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: 09/30/2014

Date of reporting period: 06/30/2014

Item 1 – Schedule of Investments

Schedule of Investments June 30, 2014 (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			$	559,530,601
Master Total Return Portfolio of Master Bond LLC				334,401,759
Total Mutual Funds (Cost — $734,478,389) — 98.0%				893,932,360
Short-Term Securities	Shares
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (a)(b)		19,701,875		19,701,875
Total Short-Term Securities (Cost — $19,701,875) — 2.1%				19,701,875

	Value
Total Investments (Cost — $ 754,180,264) — 100.1%	$	913,634,235
Liabilities in Excess of Other Assets — (0.1)%		(1,221,705	)
Net Assets — 100.0%	$	912,412,530

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, 2014, 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, 2013		Net Activity		Shares Held at June 30, 2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		16,206,029		3,495,846		19,701,875	$	4,202

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, 2014, the value of the investments and the percentage owned by the Fund of Master Large Cap Core Portfolio and Master Total Return Portfolio was $559,530,601 and $334,401,759, respectively and 23.7% and 9.8%, respectively.

The Fund records its investments in the Master Portfolios at fair value. The Fund’s investments in the Master Portfolios are valued pursuant to the pricing policies approved by the Board of Directors of the Master Portfolios.

Ÿ 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:

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

Ÿ 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)

Ÿ 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, 2014, the Fund’s investment in the Master Portfolios was classified as Level 2.

There were no transfers between levels during the period ended June 30, 2014.

BLACKROCK BALANCED CAPITAL FUND, INC. JUNE 30, 2014 1

Schedule of Investments June 30, 2014(Unaudited)	Master Large Cap Core Portfolio
	(Percentages shown are based on Net Assets)

Common Stocks	Shares		Value
Aerospace & Defense — 0.4%
Rockwell Collins, Inc.		120,800	$	9,439,312
Airlines — 2.2%
Delta Air Lines, Inc.		516,700		20,006,624
Southwest Airlines Co.		528,800		14,203,568
United Continental Holdings, Inc. (a)		419,068		17,211,123
				51,421,315
Auto Components — 2.5%
BorgWarner, Inc.		261,500		17,047,185
TRW Automotive Holdings Corp. (a)		476,239		42,632,915
				59,680,100
Banks — 12.3%
Bank of America Corp.		3,980,206		61,175,766
Citigroup, Inc.		1,054,018		49,644,248
JPMorgan Chase & Co.		1,227,824		70,747,219
SunTrust Banks, Inc.		794,100		31,811,646
U.S. Bancorp		1,481,375		64,173,165
Wells Fargo & Co.		234,900		12,346,344
				289,898,388
Beverages — 2.0%
Dr. Pepper Snapple Group, Inc.		493,800		28,926,804
Molson Coors Brewing Co., Class B		258,500		19,170,360
				48,097,164
Biotechnology — 2.6%
Amgen, Inc.		202,200		23,934,414
Biogen Idec, Inc. (a)		119,610		37,714,229
				61,648,643
Capital Markets — 1.1%
The Goldman Sachs Group, Inc.		149,951		25,107,795
Chemicals — 1.0%
Cabot Corp.		166,574		9,659,626
The Dow Chemical Co.		283,500		14,588,910
				24,248,536
Commercial Services & Supplies — 0.7%
Tyco International Ltd.		376,000		17,145,600
Communications Equipment — 3.6%
Brocade Communications Systems, Inc.		1,868,042		17,185,986
Cisco Systems, Inc.		1,564,300		38,872,855
QUALCOMM, Inc.		353,000		27,957,600
				84,016,441
Construction & Engineering — 0.3%
AECOM Technology Corp. (a)		195,400		6,291,880
Consumer Finance — 2.4%
Discover Financial Services		899,400		55,744,812

Common Stocks	Shares		Value
Containers & Packaging — 1.2%
Packaging Corp. of America		396,213	$	28,325,267
Electronic Equipment, Instruments & Components — 0.7%
TE Connectivity Ltd.		283,200		17,513,088
Energy Equipment & Services — 4.7%
Halliburton Co.		463,100		32,884,731
Oceaneering International, Inc.		178,200		13,922,766
Schlumberger Ltd.		537,200		63,362,740
				110,170,237
Food & Staples Retailing — 2.8%
CVS Caremark Corp.		868,925		65,490,877
Health Care Equipment & Supplies — 1.4%
Medtronic, Inc.		529,700		33,773,672
Health Care Providers & Services — 5.5%
Aetna, Inc.		466,000		37,783,280
McKesson Corp.		203,325		37,861,148
UnitedHealth Group, Inc.		351,800		28,759,650
Universal Health Services, Inc., Class B		274,550		26,290,908
				130,694,986
Hotels, Restaurants & Leisure — 0.9%
Las Vegas Sands Corp.		277,800		21,173,916
Household Durables — 0.6%
Whirlpool Corp.		97,680		13,599,010
Industrial Conglomerates — 2.5%
3M Co.		405,275		58,051,591
Insurance — 4.9%
American Financial Group, Inc.		99,300		5,914,308
American International Group, Inc.		1,025,300		55,960,874
Genworth Financial, Inc., Class A (a)		1,509,700		26,268,780
The Travelers Cos., Inc.		290,400		27,317,928
				115,461,890
Internet & Catalog Retail — 0.8%
The Priceline Group, Inc. (a)		15,330		18,441,990
Internet Software & Services — 4.5%
Facebook, Inc., Class A (a)		194,900		13,114,821
Google, Inc., Class A (a)		66,195		38,702,231
Google, Inc., Class C (a)		65,845		37,879,312
VeriSign, Inc. (a)		318,700		15,555,747
				105,252,111
IT Services — 3.6%
Cognizant Technology Solutions Corp., Class A (a)		404,600		19,788,986

Portfolio Abbreviation
ADR	American Depositary Receipts

2 BLACKROCK LARGE CAP SERIES FUNDS, INC. JUNE 30, 2014

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

Common Stocks	Shares		Value
IT Services (concluded)
MasterCard, Inc., Class A	720,500	$	52,935,135
Total System Services, Inc.	383,254		12,038,008
			84,762,129
Machinery — 2.2%
Kennametal, Inc.	205,600		9,515,168
Oshkosh Corp.	117,200		6,508,116
Parker Hannifin Corp.	166,686		20,957,431
WABCO Holdings, Inc. (a)	141,200		15,082,984
			52,063,699
Media — 2.9%
Comcast Corp., Class A	1,258,100		67,534,808
Metals & Mining — 0.3%
Vale SA — ADR	619,700		8,198,631
Multiline Retail — 0.7%
Macy’s, Inc.	263,800		15,305,676
Oil, Gas & Consumable Fuels — 5.5%
BP PLC — ADR	553,500		29,197,125
Exxon Mobil Corp.	90,600		9,121,608
Marathon Petroleum Corp.	398,515		31,112,066
PBF Energy, Inc., Class A	203,807		5,431,457
Suncor Energy, Inc.	964,640		41,122,603
Tesoro Corp.	225,393		13,223,807
			129,208,666
Paper & Forest Products — 0.8%
Domtar Corp.	453,000		19,411,050
Pharmaceuticals — 7.3%
Johnson & Johnson	115,725		12,107,150
Merck & Co., Inc.	1,053,400		60,939,190
Mylan, Inc. (a)	513,679		26,485,289
Pfizer, Inc.	1,177,275		34,941,522
Salix Pharmaceuticals Ltd. (a)	118,210		14,581,204
Teva Pharmaceutical Industries Ltd. — ADR	449,836		23,580,403
			172,634,758
Road & Rail — 0.9%
Norfolk Southern Corp.	151,900		15,650,257
Union Pacific Corp.	62,000		6,184,500
			21,834,757

Common Stocks	Shares		Value
Semiconductors & Semiconductor Equipment — 0.9%
Micron Technology, Inc. (a)		655,400	$	21,595,430
Software — 2.3%
Microsoft Corp.		359,950		15,009,915
Oracle Corp.		736,000		29,830,080
Symantec Corp.		454,300		10,403,470
				55,243,465
Specialty Retail — 3.3%
Lowe’s Cos., Inc.		1,135,700		54,502,243
Ross Stores, Inc.		360,400		23,833,252
				78,335,495
Technology Hardware, Storage & Peripherals — 6.8%
Apple, Inc.		484,750		45,047,817
EMC Corp.		1,576,800		41,532,912
Hewlett-Packard Co.		721,176		24,289,208
NetApp, Inc.		95,132		3,474,221
SanDisk Corp.		146,500		15,298,995
Western Digital Corp.		339,190		31,307,237
				160,950,390
Total Long-Term Investments (Cost — $1,719,280,434) — 99.1%				2,337,767,575
Short-Term Securities
BlackRock Liquidity Funds, TempFund, Institutional Class, 0.03% (b)(c)		19,698,506		19,698,506
Total Short-Term Securities (Cost — $19,698,506) — 0.8%				19,698,506
Total Investments (Cost — $1,738,978,940*) — 99.9%				2,357,466,081
Other Assets Less Liabilities — 0.1%				2,791,125
Net Assets — 100.0%			$	2,360,257,206

Notes to Schedule of Investments

* As of June 30, 2014, gross unrealized appreciation and depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	1,741,818,070
Gross unrealized appreciation	$	621,919,113
Gross unrealized depreciation		(6,271,102	)
Net unrealized appreciation	$	615,648,011

(a) Non-income producing security.

(b) Investments in issuers considered to be an affiliate of the Portfolio during the period ended June 30, 2014, 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, 2013		Net Activity			Shares/Beneficial Interest Held at June 30,  2014		Income
BlackRock Liquidity Funds, TempFund, Institutional Class		47,573,194		(27,874,688	)		19,698,506	$	9,801
BlackRock Liquidity Series, LLC, Money Market Series	$	18,691,623	$	(18,691,623	)		—	$	4,651

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

BLACKROCK LARGE CAP SERIES FUNDS, INC. JUNE 30, 2014 3

Schedule of Investments (concluded) Master Large Cap Core Portfolio

Ÿ 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 the investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Ÿ 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:

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

Ÿ 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)

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the 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 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, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Investments:
Long-Term Investments1	$	2,337,767,575		—		—	$	2,337,767,575
Short-Term Securities		19,698,506		—		—		19,698,506
Total	$	2,357,466,081		—		—	$	2,357,466,081
1    See above Schedule of Investments for values in each industry.

There were no transfers between levels during the period ended June 30, 2014.

4 BLACKROCK LARGE CAP SERIES FUNDS, INC. JUNE 30, 2014

Consolidated Schedule of Investments June 30, 2014 (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, 0.87%, 12/25/33 (a)		USD	581	$	531,148
Series 2006-CW1, Class A2C, 0.29%, 7/25/36 (a)			1,450		1,039,759
ALME Loan Funding, Series 2X, Class A, 0.00%, 8/15/27		EUR	2,385		3,224,441
AmeriCredit Automobile Receivables Trust:
Series 2012-3, Class C, 2.42%, 5/08/18		USD	2,880		2,944,555
Series 2012-4, Class B, 1.31%, 11/08/17			1,825		1,836,279
Series 2012-4, Class C, 1.93%, 8/08/18			2,865		2,911,467
Series 2012-5, Class C, 1.69%, 11/08/18			5,040		5,090,178
Series 2013-4, Class B, 1.66%, 9/10/18			1,280		1,288,736
Series 2013-4, Class C, 2.72%, 9/09/19			780		799,191
Series 2013-4, Class D, 3.31%, 10/08/19			1,830		1,896,645
Series 2013-5, Class B, 1.52%, 1/08/19			1,360		1,363,337
Series 2013-5, Class C, 2.29%, 11/08/19			725		733,602
Series 2014-1, Class B, 1.68%, 7/08/19			2,722		2,730,814
Arbour CLO Ltd.:
Series 2014-1X, Class A, 1.81%, 6/16/27		EUR	1,728		2,366,151
Series 2014-1X, Class E, 5.36%, 6/16/27			338		456,205
Series 2014-1X, Class F, 6.11%, 6/16/27			336		453,506
Arianna SPV Srl, Series 1, Class A, 3.60%, 10/20/30			2,502		3,577,798
AUTO ABS, Series 2012-2, Class A, 2.80%, 4/27/25			2,321		3,211,325
Avoca CLO XI Ltd., Series 11X, Class A, 1.83%, 7/15/27			1,300		1,780,090
Battalion CLO IV Ltd., Series 2013-4A, Class A1, 1.63%, 10/22/25 (a)(b)		USD	4,715		4,693,783
Bear Stearns Asset-Backed Securities I Trust, Series 2006-HE10, Class 21A1, 0.22%, 12/25/36 (a)			718		710,187
Benefit Street Partners CLO II Ltd., Series 2013-IIA, Class A1, 1.44%, 7/15/24 (a)(b)			2,090		2,061,158
BlueMountain CLO Ltd., Series 2012-2A, Class B1, 2.29%, 11/20/24 (a)(b)			3,150		3,126,747
Carlyle Global Market Strategies CLO Ltd., Series 2012-4A, Class A, 1.62%, 1/20/25 (a)(b)			6,630		6,593,223
Chesapeake Funding LLC:
Series 2012-1A, Class B, 1.75%, 11/07/23 (a)(b)			2,630		2,659,014
Series 2012-1A, Class C, 2.15%, 11/07/23 (a)(b)			1,690		1,708,598

Asset-Backed Securities	Par (000)			Value
CHLUPA Trust, Series 2013-VM, Class A, 3.33%, 8/15/20 (b)		USD	5,128	$	5,147,193
Chrysler Capital Auto Receivables Trust:
Series 2013-BA, Class A2, 0.56%, 12/15/16 (b)			3,906		3,909,615
Series 2013-BA, Class A4, 1.27%, 3/15/19 (b)			2,710		2,719,436
Series 2013-BA, Class B, 1.78%, 6/17/19 (b)			1,240		1,245,516
Series 2013-BA, Class C, 2.24%, 9/16/19 (b)			1,285		1,289,959
Series 2013-BA, Class D, 2.89%, 10/15/20 (b)			1,260		1,278,361
Series 2014-AA, Class B, 1.76%, 8/15/19 (b)			1,435		1,436,111
Series 2014-AA, Class C, 2.28%, 11/15/19 (b)			1,850		1,852,710
CIFC Funding Ltd.:
Series 2012-3A, Class A1L, 1.62%, 1/29/25 (a)(b)			5,000		4,985,030
Series 2012-3A, Class A2L, 2.49%, 1/29/25 (a)(b)			4,480		4,479,937
Series 2014-2A, Class A1L, 1.73%, 5/24/26 (a)(b)			2,365		2,359,087
Colombo Srl, Series 1, Class B, 0.77%, 8/28/26		EUR	690		918,362
Countrywide Asset-Backed Certificates:
Series 2003-BC3, Class A2, 0.77%, 9/25/33 (a)		USD	672		636,318
Series 2004-5, Class A, 1.05%, 10/25/34 (a)			752		738,829
Series 2006-17, Class 2A2, 0.30%, 3/25/47 (a)			826		691,667
Credit Acceptance Auto Loan Trust:
Series 2012-2A, Class A, 1.52%, 3/16/20 (b)			4,165		4,185,692
Series 2013-1A, Class A, 1.21%, 10/15/20 (b)			2,580		2,586,313
Series 2013-2A, Class A, 1.50%, 4/15/21 (b)			2,475		2,492,835
Series 2014-1A, Class A, 1.55%, 10/15/21 (b)			6,095		6,113,529
Series 2014-1A, Class B, 2.29%, 4/15/22 (b)			1,665		1,673,408
CT CDO IV Ltd., Series 2006-4A, Class A1, 0.46%, 10/20/43 (a)(b)			3,297		3,229,081
CVC Cordatus Loan Fund III Ltd., Series 3X, Class A1, 1.85%, 7/08/27		EUR	1,640		2,231,056

Portfolio Abbreviations

ABS	Asset-Backed Security	EURIBOR	Euro Interbank Offered Rate	OTC	Over-the-counter
AUD	Australian Dollar	FKA	Formerly Known As	PIK	Payment-in-kind
BRL	Brazilian Real	GBP	British Pound	PLN	Polish Zloty
CAD	Canadian Dollar	GO	General Obligation	RB	Revenue Bonds
CDO	Collateralized Debt Obligation	HUF	Hungarian Forint	RUB	Russian Rouble
CHF	Swiss Franc	INR	Indian Rupee	TBA	To-be-announced
CLO	Collateralized Loan Obligation	JPY	Japanese Yen	TRY	Turkish Lira
CNY	Chinese Yuan	KRW	South Korean Won	USD	U.S. Dollar
ETF	Exchange-Traded Fund	LIBOR	London Interbank Offered Rate	ZAR	South African Rand
EUR	Euro	MXN	Mexican Peso

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 1

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

Asset-Backed Securities	Par (000)			Value
DT Auto Owner Trust:
Series 2012-1A, Class C, 3.38%, 10/16/17 (b)		USD	129	$	129,246
Series 2012-1A, Class D, 4.94%, 7/16/18 (b)			3,885		3,960,594
Series 2012-2A, Class B, 1.85%, 4/17/17 (b)			131		131,261
Series 2012-2A, Class C, 2.72%, 4/17/17 (b)			200		200,653
ECP CLO Ltd., Series 2012-4A, Class A1, 1.58%, 6/19/24 (a)(b)			4,910		4,900,720
Fannie Mae REMIC Trust, Series 2003-W5, Class A, 0.37%, 4/25/33 (a)			5		5,261
Ford Credit Floorplan Master Owner Trust, Series 2012-4, Class D, 2.09%, 9/15/16			3,710		3,719,446
GSAA Home Equity Trust, Series 2006-5, Class 2A1, 0.22%, 3/25/36 (a)			27		16,147
GT Loan Financing I Ltd., Series 2013-1A, Class A, 1.51%, 10/28/24 (a)(b)			5,105		5,084,580
Hyundai Auto Receivables Trust, Series 2012-A, Class D, 2.61%, 5/15/18			2,555		2,638,750
ING Investment Management CLO Ltd.:
Series 2012-2A, Class A, 1.76%, 10/15/22 (a)(b)			2,850		2,850,641
Series 2013-3A, Class A1, 1.69%, 1/18/26 (a)(b)			2,685		2,681,778
Jubilee CDO BV, Series 2014-11X, Class A, 1.83%, 4/15/27		EUR	1,330		1,819,645
Jubilee CDO VIII BV, Series VIII-X, Class SUB, 5.39%, 1/15/24 (a)			880		619,776
KKR Financial CLO Corp., Series 2007-AA, Class A, 0.98%, 10/15/17 (a)(b)		USD	3,856		3,854,150
KKR Financial CLO Ltd., Series 2013-1A, Class A1, 1.39%, 7/15/25 (a)(b)			4,515		4,445,591
Lehman XS Trust, Series 2007-1, Class 2A1, 5.73%, 2/25/37 (a)			6,083		5,612,834
Morgan Stanley ABS Capital I, Inc., Trust, Series 2005-HE1, Class A2MZ, 0.75%, 12/25/34 (a)			820		768,885
Nelnet Student Loan Trust:
Series 2008-3, Class A4, 1.88%, 11/25/24 (a)			5,600		5,881,450
Series 2014-2A, Class A3, 1.01%, 7/27/37 (a)(b)			3,245		3,226,666
New Century Home Equity Loan Trust, Series 2005-2, Class A2MZ, 0.41%, 6/25/35 (a)			492		491,266
North Westerly CLO BV, Series IV-X, Class A-1, 1.87%, 1/15/26		EUR	2,500		3,414,693
Northwoods Capital Corp./Northwoods Capital Ltd., Series 2012-9A, Class A, 1.65%, 1/18/24 (a)(b)		USD	4,300		4,289,246
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class A, 1.35%, 7/17/25 (a)(b)			5,195		5,128,005
OHA Loan Funding Ltd., Series 2013-2A, Class A, 1.51%, 8/23/24 (a)(b)			5,315		5,267,165
OneMain Financial Issuance Trust, Series 2014-1A, Class A, 2.43%, 6/18/24 (b)			10,675		10,674,787
Option One Mortgage Acceptance Corp. Asset Back Certificates, Series 2003-4, Class A2, 0.79%, 7/25/33 (a)			1,347		1,251,622
OZLM Funding IV Ltd., Series 2013-4A, Class A1, 1.38%, 7/22/25 (a)(b)			8,895		8,751,452

Asset-Backed Securities	Par (000)			Value
OZLM Funding Ltd., Series 2012-2A, Class A1, 1.72%, 10/30/23 (a)(b)		USD	7,530	$	7,523,615
Prestige Auto Receivables Trust:
Series 2013-1A, Class A2, 1.09%, 2/15/18 (b)			2,579		2,583,754
Series 2013-1A, Class A3, 1.33%, 5/15/19 (b)			2,470		2,477,235
Series 2014-1A, Class A2, 0.97%, 3/15/18 (b)			4,315		4,315,898
RASC Trust, Series 2003-KS5, Class AIIB, 0.73%, 7/25/33 (a)			586		516,561
Santander Drive Auto Receivables Trust:
Series 2012-5, Class C, 2.70%, 8/15/18			1,950		2,004,487
Series 2013-2, Class B, 1.33%, 3/15/18			8,700		8,757,838
Series 2013-3, Class B, 1.19%, 5/15/18			8,000		8,026,304
Series 2013-4, Class B, 2.16%, 1/15/20			4,610		4,721,304
Series 2013-4, Class C, 3.25%, 1/15/20			3,890		4,059,748
Series 2013-5, Class B, 1.55%, 10/15/18			10,500		10,561,729
Series 2013-5, Class C, 2.25%, 6/17/19			4,970		5,015,933
Series 2013-A, Class C, 3.12%, 10/15/19 (b)			2,250		2,322,535
Series 2013-A, Class D, 3.78%, 10/15/19 (b)			1,465		1,542,393
Series 2014-1, Class B, 1.59%, 10/15/18			11,180		11,236,425
Series 2014-1, Class C, 2.36%, 4/15/20			4,905		4,985,677
Series 2014-2, Class B, 1.62%, 2/15/19			5,940		5,974,886
Series 2014-2, Class C, 2.33%, 11/15/19			7,980		8,057,949
Series 2014-2, Class D, 2.76%, 2/18/20			2,575		2,605,503
Series 2014-3, Class B, 1.45%, 5/15/19			1,878		1,878,870
Series 2014-S1, Class R, 1.42%, 8/16/18 (b)			1,041		1,041,027
Series 2014-S2, Class R, 1.43%, 11/16/18 (b)			2,020		2,020,200
Series 2014-S3, Class R, 1.43%, 2/19/19 (b)			1,152		1,152,493
Series 2014-S4, Class R, 1.43%, 4/16/19 (b)			1,735		1,735,379
Series 2014-S5, Class R, 1.43%, 6/18/19 (b)			1,892		1,892,153
Series 2014-S6, Class R, 1.43%, 12/17/19 (b)			4,084		4,083,907
Series 2012-1, Class B, 2.72%, 5/16/16			1,521		1,526,477
Series 2012-1, Class C, 3.78%, 11/15/17			3,045		3,125,906
Series 2012-3, Class B, 1.94%, 12/15/16			6,245		6,286,767
SASCO Mortgage Loan Trust, Series 2005-GEL2, Class A, 0.43%, 4/25/35 (a)			230		225,896
Scholar Funding Trust, Series 2011-A, Class A, 1.13%, 10/28/43 (a)(b)			3,599		3,613,688
SLC Private Student Loan Trust, Series 2006-A, Class A5, 0.40%, 7/15/36 (a)			8,916		8,838,512

