1/24/22		14,587		17,541,582
Cedulas TDA 6 Fondo de Titulizacion de Activos:
3.88%, 5/23/25	EUR	900		874,906
Series A-6, 4.25%, 4/10/31		2,600		2,414,120
Cedulas TDA 7 Fondo de Titulizacion de Activos,
Series 7, 3.50%, 6/20/17		100		116,367
Citigroup, Inc.:
4.59%, 12/15/15	USD	23,100		25,219,425
4.45%, 1/10/17		1,900		2,104,820
Co-Operative Group Ltd.(g):
5.63%, 7/08/20	GBP	1,150		1,929,668
6.25%, 7/08/26		1,270		2,145,833
Gala Group Finance Plc,
8.88%, 9/01/18		1,277		2,198,888
JPMorgan Chase & Co.,
3.25%, 9/23/22	USD	6,381		6,571,033
LeasePlan Corp. NV,
3.00%, 10/23/17(a)		2,775		2,802,103
Reynolds Group Issuer, Inc.:
7.88%, 8/15/19		5,260		5,851,750
6.88%, 2/15/21		3,120		3,361,800
Tiers Trust, Series 2012-1,
2.06%, 5/12/14(a)(b)		18,466		18,512,165
TMX Finance LLC,
13.25%, 7/15/15		4,000		4,440,000
ZFS Finance (USA) Trust V,
6.50%, 5/09/37(a)(b)		2,513		2,679,486
				147,321,444
Diversified Telecommunication Services – 0.5%
AT&T, Inc.:
2.63%, 12/01/22		4,472		4,479,356
5.35%, 9/01/40		4,235		4,931,861
Level 3 Financing, Inc.,
8.13%, 7/01/19		4,474		4,876,660
OTE Plc,
7.25%, 2/12/15	EUR	684		879,372
Verizon Communications, Inc.,
6.40%, 2/15/38	USD	1,878		2,542,570
				17,709,819
Electric Utilities – 2.6%
Alabama Power Co.,
3.95%, 6/01/21(h)		5,015		5,605,401
The Cleveland Electric Illuminating Co.:
8.88%, 11/15/18		1,199		1,596,922
5.95%, 12/15/36		2,175		2,473,449
Duke Energy Carolinas LLC,
4.25%, 12/15/41		3,915		4,099,800
Electricite de France SA,
2.75%, 3/10/23	EUR	2,500		3,344,759
Enel Finance International NV,
4.88%, 4/17/23		1,889		2,609,327
Florida Power & Light Co.,
5.95%, 2/01/38	USD	3,645		4,851,911
Florida Power Corp.,
6.40%, 6/15/38		2,646		3,563,900
Georgia Power Co.,
3.00%, 4/15/16		8,985		9,604,291
Hydro-Quebec:
8.40%, 1/15/22		8,220		11,793,661
8.05%, 7/07/24(f)		21,145		31,095,139
Jersey Central Power & Light Co.,
7.35%, 2/01/19		2,730		3,487,081
Southern California Edison Co., Series 08-A,
5.95%, 2/01/38		2,825		3,705,962
Trans-Allegheny Interstate Line Co.,
4.00%, 1/15/15(a)		2,815		2,957,084
				90,788,687
Electronic Equipment, Instruments & Components – 0.1%
Techem Energy Metering Service GmbH & Co. KG,
7.88%, 10/01/20	EUR	1,280		1,850,043
Energy Equipment & Services – 1.8%
Calfrac Holdings LP,
7.50%, 12/01/20(a)(f)	USD	1,050		1,039,500
EOG Resources, Inc.,
2.63%, 3/15/23		4,416		4,447,071
FTS International Services LLC/FTS International Bonds, Inc.,
8.13%, 11/15/18(a)		1,750		1,806,875
MEG Energy Corp.(a):
6.50%, 3/15/21		4,100		4,315,250
6.38%, 1/30/23		1,580		1,647,150
Peabody Energy Corp.,
6.25%, 11/15/21		4,540		4,823,750
Pride International, Inc.,
6.88%, 8/15/20		2,650		3,351,482
Seadrill Ltd.,
5.63%, 9/15/17(a)		4,840		4,803,700
Transocean, Inc.:
5.05%, 12/15/16		8,125		9,046,554
2.50%, 10/15/17		7,450		7,528,374
6.00%, 3/15/18		13,984		16,218,489
3.80%, 10/15/22		3,204		3,283,882
				62,312,077
Food & Staples Retailing – 0.0%
Bakkavor Finance 2 Plc,
8.25%, 2/15/18	GBP	520		853,161

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012 5

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

Corporate Bonds	Par (000)		Value
Food Products – 0.7%
Kraft Foods Group, Inc.(a):
3.50%, 6/06/22	USD	6,012	$	6,417,010
5.00%, 6/04/42		3,505		3,941,369
Mondelez International, Inc.:
6.50%, 8/11/17		6,049		7,388,140
6.50%, 2/09/40		3,653		4,907,261
				22,653,780
Gas Utilities – 0.1%
Snam SpA,
3.88%, 3/19/18	EUR	2,483		3,512,863
Health Care Equipment & Supplies – 0.4%
Boston Scientific Corp.,
6.25%, 11/15/15	USD	13,154		14,820,941
Health Care Providers & Services – 0.7%
Coventry Health Care, Inc.,
5.45%, 6/15/21		3,862		4,590,199
HCA, Inc.,
7.25%, 9/15/20		3,925		4,346,938
Tenet Healthcare Corp.:
10.00%, 5/01/18		147		167,213
6.25%, 11/01/18		4,905		5,383,237
8.88%, 7/01/19		2,660		2,979,200
4.75%, 6/01/20(a)		1,977		2,006,655
UnitedHealth Group, Inc.,
3.38%, 11/15/21		1,630		1,736,558
WellPoint, Inc.,
3.30%, 1/15/23		2,595		2,662,483
				23,872,483
Hotels, Restaurants & Leisure – 0.5%
Accor SA,
2.88%, 6/19/17	EUR	400		546,187
Cirsa Funding Luxembourg SA,
8.75%, 5/15/18		813		1,067,754
Enterprise Inns Plc,
6.50%, 12/06/18	GBP	500		787,046
Lottomatica Group SpA,
3.50%, 3/05/20	EUR	1,300		1,757,994
Punch Taverns Finance B Ltd.:
Series A6, 5.94%, 12/30/24	GBP	176		251,595
Series A7, 4.77%, 6/30/33		934		1,334,509
The Unique Pub Finance Co. Plc:
Series A3, 6.54%, 3/30/21		500		775,675
Series A4, 5.66%, 6/30/27		6,491		9,199,905
				15,720,665
Household Durables – 0.2%
Algeco Scotsman Global Finance Plc,
9.00%, 10/15/18	EUR	1,790		2,433,593
K. Hovnanian Enterprises, Inc.,
7.25%, 10/15/20(a)	USD	3,615		3,886,125
				6,319,718
Household Products – 0.0%
Ontex IV SA,
9.00%, 4/15/19	EUR	370		515,243
Independent Power Producers & Energy Traders – 0.4%
Energy Future Intermediate Holding Co. LLC,
10.00%, 12/01/20	USD	7,690		8,670,475
Laredo Petroleum, Inc.:
9.50%, 2/15/19		1,925		2,151,187
7.38%, 5/01/22		655		710,675
NRG Energy, Inc.,
6.63%, 3/15/23(a)		2,105		2,252,350
				13,784,687
Industrial Conglomerates – 0.3%
General Electric Co.:
2.70%, 10/09/22		3,958		4,034,417
4.13%, 10/09/42		2,366		2,433,781
Siemens Financieringsmaatschappij NV,
2.75%, 9/10/25	GBP	2,600		4,116,967
				10,585,165
Insurance – 3.7%
Allianz Finance II BV,
5.75%, 7/08/41(b)	EUR	4,400		6,642,507
American International Group, Inc.:
3.80%, 3/22/17	USD	8,028		8,688,977
5.45%, 5/18/17		4,150		4,766,337
4.88%, 6/01/22		11,609		13,253,078
8.18%, 5/15/68(b)		2,670		3,477,675
Aviva Plc,
5.90%(b)(i)	GBP	1,160		1,695,926
Hartford Life Global Funding Trusts,
0.49%, 6/16/14(b)	USD	13,275		13,222,922
Lincoln National Corp.,
7.00%, 6/15/40		1,460		1,900,256
Manulife Financial Corp.,
3.40%, 9/17/15		12,215		12,844,219
Metropolitan Life Global Funding I(a):
2.50%, 1/11/13(f)		24,245		24,256,032
5.13%, 6/10/14		1,600		1,700,960
Prudential Financial, Inc.:
4.75%, 9/17/15		18,230		19,982,760
7.38%, 6/15/19		3,690		4,685,806
5.38%, 6/21/20		2,085		2,437,425
5.88%, 9/15/42(b)		7,704		8,089,200
				127,644,080
IT Services – 0.1%
First Data Corp.(a):
7.38%, 6/15/19		2,290		2,370,150
8.25%, 1/15/21		199		199,000
				2,569,150
Machinery – 0.2%
UR Merger Sub Corp.(a):
5.75%, 7/15/18		753		811,358
7.38%, 5/15/20		4,565		5,010,087
7.63%, 4/15/22		1,874		2,094,195
				7,915,640
Media – 3.2%
CBS Corp.:
4.63%, 5/15/18		1,785		2,006,213
8.88%, 5/15/19		3,440		4,639,734
5.75%, 4/15/20		2,820		3,377,692

6 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012

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

Corporate Bonds	Par (000)		Value
Media (concluded)
Clear Channel Worldwide Holdings, Inc.,
6.50%, 11/15/22(a)	USD	4,844	$	5,025,650
Comcast Cable Communications Holdings, Inc.,
9.46%, 11/15/22		2,225		3,363,886
Comcast Corp.:
5.88%, 2/15/18		6,350		7,652,074
4.65%, 7/15/42		10,370		10,930,633
Cox Communications, Inc.(a):
3.25%, 12/15/22		4,000		4,125,032
8.38%, 3/01/39		6,180		9,484,125
4.70%, 12/15/42		2,159		2,202,983
Intelsat Jackson Holdings SA,
7.25%, 4/01/19		4,072		4,377,400
NBC Universal Media LLC:
5.15%, 4/30/20		3,508		4,158,576
2.88%, 1/15/23		10,493		10,537,648
The New York Times Co.,
6.63%, 12/15/16		4,100		4,510,000
Time Warner Cable, Inc.:
4.00%, 9/01/21		4,862		5,336,847
5.50%, 9/01/41		3,590		3,994,471
4.50%, 9/15/42		10,958		10,686,757
Time Warner, Inc.,
4.70%, 1/15/21		2,080		2,367,978
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH,
5.75%, 1/15/23	EUR	1,485		2,067,934
Virgin Media Secured Finance Plc:
6.50%, 1/15/18	USD	3,740		4,025,175
5.25%, 1/15/21		4,870		5,686,363
				110,557,171
Metals & Mining – 0.5%
ArcelorMittal,
7.50%, 10/15/39		1,342		1,261,480
Freeport-McMoRan Copper & Gold, Inc.,
3.55%, 3/01/22		1,216		1,206,000
New Gold, Inc.,
7.00%, 4/15/20(a)		690		736,575
Novelis, Inc.,
8.75%, 12/15/20		6,865		7,654,475
Rio Tinto Finance Plc,
2.00%, 5/11/20	EUR	3,045		4,083,265
Schmolz + Bickenbach Luxembourg SA,
9.88%, 5/15/19		1,081		1,184,299
Steel Dynamics, Inc.,
6.38%, 8/15/22(a)	USD	1,345		1,425,700
				17,551,794
Multi-Utilities – 0.2%
Dominion Resources, Inc.,
1.95%, 8/15/16		6,345		6,520,636
Multiline Retail – 0.5%
Dufry Finance SCA,
5.50%, 10/15/20(a)		1,760		1,821,600
Macy’s Retail Holdings, Inc.:
5.90%, 12/01/16		2,152		2,528,630
7.45%, 7/15/17		8,380		10,331,006
Marks & Spencer Plc,
4.75%, 6/12/25	GBP	630		1,038,536
				15,719,772
Oil, Gas & Consumable Fuels – 4.6%
Access Midstream Partners LP,
4.88%, 5/15/23	USD	1,345		1,365,175
CONSOL Energy, Inc.,
8.25%, 4/01/20		549		594,293
El Paso Corp.,
7.75%, 1/15/32		2,000		2,349,986
Energy Transfer Partners LP,
6.50%, 2/01/42		8,087		9,901,213
Enterprise Products Operating LLC, Series L,
6.30%, 9/15/17		3,460		4,185,323
EP Energy LLC/Everest Acquisition Finance, Inc.:
6.88%, 5/01/19		1,260		1,367,100
7.75%, 9/01/22		1,525		1,616,500
Kinder Morgan Energy Partners LP:
5.95%, 2/15/18		2,900		3,472,208
3.45%, 2/15/23		6,795		6,998,170
Linn Energy LLC,
6.25%, 11/01/19(a)		6,000		6,030,000
MarkWest Energy Partners LP,
5.50%, 2/15/23		1,525		1,654,625
MidAmerican Energy Holdings Co.,
6.50%, 9/15/37		25		33,205
Murphy Oil Corp.:
2.50%, 12/01/17		4,853		4,882,928
4.00%, 6/01/22		1,217		1,226,680
3.70%, 12/01/22		9,572		9,535,569
Nexen, Inc.:
5.88%, 3/10/35		240		296,681
6.40%, 5/15/37		6,260		8,092,941
7.50%, 7/30/39		3,565		5,159,731
Novatek OAO via Novatek Finance Ltd.,
4.42%, 12/13/22(a)(c)		2,725		2,742,031
OGX Petroleo e Gas Participacoes SA(a):
8.50%, 6/01/18		401		360,900
8.38%, 4/01/22		2,190		1,828,650
PDC Energy, Inc.,
7.75%, 10/15/22(a)		1,085		1,112,125
Petrobras International Finance Co.:
3.88%, 1/27/16		15,335		16,178,471
5.75%, 1/20/20		15,835		18,025,867
Range Resources Corp.:
7.25%, 5/01/18		7,335		7,701,750
5.75%, 6/01/21		2,235		2,391,450
Rosneft Oil Co. via Rosneft International Finance Ltd.,
4.20%, 3/06/22(a)		1,753		1,783,678

