BLACKROCK BALANCED CAPITAL FUND, INC.

N-Q 1 d576637dnq.htm BLACKROCK BALANCED CAPITAL FUND, INC. BLACKROCK BALANCED CAPITAL FUND, INC.

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: 06/30/2013

Item 1 – Schedule of Investments


Schedule of Investments June 30, 2013 (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			$	518,685,480
Master Total Return Portfolio of Master Bond LLC				290,018,875
Total Mutual Funds (Cost — $ 716,613,204) — 98.7%				808,704,355

Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.05% (a)(b)		11,516,794		11,516,794
Total Short-Term Securities (Cost — $ 11,516,794) — 1.4%				11,516,794


	Value
Total Investments (Cost — $728,129,998) — 100.1%	$	820,221,149
Liabilities in Excess of Other Assets — (0.1)%		(1,093,560	)

Net Assets — 100.0%	$	819,127,589

Notes to Schedule of Investments

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

(b)	Investments in issuers considered to be an affiliate of the Fund during the period ended June 30, 2013, 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 June 30, 2013		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		6,285,043		5,231,751		11,516,794	$	1,154

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 June 30, 2013, the value of the investments and the percentage owned by the Fund of Master Large Cap Core Portfolio and Master Total Return Portfolio was $518,685,480 and $290,018,875, respectively and 23.2% and 8.7%, 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 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 or 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 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 fair value hierarchy classification 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’ 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 Fund’s policy regarding valuation of investments and derivative financial instruments, please refer to the Master Portfolios’ most recent financial statements as contained in their semi-annual reports.

As of June 30, 2013, 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 June 30, 2013, a bank overdraft of $79,299 is categorized as
Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended June 30, 2013.


		BLACKROCK BALANCED CAPITAL FUND, INC.		JUNE 30, 2013		1


Schedule of Investments June 30, 2013 (Unaudited)			Master Large Cap Core Portfolio
			(Percentages shown are based on Net Assets)


Common Stocks	Shares		Value
Aerospace & Defense — 1.1%
The Boeing Co.		246,900	$	25,292,436
Airlines — 2.2%
United Continental Holdings, Inc. (a)		1,531,920		47,933,777
Auto Components — 1.3%
TRW Automotive Holdings Corp. (a)		429,393		28,528,871
Biotechnology — 2.4%
Amgen, Inc.		217,100		21,419,086
Biogen Idec, Inc. (a)		58,400		12,567,680
Celgene Corp. (a)		109,700		12,825,027
Gilead Sciences, Inc. (a)		107,300		5,494,833
Quintiles Transnational Holdings, Inc. (a)		31,300		1,332,128

				53,638,754
Capital Markets — 1.5%
The Goldman Sachs Group, Inc.		227,131		34,353,564
Chemicals — 0.3%
Cabot Corp.		203,874		7,628,965
Commercial Banks — 3.9%
SunTrust Banks, Inc.		852,700		26,919,739
U.S. Bancorp		1,650,775		59,675,516

				86,595,255
Commercial Services & Supplies — 0.7%
Tyco International Ltd.		468,900		15,450,255
Communications Equipment — 0.3%
Brocade Communications Systems, Inc. (a)		1,122,800		6,467,328
Computers & Peripherals — 3.5%
Apple, Inc.		105,050		41,608,204
EMC Corp.		1,544,000		36,469,280

				78,077,484
Construction & Engineering — 1.0%
KBR, Inc.		682,400		22,178,000
Consumer Finance — 2.4%
Discover Financial Services		1,111,600		52,956,624
Containers & Packaging — 1.1%
Packaging Corp. of America		503,913		24,671,580
Diversified Financial Services — 9.6%
Bank of America Corp.		5,296,300		68,110,418
Citigroup, Inc.		1,440,718		69,111,242
JPMorgan Chase & Co.		1,458,324		76,984,924

				214,206,584
Electronic Equipment, Instruments & Components — 0.9%
Avnet, Inc. (a)		434,200		14,589,120
TE Connectivity Ltd.		130,100		5,924,754

				20,513,874
Energy Equipment & Services — 0.7%
Oceaneering International, Inc.		223,800		16,158,360
Food & Staples Retailing — 3.8%
CVS Caremark Corp.		1,056,825		60,429,253
Wal-Mart Stores, Inc.		331,450		24,689,711

				85,118,964
Health Care Equipment & Supplies — 0.9%
Abbott Laboratories		554,900		19,354,912
Health Care Providers & Services — 1.5%
McKesson Corp.		294,425		33,711,663


Common Stocks	Shares		Value
Industrial Conglomerates — 3.5%
3M Co.		585,975	$	64,076,366
General Electric Co.		605,250		14,035,747

				78,112,113
Insurance — 5.1%
Allied World Assurance Co. Holdings AG		75,500		6,909,005
American Financial Group, Inc.		106,700		5,218,697
American International Group, Inc. (a)		1,231,300		55,039,110
The Chubb Corp.		171,700		14,534,405
The Travelers Cos., Inc.		405,900		32,439,528

				114,140,745
Internet Software & Services — 4.0%
Google, Inc., Class A (a)		101,685		89,520,423
IT Services — 4.9%
International Business Machines Corp.		105,150		20,095,217
Mastercard, Inc., Class A		107,250		61,615,125
Teradata Corp. (a)(b)		549,600		27,606,408

				109,316,750
Life Sciences Tools & Services — 1.2%
Agilent Technologies, Inc.		641,500		27,430,540
Machinery — 2.0%
Ingersoll-Rand PLC		535,900		29,753,168
Oshkosh Corp. (a)		246,500		9,359,605
WABCO Holdings, Inc. (a)		76,600		5,721,254

				44,834,027
Media — 5.1%
Comcast Corp., Class A		1,241,200		51,981,456
News Corp., Class A		1,864,520		60,783,352

				112,764,808
Multiline Retail — 0.9%
Dillard’s, Inc., Class A		217,913		17,862,329
Macy’s, Inc.		58,885		2,826,480

				20,688,809
Oil, Gas & Consumable Fuels — 10.3%
Chevron Corp.		405,775		48,019,413
Exxon Mobil Corp.		546,100		49,340,135
Marathon Oil Corp.		787,075		27,217,053
Marathon Petroleum Corp.		535,088		38,023,353
PBF Energy, Inc.		555,238		14,380,664
Suncor Energy, Inc.		1,345,940		39,691,770
Tesoro Corp.		242,093		12,666,306

				229,338,694
Paper & Forest Products — 1.7%
Domtar Corp.		168,300		11,191,950
International Paper Co.		600,800		26,621,448

				37,813,398
Pharmaceuticals — 8.7%
AbbVie, Inc.		532,900		22,030,086
Eli Lilly & Co.		402,175		19,754,836
Johnson & Johnson		124,225		10,665,959
Merck & Co., Inc.		1,483,650		68,915,543
Pfizer, Inc.		2,582,175		72,326,722

				193,693,146
Semiconductors & Semiconductor Equipment — 1.7%
Applied Materials, Inc.		1,759,780		26,238,320


2		MASTER LARGE CAP SERIES LLC		JUNE 30, 2013


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


Common Stocks	Shares		Value
Semiconductors & Semiconductor Equipment (concluded)
Teradyne, Inc. (a)(b)		716,600	$	12,590,662

				38,828,982
Software — 5.4%
Activision Blizzard, Inc.		1,184,200		16,886,692
Microsoft Corp.		1,582,250		54,635,093
Oracle Corp.		1,321,600		40,599,552
Symantec Corp.		339,400		7,626,318

				119,747,655
Specialty Retail — 4.2%
Lowe’s Cos., Inc.		1,283,800		52,507,420
Ross Stores, Inc.		636,900		41,277,489

				93,784,909
Textiles, Apparel & Luxury Goods — 0.9%
NIKE, Inc., Class B		328,974		20,949,064
Tobacco — 0.1%
Philip Morris International, Inc.		35,775		3,098,831
Total Long-Term Investments
(Cost — $1,719,493,031) — 98.8%				2,206,900,144


Short-Term Securities	Shares		Value
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.05% (c)(d)		26,362,889	$	26,362,889

	Beneficial Interest (000)
BlackRock Liquidity Series LLC, Money Market Series, 0.21% (c)(d)(e)	$	30,729		30,728,700
Total Short-Term Securities (Cost — $57,091,589) — 2.6%				57,091,589
*Total Investments (Cost — $1,776,584,620) — 101.4%**				2,263,991,733
Liabilities in Excess of Other Assets — (1.4)%				(30,346,409	)

Net Assets — 100.0%			$	2,233,645,324

Notes to Schedule of Investments

*	As of June 30, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	1,774,698,086

Gross unrealized appreciation	$	516,572,549
Gross unrealized depreciation		(27,278,902	)

Net unrealized appreciation	$	489,293,647

(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 June 30, 2013, 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 June 30, 2013		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		40,033,302		(13,670,413	)		26,362,889	$	19,172
BlackRock Liquidity Series LLC, Money Market Series	$	22,802,709	$	7,925,991		$	30,728,700	$	17,712

(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 BlackRock Liquidity Series, LLC Money Market Series, in its sole discretion, may permit an investor to withdraw more than 25% on any one day.

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

Fair Value Measurements — Various inputs are used in determining the fair value of investments. 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 or liabilities that the Portfolio has the ability to access

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)


		MASTER LARGE CAP SERIES LLC		JUNE 30, 2013		3


Schedule of Investments (concluded)			Master Large Cap Core Portfolio

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, please refer to the Portfolio’s most recent financial statements as contained in its semi-annual report.

The following table summarizes the Portfolio’s investments categorized in the disclosure hierarchy as of June 30, 2013:


	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments¹	$	2,206,900,144		—		—	$	2,206,900,144
Short-Term Securities		26,362,889	$	30,728,700		—		57,091,589
Total	$	2,233,263,033	$	30,728,700		—	$	2,263,991,733

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

Certain of the Portfolio’s liabilities are held at carrying amount, which approximates fair value for financial reporting purposes. As of June 30, 2013, collateral on securities loaned at value of $30,728,700 is categorized as Level 2 within the disclosure hierarchy.

There were no transfers between levels during the period ended June 30, 2013.


4		MASTER LARGE CAP SERIES LLC		JUNE 30, 2013


Consolidated Schedule of Investments June 30, 2013 (Unaudited)			Master Total Return Portfolio
			(Percentages shown are based on Net Assets)


Asset-Backed Securities	Par (000)			Value
ACE Securities Corp. Home Equity Loan Trust:
Series 2003-OP1, Class A2, 0.91%, 12/25/33 (a)		USD	581	$	522,660
Series 2006-CW1, Class A2C, 0.33%, 7/25/36 (a)			1,513		986,837
AmeriCredit Automobile Receivables Trust:
Series 2011-5, Class C, 3.44%, 10/08/17			4,050		4,194,897
Series 2012-2, Class C, 2.64%, 10/10/17			3,080		3,127,229
Series 2012-3, Class C, 2.42%, 5/08/18			2,880		2,915,378
Series 2012-4, Class B, 1.31%, 11/08/17			1,825		1,821,494
Series 2012-4, Class C, 1.93%, 8/08/18			2,865		2,833,038
Series 2012-5, Class C, 1.69%, 11/08/18			3,440		3,384,822
Anchorage Capital CLO Ltd., Series 2013-1A, Class A1, 1.47%, 7/13/25 (a)(b)			7,350		7,307,370
ARES CLO Ltd., Series 2012-2A, Class B1, 3.03%, 10/12/23 (a)(b)			3,015		3,056,456
AUTO ABS, Series 2012-2, Class A, 2.80%, 4/27/25		EUR	5,000		6,568,899
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE10, Class 21A1, 0.26%, 12/25/36 (a)		USD	1,234		1,208,214
Benefit Street Partners CLO Ltd., Series 2013-IIA, Class A1, 1.48%, 7/15/24 (a)(b)			2,090		2,082,685
BlueMountain CLO Ltd., Series 2012-2A, Class B1, 2.33%, 11/20/24 (a)(b)			3,150		3,162,600
Capital Auto Receivables Asset Trust, Series 2013-1, Class B, 1.29%, 4/20/18			3,660		3,614,052
Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class A, 1.67%, 1/20/25 (a)(b)			13,730		13,771,190
Cavalry CLO II, Series 2A, Class B1, 2.38%, 1/17/24 (a)(b)			7,090		7,090,000
Chesapeake Funding LLC:
Series 2012-1A, Class B, 1.79%, 11/07/23 (a)(b)			2,630		2,642,043
Series 2012-1A, Class C, 2.19%, 11/07/23 (a)(b)			1,690		1,697,710
CIFC Funding Ltd.:
Series 2012-3A, Class A1L, 1.66%, 1/29/25 (a)(b)			5,000		5,037,500
Series 2012-3A, Class A2L, 2.53%, 1/29/25 (a)(b)			4,480		4,524,800
Countrywide Asset-Backed Certificates:
Series 2003-BC3, Class A2, 0.81%, 9/25/33 (a)			672		617,332
Series 2004-5, Class A, 1.09%, 10/25/34 (a)			752		738,287
Series 2006-17, Class 2A2, 0.34%, 3/25/47 (a)			906		661,593


Asset-Backed Securities	Par (000)			Value
Series 2007-12, Class 2A1, 0.54%, 8/25/47 (a)		USD	8	$	7,768
Credit Acceptance Auto Loan Trust:
Series 2012-2A, Class A, 1.52%, 3/16/20 (b)			4,165		4,173,505
Series 2013-1A, Class A, 1.21%, 10/15/20 (b)			2,580		2,560,124
CT CDO IV Ltd., Series 2006-4A, Class A1, 0.50%, 10/20/43 (a)(b)			4,308		4,022,331
DT Auto Owner Trust:
Series 2011-3A, Class C, 4.03%, 2/15/17 (b)			2,460		2,479,028
Series 2012-1A, Class B, 2.26%, 10/16/17 (b)			2,700		2,707,860
Series 2012-1A, Class C, 3.38%, 10/16/17 (b)			1,780		1,795,719
Series 2012-1A, Class D, 4.94%, 7/16/18 (b)			3,885		3,980,820
Series 2012-2A, Class B, 1.85%, 4/17/17 (b)			530		530,783
Series 2012-2A, Class C, 2.72%, 4/17/17 (b)			200		201,804
ECP CLO Ltd., Series 2012-4A, Class A1, 1.62%, 6/19/24 (a)(b)			4,910		4,916,579
Fannie Mae REMIC Trust, Series 2003-W5, Class A, 0.41%, 4/25/33 (a)			7		6,808
Ford Credit Floorplan Master Owner Trust:
Series 2010-5, Class D, 2.41%, 9/15/15 (b)			1,620		1,626,438
Series 2011-2, Class C, 2.37%, 9/15/15			3,860		3,873,877
Series 2011-2, Class D, 2.86%, 9/15/15			2,685		2,699,252
Series 2012-1, Class C, 1.69%, 1/15/16 (a)			4,380		4,404,278
Series 2012-1, Class D, 2.29%, 1/15/16 (a)			4,100		4,134,022
Series 2012-2, Class C, 2.86%, 1/15/19			1,030		1,068,656
Series 2012-2, Class D, 3.50%, 1/15/19			1,820		1,918,626
Series 2012-4, Class C, 1.39%, 9/15/16			2,125		2,132,391
Series 2012-4, Class D, 2.09%, 9/15/16			3,710		3,738,927
GoldenTree Loan Opportunities VII Ltd., Series 2013-7A, Class A, 1.41%, 4/25/25 (a)(b)			5,810		5,810,000
GSAA Home Equity Trust, Series 2006-5, Class 2A1, 0.26%, 3/25/36 (a)			29		15,924
HLSS Servicer Advance Receivables Backed Notes:
Series 2012-T2, Class A1, 1.34%, 10/15/43 (b)			1,535		1,534,386
Series 2012-T2, Class A2, 1.99%, 10/15/45 (b)			3,135		3,137,822
Series 2013-T1, Class A2, 1.50%, 1/16/46 (b)			11,230		11,082,887


Portfolio Abbreviations
To simplify the listings of portfolio holdings in the Consolidated Schedules of Investments, the names and descriptions of many of the securities have been abbreviated according to the following list:	AUD Australian Dollar BRL Brazil Real CAD Canadian Dollar CHF Swiss Fanc CNY Chinese Yuan EUR Euro FKA Formerly Known As GBP British Pound INR Indian Rupee	JPY Japanese Yen LIBOR London Interbank Offered Rate MXN Mexican Peso NOK Norwegian Krone RB Revenue Bonds SEK Swedish Krona TBA To-be-announced USD US Dollar


		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013		1


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


Asset-Backed Securities	Par (000)			Value
Series 2013-T1, Class B2, 1.74%, 1/16/46 (b)		USD	1,000	$	989,300
Series 2013-T2, Class B2, 1.50%, 5/16/44 (b)			1,085		1,082,613
Series 2013-T3, Class A3, 1.79%, 5/15/46 (b)			16,230		16,101,604
Home Equity Asset Trust, Series 2007-2, Class 2A1, 0.30%, 7/25/37 (a)			14		13,527
Hyundai Auto Receivables Trust, Series 2012-A, Class D, 2.61%, 5/15/18			2,555		2,599,038
ING Investment Management CLO Ltd., Series 2012-2A, Class A, 1.81%, 10/15/22 (a)(b)			7,045		7,084,452
JG Wentworth XX LLC, Series 2010-1A, Class A, 5.56%, 7/15/59 (b)			9,889		11,317,796
JG Wentworth XXI LLC, Series 2010-2A, Class A, 4.07%, 1/15/48 (b)			1,300		1,373,634
JG Wentworth XXII LLC, Series 2010-3A, Class A, 3.82%, 12/15/48 (b)			4,526		4,736,274
KKR CLO Trust, Series 2013-1A, Class A1, 1.45%, 7/15/25 (a)(b)			4,515		4,435,987
KKR Financial CLO Corp., Series 2007-AA, Class A, 1.03%, 10/15/17 (a)(b)			8,488		8,466,372
Lehman XS Trust, Series 2007-1, Class 2A1, 5.86%, 2/25/37 (a)			7,042		6,208,222
Morgan Stanley ABS Capital I, Inc. Trust, Series 2005-HE1, Class A2MZ, 0.79%, 12/25/34 (a)			820		754,979
Nationstar Mortgage Advance Receivable Trust:
Series 2013-T1A, Class A1, 1.08%, 6/20/44 (b)			9,115		9,114,945
Series 2013-T2A, Class A2, 1.68%, 6/20/46 (b)			12,970		12,969,948
Nelnet Student Loan Trust:
Series 2006-1, Class A5, 0.38%, 8/23/27 (a)			6,505		6,295,376
Series 2008-3, Class A4, 1.92%, 11/25/24 (a)			5,600		5,858,647
New Century Home Equity Loan Trust, Series 2005-2, Class A2MZ, 0.45%, 6/25/35 (a)			2,543		2,528,758
Northwoods Capital Corp./Northwoods Capital Ltd.:
Series 2012-9A, Class A, 1.70%, 1/18/24 (a)(b)			4,300		4,316,125
Series 2012-9A, Class B1, 2.53%, 1/18/24 (a)(b)			4,090		4,120,675
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class A, 1.39%, 7/17/25 (a)(b)			5,195		5,186,688
Option One Mortgage Acceptance Corp. Asset Back Certificates, Series 2003-4, Class A2, 0.83%, 7/25/33 (a)			1,347		1,224,882
OZLM Funding Ltd.:
Series 2012-2A, Class A1, 1.76%, 10/30/23 (a)(b)			7,530		7,670,811
Series 2013-4A, Class A1, 1.47%, 7/22/25 (a)(b)			8,895		8,838,962
PFS Financing Corp., Series 2012-AA, Class A, 1.39%, 2/15/16 (a)(b)			4,400		4,416,425
Prestige Auto Receivables Trust:
Series 2013-1A, Class A2, 1.09%, 2/15/18 (b)			4,470		4,459,862
Series 2013-1A, Class A3, 1.33%, 5/15/19 (b)			2,470		2,443,057
RAAC Trust, Series 2005-SP2, Class 2A, 0.49%, 6/25/44 (a)			5,070		4,340,327
RASC Trust, Series 2003-KS5, Class AIIB, 0.77%, 7/25/33 (a)			662		538,601