2 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

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

Asset-Backed Securities	Par (000)			Value
SLM Private Credit Student Loan Trust:
Series 2002-A, Class A2, 0.78%, 12/16/30 (a)		USD	4,094	$	4,019,830
Series 2004-B, Class A2, 0.43%, 6/15/21 (a)			3,267		3,237,862
Series 2005-B, Class A2, 0.41%, 3/15/23 (a)			4,423		4,379,183
Series 2006-A, Class A4, 0.42%, 12/15/23 (a)			11,320		11,184,500
Series 2006-C, Class A4, 0.40%, 3/15/23 (a)			1,095		1,079,059
SLM Private Education Loan Trust:
Series 2011-A, Class A3, 2.65%, 1/15/43 (a)(b)			4,425		4,723,834
Series 2011-B, Class A2, 3.74%, 2/15/29 (b)			1,420		1,500,301
Series 2011-B, Class A3, 2.40%, 6/16/42 (a)(b)			2,817		3,011,872
Series 2011-C, Class A2A, 3.40%, 10/17/44 (a)(b)			2,920		3,141,333
Series 2011-C, Class A2B, 4.54%, 10/17/44 (b)			4,120		4,431,517
Series 2012-A, Class A1, 1.55%, 8/15/25 (a)(b)			1,826		1,849,875
Series 2012-A, Class A2, 3.83%, 1/17/45 (b)			7,470		7,868,226
Series 2012-B, Class A2, 3.48%, 10/15/30 (b)			730		765,179
Series 2012-D, Class A2, 2.95%, 2/15/46 (b)			12,220		12,685,875
Series 2013-A, Class A1, 0.75%, 8/15/22 (a)(b)			1,948		1,951,143
Series 2013-A, Class A2A, 1.77%, 5/17/27 (b)			16,655		16,528,655
Series 2013-A, Class A2B, 1.20%, 5/17/27 (a)(b)			11,170		11,272,865
Series 2013-A, Class B, 2.50%, 3/15/47 (b)			620		593,037
Series 2013-B, Class A2A, 1.85%, 6/17/30 (b)			18,000		17,780,994
Series 2013-B, Class B, 3.00%, 5/16/44 (b)			825		800,347
Series 2013-C, Class A2A, 2.94%, 10/15/31 (b)			6,190		6,377,384
SLM Student Loan Trust, Series 2008-5, Class A4, 1.93%, 7/25/23 (a)			12,706		13,326,027
Sound Point CLO IV Ltd., Series 2013-3A, Class A, 1.60%, 1/21/26 (a)(b)			1,865		1,846,844
SpringCastle America Funding LLC:
Series 2013-1A, Class A, 3.75%, 4/03/21 (b)			11,137		11,233,002
Series 2013-1A, Class B, 4.00%, 12/03/24 (b)			8,143		8,142,932
St. Pauls CLO, Series 4X, Class A1, 0.00%, 4/25/28		EUR	2,000		2,738,302
Structured Asset Securities Corp. Assistance Loan Trust, Series 2003-AL2, Class A, 3.36%, 1/25/31 (b)		USD	927		904,511
Structured Asset Securities Corp. Mortgage Pass-Through Certificates, Series 2004-23XS, Class 2A1, 0.45%, 1/25/35 (a)			1,624		1,525,201
TAGUS-Sociedade de Titularizacao de Creditos SA/Volta II Electricity Receivables, Series 2, Class SNR, 2.98%, 2/16/21		EUR	2,301		3,161,935

Asset-Backed Securities	Par (000)			Value
Vibrant CLO Ltd.:
Series 2012-1A, Class A1, 1.72%, 7/17/24 (a)(b)		USD	13,740	$	13,728,981
Series 2012-1A, Class A2, 2.63%, 7/17/24 (a)(b)			2,600		2,593,076
World Financial Network Credit Card Master Trust:
Series 2012-C, Class A, 2.23%, 8/15/22			8,570		8,639,666
Series 2012-C, Class B, 3.57%, 8/15/22			3,000		3,056,520
Series 2012-C, Class C, 4.55%, 8/15/22			5,030		5,271,536
Series 2012-D, Class B, 3.34%, 4/17/23			3,551		3,502,092
Series 2012-D, Class M, 3.09%, 4/17/23			2,725		2,767,142
Total Asset-Backed Securities — 15.9%					544,135,979
Common Stocks	Shares
Automobiles — 0.1%
Volkswagen AG, Preference Shares			4,898		1,286,371
Banks — 0.0%
Barclays PLC			210,981		768,359
Total Common Stocks — 0.1%					2,054,730
Corporate Bonds	Par (000)
Aerospace & Defense — 0.2%
L-3 Communications Corp., 1.50%, 5/28/17		USD	1,145		1,146,566
Meccanica Holdings USA, Inc.:
6.25%, 7/15/19 (b)			2,254		2,507,575
7.38%, 7/15/39 (b)			150		159,375
6.25%, 1/15/40 (b)			2,560		2,464,000
					6,277,516
Air Freight & Logistics — 0.2%
FedEx Corp.:
4.90%, 1/15/34			4,435		4,759,975
5.10%, 1/15/44			1,290		1,395,848
					6,155,823
Airlines — 0.0%
United Continental Holdings, Inc., 6.00%, 7/15/28			1,815		1,746,937
Auto Components — 0.4%
AA Bond Co. Ltd.:
4.25%, 7/31/20		GBP	250		439,763
6.27%, 7/02/43			440		873,539
3.85%, 7/31/43			450		778,867
FTE Verwaltungs GmbH, 9.00%, 7/15/20		EUR	520		779,680
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
3.50%, 3/15/17		USD	877		886,866
4.88%, 3/15/19			1,195		1,230,850
6.00%, 8/01/20			1,415		1,515,819
Johnson Controls, Inc., 3.63%, 7/02/24			1,210		1,215,331
Mahle GmbH, 2.50%, 5/14/21		EUR	1,700		2,346,098

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 3

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

Corporate Bonds	Par (000)			Value
Auto Components (concluded)
Plastic Omnium SA, 2.88%, 5/29/20		EUR	1,800	$	2,573,855
Servus Luxembourg Holding SCA, 7.75%, 6/15/18			589		866,691
					13,507,359
Automobiles — 0.6%
BMW Finance NV, 0.67%, 4/04/17 (a)			825		1,129,998
General Motors Co.:
4.88%, 10/02/23 (b)		USD	2,765		2,910,163
6.25%, 10/02/43 (b)			1,565		1,795,837
Jaguar Land Rover Automotive PLC, 8.25%, 3/15/20		GBP	610		1,167,917
Renault SA, 4.63%, 9/18/17		EUR	1,673		2,505,166
Volkswagen International Finance NV:
5.50%, 11/09/15			5,900		9,456,319
5.50%, 11/09/15 (b)			400		640,011
0.93%, 4/15/19			1,000		1,373,266
					20,978,677
Banks — 4.5%
AIB Mortgage Bank, 2.63%, 7/28/17			1,260		1,791,605
Allied Irish Banks PLC, 2.75%, 4/16/19			1,550		2,154,039
Banca Monte dei Paschi di Siena SpA:
4.88%, 9/15/16			1,018		1,504,209
2.88%, 4/16/21			2,650		3,752,912
Banca Popolare dell’Emilia Romagna SC, 3.38%, 10/22/18			700		1,034,581
Banco Espirito Santo SA, 7.13%, 11/28/23 (a)			600		800,745
Banco Popolare SC, 3.50%, 3/14/19			975		1,383,264
Banco Popular Espanol SA, 2.13%, 10/08/19			1,400		1,967,384
Bank of Ireland:
2.20%, 5/08/17			1,200		1,645,086
3.25%, 1/15/19			1,830		2,605,195
4.55%, 6/11/24 (a)			1,000		1,361,084
Bank of Ireland Mortgage Bank, 3.63%, 10/02/20			320		496,287
Bankia SA:
3.50%, 1/17/19			3,000		4,365,425
4.00%, 5/22/24 (a)			2,100		2,859,485
Barclays Bank PLC, 7.63%, 11/21/22		USD	226		257,979
BNP Paribas SA:
2.50%, 5/20/24		EUR	950		1,314,148
3.10%, 3/20/26 (a)			2,200		3,053,900
BPCE SA:
2.95%, 7/08/26 (a)			700		951,417
5.25%, 4/16/29		GBP	100		172,175
Branch Banking & Trust Co., 2.30%, 10/15/18		USD	3,210		3,270,788
Caixa Geral de Depositos SA, 3.00%, 1/15/19		EUR	700		1,019,424
CaixaBank SA:
4.50%, 11/22/16			1,200		1,689,169
3.13%, 5/14/18			1,700		2,487,452
Caja Rural de Navarra, Sociedad Cooperativa de Crédito Ltd., 2.88%, 6/11/18			1,400		2,043,735
Citigroup, Inc.:
4.45%, 1/10/17		USD	1,950		2,100,168
2.50%, 9/26/18			3,714		3,774,534
6.68%, 9/13/43			1,220		1,518,795
4.95%, 11/07/43			1,220		1,302,715
5.30%, 5/06/44			2,000		2,086,096
Commerzbank AG, 7.75%, 3/16/21		EUR	900		1,525,921

Corporate Bonds	Par (000)			Value
Banks (concluded)
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA:
2.25%, 1/14/19		USD	3,830	$	3,878,748
4.70%, 5/23/29		GBP	1,800		3,048,362
DEPFA Bank PLC, 0.94%, 12/15/15 (a)		EUR	307		397,465
HSBC Bank Brasil SA — Banco Multiplo, 4.00%, 5/11/16 (b)		USD	15,610		16,195,375
HSBC Holdings PLC:
4.25%, 3/14/24			1,219		1,254,505
6.50%, 5/02/36			2,410		2,960,386
5.25%, 3/14/44			2,979		3,189,913
HSBC USA, Inc.:
2.25%, 6/23/19			4,770		4,785,727
3.50%, 6/23/24			2,735		2,742,762
Intesa Sanpaolo SpA:
3.50%, 1/17/22		EUR	790		1,179,202
5.02%, 6/26/24 (b)		USD	2,490		2,519,419
3.25%, 2/10/26		EUR	300		443,656
KFW:
3.13%, 7/04/16			800		1,161,495
0.88%, 10/13/17			800		1,118,209
Kutxabank SA, 3.00%, 2/01/17			1,400		2,025,267
LBBW, 3.00%, 5/27/26 (a)			2,250		3,084,734
Macquarie Bank Ltd.:
1.65%, 3/24/17 (b)		USD	2,765		2,781,065
2.60%, 6/24/19 (b)			9,535		9,595,271
Royal Bank of Scotland Group PLC:
1.88%, 3/31/17			4,802		4,844,781
1.63%, 6/25/19		EUR	762		1,047,893
6.00%, 12/19/23		USD	2,075		2,243,500
5.13%, 5/28/24			3,985		4,046,365
Société Générale SA, 5.00%, 1/17/24 (b)			2,910		3,043,383
UniCredit SpA:
3.25%, 1/14/21		EUR	1,850		2,715,090
5.75%, 10/28/25 (a)			1,180		1,816,983
Unione di Banche Italiane SCpA:
2.88%, 2/18/19			1,175		1,693,967
3.30%, 2/05/24			280		412,046
Wells Fargo & Co.:
1.50%, 7/01/15		USD	2,575		2,604,041
2.13%, 4/22/19			1,680		1,685,742
4.10%, 6/03/26			3,135		3,174,498
5.38%, 11/02/43			4,275		4,702,667
					152,682,234
Beverages — 0.2%
Anheuser-Busch InBev Finance, Inc.:
2.15%, 2/01/19			3,105		3,123,897
3.70%, 2/01/24			4,380		4,495,216
					7,619,113
Biotechnology — 0.5%
Amgen, Inc.:
3.63%, 5/22/24			6,355		6,411,204
5.65%, 6/15/42			1,935		2,207,096
Celgene Corp., 3.63%, 5/15/24			7,910		7,928,486
					16,546,786

4 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

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

Corporate Bonds	Par (000)			Value
Building Products — 0.0%
Imerys SA, 2.50%, 11/26/20		EUR	600	$	857,605
Capital Markets — 2.3%
The Bank of New York Mellon Corp., 2.10%, 1/15/19		USD	3,305		3,324,695
Credit Suisse, 2.30%, 5/28/19			4,970		4,977,982
Credit Suisse AG, 5.75%, 9/18/25 (a)		EUR	315		480,932
The Goldman Sachs Group, Inc.:
3.63%, 2/07/16		USD	2,575		2,683,863
2.38%, 1/22/18			4,150		4,214,474
5.75%, 1/24/22			2,001		2,315,525
1.83%, 11/29/23 (a)			3,350		3,452,778
3.85%, 7/08/24			8,195		8,195,000
4.25%, 1/29/26		GBP	1,410		2,440,213
6.13%, 2/15/33		USD	2,440		2,922,476
6.75%, 10/01/37			2,770		3,332,404
6.25%, 2/01/41			1,220		1,488,282
4.80%, 7/08/44			3,200		3,200,000
Jefferies Group LLC, 2.38%, 5/20/20		EUR	1,295		1,790,196
Mediobanca SpA, 2.25%, 3/18/19			1,175		1,650,380
Morgan Stanley:
5.45%, 1/09/17		USD	8,310		9,154,254
5.63%, 9/23/19			3,170		3,646,163
2.38%, 3/31/21		EUR	2,340		3,309,676
3.75%, 2/25/23		USD	5,480		5,574,689
3.88%, 4/29/24			3,663		3,707,396
UBS AG:
4.75%, 5/22/23 (a)			1,340		1,371,825
5.10%, 5/15/24			3,475		3,483,687
4.75%, 2/12/26 (a)		EUR	865		1,259,835
					77,976,725
Chemicals — 0.5%
Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding B BV, 7.38%, 5/01/21 (b)			630		686,700
Eastman Chemical Co., 4.80%, 9/01/42		USD	2,340		2,375,973
INEOS Finance PLC, 7.50%, 5/01/20 (b)			565		615,144
INEOS Group Holdings SA, 5.75%, 2/15/19		EUR	150		212,070
LyondellBasell Industries NV, 5.00%, 4/15/19		USD	6,647		7,497,656
Monsanto Co.:
2.75%, 7/15/21			840		839,672
4.70%, 7/15/64			985		988,806
Rockwood Specialties Group, Inc., 4.63%, 10/15/20			2,355		2,443,313
					15,659,334
Commercial Services & Supplies — 0.1%
Algeco Scotsman Global Finance PLC, 9.00%, 10/15/18		EUR	300		437,524
Bilbao Luxembourg SA, 10.50% (10.50% Cash or 11.25% PIK), 12/01/18 (c)			400		588,799
GCL Holdings SCA, 9.38%, 4/15/18			290		425,846
IVS F. SpA, 7.13%, 4/01/20			110		161,587
Verisure Holding AB, 8.75%, 12/01/18			300		442,216
					2,055,972
Communications Equipment — 0.1%
Cisco Systems, Inc., 2.13%, 3/01/19		USD	3,350		3,376,029
Construction & Engineering — 0.0%
Aldesa Financial Services SA, 7.25%, 4/01/21		EUR	255		364,011
Astaldi SpA, 7.13%, 12/01/20			214		319,755
					683,766

Corporate Bonds	Par (000)			Value
Construction Materials — 0.1%
Cemex Finance LLC, 5.25%, 4/01/21		EUR	150	$	215,254
Kerneos Tech Group SAS:
5.06%, 3/01/21 (a)			180		248,939
5.75%, 3/01/21			244		349,338
Xefin Lux SCA, 4.06%, 6/01/19 (a)			880		1,207,997
					2,021,528
Consumer Finance — 0.9%
American Express Credit Corp., 1.13%, 6/05/17		USD	5,410		5,404,319
Capital One Financial Corp., 2.45%, 4/24/19			3,687		3,721,580
Ford Motor Credit Co. LLC:
1.72%, 12/06/17			11,135		11,139,532
4.38%, 8/06/23			1,746		1,864,604
John Deere Bank SA, 0.70%, 3/19/19 (a)		EUR	970		1,332,684
Toyota Motor Credit Corp., 2.75%, 5/17/21		USD	6,340		6,365,487
					29,828,206
Containers & Packaging — 0.1%
Ardagh Glass Finance PLC, 8.75%, 2/01/20		EUR	171		248,199
Ardagh Packaging Finance PLC, 9.25%, 10/15/20			146		217,910
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.25%, 1/15/22			350		474,463
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Luxembourg SA, 6.88%, 2/15/21		USD	3,120		3,366,870
SGD Group SAS, 5.63%, 5/15/19		EUR	175		248,024
					4,555,466
Distributors — 0.1%
VWR Funding, Inc., 7.25%, 9/15/17		USD	3,926		4,151,745
Diversified Financial Services — 2.3%
Annington Finance No. 4 PLC, 1.49%, 1/10/23 (a)		GBP	1,695		2,874,815
AyT Cedulas Cajas Global:
4.00%, 3/21/17		EUR	1,600		2,353,071
4.25%, 6/14/18			400		602,808
AyT Cedulas Cajas X Fondo de Titulizacion, 3.75%, 6/30/25			600		848,337
AyT Cedulas Cajas XXIII Fondo de Titulizacion de Activos, 4.75%, 6/15/16			2,300		3,377,344
Bank of America Corp.:
5.75%, 12/01/17		USD	4,845		5,464,772
2.60%, 1/15/19			4,178		4,227,146
2.65%, 4/01/19			16,828		17,056,861
BPE Financiaciones SA:
2.88%, 5/19/16		EUR	1,700		2,384,586
2.70%, 2/01/17			900		1,256,387
Cedulas TDA, 4.25%, 3/28/27			100		149,250
Cedulas TDA 1 Fondo de Titulizacion de Activos, 4.13%, 4/10/21			300		459,059
Cedulas TDA 6 Fondo de Titulizacion de Activos:
3.88%, 5/23/25			900		1,314,044
4.25%, 4/10/31			1,100		1,595,914
Cedulas TDA 7 Fondo de Titulizacion de Activos, 3.50%, 6/20/17			100		145,741
EC Finance PLC, 9.75%, 8/01/17			329		474,151
FGA Capital Ireland PLC, 2.80%, 4/17/19			525		737,370
Fresenius Finance BV, 3.00%, 2/01/21			1,470		2,131,832

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 5

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

Corporate Bonds	Par (000)			Value
Diversified Financial Services (concluded)
General Electric Capital Corp., 6.88%, 1/10/39		USD	1,220	$	1,638,799
General Motors Financial Co., Inc.:
2.75%, 5/15/16			3,270		3,319,050
4.75%, 8/15/17			4,115		4,377,331
JPMorgan Chase & Co.:
4.75%, 3/01/15			5,150		5,298,088
1.35%, 2/15/17			9,365		9,398,264
3.25%, 9/23/22			2,721		2,733,421
3.20%, 1/25/23			1,315		1,305,631
4.85%, 2/01/44			1,220		1,293,598
Total Capital International SA, 2.75%, 6/19/21			2,195		2,199,796
					79,017,466
Diversified Telecommunication Services — 2.1%
AT&T Inc.:
2.30%, 3/11/19			6,005		6,062,426
4.45%, 5/15/21			4,179		4,588,826
3.00%, 2/15/22			1,371		1,364,866
4.35%, 6/15/45			2,340		2,218,128
Intelsat Jackson Holdings SA, 7.25%, 4/01/19			4,072		4,331,590
Level 3 Financing, Inc., 8.13%, 7/01/19			4,474		4,882,253
Telecom Italia Capital SA:
6.38%, 11/15/33			709		732,043
6.00%, 9/30/34			595		596,488
7.72%, 6/04/38			400		461,000
Telecom Italia Finance SA:
6.13%, 11/15/16		EUR	3,400		5,775,298
7.75%, 1/24/33			730		1,294,468
Telecom Italia SpA:
4.88%, 9/25/20			300		447,531
4.50%, 1/25/21			1,190		1,739,880
5.88%, 5/19/23		GBP	650		1,164,171
Telenet Finance V Luxembourg SCA, 6.75%, 8/15/24		EUR	400		616,185
Verizon Communications, Inc.:
3.65%, 9/14/18		USD	7,345		7,855,338
4.50%, 9/15/20			2,820		3,101,977
5.15%, 9/15/23			2,885		3,228,583
5.05%, 3/15/34			9,500		10,139,027
3.85%, 11/01/42			8,819		7,764,803
Wind Acquisition Finance SA:
4.00%, 7/15/20		EUR	1,303		1,779,738
4.21%, 7/15/20 (a)			570		787,916
					70,932,535
Electric Utilities — 1.4%
Berkshire Hathaway Energy Co., 6.50%, 9/15/37			25		32,239
CE Energy AS, 7.00%, 2/01/21		EUR	435		636,239
The Cleveland Electric Illuminating Co.:
8.88%, 11/15/18		USD	1,199		1,522,038
5.95%, 12/15/36			2,225		2,524,552
Commonwealth Edison Co., 4.70%, 1/15/44			2,670		2,913,945
Duke Energy Carolinas LLC, 4.25%, 12/15/41 (d)			4,015		4,087,146
Duke Energy Corp., 3.75%, 4/15/24			672		690,217
Duke Energy Florida, Inc., 6.40%, 6/15/38			2,716		3,632,981
Entergy Arkansas, Inc., 3.70%, 6/01/24			3,976		4,127,851
Georgia Power Co., 3.00%, 4/15/16			9,205		9,584,366
Jersey Central Power & Light Co., 7.35%, 2/01/19			2,730		3,298,342