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012 7

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

Corporate Bonds	Par (000)		Value
Oil, Gas & Consumable Fuels (concluded)
Sabine Pass Liquified Natural Gas LP:
7.50%, 11/30/16	USD	5,000	$	5,512,500
6.50%, 11/01/20(a)		1,225		1,246,438
SandRidge Energy, Inc.,
7.50%, 3/15/21		3,325		3,557,750
Valero Energy Corp.,
6.63%, 6/15/37		4,083		5,030,427
Western Gas Partners LP:
5.38%, 6/01/21		10,607		12,127,938
4.00%, 7/01/22		2,516		2,648,065
The Williams Cos., Inc.:
7.88%, 9/01/21		3,249		4,185,846
3.70%, 1/15/23		3,165		3,192,390
				158,388,604
Paper & Forest Products – 0.6%
Fibria Overseas Finance Ltd.,
6.75%, 3/03/21		519		574,793
International Paper Co.:
4.75%, 2/15/22		13,165		14,896,671
6.00%, 11/15/41		3,420		4,049,728
Mondi Finance Plc,
5.75%, 4/03/17	EUR	1,600		2,428,171
				21,949,363
Pharmaceuticals – 0.6%
AbbVie, Inc.(a):
2.00%, 11/06/18	USD	5,180		5,246,951
2.90%, 11/06/22		3,433		3,496,099
Teva Pharmaceutical Finance Co. BV:
2.95%, 12/18/22		5,683		5,748,684
Series 2, 3.65%, 11/10/21		2,120		2,268,892
Teva Pharmaceutical Finance IV BV,
3.65%, 11/10/21		5,000		5,351,160
				22,111,786
Real Estate Investment Trusts (REITs) – 0.4%
Gecina SA,
4.75%, 4/11/19	EUR	400		584,235
Hammerson Plc,
2.75%, 9/26/19		1,268		1,720,344
Ventas Realty LP/Ventas Capital Corp.,
4.75%, 6/01/21	USD	3,040		3,324,477
Vornado Realty LP,
5.00%, 1/15/22		8,255		9,108,583
				14,737,639
Real Estate Management & Development – 0.4%
Annington Finance No 4 Plc,
1.48%, 1/10/23(b)	GBP	3,257		5,111,497
China Resources Land Ltd.,
4.63%, 5/19/16	USD	3,000		3,178,584
Great Places Housing Group Ltd.,
4.75%, 10/22/42	GBP	1,086		1,818,831
IVG Immobilien AG,
8.00%(b)(d)(e)(i)	EUR	1,300		869,122
Realogy Corp.,
7.88%, 2/15/19(a)(f)	USD	4,210		4,588,900
				15,566,934
Road & Rail – 0.2%
Burlington Northern Santa Fe LLC,
3.05%, 9/01/22		6,080		6,283,419
Software – 0.1%
BMC Software, Inc.,
4.25%, 2/15/22		1,360		1,380,926
SAP AG:
1.00%, 11/13/15	EUR	1,170		1,543,601
2.13%, 11/13/19		1,360		1,814,090
				4,738,617
Specialty Retail – 0.2%
House of Fraser Funding Plc,
8.88%, 8/15/18	GBP	944		1,610,155
QVC, Inc.,
7.50%, 10/01/19(a)	USD	4,225		4,661,523
				6,271,678
Thrifts & Mortgage Finance – 0.1%
Northern Rock Asset Management Plc,
5.63%, 6/22/17(a)		4,145		4,816,237
Tobacco – 0.0%
Imperial Tobacco Finance Plc,
4.50%, 7/05/18	EUR	941		1,418,967
Transportation Infrastructure – 0.2%
Autoroutes du Sud de la France SA,
4.13%, 4/13/20		2,250		3,346,317
DP World Sukuk Ltd.,
6.25%, 7/02/17	USD	3,530		3,966,837
				7,313,154
Wireless Telecommunication Services – 2.1%
America Movil SAB de CV:
2.38%, 9/08/16		8,025		8,341,049
3.13%, 7/16/22		3,153		3,204,860
4.38%, 7/16/42		1,512		1,571,165
CC Holdings GS V LLC,
3.85%, 4/15/23(a)		3,706		3,770,155
Cricket Communications, Inc.,
7.75%, 5/15/16		3,869		4,096,304
Crown Castle International Corp.,
5.25%, 1/15/23(a)		2,235		2,391,450
Crown Castle Towers LLC,
6.11%, 1/15/20(a)		16,500		19,873,969
Eutelsat SA,
3.13%, 10/10/22	EUR	1,800		2,450,729
MetroPCS Wireless, Inc.,
7.88%, 9/01/18	USD	282		305,265
Phones4u Finance Plc,
9.50%, 4/01/18	GBP	990		1,680,575
SBA Tower Trust,
5.10%, 4/17/17(a)	USD	3,700		4,172,016
Sprint Capital Corp.,
6.88%, 11/15/28		2,003		2,083,120
Sprint Nextel Corp.,
9.00%, 11/15/18(a)		10,660		13,165,100
VimpelCom Holdings BV,
7.50%, 3/01/22		845		968,581

8 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012

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

Corporate Bonds	Par (000)		Value
Wireless Telecommunication Services (concluded)
Vodafone Group Plc,
8.13%, 11/26/18	GBP	2,300	$	4,935,536
				73,009,874
Total Corporate Bonds – 37.9%				1,317,003,017
Floating Rate Loan Interests (b)
Capital Markets – 0.1%
Nuveen Investments, Inc., Extended Term Loan,
5.81%, 5/12/17	USD	3,000		3,011,250
Chemicals – 0.1%
Styron Sarl LLC, Term Loan B,
8.00%, 8/02/17		2,174		2,114,926
Consumer Finance – 0.1%
Springleaf Financial Funding Co., Term Loan,
5.50%, 5/10/17		4,000		3,973,560
Diversified Telecommunication Services – 0.2%
Level 3 Financing, Inc., Term Loan,
4.75%, 8/01/19		8,000		8,033,360
Energy Equipment & Services – 0.2%
Dynegy Midwest Generation LLC, Coal Co., Term Loan,
9.25%, 8/04/16		2,347		2,437,066
Dynegy Power LLC, Gas Co., Term Loan,
9.25%, 8/04/16		3,788		3,953,918
				6,390,984
Food Products – 0.1%
Del Monte Foods Co., Term Loan,
4.50%, 3/08/18		2,397		2,398,408
Health Care Providers & Services – 0.1%
inVentiv Health, Inc., Combined Term Loan,
6.50%, 8/04/16		2,649		2,569,257
Hotels, Restaurants & Leisure – 0.2%
Motel 6, Mezzanine Term Loan,
10.00%, 10/15/17		6,030		6,030,000
IT Services – 0.2%
First Data Corp., Extended 2018, Term Loan B,
4.21%, 3/23/18		6,090		5,784,727
Machinery – 0.0%
Terex Corp., Term Loan B,
4.50%, 4/28/17		988		999,257
Media – 0.3%
Intelsat Jackson Holdings Ltd., Term Loan B-1,
4.50%, 4/02/18		12,517		12,610,437
Oil, Gas & Consumable Fuels – 0.3%
Obsidian Natural Gas Trust, Term Loan,
7.00%, 11/02/15		9,124		9,215,041
Pharmaceuticals – 0.0%
Pharmaceutical Product Development, Inc., Term Loan B,
6.25%, 12/05/18		990		1,004,672
Professional Services – 0.0%
Emdeon, Inc., Term Loan B1,
5.00%, 11/02/18		926		934,351
Real Estate Investment Trusts (REITs) – 0.0%
iStar Financial, Inc., Term Loan,
5.75%, 9/28/17		549		553,010
Real Estate Management & Development – 0.1%
Realogy Corp.:
Extended Letter of Credit Loan,
4.46%, 10/10/16		198		198,766
Extended Term Loan,
4.46%, 10/10/16		2,742		2,747,892
				2,946,658
Wireless Telecommunication Services – 0.2%
Vodafone Americas Finance 2, Inc., Term Loan B,
6.25%, 7/11/16		7,219		7,417,265
Total Floating Rate Loan Interests – 2.2%				75,987,163
Foreign Agency Obligations
Argentine Republic Government International Bond:
2.50%, 12/31/38(g)		11,780		4,229,020
5.25%, 12/31/38		2,350		843,650
Autonomous Community of Madrid Spain:
3.00%, 11/05/13	CHF	1,250		1,347,647
3.00%, 7/29/14		410		432,346
Autonomous Community of Valencia Spain:
2.13%, 2/22/13	EUR	3,390		3,667,275
5.50%, 4/26/13		200		261,799
4.75%, 3/20/14		980		1,244,655
3.25%, 7/06/15		1,090		1,270,845
4.38%, 7/16/15		1,570		1,857,630
Brazilian Government International Bond,
7.13%, 1/20/37	USD	1,725		2,639,250
Bundesobligation,
0.50%, 4/07/17	EUR	5,700		7,611,875
Bundesrepublik Deutschland,
4.25%, 7/04/18		4,960		7,905,711
Cyprus Government International Bond:
3.75%, 6/03/13		820		925,417
4.38%, 7/15/14		1,510		1,545,368

