Amendment No. 1 to the Investment Management Agreement

Exhibit 4(a)(2)

Amendment No. 1 to the Investment Management Agreement

This Amendment No. 1 to the Investment Management Agreement dated as of November 21, 2014 (the “Amendment”) is entered into by and between Master Bond LLC, a Delaware limited liability company (the “Master LLC”), on behalf of Master Total Return Portfolio (the “Series”), and BlackRock Advisors, LLC, a Delaware limited liability company (the “Adviser”).

WHEREAS, the Master LLC, on behalf of the Series, and the Adviser have entered into an Investment Management Agreement dated as of September 29, 2006 (the “Management Agreement”) pursuant to which the Adviser agreed to act as investment adviser to the Series; and

WHEREAS, the Management Agreement provides that the Master LLC, on behalf of the Series, will pay to the Adviser a monthly fee in arrears at an annual rate equal to the amount set forth in Schedule A thereto; and

WHEREAS, the Management Agreement may be amended in accordance with Section 14 of the Management Agreement; and

WHEREAS, the Board of Directors, including a majority of those Directors who are not interested persons of the Master LLC, approved an amendment to the Management Agreement as set out in this Amendment at an in-person meeting held on November 11, 2014.

NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows:

1. Schedule A of the Management Agreement is hereby amended as set forth on the Appendix A attached hereto with respect to the Series.

2. Except as otherwise set forth herein, the terms and conditions of the Management Agreement shall remain in full force and effect.

[End of Text]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to the Investment Management Agreement to be executed by their officers designated below as of the day and year first written above.

	MASTER BOND LLC
	By:	/s/ Xxxx X. Xxxxxxxxx
		Name: Xxxx X. Xxxxxxxxx
		Title: President and Chief Executive Officer
	BLACKROCK ADVISORS, LLC
	By:	/s/ Xxxx X. Xxxxxxx
		Name: Xxxx X. Xxxxxxx
		Title: Managing Director

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APPENDIX A

Portfolio	Advisory Fee (as a percentage of average daily net assets)
Master Total Return Portfolio	First $250 million	0.16%
	$250 million - $500 million	0.12%
	$500 million - $750 million	0.08%
	Over $750 million	0.05%

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