Corporate Bonds	Par (000)			Value
Electric Utilities (concluded)
Oncor Electric Delivery Co. LLC:
4.10%, 6/01/22		USD	819	$	880,454
5.30%, 6/01/42			1,275		1,499,596
PacifiCorp:
3.60%, 4/01/24			8,260		8,565,182
5.75%, 4/01/37			2,225		2,753,275
Progress Energy, Inc., 4.88%, 12/01/19			416		467,305
					47,215,728
Electrical Equipment — 0.0%
Trionista Holdco GmbH, 5.00%, 4/30/20		EUR	305		437,140
Energy Equipment & Services — 0.8%
Diamond Offshore Drilling, Inc., 4.88%, 11/01/43		USD	2,590		2,614,030
Transocean, Inc.:
6.00%, 3/15/18			13,977		15,787,427
6.50%, 11/15/20			1,620		1,873,626
6.80%, 3/15/38			4,627		5,277,316
Weatherford International Ltd., 5.95%, 4/15/42			2,340		2,653,773
					28,206,172
Food & Staples Retailing — 0.2%
Co-operative Group Holdings, 5.63%, 7/08/20 (e)		GBP	100		181,407
CVS Caremark Corp., 5.30%, 12/05/43		USD	811		916,808
Wal-Mart Stores, Inc.:
4.00%, 4/11/43			3,182		3,048,066
4.30%, 4/22/44			2,335		2,358,364
WM Treasury PLC, 4.63%, 12/03/42		GBP	1,140		1,979,353
					8,483,998
Food Products — 0.1%
Mondelez International, Inc., 2.25%, 2/01/19		USD	3,880		3,906,562
Health Care Equipment & Supplies — 0.2%
Boston Scientific Corp., 2.65%, 10/01/18			3,915		4,002,046
CareFusion Corp.:
1.45%, 5/15/17			1,905		1,903,577
4.88%, 5/15/44			735		742,476
Medtronic, Inc., 3.63%, 3/15/24			1,930		1,979,582
					8,627,681
Health Care Providers & Services — 1.2%
Aetna, Inc., 4.75%, 3/15/44			846		889,375
AmerisourceBergen Corp., 1.15%, 5/15/17			9,530		9,518,850
Coventry Health Care, Inc., 5.45%, 6/15/21			3,862		4,497,334
Express Scripts Holding Co., 1.25%, 6/02/17			3,505		3,498,842
HCA, Inc., 7.25%, 9/15/20			3,925		4,204,656
IDH Finance PLC, 6.00%, 12/01/18		GBP	309		551,295
Priory Group No. 3 PLC, 7.00%, 2/15/18			360		649,216
Tenet Healthcare Corp., 4.75%, 6/01/20		USD	1,977		2,021,483
UnitedHealth Group, Inc., 3.38%, 11/15/21			1,670		1,714,614
Voyage Care BondCo PLC, 11.00%, 2/01/19		GBP	1,800		3,373,152
WellPoint, Inc.:
1.88%, 1/15/18		USD	4,895		4,929,363
2.30%, 7/15/18			4,928		5,020,538
3.30%, 1/15/23			1,520		1,518,191
					42,386,909
Hotels, Restaurants & Leisure — 0.2%
Cirsa Funding Luxembourg SA, 8.75%, 5/15/18		EUR	588		835,342

6 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

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

Corporate Bonds	Par (000)			Value
Hotels, Restaurants & Leisure (concluded)
Compass Group PLC, 1.88%, 1/27/23		EUR	900	$	1,236,117
Gala Group Finance PLC, 8.88%, 9/01/18		GBP	252		458,993
Intralot Finance Luxembourg SA, 9.75%, 8/15/18		EUR	1,575		2,466,666
McDonald’s Corp., 2.63%, 6/11/29			600		822,205
Stonegate Pub Co. Financing PLC, 5.27%, 4/15/19 (a)		GBP	200		347,755
					6,167,078
Household Durables — 0.1%
K. Hovnanian Enterprises, Inc., 7.25%, 10/15/20 (b)		USD	3,615		3,922,275
Household Products — 0.1%
Kimberly-Clark Corp., 1.90%, 5/22/19			3,940		3,936,371
Industrial Conglomerates — 0.1%
General Electric Co., 4.50%, 3/11/44			2,251		2,345,405
Insurance — 2.3%
Achmea BV, 6.00%, 4/04/43 (a)		EUR	997		1,532,428
American International Group, Inc.:
3.80%, 3/22/17		USD	8,228		8,792,507
5.45%, 5/18/17			4,250		4,741,393
3.38%, 8/15/20			6,390		6,640,066
Genworth Holdings, Inc.:
7.63%, 9/24/21			7,515		9,415,213
4.90%, 8/15/23			896		959,110
Manulife Financial Corp., 3.40%, 9/17/15			3,265		3,373,901
MassMutual Global Funding II, 2.35%, 4/09/19 (b)			3,435		3,464,428
Metropolitan Life Global Funding I:
1.30%, 4/10/17 (b)			12,140		12,158,309
2.30%, 4/10/19 (b)			5,185		5,237,642
NN Group NV, 4.63%, 4/08/44 (a)		EUR	2,250		3,217,608
Pension Insurance Corp. PLC, 6.50%, 7/03/24		GBP	225		381,655
Prudential Financial, Inc.:
4.75%, 9/17/15		USD	8,759		9,192,702
7.38%, 6/15/19			3,780		4,681,156
5.38%, 6/21/20			2,135		2,447,946
XLIT Ltd.:
2.30%, 12/15/18			1,674		1,664,882
5.25%, 12/15/43			764		840,146
					78,741,092
Internet Software & Services — 0.0%
Baidu, Inc., 2.75%, 6/09/19			1,072		1,076,175
IT Services — 0.4%
APX Group, Inc., 6.38%, 12/01/19			962		998,075
Cerved Group SpA, 8.00%, 1/15/21		EUR	300		460,085
International Business Machines Corp., 3.63%, 2/12/24		USD	5,516		5,659,697
MasterCard Inc.:
2.00%, 4/01/19			3,362		3,375,683
3.38%, 4/01/24			2,162		2,194,112
					12,687,652
Life Sciences Tools & Services — 0.3%
Thermo Fisher Scientific, Inc.:
2.40%, 2/01/19			8,693		8,781,460
5.30%, 2/01/44			435		482,813
					9,264,273
Machinery — 0.3%
Caterpillar, Inc., 4.75%, 5/15/64			2,310		2,407,524
CNH Industrial Finance Europe SA, 2.75%, 3/18/19		EUR	2,140		2,971,092

Corporate Bonds	Par (000)			Value
Machinery (concluded)
John Deere Capital Corp., 3.35%, 6/12/24		USD	3,525	$	3,548,420
					8,927,036
Media — 1.6%
Altice SA, 7.25%, 5/15/22		EUR	1,180		1,712,721
CBS Corp.:
4.63%, 5/15/18		USD	1,825		1,998,229
8.88%, 5/15/19			3,530		4,576,296
5.75%, 4/15/20			1,450		1,680,347
Clear Channel Worldwide Holdings, Inc., 6.50%, 11/15/22			4,844		5,219,410
Comcast Cable Communications Holdings, Inc., 9.46%, 11/15/22			2,285		3,321,241
Comcast Corp.:
5.88%, 2/15/18			6,510		7,504,715
4.75%, 3/01/44			1,040		1,099,963
COX Communications, Inc., 8.38%, 3/01/39 (b)			3,755		5,260,973
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.:
4.60%, 2/15/21			4,390		4,793,142
5.00%, 3/01/21			2,265		2,528,467
The Interpublic Group of Cos., Inc., 4.20%, 4/15/24			368		379,728
NBCUniversal Media LLC:
5.15%, 4/30/20			3,598		4,128,863
4.45%, 1/15/43			1,707		1,712,551
Numericable Group SA:
5.38%, 5/15/22		EUR	610		886,434
5.63%, 5/15/24			415		607,327
Odeon & UCI Finco PLC, 9.00%, 8/01/18		GBP	172		307,988
Time Warner Cable, Inc.:
8.75%, 2/14/19		USD	1,450		1,859,586
6.55%, 5/01/37			2,380		2,961,413
Unitymedia KabelBW GmbH, 9.50%, 3/15/21		EUR	340		531,277
Virgin Media Secured Finance PLC, 6.00%, 4/15/21		GBP	310		559,710
					53,630,381
Metals & Mining — 0.6%
APERAM, 0.63%, 7/08/21		USD	1,000		1,024,000
BHP Billiton Finance USA Ltd., 5.00%, 9/30/43			1,510		1,668,829
Eco-Bat Finance PLC, 7.75%, 2/15/17		EUR	300		424,141
Freeport-McMoRan Copper & Gold, Inc., 3.88%, 3/15/23		USD	2,765		2,756,583
Novelis, Inc., 8.75%, 12/15/20			6,865		7,620,150
Rio Tinto Finance USA PLC, 2.88%, 8/21/22			2,261		2,207,740
Steel Dynamics, Inc., 6.38%, 8/15/22			1,345		1,462,688
Teck Resources Ltd., 4.50%, 1/15/21			1,662		1,749,760
ThyssenKrupp AG, 3.13%, 10/25/19		EUR	405		578,136
					19,492,027
Multiline Retail — 0.0%
Hema Bondco I BV, 5.48%, 6/15/19 (a)			675		919,656
Multi-Utilities — 0.8%
CenterPoint Energy Houston Electric LLC, 4.50%, 4/01/44		USD	4,095		4,320,401
CMS Energy Corp.:
3.88%, 3/01/24			1,311		1,362,303
4.88%, 3/01/44			2,861		3,011,503
Dominion Gas Holdings LLC, 4.80%, 11/01/43 (b)			430		457,442
Dominion Resources, Inc., 1.95%, 8/15/16			6,505		6,650,894
DTE Energy Co., 3.50%, 6/01/24			3,165		3,192,358
GDF Suez, 2.65%, 5/19/26		EUR	3,000		4,151,165

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 7

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

Corporate Bonds	Par (000)			Value
Multi-Utilities (concluded)
Pacific Gas & Electric Co., 4.75%, 2/15/44		USD	1,188	$	1,264,651
PG&E Corp., 2.40%, 3/01/19			1,690		1,705,245
Virginia Electric and Power Co., 3.45%, 2/15/24			680		695,601
					26,811,563
Oil, Gas & Consumable Fuels — 3.3%
Access Midstream Partners LP/ACMP Finance Corp., 4.88%, 5/15/23			1,345		1,417,294
Apache Corp.:
6.00%, 1/15/37			1,455		1,780,943
4.75%, 4/15/43			2,935		3,075,830
4.25%, 1/15/44			1,010		993,328
BP Capital Markets PLC:
2.24%, 5/10/19			12,015		12,118,137
3.25%, 5/06/22			2,790		2,824,501
CONSOL Energy, Inc., 8.25%, 4/01/20			549		594,293
Continental Resources, Inc., 4.90%, 6/01/44 (b)			2,300		2,376,583
Enbridge, Inc., 3.50%, 6/10/24			1,445		1,439,437
EP Energy LLC/Everest Acquisition Finance, Inc., 6.88%, 5/01/19			1,260		1,340,325
Exxon Mobil Corp., 1.82%, 3/15/19			9,675		9,743,247
Galp Energia SGPS SA, 4.13%, 1/25/19		EUR	900		1,317,213
Hess Corp., 3.50%, 7/15/24		USD	785		786,551
Husky Energy, Inc., 4.00%, 4/15/24			1,375		1,428,433
IVG Finance BV, 1.75%, 3/29/17		EUR	2,000		2,218,266
Kerr-McGee Corp., 6.95%, 7/01/24		USD	2,920		3,750,331
Kinder Morgan Energy Partners LP:
3.50%, 3/01/21			730		740,272
4.15%, 2/01/24			4,545		4,609,712
Laredo Petroleum, Inc.:
9.50%, 2/15/19			1,925		2,112,687
7.38%, 5/01/22			655		731,963
Linn Energy LLC/Linn Energy Finance Corp., 6.25%, 11/01/19			3,995		4,184,763
MarkWest Energy Partners LP/MarkWest Energy Finance Corp., 4.50%, 7/15/23			1,105		1,127,100
MEG Energy Corp., 6.50%, 3/15/21 (b)			910		964,600
Noble Energy, Inc.:
8.25%, 3/01/19			2,730		3,441,621
6.00%, 3/01/41			3,070		3,694,199
5.25%, 11/15/43			1,760		1,940,242
Noble Holding International Ltd., 3.95%, 3/15/22			1,525		1,561,997
Peabody Energy Corp., 6.00%, 11/15/18			614		640,095
Sabine Pass Liquefaction LLC:
5.63%, 2/01/21			4,005		4,235,287
5.63%, 4/15/23			1,053		1,097,753
Sabine Pass LNG LP, 7.50%, 11/30/16			5,000		5,525,000
Schlumberger Investment SA, 3.65%, 12/01/23			2,140		2,225,452
Shell International Finance BV:
2.00%, 11/15/18			5,814		5,894,559
4.55%, 8/12/43			3,301		3,476,907
TransCanada PipeLines Ltd.:
3.75%, 10/16/23			2,540		2,621,232
4.63%, 3/01/34			2,135		2,264,439
Western Gas Partners LP, 5.38%, 6/01/21			5,302		6,004,022
The Williams Cos., Inc.:
7.88%, 9/01/21			1,899		2,357,679
3.70%, 1/15/23			1,372		1,319,778
Williams Partners LP, 5.40%, 3/04/44			1,990		2,134,934
					112,111,005

Corporate Bonds	Par (000)			Value
Paper & Forest Products — 0.4%
International Paper Co.:
4.75%, 2/15/22		USD	10,341	$	11,402,679
4.80%, 6/15/44			3,500		3,527,615
					14,930,294
Pharmaceuticals — 1.4%
AbbVie, Inc., 4.40%, 11/06/42			3,275		3,179,386
Actavis Funding SCS:
2.45%, 6/15/19 (b)			4,274		4,285,967
3.85%, 6/15/24 (b)			3,443		3,480,363
Actavis, Inc.:
3.25%, 10/01/22			4,070		3,998,677
4.63%, 10/01/42			3,865		3,802,016
Bristol-Myers Squibb Co., 4.50%, 3/01/44			4,623		4,733,074
Forest Laboratories, Inc., 5.00%, 12/15/21 (b)			1,420		1,556,121
Novartis Capital Corp., 4.40%, 4/24/20			4,850		5,389,853
Pfizer, Inc.:
2.10%, 5/15/19			7,480		7,516,315
3.40%, 5/15/24			5,545		5,630,526
4.40%, 5/15/44			1,825		1,867,951
Teva Pharmaceutical Finance Co. BV, 3.65%, 11/10/21			2,170		2,226,869
					47,667,118
Professional Services — 0.0%
TMF Group Holding BV, 9.88%, 12/01/19		EUR	326		495,584
Real Estate Investment Trusts (REITs) — 0.3%
ARC Properties Operating Partnership LP/Clark Acquisition LLC, 3.00%, 2/06/19 (b)		USD	5,150		5,169,519
GELF Bond Issuer I SA, 3.13%, 4/03/18		EUR	1,795		2,594,076
GLP Capital LP/GLP Financing II, Inc.:
4.38%, 11/01/18 (b)		USD	226		233,345
4.88%, 11/01/20 (b)			355		365,650
Ventas Realty LP/Ventas Capital Corp., 2.70%, 4/01/20			1,302		1,295,810
					9,658,400
Real Estate Management & Development — 0.1%
The Unique Pub Finance Co. PLC:
Series A3, 6.54%, 3/30/21		GBP	460		830,538
Series A4, 5.66%, 6/30/27			1,508		2,612,197
					3,442,735
Road & Rail — 0.3%
Burlington Northern Santa Fe LLC:
3.00%, 3/15/23		USD	1,440		1,416,516
3.75%, 4/01/24			722		745,112
Ryder System, Inc., 2.45%, 9/03/19			3,365		3,377,854
Union Pacific Railroad Co. Pass-Through Trust, Series 2014-1, 3.23%, 5/14/26			3,195		3,218,438
					8,757,920
Software — 0.2%
First Data Corp., 7.38%, 6/15/19 (b)			2,290		2,458,887
Oracle Corp.:
2.80%, 7/08/21			3,345		3,345,000
4.30%, 7/08/34			1,865		1,865,000
					7,668,887
Specialty Retail — 0.2%
3AB Optique Developpement SAS, 5.63%, 4/15/19		EUR	265		359,236
DFS Furniture Holdings PLC, 7.63%, 8/15/18		GBP	278		506,739
Dufry Finance SCA, 5.50%, 10/15/20 (b)		USD	1,760		1,827,424

8 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

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

Corporate Bonds	Par (000)			Value
Specialty Retail (concluded)
The Home Depot, Inc., 4.40%, 3/15/45		USD	980	$	994,898
House of Fraser Funding PLC, 8.88%, 8/15/18		GBP	491		899,198
Lion/Seneca France 2, 7.88%, 4/15/19		EUR	690		935,369
Marks & Spencer PLC, 4.75%, 6/12/25		GBP	800		1,407,429
Phosphorus Holdco PLC, 10.00% (10.00% Cash or 10.50% PIK), 4/01/19 (c)			100		154,025
Punch Taverns Finance B Ltd., 5.94%, 12/30/24			176		304,217
					7,388,535
Technology Hardware, Storage & Peripherals — 0.5%
Apple Inc.:
2.10%, 5/06/19		USD	10,610		10,663,496
2.85%, 5/06/21			3,230		3,257,826
Hewlett-Packard Co., 3.75%, 12/01/20			4,145		4,332,557
					18,253,879
Thrifts & Mortgage Finance — 0.0%
Achmea Bank NV, 2.75%, 2/18/21		EUR	625		905,590
Tobacco — 0.4%
Altria Group, Inc., 4.00%, 1/31/24		USD	2,317		2,380,787
Philip Morris International, Inc.:
1.13%, 8/21/17			6,365		6,346,140
4.88%, 11/15/43			1,638		1,764,151
Reynolds American, Inc.:
4.75%, 11/01/42			1,365		1,301,641
6.15%, 9/15/43			250		286,287
					12,079,006
Trading Companies & Distributors — 0.3%
Aircastle Ltd., 6.25%, 12/01/19			2,100		2,299,500
H&E Equipment Services, Inc., 7.00%, 9/01/22			1,605		1,773,525
United Rentals North America, Inc.:
5.75%, 7/15/18			753		796,298
7.38%, 5/15/20			3,535		3,906,175
7.63%, 4/15/22			1,874		2,103,565
					10,879,063
Transportation Infrastructure — 0.0%
Gategroup Finance Luxembourg SA, 6.75%, 3/01/19		EUR	300		437,491
Wireless Telecommunication Services — 0.9%
America Movil SAB de CV, 2.38%, 9/08/16		USD	8,225		8,457,192
Crown Castle International Corp., 5.25%, 1/15/23			2,235		2,329,987
Play Finance 1 SA, 6.50%, 8/01/19 (f)		EUR	405		594,773
Play Finance 2 SA, 5.25%, 2/01/19			210		301,643
Sprint Communications, Inc., 9.00%, 11/15/18 (b)		USD	10,660		12,925,250
Sprint Corp., 7.88%, 9/15/23 (b)			3,190		3,548,875
T-Mobile USA, Inc.:
6.63%, 4/28/21			1,230		1,331,475
6.73%, 4/28/22			1,180		1,272,925
6.84%, 4/28/23			375		408,281
					31,170,401
Total Corporate Bonds — 34.2%					1,169,661,904

Floating Rate Loan Interests (a)	Par (000)			Value
Capital Markets — 0.1%
Hellios BV, Facility D2,, 4.51%, 9/30/20		EUR	1,300	$	1,795,346
Containers & Packaging — 0.0%
Ardagh Holdings USA, Inc. (Ardagh Packaging Finance SA), New Term Loan, 4.00%, 12/17/19		USD	510		510,423
Diversified Telecommunication Services — 0.7%
Intelsat Jackson Holdings SA, Tranche B-2 Term Loan, 3.75%, 6/30/19			12,002		12,012,404
Level 3 Financing, Inc., Tranche B 2020 Term Loan, 4.00%, 1/15/20			8,090		8,091,699
Ziggo BV:
EUR B1 Facility, 3.50%, 1/15/22		EUR	631		858,959
EUR B2 Facility (Unfunded), 1.38% - 3.50%, 1/15/22			407		553,354
EUR B3 Facility, 2.75%, 1/15/22			669		910,883
EUR B4 Facility, 2.75%, 1/15/22			473		643,849
					23,071,148
Health Care Providers & Services — 0.0%
Emdeon, Inc., Term B-2 Loan, 3.75%, 11/02/18		USD	917		918,707
Hotels, Restaurants & Leisure — 0.9%
BRE/Lauderdale Grande LLC, Mezzanine Loan, 7.34%, 3/09/16			6,540		6,540,000
Caesars Entertainment Resort Properties LLC, Term B Loan, 7.00%, 10/11/20			5,756		5,787,273
Hilton Worldwide Finance LLC, Initial Term Loan, 3.50%, 10/26/20			12,151		12,125,925
Motel 6, Loan, 10.00%, 10/15/17			5,976		6,214,803
					30,668,001
Internet Software & Services — 0.1%
Nets Holding A/s, Term Loan Euro, 3.50%, 5/14/21		EUR	1,300		1,782,600
Life Sciences Tools & Services — 0.0%
Pharmaceutical Product Development, Inc. (Jaguar Holdings LLC), 2013 Term Loan, 4.00%, 12/05/18		USD	975		977,130
Machinery — 0.0%
Gates Global, Inc., Term Loan Euro, 3.25%, 6/11/21		EUR	435		593,906
Ina Beteiligungsgesellschaft Mit Beschrankter Haftung (FKA Schaeffler AG), Facility D, 2.75%, 6/30/16			405		555,810
					1,149,716
Media — 0.0%
Numericable Group SA, Euro Denominated Tranche B-1 Loan, 4.50%, 5/21/20			920		1,265,576
Oil, Gas & Consumable Fuels — 0.1%
Obsidian Natural Gas Trust, Loan, 7.00%, 11/02/15		USD	4,332		4,364,531
Pharmaceuticals — 0.1%
inVentiv Health, Inc. (FKA Ventive Health, Inc.), Consolidated Term Loan, 7.50%, 8/04/16			2,649		2,655,340
Real Estate Management & Development — 0.0%
Realogy Group LLC (FKA Realogy Corp.), Extended Synthetic Commitment, 0.0%-4.4%, 10/10/16			126		126,290