Asset-Backed Securities	Par (000)			Value
Santander Drive Auto Receivables Trust:
Series 2011-S1A, Class B, 1.48%, 5/15/17 (b)		USD	2,425	$	2,433,224
Series 2012-4, Class C, 2.94%, 12/15/17			4,600		4,674,157
Series 2012-5, Class B, 1.56%, 8/15/18			4,090		4,122,552
Series 2012-5, Class C, 2.70%, 8/15/18			1,950		1,962,273
Series 2012-6, Class B, 1.33%, 5/15/17			3,565		3,580,347
Series 2012-6, Class C, 1.94%, 3/15/18			2,460		2,441,966
Series 2012-AA, Class B, 1.21%, 10/16/17 (b)			9,060		9,052,507
Series 2012-AA, Class C, 1.78%, 11/15/18 (b)			16,880		16,544,966
Series 2013-2, Class B, 1.33%, 3/15/18			8,700		8,669,341
Series 2013-2, Class C, 1.95%, 3/15/19			14,280		13,955,958
Series 2013-3, Class B, 1.19%, 5/15/18			8,000		7,929,376
Series 2012-1, Class B, 2.72%, 5/16/16			2,260		2,300,746
Series 2012-1, Class C, 3.78%, 11/15/17			3,045		3,160,929
Series 2012-2, Class C, 3.20%, 2/15/18			6,490		6,683,623
Series 2012-3, Class B, 1.94%, 12/15/16			6,245		6,299,993
Series 2012-3, Class C, 3.01%, 4/16/18			8,515		8,744,896
SASCO Mortgage Loan Trust, Series 2005-GEL2, Class A, 0.47%, 4/25/35 (a)			397		381,458
Scholar Funding Trust, Series 2011-A, Class A, 1.18%, 10/28/43 (a)(b)			4,288		4,227,471
SLC Private Student Loan Trust, Series 2006-A, Class A5, 0.45%, 7/15/36 (a)			9,515		9,195,762
SLM Private Credit Student Loan Trust, Series 2004-B, Class A2, 0.47%, 6/15/21 (a)			4,486		4,397,112
SLM Private Education Loan Trust:
Series 2011-B, Class A2, 3.74%, 2/15/29 (b)			1,420		1,496,326
Series 2011-C, Class A2B, 4.54%, 10/17/44 (b)			4,120		4,463,686
Series 2012-A, Class A1, 1.59%, 8/15/25 (a)(b)			2,467		2,493,356
Series 2012-A, Class A2, 3.83%, 1/17/45 (b)			7,470		7,941,036
Series 2012-B, Class A2, 3.48%, 10/15/30 (b)			730		762,800
Series 2012-C, Class A1, 1.29%, 8/15/23 (a)(b)			4,758		4,784,276
Series 2012-C, Class A2, 3.31%, 10/15/46 (b)			10,125		10,476,763
Series 2012-D, Class A2, 2.95%, 2/15/46 (b)			12,220		12,538,539
Series 2012-E, Class A1, 0.94%, 10/16/23 (a)(b)			4,712		4,715,877
Series 2013-A, Class A2A, 1.77%, 5/17/27 (b)			16,655		15,761,193
Series 2013-A, Class A2B, 1.24%, 5/17/27 (a)(b)			11,170		10,930,013
Series 2013-B, Class A2A, 1.85%, 6/17/30 (b)			16,210		15,399,468
SLM Student Loan Trust, Series 2008-5, Class A4, 1.98%, 7/25/23 (a)			4,690		4,845,375
SpringCastle America Funding LLC, Series 2013-1A, Class A, 3.75%, 4/03/21 (b)			18,820		18,828,938
Structured Asset Securities Corp. Assistance Loan Trust, Series 2003-AL2, Class A, 3.36%, 1/25/31 (b)			1,094		1,073,108
Structured Asset Securities Corp. Mortgage Loan Trust, Series 2007-BC1, Class A2, 0.24%, 2/25/37 (a)			10		10,470


2		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013


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


Asset-Backed Securities			Par (000)		Value
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-23XS, Class 2A1, 0.49%, 1/25/35 (a)		USD		1,860	$	1,616,007
Vibrant CLO Ltd.:
Series 2012-1A, Class A1, 1.97%, 7/17/24 (a)(b)				13,740		13,794,960
Series 2012-1A, Class A2, 2.89%, 7/17/24 (a)(b)				2,600		2,630,264
World Financial Network Credit Card Master Trust:
Series 2012-C, Class A, 2.23%, 8/15/22				8,570		8,523,611
Series 2012-C, Class B, 3.57%, 8/15/22				3,000		3,042,585
Series 2012-C, Class C, 4.55%, 8/15/22				5,030		5,278,990
Series 2012-D, Class A, 2.15%, 4/17/23				11,030		10,698,924
Series 2012-D, Class B, 3.34%, 4/17/23				3,551		3,385,900
Series 2012-D, Class M, 3.09%, 4/17/23				2,725		2,638,710
Total Asset-Backed Securities — 17.8%						596,505,420

Common Stocks	Shares
Energy Equipment & Services — 0.1%
Noble Corp.				46,368		1,742,509
Health Care Equipment & Supplies — 0.1%
Covidien PLC				29,908		1,879,419
Life Sciences Tools & Services — 0.0%
Agilent Technologies, Inc.				19,310		825,696
Pharmaceuticals — 0.0%
Zoetis, Inc.				27,600		852,564
Total Common Stocks — 0.2%						5,300,188

Corporate Bonds	Par (000)				Value
Aerospace & Defense — 0.1%
Meccanica Holdings USA, Inc.:
6.25%, 7/15/19 (b)		USD		2,254		2,313,868
6.25%, 1/15/40 (b)				2,330		1,930,011

						4,243,879
Airlines — 0.0%
Scandinavian Airlines System Denmark-Norway-Sweden:
9.65%, 6/16/14		EUR		800		1,062,110
10.50%, 6/16/14		SEK		1,000		151,751

						1,213,861
Auto Components — 0.6%
BorgWarner, Inc., 4.63%, 9/15/20		USD		2,925		3,072,180
Continental Rubber of America Corp., 4.50%, 9/15/19 (b)				6,640		6,837,042
GKN Holdings PLC, 5.38%, 9/19/22		GBP		2,110		3,208,100
Plastic Omnium SA, 2.88%, 5/29/20		EUR		2,600		3,193,940
Servus Luxembourg Holding SCA, 7.75%, 6/15/18				1,747		2,234,175
Valeo SA, 5.75%, 1/19/17				100		146,395

						18,691,832
Automobiles – 0.0%
Jaguar Land Rover Automotive PLC, 8.25%, 3/15/20		GBP		290		478,570
Beverages – 0.1%
Anheuser-Busch InBev NV, 2.88%, 9/25/24		EUR		80		103,608
Bacardi Ltd., 2.75%, 7/03/23				110		140,927
Davide Campari-Milano SpA, 4.50%, 10/25/19				100		136,028


Corporate Bonds	Par (000)			Value
Beverages (concluded)
PepsiCo, Inc., 3.60%, 8/13/42		USD	2,825	$	2,399,510
SABMiller Holdings, Inc., 1.88%, 1/20/20		EUR	100		127,903

					2,907,976
Building Products — 0.1%
Buzzi Unicem SpA, 6.25%, 9/28/18			1,467		2,016,060
Capital Markets — 0.7%
The Goldman Sachs Group, Inc.:
4.38%, 3/16/17			50		70,258
5.75%, 1/24/22		USD	2,001		2,207,129
3.63%, 1/22/23			8,155		7,802,484
Morgan Stanley:
3.80%, 4/29/16			2,520		2,620,954
2.13%, 4/25/18			8,180		7,828,514
UBS AG, 4.75%, 5/22/23 (a)			1,340		1,273,000

					21,802,339
Chemicals — 0.7%
Air Liquide SA, 2.38%, 9/06/23		EUR	100		128,010
Evonik Industries AG, 1.88%, 4/08/20			1,035		1,315,999
INEOS Finance PLC, 7.50%, 5/01/20 (b)		USD	565		600,313
LyondellBasell Industries NV, 5.00%, 4/15/19			13,117		14,272,555
Momentive Performance Materials, Inc., 8.88%, 10/15/20			2,035		2,126,575
Rockwood Specialties Group, Inc., 4.63%, 10/15/20			2,355		2,366,775
Tronox Finance LLC, 6.38%, 8/15/20 (b)			1,083		1,020,727
US Coatings Acquisition, Inc./Axalta Coating Systems Dutch Holding B BV, 7.38%, 5/01/21 (b)			630		642,600

					22,473,554
Commercial Banks — 1.6%
ABN AMRO Bank NV:
3.63%, 10/06/17		EUR	70		97,958
2.50%, 11/29/23			100		123,356
AIB Mortgage Bank, 2.63%, 7/28/17			1,260		1,654,601
Banca Monte dei Paschi di Siena SpA, 4.88%, 9/15/16			303		401,102
Banco Santander SA, 3.25%, 2/17/15			2,100		2,787,955
Bankinter SA, 3.88%, 10/30/15			1,550		2,075,046
Banque Federative du Credit Mutuel SA, 2.00%, 9/19/19			100		128,417
Barclays Bank PLC, 6.63%, 3/30/22			930		1,356,701
BNP Paribas SA:
1.38%, 11/21/18			74		93,477
2.88%, 9/26/23			100		128,224
BPCE SA, 4.25%, 2/06/23			100		144,403
CaixaBank SA, 3.13%, 5/14/18			1,700		2,113,859
Caja Rural de Navarra, Sociedad Cooperativa de Crédito Ltd., 2.88%, 6/11/18			1,200		1,519,298
Canadian Imperial Bank of Commerce, 2.60%, 7/02/15 (b)		USD	5,910		6,131,625
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA:
3.75%, 11/09/20		EUR	50		66,228
4.00%, 1/11/22			100		144,210
HSBC Bank Brasil SA — Banco Multiplo, 4.00%, 5/11/16 (b)		USD	15,610		16,000,250
HSBC Capital Funding LP, 5.37%, 10/29/49 (a)		EUR	100		130,412
ING Bank NV:
0.95%, 5/23/16 (a)		USD	600		570,000
1.88%, 2/27/18		EUR	100		129,266
3.25%, 4/03/19			100		136,974
Kutxabank SA, 3.00%, 2/01/17			1,400		1,844,359
Lloyds TSB Bank PLC:
5.38%, 9/03/19			100		151,958


		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013		3


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


Corporate Bonds	Par (000)			Value
Commercial Banks (concluded)
6.50%, 3/24/20		EUR	838	$	1,195,107
6.50%, 9/17/40		GBP	350		626,224
Nordea Bank AB:
4.50%, 3/26/20		EUR	100		139,980
4.00%, 6/29/20			100		144,913
Oversea-Chinese Banking Corp. Ltd., 3.75%, 11/15/22 (a)		USD	10,000		10,018,610
Société Générale SA, 2.38%, 2/28/18		EUR	100		133,103
Standard Chartered PLC, 1.75%, 10/29/17			100		129,373
Svenska Handelsbanken AB, 2.63%, 8/23/22			180		235,787
Wells Fargo & Co.:
2.63%, 8/16/22			100		130,674
2.25%, 5/02/23			1,835		2,302,528

					52,985,978
Commercial Services & Supplies — 0.1%
Algeco Scotsman Global Finance PLC, 9.00%, 10/15/18			300		393,500
GCL Holdings SCA, 9.38%, 4/15/18			290		402,012
IVS Group, 7.13%, 4/01/20			1,957		2,445,422
La Financiere Atalian SA, 7.25%, 1/15/20			638		814,877
Verisure Holding AB, 8.75%, 12/01/18			300		404,160

					4,459,971
Communications Equipment — 0.1%
Nokia Oyj, 5.00%, 10/26/17			1,100		1,906,021
Construction Materials — 0.0%
CRH Finance Ltd., 3.13%, 4/03/23			1,270		1,616,189
Consumer Finance — 0.0%
SLM Corp., 4.63%, 9/25/17		USD	893		879,605
Containers & Packaging — 0.2%
Ardagh Glass Finance PLC, 8.75%, 2/01/20		EUR	171		227,032
Ardagh Packaging Finance PLC, 9.25%, 10/15/20			146		199,067
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 4.88%, 11/15/22 (b)		USD	475		444,125
Rock Tenn Co.:
3.50%, 3/01/20			1,594		1,559,764
4.00%, 3/01/23			5,293		5,100,007

					7,529,995
Distributors — 0.1%
VWR Funding, Inc., 7.25%, 9/15/17			3,926		4,063,410
Diversified Financial Services — 5.2%
Annington Finance No. 4 PLC, 1.48%, 1/10/23 (a)		GBP	2,849		4,333,017
AyT Cedulas Cajas Global:
4.00%, 3/21/17		EUR	1,600		2,058,597
4.00%, 3/24/21			800		928,330
AyT Cedulas Cajas IX Fondo de Titulizacion, 3.75%, 3/31/15			3,200		4,197,387
AyT Cedulas Cajas X Fondo de Titulizacion:
0.29%, 6/30/15 (a)			600		731,884
3.75%, 6/30/25			600		587,151
AyT Cedulas Cajas XXIII Fondo de Titulizacion de Activos, 4.75%, 6/15/16			2,300		3,026,725
Bank of America Corp.:
6.50%, 8/01/16		USD	2,325		2,621,312
3.88%, 3/22/17			3,540		3,707,559
4.63%, 8/07/17		EUR	100		143,786
2.00%, 1/11/18		USD	17,760		17,202,585
5.65%, 5/01/18			25,135		27,924,533
5.70%, 1/24/22			7,992		8,871,480
3.30%, 1/11/23			3,745		3,539,576


Corporate Bonds	Par (000)			Value
Diversified Financial Services (concluded)
Cedulas TDA 6 Fondo de Titulizacion de Activos:
3.88%, 5/23/25		EUR	900	$	909,009
4.25%, 4/10/31			900		848,809
Cedulas TDA 7 Fondo de Titulizacion de Activos, 3.50%, 6/20/17			100		122,243
Citigroup, Inc.:
4.59%, 12/15/15		USD	27,331		29,187,704
4.45%, 1/10/17			1,900		2,034,501
7.38%, 9/04/19		EUR	50		82,167
3.38%, 3/01/23		USD	3,505		3,352,932
5.35%, 4/29/49 (a)			2,160		2,025,000
EC Finance PLC, 9.75%, 8/01/17		EUR	329		461,515
FCE Bank PLC, 1.75%, 5/21/18			100		126,769
Ford Motor Credit Co. LLC, 5.00%, 5/15/18		USD	19,992		21,319,949
GE Capital European Funding Ltd., 1.00%, 5/02/17		EUR	3,130		4,015,066
Glencore Funding LLC, 2.50%, 1/15/19 (b)		USD	6,655		6,020,838
JPMorgan Chase & Co.:
Series Q, 5.15% (a)(c)			2,662		2,535,555
3.25%, 9/23/22			2,651		2,516,865
3.20%, 1/25/23			3,785		3,593,127
JPMorgan Chase Bank NA, 4.38%, 11/30/21 (a)		EUR	100		134,717
Merck Financial Services GmbH, 4.50%, 3/24/20			85		127,351
Nationwide Building Society, 4.13%, 3/20/23 (a)			1,409		1,736,830
Novus USA Trust, Series 2013-1, 1.57%, 2/28/14 (a)(b)		USD	6,940		6,929,590
TMX Finance LLC/TitleMax Finance Corp., 13.25%, 7/15/15			4,000		4,290,000

					172,244,459
Diversified Telecommunication Services — 0.7%
Intelsat Jackson Holdings SA, 7.25%, 4/01/19			4,072		4,260,330
Level 3 Financing, Inc., 8.13%, 7/01/19			4,474		4,697,700
Sprint Capital Corp., 6.88%, 11/15/28			2,003		1,922,880
TDC A/S, 4.38%, 2/23/18		EUR	120		173,005
Telefonica Emisiones SAU, 3.99%, 1/23/23			200		251,772
Telenet Finance V Luxembourg SCA, 6.75%, 8/15/24			400		527,374
Verizon Communications, Inc., 3.85%, 11/01/42		USD	13,026		10,808,219

					22,641,280
Electric Utilities — 1.2%
The Cleveland Electric Illuminating Co.:
8.88%, 11/15/18			1,199		1,558,665
5.95%, 12/15/36			2,175		2,349,030
Duke Energy Carolinas LLC, 4.25%, 12/15/41			3,915		3,647,574
Duke Energy Florida, Inc., 6.40%, 6/15/38			2,646		3,241,437
Enel Finance International NV, 4.88%, 4/17/23		EUR	969		1,303,651
Energy Future Intermediate Holding Co. LLC/EFIH Finance, Inc., 10.00%, 12/01/20		USD	7,690		8,420,550
Florida Power & Light Co., 5.95%, 2/01/38			3,645		4,403,138
Georgia Power Co., 3.00%, 4/15/16			8,985		9,402,542
Iberdrola International BV, 4.50%, 9/21/17		EUR	100		140,168
Jersey Central Power & Light Co., 7.35%, 2/01/19		USD	2,730		3,296,298
MidAmerican Energy Holdings Co., 6.50%, 9/15/37			25		29,687
Trans-Allegheny Interstate Line Co., 4.00%, 1/15/15 (b)			2,815		2,923,794

					40,716,534


4		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013


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


Corporate Bonds	Par (000)			Value
Electrical Equipment — 0.0%
Trionista Holdco GmbH, 5.00%, 4/30/20		EUR	406	$	523,182
Trionista TopCo GmbH, 6.88%, 4/30/21			198		255,148

					778,330
Energy Equipment & Services — 1.0%
Transocean, Inc.:
5.05%, 12/15/16		USD	5,700		6,198,323
2.50%, 10/15/17			8,495		8,395,107
6.00%, 3/15/18			11,350		12,719,275
6.50%, 11/15/20			5,975		6,725,514

					34,038,219
Food & Staples Retailing — 0.2%
Carrefour SA, 1.88%, 12/19/17		EUR	100		130,197
Co-operative Group Holdings, 6.25%, 7/08/26 (d)		GBP	1,270		1,757,772
Wal-Mart Stores, Inc., 4.00%, 4/11/43		USD	4,137		3,769,572
WM Morrison Supermarkets PLC, 2.25%, 6/19/20		EUR	110		142,390
WM Treasury PLC, 4.63%, 12/03/42		GBP	1,140		1,663,376