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012 9

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

Foreign Agency Obligations	Par (000)		Value
Deutsche Bundesrepublik Inflation Linked Bond,
0.10%, 4/15/23	EUR	46,767	$	64,868,979
Italy Buoni Poliennali Del Tesoro:
4.75%, 6/01/17		38,495		54,081,023
5.25%, 8/01/17		8,695		12,480,518
5.50%, 11/01/22		2,760		3,938,608
Mexican Bonos:
Series M10, 7.75%, 12/14/17	MXN	190,870		1,643,609
Series M30, 8.50%, 11/18/38		269,400		2,633,708
Mexico Government International Bond:
5.63%, 1/15/17	USD	3,840		4,454,400
5.13%, 1/15/20		8,275		9,888,625
Netherlands Government Bond(a):
4.50%, 7/15/17	EUR	111,910		174,568,043
1.25%, 1/15/18		8,835		12,028,248
Poland Government International Bond:
6.38%, 7/15/19	USD	1,280		1,595,802
5.13%, 4/21/21		4,130		4,898,180
Portugal Government International Bond,
3.50%, 3/25/15		12,800		12,256,000
Russian Foreign Bond Eurobond,
7.50%, 3/31/30		13,388		17,195,708
South Africa Government International Bond,
5.50%, 3/09/20		3,165		3,750,525
Spain Government Bond,
4.50%, 1/31/18	EUR	2,300		3,054,852
Spain Letras del Tesoro,
2.64%, 4/16/14(k)		5,200		6,648,991
Turkey Government International Bond:
7.00%, 3/11/19	USD	2,670		3,320,145
5.63%, 3/30/21		3,870		4,595,625
6.25%, 9/26/22		2,760		3,440,340
Total Foreign Agency Obligations – 12.6%				437,124,417
Investment Companies	Shares
Diversified Financial Services – 0.4%
iShares JPMorgan USD Emerging Markets Bond Fund(l)		114,500		14,060,600
Municipal Bonds	Par (000)
New York City Municipal Water Finance Authority, Refunding RB, Second General Resolution, Series EE:
5.38%, 6/15/43	USD	4,410		5,152,247
5.50%, 6/15/43		5,285		6,265,103
Total Municipal Bonds – 0.3%				11,417,350
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations – 4.7%
BlackRock Capital Finance LP, Series 1997-R2, Class AP,
1.12%, 12/25/35(a)(b)(l)		4		4,488
Citigroup Mortgage Loan Trust, Inc., Series 2007-2, Class 2A,
6.00%, 11/25/36		256		257,316
Collateralized Mortgage Obligation Trust, Series 57, Class D,
9.90%, 2/01/19		9		9,960
Countrywide Alternative Loan Trust:
Series 2005-21CB, Class A17, 6.00%, 6/25/35		14,262		14,142,900
Series 2006-43CB, Class 1A10, 6.00%, 2/25/37		6,094		4,789,753
Series 2006-J4, Class 2A8, 6.00%, 7/25/36		11,616		9,174,619
Series 2006-OA10, Class 1A1, 1.01%, 8/25/46(b)		2,351		1,571,148
Series 2006-OA21, Class A1, 0.40%, 3/20/47(b)		22,996		15,196,117
Series 2007-22, Class 2A16, 6.50%, 9/25/37		13,645		10,003,294
Countrywide Home Loan Mortgage Pass-Through Trust(b):
Series 2004-29, Class 1A1, 0.75%, 2/25/35		866		787,775
Series 2006-OA5, Class 2A1, 0.41%, 4/25/46		3,782		2,508,715
Series 2006-OA5, Class 3A1, 0.41%, 4/25/46		5,629		4,167,478
Credit Suisse Mortgage Capital Certificates(a)(b):
Series 2010-20R, Class 9A1, 3.06%, 1/27/36		7,442		7,352,156
Series 2011-2R, Class 1A1, 2.77%, 3/27/37		4,521		4,328,658
Series 2011-2R, Class 2A1, 2.61%, 7/27/36		14,002		13,800,016
Series 2011-5R, Class 3A1, 5.91%, 9/27/47		6,312		6,194,911
Deutsche ALT-A Securities, Inc. Alternate Loan Trust,
0.36%, 12/25/36(b)		5,600		4,119,971
First Horizon Asset Securities, Inc.,
Series 2005-AR3, Class 3A1, 2.60%, 8/25/35(b)		1,956		1,808,735

10 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012

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

Non-Agency Mortgage-Backed Securities	Par (000)		Value
Collateralized Mortgage Obligations (concluded)
Fosse Master Issuer Plc, Series 2012-1A, Class 2A2,
1.72%, 10/18/54(a)(b)	USD	3,645	$	3,719,486
Gemgarto, Series 2012-1, Class A1,
3.47%, 5/14/45(b)	GBP	1,841		3,110,211
GSR Mortgage Loan Trust, Series 2005-AR2, Class 2A1,
2.89%, 4/25/35(b)	USD	5,585		5,430,736
Homebanc Mortgage Trust, Class A1(b):
Series 2005-4, 0.48%, 10/25/35		22,673		17,764,005
Series 2006-2, 0.39%, 12/25/36		6,502		4,994,050
Impac Secured Assets CMN Owner Trust, Series 2004-3, Class 1A4,
1.01%, 11/25/34(b)		948		911,819
JPMorgan Mortgage Trust:
Series 2006-S2, Class 2A2, 5.88%, 6/25/21		3,646		3,556,212
Series 2007-S1, Class 1A2, 5.50%, 3/25/22		1,056		1,031,597
Lanark Master Issuer Plc, Series 2012-2X, Class 2A,
2.15%, 12/22/54(b)	GBP	2,673		4,516,661
New York Securitization Trust, Series 2012-1, Class A,
6.71%, 12/27/47(a)(b)	USD	12,069		12,069,000
Residential Mortgage Securities Ltd.,
2.77%, 2/14/41(b)	GBP	2,037		3,434,048
Silk Road Finance Number Three Plc,
1.87%, 6/21/55(b)		1,911		3,171,616
				163,927,451
Commercial Mortgage-Backed Securities – 8.9%
Banc of America Large Loan, Inc., Series 2010, Class HLTN,
2.51%, 11/15/15(a)(b)	USD	11,343		11,319,447
Banc of America Merrill Lynch Commercial Mortgage, Inc.:
Series 2005-3, Class A3A, 4.62%, 7/10/43		850		851,241
Series 2007-3, Class A4, 5.59%, 6/10/49(b)		2,730		3,164,436
Series 2007-3, Class AM, 5.59%, 6/10/49(b)		4,015		4,388,568
BB-UBS Trust, Series 2012-TFT, Class C,
3.47%, 6/05/30 (a)(b)		920		873,095
Bear Stearns Commercial Mortgage Securities(b):
Series 2005-PW10, Class AM, 5.45%, 12/11/40		1,350		1,488,320
Series 2006-PW11, Class A4, 5.45%, 3/11/39		175		197,452
Citigroup Commercial Mortgage Trust, Series 2007-C6, Class AM,
5.70%, 12/10/49 (b)		4,000		4,536,028
Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2B,
5.21%, 12/11/49		1,388		1,407,879
Commercial Mortgage Pass-Through Certificates(a):
Series 2010-RR1, Class GEB, 5.54%, 12/11/49(b)		2,260		2,547,192
Series 2012-LTRT, Class A2, 3.40%, 10/05/30		5,485		5,743,278
Credit Suisse Mortgage Capital Certificates, Series 2010-RR1, Class 2A,
5.70%, 9/15/40(a)(b)		4,730		5,487,292
Credit Suisse First Boston Mortgage Securities Corp.:
Series 2003-C3, Class A5, 3.94%, 5/15/38		2,046		2,052,048
Series 2003-CPN1, Class A2, 4.60%, 3/15/35		105		104,857
Series 2005-C3, Class AJ, 4.77%, 7/15/37		920		948,274
DBRR Trust (a):
Series 2011-C32, Class A3A, 5.74%, 6/17/49(b)		3,800		4,452,760
Series 2012-EZ1, Class A, 0.95%, 9/25/45		15,525		15,565,643
GE Capital Commercial Mortgage Corp., Series 2007-C1, Class A2,
5.42%, 12/10/49		19,572		19,544,661
GMAC Commercial Mortgage Securities, Inc., Series 2003-C2, Class A2,
5.44%, 5/10/40(b)		2,774		2,814,904
Greenwich Capital Commercial Funding Corp.:
Series 2005-GG3, Class A3, 4.57%, 8/10/42		1,273		1,275,494
Series 2006-GG7, Class AJ, 5.87%, 7/10/38(b)		3,370		3,270,275
Series 2007-GG11, Class A4, 5.74%, 12/10/49		1,850		2,180,787
Series 2007-GG9, Class AM, 5.48%, 3/10/39		1,500		1,632,974
GS Mortgage Securities Corp. II:
Series 2005-GG4, Class A4, 4.76%, 7/10/39		13,351		14,388,773
Series 2006-GG8, Class AJ, 5.62%, 11/10/39		3,580		3,267,419
Series 2006-GG8, Class AM, 5.59%, 11/10/39		1,470		1,651,324
Series 2007-GG10, Class A4, 5.79%, 8/10/45(b)(f)		4,400		5,072,786
Series 2012-SHOP, Class C, 3.63%, 6/05/31(a)		820		843,742

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012 11

Consolidated Schedule of Investments (continued)	Master Total Return Portfolio
	(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.(b):
Series 2006-CB14, Class AM, 5.45%, 12/12/44	USD	5,065	$	5,505,316
Series 2007-CB19, Class AM, 5.73%, 2/12/49		2,000		2,174,414
Series 2007-CB20, Class AJ, 6.08%, 2/12/51		3,705		3,547,219
Series 2007-CB20, Class AM, 5.88%, 2/12/51		6,118		7,093,931
Series 2007-LD11, Class A2, 5.80%, 6/15/49		16,636		17,158,624
Series 2008-C2, Class ASB, 6.13%, 2/12/51		2,486		2,711,474
Series 2012-HSBC, Class D, 4.52%, 7/05/32(a)		4,000		4,249,824
LB-UBS Commercial Mortgage Trust(b):
Series 2003-C7, Class A3, 4.56%, 9/15/27		66		66,326
Series 2005-C2, Class AJ, 5.21%, 4/15/30		3,055		3,223,300
Series 2007-C6, Class A4, 5.86%, 7/15/40		8,450		10,087,509
Series 2007-C7, Class A3, 5.87%, 9/15/45		3,800		4,530,466
Merrill Lynch/Countrywide Commercial Mortgage Trust:
Series 2006-2, Class A2, 5.88%, 6/12/46(b)		1,489		1,492,796
Series 2007-9, Class ASB, 5.64%, 9/12/49		24,147		25,299,046
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-CKSV, Class CK,
4.30%, 10/15/30(a)		8,496		7,709,798
Morgan Stanley Capital I Trust:
Series 1998-WF2, Class G, 6.34%, 7/15/30(a)(b)		5,026		5,142,734
Series 2007-HQ11, Class A2, 5.36%, 2/12/44		3,553		3,559,823
Series 2007-HQ12, Class AM, 5.57%, 4/12/49(b)		1,590		1,681,020
Series 2007-HQ12, Class A2FX, 5.57%, 4/12/49(b)		819		859,422
Series 2007-IQ15, Class AM, 5.88%, 6/11/49(b)		4,505		4,962,131
Series 2007-XLC1, Class A2, 0.56%, 7/17/17		1,800		1,728,313
Morgan Stanley Reremic Trust(a)(b):
Series 2007-LD11, Class A2, 5.80%, 6/15/49		3,660		3,653,009
Series 2008-C2, Class ASB, 6.13%, 2/12/51		2,680		2,592,471
Series 2012-XA, Class A, 2.00%, 7/27/49		6,093		6,154,075
Motel 6 Trust, Series 2012-MTL6, Class B,
2.74%, 10/05/25(a)		2,655		2,680,371
ORES NPL LLC, Series 2012-LV1, Class A,
4.00%, 9/25/44(a)		2,198		2,206,370
RBSCF Trust, Series 2010-RR3, Class WBTA,
6.12%, 2/16/51(a)(b)		14,186		16,700,285
RCMC LLC, Series 2012-CRE1, Class A,
5.62%, 11/15/44(a)		7,569		7,606,417
SMA Issuer I LLC, Series 2012-LV1, Class A,
3.50%, 8/20/25(a)		6,915		6,941,277
STRIPs Ltd., Series 2012-1, Class A,
1.50%, 12/25/44(a)		10,300		10,179,696
Wachovia Bank Commercial Mortgage Trust:
Series 2006-C28, Class A2 5.50%, 10/15/48		4,325		4,345,774
Series 2007-C33, Class AM, 5.92%, 2/15/51(b)		3,791		4,241,002
Series 2007-C33, Class A4 5.92%, 2/15/51(b)		4,310		5,056,583
WaMu Commercial Mortgage Securities Trust, Series 2005-C1A, Class X,
1.09%, 5/25/36(a)(b)		2,325		38,254
				306,250,019
Interest Only Commercial Mortgage-Backed Securities – 1.1%
Commercial Mortgage Pass Through Certificates (b):
Series 2012-CR1, Class XA, 2.26%, 5/15/45		43,881		6,066,317
Series 2012-CR3, Class XA, 2.22%, 11/15/45		45,659		6,521,963
Series CR5, Class XA, 1.95%, 12/10/45		45,500		5,571,971
JPMorgan Chase Commercial Mortgage Securities Corp., Series 2012-CBX, Class XA,
2.05%, 6/15/45(b)		20,975		2,421,614
Morgan Stanley Capital I Trust, Series 2012-C4, Class XA,
2.70%, 3/15/45(a)(b)		41,842		6,105,449
Morgan Stanley Reremic Trust, Series 2011, Class A,
2.50%, 3/23/51		2,297		2,318,684
Wells Fargo Reremic Trust, Series 2012, Class A,
1.75%, 8/20/21(a)		5,983		6,004,835
WF-RBS Commercial Mortgage Trust, Series 2012-C10, Class XA,
1.86%, 12/15/45(a)(b)		47,560		5,954,179
				40,965,012