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 9

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

Floating Rate Loan Interests (a)	Par (000)			Value
Software — 0.2%
First Data Corp., 2018 Dollar Term Loan, 4.15%, 3/23/18		USD	6,090	$	6,097,504
Total Floating Rate Loan Interests — 2.2%					75,382,312
Foreign Agency Obligations
Austria — 0.0%
Hypo Alpe-Adria-Bank International AG:
0.29%, 3/20/15 (a)		EUR	250		323,531
2.75%, 8/12/15		CHF	220		238,259
					561,790
Brazil — 0.6%
Petrobras Global Finance BV:
5.38%, 10/01/29		GBP	185		290,848
6.63%, 1/16/34			530		902,783
7.25%, 3/17/44		USD	1,187		1,308,668
Petrobras International Finance Co., 3.88%, 1/27/16			15,335		15,811,152
					18,313,451
China — 0.0%
Nexen Energy ULC, 5.88%, 3/10/35			250		281,810
Germany — 0.1%
HSH Nordbank AG:
1.14%, 2/14/17 (a)		EUR	289		345,371
1.18%, 2/14/17 (a)			1,661		1,985,558
Kreditanstalt Für Wiederaufbau, 0.50%, 7/25/16			800		1,104,301
					3,435,230
Luxembourg — 0.0%
European Financial Stability Facility, 0.50%, 3/07/16			800		1,102,561
Norway — 0.2%
Eksportfinans ASA, 5.50%, 6/26/17		USD	275		294,580
Statoil ASA, 2.90%, 11/08/20			6,595		6,780,313
					7,074,893
Portugal — 0.1%
Caixa Geral de Depositos SA, 5.63%, 12/04/15		EUR	2,000		2,883,746
Total Foreign Agency Obligations — 1.0%					33,653,481
Foreign Government Obligations
Belgium — 0.0%
European Union, 2.50%, 12/04/15			800		1,133,167
Brazil — 0.2%
Federative Republic of Brazil, 4.25%, 1/07/25		USD	6,440		6,526,940
Colombia — 0.1%
Republic of Colombia, 4.00%, 2/26/24			4,410		4,546,710

Foreign Government Obligations	Par (000)			Value
Indonesia — 0.3%
Republic of Indonesia:
5.38%, 10/17/23		USD	6,125	$	6,500,156
5.88%, 1/15/24			2,720		3,002,200
8.50%, 10/12/35			988		1,309,100
5.25%, 1/17/42			202		191,900
					11,003,356
Italy — 5.1%
Buoni Poliennali Del Tesoro:
3.75%, 4/15/16		EUR	900		1,301,765
4.75%, 5/01/17			3,860		5,859,980
1.15%, 5/15/17			87,975		121,490,548
4.75%, 6/01/17			3,860		5,872,190
1.65%, 4/23/20			20,985		29,319,897
5.50%, 11/01/22			6,200		10,412,485
					174,256,865
Mexico — 0.4%
United Mexican States, 4.00%, 10/02/23		USD	12,115		12,732,865
Netherlands — 0.0%
Kingdom of the Netherlands, 4.00%, 7/15/16		EUR	800		1,182,420
Peru — 0.1%
Peruvian Government International Bond, 7.35%, 7/21/25		USD	2,470		3,272,750
Portugal — 0.4%
Republic of Portugal, 3.50%, 3/25/15			12,800		12,992,000
Spain — 0.6%
Autonomous Community of Madrid Spain, 3.00%, 7/29/14		CHF	410		462,984
Autonomous Community of Valencia Spain:
3.25%, 7/06/15		EUR	1,280		1,783,201
4.38%, 7/16/15			1,860		2,622,541
Kingdom of Spain:
2.10%, 4/30/17			2,400		3,407,645
5.50%, 7/30/17			2,942		4,595,812
5.50%, 4/30/21			388		654,096
5.40%, 1/31/23			3,330		5,600,902
					19,127,181
Turkey — 0.5%
Republic of Turkey, 8.80%, 9/27/23		TRY	18,839		8,927,762
Turkey Government International Bond, 5.75%, 3/22/24		USD	7,740		8,455,950
					17,383,712
Total Foreign Government Obligations — 7.7%					264,157,966
Non-Agency Mortgage-Backed Securities
Collateralized Mortgage Obligations — 2.8%
Berica 8 Residential Mbs Srl, Series 8, Class A, 0.62%, 3/31/48 (a)		EUR	486		643,674
BlackRock Capital Finance LP, Series 1997-R2, Class AP, 1.31%, 12/25/35 (a)(b)(g)		USD	7		7,000

10 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

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

Non-Agency Mortgage-Backed Securities	Par (000)			Value
Collateralized Mortgage Obligations (concluded)
Citigroup Mortgage Loan Trust, Series 2007-2, Class 2A, 6.00%, 11/25/36		USD	166	$	155,439
Collateralized Mortgage Obligation Trust, Series 57, Class D, 9.90%, 2/01/19			5		5,495
Countrywide Alternative Loan Trust:
Series 2006-OA21, Class A1, 0.34%, 3/20/47 (a)			20,386		16,432,898
Series 2007-22, Class 2A16, 6.50%, 9/25/37			21,007		17,060,278
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2004-29, Class 1A1, 0.69%, 2/25/35 (a)			791		749,037
Credit Suisse Mortgage Capital Certificates:
Series 2010-20R, Class 9A1, 2.62%, 1/27/36 (a)(b)			6,293		6,241,449
Series 2011-2R, Class 1A1, 2.46%, 3/27/37 (a)(b)			3,200		3,130,953
Series 2011-2R, Class 2A1, 2.61%, 7/27/36 (a)(b)			10,984		10,849,857
Series 2011-5R, Class 3A1, 5.41%, 9/27/47 (a)(b)			4,606		4,433,093
Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-RMP1, Class A2, 0.30%, 12/25/36 (a)			4,657		3,780,411
Gemgarto, Series 2012-1, Class A1, 3.47%, 5/14/45 (a)		GBP	910		1,602,478
HomeBanc Mortgage Trust:
Series 2005-4, Class A1, 0.42%, 10/25/35 (a)		USD	19,614		17,580,202
Series 2006-2, Class A1, 0.33%, 12/25/36 (a)			5,310		4,674,291
Impac Secured Assets CMN Owner Trust, Series 2004-3, Class 1A4, 0.95%, 11/25/34 (a)			925		903,320
Morgan Stanley Re-REMIC Trust, Series 2010-R9, Class 3B, 5.00%, 11/26/36 (b)			3,006		3,126,395
Paragon Mortgages No. 13 PLC, Series 13X, Class A2C, 0.41%, 1/15/39 (a)			482		449,305
Residential Mortgage Securities PLC, Series 26, Class A1, 2.77%, 2/14/41 (a)		GBP	1,745		3,118,668
Silk Road Finance Number Three PLC, Series 2012-1, Class A, 1.87%, 6/21/55 (a)			709		1,230,425
					96,174,668
Commercial Mortgage-Backed Securities — 8.0%
Banc of America Commercial Mortgage Trust:
Series 2007-3, Class A1A, 5.77%, 6/10/49 (a)		USD	8,483		9,179,713
Series 2007-3, Class A4, 5.77%, 6/10/49 (a)			2,730		3,004,643
Banc of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-3, Class A3A, 4.62%, 7/10/43			824		833,998
Citigroup Commercial Mortgage Trust:
Series 2014-388G, Class A, 0.90%, 6/15/33 (a)(b)			9,515		9,535,448
Series 2014-GC19, Class A3, 3.75%, 3/10/47			2,785		2,867,464
Citigroup/Deutsche Bank Commercial Mortgage Trust:
Series 2007-CD4, Class AMFX, 5.37%, 12/11/49 (a)			5,945		6,269,567
Series 2007-CD5, Class AMA, 6.12%, 11/15/44 (a)			640		714,306

Non-Agency Mortgage-Backed Securities	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
COBALT CMBS Commercial Mortgage Trust, Series 2007-C3, Class AM, 5.96%, 5/15/46 (a)		USD	3,819	$	4,210,104
Commercial Mortgage Pass-Through Certificates:
Series 2010-RR1, Class GEB, 5.54%, 12/11/49 (a)(b)			2,260		2,421,063
Series 2012-LTRT, Class A2, 3.40%, 10/05/30 (b)			3,755		3,697,774
Series 2013-FL3, Class A, 1.67%, 10/13/28 (a)(b)			6,268		6,297,975
Series 2013-GAM, Class A2, 3.37%, 2/10/28 (b)			3,196		3,194,034
Series 2014-CR17, Class A5, 3.98%, 5/10/47			2,621		2,763,480
Series 2014-KYO, Class F, 3.65%, 6/11/27 (a)(b)			3,390		3,392,648
Series 2014-UBS3, Class A4, 3.82%, 6/10/47			3,452		3,583,915
Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C3, Class AJ, 4.77%, 7/15/37			920		943,997
Credit Suisse Mortgage Capital Certificates:
Series 2007-TF2A, Class A3, 0.42%, 4/15/22 (a)(b)			2,892		2,846,697
Series 2010-RR1, Class 2A, 5.70%, 9/15/40 (a)(b)			4,730		5,057,226
Del Coronado Trust, Series 2013-HDMZ, Class M, 5.15%, 3/15/18 (a)(b)			2,388		2,403,044
Deutsche Bank Re-REMIC Trust:
Series 2011-C32, Class A3A, 5.81%, 6/17/49 (a)(b)			3,400		3,653,504
Series 2012-EZ1, Class A, 0.95%, 9/25/45 (b)			349		349,267
Series 2013-EZ3, Class A, 1.64%, 12/18/49 (a)(b)			3,768		3,795,964
Extended Stay America Trust, Series 2013-ESH7, Class A27, 2.96%, 12/05/31 (b)			3,850		3,906,071
GE Capital Commercial Mortgage Corp. Trust, Series 2007-C1, Class A2, 5.42%, 12/10/49			14,992		14,997,631
German Residential Funding PLC, Series 2013-1, Class E, 4.37%, 8/27/24		EUR	1,173		1,697,052
Greenwich Capital Commercial Funding Corp.:
Series 2005-GG3, Class A3, 4.57%, 8/10/42		USD	20		20,342
Series 2007-GG11, Class AJ, 6.06%, 12/10/49 (a)			920		960,417
Series 2007-GG11, Class AM, 5.87%, 12/10/49 (a)			1,670		1,845,535
GS Mortgage Securities Corp. II, Series 2005-GG4, Class A4, 4.76%, 7/10/39			12,663		12,938,000
GS Mortgage Securities Corp. Trust, Series 2012-SHOP, Class C, 3.63%, 6/05/31 (b)			820		848,941
Hilton USA Trust, Series 2013-HLT, Class EFX, 5.61%, 11/05/30 (a)(b)			6,048		6,243,248
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2006-LDP8, Class AJ, 5.48%, 5/15/45 (a)			2,000		2,133,320
Series 2007-CB20, Class AJ, 6.28%, 2/12/51 (a)			9,015		9,610,378
Series 2007-CB20, Class AM, 5.88%, 2/12/51 (a)			1,000		1,124,403

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 11

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

Non-Agency Mortgage-Backed Securities	Par (000)			Value
Commercial Mortgage-Backed Securities (continued)
Series 2007-LD11, Class A2, 5.80%, 6/15/49 (a)		USD	3,443	$	3,440,631
Series 2008-C2, Class ASB, 6.13%, 2/12/51 (a)			1,631		1,736,894
LB-UBS Commercial Mortgage Trust:
Series 2005-C2, Class AJ, 5.21%, 4/15/30 (a)			3,055		3,143,149
Series 2007-C1, Class AJ, 5.48%, 2/15/40			5,670		5,913,827
Merrill Lynch Mortgage Trust:
Series 2005-CKI1, Class AJ, 5.28%, 11/12/37 (a)			4,160		4,359,880
Series 2007-C1, Class A1A, 5.83%, 6/12/50 (a)			2,845		3,079,696
ML-CFC Commercial Mortgage Trust:
Series 2006-1, Class AJ, 5.56%, 2/12/39 (a)			3,100		3,276,443
Series 2007-9, Class ASB, 5.64%, 9/12/49			15,601		15,885,016
Morgan Stanley Capital I Trust:
Series 2007-HQ12, Class A2FX, 5.59%, 4/12/49 (a)			488		499,382
Series 2007-HQ12, Class AM, 5.77%, 4/12/49 (a)			6,695		7,310,491
Series 2007-IQ14, Class A1A, 5.67%, 4/15/49 (a)			2,933		3,204,396
Series 2007-IQ15, Class AM, 6.11%, 6/11/49 (a)			7,480		8,242,833
Morgan Stanley Capital I, Inc., Series 1998-WF2, Class G, 6.34%, 7/15/30 (a)(b)			438		440,176
Morgan Stanley Re-REMIC Trust:
Series 2009-IO, Class B, 0.01%, 7/17/56 (b)(h)			2,400		2,388,154
Series 2010-GG10, Class A4B, 5.80%, 8/15/45 (a)(b)			1,330		1,457,583
Series 2011-IO, Class A, 2.50%, 3/23/51 (b)			171		171,931
Series 2011-IO, Class B, 0.00%, 3/23/51 (b)(h)			3,430		3,365,687
Series 2011-IO, Class C, 0.00%, 3/23/51 (b)(h)			1,735		1,637,406
Series 2012-IO, Class AXB1, 1.00%, 3/27/51 (b)			1,290		1,291,559
Series 2012-IO, Class AXB2, 1.00%, 3/27/51 (b)			2,680		2,649,850
Series 2012-XA, Class A, 2.00%, 7/27/49 (b)			3,893		3,915,380
Motel 6 Trust, Series 2012-MTL6, Class B, 2.74%, 10/05/25 (b)			2,655		2,685,076
New York Mortgage Securitization Trust, Series 2012-1, Class A, 6.65%, 12/27/47 (a)(b)			12,069		12,129,345
RBSCF Trust, Series 2010-RR3, Class WBTA, 5.94%, 2/16/51 (a)(b)			14,186		15,031,076
RCMC LLC, Series 2012-CRE1, Class A, 5.62%, 11/15/44 (b)			5,519		5,685,139
SCG Trust, Series 2013-SRP1, Class AJ, 2.10%, 11/15/26 (a)(b)			2,775		2,783,738
SMA Issuer I LLC, Series 2012-LV1, Class A, 3.50%, 8/20/25 (b)			379		379,263
STRIPs Ltd., Series 2012-1A, Class A, 1.50%, 12/25/44 (b)			5,547		5,491,932
Wachovia Bank Commercial Mortgage Trust:
Series 2006-WL7A, Class H, 0.55%, 9/15/21 (a)(b)			3,690		3,589,802
Series 2007-C33, Class AJ, 6.14%, 2/15/51 (a)			3,775		3,972,433
Wells Fargo Resecuritization Trust, Series 2012-IO, Class A, 1.75%, 8/20/21 (b)			3,001		3,002,340

Non-Agency Mortgage-Backed  Securities	Par (000)				Value
Commercial Mortgage-Backed Securities (concluded)
WF-RBS Commercial Mortgage Trust, Series 2013-C11, Class A4, 3.04%, 3/15/45		USD		5,745	$	5,727,811
						275,229,488
Interest Only Commercial Mortgage-Backed Securities — 0.6%
Commercial Mortgage Pass-Through Certificates, Series 2013-CR6, Class XA, 1.68%, 3/10/46 (a)				54,468		3,893,233
GS Mortgage Securities Corp. II, Series 2013-KYO, Class XB1, 3.25%, 11/08/29 (a)(b)				49,680		1,510,004
GS Mortgage Securities Trust, Series 2014-GC20, Class XA, 1.39%, 4/10/47 (a)				9,739		793,704
Hilton USA Trust, Series 2013-HLT, Class X1FX, 1.82%, 11/05/30 (a)(b)				54,590		451,296
JPMorgan Chase Commercial Mortgage Securities Trust:
Series 2013-LC11, Class XA, 1.72%, 4/15/46 (a)				25,857		2,421,992
Series 2013-LC11, Class XB, 0.73%, 4/15/46 (a)				4,570		198,781
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2013-C7, Class XA, 1.87%, 2/15/46 (a)				21,896		2,082,417
WaMu Commercial Mortgage Securities Trust, Series 2005-C1A, Class X, 0.93%, 5/25/36 (a)(b)				708		13,282
WF-RBS Commercial Mortgage Trust:
Series 2012-C10, Class XA, 1.96%, 12/15/45 (a)(b)				36,010		3,799,529
Series 2013-C15, Class XA, 0.85%, 8/15/46 (a)				41,062		1,644,506
Series 2014-LC14, Class XA, 1.64%, 3/15/47 (a)				23,646		2,139,715
						18,948,459
Total Non-Agency Mortgage-Backed Securities — 11.4%						390,352,615
Other Interests (i)			Beneficial Interest (000)
Capital Markets — 0.0%
Lehman Brothers Holdings Capital Trust VII (j)(k)				1,888		—
Lehman Brothers Holdings, Inc. (j)(k)				7,360		1
Total Other Interests — 0.0%						1
Preferred Securities
Capital Trusts			Par (000)
Automobiles — 0.1%
Volkswagen International Finance NV:
3.75% (a)(l)		EUR		1,200		1,706,685
4.88% (a)(l)				470		676,998
						2,383,683

12 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

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

Capital Trusts	Par (000)			Value
Banks — 0.4%
Banco Bilbao Vizcaya Argentaria SA:
7.00% (a)(l)		EUR	1,000	$	1,448,035
9.00% (a)(l)		USD	400		448,500
Banco Popular Espanol SA, 11.50% (a)(l)		EUR	900		1,485,006
Banco Santander SA, 7.00% (a)(l)			700		988,128
Barclays PLC:
8.00% (a)(l)			932		1,389,769
8.25% (a)(l)		USD	556		589,360
Danske Bank A/S, 5.75% (a)(l)		EUR	1,400		1,993,701
Lloyds Banking Group PLC, 6.38% (a)(l)			1,266		1,843,614
RBS Capital Trust B, 6.80% (l)		USD	360		361,800
Société Générale SA, 0.00% (a)(l)			1,500		1,477,500
Wells Fargo & Co., 5.90% (a)(l)			2,655		2,816,291
					14,841,704
Capital Markets — 0.2%
Credit Suisse Group AG, 6.25% (a)(b)(l)			3,350		3,370,937
Deutsche Bank AG, 6.30% (a)(l)		EUR	1,800		2,473,786
State Street Capital Trust IV, 1.23%, 6/15/37 (a)		USD	770		654,500
					6,499,223
Chemicals — 0.0%
Solvay Finance SA, 4.20% (a)(l)		EUR	310		441,462
Diversified Financial Services — 0.2%
Bank of America Corp., 5.13% (a)(l)		USD	2,100		2,092,131
HBOS Capital Funding LP, 6.85% (l)			346		349,287
Nationwide Building Society, 6.88% (a)(l)		GBP	1,773		3,110,154
					5,551,572
Electric Utilities — 0.2%
Electricite de France:
4.13% (a)(l)		EUR	1,400		2,003,723
5.00% (a)(l)			600		882,050
Enel SpA:
8.75%, 9/24/73 (a)(b)		USD	1,375		1,619,063
5.25%, 1/15/75 (a)		EUR	434		624,882
SSE PLC, 5.03% (a)(l)			1,226		1,739,688
					6,869,406
Insurance — 0.2%
AXA SA, 3.88% (a)(l)			750		1,015,678
MetLife Capital Trust IV, 7.88%, 12/15/67 (b)		USD	1,841		2,287,443
XL Group PLC, 6.50% (a)(l)			4,705		4,646,187
					7,949,308
Media — 0.1%
NBCUniversal Enterprise, Inc., 5.25% (b)(l)			3,600		3,762,000
Multi-Utilities — 0.1%
GDF Suez, 3.25% (a)(l)		EUR	1,900		2,623,072
Pharmaceuticals — 0.1%
Bayer AG:
4.50%, 7/01/74 (a)			1,850		2,562,066
3.45%, 7/01/75 (a)			975		1,352,157
					3,914,223
Thrifts & Mortgage Finance — 0.0%
Coventry Building Society, 6.50% (a)(l)		GBP	625		1,070,261
Total Capital Trusts — 1.6%					55,905,914

Preferred Stocks			Shares		Value
Banks — 0.0%
Royal Bank of Scotland Group PLC, 6.13%				1,919	$	45,288
Royal Bank of Scotland Group PLC, 6.60%				9,596		235,582
						280,870
Total Preferred Stocks — 0.0%						280,870
Trust Preferreds
Diversified Financial Services — 0.3%
Citigroup Capital XIII, 7.88%, 10/30/40				349,440		9,679,488
Total Preferred Securities — 1.9%						65,866,272
Taxable Municipal Bonds	Par (000)
California Educational Facilities Authority RB, 5.00%, 10/01/32		USD		1,750		2,247,700
California Health Facilities Financing Authority RB, 5.00%, 8/15/52				11,000		11,842,270
California Pollution Control Financing Authority RB, 5.00%, 7/01/37 (b)				2,065		2,128,148
Chicago Midway International Airport RB, 5.00%, 1/01/41				1,860		1,942,919
City of Charleston, SC Waterworks & Sewer System RB, 5.00%, 1/01/41				1,655		1,818,448
City of Chicago, IL GO, 5.00%, 1/01/40				3,000		3,025,230
Commonwealth of Pennsylvania GO, 5.00%, 10/15/30				3,160		3,641,363
County of Miami-Dade, FL Aviation Revenue RB, CIFG, 5.00%, 10/01/38				8,770		8,864,891
Dallas/Fort Worth International Airport RB, 5.00%, 11/01/42-11/01/45				21,820		22,751,386
District of Columbia Water & Sewer Authority RB, 5.00%, 10/01/44				1,795		1,997,153
Los Angeles Community College District/CA GO, 6.60%, 8/01/42				835		1,144,894
Los Angeles Department of Water & Power RB, 5.00%, 7/01/43				5,000		5,508,100
Metropolitan Transportation Authority RB, 6.81%, 11/15/40				860		1,167,450
Metropolitan Washington Airports Authority RB, 5.00%, 10/01/53				2,000		2,073,900
Miami-Dade County Expressway Authority RB, 5.00%, 7/01/39				2,000		2,175,580
Municipal Electric Authority of Georgia RB, 6.64%, 4/01/57				725		884,094
New Jersey State Turnpike Authority RB, 7.41%, 1/01/40				1,059		1,526,072
New Jersey Transportation Trust Fund Authority RB, 5.00%, 6/15/42				5,000		5,271,600