					7,463,307
Food Products — 0.2%
Bakkavor Finance 2 PLC:
8.25%, 2/15/18			280		424,804
8.75%, 6/15/20			270		412,712
Mondelez International, Inc., 6.50%, 8/11/17		USD	6,049		7,032,870

					7,870,386
Gas Utilities — 0.1%
Snam SpA, 3.88%, 3/19/18		EUR	2,593		3,552,153
Health Care Equipment & Supplies — 0.5%
Boston Scientific Corp., 6.25%, 11/15/15		USD	13,154		14,558,242
Ontex IV SA, 9.00%, 4/15/19		EUR	369		481,987

					15,040,229
Health Care Providers & Services — 0.6%
Care UK Health & Social Care PLC, 9.75%, 8/01/17		GBP	280		432,257
Coventry Health Care, Inc., 5.45%, 6/15/21		USD	3,862		4,301,727
HCA, Inc., 7.25%, 9/15/20			3,925		4,214,469
IDH Finance PLC:
6.00%, 12/01/18		GBP	309		460,577
6.00%, 12/01/18 (b)			200		298,108
Priory Group No. 3 PLC, 7.00%, 2/15/18			360		553,021
Tenet Healthcare Corp., 4.75%, 6/01/20		USD	1,977		1,905,334
UnitedHealth Group, Inc., 3.38%, 11/15/21			1,630		1,624,864
Voyage Care Bondco PLC, 11.00%, 2/01/19		GBP	1,800		2,929,367
WellPoint, Inc., 1.88%, 1/15/18		USD	4,775		4,675,413

					21,395,137
Hotels, Restaurants & Leisure — 0.1%
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18		EUR	348		455,689
Enterprise Inns PLC, 6.50%, 12/06/18		GBP	574		855,151
Gala Group Finance PLC, 8.88%, 9/01/18			280		449,717
Lottomatica Group SpA, 3.50%, 3/05/20		EUR	1,300		1,702,745

					3,463,302
Household Durables — 0.2%
K. Hovnanian Enterprises, Inc., 7.25%, 10/15/20 (b)		USD	3,615		3,895,163
Together Housing Finance PLC, 4.50%, 12/17/42		GBP	1,185		1,694,039

					5,589,202


Corporate Bonds	Par (000)			Value
Household Products — 0.1%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 6.88%, 2/15/21		USD	3,120	$	3,276,000
Independent Power Producers & Energy Traders — 0.0%
NRG Energy, Inc., 6.63%, 3/15/23 (b)			988		988,000
Insurance — 1.6%
Achmea BV, 6.00%, 4/04/43 (a)		EUR	1,022		1,363,536
Allianz Finance II BV, 5.75%, 7/08/41 (a)			4,400		6,326,364
American International Group, Inc.:
3.80%, 3/22/17		USD	8,028		8,415,881
5.45%, 5/18/17			4,150		4,574,694
4.88%, 6/01/22			7,189		7,662,928
BUPA Finance PLC, 5.00%, 4/25/23		GBP	820		1,182,482
Cloverie PLC for Zurich Insurance Co. Ltd., 7.50%, 7/24/39 (a)		EUR	50		78,440
Manulife Financial Corp., 3.40%, 9/17/15		USD	3,185		3,327,637
Metropolitan Life Global Funding I, 5.13%, 6/10/14 (b)			1,600		1,668,926
Muenchener Rueckversicherungs AG, 6.00%, 5/26/41 (a)		EUR	900		1,330,758
Prudential Financial, Inc.:
4.75%, 9/17/15		USD	8,549		9,199,297
7.38%, 6/15/19			3,690		4,509,018
5.38%, 6/21/20			2,085		2,337,370
Scottish Windows PLC, 5.60%, 6/16/23		GBP	1,385		2,025,216

					54,002,547
IT Services — 0.1%
Amadeus Capital Markets SA, 4.88%, 7/15/16		EUR	100		142,134
APX Group, Inc., 6.38%, 12/01/19 (b)		USD	2,282		2,167,900
Cerved Technologies SpA:
6.38%, 1/15/20		EUR	302		385,234
8.00%, 1/15/21			300		370,968

					3,066,236
Life Sciences Tools & Services — 0.1%
Life Technologies Corp., 6.00%, 3/01/20		USD	2,720		3,064,268
Media — 2.1%
CBS Corp.:
4.63%, 5/15/18			1,785		1,933,662
8.88%, 5/15/19			3,440		4,433,279
5.75%, 4/15/20			1,410		1,599,257
Clear Channel Worldwide Holdings, Inc., 6.50%, 11/15/22 (b)			4,844		4,989,320
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22			2,225		3,148,460
Comcast Corp.:
5.88%, 2/15/18			6,350		7,413,733
4.65%, 7/15/42			6,535		6,266,608
COX Communications, Inc.:
3.25%, 12/15/22 (b)			6,535		6,148,298
8.38%, 3/01/39 (b)			6,180		8,376,069
4.70%, 12/15/42 (b)			2,159		1,915,020
Eutelsat SA, 3.13%, 10/10/22		EUR	1,900		2,483,929
Lynx I Corp., 6.00%, 4/15/21		GBP	310		467,508
NBCUniversal Media LLC:
5.15%, 4/30/20		USD	3,508		3,993,826
4.45%, 1/15/43			3,337		3,115,166
The New York Times Co., 6.63%, 12/15/16			4,100		4,530,500
Odeon & UCI Finco PLC, 9.00%, 8/01/18		GBP	272		435,420
SES SA, 4.63%, 3/09/20		EUR	70		103,460
Time Warner Cable, Inc., 4.50%, 9/15/42		USD	5,500		4,265,162
Unitymedia KabelBW GmbH, 9.50%, 3/15/21		EUR	340		491,240


		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013		5


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


Corporate Bonds	Par (000)			Value
Media (concluded)
Virgin Media Secured Finance PLC, 6.50%, 1/15/18		USD	3,740	$	3,842,850

					69,952,767
Metals & Mining – 0.8%
Alcoa, Inc., 5.72%, 2/23/19			4,475		4,555,948
BHP Billiton Finance Ltd., 2.13%, 11/29/18		EUR	100		131,754
Eco-Bat Finance PLC, 7.75%, 2/15/17			300		394,398
Freeport-McMoRan Copper & Gold, Inc.:
3.10%, 3/15/20 (b)		USD	4,462		4,124,289
5.45%, 3/15/43 (b)			5,746		5,067,127
New Gold, Inc., 7.00%, 4/15/20 (b)			690		696,900
Novelis, Inc., 8.75%, 12/15/20			6,865		7,362,713
Steel Dynamics, Inc., 6.38%, 8/15/22 (b)			1,345		1,418,975
ThyssenKrupp AG, 4.00%, 8/27/18		EUR	3,370		4,466,064
Xstrata Finance Dubai Ltd., 1.75%, 5/19/16			135		174,690

					28,392,858
Multiline Retail – 0.1%
Macy’s Retail Holdings, Inc., 7.45%, 7/15/17		USD	3,317		3,969,587
Multi-Utilities – 0.2%
Dominion Resources, Inc., 1.95%, 8/15/16			6,345		6,471,653
Oil, Gas & Consumable Fuels – 2.7%
Access Midstream Partners LP/ACMP Finance Corp., 4.88%, 5/15/23			1,345		1,247,487
Chevron Corp., 3.19%, 6/24/23			6,000		5,970,906
CONSOL Energy, Inc., 8.25%, 4/01/20			549		575,077
Energy Transfer Partners LP:
3.60%, 2/01/23			6,325		5,919,498
6.50%, 2/01/42			712		759,295
Enterprise Products Operating LLC, 4.45%, 2/15/43			2,420		2,148,137
EP Energy LLC/EP Energy Finance, Inc., 9.38%, 5/01/20			1,525		1,723,250
EP Energy LLC/Everest Acquisition Finance, Inc., 6.88%, 5/01/19			1,260		1,348,200
IVG Finance BV, 1.75%, 3/29/17		EUR	2,000		1,548,955
Laredo Petroleum, Inc.:
9.50%, 2/15/19		USD	1,925		2,117,500
7.38%, 5/01/22			655		687,750
Linn Energy LLC/Linn Energy Finance Corp., 6.25%, 11/01/19 (b)			6,000		5,715,000
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.50%, 7/15/23			1,105		1,011,075
MEG Energy Corp., 6.38%, 1/30/23 (b)			1,580		1,532,600
Murphy Oil Corp.:
4.00%, 6/01/22			1,217		1,162,503
3.70%, 12/01/22			7,693		7,136,234
Noble Energy, Inc.:
4.15%, 12/15/21			1,790		1,848,198
6.00%, 3/01/41			3,070		3,458,680
Noble Holding International Ltd., 5.25%, 3/15/42			4,100		3,672,309
Novatek OAO via Novatek Finance Ltd., 4.42%, 12/13/22 (b)			2,725		2,500,188
Peabody Energy Corp., 6.00%, 11/15/18			614		615,535
Plains Exploration & Production Co., 6.50%, 11/15/20			3,329		3,529,422
Repsol International Finance BV, 2.63%, 5/28/20		EUR	100		123,763
Sabine Pass Liquefaction LLC:
5.63%, 2/01/21 (b)		USD	4,005		3,884,850
5.63%, 4/15/23 (b)			1,053		995,085
Sabine Pass LNG LP:
7.50%, 11/30/16			5,000		5,381,250
6.50%, 11/01/20 (b)			1,225		1,237,250


Corporate Bonds	Par (000)			Value
Oil, Gas & Consumable Fuels (concluded)
Sibur Securities Ltd., 3.91%, 1/31/18 (b)		USD	2,150	$	1,988,750
Western Gas Partners LP:
5.38%, 6/01/21			7,957		8,538,346
4.00%, 7/01/22			2,516		2,442,266
The Williams Cos., Inc.:
7.88%, 9/01/21			3,694		4,459,256
3.70%, 1/15/23			3,705		3,442,253

					88,720,868
Paper & Forest Products – 0.5%
International Paper Co.:
9.38%, 5/15/19			3,562		4,655,716
4.75%, 2/15/22			9,606		10,108,279
Mondi Finance PLC, 5.75%, 4/03/17		EUR	1,150		1,683,895

					16,447,890
Pharmaceuticals – 0.1%
Teva Pharmaceutical Finance Co. BV, 3.65%, 11/10/21		USD	2,120		2,120,195
Professional Services – 0.0%
TMF Group Holding BV, 9.88%, 12/01/19		EUR	326		424,336
Real Estate Investment Trusts (REITs) – 0.4%
Gecina SA, 2.88%, 5/30/23			800		990,248
GELF Bond Issuer I SA, 3.13%, 4/03/18			2,395		3,088,018
Unibail-Rodamco SE, 2.38%, 2/25/21			210		270,175
Ventas Realty LP/Ventas Capital Corp.:
2.70%, 4/01/20		USD	1,272		1,202,728
4.75%, 6/01/21			3,040		3,193,660
Vornado Realty LP, 5.00%, 1/15/22			5,665		5,946,398

					14,691,227
Real Estate Management & Development – 0.5%
Atrium European Real Estate Ltd., 4.00%, 4/20/20		EUR	1,575		2,041,594
Citycon Oyj, 3.75%, 6/24/20			1,750		2,249,918
Great Places Housing Group Ltd., 4.75%, 10/22/42		GBP	1,086		1,647,777
The Unique Pub Finance Co. PLC:
Series A3, 6.54%, 3/30/21			500		757,628
Series A4, 5.66%, 6/30/27			6,752		9,502,588

					16,199,505
Road & Rail – 0.3%
Autoroutes du Sud de la France SA:
4.13%, 4/13/20		EUR	2,250		3,246,460
2.88%, 1/18/23			1,800		2,357,497
Burlington Northern Santa Fe LLC, 3.00%, 3/15/23		USD	5,675		5,407,866

					11,011,823
Software – 0.1%
First Data Corp., 7.38%, 6/15/19 (b)			2,290		2,352,975
SAP AG, 2.13%, 11/13/19		EUR	75		96,803

					2,449,778
Specialty Retail – 0.3%
DFS Furniture Holdings PLC, 7.63%, 8/15/18		GBP	278		436,568
Dufry Finance SCA, 5.50%, 10/15/20 (b)		USD	1,760		1,764,650
House of Fraser Funding PLC, 8.88%, 8/15/18		GBP	891		1,405,655
Kering, 3.75%, 4/08/15		EUR	70		95,585
Marks & Spencer PLC, 4.75%, 6/12/25		GBP	630		908,876
Punch Taverns Finance B Ltd.:
Series A6, 5.94%, 12/30/24			176		252,297
Series A7, 4.77%, 6/30/33			917		1,297,633


6		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013


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


Corporate Bonds	Par (000)			Value
Specialty Retail (concluded)
Rent-A-Center, Inc., 4.75%, 5/01/21 (b)		USD	2,295	$	2,174,513

					8,335,777
Tobacco – 0.1%
Imperial Tobacco Finance PLC, 4.50%, 7/05/18		EUR	1,537		2,235,182
Philip Morris International, Inc.:
1.75%, 3/19/20			1,900		2,398,927
2.75%, 3/19/25			110		138,732

					4,772,841
Trading Companies & Distributors – 0.3%
Aircastle Ltd., 6.25%, 12/01/19		USD	2,100		2,181,375
H&E Equipment Services, Inc., 7.00%, 9/01/22			1,605		1,673,213
United Rentals North America, Inc.:
5.75%, 7/15/18			753		790,650
7.38%, 5/15/20			3,535		3,773,613
7.63%, 4/15/22			1,874		2,028,605

					10,447,456
Transportation Infrastructure – 0.0%
Gategroup Finance Luxembourg SA, 6.75%, 3/01/19		EUR	300		386,588
Wireless Telecommunication Services – 1.6%
America Movil SAB de CV, 2.38%, 9/08/16		USD	8,025		8,131,002
Crown Castle International Corp., 5.25%, 1/15/23			2,235		2,145,600
Crown Castle Towers LLC, 6.11%, 1/15/40 (b)			16,500		18,933,338
Phones4u Finance PLC, 9.50%, 4/01/18		GBP	638		989,779
SBA Tower Trust, 5.10%, 4/15/42 (b)		USD	3,700		4,046,672
Sprint Nextel Corp., 9.00%, 11/15/18 (b)			10,660		12,472,200
VimpelCom Holdings BV, 7.50%, 3/01/22			845		874,575
Vodafone Group PLC, 8.13%, 11/26/18		GBP	2,300		4,457,064

					52,050,230
Total Corporate Bonds – 26.4%					883,304,208

Floating Rate Loan Interests (a)	Par (000)			Value
Diversified Financial Services – 0.2%
Nuveen Investments, Inc., Tranche B First-Lien Term Loan, 4.20%, 5/13/17		USD	3,000		2,972,820
Springleaf Financial Funding Co. (FKA American General Finance Corp.), Initial Loan, 5.50%, 5/10/17			2,171		2,170,733

					5,143,553
Diversified Telecommunication Services – 0.6%
Intelsat Jackson Holdings Ltd., Tranche B-1 Term Loan, 4.25%, 4/02/18			12,454		12,453,980
Level 3 Financing, Inc., Tranche B-II 2019 Term Loan, 4.75%, 8/01/19			8,000		7,992,480

					20,446,460
Food Products – 0.1%
Del Monte Foods Co., Initial Term Loan, 4.00%, 3/08/18			2,324		2,313,844
Health Care Providers & Services – 0.0%
Emdeon, Inc., Term Loan B2, 3.75%, 11/02/18			922		915,343
Hotels, Restaurants & Leisure – 0.9%
Hilton Fort Lauderdale, Term Loan A Notes, 7.39%, 2/22/16			6,540		6,540,000
Hilton Worldwide, Inc. (FKA Hilton Hotels Corp.):
Mezzanine F Loan, 4.44%, 11/15/15			9,086		8,904,055
Mezzanine G Loan, 4.69%, 11/12/15			9,086		8,904,055


Floating Rate Loan Interests (a)	Par (000)			Value
Hotels, Restaurants & Leisure (concluded)
Motel 6, Term Loan, 10.00%, 10/15/17 (b)		USD	6,029	$	6,239,686

					30,587,796
Life Sciences Tools & Services – 0.0%
Pharmaceutical Product Development, Inc. (Jaguar Holdings LLC), 2013 Term Loan, 4.25%, 12/05/18			985		984,518
Oil, Gas & Consumable Fuels – 0.2%
Obsidian Natural Gas Trust, Loan, 7.00%, 11/02/15			7,490		7,527,344
Pharmaceuticals – 0.1%
inVentiv Health, Inc. (FKA Ventive Health, Inc.), Consolidated Term Loan, 7.50%, 8/04/16			2,649		2,595,744
Real Estate Investment Trusts (REITs) – 0.0%
iStar Financial, Inc., Loan, 4.50%, 10/15/17			500		498,653
Real Estate Management & Development – 0.0%
Realogy Corp., Extended Synthetic Commitment, 0.05% - 4.40%, 10/10/16			178		178,345
Software – 0.2%
First Data Corp., 2018 Dollar Term Loan, 4.19%, 3/23/18			6,090		5,930,032
Wireless Telecommunication Services – 0.2%
Vodafone Americas Finance 2, Inc., New Series A Loan,, 6.25%, 7/11/16 (e)			7,219		7,399,219
Total Floating Rate Loan Interests – 2.5%					84,520,851

Foreign Agency Obligations	Par (000)			Value
Aeroports de Paris, 2.75%, 6/05/28		EUR	1,100		1,373,146
Bank of India, 6.25%, 2/16/21		USD	4,670		4,811,067
Caixa Economica Federal:
2.38%, 11/06/17 (b)			3,950		3,643,875
3.50%, 11/07/22 (b)			2,110		1,772,400
Caixa Geral de Depositos SA, 5.63%, 12/04/15		EUR	2,000		2,657,304
DP World Sukuk Ltd., 6.25%, 7/02/17		USD	5,740		6,141,800
Eksportfinans ASA:
5.50%, 5/25/16			1,310		1,364,693
5.50%, 6/26/17			275		284,625
Electricite de France SA:
2.75%, 3/10/23		EUR	1,600		2,044,308
4.25%, 12/29/49 (a)			100		131,466
Hydro-Quebec:
8.40%, 1/15/22		USD	8,220		11,170,306
8.05%, 7/07/24			21,145		29,081,374
Nexen, Inc.:
5.88%, 3/10/35			240		250,766
6.40%, 5/15/37			9,125		9,917,826
7.50%, 7/30/39			3,565		4,353,845
Petrobras International Finance Co., 3.88%, 1/27/16			15,335		15,777,047
Sberbank of Russia Via SB Capital SA, 6.13%, 2/07/22			3,260		3,402,462
Telenor ASA, 2.50%, 5/22/25		EUR	100		124,695
Total Foreign Agency Obligations – 2.9%					98,303,005

Foreign Government Obligations	Par (000)			Value
Argentina – 0.0%
Republic of Argentina, 2.50%, 12/31/38 (d)		USD	3,185		1,035,125


		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013		7


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


Foreign Government Obligations	Par (000)			Value
Belgium – 0.1%
Kingdom of Belgium, 2.25%, 6/22/23		EUR	2,840	$	3,564,731
Brazil – 0.3%
Brazil Notas do Tesouro Nacional Serie F, 10.00%, 1/01/17		BRL	20,000		9,188,921
Federative Republic of Brazil, 7.13%, 1/20/37		USD	1,725		2,052,750