12 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012

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

Non-Agency Mortgage-Backed Securities	Par (000)		Value
Principal Only Collaterized Mortgage Obligations – 0.2%
Morgan Stanley Reremic Trust,
Series 2009, Class B, 7/17/56(a)	USD	6,500	$	5,793,775
Total Non-Agency Mortgage-Backed Securities – 14.9%				516,936,257
Preferred Securities
Capital Trusts
Capital Markets – 0.0%
State Street Capital Trust IV,
1.31%, 6/01/77(b)		770		598,887
				598,887
Commercial Banks – 0.2%
BNP Paribas Fortis SA,
4.63%(b)(i)	EUR	850		1,061,412
Fifth Third Capital Trust IV,
6.50%, 4/15/67(b)	USD	5,410		5,410,000
				6,471,412
Consumer Finance – 0.2%
Capital One Capital VI,
8.88%, 5/15/40		6,845		6,845,000
Insurance – 0.5%
Achmea BV,
5.13%(i)	EUR	1,110		1,425,586
MetLife Capital Trust IV,
7.88%, 12/15/67(a)	USD	6,045		7,405,125
Swiss Re Capital I LP,
6.85%(a)(b)(i)		6,125		6,419,625
XL Group Plc, Series E,
6.50%(b)(i)		2,890		2,702,150
				17,952,486
Total Capital Trusts – 0.9%				31,867,785
Preferred Stocks	Shares
Thrifts & Mortgage Finance – 0.0%
Fannie Mae, Series S I,
8.25%(b)		110,000		183,700
Freddie Mac, Series Z I,
8.38%(b)		120,000		210,000
Total Preferred Stocks – 0.0%				393,700
Commercial Banks – 0.1%
Citigroup Capital XIII,
7.88%, 10/30/40(b)(m)		149,440		4,119,524
Total Preferred Securities – 1.0%				36,381,009
US Government Sponsored Agency Securities	Par (000)
Agency Obligations – 1.2%
Fannie Mae:
1.75%, 5/07/13(f)		3,450		3,468,909
1.96%, 10/09/19(f)(k)		13,295		11,647,178
6.63%, 11/15/30(f)		1,450		2,208,356
Freddie Mac:
2.50%, 4/23/14(f)		6,100		6,283,768
4.38%, 7/17/15(f)		7,950		8,755,979
4.88%, 6/13/18(f)		4,300		5,190,814
3.75%, 3/27/19(n)		3,650		4,219,101
				41,774,105
Collateralized Mortgage Obligations – 0.9%
Fannie Mae Mortgage-Backed Securities:
Series 2006-M2, Class A2A, 5.27%, 10/25/32(b)		4,333		5,373,399
Series 2003-W5, Class A, 0.43%, 4/25/33(b)		8		8,099
Series 2005-48, Class AR, 5.50%, 2/25/35		33		36,477
Freddie Mac Mortgage-Backed Securities:
Series 2825, Class VP, 5.50%, 6/15/15		642		665,226
Series K013, Class A2, 3.97%, 1/25/21(b)		4,060		4,650,702
Series K017, Class A2, 2.87%, 12/25/21		14,020		14,868,224
Ginnie Mae Mortgage-Backed Securities, Series 2009-63, Class AC,
4.18%, 1/16/38		4,350		4,570,584
				30,172,711
Commercial Mortgage-Backed Securities – 0.2%
Freddie Mac Mortgage-Backed Securities(a)(b):
Series K706, Class C, 4.02%, 11/25/44		1,520		1,488,050
Series 2012-K23, Class B, 3.66%, 10/25/45		6,240		6,087,120
				7,575,170

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012 13

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

US Government Sponsored Agency Securities	Par (000)		Value
Interest Only Collateralized Mortgage Obligations – 0.5%
Fannie Mae Mortgage-Backed Securities(b):
Series 2011-123, Class CS, 6.40%, 10/25/41	USD	20,342	$	2,875,182
Series 2012-94, Class IK, 4.00%, 9/25/42		20,568		2,752,745
Freddie Mac Mortgage-Backed Securities(b):
Series K707, Class X1, 1.56%, 12/25/18		22,986		1,817,632
Series K710, Class X1, 1.78%, 5/25/19		17,085		1,629,308
Series K009, Class X1, 1.51%, 8/25/20		43,941		3,628,567
Series K019, Class X1, 1.75%, 3/25/22		10,270		1,282,631
Series K023, Class X1, 1.32%, 8/25/22		28,160		2,781,901
Ginne Mae Mortgage-Backed Securities, Series 2012-120,
1.01%, 2/16/53(b)		24,050		2,017,378
				18,785,344
Mortgage-Backed Securities – 89.8%
Fannie Mae Mortgage-Backed Securities:
2.24%, 10/01/42(b)		7,305		7,591,855
2.50%, 4/01/27 – 1/15/28(f)(o)		147,126		154,163,638
3.00%, 3/01/41(b)		3,229		3,378,503
3.00%, 9/01/27 – 1/15/43(b)(f)(o)		252,373		264,880,672
3.14%, 3/01/41(b)		3,982		4,165,794
3.29%, 12/01/40(b)		6,343		6,723,601
3.50%, 7/01/26 – 2/15/43(f)(o)		469,697		500,876,776
4.00%, 2/01/25 – 2/15/43(f)(o)		586,955		630,462,718
4.50%, 2/01/25 – 2/15/43(f)(o)		436,582		472,084,568
5.00%, 8/01/38(b)		4,843		4,745,455
5.00%, 9/01/33 – 2/15/43(b)(f)(o)		281,056		305,549,194
5.50%, 12/01/32 – 2/15/43(f)(o)		72,001		78,645,418
5.53%, 10/01/38(b)		37		40,355
6.00%, 2/01/34 – 1/15/43(f)(o)		51,876		57,196,160
6.50%, 5/01/40 – 2/15/43(f)(o)		32,093		35,978,859
Freddie Mac Mortgage-Backed Securities:
2.31%, 10/01/36(b)		53		56,569
2.66%, 2/01/37(b)		148		158,465
2.92%, 6/01/42(b)		6,612		6,957,584
3.00%, 1/15/28(o)		12,400		13,020,000
3.02%, 2/01/41(b)		5,166		5,415,516
3.50%, 1/15/28 – 1/15/43(f)(o)		35,457		37,666,268
4.00%, 1/15/28 – 1/15/43(o)		57,400		61,156,562
4.50%, 10/01/41 – 1/15/43(f)(o)		66,016		70,838,147
5.00%, 10/01/36 – 5/01/39(f)		40,197		43,354,508
5.50%, 4/01/38 – 1/01/40(f)		25,552		27,600,406
Ginnie Mae Mortgage-Backed Securities:
1.75%, 5/20/34(b)		1,344		1,406,611
3.50%, 9/20/42 – 1/15/43(f)(o)		26,807		29,154,197
4.00%, 10/15/40 – 1/15/43(f)(o)		140,439		153,481,964
4.50%, 5/20/40 – 2/15/42(f)		87,086		96,092,595
5.00%, 10/20/39 – 1/15/43(f)(o)		45,111		49,530,823
				3,122,373,781
Total US Government Sponsored Agency Securities – 92.6%				3,220,681,111
US Treasury Obligations
US Treasury Bonds,
2.75%, 11/15/42(f)		132,430		127,588,480
US Treasury Inflation Indexed Bonds:
0.13%, 4/15/17		23,291		24,941,906
2.13%, 2/15/41(f)		6,945		10,255,429
0.75%, 2/15/42		12,018		13,162,783
US Treasury Notes(f):
0.25%, 12/15/15		226,185		225,513,457
1.00%, 11/30/19		47,279		46,821,258
1.63%, 8/15/22		19,035		18,910,092
1.63%, 11/15/22		53,628		53,041,516
Total US Treasury Obligations – 14.9%				520,234,921
Total Long-Term Investments (Cost – $6,527,894,795) – 191.7%				6,668,758,869
Short-Term Securities	Shares
Money Market Funds – 0.3%
BlackRock Liquidity Funds, TempFund, Institutional Class,
0.11%(l)(p)		10,933,237		10,933,237
	Par (000)
Borrowed Bond Agreements – 8.3%
Barclays Bank Plc, NY:
(0.10)%, open	EUR	5,793		7,646,190
(0.08)%, open		61,556		81,250,000
0.05%, open		827		1,092,032

14 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012

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

Short-Term Securities	Par (000)		Value
Borrowed Bond Agreements (concluded)
BNP Paribas Securities Corp.:
0.18%, open	USD	1,096	$	1,096,250
0.20%, open		17,939		17,938,638
Citigroup Global Markets Ltd.:
(0.10)%, open	EUR	59,609		78,680,287
(0.05)%, open	USD	2,771		2,771,250
(0.03)%, open	EUR	16,241		21,437,321
(0.02)%, open		8,026		10,594,173
0.00%, open		8,180		10,797,329
Credit Suisse Securities (USA) LLC,
0.20%, open	USD	25,157		25,157,200
Deutsche Bank Securities Inc.,
(0.05)%, open		18,572		18,571,875
UBS AG,
(0.05)%, open	EUR	7,302		9,638,281
				286,670,826
Total Short-Term Securities (Cost – $290,440,111) – 8.6%				297,604,063
Options Purchased     (Cost – $18,418,277) – 0.7%				24,652,878
Total Investments Before Borrowed Bonds, TBA Sale Commitments and Options Written (Cost – $6,836,753,183*) – 201.0%				6,991,015,810
Borrowed Bonds
ArcelorMittal, 7.50%, 10/15/39	USD	3,000		(2,820,000	)
Belgium Government Bond:
3.25%, 9/28/16	EUR	1,955		(2,843,560	)
5.50%, 9/28/17		1,640		(2,639,550	)
4.25%, 9/28/21		3,365		(5,304,644	)
Bundesrepublik Deutschland,
2.00%, 1/04/22		14,900		(21,017,916	)
France Government Bond OAT:
3.75%, 4/25/17		7,320		(10,976,077	)
4.25%, 10/25/17		6,085		(9,380,457	)
4.00%, 4/25/18		4,960		(7,626,222	)
France Telecom SA,
4.13%, 9/14/21	USD	2,500		(2,754,857	)
French Treasury Note BTAN,
1.00%, 7/25/17	EUR	117,030		(157,022,042	)
Morgan Stanley,
4.88%, 11/01/22	USD	15,000		(15,530,910	)
Spain Government Bond:
3.40%, 4/30/14	EUR	805		(1,070,147	)
4.10%, 7/30/18		2,330		(3,034,520	)
Treasury Inflation Protected Security:
0.13%, 4/15/17	USD	23,505	$	(25,170,931	)
0.13%, 7/15/22		16,441		(17,847,774	)
US Treasury Bonds,
3.13%, 11/15/41		1,000		(1,046,719	)
Total Borrowed Bonds (Proceeds – $277,771,681) – (8.2)%				(286,086,326	)
TBA Sale Commitments (o)
Fannie Mae Mortgage-Backed Securities:
2.50%, 1/15/28 – 2/15/28		134,000		(140,011,094	)
3.00%, 1/15/28 – 1/15/43		153,600		(160,986,875	)
3.50%, 1/15/28 – 2/15/43		371,000		(395,218,255	)
4.00%, 1/15/28 – 2/15/43		410,000		(439,377,609	)
4.50%, 1/15/28 – 2/15/43		377,900		(408,161,053	)
5.00%, 1/15/43		252,100		(273,075,703	)
5.50%, 1/15/43		19,800		(21,510,843	)
6.00%, 1/15/43		500		(546,094	)
6.50%, 1/15/43		11,200		(12,468,750	)
Ginnie Mae Mortgage-Backed Securities:
3.50%, 1/15/43		100		(108,648	)
4.00%, 1/15/43		141,500		(154,769,304	)
4.50%, 1/15/43		12,800		(14,014,001	)
Total TBA Sale Commitments (Proceeds – $2,018,505,031) – (58.1)%				(2,020,248,229	)
Options Written
(Premiums Received – $20,170,890) – (0.8)%				(27,133,075	)
Total Investments, Net of Borrowed Bonds, TBA Sale Commitments and Options Written – 133.9%				4,657,548,180
Liabilities in Excess of Other Assets – (33.9)%				(1,179,728,956	)
Net Assets – 100.0%			$	3,477,819,224

* As of December 31, 2012, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	6,845,286,134
Gross unrealized appreciation	$	167,795,545
Gross unrealized depreciation		(22,065,869	)
Net unrealized appreciation	$	145,729,676

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012 15

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

          Notes to Schedule of Investments

(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. 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) When-issued security. Unsettled when-issued transactions were as follows:

Counterparty	Value		Unrealized Appreciation
JPMorgan Chase & Co	$	12,132,431	$	19
Citigroup Inc	$	16,285,400		–

(d) Issuer filed for bankruptcy and/or is in default of principal and/or interest payments.