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 13

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

Taxable Municipal Bonds	Par (000)			Value
New York City Water & Sewer System RB:
5.38%, 6/15/43		USD	4,410	$	5,066,605
5.50%, 6/15/43			5,285		6,100,475
5.88%, 6/15/44			835		1,062,980
5.00%, 6/15/47			2,000		2,180,760
New York State Dormitory Authority RB, 5.39%, 3/15/40			805		960,582
New York State Thruway Authority RB, 5.00%, 1/01/27			10,000		11,625,100
New York State Urban Development Corp. RB, 5.00%, 3/15/22-3/15/23			6,500		7,800,845
Port Authority of New York & New Jersey RB, 4.96%, 8/01/46			1,395		1,576,127
Royal Oak Hospital Finance Authority RB, 5.00%, 9/01/39			1,500		1,605,555
South Carolina State Public Service Authority RB, 5.00%, 12/01/49 (m)			5,000		5,356,200
State of California GO:
7.60%, 11/01/40			3,900		5,908,266
5.00%, 4/01/43-5/01/44			14,350		15,918,865
State of Connecticut Special Tax Revenue RB, 5.00%, 10/01/33			1,550		1,758,553
State of Illinois GO:
5.00%, 5/01/24			9,335		10,425,515
5.10%, 6/01/33			3,735		3,742,545
University of California RB, 4.86%, 5/15/12			780		791,411
University of Massachusetts Building Authority RB, 5.00%, 11/01/44			13,140		14,836,505
University of Virginia RB, 5.00%, 6/01/43			1,025		1,157,820
Total Taxable Municipal Bonds — 5.2%					177,885,907
U.S. Government Sponsored Agency Securities
Agency Obligations — 0.6%
Fannie Mae, 6.63%, 11/15/30			1,450		2,059,202
Freddie Mac:
3.75%, 3/27/19 (f)			3,650		4,011,383
4.38%, 7/17/15 (f)			7,950		8,297,272
4.88%, 6/13/18			4,300		4,884,890
					19,252,747
Collateralized Mortgage Obligations — 0.7%
Fannie Mae:
Series 2005-48, Class AR, 5.50%, 2/25/35			20		21,403
Series 2014-26, Class KA, 4.00%, 11/01/43-4/01/44			14,378		15,453,634
Freddie Mac, Series 4327, Class A, 4.00%, 11/01/42-8/01/43			7,386		7,882,480
					23,357,517
Commercial Mortgage-Backed Securities — 0.1%
Fannie Mae, Series 2006-M2, Class A2A, 5.27%, 10/25/32			4,091		4,716,990
Interest Only Collateralized Mortgage Obligations — 0.0%
Freddie Mac, Series 4212, Class SA, 6.05%, 7/15/38 (a)			3,364		595,092
Interest Only Commercial Mortgage-Backed Securities — 0.2%
Fannie Mae, Series 2013-M5, Class X2, 2.52%, 1/25/21			13,131		1,602,651
Freddie Mac, Series K038, Class X1, 1.20%, 3/25/24			34,120		3,116,099

U.S. Government Sponsored Agency Securities	Par (000)			Value
Interest Only Commercial Mortgage-Backed Securities (concluded)
Ginnie Mae, Series 2012-120, Class IO, 1.00%, 2/16/53		USD	23,158	$	1,735,729
					6,454,479
Mortgage-Backed Securities — 60.1%
Fannie Mae Mortgage-Backed Securities:
2.23%, 10/01/42 (a)			4,066		4,197,582
2.50%, 7/01/29 (n)			48,600		49,366,961
2.51%, 10/01/38 (a)			20		21,361
3.00%, 7/01/29-7/01/44 (a)(f)(n)			208,119		207,787,212
3.14%, 3/01/41 (a)			1,962		2,086,606
3.21%, 12/01/40 (a)			3,337		3,493,779
3.50%, 8/01/28-7/01/44 (f)(n)			418,031		431,507,912
4.00%, 1/01/25-7/01/44 (f)(n)			265,321		282,404,685
4.50%, 2/01/25-7/01/44 (f)(n)			128,407		139,050,531
4.99%, 8/01/38 (a)			2,898		3,103,782
5.00%, 5/01/23-1/01/42			33,917		37,815,810
5.50%, 12/01/32-7/01/44 (n)			31,332		35,151,039
6.00%, 2/01/34-7/01/44 (n)			26,580		30,023,931
6.50%, 5/01/40 (f)			11,884		13,399,562
Freddie Mac Mortgage-Backed Securities:
2.19%, 2/01/37 (a)			25		25,641
2.31%, 10/01/36 (a)			38		40,075
2.32%, 2/01/37 (a)			94		99,725
2.50%, 7/01/29 (n)			21,600		21,924,000
2.92%, 6/01/42 (a)			4,532		4,701,818
3.00%, 7/01/29-8/01/43 (f)(n)			70,802		70,565,753
3.02%, 2/01/41 (a)			2,991		3,184,682
3.50%, 7/01/29-7/01/44 (n)(o)			57,006		58,984,428
4.00%, 7/01/29-7/01/44 (n)			57,382		60,811,680
4.50%, 9/01/43-7/01/44 (f)(n)			41,076		44,502,510
5.00%, 7/01/35-7/01/44 (n)			24,080		26,699,908
5.50%, 6/01/41-7/01/44 (f)(n)			14,312		15,957,848
Ginnie Mae Mortgage-Backed Securities:
1.75%, 5/20/34 (a)			1,082		1,126,004
3.00%, 7/15/44 (n)			49,000		49,442,500
3.50%, 2/15/42-7/15/44 (f)(n)			66,469		69,241,497
4.00%, 1/15/42-7/15/44 (f)(n)			212,137		227,204,785
4.50%, 5/20/41-7/15/44 (f)(n)			121,045		132,397,034
5.00%, 12/15/38-7/15/44 (f)(n)			25,693		28,383,691
					2,054,704,332
Total U.S. Government Sponsored Agency Securities — 61.7%					2,109,081,157
U.S. Treasury Obligations
U.S. Treasury Bonds, 3.38%, 5/15/44 (f)			91,781		92,397,677
U.S. Treasury Inflation Indexed Bonds:
0.75%, 2/15/42 (f)			12,316		11,593,362
1.38%, 2/15/44			7,257		7,981,656
U.S. Treasury Inflation Indexed Notes:
0.13%, 4/15/19-1/15/23 (f)			53,587		54,943,138
0.63%, 1/15/24 (f)			45,075		46,709,336

14 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

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

U.S. Treasury Obligations	Par (000)			Value
U.S. Treasury Notes:
0.50%, 6/30/16 (f)		USD	48,230	$	48,271,430
0.88%, 6/15/17 (f)			205,870		205,950,492
1.63%, 6/30/19 (f)			296,024		296,024,000
2.00%, 5/31/21 (f)			33,943		33,688,427
2.13%, 6/30/21 (f)			76,640		76,628,044
2.50%, 5/15/24 (f)			143,037		142,835,391
Total U.S. Treasury Obligations — 29.8%					1,017,022,953
Total Long-Term Investments (Cost — $5,746,970,016) — 171.1%					5,849,255,277
Short-Term Securities
Borrowed Bond Agreements — 2.3%
Barclays Bank PLC, (0.44)%, Open (Purchased on 5/15/14 to be repurchased at EUR 1,731,487, collateralized by Kingdom of Spain, 4.60% due at 7/30/19, par and fair value of EUR 1,440,000 and $2,285,307, respectively)		EUR	1,731		2,370,926
Barclays Bank PLC, (0.10)%, Open (Purchased on 9/04/13 to be repurchased at EUR 909,035, collateralized by Kingdom of Spain, 4.10% due at 7/30/18, par and fair value of EUR 860,000 and $1,319,829, respectively)			914		1,250,944
Barclays Bank PLC, (0.04)%, Open (Purchased on 5/15/14 to be repurchased at EUR 1,740,783, collateralized by Buoni Poliennali Del Tesoro, 4.25% due at 2/01/19, par and fair value of EUR 1,510,000 and $2,339,894, respectively)			1,734		2,374,589
Barclays Bank PLC, 0.00%, Open (Purchased on 11/18/13 to be repurchased at EUR 6,194,231, collateralized by Buoni Poliennali Del Tesoro, 3.75% due at 8/01/21, par and fair value of EUR 5,985,000 and $9,086,005, respectively)			6,194		8,481,762
Barclays Bank PLC, 0.00%, Open (Purchased on 11/19/13 to be repurchased at EUR 3,062,329, collateralized by Kingdom of Spain, 4.10% due at 7/30/18, par and fair value of EUR 2,860,000 and $4,389,197, respectively)			3,062		4,193,248
Barclays Bank PLC, 0.02%, Open (Purchased on 5/15/14 to be repurchased at EUR 1,726,921, collateralized by Buoni Poliennali Del Tesoro, 3.50% due at 12/01/18, par and fair value of EUR 1,540,000 and $2,310,063, respectively)			1,719		2,353,845
Barclays Bank PLC, 0.05%, Open (Purchased on 1/22/14 to be repurchased at EUR 2,943,542, collateralized by Buoni Poliennali Del Tesoro, 4.50% due at 3/01/26, par and fair value of EUR 2,600,000 and $4,075,695, respectively)			2,926		4,006,023
Barclays Bank PLC, 0.08%, Open (Purchased on 3/05/14 to be repurchased at EUR 151,476, collateralized by Buoni Poliennali Del Tesoro, 3.75% due at 3/01/21, par and fair value of EUR 138,000 and $210,033, respectively)			151		206,247

Short-Term Securities	Par (000)			Value
Borrowed Bond Agreements (concluded)
Barclays Capital, Inc., 0.03%, 07/01/14 (Purchased on 6/24/14 to be repurchased at $11,296,594, collateralized by U.S. Treasury Notes, 2.75% due at 11/15/23, par and fair value of USD 11,030,000 and $11,289,808, respectively)		USD	11,264	$	11,264,387
Credit Suisse Securities (USA) LLC, 0.00%, Open (Purchased on 1/31/14 to be repurchased at $1,691,500, collateralized by Noble Holding International Ltd., 5.25% due at 3/15/42, par and fair value of USD 1,700,000 and $1,760,697, respectively)			1,692		1,691,500
Deutsche Bank Securities, Inc., 0.04%, Open (Purchased on 6/20/14 to be repurchased at $30,491,017, collateralized by U.S. Treasury Notes, 1.63% due at 4/30/19, par and fair value of USD 30,431,000 and $30,488,058, respectively)			30,431		30,431,000
JPMorgan Chase Bank N.A., (0.12)%, Open (Purchased on 5/15/14 to be repurchased at EUR 1,604,602, collateralized by Kingdom of Spain, 4.30% due at 10/31/19, par and fair value of EUR 1,360,000 and $2,136,651, respectively)		EUR	1,598		2,187,508
JPMorgan Chase Bank N.A., (0.10)%, Open (Purchased on 4/04/14 to be repurchased at EUR 925,375, collateralized by Bundesobligation, 0.75% due at 2/24/17, par and fair value of EUR 906,000 and $1,263,611, respectively)			925		1,267,117
JPMorgan Chase Bank N.A., (0.07)%, Open (Purchased on 4/04/14 to be repurchased at EUR 452,868, collateralized by Bundesrepublik Deutschland, 2.50% due at 1/04/21, par and fair value of EUR 404,000 and $619,847, respectively)			450		615,900
JPMorgan Chase Bank N.A., 0.00%, Open (Purchased on 4/04/14 to be repurchased at EUR 1,027,607, collateralized by Kingdom of Spain, 2.75% due at 4/30/19, par and fair value of EUR 950,000 and $1,388,642, respectively)			1,018		1,394,227
Morgan Stanley & Co. International PLC, 0.05%, Open (Purchased on 3/06/14 to be repurchased at EUR 3,060,866, collateralized by Kingdom of Spain, 5.85% due at 1/31/22, par and fair value of EUR 2,501,000 and $4,309,747, respectively)			3,049		4,174,506
Total Short-Term Securities (Cost — $78,097,732) — 2.3%					78,263,729
Options Purchased
(Cost — $6,700,634) — 0.1%					3,040,155
Total Investments Before TBA Sale Commitments, Options Written and Borrowed Bonds (Cost — $5,831,768,382*) — 173.5%					5,930,559,161

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 15

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

TBA Sale Commitments (n)	Par (000)			Value
Fannie Mae Mortgage-Backed Securities:
4.50%, 10/01/28-7/01/44		USD	77,800	$	(84,239,894	)
2.50%, 7/01/29			79,100		(80,348,285	)
3.00%, 7/01/29-7/01/44			244,550		(242,448,261	)
3.50%, 7/01/29-7/01/44			176,900		(182,300,579	)
4.00%, 7/01/29-7/01/44			97,900		(103,901,938	)
5.00%, 7/01/44			13,200		(14,658,188	)
5.50%, 7/01/44			800		(895,652	)
Freddie Mac Mortgage-Backed Securities:
3.00%, 7/01/44			18,000		(17,756,712	)
3.50%, 7/01/44			16,100		(16,549,045	)
4.50%, 7/01/44			1,800		(1,948,109	)
Ginnie Mae Mortgage-Backed Securities:
3.50%, 7/15/44			34,200		(35,599,363	)
4.00%, 7/15/44			155,400		(166,221,025	)
4.50%, 7/15/44			31,100		(33,940,710	)
5.00%, 7/15/44			1,100		(1,211,231	)
Total TBA Sale Commitments (Proceeds — $974,241,296) — (28.7)%					(982,018,992	)
Options Written
(Premiums Received — $2,915,144) — (0.1)%					(1,088,007	)
Borrowed Bonds
Corporate Bonds — (0.1)%
Noble Holding International Ltd., 5.25%, 3/15/42			1,700		(1,760,697	)
Foreign Government Obligations — (1.0)%
Bundesobligation, 0.75%, 2/24/17		EUR	906		(1,263,611	)

Borrowed Bonds	Par (000)			Value
Foreign Government Obligations (concluded)
Bundesrepublik Deutschland, 2.50%, 1/04/21		USD	404	$	(619,847	)
Buoni Poliennali Del Tesoro,
3.50%, 12/01/18			1,540		(2,310,063	)
4.25%, 2/01/19			1,510		(2,339,894	)
3.75%, 3/01/21-8/01/21			6,123		(9,296,038	)
4.50%, 3/01/26			2,600		(4,075,695	)
Kingdom of Spain,
4.10%, 7/30/18			3,720		(5,709,026	)
2.75%, 4/30/19			950		(1,388,642	)
4.60%, 7/30/19			1,440		(2,285,307	)
4.30%, 10/31/19			1,360		(2,136,651	)
5.85%, 1/31/22			2,501		(4,309,747	)
					(35,734,521	)
U.S. Treasury Obligations — (1.2)%
U.S. Treasury Notes:
1.63%, 4/30/19			30,431		(30,488,058	)
2.75%, 11/15/23			11,030		(11,289,808	)
					(41,777,866	)
Total Borrowed Bonds (Proceeds — $75,822,517) — (2.3)%					(79,273,084	)
Total Investments Net of TBA Sale Commitments, Options Written and Borrowed Bonds — 142.4%					4,868,179,078
Liabilities in Excess of Other Assets — (42.4)%					(1,450,043,349	)
Net Assets — 100.0%				$	3,418,135,729

Notes to Consolidated Schedule of Investments

* As of June 30, 2014, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

Tax cost	$	5,930,559,161
Gross unrealized appreciation	$	119,170,234
Gross unrealized depreciation		(20,379,455	)
Net unrealized appreciation	$	98,790,779

(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) Represents a payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

(d) All or a portion of security has been segregated as collateral in connection with outstanding options written.

(e) 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.

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

(g) Investments in issuers considered to be an affiliate of the Master Portfolio during the period ended June 30, 2014, 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, 2013		Par/Shares Purchased		Par/Shares Sold			Par/Shares Held at June 30, 2014		Value at June 30, 2014		Income
BlackRock Capital Finance LP, Series 1997-R2, Class AP		—		8,540		(1,308	)		7,232	$	7,000	$	1,319
BlackRock Liquidity Funds, TempFund, Institutional Class		51,436,621		—		(51,436,621	)1		—		—	$	5,264
iShares iBoxx $ High Yield Corporate Bond ETF		190,000		—		(190,000	)		—		—	$	344,318
iShares JPMorgan USD Emerging Markets Bond Fund		114,500		—		(114,500	)		—		—	$	99,593

¹  Represents net shares sold.

16 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

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

(h) Zero-coupon bond.

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

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

(k) Non-income producing security.

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

(m) When-issued security.

(n) Represents or includes a TBA transaction. Unsettled TBA transactions as of June 30, 2014 were as follows:

Counterparty	Value			Unrealized Appreciation (Depreciation)
Barclays Capital, Inc.	$	(13,725,702	)	$	(158,483	)
BNP Paribas Securities Corp.	$	1,955,813		$	13,063
Citigroup Global Markets, Inc.	$	(2,514,517	)	$	(17,205	)
Credit Suisse Securities (USA) LLC	$	(58,526,569	)	$	(555,720	)
Daiwa Capital Markets America, Inc.	$	(2,511,402	)	$	(2,964	)
Deutsche Bank Securities, Inc.	$	51,153,686		$	332,237
Goldman Sachs & Co.	$	11,498,943		$	(83,645	)
J.P. Morgan Securities LLC	$	(18,382,444	)	$	(682,350	)
Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	28,030,465		$	278,500
Morgan Stanley & Co. LLC	$	(49,443,510	)	$	(398,697	)
Nomura Securities International, Inc.	$	(3,025,813	)	$	(62,094	)
RBC Capital Markets, LLC	$	3,602,813		$	26,797
RBS Securities, Inc.	$	(1,850,204	)	$	(14,204	)

(o) All or a portion of security has been pledged as collateral in connection with outstanding TBA commitments.

Ÿ 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 investment advisor. These definitions may not apply for purposes of this report, which may combine such industry sub-classifications for reporting ease.

Ÿ Reverse repurchase agreements outstanding as of June 30, 2014 were as follows:

Counterparty	Interest Rate			Trade Date		Maturity Date	Face Value		Face Value Including Accrued Interest
Credit Suisse Securities (USA) LLC		0.13	%		12/10/13	Open	$	8,439,488	$	8,444,246
Credit Suisse Securities (USA) LLC		0.13	%		12/10/13	Open		27,379,950		27,395,389
Credit Suisse Securities (USA) LLC		0.13	%		12/10/13	Open		31,756,000		31,773,907
Barclays Bank PLC		(5.00	)%		2/19/14	Open		489,958		489,958
Deutsche Bank Securities, Inc.		0.27	%		4/21/14	Open		8,447,000		8,448,314
Bank of Montreal		0.16	%		5/20/14	Open		46,941,250		46,944,536
BNP Paribas Securities Corp.		0.14	%		5/30/14	Open		11,519,875		11,521,206
Morgan Stanley & Co. LLC		(0.25	)%		6/05/14	Open		4,037,813		4,037,813
Credit Suisse Securities (USA) LLC		0.16	%		6/11/14	7/14/14		44,065,129		44,068,850
HSBC Securities (USA), Inc.		0.16	%		6/11/14	7/14/14		213,211,361		213,229,366
RBC Capital Markets LLC		0.17	%		6/16/14	Open		34,562,500		34,565,092
Morgan Stanley & Co. LLC		0.17	%		6/19/14	7/21/14		109,863,000		109,869,226
RBC Capital Markets LLC		0.22	%		6/24/14	7/21/14		93,434,000		93,437,997
Citigroup Global Markets, Inc.		0.19	%		6/25/14	7/14/14		35,917,000		35,918,137
RBC Capital Markets LLC		0.19	%		6/25/14	Open		46,310,000		46,311,003
BNP Paribas Securities Corp.		0.10	%		6/27/14	Open		47,856,891		47,857,689
Barclays Capital, Inc.		0.12	%		6/30/14	7/01/14		11,333,325		11,333,363
BNP Paribas Securities Corp.		0.12	%		6/30/14	7/01/14		48,290,288		48,290,448
Credit Suisse Securities (USA) LLC		0.02	%		6/30/14	7/01/14		145,129,686		145,129,766
Deutsche Bank Securities, Inc.		(0.06	)%		6/30/14	7/01/14		205,870,000		205,870,000
Merrill Lynch, Pierce, Fenner & Smith, Inc.		0.16	%		6/30/14	7/01/14		296,024,000		296,025,316
Credit Suisse Securities (USA) LLC		0.15	%		6/30/14	Open		33,787,500		33,787,641
Merrill Lynch, Pierce, Fenner & Smith, Inc.		0.20	%		6/30/14	Open		6,000,000		6,000,033
RBC Capital Markets LLC		0.19	%		6/30/14	Open		44,440,000		44,440,210
Total							$	1,555,106,014	$	1,555,189,506

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 17

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ Financial futures contracts outstanding as of June 30, 2014 were as follows:

Contracts Purchased/ (Sold)			Issue	Exchange	Expiration		Notional Value		Unrealized Appreciation (Depreciation)
	45		CBOE Volatility Index	Chicago Board of Trade	August 2014	USD		600,750	$	(13,601	)
	12		E-Mini Russell 2000 Futures	Intercontinental Exchange	September 2014	USD		1,428,360		8,614
	(262	)	Euro STOXX Banks Index	Eurex	September 2014	USD		2,620,718		162,988
	(353	)	Euro-Bobl	Eurex	September 2014	USD		61,933,301		(311,157	)
	(210	)	Euro-Bund	Eurex	September 2014	USD		42,273,175		(469,565	)
	(111	)	Euro-Buxl	Eurex	September 2014	USD		20,467,287		(539,971	)
	(53	)	Euro-Schatz	Eurex	September 2014	USD		8,030,919		(1,943	)
	(102	)	Gilt British	NYSE Liffe	September 2014	USD		19,187,842		(29	)
	(17	)	Japanese Government Bonds (10 Year)	Osaka	September 2014	USD		24,441,538		(83,227	)
	795		U.S. Treasury Bonds (30 Year)	Chicago Board of Trade	September 2014	USD		109,064,062		679,445
	(1,649	)	U.S. Treasury Notes (10 Year)	Chicago Board of Trade	September 2014	USD		206,408,422		(545,000	)
	579		U.S. Treasury Notes (2 Year)	Chicago Board of Trade	September 2014	USD		127,144,781		(84,532	)
	(268	)	U.S. Treasury Notes (5 Year)	Chicago Board of Trade	September 2014	USD		32,015,531		(8,683	)
	(273	)	U.S. Ultra Treasury Bonds	Chicago Board of Trade	September 2014	USD		40,932,938		(346,224	)
	(1,390	)	Euro Dollar Futures	Chicago Mercantile	June 2015	USD		345,710,375		103,003
	(720	)	Euro Dollar Futures	Chicago Mercantile	September 2015	USD		178,722,000		(101,772	)
	(733	)	Euro Dollar Futures	Chicago Mercantile	December 2015	USD		181,536,613		(107,162	)
	(208	)	Euro Dollar Futures	Chicago Mercantile	March 2016	USD		51,389,000		(34,577	)
	42		3-month EURIBOR	NYSE Liffe	June 2016	USD		14,334,520		61,808
	(26	)	Euro Dollar Futures	Chicago Mercantile	June 2016	USD		6,406,400		(11,262	)
	174		3-month EURIBOR	NYSE Liffe	September 2016	USD		59,347,152		466,894
	(6	)	Euro Dollar Futures	Chicago Mercantile	September 2016	USD		1,474,275		442
	(6	)	Euro Dollar Futures	Chicago Mercantile	December 2016	USD		1,470,375		442
	(6	)	Euro Dollar Futures	Chicago Mercantile	March 2017	USD		1,467,225		292
	(42	)	3-month EURIBOR	NYSE Liffe	June 2017	USD		14,294,263		(95,748	)
	(6	)	Euro Dollar Futures	Chicago Mercantile	June 2017	USD		1,464,225		(2,634	)
	(174	)	3-month EURIBOR	NYSE Liffe	September 2017	USD		59,162,502		(637,931	)
	Total								$	(1,911,090	)