					11,241,671
France – 0.1%
Republic of France, 4.25%, 10/25/23		EUR	2,840		4,311,421
Germany – 0.1%
Federal Republic of Germany, 2.00%, 1/04/22			2,750		3,732,578
Italy – 3.8%
Buoni Poliennali Del Tesoro:
3.75%, 4/15/16			45,895		61,741,935
4.75%, 6/01/17			15,140		20,801,587
5.25%, 8/01/17			11,455		16,054,624
3.50%, 11/01/17			6,620		8,683,397
4.50%, 2/01/20			4,600		6,189,576
5.50%, 11/01/22			8,800		12,289,829

					125,760,948
Mexico – 0.5%
United Mexican States:
5.63%, 1/15/17		USD	3,840		4,268,160
7.75%, 12/14/17		MXN	19,087		1,624,285
5.13%, 1/15/20		USD	8,275		9,094,225
8.50%, 11/18/38		MXN	26,940		2,421,744

					17,408,414
Netherlands – 4.1%
Kingdom of the Netherlands, 1.25%, 1/15/18		EUR	104,000		136,788,171
Poland – 0.2%
Republic of Poland:
6.38%, 7/15/19		USD	1,280		1,492,877
5.13%, 4/21/21			4,130		4,491,375

					5,984,252
Portugal – 0.4%
Republic of Portugal, 3.50%, 3/25/15			12,800		12,723,200
Russia – 0.3%
Russian Federation, 7.50%, 3/31/30 (d)			6,843		8,014,659
South Africa – 0.1%
Republic of South Africa, 5.50%, 3/09/20			3,165		3,335,119
Spain – 0.7%
Autonomous Community of Madrid Spain, 3.00%, 7/29/14		CHF	410		433,678
Autonomous Community of Valencia Spain:
4.75%, 3/20/14		EUR	1,700		2,217,882
3.25%, 7/06/15			1,280		1,593,960
4.38%, 7/16/15			1,860		2,382,318
Kingdom of Spain:
4.00%, 3/06/18 (b)		USD	4,360		4,291,548
4.85%, 10/31/20		EUR	3,830		5,143,076
5.40%, 1/31/23			940		1,284,844
Spain Letras del Tesoro, 1.44%, 4/16/14 (f)			5,200		6,692,057

					24,039,363
Total Foreign Government Obligations – 10.7%					357,939,652


Investment Companies – 0.4%			Shares		Value
iShares JPMorgan USD Emerging Markets Bond Fund (g)				114,500	$	12,541,185

Non-Agency Mortgage-Backed Securities	Par (000)				Value
Collateralized Mortgage Obligations – 4.6%
Citigroup Mortgage Loan Trust, Series 2007-2, Class 2A, 6.00%, 11/25/36		USD		206		206,831
Collateralized Mortgage Obligation Trust, Series 57, Class D, 9.90%, 2/01/19				8		8,685
Countrywide Alternative Loan Trust:
Series 2005-21CB, Class A17, 6.00%, 6/25/35				13,369		13,021,150
Series 2006-43CB, Class 1A10, 6.00%, 2/25/37				5,616		4,539,368
Series 2006-J4, Class 2A8, 6.00%, 7/25/36				10,701		9,042,355
Series 2006-OA21, Class A1, 0.38%, 3/20/47 (a)				21,961		15,447,248
Series 2007-22, Class 2A16, 6.50%, 9/25/37				24,575		18,916,275
Countrywide Home Loan Mortgage Pass-Through Trust:
Series 2004-29, Class 1A1, 0.73%, 2/25/35 (a)				844		774,287
Series 2005-HYB9, Class 2A1, 2.81%, 2/20/36 (a)				15,170		12,058,254
Credit Suisse Mortgage Capital Certificates:
Series 2010-20R, Class 9A1, 2.89%, 1/27/36 (a)(b)				6,953		6,961,839
Series 2011-2R, Class 1A1, 2.71%, 3/27/37 (a)(b)				3,896		3,789,898
Series 2011-2R, Class 2A1, 2.63%, 7/27/36 (a)(b)				13,078		13,055,270
Series 2011-5R, Class 3A1, 5.23%, 9/27/47 (a)(b)				4,980		4,965,904
Deutsche Alt-A Securities Mortgage Loan Trust,
Series 2007-RMP1, Class A2, 0.34%, 12/25/36 (a)				5,339		4,104,569
First Horizon Mortgage Pass-Through Trust,
Series 2005-AR3, Class 3A1, 2.59%, 8/25/35 (a)				1,766		1,528,478
Fosse Master Issuer PLC, Series 2012-1A, Class 2A2, 1.68%, 10/18/54 (a)(b)				3,645		3,714,036
Gemgarto, Series 2012-1, Class A1, 3.46%, 5/14/45 (a)		GBP		1,682		2,658,557
GSR Mortgage Loan Trust, Series 2005-AR2, Class 2A1, 2.83%, 4/25/35 (a)		USD		5,019		4,893,478
HomeBanc Mortgage Trust:
Series 2005-4, Class A1, 0.46%, 10/25/35 (a)				21,784		18,145,880
Series 2006-2, Class A1, 0.37%, 12/25/36 (a)				6,005		4,926,604
Impac Secured Assets CMN Owner Trust,
Series 2004-3, Class 1A4, 0.99%, 11/25/34 (a)				948		865,783
Lanark Master Issuer PLC, Series 2012-2X, Class 2A, 2.14%, 12/22/54 (a)		GBP		2,673		4,214,553
Residential Mortgage Securities Ltd., Series 26, Class A1, 2.76%, 2/14/41 (a)				1,980		3,112,640
Silk Road Finance Number Three PLC, Series 2012-1, Class A, 1.86%, 6/21/55 (a)				1,758		2,708,773

						153,660,715


8		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013


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 – 9.7%
Banc of America Commercial Mortgage Trust, Series 2007-3, Class A4, 5.86%, 6/10/49 (a)		USD	2,730	$	3,056,912
Banc of America Large Loan Trust, Series 2010-HLTN, Class HLTN, 2.49%, 11/15/15 (a)(b)			15,497		15,509,118
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class A3A, 4.62%, 7/10/43			850		870,158
Bear Stearns Commercial Mortgage Securities Trust, Series 2005-PW10, Class AM, 5.45%, 12/11/40 (a)			1,350		1,443,375
Citigroup/Deutsche Bank Commercial Mortgage Trust:
Series 2007-CD4, Class A2B, 5.21%, 12/11/49			1,365		1,374,723
Series 2007-CD4, Class AMFX, 5.37%, 12/11/49 (a)			5,945		6,001,287
Commercial Mortgage Pass-Through Certificates:
Series 2010-RR1, Class GEB, 5.54%, 12/11/49 (a)(b)			2,260		2,445,630
Series 2012-LTRT, Class A2, 3.40%, 10/05/30 (b)			3,755		3,526,095
Series 2013-GAM, Class A2, 3.37%, 2/10/28 (b)			4,900		4,727,765
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class AJ, 4.77%, 7/15/37			920		951,172
Credit Suisse Mortgage Capital Certificates:
Series 2007-TF2A, Class A3, 0.46%, 4/15/22 (a)(b)			4,005		3,784,897
Series 2010-RR1, Class 2A, 5.70%, 9/15/40 (a)(b)			4,730		5,305,641
Del Coronado Trust, Series 2013-HDMZ, Class M, 5.19%, 3/15/18 (a)(b)			3,820		3,839,864
Deutsche Bank ReREMIC Trust:
Series 2011-C32, Class A3A, 5.94%, 6/17/49 (a)(b)			3,800		4,259,150
Series 2012-EZ1, Class A, 0.95%, 9/25/45 (b)			14,969		14,998,821
Extended Stay America Trust, Series 2013-ESH7, Class A27, 2.96%, 12/05/31 (b)			3,850		3,736,660
GE Capital Commercial Mortgage Corp. Trust, Series 2007-C1, Class A2, 5.42%, 12/10/49			18,079		18,026,178
German Residential Funding PLC, Series 2013-1, Class E, 4.33%, 8/27/24 (a)		EUR	1,190		1,538,112
GMAC Commercial Mortgage Securities, Inc., Series 2003-C2, Class A2, 5.64%, 5/10/40 (a)		USD	829		828,918
Greenwich Capital Commercial Funding Corp.:
Series 2005-GG3, Class A3, 4.57%, 8/10/42			553		552,496
Series 2007-GG11, Class A4, 5.74%, 12/10/49			1,850		2,071,922
Series 2007-GG11, Class AM, 5.87%, 12/10/49 (a)			1,670		1,789,008
Series 2007-GG9, Class AM, 5.48%, 3/10/39			1,500		1,576,733
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4, 4.76%, 7/10/39			13,351		14,127,815
GS Mortgage Securities Corp. Trust, Series 2012-SHOP, Class C, 3.63%, 6/05/31 (b)			820		811,482
GS Mortgage Securities Trust:
Series 2006-GG8, Class AJ, 5.62%, 11/10/39			725		680,916
Series 2006-GG8, Class AM, 5.59%, 11/10/39			1,470		1,594,822


Non-Agency Mortgage-Backed Securities	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2006-CB14, Class AM, 5.63%, 12/12/44 (a)		USD	5,065	$	5,484,043
Series 2006-LDP8, Class AJ, 5.48%, 5/15/45 (a)			2,000		2,015,790
Series 2006-LDP9, Class AM, 5.37%, 5/15/47			1,430		1,508,827
Series 2007-CB20, Class AJ, 6.27%, 2/12/51 (a)			11,095		10,990,174
Series 2007-CB20, Class AM, 6.08%, 2/12/51 (a)			1,000		1,122,703
Series 2007-LD11, Class A2, 5.99%, 6/15/49 (a)			15,286		15,669,647
Series 2008-C2, Class ASB, 6.13%, 2/12/51 (a)			2,214		2,374,399
Series 2013-C10, Class C, 4.30%, 12/15/47 (a)			962		893,103
LB-UBS Commercial Mortgage Trust:
Series 2005-C2, Class AJ, 5.21%, 4/15/30 (a)			3,055		3,207,341
Series 2007-C1, Class AJ, 5.48%, 2/15/40			5,670		5,414,504
Series 2007-C7, Class A3, 5.87%, 9/15/45 (a)			3,649		4,066,736
Merrill Lynch Mortgage Trust, Series 2005-CKI1, Class AJ, 5.46%, 11/12/37 (a)			4,160		4,290,042
ML-CFC Commercial Mortgage Trust:
Series 2006-1, Class AJ, 5.76%, 2/12/39 (a)			3,100		3,151,869
Series 2007-9, Class ASB, 5.64%, 9/12/49			21,463		22,184,887
Morgan Stanley, Series 2007-XLCA, Class A2 0.53%, 7/17/17 (a)			758		737,230
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-CKSV, Class CK, 4.30%, 10/15/30 (b)			8,496		7,408,427
Morgan Stanley Capital I Trust:
Series 2007-HQ12, Class A2FX, 5.76%, 4/12/49 (a)			755		756,657
Series 2007-HQ12, Class AM, 5.76%, 4/12/49 (a)			6,695		7,126,138
Series 2007-IQ14, Class AM, 5.88%, 4/15/49 (a)			6,600		6,639,844
Series 2007-IQ15, Class AM, 6.09%, 6/11/49 (a)			4,505		4,850,673
Morgan Stanley Capital I, Inc.,
Series 1998-WF2, Class G, 6.34%, 7/15/30 (a)(b)			1,450		1,480,617
Morgan Stanley ReREMIC Trust:
Series 2009-IO, Class B, 1.47%, 7/17/56 (b)(f)			6,500		6,370,000
Series 2011-IO, Class A, 2.50%, 3/23/51 (b)			1,566		1,579,998
Series 2012-IO, Class AXB1, 1.00%, 3/27/51 (b)			2,591		2,588,863
Series 2012-IO, Class AXB2, 1.00%, 3/27/51 (b)			2,680		2,602,414
Series 2012-XA, Class A, 2.00%, 7/27/49 (b)			5,377		5,444,177
Motel 6 Trust, Series 2012-MTL6, Class B, 2.74%, 10/05/25 (b)			2,655		2,599,019
New York Securitization Trust, Series 2012-1, Class A, 6.69%, 12/27/47 (a)(b)			12,069		12,069,000
ORES NPL LLC, Series 2012-LV1, Class A, 4.00%, 9/25/44 (b)			1,022		1,020,833
RBSCF Trust, Series 2010-RR3, Class WBTA, 6.12%, 2/16/51 (a)(b)			14,186		15,663,621


		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013		9


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 (concluded)
RCMC LLC, Series 2012-CRE1, Class A, 5.62%, 11/15/44 (b)		USD		7,031	$	7,014,185
SMA Issuer I LLC, Series 2012-LV1, Class A, 3.50%, 8/20/25 (b)				3,562		3,577,994
STRIPs Ltd., Series 2012-1A, Class A, 1.50%, 12/25/44 (b)				8,521		8,427,141
Wachovia Bank Commercial Mortgage Trust:
Series 2006-C28, Class A2, 5.50%, 10/15/48				4,194		4,222,826
Series 2007-C33, Class A4, 6.12%, 2/15/51 (a)				4,310		4,794,578
Series 2007-C33, Class AJ, 6.12%, 2/15/51 (a)				4,370		4,135,248
Wells Fargo Resecuritization Trust,
Series 2012-IO, Class A, 1.75%, 8/20/21 (b)				4,972		4,974,969
WF-RBS Commercial Mortgage Trust,
Series 2013-C11, Class A4, 3.04%, 3/15/45				5,745		5,391,355

						323,279,542
Interest Only Commercial Mortgage-Backed Securities — 0.7%
Commercial Mortgage Pass-Through Certificates:
Series 2012-CR1, Class XA, 2.42%, 5/15/45 (a)				21,889		2,794,485
Series 2013-CR6, Class XA, 1.71%, 3/10/46 (a)				55,126		4,527,384
GS Mortgage Securities Corp. II,
Series 2013-KYO, Class XB1, 3.25%, 11/08/29 (a)(b)				30,760		1,913,272
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2012-CBX, Class XA, 2.21%, 6/15/45 (a)				20,809		2,206,103
Series 2013-LC11, Class XA, 1.73%, 4/15/46 (a)				26,027		2,661,102
Series 2013-LC11, Class XB, 0.73%, 4/15/46 (a)				4,570		212,784
Morgan Stanley Capital I Trust, Series 2012-C4, Class XA, 2.87%, 3/15/45 (a)(b)				41,538		5,507,167
WaMu Commercial Mortgage Securities Trust,
Series 2005-C1A, Class X, 0.85%, 5/25/36 (a)(b)				1,725		27,661
WF-RBS Commercial Mortgage Trust,
Series 2012-C10, Class XA, 1.99%, 12/15/45 (a)(b)				36,585		4,167,772

						24,017,730
Total Non-Agency Mortgage-Backed Securities — 15.0%						500,957,987

Other Interests (h)			Beneficial Interest (000)		Value
Capital Markets — 0.0%
Lehman Brothers Holdings Capital Trust VII (i)(j)				1,888		—
Lehman Brothers Holdings, Inc. (j)				7,360		1

						1
Total Other Interests — 0.0%						1

Preferred Securities	Par (000)				Value
Capital Trusts
Capital Markets — 0.0%
State Street Capital Trust IV, 1.27%, 6/01/77 (a)				770		624,293


Capital Trusts	Par (000)				Value
Commercial Banks — 0.0%
Deutsche Bank Capital Funding Trust XI, 9.50%, 3/31/49		EUR		80	$	108,440
Diversified Financial Services — 0.1%
ZFS Finance USA Trust V, 6.50%, 5/09/67 (a)(b)		USD		2,513		2,676,345
Insurance — 0.3%
MetLife Capital Trust IV, 7.88%, 12/15/67 (b)				3,020		3,596,539
Prudential Financial, Inc.:
5.88%, 9/15/42 (a)				2,324		2,329,810
5.20%, 3/15/44 (a)				215		203,175
XL Group PLC, 6.50%, 12/29/49 (a)(c)				4,595		4,480,125

						10,609,649
Media — 0.1%
NBCUniversal Enterprise, Inc., 5.25% (b)(c)				3,600		3,600,000
Multi-Utilities — 0.0%
RWE AG, 4.63%, 9/29/49 (a)		EUR		65		86,510
Total Capital Trusts — 0.5%						17,705,237

Preferred Stocks			Shares		Value
Capital Markets — 0.1%
The Goldman Sachs Group, Inc., 5.63%				106,828		2,578,828

Trust Preferreds
Commercial Banks — 0.0%
Barclays Bank PLC, 4.88%, 12/29/49 (a)				500,000		474,579
Diversified Financial Services — 0.4%
Bank of America Corp., 5.20%, 12/29/49 (a)				3,708,000		3,485,520
Citigroup Capital XIII, 7.88%, 10/30/40				349,440,000		9,731,904

						13,217,424
Diversified Telecommunication Services — 0.0%
Koninklijke KPN NV, 6.13%, 3/29/49 (a)				100,000		128,212
Electric Utilities — 0.0%
SSE PLC, 5.03%, 10/29/49 (a)				75,000		101,328
Insurance — 0.0%
Allianz Finance II BV, 4.38%, 12/29/49 (a)				100,000		130,802
Swiss Reinsurance Co via ELM BV, 5.25%, 5/29/49 (a)				100,000		131,466

						262,268
Oil, Gas & Consumable Fuels — 0.1%
DCP Midstream LLC, 5.85%, 5/21/43 (a)(b)				1,343,000		1,289,280
Total Trust Preferreds — 0.5%						15,473,091
Total Preferred Securities — 1.1%						35,757,156

Taxable Municipal Bonds	Par (000)				Value
New York City Municipal Water Finance Authority RB:
5.38%, 6/15/43		USD		4,410		4,759,493
5.50%, 6/15/43				5,285		5,767,203
Total Taxable Municipal Bonds — 0.3%						10,526,696


10		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013


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


U.S. Government Sponsored Agency Securities	Par (000)			Value
Agency Obligations — 1.2%
Fannie Mae:
2.80%, 10/09/19 (f)(k)		USD	13,295	$	11,167,800
6.63%, 11/15/30 (k)			1,450		1,967,688
Freddie Mac:
2.50%, 4/23/14 (k)			6,100		6,214,229
3.75%, 3/27/19			3,650		4,012,230
4.38%, 7/17/15 (k)			7,950		8,586,286
4.88%, 6/13/18 (k)			4,300		4,959,384
FREMF Mortgage Trust:
Series 2012-K23, Class B, 3.78%, 10/25/45 (a)(b)			3,060		2,761,589
Series 2012-K706, Class C, 4.16%, 11/25/44 (a)(b)			710		657,073
Series 2013-K713, Class B, 3.17%, 4/25/20 (a)(b)			615		563,053
U.S. Small Business Administration, Series 2004-P10A, Class 1, 4.50%, 2/10/14			87		88,383

					40,977,715
Collateralized Mortgage Obligations — 0.0%
Fannie Mae, Series 2005-48, Class AR, 5.50%, 2/25/35			28		30,560
Freddie Mac, Series 2825, Class VP, 5.50%, 6/15/15			520		530,248

					560,808
Commercial Mortgage-Backed Securities — 0.6%
Fannie Mae, Series 2006-M2, Class A2A, 5.27%, 10/25/32 (a)			4,262		4,919,599
Freddie Mac:
Series K025, Class A2, 2.68%, 10/25/22			6,180		6,091,193
Series K027, Class A2, 2.64%, 1/25/23			7,275		6,929,961
Ginnie Mae, Series 2009-63, Class AC, 4.18%, 1/16/38			335		336,077