(e) Non-income producing security.

(f) All or a portion of security has been pledged as collateral in connection with open reverse repurchase agreements.

(g) Represents a step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Rate shown is as of report date.

(h) All or a portion of security has been pledged as collateral in connection with swaps.

(i) Security is perpetual in nature and has no stated maturity date.

(j) Represents a payment-in-kind security which may pay interest/dividends in additional par/shares.

(k) Represents a zero-coupon bond. Rate shown reflects the current yield as of report date.

(l) Investments in issuers considered to be an affiliate of the Master Portfolio during the period ended December 31, 2012, 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, 2012		Par/Shares Purchased			Par/Shares Sold			Par/Shares Held at December 31, 2012		Value at December 31, 2012		Income
BlackRock Capital Finance LP, Series 1997-R2, Class AP, 1.12%, 12/25/35	$	8,543		–		$	(4,055	)	$	4,488	$	4,488	$	95
BlackRock Liquidity Funds, TempFund, Institutional Class.		9,146,877	$	1,786,360	1		–			10,933,237	$	10,933,237	$	5,647
iShares JPMorgan USD Emerging Markets Bond Fund		114,500		–			–			114,500	$	14,060,600		–

¹  Represents the net shares purchased.

(m) Convertible security.

(n) All or a portion of security has been pledged as collateral in connection with open financial futures contracts.

(o) Represents or includes a TBA transaction. Unsettled TBA transactions as of December 31, 2012 were as follows:

Counterparty	Value			Unrealized Appreciation (Depreciation)
Bank of America Corp	$	5,343,640		$	6,468
Barclays Plc	$	(73,453,280	)	$	(130,155	)
BNP Paribas SA	$	91,922		$	578
Citigroup, Inc	$	(108,484,159	)	$	(168,733	)
Credit Suisse Group AG	$	33,393,651		$	110,886
Deutsche Bank AG	$	(84,241,169	)	$	112,198
Goldman Sachs Group, Inc.	$	59,473,759		$	(221,375	)
JPMorgan Chase & Co.	$	29,439,084		$	(38,482	)
Morgan Stanley	$	14,136,539		$	(148,000	)
Nomura Trust and Banking Co., Ltd.	$	(66,837,532	)	$	(17,828	)
Royal Bank of Scotland Group Plc	$	2,389,406		$	4,109
UBS AG	$	(28,804,668	)	$	(27,980	)
Wells Fargo & Co	$	6,929,863		$	5,332

(p) Represents the current yield as of report date.

16 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Portfolio Abbreviations

To simplify the listings of portfolio holdings in the Consolidated Schedule of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:	AUD	Australian Dollar	LIBOR	London Interbank Offered Rate
	CAD	Canadian Dollar	MXN	Mexican New Peso
	CHF	Swiss Franc	RB	Revenue Bonds
	CNY	Chinese Renminbi	S&P	Standard and Poor’s
	ETF	Exchange-Traded Fund	SPDR	Standard and Poor’s Depositary Receipts
	EUR	Euro	TBA	To Be Announced
	GBP	British Pound	TRX	Turkish Lira/USD
	HUF	Hungarian Forint	USD	US Dollar
	JPY	Japanese Yen

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

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012 17

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

• Reverse repurchase agreements outstanding as of December 31, 2012 were as follows:

Counterparty	Interest Rate			Trade Date	Maturity Date1	Face Value		Face Value Including Accrued Interest
UBS Securities LLC		(0.25	)%	7/02/12	Open	$	855,750	$	854,663
Credit Suisse Securities (USA) LLC		0.21	%	7/24/12	Open		9,232,072		9,240,743
Deutsche Bank Securities, Inc.		0.23	%	7/25/12	Open		18,754,750		18,773,922
UBS Securities LLC		0.10	%	10/02/12	Open		1,192,140		1,192,438
Deutsche Bank Securities, Inc.		0.28	%	10/10/12	Open		19,156,569		19,168,935
Credit Suisse Securities (USA) LLC		0.32	%	10/18/12	Open		43,739,002		43,768,162
Credit Suisse Securities (USA) LLC		0.23	%	10/23/12	Open		125,535,927		125,592,069
Deutsche Bank Securities, Inc.		(0.63	)%	10/24/12	Open		3,888,987		3,884,329
BNP Paribas Securities Corp.		0.22	%	11/19/12	Open		10,429,594		10,432,334
HSBC Securities (USA), Inc.		0.38	%	12/11/12	1/14/13		617,475,387		617,606,200
Deutsche Bank Securities, Inc.		0.23	%	12/12/12	Open		19,153,969		19,156,416
Morgan Stanley & Co. LLC		0.38	%	12/13/12	1/14/13		27,618,756		27,624,295
Citigroup Global Markets, Inc.		0.00	%	12/18/12	Open		4,807,000		4,807,000
HSBC Securities (USA), Inc.		0.38	%	12/18/12	1/14/13		71,260,052		71,270,583
Credit Suisse Securities (USA) LLC		0.37	%	12/19/12	Open		39,926,731		39,932,066
Credit Suisse Securities (USA) LLC		0.37	%	12/27/12	Open		30,343,075		30,344,322
Credit Suisse Securities (USA) LLC		(0.13	)%	12/31/12	1/02/13		46,924,705		46,924,536
Credit Suisse Securities (USA) LLC		(0.16	)%	12/31/12	1/02/13		53,359,960		53,359,722
Deutsche Bank Securities, Inc.		0.20	%	12/31/12	1/02/13		225,619,538		225,620,792
Morgan Stanley & Co. LLC		0.22	%	12/31/12	1/02/13		97,875,000		97,875,598
Total						$	1,467,148,964	$	1,467,429,125

¹  Certain agreements have no stated maturity and can be terminated by either party at any time.

• Financial futures contracts as of December 31, 2012 were as follows:

Contracts Purchased/ (Sold)	Issue	Exchange	Expiration	Notional Value			Unrealized Appreciation (Depreciation)
38	CAC 40 Index	Euronext Paris	January 2013		USD	1,826,759	$	(2,608	)
1,563	2-Year US Treasury Note	Chicago Board of Trade	March 2013		USD	344,592,656		(57,675	)
769	30-Year US Treasury Bond	Chicago Board of Trade	March 2013		USD	113,427,500		246,016
908	5-Year US Treasury Note	Chicago Board of Trade	March 2013		USD	112,967,969		(55,353	)
7	DAX 30 Index	Eurex Deutschland	March 2013		USD	1,759,808		(1,405	)
457	VSTOXX Mini 50 Index	Eurex Deutschland	March 2013		USD	1,342,159		92,292
1,075	90-Day Euro-Dollar	Chicago Mercantile	March 2016		USD	266,035,625		(83,768	)
(457)	VSTOXX Mini 50 Index	Eurex Deutschland	January 2013		USD	1,293,901		(167,091	)
(1,427)	10-Year US Treasury Note	Chicago Board of Trade	March 2013		USD	189,478,844		(736,120	)
(457)	Euro BOBL	Eurex Deutschland	March 2013		USD	77,103,262		(510,692	)

18 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

• Financial futures contracts as of December 31, 2012 were as follows (concluded):

Contracts Purchased/ (Sold)	Issue	Exchange	Expiration	Notional Value		Unrealized Appreciation (Depreciation)
(403)	Euro Bund	Eurex Deutschland	March 2013	USD	77,471,766	$	(234,779	)
(35)	Euro-Schatz	Eurex Deutschland	March 2013	USD	5,121,310		(5,364	)
(159)	Long Gilt Bond	London Financial Futures	March 2013	USD	30,715,554		(63,065	)
(361)	Ultra Long US Treasury Bond	Chicago Board of Trade	March 2013	USD	58,696,344		678,956
(175)	90-Day Euro-Dollar	Chicago Mercantile	June 2016	USD	43,246,875		41,211
(1,427)	90-Day Euro-Dollar	Chicago Mercantile	September 2016	USD	352,112,250		343,009
(175)	90-Day Euro-Dollar	Chicago Mercantile	December 2016	USD	43,111,250		43,809
Total						$	(472,627	)

• Foreign currency exchange contracts as of December 31, 2012 were as follows:

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	15,520,166	GBP	9,656,000	BNP Paribas SA	1/16/13	$	(164,973	)
GBP	19,908,000	USD	31,600,645	Citigroup, Inc.	1/16/13		737,771
USD	2,131,637	GBP	1,327,000	Citigroup, Inc.	1/16/13		(23,933	)
USD	1,739,455	GBP	1,076,000	Citigroup, Inc.	1/16/13		(8,392	)
GBP	19,510,000	USD	31,414,982	Deutsche Bank AG	1/16/13		276,926
USD	4,360,145	CHF	4,057,943	Deutsche Bank AG	1/16/13		(77,552	)
USD	26,291,342	GBP	16,405,000	Deutsche Bank AG	1/16/13		(356,826	)
USD	5,140,621	GBP	3,241,000	Deutsche Bank AG	1/16/13		(124,036	)
USD	3,514,319	GBP	2,213,730	Deutsche Bank AG	1/16/13		(81,649	)
USD	3,625,444	GBP	2,268,703	Deutsche Bank AG	1/16/13		(59,821	)
USD	4,099,181	GBP	2,559,737	Deutsche Bank AG	1/16/13		(58,838	)
USD	1,004,372	GBP	632,293	Deutsche Bank AG	1/16/13		(22,720	)
USD	507,295	GBP	318,636	Deutsche Bank AG	1/16/13		(10,295	)
USD	342,417	GBP	212,695	Deutsche Bank AG	1/16/13		(3,084	)
USD	154,977	GBP	96,805	Deutsche Bank AG	1/16/13		(2,273	)
USD	67,243,187	GBP	41,952,500	Goldman Sachs Group, Inc.	1/16/13		(904,162	)
USD	2,915,099	GBP	1,828,000	Goldman Sachs Group, Inc.	1/16/13		(54,292	)
USD	2,950,400	GBP	1,844,000	Goldman Sachs Group, Inc.	1/16/13		(44,981	)
GBP	1,203,000	USD	1,934,235	Royal Bank of Scotland Group Plc	1/16/13		19,910
GBP	5,399,000	USD	8,676,495	Royal Bank of Scotland Group Plc	1/16/13		93,603
USD	1,593,559	GBP	1,000,000	Royal Bank of Scotland Group Plc	1/16/13		(30,834	)
USD	948,755	GBP	589,000	UBS AG	1/16/13		(8,012	)
EUR	9,135,000	USD	11,853,348	BNP Paribas SA	1/23/13		206,458
USD	27,260,715	EUR	21,427,000	Citigroup, Inc.	1/23/13		(1,026,691	)
USD	90,663,460	EUR	69,358,000	Citigroup, Inc.	1/23/13		(901,291	)
USD	14,657,682	EUR	11,300,000	Citigroup, Inc.	1/23/13		(260,304	)
USD	6,430,641	EUR	5,039,000	Citigroup, Inc.	1/23/13		(221,725	)
USD	13,153,236	EUR	10,129,000	Citigroup, Inc.	1/23/13		(218,825	)
USD	5,432,553	EUR	4,187,000	Deutsche Bank AG	1/23/13		(95,023	)
USD	3,105,134	EUR	2,374,284	Deutsche Bank AG	1/23/13		(29,338	)
EUR	32,132,000	USD	41,672,248	Royal Bank of Scotland Group Plc	1/23/13		747,640
USD	12,069,507	EUR	9,308,000	Royal Bank of Scotland Group Plc	1/23/13		(218,689	)
EUR	23,346,000	USD	29,933,004	UBS AG	1/23/13		887,820
USD	338,571,257	EUR	257,776,400	UBS AG	1/23/13		(1,738,900	)
USD	12,979,704	EUR	9,970,000	UBS AG	1/23/13		(182,449	)