Ÿ Forward foreign currency exchange contracts outstanding as of June 30, 2014 were as follows:

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
BRL	9,245,007		USD	4,043,000	Deutsche Bank AG		7/02/14	$	138,577
BRL	9,129,094		USD	4,043,000	Goldman Sachs International		7/02/14		86,149
USD	8,086,000		BRL	18,027,737	Goldman Sachs International		7/02/14		(68,063	)
TRY	7,317,833		USD	3,415,000	BNP Paribas S.A.		7/08/14		33,124
TRY	20,909,000		USD	9,761,438	Deutsche Bank AG		7/08/14		90,772
TRY	1,498,933		ZAR	7,430,061	BNP Paribas S.A.		7/08/14		8,667
TRY	1,498,934		ZAR	7,423,111	JPMorgan Chase Bank N.A.		7/08/14		9,320
TRY	5,178,133		ZAR	25,646,324	JPMorgan Chase Bank N.A.		7/08/14		31,927
USD	1,366,000		TRY	2,924,469	BNP Paribas S.A.		7/08/14		(11,995	)
TRY	98,983,000		USD	46,296,465	Goldman Sachs International		7/10/14		323,670
INR	242,082,100		USD	4,030,000	Deutsche Bank AG		7/21/14		(26,807	)
CAD	5,055,000		USD	4,594,519	Deutsche Bank AG		7/23/14		139,864
EUR	26,000,000		USD	35,335,144	Citibank N.A.		7/23/14		269,803
EUR	29,000,000		USD	39,453,050	Citibank N.A.		7/23/14		260,160
EUR	60,550,000		USD	82,685,203	Goldman Sachs International		7/23/14		233,241
GBP	1,400,000		USD	2,342,213	Citibank N.A.		7/23/14		53,279
GBP	1,900,000		USD	3,198,152	The Bank of New York Mellon		7/23/14		52,871
USD	1,715,620		AUD	1,834,000	Bank of America N.A.		7/23/14		(10,543	)
USD	4,414,512		CAD	4,800,000	Citibank N.A.		7/23/14		(81,045	)

18 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ Forward foreign currency exchange contracts outstanding as of June 30, 2014 were as follows: (continued)

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	244,835		CHF	219,500	Royal Bank of Scotland PLC		7/23/14	$	(2,734	)
USD	3,668,492		EUR	2,691,000	Bank of America N.A.		7/23/14		(16,620	)
USD	6,322,422		EUR	4,630,000	Bank of America N.A.		7/23/14		(17,997	)
USD	2,062,518		EUR	1,515,000	Barclays Bank PLC		7/23/14		(12,155	)
USD	2,207,073		EUR	1,611,000	Barclays Bank PLC		7/23/14		936
USD	354,915,562		EUR	256,792,000	Barclays Bank PLC		7/23/14		3,259,192
USD	136,857		EUR	100,000	BNP Paribas S.A.		7/23/14		(85	)
USD	310,236		EUR	229,000	BNP Paribas S.A.		7/23/14		(3,361	)
USD	1,041,444		EUR	766,000	BNP Paribas S.A.		7/23/14		(7,533	)
USD	1,359,505		EUR	1,000,000	BNP Paribas S.A.		7/23/14		(9,916	)
USD	2,137,398		EUR	1,572,000	BNP Paribas S.A.		7/23/14		(15,332	)
USD	4,937,895		EUR	3,602,000	BNP Paribas S.A.		7/23/14		5,241
USD	1,006,669		EUR	730,000	Citibank N.A.		7/23/14		6,992
USD	1,311,483		EUR	960,000	Citibank N.A.		7/23/14		(3,161	)
USD	21,039,962		EUR	15,476,000	Deutsche Bank AG		7/23/14		(153,198	)
USD	17,542,593		EUR	12,807,000	Goldman Sachs Bank USA		7/23/14		4,418
USD	27,775,610		EUR	20,110,000	Goldman Sachs Bank USA		7/23/14		236,553
USD	2,044,379		EUR	1,500,000	Royal Bank of Scotland PLC		7/23/14		(9,753	)
USD	756,728		EUR	555,000	Toronto-Dominion Bank		7/23/14		(3,301	)
USD	117,362,890		EUR	86,429,000	Toronto-Dominion Bank		7/23/14		(994,802	)
USD	42,254		EUR	31,000	UBS AG		7/23/14		(198	)
USD	547,969		EUR	405,000	UBS AG		7/23/14		(6,647	)
USD	1,156,245		EUR	850,000	UBS AG		7/23/14		(7,763	)
USD	848,334		GBP	504,000	Barclays Bank PLC		7/23/14		(14,043	)
USD	43,385,561		GBP	25,825,000	Barclays Bank PLC		7/23/14		(802,695	)
USD	801,211		GBP	475,000	Citibank N.A.		7/23/14		(11,545	)
USD	12,115,745		ZAR	128,061,000	UBS AG		7/23/14		124,673
ZAR	132,373,000		USD	12,524,132	JPMorgan Chase Bank N.A.		7/23/14		(129,304	)
USD	6,250,000		RUB	228,218,750	Deutsche Bank AG		7/25/14		(427,000	)
USD	4,798,000		RUB	167,834,040	Morgan Stanley Capital Services LLC		7/25/14		(112,324	)
USD	6,255,000		RUB	230,778,225	Morgan Stanley Capital Services LLC		7/25/14		(496,883	)
INR	81,170,920		USD	1,343,000	BNP Paribas S.A.		7/28/14		(3,133	)
INR	162,415,715		USD	2,687,000	BNP Paribas S.A.		7/28/14		(6,047	)
BRL	18,192,691		USD	8,086,000	Goldman Sachs International		8/04/14		59,798
USD	3,850,000		BRL	8,587,425	Goldman Sachs International		8/04/14		4,971
USD	624,476		EUR	456,000	Bank of America N.A.		8/05/14		64
AUD	1,786,000		EUR	1,227,674	Bank of America N.A.		9/17/14		(7,057	)
AUD	3,637,000		EUR	2,472,216	Citibank N.A.		9/17/14		23,723
EUR	740,000		GBP	591,291	Goldman Sachs International		9/17/14		2,324
GBP	3,078,811		EUR	3,805,000	Barclays Bank PLC		9/17/14		53,824
GBP	3,609,000		USD	6,095,240	Barclays Bank PLC		9/17/14		77,089
PLN	24,215,870		EUR	5,850,000	Barclays Bank PLC		9/17/14		(78,751	)
USD	23,480,598		AUD	25,221,892	Bank of America N.A.		9/17/14		(166,681	)
USD	15,900,000		CAD	17,378,795	Royal Bank of Scotland PLC		9/17/14		(354,478	)
USD	6,118,771		GBP	3,609,000	Barclays Bank PLC		9/17/14		(53,559	)
USD	16,990,000		JPY	1,737,601,280	Bank of America N.A.		9/17/14		(172,136	)
USD	4,722,135		TRY	10,477,000	Deutsche Bank AG		12/04/14		(65,581	)
USD	4,925,537		TRY	10,782,000	Deutsche Bank AG		12/04/14		(1,556	)

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 19

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ Forward foreign currency exchange contracts outstanding as of June 30, 2014 were as follows: (concluded)

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	9,453,814		TRY	20,909,000	Deutsche Bank AG		12/04/14	$	(101,054	)
USD	1,194,222		TRY	2,583,939	Goldman Sachs International		12/04/14		13,430
BRL	4,948,329		USD	2,023,856	JPMorgan Chase Bank N.A.		3/03/15		70,497
USD	1,021,150		BRL	2,439,017	Goldman Sachs International		3/03/15		(11,151	)
USD	1,049,126		BRL	2,500,696	Morgan Stanley & Co. International PLC		3/03/15		(9,280	)
USD	3,303,888		TRY	7,368,000	Deutsche Bank AG		3/03/15		(173,881	)
TRY	2,664,209		USD	1,160,521	Bank of America N.A.		5/07/15		19,826
USD	494,829		TRY	1,121,629	Bank of America N.A.		5/07/15		(2,096	)
USD	662,912		TRY	1,519,195	Bank of America N.A.		5/07/15		(10,150	)
USD	686,041		TRY	1,554,466	Bank of America N.A.		5/07/15		(2,648	)
USD	2,340,978		TRY	5,278,203	BNP Paribas S.A.		5/07/15		2,530
USD	1,152,400		TRY	2,645,335	Deutsche Bank AG		5/07/15		(19,585	)
USD	1,635,738		TRY	3,684,174	Deutsche Bank AG		5/07/15		3,507
USD	1,335,919		TRY	3,012,631	Goldman Sachs International		5/07/15		1,207
USD	6,343,201		TRY	14,250,000	Bank of America N.A.		5/26/15		53,518
USD	2,444,268		TRY	5,526,000	Deutsche Bank AG		5/26/15		5,195
USD	3,256,287		TRY	7,368,000	Deutsche Bank AG		5/26/15		4,190
USD	1,596,515		TRY	3,573,000	Goldman Sachs International		5/26/15		19,459
USD	3,176,727		TRY	7,147,000	Goldman Sachs International		5/26/15		22,175
USD	4,729,968		TRY	10,720,000	Goldman Sachs International		5/26/15		(1,639	)
USD	4,734,982		TRY	10,720,000	Goldman Sachs International		5/26/15		3,375
USD	4,858,022		TRY	11,052,000	Goldman Sachs International		5/26/15		(358,631	)
Total								$	754,234

Ÿ Exchange-traded options purchased as of June 30, 2014 were as follows:

Description	Put/ Call		Strike Price			Expiration Date		Contracts		Market Value
Euro Dollar 1-Year Mid-Curve		Put		USD	99.25		7/11/14		65	$	3,250
CBOE Volatility Index		Put		USD	13.00		7/16/14		1,067		118,437
E-Mini S&P 500 Index Futures		Put		USD	1,895.00		7/18/14		77		16,170
U.S. Treasury Notes (10 Year)		Put		USD	123.50		7/25/14		1,100		103,125
U.S. Treasury Notes (10 Year)		Put		USD	121.50		7/25/14		1,100		17,188
U.S. Treasury Notes (10 Year)		Put		USD	124.00		7/25/14		917		157,609
U.S. Treasury Notes (10 Year)		Put		USD	122.00		7/25/14		917		14,328
Euro Dollar 2-Year Mid-Curve		Put		USD	98.00		9/12/14		239		31,369
Euro Dollar 1-Year Mid-Curve		Put		USD	98.75		12/12/14		5,651		918,288
Euro Dollar 1-Year Mid-Curve		Put		USD	98.63		12/12/14		2,456		276,300
Euro Dollar 1-Year Mid-Curve		Put		USD	98.88		12/12/14		2,032		482,600
Total										$	2,138,664

Ÿ OTC options purchased as of June 30, 2014 were as follows:

Description

Counterparty

Put/ Call

Strike Price

Expiration Date

Notional Amount (000)

Market Value

EUR Currency

Citibank N.A.

Call

GBP

0.82

7/07/14

EUR

3,805

$

20

USD Currency

Barclays Bank PLC

Call

JPY

112.00

7/17/14

USD

5,080

—

USD Currency

BNP Paribas S.A.

Call

JPY

105.00

7/17/14

USD

8,450

94

USD Currency

Barclays Bank PLC

Call

MXN

13.60

8/07/14

USD

5,150

3,933

USD Currency

Bank of America N.A.

Put

TRY

2.15

7/01/14

USD

8,225

94,494

USD Currency

Bank of America N.A.

Put

TRY

2.08

7/01/14

USD

8,225

1

20 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ OTC options purchased as of June 30, 2014 were as follows: (concluded)

Description	Counterparty	Put/ Call		Strike Price		Expiration Date	Notional Amount (000)			Market Value
USD Currency	Deutsche Bank AG		Put	MXN	12.60	7/02/14		USD	13,840	$	1
USD Currency	Goldman Sachs International		Put	MXN	12.90	7/02/14		USD	5,536		1,445
USD Currency	Goldman Sachs International		Put	MXN	12.90	7/02/14		USD	3,691		964
GBP Currency	Citibank N.A.		Put	USD	1.70	7/03/14		GBP	62,305		24,855
USD Currency	Bank of America N.A.		Put	TRY	2.09	7/14/14		USD	8,117		9,807
USD Currency	Barclays Bank PLC		Put	MXN	12.60	8/07/14		USD	10,300		4,500
USD Currency	Goldman Sachs International		Put	MXN	12.95	8/07/14		USD	10,300		62,077
AUD Currency	Barclays Bank PLC		Put	USD	0.90	12/19/14		AUD	21,955		185,886
Total										$	388,077

Ÿ OTC interest rate swaptions purchased as of June 30, 2014 were as follows:

Description

Counterparty

Put/ Call

Exercise Rate

Pay/Receive Exercise Rate

Floating Rate Index

Expiration Date

Notional Amount (000)

Market Value

2-Year Interest Rate Swap

Credit Suisse International

Call

11.80

%

Receive

1-day Overnight Brazil Interbank Deposit Rate

1/02/15

BRL

17,315

$

57,920

2-Year Interest Rate Swap

Credit Suisse International

Call

11.80

%

Receive

1-day Overnight Brazil Interbank Deposit Rate

1/02/15

BRL

13,909

46,527

2-Year Interest Rate Swap

Deutsche Bank AG

Call

12.00

%

Receive

1-day Overnight Brazil Interbank Deposit Rate

1/02/15

BRL

25,821

108,856

5-Year Interest Rate Swap

Barclays Bank PLC

Put

2.04

%

Pay

3-month LIBOR

7/03/14

USD

55,805

6

10-Year Interest Rate Swap

Deutsche Bank AG

Put

2.98

%

Pay

3-month LIBOR

9/03/14

USD

13,100

22,774

1.5-Year Interest Rate Swap

Deutsche Bank AG

Put

0.75

%

Pay

3-month LIBOR

12/15/14

USD

54,348

58,517

1.5-Year Interest Rate Swap

Barclays Bank PLC

Put

0.75

%

Pay

3-month LIBOR

12/16/14

USD

32,609

36,186

5-Year Interest Rate Swap

Deutsche Bank AG

Put

3.87

%

Pay

3-month LIBOR

12/18/14

USD

4,400

26,968

5-Year Interest Rate Swap

Deutsche Bank AG

Put

3.89

%

Pay

3-month LIBOR

12/22/14

USD

4,390

25,649

Total

$

383,403

Ÿ Exchange-traded options written as of June 30, 2014 were as follows:

Description	Put/ Call		Strike Price			Expiration Date	Contracts		Market Value
iShares Russell 2000 Index (ETF)		Call		USD	120.00	7/03/14		1,630	$	(13,040	)
CBOE Volatility Index		Call		USD	13.00	7/16/14		1,049		(58,744	)
Euro Dollar 2-Year Mid-Curve		Call		USD	98.38	9/12/14		136		(34,850	)
iShares Russell 2000 Index (ETF)		Put		USD	113.00	7/03/14		1,630		(6,520	)
E-Mini S&P 500 Index Futures		Put		USD	1,855.00	7/18/14		77		(8,662	)
U.S. Treasury Notes (10 Year)		Put		USD	123.00	7/25/14		1,834		(85,969	)
U.S. Treasury Notes (10 Year)		Put		USD	122.50	7/25/14		2,201		(68,781	)
CBOE Volatility Index		Put		USD	13.00	8/20/14		1,067		(106,700	)
Euro Dollar 2-Year Mid-Curve		Put		USD	97.63	9/12/14		125		(3,125	)
Euro Dollar 3-Year Mid-Curve		Put		USD	96.38	12/12/14		1,228		(84,425	)
Total									$	(470,816	)

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 21

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ OTC interest rate swaptions written as of June 30, 2014 were as follows:

Description	Counterparty	Put/ Call		Exercise Rate			Pay/Receive Exercise Rate	Floating Rate Index		Expiration Date		Notional Amount (000)			Market Value
1-Year Interest Rate Swap	JPMorgan Chase Bank N.A.		Call		11.80	%	Pay		1-day BZDIOVER		7/01/14		BRL	31,931	$	(114,495	)
2-Year Interest Rate Swap	JPMorgan Chase Bank N.A.		Call		10.80	%	Pay		1-day BZDIOVER		1/02/15		BRL	11,800		(9,628	)
2-Year Interest Rate Swap	Credit Suisse International		Call		11.00	%	Pay		1-day BZDIOVER		1/02/15		BRL	23,719		(26,682	)
2-Year Interest Rate Swap	Deutsche Bank AG		Call		11.50	%	Pay		1-day BZDIOVER		1/02/15		BRL	25,821		(58,826	)
1-Year Interest Rate Swap	Citibank N.A.		Call		6.50	%	Pay		3-month JIBAR		5/19/15		ZAR	318,380		(52,896	)
1.5-Year Interest Rate Swap	Goldman Sachs International		Put		1.10	%	Receive		3-month LIBOR		12/15/14		USD	27,250		(8,355	)
1.5-Year Interest Rate Swap	Barclays Bank PLC		Put		1.10	%	Receive		3-month LIBOR		12/16/14		USD	16,350		(5,197	)
1-Year Interest Rate Swap	Credit Suisse International		Put		14.00	%	Receive		1-day BZDIOVER		1/02/15		BRL	44,240		(300	)
2-Year Interest Rate Swap	Bank of America N.A.		Put		12.50	%	Receive		1-day BZDIOVER		1/02/15		BRL	15,846		(15,490	)
2-Year Interest Rate Swap	Deutsche Bank AG		Put		12.50	%	Receive		1-day BZDIOVER		1/02/15		BRL	10,432		(10,199	)
Total															$	(302,068	)

Ÿ OTC options written as of June 30, 2014 were as follows:

Description

Counterparty

Put/ Call

Strike Price

Expiration Date

Notional Amount (000)

Market Value

USD Currency

BNP Paribas S.A.

Call

JPY

108.00

7/17/14

USD

8,450

$

(1

)

USD Currency

Goldman Sachs International

Call

MXN

13.60

8/07/14

USD

5,150

(3,933

)

USD Currency

Bank of America N.A.

Put

TRY

2.08

7/01/14

USD

8,225

(1

)

USD Currency

Bank of America N.A.

Put

TRY

2.15

7/01/14

USD

8,225

(94,494

)

USD Currency

Deutsche Bank AG

Put

MXN

12.90

7/02/14

USD

9,227

(2,409

)

USD Currency

Goldman Sachs International

Put

MXN

12.60

7/02/14

USD

5,536

(1

)

USD Currency

Goldman Sachs International

Put

MXN

12.60

7/02/14

USD

8,304

(1

)

USD Currency

Bank of America N.A.

Put

TRY

2.04

7/14/14

USD

8,117

(373

)

USD Currency

Barclays Bank PLC

Put

MXN

12.95

8/07/14

USD

10,300

(62,077

)

USD Currency

Goldman Sachs International

Put

MXN

12.60

8/07/14

USD

10,300

(4,500

)

AUD Currency

Barclays Bank PLC

Put

USD

0.93

8/21/14

AUD

10,980

(47,727

)

AUD Currency

Barclays Bank PLC

Put

USD

0.88

12/19/14

AUD

21,955

(99,606

)

Total

$

(315,123

)

Ÿ OTC structured options as of June 30, 2014 were as follows:

Description	Counterparty	Expiration Date		Units		Market Value
Call on Global Dispersion, Strike=9.8%	Bank of America N.A.		1/23/15		8,610,000	$	130,011

22 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ Centrally cleared credit default swaps - buy protection outstanding as of June 30, 2014 were as follows:

Issuer/Index	Pay Fixed Rate			Clearinghouse	Expiration Date	Notional Amount (000)			Unrealized Depreciation
iTraxx Europe Crossover Series 20 Version 1		5.00	%	InterContinental Exchange	12/20/18		EUR	3,340	$	(118,385	)
iTraxx Europe Crossover Series 21 Version 1		5.00	%	InterContinental Exchange	6/20/19		EUR	20,895		(556,671	)
CDX.NA.HY Series 22 Version 2		5.00	%	Chicago Mercantile	6/20/19		USD	31,066		(615,143	)
Total									$	(1,290,199	)

Ÿ Centrally cleared credit default swaps - sold protection outstanding as of June 30, 2014 were as follows:

Issuer/Index

Receive Fixed Rate

Clearinghouse

Expiration Date

Credit Rating1

Notional Amount (000)2

Unrealized Appreciation

CDX.NA.HY Series 21 Version 2

5.00

%

Chicago Mercantile

12/20/18

B+

USD

4,554

$

91,698

iTraxx Europe Series 21 Version 1

1.00

%

InterContinental Exchange

6/20/19

A-

EUR

6,955

8,085

Total

$

99,783

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.

Ÿ Centrally cleared interest rate swaps outstanding as of June 30, 2014 were as follows:

Fixed Rate	Floating Rate	Clearinghouse	Effective Date	Expiration Date	Notional Amount (000)		Unrealized Appreciation (Depreciation)
0.65%1	3-month LIBOR	Chicago Mercantile	N/A	11/26/16	USD	12,695	$	31,706
2.26%1	3-month Canadian Bankers Acceptance	Chicago Mercantile	5/02/162	5/02/18	CAD	8,850		(24,519	)
2.28%1	3-month Canadian Bankers Acceptance	Chicago Mercantile	5/02/162	5/02/18	CAD	8,800		(28,274	)
2.28%3	3-month LIBOR	Chicago Mercantile	5/06/162	5/06/18	USD	8,000		31,417
2.40%3	3-month LIBOR	Chicago Mercantile	5/07/162	5/07/18	USD	8,000		50,065
2.22%1	3-month Canadian Bankers Acceptance	Chicago Mercantile	6/17/162	6/17/18	CAD	8,000		(10,291	)
2.38%3	3-month LIBOR	Chicago Mercantile	6/19/162	6/19/18	USD	7,300		28,986
1.72%1	3-month LIBOR	Chicago Mercantile	10/03/142	11/30/18	USD	94,050		(505,518	)
0.82%1	6-month JPY LIBOR	Chicago Mercantile	N/A	11/25/23	JPY	1,675,380		(262,293	)
0.79%1	6-month JPY LIBOR	Chicago Mercantile	N/A	11/28/23	JPY	1,827,685		(238,834	)
2.79%1	6-month LIBOR	Chicago Mercantile	N/A	2/26/24	GBP	10,060		(193,541	)
2.82%1	6-month LIBOR	Chicago Mercantile	N/A	4/07/24	GBP	2,844		(84,413	)
2.72%3	3-month LIBOR	Chicago Mercantile	N/A	6/17/24	USD	3,200		35,992
Total							$	(1,169,517	)

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

²  Forward swap.