					18,276,830
Interest Only Collateralized Mortgage Obligations — 0.3%
Fannie Mae:
Series 2011-123, Class CS, 6.42%, 10/25/41 (a)			16,927		2,935,897
Series 2012-94, Class IK, 4.00%, 9/25/42			19,556		3,317,684
Series 2013-14, Class IA, 4.50%, 3/25/43			7,063		728,868
Series 2013-52, Class EI, 4.00%, 3/25/43			4,821		554,419
Freddie Mac, Series 3990, Class SN, 6.41%, 2/15/40 (a)			2,265		121,486
Ginnie Mae, Series 2013-87, Class AS, 6.01%, 6/20/43 (a)			5,400		837,000

					8,495,354
Interest Only Commercial Mortgage-Backed Securities — 0.3%
Fannie Mae, Series 2013-M5, Class X2, 2.53%, 1/25/21 (a)			13,363		1,928,672
Freddie Mac:
Series K019, Class X1, 1.89%, 3/25/22 (a)			10,221		1,181,260
Series K707, Class X1, 1.69%, 1/25/47 (a)			22,930		1,648,032
Series K710, Class X1, 1.91%, 5/25/19 (a)			17,048		1,485,136
Series K009, Class X1, 1.67%, 8/25/20 (a)			43,583		3,311,255


U.S. Government Sponsored Agency Securities	Par (000)			Value
Interest Only Commercial Mortgage-Backed Securities (concluded)
Ginnie Mae, Series 2012-120, Class IO, 1.01%, 2/16/53 (a)		USD	23,838	$	1,998,130

					11,552,485
Mortgage-Backed Securities — 57.9%
Fannie Mae Mortgage-Backed Securities:
2.24%, 10/01/42 (a)			5,740		5,850,605
2.50%, 12/01/27-7/01/28 (k)(l)			63,502		63,923,478
2.95%, 3/01/41 (a)			2,582		2,695,581
3.00%, 9/01/27-7/01/43 (k)(l)			342,893		339,203,824
3.16%, 3/01/41 (a)			3,142		3,276,523
3.27%, 12/01/40 (a)			4,733		4,942,242
3.50%, 7/01/27-7/01/43 (k)(l)			253,410		258,306,028
4.00%, 1/01/25-7/01/43 (k)(l)			105,024		110,039,421
4.50%, 2/01/25-7/01/43 (k)(l)			144,548		153,120,700
5.00%, 5/01/23-7/01/43 (k)(l)			114,695		123,761,093
5.01%, 8/01/38 (a)			3,901		4,166,555
5.50%, 12/01/32-7/01/43 (l)			91,882		100,032,632
5.62%, 10/01/38 (a)			28		29,946
6.00%, 2/01/34-7/01/43 (l)			19,843		21,989,344
6.50%, 5/01/40 (k)			19,596		21,710,360
Freddie Mac Mortgage-Backed Securities:
2.31%, 10/01/36 (a)			47		49,675
2.45%, 2/01/37 (a)			36		38,613
2.61%, 2/01/37 (a)			101		107,365
2.92%, 6/01/42 (a)			5,828		5,978,975
3.00%, 7/01/28-7/01/43 (k)(l)			39,353		39,054,405
3.05%, 2/01/41 (a)			4,303		4,501,648
3.50%, 7/01/28-7/01/43 (l)			61,400		62,356,844
4.00%, 7/01/28-7/01/43 (l)			101,418		105,472,296
4.50%, 10/01/41-7/01/43 (k)(l)			46,398		48,852,744
5.00%, 7/01/35-5/01/39			30,204		32,322,881
Ginnie Mae Mortgage-Backed Securities:
1.75%, 5/20/34 (a)			1,253		1,306,768
3.00%, 7/15/43 (l)			59,270		58,602,142
3.50%, 7/15/43 (l)			41,300		42,381,496
4.00%, 10/20/40-7/15/43 (l)			190,624		200,400,613
4.50%, 5/20/41-2/15/42 (k)			72,296		77,543,740
5.00%, 12/15/38-7/15/43 (k)(l)			40,971		44,442,710

					1,936,461,247
Total U.S. Government Sponsored Agency Securities — 60.3%					2,016,324,439

U.S. Treasury Obligations	Par (000)			Value
U.S. Treasury Bonds:
2.75%, 8/15/42			45		38,841
3.13%, 2/15/43 (k)			308,304		287,782,669
2.88%, 5/15/43 (k)			174,049		154,033,365
U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/42 (k)			12,082		10,635,711
U.S. Treasury Inflation Indexed Notes, 0.13%, 1/15/23 (k)			44,201		42,858,104
U.S. Treasury Notes:
0.38%, 6/30/15 (k)			80,445		80,476,454
0.50%, 6/15/16 (k)			266,730		265,604,666
0.75%, 12/31/17			480		469,612
0.88%, 1/31/18 (k)			5,529		5,430,517
1.38%, 6/30/18-5/31/20 (k)			82,686		81,754,260


		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013		11


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


U.S. Treasury Obligations	Par (000)			Value
1.13%, 4/30/20		USD	976	$	928,115
1.75%, 5/15/23 (k)			127,491		119,403,226
Total U.S. Treasury Obligations — 31.4%					1,049,415,540
Total Long-Term Investments (Cost — $5,713,366,882) — 169.0%					5,651,396,328

Short-Term Securities	Par (000)			Value
Borrowed Bond Agreements — 11.6%
Barclays Bank PLC, (0.88)%, Open (Purchased on 5/29/13 to be repurchased at EUR 959,803, collateralized by Buoni Poliennali Del Tesoro, 3.75% due at 8/01/21, par and fair value of EUR 935,000 and $1,202,237, respectively)		EUR	960		1,249,321
Barclays Bank PLC, (0.38)%, Open (Purchased on 2/06/13 to be repurchased at EUR 2,753,375, collateralized by Buoni Poliennali Del Tesoro, 4.50% due at 3/01/26, par and fair value of EUR 2,600,000 and $3,359,464, respectively)			2,753		3,583,911
Barclays Bank PLC, (0.25)%, Open (Purchased on 3/21/13 to be repurchased at EUR 192,477, collateralized by Kingdom of Spain, 5.50% due at 7/30/17, par and fair value of EUR 165,000 and $233,122, respectively)			192		250,537
Barclays Bank PLC, (0.18)%, Open (Purchased on 2/20/13 to be repurchased at EUR 2,120,275, collateralized by Kingdom of Spain, 5.90% due at 7/30/26, par and fair value of EUR 1,870,000 and $2,638,534, respectively)			2,120		2,759,841
Barclays Bank PLC, (0.16)%, Open (Purchased on 1/16/13 to be repurchased at EUR 7,541,367, collateralized by Buoni Poliennali Del Tesoro, 4.75% due at 9/01/21, par and fair value of EUR 6,620,000 and $9,061,420, respectively)			7,541		9,816,164
Barclays Bank PLC, (0.10)%, Open (Purchased on 5/22/13 to be repurchased at EUR 6,674,806, collateralized by Republic of France, 4.00% due at 4/25/18, par and fair value of EUR 5,680,000 and $8,387,945, respectively)			6,675		8,688,212
Barclays Bank PLC, (0.10)%, Open (Purchased on 5/22/13 to be repurchased at EUR 666,732, collateralized by Republic of France, 4.00% due at 4/25/18, par and fair value of EUR 570,000 and $837,854, respectively)			667		867,847
Barclays Bank PLC, (0.10)%, Open (Purchased on 6/10/13 to be repurchased at $42,638, collateralized by Teck Resources Ltd., 5.40% due at 2/01/43, par and fair value of USD 45,000 and $39,395, respectively)		USD	43		42,638
Barclays Bank PLC, (0.09)%, Open (Purchased on 2/06/13 to be repurchased at EUR 3,843,768, collateralized by Buoni Poliennali Del Tesoro, 4.75% due at 9/01/21, par and fair value of EUR 3,460,000 and $4,618,526, respectively)		EUR	3,844		5,003,213
Barclays Bank PLC, (0.08)%, Open (Purchased on 1/28/13 to be repurchased at EUR 2,882,843, collateralized by Buoni Poliennali Del Tesoro, 4.75% due at 9/01/21, par and fair value of EUR 2,550,000 and $3,463,914, respectively)			2,883		3,752,431


Short-Term Securities	Par (000)			Value
Borrowed Bond Agreements (continued)
Barclays Bank PLC, (0.08)%, Open (Purchased on 1/29/13 to be repurchased at EUR 733,004, collateralized by Buoni Poliennali Del Tesoro, 4.75% due at 9/01/21, par and fair value of EUR 650,000 and $880,750, respectively)		EUR	733	$	954,110
Barclays Bank PLC, (0.08)%, Open (Purchased on 11/14/12 to be repurchased at EUR 29,465,149, collateralized by French Treasury Notes, 1.00% due at 7/25/17, par and fair value of EUR 29,115,000 and $37,814,440, respectively)			29,578		38,499,565
Barclays Bank PLC, (0.08)%, Open (Purchased on 11/14/12 to be repurchased at EUR 29,583,516, collateralized by French Treasury Notes, 1.00% due at 7/25/17, par and fair value of EUR 29,115,000 and $50,563,748, respectively)			29,584		38,507,167
Barclays Bank PLC, (0.07)%, Open (Purchased on 2/27/13 to be repurchased at EUR 2,284,236, collateralized by Kingdom of Spain, 5.50% due at 4/30/21, par and fair value of EUR 2,030,000 and $2,834,697, respectively)			2,284		2,973,259
Barclays Bank PLC, (0.06)%, Open TBD			5,474		7,125,322
Barclays Bank PLC, (0.05)%, Open (Purchased on 5/22/13 to be repurchased at EUR 667,749, collateralized by Kingdom of Belgium, 4.00% due at 3/28/18, par and fair value of EUR 570,000 and $840,063, respectively)			668		869,171
Barclays Bank PLC, (0.04)%, Open (Purchased on 5/21/13 to be repurchased at EUR 6,582,817, collateralized by Kingdom of Belgium, 4.00% due at 3/28/18, par and fair value of EUR 5,680,000 and $8,281,523, respectively)			6,583		8,568,475
Barclays Bank PLC, (0.04)%, Open (Purchased on 5/23/13 to be repurchased at EUR 2,168,846, collateralized by Kingdom of Spain, 5.50% due at 7/30/17, par and fair value of EUR 1,867,000 and $2,626,835, respectively)			2,169		2,823,063
Barclays Bank PLC, (0.03)%, Open (Purchased on 4/16/13 to be repurchased at EUR 7,353,782, collateralized by Kingdom of Spain, 5.50% due at 7/30/17, par and fair value of EUR 6,350,000 and $8,906,658, respectively)			7,354		9,571,996
Citigroup Global Markets, Inc., (0.10)%, Open (Purchased on 11/15/12 to be repurchased at EUR 59,608,500, collateralized by French Treasury Notes, 1.00% due at 7/25/17, par and fair value of EUR 58,800,000 and $101,882,047, respectively)			59,609		77,588,967
Credit Suisse Securities (USA) LLC, (0.15)%, Open (Purchased on 5/20/13 to be repurchased at $403,463, collateralized by State Street Corp., 3.10% due at 5/15/23, par and fair value of USD 406,000 and $380,288, respectively)		USD	403		403,462
Credit Suisse Securities (USA) LLC, 0.00%, 7/09/13 (Purchased on 6/24/13 to be repurchased at $31,572,450, collateralized by U.S. Treasury Notes, 0.63% due at 4/30/18, par and fair value of USD 32,760,000 and $31,659,461, respectively)			31,572		31,572,450


12		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013


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)
Credit Suisse Securities (USA) LLC, 0.05%, Open (Purchased on 4/04/13 to be repurchased at $6,980,324, collateralized by U.S. Treasury Notes, 1.13% due at 3/31/20, par and fair value of USD 6,966,000 and $6,631,065, respectively)			6,931	$	6,931,170
Credit Suisse Securities (USA) LLC, 0.05%, Open (Purchased on 5/09/13 to be repurchased at $1,602,238, collateralized by U.S. Treasury Notes, 1.13% due at 3/31/20, par and fair value of USD 1,600,000 and $1,530,723, respectively)			1,600		1,600,000
Credit Suisse Securities (USA) LLC, 0.05%, Open (Purchased on 5/16/13 to be repurchased at $105,906,463, collateralized by U.S. Treasury Notes, 2.00% due at 2/15/23, par and fair value of USD 104,470,000 and $98,884,048, respectively)			105,906		105,906,462
Credit Suisse Securities (USA) LLC, 0.07%, Open (Purchased on 3/19/13 to be repurchased at $1,255,275, collateralized by U.S. Treasury Notes, 1.25% due at 2/29/20, par and fair value of USD 1,260,000 and $1,213,045, respectively)			1,255		1,255,275
Credit Suisse Securities (USA) LLC, 0.09%, Open (Purchased on 2/27/13 to be repurchased at $682,228, collateralized by U.S. Treasury Notes, 1.63% due at 11/15/22, par and fair value of USD 687,000 and $641,325, respectively)			678		677,554
Credit Suisse Securities (USA) LLC, 0.11%, Open (Purchased on 6/13/13 to be repurchased at $12,076,438, collateralized by U.S. Treasury Bonds, 2.75% due at 11/15/42, par and fair value of USD 13,550,000 and $11,682,647, respectively)			12,076		12,076,437
Morgan Stanley & Co. International PLC, (0.05)%, Open (Purchased on 3/04/13 to be repurchased at EUR 2,811,188, collateralized by Kingdom of Spain, 5.85% due at 1/31/22, par and fair value of EUR 2,585,000 and $3,658,489, respectively)		EUR	2,811		3,659,162

					387,577,182


	Shares		Value
Money Market Funds — 0.5%
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.05% (g)(m)		14,866,655		14,866,655
Total Short-Term Securities (Cost — $399,719,299) — 12.1%				402,443,837

Options Purchased			Value
(Cost — $14,660,421) — 0.5%				16,870,814
Total Investments Before Investments Sold Short, TBA Sale Commitments, Options Written and Borrowed Bonds (Cost — $6,127,746,602) — 181.6%				6,070,710,979


Investments Sold Short			Shares		Value
Pharmaceuticals — 0.0%
Mallinckrodt PLC				3,700	$	(168,091	)
Total Investments Sold Short (Proceeds — $159,815) — (0.0)%						(168,091	)

TBA Sale Commitments (l)	Par (000)
Fannie Mae Mortgage-Backed Securities:
2.50%,7/01/28		USD		12,400		(12,471,687	)
3.00%, 7/01/28-7/01/43				219,535		(217,070,675	)
3.50%, 7/01/28-7/01/43				141,900		(144,774,198	)
4.00%, 7/01/28-7/01/43				66,800		(69,823,858	)
4.50%, 7/01/28-7/01/43				87,800		(92,903,575	)
5.00%,7/01/43				92,200		(99,223,049	)
5.50%,7/01/43				74,500		(80,913,988	)
6.00%,7/01/43				19,900		(21,641,250	)
6.50%,7/01/43				5,600		(6,212,281	)
Freddie Mac Mortgage-Backed Securities:
3.50%,7/01/43				25,900		(26,231,844	)
4.00%,7/01/43				44,000		(45,754,843	)
Ginnie Mae Mortgage-Backed Securities:
3.00%,7/15/43				27,020		(26,712,304	)
4.00%,7/15/43				147,900		(155,106,993	)
4.50%,7/15/43				12,000		(12,770,156	)
5.00%,7/15/43				1,100		(1,190,406	)
Total TBA Sale Commitments (Proceeds — $1,017,999,213) — (30.3)%						(1,012,801,107	)

Options Written					Value
(Premiums Received — $ 13,282,192) — (0.5)%						(15,592,842	)

Borrowed Bonds	Par (000)				Value
Corporate Bonds — 0.0%
State Street Corp.,
3.10%, 5/15/23				406		(380,288	)
Teck Resources Ltd.,
5.40%, 2/01/43				45		(39,395	)

						(419,683	)
Foreign Government Obligations — (6.4)%
Buoni Poliennali Del Tesoro:
3.75%, 8/01/21		EUR		935		(1,202,237	)
4.75%, 9/01/21				13,280		(18,024,610	)
4.50%, 3/01/26				2,600		(3,359,464	)
French Treasury Notes,
1.00%, 7/25/17				117,030		(152,445,795	)
Kingdom of Belgium,
4.00%, 3/28/18				6,250		(9,121,586	)
Kingdom of Spain:
5.50%, 7/30/17-4/30/21				10,412		(14,601,312	)
5.85%, 1/31/22				2,585		(3,658,489	)
5.90%, 7/30/26				1,870		(2,638,534	)
Republic of France,
4.00%, 4/25/18				6,250		(9,225,799	)

						(214,277,826	)
U.S. Treasury Obligations — (4.6)%
U.S. Treasury Bonds,
2.75%, 11/15/42		USD		13,550		(11,682,647	)


		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013		13


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


Borrowed Bonds	Par (000)			Value
U.S. Treasury Obligations (concluded)
U.S. Treasury Notes,
0.63%, 4/30/18		USD	32,760	$	(31,659,461	)
1.25%, 2/29/20			1,260		(1,213,045	)
1.13%, 3/31/20			8,566		(8,161,788	)
1.63%, 11/15/22			687		(641,325	)
2.00%, 2/15/23			102,745		(98,884,048	)

					(152,242,314	)
Total Borrowed Bonds
(Proceeds — $376,289,562) — (11.0)%					(366,939,823	)
Total Investments Net of Investments Sold Short, TBA Sale Commitments, Options Written and Borrowed Bonds — 139.8%					4,675,209,116
Liabilities in Excess of Other Assets — (39.8)%					(1,331,226,538	)

Net Assets — 100.0%				$	3,343,982,578

Notes to Schedule of Investments

*	As of June 30, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:


Tax cost	$	6,136,279,553

Gross unrealized appreciation	$	65,833,566
Gross unrealized depreciation		(131,402,140	)

Net unrealized depreciation	$	(65,568,574	)

(a)	Variable rate security. Rate shown is as of report date.

(b)	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.

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

(d)	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.

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

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

(g)	Investments in issuers considered to be an affiliate of the Master Portfolio during the period ended June 30, 2013, 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 June 30, 2013		Value at June 30, 2013		Income
BlackRock Capital Finance LP, Series 1997-R2, Class AP, 1.24%, 12/25/35	$	8,543		—		$	(8,543	)		—		—	$	52
BlackRock Liquidity Funds, TempFund, Institutional Class		9,146,877		5,719,778	¹		—			14,866,655		14,866,655	$	9,313
iShares JPMorgan USD Emerging Markets Bond Fund		114,500		—			—			114,500		12,541,185	$	422,298

¹	Represents net shares purchased.

(h)	Other interests represent beneficial interests in liquidation trusts and other reorganization or private entities.

(i)	Non-income producing security.

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

(k)	All or a portion of securities with an aggregate market value of $2,237,617,600 have been pledged as collateral in connection with open reverse repurchase agreements.