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012 19

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

• Foreign currency exchange contracts as of December 31, 2012 were as follows (concluded):

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	11,418,696	EUR	8,738,000	UBS AG	1/23/13	$	(117,000	)
USD	2,994,390	EUR	2,308,000	UBS AG	1/23/13		(52,576	)
USD	5,208,484	EUR	3,957,000	UBS AG	1/23/13		(15,451	)
CAD	2,750,053	AUD	2,665,000	Barclays Plc	2/04/13		1,989
USD	2,304,860	AUD	2,220,000	Deutsche Bank AG	2/04/13		4,963
GBP	1,153,235	AUD	1,780,000	JPMorgan Chase & Co.	2/04/13		29,150
MXN	15,109,668	AUD	1,120,000	Citigroup, Inc.	2/05/13		5,305
CAD	3,527,405	MXN	45,790,980	BNP Paribas SA	2/20/13		15,546
AUD	3,345,000	CAD	3,472,849	Citigroup, Inc.	2/20/13		(26,581	)
CAD	8,768,109	EUR	6,860,000	Citigroup, Inc.	2/20/13		(252,588	)
MXN	220,340,961	USD	17,200,000	Citigroup, Inc.	2/20/13		(227,914	)
USD	8,640,720	EUR	6,600,000	Citigroup, Inc.	2/20/13		(74,576	)
USD	5,960,000	EUR	4,552,659	Citigroup, Inc.	2/20/13		(51,784	)
CAD	25,753,114	AUD	24,800,000	Deutsche Bank AG	2/20/13		202,327
JPY	2,845,115,100	USD	34,110,000	Deutsche Bank AG	2/20/13		(1,257,988	)
USD	21,710,492	EUR	16,488,000	Deutsche Bank AG	2/20/13		(61,902	)
USD	24,567,553	EUR	18,570,000	Deutsche Bank AG	2/20/13		45,880
USD	8,740,000	JPY	724,187,660	Deutsche Bank AG	2/20/13		377,940
USD	5,950,105	JPY	495,030,885	Royal Bank of Scotland Group Plc	2/20/13		234,076
USD	8,720,000	JPY	733,406,936	Royal Bank of Scotland Group Plc	2/20/13		251,487
USD	11,470,000	JPY	944,021,145	Royal Bank of Scotland Group Plc	2/20/13		569,564
MXN	45,717,749	AUD	3,395,000	UBS AG	2/20/13		8,447
MXN	114,126,045	AUD	8,475,000	UBS AG	2/20/13		21,087
MXN	114,467,332	EUR	6,860,000	UBS AG	2/20/13		(241,611	)
USD	8,800,000	JPY	725,348,800	UBS AG	2/20/13		424,533
USD	8,800,000	JPY	724,350,000	UBS AG	2/20/13		436,066
USD	35,080,000	JPY	2,927,226,044	UBS AG	2/20/13		1,279,868
CNY	51,320,000	USD	8,102,305	HSBC Holdings Plc	6/07/13		24,639
CNY	51,320,000	USD	8,097,830	Standard Chartered Plc	6/07/13		29,114
USD	7,973,897	CNY	51,320,000	Standard Chartered Plc	6/07/13		(153,047	)
USD	7,987,549	CNY	51,320,000	Standard Chartered Plc	6/07/13		(139,395	)
USD	8,273,320	CNY	53,305,000	Credit Suisse Group AG	8/19/13		(160,995	)
CNY	53,305,000	USD	8,393,166	Standard Chartered Plc	8/19/13		41,149
Total						$	(2,790,058	)

• Exchange-traded options purchased as of December 31, 2012 were as follows:

Description	Put/ Call	Strike Price		Expiration Date		Contracts		Market Value
SPDR S&P 500 ETF Trust	Call	USD	145.00		1/19/13		734	$	71,198
SPDR Gold Trust	Call	USD	165.00		2/16/13		2,500		435,000
Euro-Dollar 2-Year Mid-Curve Options	Put	USD	99.25		9/13/13		992		440,200
Total								$	946,398

20 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

• Over-the-counter options purchased as of December 31, 2012 were as follows:

Description

Counterparty

Put/ Call

Strike Price

Expiration Date

Contracts

Notional Amount (000)

Market Value

USD Currency

Barclays Plc

Call

USD

84.00

4/03/13

–

JPY

138,670

$

5,112,763

USD Currency

Citigroup, Inc.

Call

USD

81.50

4/03/13

–

JPY

70,135

4,261,753

DAX 30 Index

Merrill Lynch International

Put

EUR

7,600.00

1/18/13

79

–

49,953

CAC 40 Index

Societe Generale

Put

EUR

3,600.00

1/18/13

102

–

51,568

Total

$

9,476,037

• Over-the-counter interest rate swaptions purchased as of December 31, 2012 were as follows:

Description

Counterparty

Put/ Call

Exercise Rate

Pay/Receive Exercise Rate

Floating Rate Index

Expiration Date

Notional Amount (000)

Market Value

10-Year Interest Rate Swap

JPMorgan Chase & Co.

Call

1.50

%

Receive

3-month LIBOR

2/15/13

USD

19,100

$

9,698

7-Year Interest Rate Swap

Citigroup, Inc.

Put

1.50

%

Pay

3-month LIBOR

2/15/13

47,700

96,372

7-Year Interest Rate Swap

Credit Suisse Group AG

Put

1.50

%

Pay

3-month LIBOR

2/15/13

28,400

58,108

20-Year Interest Rate Swap

Citigroup, Inc.

Put

1.88

%

Pay

3-month LIBOR

11/18/13

JPY

2,722,145

816,652

30-Year Interest Rate Swap

Citigroup, Inc.

Put

1.20

%

Pay

3-month LIBOR

11/20/14

USD

658,600

5,093,053

3-Year Interest Rate Swap

Citigroup, Inc.

Put

1.20

%

Pay

3-month LIBOR

11/28/14

445,400

3,547,312

3-Year Interest Rate Swap

Citigroup, Inc.

Put

1.20

%

Pay

3-month LIBOR

12/15/14

554,200

4,609,248

Total

$

14,230,443

• Exchange-traded options written as of December 31, 2012 were as follows:

Description	Put/ Call	Strike Price		Expiration Date	Contracts		Market Value
SPDR Gold Trust	Call	USD	175.00	2/16/13		2,500	$	(68,750	)

• Over-the-counter options written as of December 31, 2012 were as follows:

Description	Counterparty	Put/ Call	Strike Price		Expiration Date	Notional Amount (000)			Market Value
USD Currency	Barclays Plc	Call		81.50	4/03/13		JPY	70,135	$	(4,262,314	)
USD Currency	Barclays Plc	Call		88.00	4/03/13		JPY	94,380		(1,203,062	)
USD Currency	HSBC Holdings Plc	Call		84.00	4/03/13		JPY	44,290		(1,632,707	)
Total									$	(7,098,083	)

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012 21

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

• Over-the-counter credit default swaptions written as of December 31, 2012 were as follows:

Description

Counterparty

Put/ Call

Strike Price

Pay/Receive Floating Rate Index

Floating Rate Index

Rating2

Expiration Date

Notional Amount (000)

Market Value

Bought Protection on 5-Year Credit Default Swap

JPMorgan Chase & Co.

Call

USD

80.00

Pay

Dow Jones CDX North America Series 19, Version 1

BBB+

1/16/13

USD

30,875

$

(5,584

)

Bought Protection on 5-Year Credit Default Swap

JPMorgan Chase & Co.

Call

USD

85.00

Pay

Dow Jones CDX North America Series 19, Version 1

BBB+

1/16/13

USD

27,355

(6,468

)

Bought Protection on 5-Year Credit Default Swap

JPMorgan Chase & Co.

Call

USD

90.00

Pay

Dow Jones CDX North America Series 19, Version 1

BBB+

1/16/13

USD

24,405

(15,406

)

Sold Protection on 5-Year Credit Default Swap

JPMorgan Chase & Co.

Put

USD

90.00

Receive

Dow Jones CDX North America Series 19, Version 1

BBB+

1/16/13

USD

24,405

(88,298

)

Sold Protection on 5-Year Credit Default Swap

JPMorgan Chase & Co.

Put

USD

95.00

Receive

Dow Jones CDX North America Series 19, Version 1

BBB+

1/16/13

USD

21,910

(46,854

)

Sold Protection on 5-Year Credit Default Swap

JPMorgan Chase & Co.

Put

USD

100.00

Receive

Dow Jones CDX North America Series 19, Version 1

BBB+

1/16/13

USD

19,760

(24,284

)

Sold Protection on 5-Year Credit Default Swap

JPMorgan Chase & Co.

Put

USD

105.00

Receive

Dow Jones CDX North America Series 19, Version 1

BBB+

1/16/13

USD

17,930

(12,955

)

Sold Protection on 5-Year Credit Default Swap

JPMorgan Chase & Co.

Put

USD

105.00

Receive

Dow Jones CDX North America Series 19, Version 1

BBB+

1/16/13

USD

11,450

(8,273

)

Sold Protection on 5-Year Credit Default Swap

JPMorgan Chase & Co.

Put

USD

110.00

Receive

Dow Jones CDX North America Series 19, Version 1

BBB+

1/16/13

USD

16,330

(6,932

)

Sold Protection on 5-Year Credit Default Swap

JPMorgan Chase & Co.

Put

USD

110.00

Receive

Dow Jones CDX North America Series 19, Version 1

BBB+

1/16/13

USD

11,450

(4,860

)

Total

$

(219,914

)

²  Using Standard & Poor’s (“S&P”) rating of the underlying securities.

22 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

• Over-the-counter interest rate swaptions written as of December 31, 2012 were as follows:

Description

Counterparty

Put/ Call

Exercise Rate

Pay/Receive Exercise Rate

Floating Rate Index

Expiration Date

Notional Amount (000)

Market Value

30-Year Interest Rate Swap

Citigroup, Inc.

Put

2.90

%

Receive

3-month LIBOR

2/15/13

USD

17,900

$

(224,752

)

30-Year Interest Rate Swap

Credit Suisse Group AG

Put

2.90

%

Receive

3-month LIBOR

2/15/13

USD

10,600

(133,264

)

5-Year Interest Rate Swap

Royal Bank of Scotland Plc

Call

3.90

%

Pay

3-month LIBOR

6/09/14

USD

30,000

(3,638,693

)

5-Year Interest Rate Swap

Royal Bank of Scotland Plc

Put

3.90

%

Receive

3-month LIBOR

6/09/14

USD

30,000

(28,581

)

30-Year Interest Rate Swap

Citigroup, Inc.

Put

2.90

%

Receive

3-month LIBOR

11/20/14

USD

94,100

(9,367,526

)

30-Year Interest Rate Swap

Citigroup, Inc.