³  Master Portfolio pays the floating rate and receives the fixed rate.

Ÿ OTC credit default swaps - buy protection outstanding as of June 30, 2014 were as follows:

Issuer/Index	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)			Market Value			Premiums Paid (Received)			Unrealized (Depreciation)
Republic of Portugal		1.00	%	JPMorgan Chase Bank N.A.	6/20/15		USD	12,800	$	(46,385	)	$	364,882		$	(411,267	)
Republic of Portugal		1.00	%	Barclays Bank PLC	12/20/15		USD	1,200		(4,452	)		54,813			(59,265	)
Republic of Portugal		1.00	%	Deutsche Bank AG	12/20/15		USD	1,350		(5,009	)		61,665			(66,674	)
Banca Monte dei Paschi di Siena SpA		5.00	%	Deutsche Bank AG	12/20/16		EUR	750		(78,843	)		83,484			(162,327	)
Transocean Worldwide, Inc.		1.00	%	Goldman Sachs Bank USA	12/20/16		USD	5,750		(126,848	)		(27,225	)		(99,623	)
Jaguar Land Rover Automotive PLC		5.00	%	Credit Suisse International	3/20/17		EUR	130		(20,368	)		(17,232	)		(3,136	)
Jaguar Land Rover Automotive PLC		5.00	%	Credit Suisse International	3/20/17		EUR	130		(20,368	)		(17,232	)		(3,136	)

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 23

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ OTC credit default swaps — buy protection outstanding as of June 30, 2014 were as follows: (continued)

Issuer/Index	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)			Market Value			Premiums Paid (Received)			Unrealized (Depreciation)
Jaguar Land Rover Automotive PLC		5.00	%	Credit Suisse International	3/20/17		EUR	120	$	(18,801	)	$	(16,233	)	$	(2,568	)
Banca Monte dei Paschi di Siena SpA		5.00	%	JPMorgan Chase Bank N.A.	3/20/17		EUR	3,800		(427,855	)		351,347			(779,202	)
Republic of Ireland		1.00	%	Citibank N.A.	3/20/17		USD	2,000		(41,606	)		204,576			(246,182	)
Republic of Portugal		1.00	%	Citibank N.A.	6/20/17		USD	6,000		22,513			1,190,397			(1,167,884	)
CDX.NA.IG Series 18 Version 1		1.00	%	Credit Suisse International	6/20/17		USD	103,800		(2,148,302	)		(7,328	)		(2,140,974	)
Peugeot SA		5.00	%	BNP Paribas S.A.	9/20/17		EUR	2,975		(432,837	)		236,628			(669,465	)
Finmeccanica SpA		5.00	%	Bank of America N.A.	3/20/18		EUR	470		(86,841	)		(31,399	)		(55,442	)
Deutsche Bank AG		1.00	%	Barclays Bank PLC	3/20/18		EUR	3,200		(70,745	)		(1,357	)		(69,388	)
Deutsche Bank AG		1.00	%	Citibank N.A.	3/20/18		EUR	1,250		(27,635	)		(1,064	)		(26,571	)
Marks & Spencer PLC		1.00	%	Credit Suisse International	3/20/18		EUR	1,330		(15,334	)		50,911			(66,245	)
Republic of Ireland		1.00	%	Bank of America N.A.	3/20/18		USD	800		(19,812	)		22,025			(41,837	)
Republic of Italy		1.00	%	Barclays Bank PLC	3/20/18		USD	6,000		(55,086	)		274,151			(329,237	)
Republic of Ireland		1.00	%	Deutsche Bank AG	3/20/18		USD	900		(22,289	)		24,778			(47,067	)
AXA SA		1.00	%	Barclays Bank PLC	6/20/18		EUR	1,810		(47,192	)		39,125			(86,317	)
AXA SA		1.00	%	BNP Paribas S.A.	6/20/18		EUR	925		(24,117	)		40,166			(64,283	)
iTraxx Europe Series 9 3-6%		5.00	%	Citibank N.A.	6/20/18		EUR	3,780		(458,730	)		412,966			(871,696	)
AXA SA		1.00	%	Credit Suisse International	6/20/18		EUR	995		(25,943	)		44,083			(70,026	)
Finmeccanica SpA		5.00	%	Credit Suisse International	6/20/18		EUR	570		(108,656	)		(31,706	)		(76,950	)
Finmeccanica SpA		5.00	%	Goldman Sachs International	6/20/18		EUR	90		(17,156	)		(8,683	)		(8,473	)
Credit Agricole SA		3.00	%	JPMorgan Chase Bank N.A.	6/20/18		EUR	960		(125,856	)		(36,761	)		(89,095	)
Finmeccanica SpA		5.00	%	JPMorgan Chase Bank N.A.	6/20/18		EUR	1,290		(245,905	)		(113,481	)		(132,424	)
Société Générale SA		3.00	%	JPMorgan Chase Bank N.A.	6/20/18		EUR	960		(121,332	)		(35,854	)		(85,478	)
Republic of France		0.25	%	Barclays Bank PLC	6/20/18		USD	2,530		2,709			36,137			(33,428	)
Republic of France		0.25	%	Citibank N.A.	6/20/18		USD	2,740		2,934			44,325			(41,391	)
Republic of France		0.25	%	JPMorgan Chase Bank N.A.	6/20/18		USD	2,735		2,929			33,970			(31,041	)
Pernod-Ricard SA		1.00	%	Barclays Bank PLC	9/20/18		EUR	100		(3,130	)		116			(3,246	)
Peugeot SA		5.00	%	Barclays Bank PLC	9/20/18		EUR	2,975		(469,156	)		89,835			(558,991	)
Finmeccanica SpA		5.00	%	Barclays Bank PLC	12/20/18		EUR	530		(106,127	)		(53,776	)		(52,351	)
iTraxx Financials Series 20 Version 1		1.00	%	Barclays Bank PLC	12/20/18		EUR	1,450		(35,117	)		(8,234	)		(26,883	)
iTraxx Financials Series 20 Version 1		1.00	%	Citibank N.A.	12/20/18		EUR	3,120		(75,560	)		(17,370	)		(58,190	)
Marks & Spencer PLC		1.00	%	Barclays Bank PLC	3/20/19		EUR	136		330			3,653			(3,323	)
Koninklijke KPN NV		1.00	%	Citibank N.A.	3/20/19		EUR	30		(368	)		310			(678	)
Koninklijke KPN NV		1.00	%	Credit Suisse International	3/20/19		EUR	20		(244	)		185			(429	)
Banco Bilbao Vizcaya Argentaria SA		3.00	%	Deutsche Bank AG	3/20/19		EUR	45		(6,137	)		(3,912	)		(2,225	)
Koninklijke KPN NV		1.00	%	Deutsche Bank AG	3/20/19		EUR	15		(183	)		146			(329	)
Tesco PLC		1.00	%	Goldman Sachs International	3/20/19		EUR	20		(358	)		(95	)		(263	)
Banco Bilbao Vizcaya Argentaria SA		3.00	%	HSBC Bank PLC	3/20/19		EUR	75		(10,230	)		(6,591	)		(3,639	)
Banco Bilbao Vizcaya Argentaria SA		3.00	%	HSBC Bank PLC	3/20/19		EUR	50		(6,820	)		(4,317	)		(2,503	)
Banco Bilbao Vizcaya Argentaria SA		3.00	%	HSBC Bank PLC	3/20/19		EUR	30		(4,092	)		(2,608	)		(1,484	)
GDF Suez		1.00	%	Bank of America N.A.	6/20/19		EUR	795		(27,213	)		(25,325	)		(1,888	)
GKN Holdings PLC		1.00	%	Bank of America N.A.	6/20/19		EUR	90		(1,494	)		(819	)		(675	)
GKN Holdings PLC		1.00	%	Barclays Bank PLC	6/20/19		EUR	105		(1,742	)		(886	)		(856	)
Koninklijke KPN NV		1.00	%	Barclays Bank PLC	6/20/19		EUR	1,035		(9,959	)		4,242			(14,201	)
GKN Holdings PLC		1.00	%	BNP Paribas S.A.	6/20/19		EUR	150		(2,490	)		(1,266	)		(1,224	)

24 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ OTC credit default swaps — buy protection outstanding as of June 30, 2014 were as follows: (concluded)

Issuer/Index	Pay Fixed Rate			Counterparty	Expiration Date	Notional Amount (000)			Market Value			Premiums Paid (Received)			Unrealized (Depreciation)
Iberdrola SA		1.00	%	BNP Paribas S.A.	6/20/19		EUR	315	$	(7,806	)	$	(2,651	)	$	(5,155	)
GDF Suez		1.00	%	Citibank N.A.	6/20/19		EUR	455		(15,574	)		(13,267	)		(2,307	)
GKN Holdings PLC		1.00	%	Citibank N.A.	6/20/19		EUR	135		(2,240	)		(1,219	)		(1,021	)
Iberdrola SA		1.00	%	Credit Suisse International	6/20/19		EUR	315		(7,807	)		(2,835	)		(4,972	)
Koninklijke KPN NV		1.00	%	Credit Suisse International	6/20/19		EUR	554		(5,362	)		2,970			(8,332	)
GDF Suez		1.00	%	Deutsche Bank AG	6/20/19		EUR	450		(15,403	)		(14,335	)		(1,068	)
Tesco PLC		1.00	%	Deutsche Bank AG	6/20/19		EUR	300		(4,749	)		(1,144	)		(3,605	)
Tesco PLC		1.00	%	Deutsche Bank AG	6/20/19		EUR	290		(4,590	)		(532	)		(4,058	)
Enel SpA		1.00	%	JPMorgan Chase Bank N.A.	6/20/19		EUR	475		(8,981	)		(4,275	)		(4,706	)
Gas Natural SDG SA		1.00	%	JPMorgan Chase Bank N.A.	6/20/19		EUR	475		(11,933	)		(4,310	)		(7,623	)
Koninklijke KPN NV		1.00	%	JPMorgan Chase Bank N.A.	6/20/19		EUR	1,160		(11,161	)		4,995			(16,156	)
Federative Republic of Brazil		1.00	%	Bank of America N.A.	6/20/19		USD	1,187		19,023			46,302			(27,279	)
Federative Republic of Brazil		1.00	%	Citibank N.A.	6/20/19		USD	1,155		18,510			52,391			(33,881	)
MCDX.NA. Series 22 Version 1		1.00	%	Citibank N.A.	6/20/19		USD	13,700		(197,658	)		(141,219	)		(56,439	)
United Mexican States		1.00	%	BNP Paribas S.A.	9/20/19		USD	3,900		(68,116	)		(62,069	)		(6,047	)
United Mexican States		1.00	%	Deutsche Bank AG	9/20/19		USD	2,850		(49,777	)		(48,525	)		(1,252	)
Total									$	(5,946,932	)	$	3,008,439		$	(8,955,371	)

Ÿ OTC credit default swaps — sold protection outstanding as of June 30, 2014 were as follows:

Issuer/Index	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating1		Notional Amount (000)2			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Norske Skogindustrier ASA		5.00	%	Credit Suisse International	12/20/14		CCC+		EUR	590	$	(8,097	)	$	(53,698	)	$	45,601
Banca Monte dei Paschi di Siena SpA		3.00	%	BNP Paribas S.A.	9/20/16		Not Rated		EUR	2,000		73,605			(161,647	)		235,252
Banca Monte dei Paschi di Siena SpA		5.00	%	Deutsche Bank AG	9/20/16		Not Rated		EUR	750		73,429			(17,261	)		90,690
Banca Monte dei Paschi di Siena SpA		3.00	%	JPMorgan Chase Bank N.A.	9/20/16		Not Rated		EUR	2,200		80,965			(103,066	)		184,031
CDX.NA.IG Series 18 Version 1		1.00	%	Citibank N.A.	6/20/17		BBB+		USD	103,800		2,148,303			69,682			2,078,621
Ardagh Packaging Finance PLC		5.00	%	Barclays Bank PLC	9/20/17		CCC+		EUR	370		44,559			(23,888	)		68,447
Ardagh Packaging Finance PLC		5.00	%	Credit Suisse International	9/20/17		CCC+		EUR	550		66,235			(36,494	)		102,729
ThyssenKrupp AG		1.00	%	Credit Suisse International	12/20/17		BB		EUR	1,500		(17,316	)		(113,663	)		96,347
ThyssenKrupp AG		1.00	%	Goldman Sachs International	12/20/17		BB		EUR	180		(2,079	)		(14,165	)		12,086
Ardagh Packaging Finance PLC		5.00	%	Credit Suisse International	3/20/18		CCC+		EUR	300		34,995			2,671			32,324
Ardagh Packaging Finance PLC		5.00	%	Deutsche Bank AG	3/20/18		CCC+		EUR	310		36,161			2,883			33,278
Republic of Italy		1.00	%	Barclays Bank PLC	3/20/18		BBB		EUR	4,500		76,684			(207,255	)		283,939
Republic of Italy		1.00	%	Barclays Bank PLC	3/20/18		BBB		USD	37		339			(2,216	)		2,555
Schaeffler Finance BV		5.00	%	Barclays Bank PLC	3/20/18		B		EUR	660		122,387			30,737			91,650
Schaeffler Finance BV		5.00	%	Barclays Bank PLC	3/20/18		B		EUR	650		120,532			23,524			97,008
Schaeffler Finance BV		5.00	%	Credit Suisse International	3/20/18		B		EUR	660		122,387			30,737			91,650
Swiss Reinsurance Co. Ltd.		1.00	%	Barclays Bank PLC	3/20/18		AA-		EUR	3,200		104,205			5,186			99,019
Swiss Reinsurance Co. Ltd.		1.00	%	Citibank N.A.	3/20/18		AA-		EUR	1,250		40,705			1,663			39,042
Aviva PLC		1.00	%	Barclays Bank PLC	6/20/18		Not Rated		EUR	1,810		45,968			(36,569	)		82,537
Aviva PLC		1.00	%	BNP Paribas S.A.	6/20/18		Not Rated		EUR	925		23,492			(39,757	)		63,249
Aviva PLC		1.00	%	Credit Suisse International	6/20/18		Not Rated		EUR	995		25,270			(42,545	)		67,815
Deutsche Bank AG		1.00	%	Barclays Bank PLC	6/20/18		A		EUR	1,260		27,797			(3,372	)		31,169

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 25

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ OTC credit default swaps — sold protection outstanding as of June 30, 2014 were as follows: (continued)

Issuer/Index	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating1		Notional Amount (000)2			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Muenchener Rueckversicherungs AG		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		AA-		EUR	2,110	$	78,226		$	14,927		$	63,299
RWE AG		1.00	%	JPMorgan Chase Bank N.A.	6/20/18		BBB+		EUR	1,190		37,143			11,343			25,800
Techem GmbH		5.00	%	Credit Suisse International	6/20/18		B+		EUR	530		83,379			40,849			42,530
Tesco PLC		1.00	%	Goldman Sachs International	6/20/18		BBB+		EUR	1,180		27,142			16,009			11,133
RWE AG		1.00	%	Barclays Bank PLC	9/20/18		BBB+		EUR	100		3,142			93			3,049
Bayerische Landesbank Gtd.		1.00	%	Barclays Bank PLC	12/20/18		Not Rated		EUR	790		13,419			2,260			11,159
iTraxx Sub Financials Series 20 Version 1		5.00	%	Barclays Bank PLC	12/20/18		BBB+		EUR	1,160		288,361			251,168			37,193
iTraxx Sub Financials Series 20 Version 1		5.00	%	Citibank N.A.	12/20/18		BBB+		EUR	1,660		412,654			356,183			56,471
iTraxx Sub Financials Series 20 Version 1		5.00	%	Deutsche Bank AG	12/20/18		BBB+		EUR	830		206,327			178,903			27,424
Norske Skogindustrier ASA		5.00	%	Credit Suisse International	12/20/18		CCC+		EUR	130		(67,647	)		(60,200	)		(7,447	)
Banco Santander SA		3.00	%	Deutsche Bank AG	3/20/19		BBB+		EUR	45		6,336			3,969			2,367
Banco Santander SA		3.00	%	HSBC Bank PLC	3/20/19		BBB		EUR	75		10,561			6,615			3,946
Banco Santander SA		3.00	%	HSBC Bank PLC	3/20/19		BBB+		EUR	50		7,040			4,380			2,660
Banco Santander SA		3.00	%	HSBC Bank PLC	3/20/19		BBB		EUR	30		4,224			2,646			1,578
CNH Industrial NV		5.00	%	Citibank N.A.	3/20/19		BB+		EUR	240		52,514			46,434			6,080
CNH Industrial NV		5.00	%	Citibank N.A.	3/20/19		BB+		EUR	240		52,514			47,336			5,178
J Sainsbury PLC		1.00	%	Goldman Sachs International	3/20/19		Not Rated		EUR	20		102			(149	)		251
Transocean, Inc.		1.00	%	Barclays Bank PLC	3/20/19		BBB-		USD	4,531		(54,179	)		(84,246	)		30,067
Transocean, Inc.		1.00	%	JPMorgan Chase Bank N.A.	3/20/19		BBB-		USD	3,880		(46,393	)		(92,703	)		46,310
Trionista Holdco GmbH		5.00	%	Citibank N.A.	3/20/19		Not Rated		EUR	80		13,024			8,047			4,977
Astaldi SpA		5.00	%	Barclays Bank PLC	6/20/19		B+		EUR	48		5,526			932			4,594
Astaldi SpA		5.00	%	Credit Suisse International	6/20/19		B+		EUR	125		14,391			6,444			7,947
Astaldi SpA		5.00	%	Credit Suisse International	6/20/19		B+		EUR	72		8,290			546			7,744
Astaldi SpA		5.00	%	Credit Suisse International	6/20/19		B+		EUR	50		5,757			1,943			3,814
Astaldi SpA		5.00	%	Deutsche Bank AG	6/20/19		B+		EUR	47		5,426			1,969			3,457
Astaldi SpA		5.00	%	Goldman Sachs International	6/20/19		B+		EUR	73		8,389			2,832			5,557
Barrick Gold Corp.		1.00	%	JPMorgan Chase Bank N.A.	6/20/19		BBB		USD	2,385		(27,848	)		(65,384	)		37,536
British Telecommunications PLC		1.00	%	Bank of America N.A.	6/20/19		BBB		EUR	550		17,409			14,165			3,244
British Telecommunications PLC		1.00	%	HSBC Bank PLC	6/20/19		BBB		EUR	915		28,963			22,574			6,389
E. ON SE		1.00	%	BNP Paribas S.A.	6/20/19		A-		EUR	315		9,286			4,520			4,766
E. ON SE		1.00	%	JPMorgan Chase Bank N.A.	6/20/19		A-		EUR	475		14,002			7,095			6,907
Hochtief AG		5.00	%	Citibank N.A.	6/20/19		Not Rated		EUR	70		13,436			10,112			3,324
Hochtief AG		5.00	%	Credit Suisse International	6/20/19		Not Rated		EUR	460		88,297			67,868			20,429
Hochtief AG		5.00	%	Credit Suisse International	6/20/19		Not Rated		EUR	155		29,751			23,655			6,096
Hochtief AG		5.00	%	Credit Suisse International	6/20/19		Not Rated		EUR	155		29,752			23,866			5,886
iTraxx Financials Series 21 Version 1		1.00	%	Citibank N.A.	6/20/19		A		EUR	170		3,916			342			3,574
J Sainsbury PLC		1.00	%	Deutsche Bank AG	6/20/19		Not Rated		EUR	300		477			(3,575	)		4,052
J Sainsbury PLC		1.00	%	Deutsche Bank AG	6/20/19		Not Rated		EUR	300		476			(2,987	)		3,463
MCDX.NA. Series 12		1.00	%	Citibank N.A.	6/20/19		AA		USD	13,700		(83,732	)		(102,791	)		19,059
Rexel SA		5.00	%	Citibank N.A.	6/20/19		BB		EUR	150		25,329			20,817			4,512
Rexel SA		5.00	%	Citibank N.A.	6/20/19		BB		EUR	115		19,419			16,583			2,836
Rexel SA		5.00	%	Citibank N.A.	6/20/19		BB		EUR	50		8,443			7,226			1,217

26 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ OTC credit default swaps — sold protection outstanding as of June 30, 2014 were as follows: (concluded)

Issuer/Index	Receive Fixed Rate			Counterparty	Expiration Date	Credit Rating1		Notional Amount (000)2			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Rexel SA		5.00	%	Deutsche Bank AG	6/20/19		BB		EUR	115	$	19,419		$	17,194		$	2,225
RWE AG		1.00	%	Credit Suisse International	6/20/19		BBB+		EUR	315		9,168			4,080			5,088
RWE AG		1.00	%	JPMorgan Chase Bank N.A.	6/20/19		BBB+		EUR	475		13,825			6,188			7,637
Teck Resources Ltd.		1.00	%	Barclays Bank PLC	6/20/19		BBB		USD	1,170		(15,202	)		(42,349	)		27,147
Transocean, Inc.		1.00	%	Citibank N.A.	6/20/19		BBB-		USD	1,610		(27,796	)		(44,293	)		16,497
Transocean, Inc.		1.00	%	Goldman Sachs International	6/20/19		BBB-		USD	2,250		(38,844	)		(70,181	)		31,337
Transocean, Inc.		1.00	%	Goldman Sachs International	6/20/19		BBB-		USD	350		(6,042	)		(10,902	)		4,860
TUI AG		5.00	%	Barclays Bank PLC	6/20/19		B		EUR	60		12,904			10,079			2,825
TUI AG		5.00	%	Citibank N.A.	6/20/19		B		EUR	150		32,259			25,492			6,767
TUI AG		5.00	%	Credit Suisse International	6/20/19		B		EUR	150		32,259			25,404			6,855
TUI AG		5.00	%	Credit Suisse International	6/20/19		B		EUR	150		32,258			25,503			6,755
TUI AG		5.00	%	JPMorgan Chase Bank N.A.	6/20/19		B		EUR	150		32,259			26,259			6,000
TUI AG		5.00	%	JPMorgan Chase Bank N.A.	6/20/19		B		EUR	90		19,355			15,424			3,931
Vodafone Group PLC		1.00	%	Bank of America N.A.	6/20/19		A-		EUR	805		25,296			19,601			5,695
Vodafone Group PLC		1.00	%	Barclays Bank PLC	6/20/19		A-		EUR	1,045		32,837			25,069			7,768
Vodafone Group PLC		1.00	%	Morgan Stanley Capital Services LLC	6/20/19		A-		EUR	910		28,596			22,824			5,772
British Sky Broadcasting Group PLC		1.00	%	Credit Suisse International	9/20/19		BBB+		EUR	665		637			4,423			(3,786	)
British Sky Broadcasting Group PLC		1.00	%	Credit Suisse International	9/20/19		BBB+		EUR	370		355			1,793			(1,438	)
Barrick Gold Corp.		1.00	%	Goldman Sachs International	6/20/21		BBB		USD	3,172		(167,247	)		(261,125	)		93,878
Glencore International AG		1.00	%	BNP Paribas S.A.	6/20/21		BBB		EUR	160		(12,507	)		(19,962	)		7,455
Glencore International AG		1.00	%	Citibank N.A.	6/20/21		BBB		EUR	320		(25,014	)		(41,095	)		16,081
Republic of France		0.25	%	Barclays Bank PLC	6/20/23		AA		USD	1,550		(54,521	)		(107,668	)		53,147
Republic of France		0.25	%	Citibank N.A.	6/20/23		AA		USD	1,670		(58,742	)		(122,508	)		63,766
Republic of France		0.25	%	JPMorgan Chase Bank N.A.	6/20/23		AA		USD	1,670		(58,741	)		(113,832	)		55,091
CMBX.NA Series 7 AAA		0.50	%	Goldman Sachs International	1/17/47		AAA		USD	2,130		(50,116	)		(80,337	)		30,221
CMBX.NA Series 3 AM		0.50	%	Credit Suisse International	12/13/49		BBB-		USD	920		(32,756	)		(88,615	)		55,859
CMBX.NA Series 3 AM		0.50	%	JPMorgan Chase Bank N.A.	12/13/49		BBB-		USD	5,000		(178,021	)		(462,772	)		284,751
CMBX.NA Series 3 AM		0.50	%	Royal Bank of Scotland PLC	12/13/49		BBB-		USD	2,320		(82,602	)		(226,289	)		143,687
CMBX.NA Series 4 AM		0.50	%	Deutsche Bank AG	2/17/51		BB		USD	2,000		(89,108	)		(290,615	)		201,507
Total											$	3,987,738		$	(1,629,107	)	$	5,616,845

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.