14		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013


Consolidated Schedule of Investments (continued)			Master Total Return Portfolio

(l)	Represents or includes a TBA transaction. Unsettled TBA transactions as of June 30, 2013 were as follows:


Counterparty	Value			Unrealized Appreciation (Depreciation)
Barclays Capital, Inc.	$	(6,809,764	)	$	211,247
BNP Paribas Securities Corp.	$	(20,646,483	)	$	275,673
Citigroup Global Markets, Inc.	$	(4,140,654	)	$	(784,160	)
Credit Suisse Securities (USA) LLC	$	(174,884,293	)	$	2,282,639
Deutsche Bank Securities, Inc.	$	(75,438,203	)	$	(223,257	)
Goldman Sachs & Co.	$	122,566,750		$	(1,805,243	)
J.P. Morgan Securities LLC	$	(11,061,328	)	$	(266,695	)
Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	45,501,328		$	(1,105,523	)
Morgan Stanley & Co. LLC	$	33,958,846		$	(546,744	)
RBC Capital Markets LLC	$	3,633,070		$	(27,953	)
RBS Securities, Inc.	$	21,760,702		$	(54,661	)
Wells Fargo Securities, LLC	$	3,966,820		$	(7,430	)

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

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 ratings group indexes, and/or as defined by the Master Portfolio management. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Reverse repurchase agreements outstanding as of June 30, 2013 were as follows:


Counterparty	Interest Rate			Trade Date		Maturity Date¹	Face Value		Face Value Including Accrued Interest
Deutsche Bank Securities, Inc.		0.28	%		10/10/12	Open	$	11,616,506	$	11,640,359
Deutsche Bank Securities, Inc.		0.28	%		10/10/12	Open		5,294,375		5,305,246
Deutsche Bank Securities, Inc.		0.28	%		10/10/12	Open		2,245,688		2,250,299
Credit Suisse Securities (USA) LLC		0.11	%		2/27/13	Open		40,578,597		40,593,972
Credit Suisse Securities (USA) LLC		0.18	%		3/11/13	Open		33,035,979		33,054,314
Credit Suisse Securities (USA) LLC		0.18	%		3/11/13	Open		10,665,710		10,671,629
BNP Paribas Securities Corp.		0.14	%		3/22/13	Open		32,320,000		32,332,695
BNP Paribas Securities Corp.		0.19	%		4/09/13	Open		13,031,400		13,037,108
Merrill Lynch, Pierce, Fenner & Smith, Inc.		0.12	%		5/13/13	Open		37,381,500		37,387,606
Merrill Lynch, Pierce, Fenner & Smith, Inc.		0.12	%		5/15/13	Open		5,563,556		5,564,428
HSBC Securities (USA), Inc.		0.23	%		6/12/13	7/15/13		404,768,000		404,850,752
Deutsche Bank Securities, Inc.		0.08	%		6/20/13	Open		8,745,000		8,745,136
Deutsche Bank Securities, Inc.		0.08	%		6/20/13	Open		6,237,250		6,237,347
BNP Paribas Securities Corp.		0.17	%		6/27/13	7/08/13		150,025,000		150,032,084
Credit Suisse Securities (USA) LLC		0.02	%		6/28/13	7/01/13		118,929,740		118,929,938
Deutsche Bank Securities, Inc.		0.12	%		6/28/13	7/01/13		265,729,762		265,732,420
Morgan Stanley & Co. LLC		0.20	%		6/28/13	7/01/13		196,612,500		196,615,777
BNP Paribas Securities Corp.		0.09	%		6/28/13	7/08/13		80,445,000		80,446,408
Deutsche Bank Securities, Inc.		0.07	%		6/28/13	7/08/13		265,729,762		265,733,379
Deutsche Bank Securities, Inc.		(0.05	)%		6/28/13	7/08/13		119,363,449		119,362,288
Merrill Lynch, Pierce, Fenner & Smith, Inc.		0.10	%		6/28/13	7/08/13		50,202,169		50,203,145
Morgan Stanley & Co. LLC		0.14	%		6/28/13	7/08/13		207,625,000		207,630,652
Total							$	2,066,145,943	$	2,066,356,982

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

Financial futures contracts as of June 30, 2013 were as follows:


Contracts Purchased/ (Sold)		Issue	Exchange	Expiration		Notional Value		Unrealized Appreciation (Depreciation)
	193	Australian Government Bonds (10 Year)	Sydney	September 2013	USD		160,249,252	$	(115,067	)
	61	EURO STOXX 50 Index	Eurex	September 2013	USD		2,062,817		3,046
	562	U.S. Treasury Notes (2 Year)	Chicago Board of Trade	September 2013	USD		123,640,000		(82,039	)
	945	U.S. Treasury Notes (5 Year)	Chicago Board of Trade	September 2013	USD		114,389,297		(766,253	)


		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013		15


Consolidated Schedule of Investments (continued)			Master Total Return Portfolio

Financial futures contracts as of June 30, 2013 were as follows: (concluded)


Contracts Purchased/ (Sold)			Issue	Exchange	Expiration		Notional Value			Unrealized Appreciation (Depreciation)
	1,276		U.S. Treasury Bonds (30 Year)	Chicago Board of Trade	September 2013	USD		173,336,625			(3,745,821	)
	180		CBOE Volatility Index	Chicago Board of Trade	November 2013	USD		3,726,000			(85,481	)
	516		Euro Dollar Futures	Chicago Mercantile	June 2014	USD		128,367,900			11,404
	173		Three Month Sterling	NYSE Liffe	June 2014	USD		32,650,636			71,498
	(98	)	CBOE Volatility Index	Chicago Board of Trade	July 2013	USD		(1,768,900	)		144,327
	(521	)	Euro Dollar Futures	Chicago Mercantile	September 2013	USD		(129,839,713	)		(66,289	)
	(168	)	Euro-Bobl	Eurex	September 2013	USD		(27,378,231	)		86,782
	(232	)	Euro-Bund	Eurex	September 2013	USD		(42,736,365	)		515,664
	(16	)	Euro-Schatz	Eurex	September 2013	USD		(2,298,284	)		3,522
	(116	)	Gilt British	Chicago Mercantile	September 2013	USD		(19,742,656	)		836,149
	(279	)	S&P 500 E-Mini Index	Chicago Mercantile	September 2013	USD		(22,309,538	)		(169,647	)
	(3,352	)	U.S. Treasury Notes (10 Year)	Chicago Board of Trade	September 2013	USD		(424,237,500	)		1,249,509
	(174	)	U.S. Ultra Treasury Bonds	Chicago Board of Trade	September 2013	USD		(25,632,375	)		935,719
	(173	)	Three Month Sterling	NYSE Liffe	December 2013	USD		(32,686,816	)		(43,639	)
	(5	)	Euro Dollar Futures	Chicago Mercantile	September 2014	USD		(1,242,937	)		(1,072	)
	(5	)	Euro Dollar Futures	Chicago Mercantile	December 2014	USD		(1,241,562	)		115
	(17	)	Euro Dollar Futures	Chicago Mercantile	March 2015	USD		(4,214,937	)		6,089
	(29	)	Euro Dollar Futures	Chicago Mercantile	June 2015	USD		(7,176,413	)		16,518
	(29	)	Euro Dollar Futures	Chicago Mercantile	September 2015	USD		(7,159,738	)		(2,889	)
	(29	)	Euro Dollar Futures	Chicago Mercantile	December 2015	USD		(7,141,250	)		(2,552	)
	(17	)	Euro Dollar Futures	Chicago Mercantile	March 2016	USD		(4,174,988	)		(2,154	)
	Total									$	(1,202,561	)

Foreign currency exchange contracts as of June 30, 2013 were as follows:


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
JPY	168,253,793		USD	1,735,000	BNP Paribas S.A.		7/10/13	$	(38,473	)
USD	1,735,000		JPY	166,939,965	BNP Paribas S.A.		7/10/13		51,721
JPY	166,015,210		USD	1,735,000	Deutsche Bank AG		7/11/13		(61,039	)
JPY	169,065,513		USD	1,735,000	Deutsche Bank AG		7/11/13		(30,282	)
USD	1,735,000		JPY	167,441,380	Citibank N.A.		7/11/13		46,658
USD	1,735,000		JPY	166,539,180	Citibank N.A.		7/11/13		55,755
GBP	5,735,000		USD	8,816,175	The Bank of New York Mellon		7/17/13		(94,649	)
GBP	1,675,000		USD	2,623,395	The Bank of New York Mellon		7/17/13		(76,132	)
GBP	1,220,000		USD	1,839,226	The Bank of New York Mellon		7/17/13		16,095
JPY	85,753,000		USD	904,033	The Bank of New York Mellon		7/17/13		(39,351	)
MXN	8,553,000		USD	671,487	The Bank of New York Mellon		7/17/13		(12,555	)
USD	67,358,993		GBP	43,999,000	Barclays Bank PLC		7/17/13		447,325
EUR	23,442,000		USD	30,147,139	Citibank N.A.		7/23/13		369,119
EUR	58,511,000		USD	76,378,972	Goldman Sachs Bank USA		7/23/13		(210,696	)
EUR	862,739		USD	1,156,509	The Bank of New York Mellon		7/23/13		(33,415	)
EUR	500,000		USD	666,080	The Bank of New York Mellon		7/23/13		(15,191	)
USD	2,768,990		EUR	2,147,000	Bank of America N.A.		7/23/13		(25,925	)
USD	53,054,783		EUR	40,167,000	Bank of America N.A.		7/23/13		766,304
USD	393,306,831		EUR	299,548,234	Citibank N.A.		7/23/13		3,361,817
USD	344,285		EUR	265,000	Deutsche Bank AG		7/23/13		(686	)
USD	12,995,305		EUR	10,082,000	Goldman Sachs Bank USA		7/23/13		(129,211	)
USD	15,316,277		EUR	11,835,000	Goldman Sachs Bank USA		7/23/13		(90,254	)
USD	3,518,266		EUR	2,718,000	Goldman Sachs Bank USA		7/23/13		(19,964	)
USD	2,043,880		EUR	1,579,000	Goldman Sachs Bank USA		7/23/13		(11,626	)
USD	13,849,026		EUR	10,584,000	Goldman Sachs Bank USA		7/23/13		71,018


16		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013


Consolidated Schedule of Investments (continued)			Master Total Return Portfolio

Foreign currency exchange contracts as of June 30, 2013 were as follows: (concluded)


Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,318,454		EUR	1,014,000	JPMorgan Chase Bank N.A.		7/23/13	$	(1,548	)
USD	1,373,169		EUR	1,052,000	JPMorgan Chase Bank N.A.		7/23/13		3,700
USD	6,248,714		EUR	4,781,000	JPMorgan Chase Bank N.A.		7/23/13		24,918
USD	31,213,777		EUR	23,772,000	Morgan Stanley Capital Services LLC		7/23/13		267,933
USD	254,764		EUR	197,749	The Bank of New York Mellon		7/23/13		(2,661	)
USD	4,410,792		EUR	3,427,000	UBS AG		7/23/13		(50,398	)
USD	3,755,388		EUR	2,850,000	JPMorgan Chase Bank N.A.		7/24/13		45,308
CNY	53,305,000		USD	8,393,166	Standard Chartered Bank		8/19/13		253,481
USD	8,273,320		CNY	53,305,000	Credit Suisse AG		8/19/13		(373,327	)
AUD	10,735,000		USD	10,096,321	Bank of America N.A.		9/18/13		(338,351	)
AUD	13,000,000		USD	11,879,920	Citibank N.A.		9/18/13		(63,095	)
AUD	4,300,000		USD	3,946,325	UBS AG		9/18/13		(37,683	)
CAD	18,280,745		USD	17,310,000	Canadian Imperial Bank of Commerce		9/18/13		36,869
CHF	1,678,504		USD	1,810,000	Bank of America N.A.		9/18/13		(31,655	)
CHF	1,717,512		USD	1,850,000	Citibank N.A.		9/18/13		(30,326	)
GBP	9,470,000		USD	14,585,969	Barclays Bank PLC		9/18/13		(190,428	)
GBP	7,500,000		USD	11,603,138	Goldman Sachs Bank USA		9/18/13		(202,234	)
JPY	1,632,511,395		USD	16,890,000	BNP Paribas S.A.		9/18/13		(423,398	)
JPY	1,196,132,075		USD	12,685,000	Goldman Sachs Bank USA		9/18/13		(620,012	)
JPY	1,059,312,198		USD	11,235,000	Royal Bank of Scotland PLC		9/18/13		(550,069	)
JPY	355,322,500		USD	3,625,000	Royal Bank of Scotland PLC		9/18/13		(40,980	)
MXN	146,864,141		USD	11,285,000	JPMorgan Chase Bank N.A.		9/18/13		(34,778	)
MXN	175,893,540		USD	13,560,000	Morgan Stanley Capital Services LLC		9/18/13		(86,041	)
USD	2,206,758		AUD	2,320,000	Citibank N.A.		9/18/13		97,910
USD	27,218,085		AUD	29,830,000	Goldman Sachs Bank USA		9/18/13		103,018
USD	16,067,550		AUD	17,000,000	UBS AG		9/18/13		614,780
USD	17,310,000		CAD	17,721,459	BNP Paribas S.A.		9/18/13		493,846
USD	2,780,000		CHF	2,579,698	Bank of America N.A.		9/18/13		46,855
USD	3,660,000		CHF	3,366,157	BNP Paribas S.A.		9/18/13		93,616
USD	21,410,427		EUR	16,050,000	Bank of America N.A.		9/18/13		511,239
USD	1,974,119		GBP	1,260,000	BNP Paribas S.A.		9/18/13		58,767
USD	26,583,335		GBP	16,970,000	Credit Suisse International		9/18/13		786,890
USD	3,625,000		JPY	347,534,550	Bank of America N.A.		9/18/13		119,534
USD	54,529,000		JPY	5,227,782,476	Bank of America N.A.		9/18/13		1,798,090
Total								$	6,576,133

Exchange-traded options purchased as of June 30, 2013 were as follows:


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
E-Mini S&P 500 Index Futures		Call		USD	1,625.00		7/19/13		86	$	48,375
E-Mini S&P 500 Index Futures		Call		USD	1,650.00		12/20/13		158		356,290
SPDR S&P 500 ETF Trust		Call		USD	165.00		12/21/13		5,010		2,297,085
EURO STOXX 50 Index		Put		EUR	2,700.00		7/19/13		76		113,368
E-Mini S&P 500 Index Futures		Put		USD	1,475.00		12/20/13		158		307,310
SPDR S&P 500 ETF Trust		Put		USD	148.00		12/21/13		5,010		2,061,615
Total										$	5,184,043


		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013		17


Consolidated Schedule of Investments (continued)			Master Total Return Portfolio

Over-the-counter options purchased as of June 30, 2013 were as follows:

Description

Counterparty

Put/

Call

Strike

Price

Expiration

Date

Contracts

Notional

Amount

(000)

Market

Value

USD Currency

Deutsche Bank AG

Call

JPY

100.00

7/05/13

—

USD

20,480

108,431

USD Currency

Citibank N.A.

Call

JPY

97.50

7/10/13

—

USD

6,748

153,357

USD Currency

Royal Bank of Scotland PLC

Call

JPY

102.50

7/22/13

—

USD

8,730

39,077

USD Currency

Royal Bank of Scotland PLC

Call

JPY

104.00

8/07/13

—

USD

9,780

44,234

USD Currency

Royal Bank of Scotland PLC

Call

JPY

107.50

8/07/13

—

USD

9,415

12,452

EUR Currency

Deutsche Bank AG

Call

CHF

1.29

8/26/13

—

EUR

9,370

15,536

EUR Currency

UBS AG

Call

CHF

1.26

8/26/13

—

EUR

9,370

39,691

USD Currency

Deutsche Bank AG

Call

JPY

104.00

9/05/13

—

USD

18,360

157,683

USD Currency

Deutsche Bank AG

Call

JPY

108.00

9/05/13

—

USD

18,360

58,254

USD Currency

Deutsche Bank AG

Call

JPY

105.00

9/10/13

—

USD

5,440

39,579

USD Currency

Deutsche Bank AG

Call

JPY

100.30

9/12/13

—

USD

32,650

687,367

NOK Currency

Barclays Bank PLC

Call

SEK

1.14

9/20/13

—

NOK

51,030

30,141

USD Currency

JPMorgan Chase Bank N.A.

Call

JPY

100.00

10/31/13

—

USD

16,895

489,828

USD Currency

JPMorgan Chase Bank N.A.

Call

JPY

110.00

10/31/13

—

USD

16,895

90,104

USD Currency

JPMorgan Chase Bank N.A.

Call

JPY

100.00

10/31/13

—

USD

6,305

182,798

USD Currency

JPMorgan Chase Bank N.A.

Call

JPY

110.00

10/31/13

—

USD

6,305

33,626

USD Currency

Deutsche Bank AG

Call

MXN

13.16

11/18/13

—

USD

4,745

173,906

USD Currency

Royal Bank of Scotland PLC

Call

MXN

13.16

11/18/13

—

USD

4,750

174,089

EUR Currency

Deutsche Bank AG

Call

CHF

1.25

12/12/13

—

EUR

8,485

107,635

USD Currency

Deutsche Bank AG

Put

JPY

95.00

8/07/13

—

USD

9,780

55,391

AUD Currency

UBS AG

Put

USD

0.90

8/08/13

—

AUD

18,085

236,135

AUD Currency

UBS AG

Put

USD

0.93

8/08/13

—

AUD

9,145

259,246

GBP Currency

Deutsche Bank AG

Put

NOK

8.80

8/09/13

—

GBP

5,855

15,955

GBP Currency

Deutsche Bank AG

Put

NOK

8.60

8/09/13

—

GBP

5,660

4,901

AUD Currency

Goldman Sachs Bank USA

Put

USD

0.93

8/13/13

—

AUD

94,385

2,764,867

AUD Currency

JPMorgan Chase Bank N.A.

Put

USD

0.97

8/13/13

—

AUD

44,990

2,778,856

USD Currency

Barclays Bank PLC

Put

MXN

12.20

8/26/13

—

USD

7,500

13,356

USD Currency

Deutsche Bank AG

Put

MXN

11.80

8/26/13

—

USD

7,500

1,807

USD Currency

Deutsche Bank AG

Put

MXN

12.00

8/26/13

—

USD

3,695

2,590

AUD Currency

Deutsche Bank AG

Put

USD

0.85

9/10/13

—

AUD

9,130

60,369

USD Currency

Bank of America N.A.

Put

JPY

91.40

9/12/13

—

USD

32,650

156,217

GBP Currency

Barclays Bank PLC

Put

USD

1.50

9/19/13

—

GBP

5,980

112,972

GBP Currency

Morgan Stanley Capital Services LLC

Put

USD

1.53

9/19/13

—

GBP

5,980

192,349

EUR Currency

Royal Bank of Scotland PLC

Put

USD

1.24

10/01/13

—

EUR

67,700

452,317

EUR Currency

Citibank N.A.

Put

USD

1.25

11/18/13

—

EUR

11,395

146,556

EUR Currency

Citibank N.A.

Put

USD

1.21

11/18/13

—

EUR

11,395

73,246

EUR Currency

Citibank N.A.