Put

2.90

%

Receive

3-month LIBOR

11/28/14

USD

63,300

(6,353,512

)

Total

$

(19,746,328

)

• Credit default swaps – buy protection outstanding as of December 31, 2012 were as follows:

Issuer/Index	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)		Unrealized Appreciation (Depreciation)
Spain Government Bond		1.00	%	JPMorgan Chase & Co.	6/20/14	USD	6,720	$	(62,364	)
iTraxx - Europe Sub Financial Index Series 9		5.00	%	JPMorgan Chase & Co.	6/20/15	EUR	5,915		(630,475	)
Portugal Government Bond		1.00	%	JPMorgan Chase & Co.	6/20/15	USD	12,800		(206,140	)
iTraxx - Europe Sub Financial Index Series 18, Version 1		1.00	%	JPMorgan Chase & Co.	12/20/15	EUR	53,486		22,120
iTraxx - Europe Sub Financial Index Series 18, Version 1		1.00	%	JPMorgan Chase & Co.	12/20/15	EUR	55,200		22,828
Portugal Government Bond		1.00	%	Barclays Plc	12/20/15	USD	1,200		(24,490	)
Portugal Government Bond		1.00	%	Deutsche Bank AG	12/20/15	USD	1,350		(27,551	)
The New York Times Co.		1.00	%	Barclays Plc	12/20/16	USD	3,100		(42,418	)
Ireland Government Bond		1.00	%	Citigroup, Inc.	12/20/16	USD	4,000		(594,696	)
Banca Monte dei Paschi di Siena SpA		5.00	%	Deutsche Bank AG	12/20/16	EUR	750		(24,084	)
Transocean Worldwide, Inc.		1.00	%	Goldman Sachs Group, Inc.	12/20/16	USD	5,750		(111,874	)
Ireland Government Bond		1.00	%	Citigroup, Inc.	3/20/17	USD	2,000		(241,794	)
Banca Monte dei Paschi di Siena SpA		5.00	%	JPMorgan Chase & Co.	3/20/17	EUR	3,800		38,443
Ireland Government Bond		1.00	%	Goldman Sachs Group, Inc.	3/20/17	USD	11,000		(1,607,483	)
Banco de Sabadell SA		5.00	%	BNP Paribas SA	6/20/17	EUR	720		(57,149	)
Caixa Bank SA		3.00	%	BNP Paribas SA	6/20/17	EUR	540		(9,146	)
Caja De Ahorrog Y Pension		3.00	%	BNP Paribas SA	6/20/17	EUR	720		(10,329	)

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012 23

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Credit default swaps - buy protection outstanding as of December 31, 2012 (continued):

Issuer/Index	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)		Unrealized Appreciation (Depreciation)
Portugal Government Bond		1.00	%	Citigroup, Inc.	6/20/17	USD	6,000	$	(1,076,107	)
Dow Jones CDX North America Investment Grade Index Series 18, Version 1		1.00	%	Credit Suisse Group AG	6/20/17	USD	103,800		(635,871	)
Spain Government Bond		1.00	%	Barclays Plc	9/20/17	USD	1,400		(135,539	)
Spain Government Bond		1.00	%	Barclays Plc	9/20/17	USD	985		(101,273	)
Barclays Plc		1.00	%	BNP Paribas SA	9/20/17	EUR	2,000		(86,014	)
Peugeot SA		5.00	%	BNP Paribas SA	9/20/17	EUR	5,950		(402,756	)
Spain Government Bond		1.00	%	BNP Paribas SA	9/20/17	USD	130		(11,145	)
Banco Bilbao Vizcaya Argentaria SA		3.00	%	Citigroup, Inc.	9/20/17	EUR	2,230		(148,825	)
Société Générale SA		3.00	%	Deutsche Bank AG	9/20/17	EUR	1,200		(85,540	)
Société Générale SA		3.00	%	JPMorgan Chase & Co.	9/20/17	EUR	1,200		(89,428	)
Clariant AG		1.00	%	BNP Paribas SA	12/20/17	EUR	1,300		(42,655	)
Cie De Saint-Gobain		1.00	%	Goldman Sachs Group, Inc.	12/20/17	EUR	750		(354	)
Barclays Plc		1.00	%	JPMorgan Chase & Co.	12/20/17	EUR	2,290		(48,016	)
Barclays Plc		1.00	%	JPMorgan Chase & Co.	12/20/17	EUR	2,290		(48,016	)
Cie De Saint-Gobain		1.00	%	JPMorgan Chase & Co.	12/20/17	EUR	555		(5,227	)
Clariant AG		1.00	%	JPMorgan Chase & Co.	12/20/17	EUR	3,540		(69,977	)
Diageo Plc		1.00	%	Deutsche Bank AG	12/20/17	EUR	3,650		(922	)
Dow Jones CDX North America High Yield Index Series 19, Version 1		5.00	%	Credit Suisse Group AG	12/20/17	USD	17,540		15,067
Dow Jones CDX North America Investment Grade, Series 19, Version 1		1.00	%	Credit Suisse Group AG	12/20/17	USD	11,990		18,602
Dow Jones CDX North America Investment Grade, Series 19, Version 1		1.00	%	Credit Suisse Group AG	12/20/17	USD	13,310		36,747
Dow Jones CDX North America Investment Grade, Series 19, Version 1		1.00	%	Credit Suisse Group AG	12/20/17	USD	14,815		63,668
Dow Jones CDX North America Investment Grade, Series 19, Version 1		1.00	%	JPMorgan Chase & Co.	12/20/17	USD	7,365		28,471
Dow Jones CDX North America Investment Grade, Series 19, Version 1		1.00	%	JPMorgan Chase & Co.	12/20/17	USD	5,955		4,657
Dow Jones CDX North America Investment Grade, Series 19, Version 1		1.00	%	JPMorgan Chase & Co.	12/20/17	USD	6,635		14,233

24 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Credit default swaps - buy protection outstanding as of December 31, 2012 (continued):

Issuer/Index	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)		Unrealized Appreciation (Depreciation)
Dow Jones CDX North America Investment Grade, Series 19, Version 1		1.00	%	JPMorgan Chase & Co.	12/20/17	USD	10,980	$	40,908
Dow Jones CDX North America Investment Grade, Series 19, Version 1		1.00	%	JPMorgan Chase & Co.	12/20/17	USD	32,000		57,918
Dow Jones CDX North America Investment Grade, Series 19, Version 1		1.00	%	JPMorgan Chase & Co.	12/20/17	USD	4,845		(6,245	)
Henkel AG & Co. KGaA		1.00	%	Credit Suisse Group AG	12/20/17	EUR	1,950		(11,606	)
iTRAXX - Crossover Index Series 18, Version 1		5.00	%	Barclays Plc	12/20/17	EUR	3,700		(125,847	)
iTRAXX - Crossover Index Series 18, Version 1		5.00	%	Citigroup, Inc.	12/20/17	EUR	920		(21,384	)
iTRAXX - Crossover Index Series 18, Version 1		5.00	%	Citigroup, Inc.	12/20/17	EUR	800		(33,934	)
iTRAXX - Crossover Index Series 18, Version 1		5.00	%	JPMorgan Chase & Co.	12/20/17	EUR	750		2,785
iTRAXX - Crossover Index Series 18, Version 1		5.00	%	JPMorgan Chase & Co.	12/20/17	EUR	7,450		(235,098	)
iTRAXX - Crossover Index Series 18, Version 1		5.00	%	JPMorgan Chase & Co.	12/20/17	EUR	3,700		(124,922	)
iTRAXX - Crossover Index Series 18, Version 1		5.00	%	JPMorgan Chase & Co.	12/20/17	EUR	3,750		(87,837	)
iTRAXX - Crossover Index Series 18, Version 1		5.00	%	JPMorgan Chase & Co.	12/20/17	EUR	3,750		(109,017	)
iTraxx - Europe Financial Index Series 18, Version 1		1.00	%	UBS AG	12/20/17	EUR	4,700		(68,485	)
iTraxx - Europe Sub Financial Index Series 18, Version 1		1.00	%	Citigroup, Inc.	12/20/17	EUR	1,240		(8,757	)
Lafarge SA		1.00	%	Barclays Plc	12/20/17	EUR	750		(27,217	)
Lafarge SA		1.00	%	Credit Suisse Group AG	12/20/17	EUR	750		(27,598	)
Société Générale SA		3.00	%	Barclays Plc	12/20/17	EUR	2,280		(50,384	)
Société Générale SA		3.00	%	Citigroup, Inc.	12/20/17	EUR	750		(26,611	)
Société Générale SA		3.00	%	Deutsche Bank AG	12/20/17	EUR	800		(27,901	)
Société Générale SA		3.00	%	JPMorgan Chase & Co.	12/20/17	EUR	780		(19,042	)
Société Générale SA		3.00	%	UBS AG	12/20/17	EUR	970		(20,179	)
Telekom Austria AG		1.00	%	Deutsche Bank AG	12/20/17	EUR	4,380		99,977
Telenor ASA		1.00	%	Barclays Plc	12/20/17	EUR	3,660		(23,859	)
UPM-Kymmene Oyj		5.00	%	JPMorgan Chase & Co.	12/20/17	EUR	1,770		(67,957	)
Wolters Kluwer NV		1.00	%	Citigroup, Inc.	12/20/17	EUR	3,470		848

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012 25

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Credit default swaps - buy protection outstanding as of December 31, 2012 (concluded):

Issuer	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)		Unrealized Appreciation (Depreciation)
Spain Government Bond		1.00	%	Citigroup, Inc.	3/20/18		USD3,000	$	358
Total								$	(7,293,908	)

• Credit default swaps - sold protection outstanding as of December 31, 2012 were as follows:

Index/Issuer	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating3	Notional Amount (000)4		Unrealized Appreciation (Depreciation)
iTraxx - Europe Sub Financial Index Series 9		5.00	%	JPMorgan Chase & Co.	6/20/13	BBB+	EUR	3,020	$	263,566
iTraxx - Europe Sub Financial Index Series 9		5.00	%	Morgan Stanley	6/20/13	BBB+	EUR	1,185		198,578
ARAMARK Corp.		5.00	%	JPMorgan Chase & Co.	6/20/16	B	USD	1,850		147,008
Banca Monte dei Paschi di Siena SpA		3.00	%	BNP Paribas SA	9/20/16	B-	EUR	2,000		(173,831	)
Banca Monte dei Paschi di Siena SpA		3.00	%	JPMorgan Chase & Co.	9/20/16	B-	EUR	2,200		(314,386	)
Banca Monte dei Paschi di Siena SpA		5.00	%	Deutsche Bank AG	9/20/16	B-	EUR	750		(71,563	)
Italy Government Bond		1.00	%	Citigroup, Inc.	12/20/16	NR	USD	4,000		275,620
Energy Transfer Partners LP		1.00	%	Credit Suisse Group AG	3/20/17	BBB-	USD	5,000		246,563
Anadarko Petroleum Corp.		1.00	%	Credit Suisse Group AG	6/20/17	BBB-	USD	11,580		351,623
Anadarko Petroleum Corp.		1.00	%	Morgan Stanley	6/20/17	BBB-	USD	3,700		129,823
Anadarko Petroleum Corp.		1.00	%	UBS AG	6/20/17	BBB-	USD	2,931		100,474
Dow Jones CDX North America Investment Grade Index Series 18, Version 1		1.00	%	Citigroup, Inc.	6/20/17	A-	USD	103,800		542,198
Sunrise Communications Holdings S.A.		5.00	%	Citigroup, Inc.	6/20/17	B-	EUR	1,160		171,229
Anadarko Petroleum Corp.		1.00	%	Citigroup, Inc.	9/20/17	BBB-	USD	5,000		14,425
Ardagh Packaging Finance Plc		5.00	%	Barclays Plc	9/20/17	CCC+	EUR	370		37,550
Ardagh Packaging Finance Plc		5.00	%	Credit Suisse Group AG	9/20/17	CCC+	EUR	550		57,336
BNP Paribas SA		1.00	%	Citigroup, Inc.	9/20/17	A+	EUR	1,200		68,825
BNP Paribas SA		1.00	%	Deutsche Bank AG	9/20/17	A+	EUR	1,200		59,644

26 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012

Consolidated Schedule of Investments (continued)	Master Total Return Portfolio
Credit default swaps - sold protection outstanding as of December 31, 2012 (continued):