Ÿ OTC interest rate swaps outstanding as of June 30, 2014 were as follows:

Fixed Rate	Floating Rate	Counterparty	Effective Date	Expiration Date	Notional Amount (000)			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
10.84%1	1-day BZDIOVER	Deutsche Bank AG	N/A	7/01/14		BRL	337,891	$	(12,929	)	$	335		$	(13,264	)
12.05%2	1-day BZDIOVER	Credit Suisse International	N/A	1/04/16		BRL	30,665		237,670			(825	)		238,495
11.77%2	1-day BZDIOVER	Deutsche Bank AG	N/A	1/04/16		BRL	28,932		210,168			(10,351	)		220,519
11.87%2	1-day BZDIOVER	Deutsche Bank AG	N/A	1/04/16		BRL	27,200		156,275			(1,443	)		157,718

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 27

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ OTC interest rate swaps outstanding as of June 30, 2014 were as follows: (concluded)

Fixed Rate	Floating Rate	Counterparty	Effective Date	Expiration Date	Notional Amount (000)			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
11.83%2	1-day BZDIOVER	JPMorgan Chase Bank N.A.	N/A	1/04/16		BRL	27,175	$	155,511		$	(1,169	)	$	156,680
11.76%2	1-day BZDIOVER	JPMorgan Chase Bank N.A.	N/A	1/04/16		BRL	26,591		126,704			(531	)		127,235
11.22%2	1-day BZDIOVER	JPMorgan Chase Bank N.A.	N/A	1/04/16		BRL	21,750		9,246			(222	)		9,468
11.91%2	1-day BZDIOVER	JPMorgan Chase Bank N.A.	N/A	1/04/16		BRL	11,845		76,937			(277	)		77,214
7.08%2	3-month JIBAR	JPMorgan Chase Bank N.A.	5/14/153	5/14/16		ZAR	159,190		(15,427,925	)		(15,410,455	)		(17,470	)
7.09%2	3-month JIBAR	Deutsche Bank AG	5/15/153	5/15/16		ZAR	159,195		(15,338,105	)		(15,321,944	)		(16,161	)
7.05%2	3-month JIBAR	HSBC Bank PLC	5/23/153	5/23/16		ZAR	149,000		(14,487,856	)		(14,466,019	)		(21,837	)
11.59%2	1-day BZDIOVER	Bank of America N.A.	N/A	1/02/17		BRL	9,928		8,646			(379	)		9,025
11.34%2	1-day BZDIOVER	Barclays Bank PLC	N/A	1/02/17		BRL	8,998		(18,657	)		(120	)		(18,537	)
11.50%2	1-day BZDIOVER	Credit Suisse International	N/A	1/02/17		BRL	6,373		(92	)		(110	)		18
11.51%2	1-day BZDIOVER	Deutsche Bank AG	N/A	1/02/17		BRL	17,727		(1,142	)		(307	)		(835	)
11.49%2	1-day BZDIOVER	JPMorgan Chase Bank N.A.	N/A	1/02/17		BRL	8,248		(2,759	)		(139	)		(2,620	)
4.04%1	7-day China Fixing Repo Rates	Barclays Bank PLC	N/A	6/27/19		CNY	26,960		10,090			145			9,945
4.05%1	7-day China Fixing Repo Rates	Barclays Bank PLC	N/A	6/27/19		CNY	18,083		5,842			—			5,842
4.04%1	7-day China Fixing Repo Rates	Bank of America N.A.	N/A	6/30/19		CNY	18,689		7,639			—			7,639
4.04%1	7-day China Fixing Repo Rates	Bank of America N.A.	N/A	6/30/19		CNY	17,154		7,012			16			6,996
4.03%1	7-day China Fixing Repo Rates	Bank of America N.A.	N/A	6/30/19		CNY	13,107		6,552			—			6,552
4.05%1	7-day China Fixing Repo Rates	Morgan Stanley Capital Services LLC	N/A	6/30/19		CNY	17,754		5,851			17			5,834
3.27%1	3-month LIBOR	Deutsche Bank AG	N/A	5/16/21		USD	9,510		(731,489	)		—			(731,489	)
Total								$	(44,996,811	)	$	(45,213,778	)	$	216,967

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

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

³  Forward swap.

Ÿ OTC total return swaps outstanding as of June 30, 2014 were as follows:

Reference Entity	Fixed Rate/ Floating Rate	Counterparty	Expiration Date	Notional Amount/ Contract Amount (000)			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
iBoxx GBP Corporate Index	3-month LIBOR1	JPMorgan Chase Bank N.A.	9/20/14		GBP	3,160	$	5,336,015		$	5,245,600		$	90,415
Telecom Italia SpA	3-month EURIBOR minus 0.25%	JPMorgan Chase Bank N.A.	11/08/14		EUR	1,244		(2,081,259	)		(1,658,869	)		(422,390	)

28 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ OTC total return swaps outstanding as of June 30, 2014 were as follows: (continued)

Reference Entity	Fixed Rate/ Floating Rate	Counterparty	Expiration Date	Notional Amount/ Contract Amount (000)			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Repsol SA	3-month EURIBOR minus 0.50%	Citibank N.A.	11/12/14		EUR	51	$	(38,131	)	$	67,667		$	(105,798	)
iBoxx GBP Corporate Index	3-month LIBOR1	JPMorgan Chase Bank N.A.	12/20/14		GBP	11,760		19,997,533			19,992,000			5,533
Repsol SA	3-month EURIBOR minus 0.50%	Citibank N.A.	1/19/15		EUR	1		(38,949	)		(1,854	)		(37,095	)
UniCredit SpA	3-month EURIBOR plus 0.10%	Bank of America N.A.	1/21/15		EUR	49		(77,718	)		(66,216	)		(11,502	)
Volkswagen AG	3-month EURIBOR minus 0.25%	BNP Paribas S.A.	1/30/15		EUR	2		(8,262	)		(3,072	)		(5,190	)
Volkswagen AG	3-month EURIBOR minus 0.25%	BNP Paribas S.A.	1/30/15		EUR	2		3,933			2,554			1,379
Volkswagen AG	3-month EURIBOR minus 0.25%	BNP Paribas S.A.	2/02/15		EUR	3		(9,093	)		(4,473	)		(4,620	)
Volkswagen AG	3-month EURIBOR minus 0.10%	JPMorgan Chase Bank N.A.	4/02/15		EUR	7		9,853			9,538			315
Volkswagen AG	3-month EURIBOR minus 0.10%	JPMorgan Chase Bank N.A.	4/02/15		EUR	6		(9,844	)		(8,890	)		(954	)
Volkswagen AG	3-month EURIBOR minus 0.10%	JPMorgan Chase Bank N.A.	4/02/15		EUR	4		8,141			4,861			3,280
Volkswagen AG	3-month EURIBOR minus 0.10%	JPMorgan Chase Bank N.A.	4/02/15		EUR	0		3,796			(550	)		4,346
Banco Santander SA	3-month EURIBOR minus 0.30%	Bank of America N.A.	4/09/15		EUR	58		43,549			80,883			(37,334	)
Telecom Italia SpA	3-month EURIBOR minus 0.40%	Citibank N.A.	5/04/15		EUR	804		1,132,547			1,116,140			16,407
Telecom Italia SpA	3-month EURIBOR minus 0.40%	Citibank N.A.	5/07/15		EUR	809		1,140,178			1,123,649			16,529
Volkswagen AG	3-month EURIBOR minus 0.20%	Bank of America N.A.	5/22/15		EUR	3		(8,028	)		(4,768	)		(3,260	)
Volkswagen AG	3-month EURIBOR minus 0.40%	Bank of America N.A.	5/22/15		EUR	3		(4,861	)		(4,768	)		(93	)
Telecom Italia SpA	3-month EURIBOR minus 0.25%	BNP Paribas S.A.	6/11/15		EUR	112		161,971			150,676			11,295
Telecom Italia SpA	3-month EURIBOR minus 0.25%	BNP Paribas S.A.	6/12/15		EUR	297		431,285			400,830			30,455
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Bank of America N.A.	1/12/41		USD	957		(541	)		(612	)		71
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Bank of America N.A.	1/12/41		USD	912		(515	)		(855	)		340

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 29

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ OTC total return swaps outstanding as of June 30, 2014 were as follows: (continued)

Reference Entity	Fixed Rate/ Floating Rate	Counterparty	Expiration Date	Notional Amount/ Contract Amount (000)			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Bank of America N.A.	1/12/41		USD	729	$	(411	)	$	1,140		$	(1,551	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Citibank N.A.	1/12/41		USD	2,325		(1,312	)		(2,527	)		1,215
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Citibank N.A.	1/12/41		USD	2,051		(1,158	)		5,197			(6,355	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Citibank N.A.	1/12/41		USD	2,006		(1,133	)		(3,131	)		1,998
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Citibank N.A.	1/12/41		USD	1,869		(1,056	)		1,399			(2,455	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Citibank N.A.	1/12/41		USD	1,504		(849	)		(5,273	)		4,424
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Credit Suisse International	1/12/41		USD	2,416		(1,364	)		(1,872	)		508
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Credit Suisse International	1/12/41		USD	2,370		(1,339	)		(26,115	)		24,776
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	1/12/41		USD	2,051		(1,158	)		(5,506	)		4,348
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Credit Suisse International	1/12/41		USD	2,006		1,132			(848	)		1,980
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Credit Suisse International	1/12/41		USD	1,869		1,055			(1,865	)		2,920
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	1/12/41		USD	1,413		(798	)		2,208			(3,006	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	1/12/41		USD	1,048		(592	)		6,232			(6,824	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	1/12/41		USD	1,003		(566	)		(6,897	)		6,331
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	1/12/41		USD	1,003		(566	)		(3,319	)		2,753
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Credit Suisse International	1/12/41		USD	1,003		566			812			(246	)

30 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ OTC total return swaps outstanding as of June 30, 2014 were as follows: (continued)

Reference Entity	Fixed Rate/ Floating Rate	Counterparty	Expiration Date	Notional Amount/ Contract Amount (000)			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	1/12/41		USD	1,003	$	(566	)	$	164		$	(730	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	1/12/41		USD	957		(540	)		4			(544	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	1/12/41		USD	957		(540	)		2,393			(2,933	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Credit Suisse International	1/12/41		USD	912		515			(3,198	)		3,713
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	1/12/41		USD	820		(463	)		2,660			(3,123	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	1/12/41		USD	729		(411	)		1,140			(1,551	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Deutsche Bank AG	1/12/41		USD	1,823		1,029			(4,118	)		5,147
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Deutsche Bank AG	1/12/41		USD	912		515			(1,774	)		2,289
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Goldman Sachs Bank USA	1/12/41		USD	2,552		(1,441	)		(16,588	)		15,147
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Goldman Sachs Bank USA	1/12/41		USD	2,051		(1,158	)		(7,984	)		6,826
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Goldman Sachs Bank USA	1/12/41		USD	957		541			(1,254	)		1,795
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Goldman Sachs Bank USA	1/12/41		USD	912		514			(2,914	)		3,428
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Goldman Sachs Bank USA	1/12/41		USD	684		(386	)		1,068			(1,454	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	JPMorgan Chase Bank N.A.	1/12/41		USD	2,142		(1,210	)		3,286			(4,496	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	JPMorgan Chase Bank N.A.	1/12/41		USD	1,094		(618	)		(4,304	)		3,686
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	JPMorgan Chase Bank N.A.	1/12/41		USD	1,003		(567	)		(2,379	)		1,812

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 31

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ OTC total return swaps outstanding as of June 30, 2014 were as follows: (continued)

Reference Entity	Fixed Rate/ Floating Rate	Counterparty	Expiration Date	Notional Amount/ Contract Amount (000)			Market Value			Premiums Paid (Received)			Unrealized Appreciation (Depreciation)
Return on Markit IOS 4.50%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	1/12/41		USD	905	$	(131	)	$	4,742		$	(4,873	)
Return on Markit IOS 4.50%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Deutsche Bank AG	1/12/41		USD	1,811		(261	)		7,221			(7,482	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Credit Suisse International	2/12/41		USD	912		515			120			395
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Credit Suisse International	2/12/41		USD	912		515			120			395
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Goldman Sachs Bank USA	2/12/41		USD	912		5,147			900			4,247
Return on Markit IOS 4.50%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	2/12/41		USD	905		(131	)		893			(1,024	)
Return on Markit IOS 4.50%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	2/12/41		USD	905		(131	)		1,176			(1,307	)
Return on Markit IOS 4.50%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Goldman Sachs Bank USA	2/12/41		USD	905		(131	)		(243	)		112
Return on Markit IOS 3.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	1/12/43		USD	0		—			—			—
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Credit Suisse International	1/12/44		USD	2,105		5,136			7,459			(2,323	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	1/12/44		USD	2,009		(4,903	)		221			(5,124	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Credit Suisse International	1/12/44		USD	1,052		2,568			1,637			931
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Credit Suisse International	1/12/44		USD	1,052		2,568			4,634			(2,066	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR2	Credit Suisse International	1/12/44		USD	957		(2,335	)		(2,120	)		(215	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Credit Suisse International	1/12/44		USD	957		2,335			(2,840	)		5,175
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Credit Suisse International	1/12/44		USD	957		2,335			2,689			(354	)

32 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

Ÿ OTC total return swaps outstanding as of June 30, 2014 were as follows: (concluded)

Reference Entity	Fixed Rate/ Floating Rate	Counterparty	Expiration Date	Notional Amount/ Contract Amount (000)			Market Value		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Credit Suisse International	1/12/44		USD	957	$	2,335	$	3,752	$	(1,417	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month LIBOR3	Credit Suisse International	1/12/44		USD	957		2,335		4,649		(2,314	)
Return on Markit IOS 4.00%, 30-year, fixed rate Fannie Mae	1-month  LIBOR3	Credit Suisse International	1/12/44		USD	957		2,335		10,019		(7,684	)
Total							$	25,997,366	$	26,410,337	$	(412,971	)

¹  Master Portfolio receives the total return of the reference entity and pays the fixed rate. Net payment made at termination.

²  Master Portfolio pays the floating rate and receives the total return of the reference entity.

³  Master Portfolio pays the total return of the reference entity and receives the floating rate.

Ÿ OTC total return variance swaps outstanding as of June 30, 2014 were as follows:

Index	Variance Strike Price1			Counterparty		Expiration Date	Notional Amount (000)			Market Value			Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
EURO STOXX 50 Index		EUR	460.10		BNP Paribas S.A.	3/20/15		EUR	1	$	(196,952	)		—	$	(196,952	)
S&P 500 Index		USD	336.72		BNP Paribas S.A.	3/20/15		USD	1		174,476			—		174,476
Total										$	(22,476	)		—	$	(22,476	)

¹  At expiration, the Master Portfolio pays or receives the difference between the realized variance and predefined variance strike price multiplied by the notional amount.

Ÿ 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:

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

Ÿ 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)

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the 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 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, please refer to the Master Portfolio’s most recent financial statements as contained in its semi-annual report.

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 33

Consolidated Schedule of Investments (continued) Master Total Return Portfolio

The following tables summarize the Master Portfolio’s investments and derivative financial instruments categorized in the disclosure hierarchy as of June 30, 2014:

	Level 1			Level 2			Level 3		Total
Assets:
Investments:
Long-Term Investments:
Asset-Backed Securities		—		$	489,896,017		$	54,239,962	$	544,135,979
Common Stocks		—			2,054,730			—		2,054,730
Corporate Bonds		—			1,169,661,904			—		1,169,661,904
Floating Rate Loan Interests		—			58,136,688			17,245,624		75,382,312
Foreign Agency Obligations		—			33,653,481			—		33,653,481
Foreign Government Obligations		—			264,157,966			—		264,157,966
Non-Agency Mortgage-Backed Securities		—			356,460,807			33,891,808		390,352,615
Other Interests		—			—			1		1
Preferred Securities	$	9,960,358			55,905,914			—		65,866,272
Taxable Municipal Bonds		—			177,885,907			—		177,885,907
U.S. Government Sponsored Agency Securities		—			2,091,006,593			18,074,564		2,109,081,157
U.S. Treasury Obligations		—			1,017,022,953			—		1,017,022,953
Short-Term Securities:
Borrowed Bond Agreements		—			78,263,729			—		78,263,729
Options Purchased:
Equity Contracts		134,607			130,011			—		264,618
Foreign Currency Exchange Contracts		—			388,077			—		388,077
Interest Rate Contracts		2,004,057			383,403			—		2,387,460
Liabilities:
Investments in Securities:
TBA Sale Commitments		—			(982,018,992	)		—		(982,018,992	)
Borrowed Bonds		—			(79,273,084	)		—		(79,273,084	)
Total	$	12,099,022		$	4,733,716,104		$	123,451,959	$	4,869,267,085
	Level 1			Level 2			Level 3		Total
Derivative Financial Instruments1
Assets:
Credit contracts		—		$	3,038,150			—	$	3,038,150
Equity contracts	$	171,602			3,045,579			—		3,217,181
Foreign currency exchange contracts		—			5,810,131			—		5,810,131
Interest rate contracts		1,312,326			1,324,108			—		2,636,434
Liabilities:
Credit contracts		—			(4,444,381	)		—		(4,444,381	)
Equity contracts		(193,666	)		(6,639,048	)		—		(6,832,714	)
Foreign currency exchange contracts		—			(5,371,020	)		—		(5,371,020	)
Interest rate contracts		(3,672,168	)		(2,543,415	)		—		(6,215,583	)
Total	$	(2,381,906	)	$	(5,779,896	)		—	$	(8,161,802	)
1    Derivative financial instruments are swaps, financial futures contracts, forward foreign currency exchange contracts and options written. Swaps, financial futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options written are shown at value.

34 MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014

Consolidated Schedule of Investments (concluded) Master Total Return Portfolio

The carrying amount or face value, including accrued interest, for certain of the Master Portfolio’s assets and/or liabilities approximates fair value for financial reporting purposes. As of June 30, 2014, such assets and/or liabilities are categorized within the disclosure hierarchy as follows:

	Level 1		Level 2			Level 3		Total
Assets:
Cash	$	3,630,510		—			—	$	3,630,510
Foreign currency at value		2,213,805		—			—		2,213,805
Cash pledged for financial futures contracts		5,297,000		—			—		5,297,000
Cash pledged as collateral for OTC derivatives		3,780,000		—			—		3,780,000
Cash pledged for centrally cleared swaps		3,705,000		—			—		3,705,000
Cash pledged as collateral for borrowed bond agreements		2,533,080		—			—		2,533,080
Liabilities:
Reverse repurchase agreements		—	$	(1,555,189,506	)		—		(1,555,189,506	)
Cash received as collateral for OTC derivatives		—		(1,900,000	)		—		(1,900,000	)
Cash received as collateral for reverse repurchase agreements		—		(625,000	)		—		(625,000	)
Cash received as collateral for TBA commitments		—		(673,000	)		—		(673,000	)
Total	$	21,159,395	$	(1,557,714,506	)		—	$	(1,536,555,111	)

There were no transfers between Level 1 and Level 2 during the period ended June 30, 2014.

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, 2013	$	179,198,390		$	7,684,364		$	19,411,401		$	36,708,955		$	1			—		$	243,003,111
Transfers into Level 3		—			—			179,192			22,039			—			—			201,231
Transfers out of Level 31		(94,309,781	)		(754,774	)		—			(8,643,477	)		—			—			(103,708,032	)
Accrued discounts/premiums		15,796			—			17,923			5,841			1		$	(6,604	)		32,957
Net realized gain (loss)		586,105			—			9,391			85,051			—			(8,801	)		671,746
Net change in unrealized appreciation/depreciation2,3		(247,258	)		10,410			62,711			108,882			(1	)		259,775			194,519
Purchases		38,709,840			—			—			12,546,644			—			17,992,105			69,248,589
Sales		(69,713,130	)		(6,940,000	)		(2,434,994	)		(6,942,127	)		—			(161,911	)		(86,192,162	)
Closing Balance, as of June 30, 2014	$	54,239,962			—		$	17,245,624		$	33,891,808		$	1		$	18,074,564		$	123,451,959
Net change in unrealized appreciation/depreciation on investments still held at June 30, 20143	$	(94,562	)		—		$	62,711		$	258,985		$	(1	)	$	259,775		$	486,908

¹  As of September 30, 2013, the Master Portfolio used significant unobservable inputs in determining the value of certain investments. As of June 30, 2014, the Master Portfolio used observable inputs in determining the value of the same investments. As a result, investments with a beginning of period value of $103,708,032 transferred from Level 3 to Level 2 in the disclosure hierarchy.

²  Included in the related net change in unrealized appreciation/depreciation in the Consolidated Statement of Operations.

³  Any difference between Net change in unrealized appreciation/depreciation and Net change in unrealized appreciation/depreciation on investments still held at June 30, 2014 is generally due to investments no longer held or categorized as Level 3 at period end.

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.

MASTER TOTAL RETURN PORTFOLIO OF MASTER BOND LLC JUNE 30, 2014 35

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

2

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 26, 2014

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 26, 2014
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 26, 2014

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