Put

USD

1.29

11/18/13

—

EUR

10,590

259,930

USD Currency

Deutsche Bank AG

Put

MXN

12.00

11/18/13

—

USD

9,495

38,271

GBP Currency

Barclays Bank PLC

Put

USD

1.50

12/06/13

—

GBP

18,295

538,947

GBP Currency

Deutsche Bank AG

Put

USD

1.54

12/06/13

—

GBP

18,295

884,704

Total

11,686,770

Over-the-counter interest rate swaptions purchased as of June 30, 2013 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

Deutsche Bank AG

Call

1.65

Receive

3-month LIBOR

7/29/13

USD

14,800


18		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013


Consolidated Schedule of Investments (continued)			Master Total Return Portfolio

Exchange-traded options written as of June 30, 2013 were as follows:


Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
E-Mini S&P 500 Index Futures		Call		USD	1,650.00		7/19/13		86	$	(17,200	)
E-Mini S&P 500 Index Futures		Call		USD	1,700.00		12/20/13		158		(203,030	)
SPDR S&P 500 ETF Trust		Call		USD	170.00		12/21/13		5,010		(1,310,115	)
E-Mini S&P 500 Index Futures		Put		USD	1,525.00		12/20/13		158		(406,850	)
SPDR S&P 500 ETF Trust		Put		USD	153.00		12/21/13		5,010		(2,727,945	)
Total										$	(4,665,140	)

Over-the-counter options written as of June 30, 2013 were as follows:

Description

Counterparty

Put/
Call

Strike

Price

Expiration
Date

Notional
Amount

(000)

Market
Value

USD Currency

Barclays Bank PLC

Call

JPY

100.00

7/05/13

USD

4,100

(21,707

)

USD Currency

BNP Paribas S.A.

Call

JPY

100.00

7/05/13

USD

4,100

(21,707

)

USD Currency

Morgan Stanley Capital Services LLC

Call

JPY

100.00

7/05/13

USD

4,100

(21,707

)

USD Currency

Morgan Stanley Capital Services LLC

Call

JPY

100.00

7/05/13

USD

8,180

(43,309

)

USD Currency

Citibank N.A.

Call

JPY

101.50

7/10/13

USD

13,495

(48,264

)

USD Currency

Deutsche Bank AG

Call

JPY

107.50

8/07/13

USD

9,415

(12,452

)

USD Currency

JPMorgan Chase Bank N.A.

Call

JPY

104.00

8/07/13

USD

9,780

(44,234

)

EUR Currency

UBS AG

Call

CHF

1.29

8/26/13

EUR

9,370

(15,536

)

USD Currency

Deutsche Bank AG

Call

JPY

108.00

9/05/13

USD

18,360

(58,254

)

USD Currency

Deutsche Bank AG

Call

JPY

104.00

9/05/13

USD

18,360

(157,683

)

USD Currency

Barclays Bank PLC

Call

JPY

105.00

9/10/13

USD

5,440

(39,579

)

USD Currency

Bank of America N.A.

Call

JPY

100.30

9/12/13

USD

32,650

(687,367

)

USD Currency

JPMorgan Chase Bank N.A.

Call

JPY

105.00

10/31/13

USD

12,615

(159,353

)

USD Currency

JPMorgan Chase Bank N.A.

Call

JPY

105.00

10/31/13

USD

33,790

(426,835

)

USD Currency

Deutsche Bank AG

Call

MXN

13.16

11/18/13

USD

9,495

(347,995

)

EUR Currency

Deutsche Bank AG

Call

CHF

1.30

12/12/13

EUR

8,485

(40,382

)

USD Currency

Royal Bank of Scotland PLC

Put

JPY

95.00

8/07/13

USD

9,780

(55,391

)

AUD Currency

UBS AG

Put

USD

0.87

8/08/13

AUD

8,730

(48,019

)

AUD Currency

UBS AG

Put

USD

0.90

8/08/13

AUD

9,145

(119,406

)

AUD Currency

UBS AG

Put

USD

0.93

8/08/13

AUD

9,355

(265,199

)

GBP Currency

Deutsche Bank AG

Put

NOK

8.80

8/09/13

GBP

5,855

(15,955

)

AUD Currency

Deutsche Bank AG

Put

USD

0.93

8/13/13

AUD

49,395

(1,446,952

)

AUD Currency

Goldman Sachs Bank USA

Put

USD

0.97

8/13/13

AUD

44,990

(2,778,856

)

AUD Currency

JPMorgan Chase Bank N.A.

Put

USD

0.93

8/13/13

AUD

44,990

(1,317,915

)

USD Currency

Barclays Bank PLC

Put

MXN

11.80

8/26/13

USD

7,500

(1,807

)

AUD Currency

Deutsche Bank AG

Put

USD

0.80

9/10/13

AUD

9,130

(18,383

)

USD Currency

Deutsche Bank AG

Put

JPY

91.40

9/12/13

USD

32,650

(156,217

)

GBP Currency

Barclays Bank PLC

Put

USD

1.53

9/19/13

GBP

5,980

(192,349

)

GBP Currency

Morgan Stanley Capital Services LLC

Put

USD

1.50

9/19/13

GBP

5,980

(112,972

)

EUR Currency

Citibank N.A.

Put

USD

1.16

10/01/13

EUR

67,700

(56,098

)

EUR Currency

Citibank N.A.

Put

USD

1.21

11/18/13

EUR

11,395

(73,246

)

EUR Currency

Citibank N.A.

Put

USD

1.25

11/18/13

EUR

21,180

(272,405

)

USD Currency

Deutsche Bank AG

Put

MXN

12.00

11/18/13

USD

4,745

(19,126

)

USD Currency

Royal Bank of Scotland PLC

Put

MXN

12.00

11/18/13

USD

4,750

(19,146

)

GBP Currency

Barclays Bank PLC

Put

USD

1.54

12/06/13

GBP

18,295

(884,704

)

GBP Currency

Deutsche Bank AG

Put

USD

1.50

12/06/13

GBP

18,295

(538,947

)

Total

(10,539,457

)


		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013		19


Consolidated Schedule of Investments (continued)			Master Total Return Portfolio

Over-the-counter credit default swaptions written as of June 30, 2013 were as follows:

Description

Counterparty

Put/
Call

Strike

Price

Pay/Receive
Floating
Rate Index

Floating Rate
Index

Rating¹

Expiration
Date

Notional
Amount²

(000)

Market
Value

Bought protection on 5-Year Credit Default Swaps

Credit Suisse
International

Call

USD

100.00

Receive

CDX.NA.IG Series
20 Version 1

BBB+

7/17/13

USD

21,550

(137,235

)

Bought protection on 5-Year Credit Default Swaps

Credit Suisse
International

Call

USD

85.00

Receive

CDX.NA.IG Series
20 Version 1

BBB+

7/17/13

USD

24,550

(37,797

)

Bought protection on 5-Year Credit Default Swaps

Credit Suisse
International

Call

USD

90.00

Receive

CDX.NA.IG Series
20 Version 1

BBB+

7/17/13

USD

26,600

(74,323

)

Bought protection on 5-Year Credit Default Swaps

Credit Suisse
International

Call

USD

95.00

Receive

CDX.NA.IG Series
20 Version 1

BBB+

7/17/13

USD

23,900

(106,154

)

Sold protection on 5-Year Credit Default Swaps

Credit Suisse
International

Put

USD

100.00

Pay

CDX.NA.IG Series
20 Version 1

BBB+

7/17/13

USD

21,550

(16,662

)

Sold protection on 5-Year Credit Default Swaps

Credit Suisse
International

Put

USD

105.00

Pay

CDX.NA.IG Series
20 Version 1

BBB+

7/17/13

USD

19,550

(9,538

)

Sold protection on 5-Year Credit Default Swaps

Credit Suisse
International

Put

USD

110.00

Pay

CDX.NA.IG Series
20 Version 1

BBB+

7/17/13

USD

17,800

(6,536

)

Total

(388,245

)

¹	Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.

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

Credit default swaps — buy protection outstanding as of June 30, 2013 were as follows:


Issuer/Index	Pay Fixed Rate			Counterparty/ Clearinghouse	Expiration Date	Notional Amount (000)			Unrealized Appreciation (Depreciation)
Kingdom of Spain		1.00	%	JPMorgan Chase Bank N.A.	6/20/14		USD	6,720	$	(71,897	)
Republic of Portugal		1.00	%	JPMorgan Chase Bank N.A.	6/20/15		USD	12,800		(352,534	)
iTraxx Europe Series 18 Version 1		1.00	%	JPMorgan Chase Bank N.A.	12/20/15		EUR	55,200		(169,309	)
iTraxx Europe Series 18 Version 1		1.00	%	JPMorgan Chase Bank N.A.	12/20/15		EUR	53,486		(164,052	)
Republic of Portugal		1.00	%	Barclays Bank PLC	12/20/15		USD	1,200		(39,657	)
Republic of Portugal		1.00	%	Deutsche Bank AG	12/20/15		USD	1,350		(44,614	)
Banca Monte dei Paschi di Siena SpA		5.00	%	Deutsche Bank AG	12/20/16		EUR	750		24,119
The New York Times Co.		1.00	%	Barclays Bank PLC	12/20/16		USD	3,100		(103,421	)
Republic of Ireland		1.00	%	Citibank N.A.	12/20/16		USD	4,000		(607,634	)
Transocean Worldwide, Inc.		1.00	%	Goldman Sachs Bank USA	12/20/16		USD	5,750		(126,957	)
Banca Monte dei Paschi di Siena SpA		5.00	%	JPMorgan Chase Bank N.A.	3/20/17		EUR	3,800		263,333
Republic of Ireland		1.00	%	Citibank N.A.	3/20/17		USD	2,000		(259,121	)
Banco de Sabadell SA		5.00	%	BNP Paribas S.A.	6/20/17		EUR	720		(50,215	)
Caja de Ahorros Y Pensiones de Barcelona		3.00	%	BNP Paribas S.A.	6/20/17		EUR	720		(31,503	)
Caja de Ahorros Y Pensiones de Barcelona		3.00	%	BNP Paribas S.A.	6/20/17		EUR	540		(24,872	)
CDX.NA.IG Series 18 Version 1		1.00	%	Credit Suisse International	6/20/17		USD	103,800		(1,467,961	)
Republic of Portugal		1.00	%	Citibank N.A.	6/20/17		USD	6,000		(1,057,461	)
Banco Bilbao Vizcaya Argentaria SA		3.00	%	Citibank N.A.	9/20/17		EUR	2,230		(137,267	)
Peugeot SA		5.00	%	BNP Paribas S.A.	9/20/17		EUR	5,950		(350,908	)
CDX.NA.HY Series 19 Version 1		5.00	%	Credit Suisse International	12/20/17		USD	17,540		(816,362	)
CDX.NA.IG Series 19 Version 1		1.00	%	Credit Suisse International	12/20/17		USD	7,300		(37,088	)
Clariant AG		1.00	%	BNP Paribas S.A.	12/20/17		EUR	1,300		(91,036	)
Clariant AG		1.00	%	JPMorgan Chase Bank N.A.	12/20/17		EUR	2,070		(333,246	)
Compagnie de Saint-Gobain SA		1.00	%	Goldman Sachs International	12/20/17		EUR	750		(13,616	)
Compagnie de Saint-Gobain SA		1.00	%	JPMorgan Chase Bank N.A.	12/20/17		EUR	555		(14,549	)
Diageo PLC		1.00	%	Deutsche Bank AG	12/20/17		EUR	3,650		(21,417	)
Henkel AG & Co. KGaA		1.00	%	Credit Suisse International	12/20/17		EUR	1,950		(23,842	)
iTraxx Sub Financials Series 18 Version 1		1.00	%	Barclays Bank PLC	12/20/17		EUR	9,735		(35,683	)


20		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013


Consolidated Schedule of Investments (continued)			Master Total Return Portfolio

Credit default swaps — buy protection outstanding as of June 30, 2013 were as follows: (continued)


Issuer/Index	Pay Fixed Rate			Counterparty/ Clearinghouse	Expiration Date	Notional Amount (000)			Unrealized Appreciation (Depreciation)
iTraxx Sub Financials Series 18 Version 1		1.00	%	Citibank N.A.	12/20/17		EUR	4,700	$	(10,864	)
Compagnie de Saint-Gobain SA		1.00	%	JPMorgan Chase Bank N.A.	3/20/18		EUR	620		(12,107	)
Deutsche Bank AG		1.00	%	Barclays Bank PLC	3/20/18		EUR	3,200		(4,428	)
Deutsche Bank AG		1.00	%	Citibank N.A.	3/20/18		EUR	1,250		(1,054	)
Finmeccanica SpA		5.00	%	Bank of America N.A.	3/20/18		EUR	470		2,035
Kingdom of Spain		1.00	%	Citibank N.A.	3/20/18		USD	2,180		6,629
Kingdom of Spain		1.00	%	JPMorgan Chase Bank N.A.	3/20/18		USD	2,180		6,629
Marks & Spencer PLC		1.00	%	Credit Suisse International	3/20/18		EUR	1,330		(3,171	)
Republic of Ireland		1.00	%	Bank of America N.A.	3/20/18		USD	800		(8,971	)
Republic of Ireland		1.00	%	Deutsche Bank AG	3/20/18		USD	900		(10,092	)
Republic of Italy		1.00	%	Barclays Bank PLC	3/20/18		USD	6,000		73,795
Apache Corp.		1.00	%	Barclays Bank PLC	6/20/18		USD	1,579		(19,955	)
AXA SA		1.00	%	Barclays Bank PLC	6/20/18		EUR	1,810		15,851
AXA SA		1.00	%	BNP Paribas S.A.	6/20/18		EUR	925		(17,623	)
AXA SA		1.00	%	Credit Suisse International	6/20/18		EUR	995		(20,073	)
Banco Bilbao Vizcaya Argentaria SA		3.00	%	BNP Paribas S.A.	6/20/18		EUR	200		244
Banco Bilbao Vizcaya Argentaria SA		3.00	%	Goldman Sachs International	6/20/18		EUR	330		613
CDX.NA.IG Series 20 Version 1		1.00	%	Chicago Mercantile	6/20/18		USD	168,800		183,178
Clariant AG		1.00	%	Goldman Sachs International	6/20/18		EUR	80		310
Credit Agricole SA		3.00	%	JPMorgan Chase Bank N.A.	6/20/18		EUR	960		(29,069	)
Deutsche Telekom SA		1.00	%	Barclays Bank PLC	6/20/18		EUR	90		(376	)
Finmeccanica SpA		5.00	%	Credit Suisse International	6/20/18		EUR	570		(1,336	)
Finmeccanica SpA		5.00	%	Goldman Sachs International	6/20/18		EUR	390		19,517
Finmeccanica SpA		5.00	%	JPMorgan Chase Bank N.A.	6/20/18		EUR	1,290		50,641
iTraxx Europe Crossover Series 19 Version 1		5.00	%	Barclays Bank PLC	6/20/18		EUR	1,940		23,654
iTraxx Europe Crossover Series 19 Version 1		5.00	%	Citibank N.A.	6/20/18		EUR	700		14,402
iTraxx Europe Crossover Series 19 Version 1		5.00	%	Deutsche Bank AG	6/20/18		EUR	4,680		219,221
iTraxx Europe Crossover Series 19 Version 1		5.00	%	Deutsche Bank AG	6/20/18		EUR	1,220		13,268
iTraxx Europe Crossover Series 19 Version 1		5.00	%	JPMorgan Chase Bank N.A.	6/20/18		EUR	1,870		36,545
iTraxx Europe Crossover Series 19 Version 1		5.00	%	JPMorgan Chase Bank N.A.	6/20/18		EUR	1,110		1,001
iTraxx Europe Series 19 Version 1		1.00	%	Barclays Bank PLC	6/20/18		EUR	5,990		5,184
iTraxx Europe Series 19 Version 1		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		EUR	5,070		8,510
iTraxx Europe Series 9 3-6%		5.00	%	Citibank N.A.	6/20/18		EUR	3,780		197,763
iTraxx Sub Financials Series 19 Version 1		1.00	%	Barclays Bank PLC	6/20/18		EUR	2,600		14,606
iTraxx Sub Financials Series 19 Version 1		1.00	%	Barclays Bank PLC	6/20/18		EUR	2,245		(6,019	)
iTraxx Sub Financials Series 19 Version 1		1.00	%	Citibank N.A.	6/20/18		EUR	2,130		17,326
iTraxx Sub Financials Series 19 Version 1		1.00	%	Citibank N.A.	6/20/18		EUR	2,130		13,475
iTraxx Sub Financials Series 19 Version 1		1.00	%	Citibank N.A.	6/20/18		EUR	2,080		20,158
iTraxx Sub Financials Series 19 Version 1		1.00	%	Citibank N.A.	6/20/18		EUR	1,770		10,473
iTraxx Sub Financials Series 19 Version 1		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		EUR	2,400		(2,952	)
iTraxx Sub Financials Series 19 Version 1		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		EUR	2,375		(6,016	)
Lafarge SA		1.00	%	Deutsche Bank AG	6/20/18		EUR	15		277
Lafarge SA		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		EUR	60		1,480
Renault SA		1.00	%	Credit Suisse International	6/20/18		EUR	1,250		8,870
Republic of France		0.25	%	Barclays Bank PLC	6/20/18		USD	2,530		16,328
Republic of France		0.25	%	Citibank N.A.	6/20/18		USD	2,740		11,189
Republic of France		0.25	%	JPMorgan Chase Bank N.A.	6/20/18		USD	2,735		24,029


		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013		21


Consolidated Schedule of Investments (continued)			Master Total Return Portfolio

Credit default swaps – buy protection outstanding as of June 30, 2013 were as follows: (concluded)


Issuer/Index	Pay Fixed Rate			Counterparty/ Clearinghouse	Expiration Date	Notional Amount (000)			Unrealized Appreciation (Depreciation)
Société Générale SA		3.00	%	JPMorgan Chase Bank N.A.	6/20/18		EUR	960	$	(33,018	)
CMBX.NA Series 6 AAA		0.50	%	Morgan Stanley Capital Services LLC	5/11/63		USD	2,385		102,444
Total									$	(5,226,249	)

Credit default swaps – sold protection outstanding as of June 30, 2013 were as follows:


Issuer/Index	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating¹		Notional Amount (000)²			Unrealized Appreciation (Depreciation)
ARAMARK Corp.		5.00	%	JPMorgan Chase Bank N.A.	6/20/16		B-		USD	1,850	$	153,669
Banca Monte dei Paschi di Siena SpA		3.00	%	BNP Paribas S.A.	9/20/16		Not Rated		EUR	2,000		(268,078	)
Banca Monte dei Paschi di Siena SpA		3.00	%	JPMorgan Chase Bank N.A.	9/20/16		Not Rated		EUR	2,200		(402,409	)
Banca Monte dei Paschi di Siena SpA		5.00	%	Deutsche Bank AG	9/20/16		Not Rated		EUR	750		(108,438	)
Republic of Italy		1.00	%	Citibank N.A.	12/20/16		Not Rated		USD	4,000		269,819
CDX.NA.IG Series 18 Version 1		1.00	%	Citibank N.A.	6/20/17		BBB+		USD	103,800		1,384,631
Sunrise Communications Holdings SA		5.00	%	Citibank N.A.	6/20/17		B-		EUR	1,160		153,171
Ardagh Packaging Finance PLC		5.00	%	Barclays Bank PLC	9/20/17		CCC+		EUR	370		39,386
Ardagh Packaging Finance PLC		5.00	%	Credit Suisse International	9/20/17		CCC+		EUR	550		59,893
CDX.NA.HY Series 19 Version 1		5.00	%	Credit Suisse International	12/20/17		B+		USD	22,880		1,264,740
Deutsche Telekom AG		1.00	%	Deutsche Bank AG	12/20/17		BBB+		EUR	1,500		8,742
E.ON AG		1.00	%	JPMorgan Chase Bank N.A.	12/20/17		A-		EUR	3,250		9,930
Imperial Tobacco Group PLC		1.00	%	Deutsche Bank AG	12/20/17		BBB		EUR	1,500		12,297
iTraxx Europe Series 18 Version 1		1.00	%	JPMorgan Chase Bank N.A.	12/20/17		A-		EUR	41,400		192,412
iTraxx Europe Series 18 Version 1		1.00	%	JPMorgan Chase Bank N.A.	12/20/17		A-		EUR	27,600		128,275
iTraxx Sub Financials Series 18 Version 1		1.00	%	Citibank N.A.	12/20/17		A		EUR	4,930		6,771
iTraxx Sub Financials Series 18 Version 1		1.00	%	Citibank N.A.	12/20/17		A		EUR	4,700		18,403
iTraxx Sub Financials Series 18 Version 1		1.00	%	Citibank N.A.	12/20/17		A		EUR	2,360		10,865
iTraxx Sub Financials Series 18 Version 1		1.00	%	Deutsche Bank AG	12/20/17		A		EUR	2,350		7,318
iTraxx Sub Financials Series 18 Version 1		1.00	%	Deutsche Bank AG	12/20/17		A		EUR	340		(1,017	)
iTraxx Sub Financials Series 18 Version 1		1.00	%	Deutsche Bank AG	12/20/17		A		EUR	50		189
iTraxx Sub Financials Series 18 Version 1		1.00	%	JPMorgan Chase Bank N.A.	12/20/17		A		EUR	9,620		55,327
iTraxx Sub Financials Series 18 Version 1		1.00	%	JPMorgan Chase Bank N.A.	12/20/17		A		EUR	5,775		9,708
Sunrise Communications Holdings SA		5.00	%	Credit Suisse International	12/20/17		B-		EUR	610		6,301
Sunrise Communications Holdings SA		5.00	%	Goldman Sachs International	12/20/17		B-		EUR	710		13,632
ThyssenKrupp AG		1.00	%	Credit Suisse International	12/20/17		BB		EUR	1,500		(10,089	)
ThyssenKrupp AG		1.00	%	Goldman Sachs International	12/20/17		BB		EUR	725		(2,290	)
ThyssenKrupp AG		1.00	%	JPMorgan Chase Bank N.A.	12/20/17		BB		EUR	705		(2,227	)
Ardagh Packaging Finance PLC		5.00	%	Credit Suisse International	3/20/18		CCC+		EUR	300		(4,444	)
Ardagh Packaging Finance PLC		5.00	%	Deutsche Bank AG	3/20/18		CCC+		EUR	310		(4,750	)
Glencore Xstrata PLC		1.00	%	JPMorgan Chase Bank N.A.	3/20/18		BBB		EUR	2,690		(77,895	)
Intesa Sanpaolo SpA		1.00	%	Bank of America N.A.	3/20/18		BBB+		EUR	2,230		(61,583	)
Republic of Italy		1.00	%	Barclays Bank PLC	3/20/18		Not Rated		EUR	4,500		(55,442	)
Republic of Italy		1.00	%	Barclays Bank PLC	3/20/18		Not Rated		USD	37		211
Schaeffler Finance BV		5.00	%	Barclays Bank PLC	3/20/18		B+		EUR	660		31,299
Schaeffler Finance BV		5.00	%	Barclays Bank PLC	3/20/18		B+		EUR	650		39,068
Schaeffler Finance BV		5.00	%	Credit Suisse International	3/20/18		B+		EUR	700		39,068
Schaeffler Finance BV		5.00	%	Credit Suisse International	3/20/18		B+		EUR	660		31,299
Sunrise Communications Holdings SA		5.00	%	Citibank N.A.	3/20/18		B-		EUR	480		694
Sunrise Communications Holdings SA		5.00	%	Goldman Sachs International	3/20/18		B-		EUR	500		(1,943	)
Swiss Reinsurance Co. Ltd.		1.00	%	Barclays Bank PLC	3/20/18		AA-		EUR	3,200		19,020
Swiss Reinsurance Co. Ltd.		1.00	%	Citibank N.A.	3/20/18		AA-		EUR	1,250		7,891
ThyssenKrupp AG		1.00	%	Credit Suisse International	3/20/18		BB		EUR	1,300		(46,983	)
Ttmtin		5.00	%	Credit Suisse International	3/20/18		BB-		EUR	1,000		1,763
UniCredit SpA		3.00	%	Barclays Bank PLC	3/20/18		BBB+		EUR	1,100		(25,443	)


22		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013


Consolidated Schedule of Investments (continued)			Master Total Return Portfolio

Credit default swaps – sold protection outstanding as of June 30, 2013 were as follows: (continued)


Issuer/Index	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating¹		Notional Amount (000)²			Unrealized Appreciation (Depreciation)
UniCredit SpA		3.00	%	JPMorgan Chase Bank N.A.	3/20/18		BBB+		EUR	2,230	$	(57,861	)
Accor SA		1.00	%	BNP Paribas S.A.	6/20/18		BBB-		EUR	1,190		(7,731	)
Allianz SE		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		AA		EUR	2,110		34,211
ArcelorMittal		1.00	%	Deutsche Bank AG	6/20/18		BB+		EUR	15		(544	)
ArcelorMittal		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		BB+		EUR	40		(1,631	)
Aviva PLC		1.00	%	Barclays Bank PLC	6/20/18		Not Rated		EUR	1,810		(26,414	)
Aviva PLC		1.00	%	BNP Paribas S.A.	6/20/18		Not Rated		EUR	925		13,358
Aviva PLC		1.00	%	Credit Suisse International	6/20/18		Not Rated		EUR	995		14,090
Compagnie de Saint-Gobain SA		1.00	%	Bank of America N.A.	6/20/18		BBB		EUR	1,190		1,750
Compagnie de Saint-Gobain SA		1.00	%	Bank of America N.A.	6/20/18		BBB		EUR	700		(84	)
Compagnie de Saint-Gobain SA		1.00	%	BNP Paribas S.A.	6/20/18		BBB		EUR	670		1,190
Compagnie de Saint-Gobain SA		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		BBB		EUR	700		(928	)
Daimler AG		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		A-		EUR	830		(1,531	)
Deutsche Bank AG		1.00	%	Barclays Bank PLC	6/20/18		A+		EUR	1,260		3,110
Deutsche Telekom SA		1.00	%	Citibank N.A.	6/20/18		BBB+		EUR	850		(226	)
Encana Corp.		1.00	%	Credit Suisse International	6/20/18		BBB		USD	10,725		(140,385	)
Encana Corp.		1.00	%	Credit Suisse International	6/20/18		BBB		USD	3,570		(53,130	)
France Telecom SA		1.00	%	Barclays Bank PLC	6/20/18		BBB+		EUR	90		(133	)
Glencore Xstrata PLC		1.00	%	Goldman Sachs International	6/20/18		BBB		EUR	350		(2,607	)
Glencore Xstrata PLC		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		BBB		EUR	350		(5,007	)
Glencore Xstrata PLC		1.00	%	Citibank N.A.	6/20/18		BBB		EUR	760		(11,452	)
Glencore Xstrata PLC		1.00	%	Credit Suisse International	6/20/18		BBB		EUR	830		(37,363	)
Glencore Xstrata PLC		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		BBB		EUR	850		(36,739	)
Glencore Xstrata PLC		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		BBB		EUR	700		(4,016	)
Holcim Ltd.		1.00	%	Citibank N.A.	6/20/18		BBB		EUR	1,420		(6,372	)
Intesa Sanpaolo SpA		3.00	%	BNP Paribas S.A.	6/20/18		BBB+		EUR	200		(336	)
iTraxx Europe Crossover Series 19 Version 1		1.00	%	Barclays Bank PLC	6/20/18		B+		EUR	400		(1,969	)
iTraxx Europe Crossover Series 19 Version 1		5.00	%	Barclays Bank PLC	6/20/18		B+		EUR	3,420		(71,815	)
iTraxx Europe Crossover Series 19 Version 1		5.00	%	JPMorgan Chase Bank N.A.	6/20/18		B+		EUR	1,940		(92,092	)
iTraxx Sub Financials Series 19 Version 1		1.00	%	Barclays Bank PLC	6/20/18		B+		EUR	9,735		36,403
iTraxx Sub Financials Series 19 Version 1		1.00	%	Barclays Bank PLC	6/20/18		B+		EUR	1,810		(10,012	)
iTraxx Sub Financials Series 19 Version 1		1.00	%	Citibank N.A.	6/20/18		B+		EUR	1,770		(6,766	)
iTraxx Sub Financials Series 19 Version 1		1.00	%	Citibank N.A.	6/20/18		B+		EUR	1,770		(7,824	)
iTraxx Sub Financials Series 19 Version 1		1.00	%	Deutsche Bank AG	6/20/18		B+		EUR	35		(274	)
iTraxx Sub Financials Series 19 Version 1		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		B+		EUR	2,090		3,129
Koninklijke KPN NV		1.00	%	Deutsche Bank AG	6/20/18		BBB-		EUR	80		(612	)
Laxess AG		1.00	%	BNP Paribas S.A.	6/20/18		BBB		EUR	850		(12,238	)
Metro AG		1.00	%	Credit Suisse International	6/20/18		BBB-		EUR	830		(16,067	)
Muenchener Rueckversicherungs AG		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		Not Rated		EUR	2,110		18,118
RWE AG		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		BBB+		EUR	1,190		(5,617	)
Solvay SA		1.00	%	Credit Suisse International	6/20/18		BBB+		EUR	830		(6,147	)
Techem GmbH		5.00	%	Credit Suisse International	6/20/18		B+		EUR	530		43
Telecom Italia SpA		1.00	%	Bank of America N.A.	6/20/18		BBB-		EUR	700		2,237
Telecom Italia SpA		1.00	%	Barclays Bank PLC	6/20/18		BBB-		EUR	350		5,088
Telecom Italia SpA		1.00	%	Goldman Sachs International	6/20/18		BBB-		EUR	350		(712	)
Tesco PLC		1.00	%	Goldman Sachs International	6/20/18		BBB+		EUR	1,180		(15,882	)
Vinci SA		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		BBB+		EUR	830		(10,580	)
Vivendi SA		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		BBB		EUR	850		(5,152	)
Volkswagen AG		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		A-		EUR	850		(993	)
Volkswagen AG		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		A-		EUR	830		(3,123	)
Holcim Ltd.		1.00	%	BNP Paribas S.A.	9/20/18		BBB		EUR	330		(582	)


		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013		23


Consolidated Schedule of Investments (continued)			Master Total Return Portfolio

Credit default swaps – sold protection outstanding as of June 30, 2013 were as follows: (concluded)


Issuer/Index	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating¹		Notional Amount (000)²			Unrealized Appreciation (Depreciation)
Telecom Italia SpA		1.00	%	Goldman Sachs International	9/20/18		BBB-		EUR	890	$	19,823
Republic of France		0.25	%	Barclays Bank PLC	6/20/23		AA+		USD	1,550		(15,389	)
Republic of France		0.25	%	Citibank N.A.	6/20/23		AA+		USD	1,670		(9,353	)
Republic of France		0.25	%	JPMorgan Chase Bank N.A.	6/20/23		AA+		USD	1,670		(18,995	)
CMBX.NA Series 2 AM		0.50	%	Deutsche Bank AG	3/15/49		A-		USD	4,830		368,625
CMBX.NA Series 4 AM		0.50	%	Deutsche Bank AG	2/17/51		BB-		USD	2,000		58,309
Total											$	2,775,561

¹	Using S&P’s rating of the issuer or the underlying securities of the index, as applicable.

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

Interest rate swaps outstanding as of June 30, 2013 were as follows:

Fixed Rate

Floating
Rate

Counterparty/
Clearinghouse

Expiration
Date

Notional
Amount
(000)

Unrealized
Appreciation
(Depreciation)

6.97%¹

1-day Overnight Mumbai Interbank Swap Rate

Citibank N.A.

5/09/16

INR

7,100,000

(1,534,208

)

3.27%²

3-month LIBOR

Deutsche Bank AG

5/16/21

USD

9,510

(694,069

)

1.75%¹

3-month LIBOR

Citibank N.A.

12/14/22

USD

700

(51,378

)

2.32%¹

3-month LIBOR

Bank of America N.A.

5/31/23

USD

4,300

(130,458

)

2.30%²

3-month LIBOR

Chicago Mercantile

6/11/23

USD

1,810

60,201

2.89%²

3-month LIBOR

Bank of America N.A.

1/14/43

USD

48,090

4,348,637

3.02%²

3-month LIBOR

Credit Suisse International

2/06/43

USD

17,672

1,206,101

3.00%²

3-month LIBOR

Goldman Sachs International

2/11/43

USD

28,200

2,008,743

3.03%²

3-month LIBOR

Credit Suisse International

2/19/43

USD

8,800

588,281

2.80%²

3-month LIBOR

Bank of America N.A.

4/23/43

USD

9,380

1,106,888

2.80%²

3-month LIBOR

Barclays Bank PLC

4/23/43

USD

9,340

1,097,166

2.80%²

3-month LIBOR

Deutsche Bank AG

4/23/43

USD

9,520

1,118,311

3.04%²

3-month LIBOR

Barclays Bank PLC

5/23/43

USD

38,600

2,895,539

3.04%²

3-month LIBOR

Bank of America N.A.

5/24/43

USD

57,905

4,229,513

3.05%²

3-month LIBOR

Deutsche Bank AG

5/24/43

USD

52,115

3,735,382

3.15%¹

3-month LIBOR

UBS AG

6/10/43

USD

5,060

(282,809

)

3.23%²

3-month LIBOR

Goldman Sachs International

6/11/43

USD

5,060

201,733

Total

19,903,573

¹	Master Portfolio pays the floating rate and receives the fixed rate.

²	Master Portfolio pays the fixed rate and receives the floating rate.

Total return swaps outstanding as of June 30, 2013 were as follows:

Reference Entity

Floating Rate

Counterparty

Expiration
Date

Notional
Amount
(000)

Unrealized
Appreciation
(Depreciation)

TRX.II.AAA Series 1

26.32%¹

Morgan Stanley Capital Services LLC

10/01/13

USD

2,385

(37,854

)

Nokia Oyj

3-month EURIBOR²

Citibank N.A.

5/23/14

EUR

180

(16,567

)

Nokia Oyj

3-month EURIBOR²

JPMorgan Chase Bank N.A.

5/26/14

EUR

180

(17,105

)

Nokia Oyj

3-month EURIBOR²

BNP Paribas S.A.

6/20/14

EUR

528

Total

(70,998

)

¹	Master Portfolio pays the total return of the reference entity.

²	Master Portfolio pays the total return of the reference entity and receives the fixed rate. Net payment made at termination.


24		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013


Consolidated Schedule of Investments (continued)			Master Total Return Portfolio

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

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)

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 semi-annual report.

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy as of June 30, 2013:


	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—		$	458,068,725		$	138,436,695	$	596,505,420
Common Stocks	$	5,300,188			—			—		5,300,188
Corporate Bonds		—			876,374,618			6,929,590		883,304,208
Floating Rate Loan Interests		—			39,006,492			45,514,359		84,520,851
Foreign Agency Obligations		—			98,303,005			—		98,303,005
Foreign Government Obligations		—			357,939,652			—		357,939,652
Investment Companies		12,541,185			—			—		12,541,185
Non-Agency Mortgage-Backed Securities		—			467,654,163			33,303,824		500,957,987
Other Interests		—			—			1		1
Preferred Securities		12,310,732			23,446,424			—		35,757,156
Taxable Municipal Bonds		—			10,526,696			—		10,526,696
U.S. Government Sponsored Agency Securities		—			2,015,487,439			837,000		2,016,324,439
U.S. Treasury Obligations		—			1,049,415,540			—		1,049,415,540
Short-Term Securities:
Borrowed Bond Agreements		—			387,577,182			—		387,577,182
Money Market Fund		14,866,655			—			—		14,866,655
Options Purchased:
Equity Contracts		5,022,300			161,743			—		5,184,043
Foreign Currency Exchange Contracts		—			11,686,770			—		11,686,770
Interest Rate Contracts		—			1			—		1
Liabilities:
Investments in Securities:
Investments Sold Short		(168,091	)		—			—		(168,091	)
TBA Sale Commitments		—			(1,012,801,107	)		—		(1,012,801,107	)
Borrowed Bonds		—			(366,939,823	)		—		(366,939,823	)
Total	$	49,872,969		$	4,415,907,520		$	225,021,469	$	4,690,801,958


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Assets:
Credit contracts		—		$	5,962,373			—	$	5,962,373
Equity contracts	$	147,373			528			—		147,901
Foreign currency exchange contracts		—			10,542,566			—		10,542,566


		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013		25


Consolidated Schedule of Investments (concluded)			Master Total Return Portfolio


	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments¹
Interest rate contracts	$	3,732,969		$	22,596,495			—	$	26,329,464
Liabilities:
Credit contracts		—			(8,801,306	)		—		(8,801,306	)
Equity contracts		(4,920,268	)		(71,526	)		—		(4,991,794	)
Foreign currency exchange contracts		—			(14,505,890	)		—		(14,505,890	)
Interest rate contracts		(4,827,775	)		(2,692,922	)		—		(7,520,697	)
Total	$	(5,867,701	)	$	13,030,318			—	$	7,162,617


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.

Certain of the Master Portfolio’s assets and/or liabilities are held at carrying amount or face value, which approximates fair value for financial reporting purposes. As of June 30, 2013, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:



	Level 1		Level 2			Level 3		Total
Assets:
Cash	$	303,728		—			—	$	303,728
Cash pledged for financial futures contracts		2,030,000		—			—		2,030,000
Cash pledged as collateral for swaps		12,293,000		—			—		12,293,000
Liabilities:
Reverse repurchase agreements		—	$	(2,066,356,982	)		—		(2,066,356,982	)
Cash received as collateral for swaps		—		(18,973,810	)		—		(18,973,810	)
Total	$	14,626,728	$	(2,085,330,792	)		—	$	(2,070,704,064	)

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2013.

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			Other Interests			U.S. 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 3²		7,530,000			—			—			—			—			—		7,530,000
Transfers out of Level 3²		(4,164,292	)		—			(5,698,397	)		(34,564,259	)		—			—		(44,426,948	)
Accrued discounts/premiums		18,934			(1,010	)		38,855			13,355		$	2			—		70,136
Net realized gain (loss)		4,378			(3,357	)		26,323			265,530			—			—		292,874
Net change in unrealized appreciation/depreciation³		767,034			(6,043	)		(1,063,397	)		(3,990,774	)		(94	)	$	67,500		(4,225,774	)
Purchases		124,310,136			6,940,000			26,275,948			30,621,557			93			769,500		188,917,234
Sales		(1,238,787	)		(18,466,000	)		(3,187,999	)		(7,173,994	)		—			—		(30,066,780	)
Closing Balance, as of June 30, 2013	$	138,436,695		$	6,929,590		$	45,514,359		$	33,303,824		$	1		$	837,000	$	225,021,469

² Transfers into and transfers out of Level 3 represent the values as of the beginning of the reporting period.
³ The change in unrealized appreciation/depreciation on investments still held as of June 30, 2013 was $(1,257,882).

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


26		MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC		JUNE 30, 2013



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: August 23, 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: August 23, 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: August 23, 2013