Index/Issuer	Receive Fixed Rate			Counterparty	Expiration Date		Credit Rating3	Notional Amount (000)4		Unrealized Appreciation (Depreciation)
Credit Suisse Group AG		1.00	%	BNP Paribas SA		9/20/17	A	EUR	2,000	$	116,494
Repsol YPF SA		1.00	%	Barclays Plc		9/20/17	BBB-	EUR	750		115,063
Credit Suisse Group AG		1.00	%	JPMorgan Chase & Co.		12/20/17	A	EUR	2,290		50,065
Deutsche Bank AG		1.00	%	JPMorgan Chase & Co.		12/20/17	A+	EUR	2,290		83,288
Deutsche Telekom AG		1.00	%	Citigroup, Inc.		12/20/17	BBB+	EUR	550		(2,114	)
Deutsche Telekom AG		1.00	%	Deutsche Bank AG		12/20/17	BBB+	EUR	1,500		(3,663	)
Dow Jones CDX North America High Yield Index Series 19, Version 1		5.00	%	Credit Suisse Group AG		12/20/17	BBB+	USD	22,880		202,202
Dow Jones CDX North America Investment Grade Index Series 19, Version 1		1.00	%	Credit Suisse Group AG		12/20/17	A-	USD	4,910		1,648
Dow Jones CDX North America Investment Grade Index Series 19, Version 1		1.00	%	Credit Suisse Group AG		12/20/17	A-	USD	9,285		(4,094	)
Dow Jones CDX North America Investment Grade Index Series 19, Version 1		1.00	%	Credit Suisse Group AG		12/20/17	A-	USD	9,280		(12,415	)
Dow Jones CDX North America Investment Grade Index Series 19, Version 1		1.00	%	Credit Suisse Group AG		12/20/17	A-	USD	9,265		(17,941	)
Dow Jones CDX North America Investment Grade Index Series 19, Version 1		1.00	%	Credit Suisse Group AG		12/20/17	A-	USD	9,185		(23,778	)
Dow Jones CDX North America Investment Grade Index Series 19, Version 1		1.00	%	Credit Suisse Group AG		12/20/17	A-	USD	9,185		(33,132	)
Dow Jones CDX North America Investment Grade Index Series 19, Version 1		1.00	%	JPMorgan Chase & Co.		12/20/17	A-	USD	11,280		(42,012	)
E.ON AG		1.00	%	JPMorgan Chase & Co.		12/20/17	A-	EUR	3,250		(12,695	)
France Telecom SA		1.00	%	Citigroup, Inc.		12/20/17	A-	EUR	1,220		(3,284	)
Gas Natural SDG, S.A.		1.00	%	JPMorgan Chase & Co.		12/20/17	BBB	EUR	1,240		72,938
Holcim Ltd.		1.00	%	Goldman Sachs Group, Inc.		12/20/17	BBB	EUR	700		(212	)

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012 27

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Credit default swaps - sold protection outstanding as of December 31, 2012 (concluded):

Index/Issuer	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating3	Notional Amount (000)4		Unrealized Appreciation (Depreciation)
Holcim Ltd.		1.00	%	JPMorgan Chase & Co.	12/20/17	BBB	EUR	1,370	$	(414	)
Imperial Tobacco Group Plc		1.00	%	Deutsche Bank AG	12/20/17	BBB	EUR	1,500		(7,665	)
iTRAXX - Crossover Index Series 18, Version 1		5.00	%	Barclays Plc	12/20/17	BB-	EUR	2,130		(6,199	)
iTRAXX - Crossover Index Series 18, Version 1		5.00	%	Citigroup, Inc.	12/20/17	BB-	EUR	3,700		115,659
iTRAXX - Crossover Index Series 18, Version 1		5.00	%	Deutsche Bank AG	12/20/17	BB-	EUR	500		19,370
iTRAXX - Crossover Index Series 18, Version 1		5.00	%	JPMorgan Chase & Co.	12/20/17	BB-	EUR	3,750		88,788
iTraxx - Europe Sub Financial Index Series 18, Version 1		1.00	%	JPMorgan Chase & Co.	12/20/17	A-	EUR	27,600		(27,019	)
iTraxx - Europe Sub Financial Index Series 18, Version 1		1.00	%	JPMorgan Chase & Co.	12/20/17	A-	EUR	41,400		(40,528	)
ONO Finance II Plc		5.00	%	BNP PARIBAS	12/20/17	B-	EUR	750		22,136
Pearson Plc		1.00	%	Citigroup, Inc.	12/20/17	BBB+	EUR	3,470		5,564
Stora Enso Oyj		5.00	%	JPMorgan Chase & Co.	12/20/17	BB	EUR	1,770		105,668
Sunrise Communications Holdings S.A.		5.00	%	Credit Suisse Group AG	12/20/17	B-	EUR	610		7,184
Sunrise Communications Holdings S.A.		5.00	%	Goldman Sachs Group, Inc.	12/20/17	B-	EUR	710		15,361
Tesco Plc		1.00	%	Deutsche Bank AG	12/20/17	A-	EUR	3,500		26,835
Thyssenkrupp AG		1.00	%	Credit Suisse Group AG	12/20/17	BB	EUR	1,500		20,449
Thyssenkrupp AG		1.00	%	Goldman Sachs Group, Inc.	12/20/17	BB	EUR	725		12,695
Thyssenkrupp AG		1.00	%	JPMorgan Chase & Co.	12/20/17	BB	EUR	705		12,344
Vodafone Group Plc		1.00	%	Citigroup, Inc.	12/20/17	A-	EUR	910		3,407
Markit CMBX North America AM Index Series 2		0.50	%	Deutsche Bank AG	3/15/49	A-	USD	4,830		367,499
Markit CMBX North America AM Index Series 4		0.50	%	Deutsche Bank AG	2/17/51	A	USD	2,000		58,645
Total									$	3,390,819

³  Using S&P rating of the underlying securities of the indexes.

⁴  The maximum potential amount the Master Portfolio may pay should a negative credit event take place as defined under the terms of the agreement.

28 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

• Interest rate swaps outstanding as of December 31, 2012 were as follows:

Fixed Rate	Floating Rate		Counterparty	Expiration Date		Notional Amount (000)			Unrealized Appreciation (Depreciation)
0.75%5		3-month LIBOR	JPMorgan Chase & Co.		11/13/17		USD	18,000	$	(76,104	)
1.07%5		3-month LIBOR	Citigroup, Inc.		11/24/17		USD	282,300		(551,219	)
1.07%5		3-month LIBOR	Citigroup, Inc.		12/02/17		USD	192,300		(431,252	)
1.10%5		3-month LIBOR	Barclays Plc		12/17/17		USD	235,600		(449,101	)
1.74%5		3-month LIBOR	Deutsche Bank AG		3/30/18		USD	12,800		501,770
3.27%6		3-month LIBOR	Deutsche Bank AG		5/16/21		USD	9,510		(1,287,909	)
1.75%6		3-month LIBOR	Citigroup, Inc.		12/14/22		USD	4,600		(37,152	)
2.77%6		3-month LIBOR	Citigroup, Inc.		11/25/44		USD	35,300		1,967,869
2.77%6		3-month LIBOR	Citigroup, Inc.		12/02/44		USD	24,900		1,401,646
Total									$	1,038,548

⁽⁵⁾  Master Portfolio pays the floating rate and receives the fixed rate.

⁽⁶⁾  Master Portfolio pays the fixed rate and receives the floating rate.

• Total return swaps outstanding as of December 31, 2012 were as follows:

Reference Entity	Fixed Rate			Counterparty	Expiration Date		Notional Amount (000)			Unrealized Appreciation (Depreciation)
Gross Return on the Markit TRX		12.06	%7	Credit Suisse Group AG		4/01/13		USD	7,420	$	2,645
Change in Return of the Consumer Price Index for All Urban Consumers		2.18	%8	Bank of America Corp.		10/06/21		USD	19,240		(772,578	)
Total										$	(769,933	)

⁷  Master Portfolio receives the total return of the reference entity and pays the fixed rate. Net payment made at termination.

⁸  Master Portfolio pays the total return of the reference entity and receives the fixed rate. Net payment made at termination.

• Fair Value Measurements – Various inputs are used in determining the fair value of investments and derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Master Portfolio has the ability to access

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Master Portfolio’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Master Portfolio’s policy regarding valuation of investments and derivative financial instruments and other significant accounting policies, please refer to the Master Portfolio’s most recent financial statements as contained in its annual report.

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012 29

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy as of December 31, 2012:

	Level 1		Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		–	$	404,493,851		$	114,439,173	$	518,933,024
Corporate Bonds		–		1,298,490,852			18,512,165		1,317,003,017
Floating Rate Loan Interests		–		50,755,600			25,231,563		75,987,163
Foreign Agency Obligations		–		437,124,417			–		437,124,417
Investment Companies	$	14,060,600		–			–		14,060,600
Municipal Bonds		–		11,417,350			–		11,417,350
Non-Agency Mortgage-Backed Securities		–		444,400,685			72,535,572		516,936,257
Preferred Securities		4,513,224		31,867,785			–		36,381,009
US Government Sponsored Agency Securities		–		3,214,593,991			6,087,120		3,220,681,111
US Treasury Obligations		–		520,234,921			–		520,234,921
Short-Term Securities:
Borrowed Bond Agreements		–		286,670,826			–		286,670,826
Money Market Fund		10,933,237		–			–		10,933,237
Options Purchased:
Exchange-traded options		946,398		–			–		946,398
Over-the-counter options		–		9,476,037			–		9,476,037
Over-the-counter interest rate swaptions		–		14,230,443			–		14,230,443
Liabilities:
Investments:
Borrowed Bonds		–		(286,086,326	)		–		(286,086,326	)
TBA Sale Commitments		–		(2,020,248,229	)		–		(2,020,248,229	)
Total	$	30,453,459	$	4,417,422,203		$	236,805,593	$	4,684,681,255

	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments1
Assets:
Credit contracts		–		$	4,658,039			–	$	4,658,039
Equity contracts	$	92,292			–			–		92,292
Foreign currency exchange contracts		–			6,973,258			–		6,973,258
Interest rate contracts		1,353,001			3,871,285			–		5,224,286
Liabilities:
Credit contracts		–			(8,778,397	)		–		(8,778,397	)
Equity contracts		(1,053,754	)		–			–		(1,053,754	)
Foreign currency exchange contracts		–			(16,861,399	)		–		(16,861,399	)
Interest rate contracts		(932,916	)		(22,579,065	)		–		(23,511,981	)
Other contracts		–			(772,578	)		–		(772,578	)
Total	$	(541,377	)	$	(33,488,857	)		–	$	(34,030,234	)

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

30 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012

Consolidated Schedule of Investments (concluded) Master Total Return Portfolio

Certain of the Master Portfolio’s assets and liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. As of December 31, 2012, such assets and liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3		Total
Assets:
Cash	$	678,451		–			–	$	678,451
Cash pledged as collateral for financial futures contracts		645,000		–			–		645,000
Cash pledged as collateral for swaps		9,860,000		–			–		9,860,000
Cash pledged as collateral for reverse repurchase agreements		5,343,861		–			–		5,343,861
Foreign currency at value		16,453,174		–			–		16,453,174
Liabilities:
Cash received as collateral for swaps		–	$	(99,000	)		–		(99,000	)
Reverse repurchase agreements		–		(1,467,148,964	)		–		(1,467,148,964	)
Total	$	32,980,486	$	(1,467,247,964	)		–	$	(1,434,267,478	)

There were no transfers between Level 1 and Level 2 during the period ended December 31, 2012.

Certain of the Master Portfolio’s investments are categorized as Level 3 and were valued utilizing transaction prices or third party pricing information without adjustment. Such valuations are based on unobservable inputs. A significant change in the unobservable inputs could result in a significantly lower or higher value in such Level 3 investments.

A reconciliation of Level 3 investments is presented when the Master Portfolio had a significant amount of Level 3 investments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Asset- Backed Securities			Corporate Bonds			Floating Rate Loan Interests			Non-Agency Mortgage-Backed Securities			US Government Sponsored Agency Securities			Total
Assets:
Opening Balance, as of September 30, 2012	$	11,209,292		$	18,466,000		$	29,123,026		$	48,132,409			–		$	106,930,727
Transfers into Level 31		20,381,918			–			–			–			–			20,381,918
Transfers out of Level 31		(4,164,292	)		–			–			(12,397,626	)		–			(16,561,918	)
Accrued discounts/premiums		(1,053	)		(831	)		6,189			10,180			–			14,485
Net realized gain (loss)		10,305			–			1,716			218,781			–			230,802
Net change in unrealized appreciation/depreciation2		75,972			46,996			172,502			162,038		$	(32,323	)		425,185
Purchases		88,266,640			–			–			43,013,794			6,119,443			137,399,877
Sales		(1,339,609	)		–			(4,071,870	)		(6,604,004	)		–			(12,015,483	)
Closing Balance, as of December 31, 2012	$	114,439,173		$	18,512,165		$	25,231,563		$	72,535,572		$	6,087,120		$	236,805,593

¹  Transfers into and transfers out of Level 3 represent the values as of the beginning of the reporting period

²  The change in unrealized appreciation/depreciation on securities still held as of December 31, 2012 was $171,961.

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC DECEMBER 31, 2012 31

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 22, 2013

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 22, 2013

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 22, 2013