Exhibit 4(a)

                         INVESTMENT MANAGEMENT AGREEMENT

      AGREEMENT, dated October 2, 2006, between BlackRock Bond Fund, Inc. (the
"Corporation"), a Maryland corporation, on behalf of BlackRock High Income Fund,
BlackRock Bond Fund and Intermediate Term Portfolio (each a "Fund" and together
the "Funds"), and BlackRock Advisors, L.L.C. (the "Advisor"), a Delaware limited
liability corporation.

      WHEREAS, the Advisor has agreed to furnish investment advisory services to
the Funds of the Corporation, an open-end management investment company
registered under the Investment Company Act of 1940, as amended (the "1940
Act");

      WHEREAS, the Board of Directors of the Corporation has established and
designated the Funds as series of the Corporation;

      WHEREAS, this Agreement has been approved in accordance with the
provisions of the 1940 Act, and the Advisor is willing to furnish such services
upon the terms and conditions herein set forth;

      NOW, THEREFORE, in consideration of the mutual premises and covenants
herein contained and other good and valuable consideration, the receipt of which
is hereby acknowledged, it is agreed by and between the parties hereto as
follows:

      1. In General. The Advisor agrees, all as more fully set forth herein, to
act as investment advisor to the Funds with respect to the investment of the
Funds' assets and to supervise and arrange for the day to day operations of the
Funds and the purchase of securities for and the sale of securities held in the
investment portfolios of the Funds.

      2. Duties and Obligations of the Advisor with Respect to Investment of
Assets of the Funds. Subject to the succeeding provisions of this section and
subject to the direction and control of the Corporation's Board of Directors,
the Advisor shall (i) act as investment advisor for and supervise and manage the
investment and reinvestment of the Funds' assets and in connection therewith
have complete discretion in purchasing and selling securities and other assets
for the Funds and in voting, exercising consents and exercising all other rights
appertaining to such securities and other assets on behalf of the Funds; (ii)
supervise continuously the investment program of the Funds and the composition
of their investment portfolio; (iii) arrange, subject to the provisions of
paragraph 4 hereof, for the purchase and sale of securities and other assets
held in the investment portfolios of the Funds; and (iv) provide investment
research to the Funds.

      3. Duties and Obligations of Advisor with Respect to the Administration of
the Funds. The Advisor also agrees to furnish office facilities and equipment
and clerical, bookkeeping and administrative services (other than such services,
if any, provided by the Funds' Custodian, Transfer Agent and Dividend Disbursing
Agent and other service providers) for the Funds. To the extent requested by the
Corporation, the Advisor agrees to provide the following administrative
services:

<PAGE>

            (a) Oversee the determination and publication of each Fund's net
asset value in accordance with the Fund's policy as adopted from time to time by
the Board of Directors;

            (b) Oversee the maintenance by the Funds' Custodian and Transfer
Agent and Dividend Disbursing Agent of certain books and records of the Funds as
required under Rule 31a-1(b)(4) of the 1940 Act and maintain (or oversee
maintenance by such other persons as are approved by the Board of Directors)
such other books and records required by law or for the proper operation of the
Funds;

            (c) Oversee the preparation and filing of each Fund's federal, state
and local income tax returns and any other required tax returns;

            (d) Review the appropriateness of and arrange for payment of each
Fund's expenses;

            (e) Prepare for review and approval by officers of the Corporation
financial information for the Funds' semiannual and annual reports, proxy
statements and other communications with shareholders required or otherwise to
be sent to Fund shareholders, and arrange for the printing and dissemination of
such reports and communications to shareholders;

            (f) Prepare for review by an officer of the Corporation the Funds'
periodic financial reports required to be filed with the Securities and Exchange
Commission ("SEC") on Form N-SAR, Form N-CSR, Form N-PX, Form N-Q, and such
other reports, forms and filings, as may be mutually agreed upon;

            (g) Prepare such reports relating to the business and affairs of the
Funds as may be mutually agreed upon and not otherwise appropriately prepared by
the Funds' custodian, counsel or auditors;

            (h) Make such reports and recommendations to the Board of Directors
concerning the performance of the independent accountants as the Board of
Directors may reasonably request or deems appropriate;

            (i) Make such reports and recommendations to the Board of Directors
concerning the performance and fees of the Funds' Custodian and Transfer Agent
and Dividend Disbursing Agent as the Board of Directors may reasonably request
or deems appropriate;

            (j) Oversee and review calculations of fees paid to the Funds'
service providers;

            (k) Oversee each Fund's portfolio and perform necessary calculations
as required under Section 18 of the 1940 Act;

            (l) Consult with the Corporation's officers, independent
accountants, legal counsel, custodian, accounting agent and transfer and
dividend disbursing agent in establishing the accounting policies of the Funds
and monitor financial and shareholder accounting services;


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<PAGE>

            (m) Determine the amounts available for distribution as dividends
and distributions to be paid by each Fund to its shareholders; prepare and
arrange for the printing of dividend notices to shareholders; and provide the
Funds' dividend disbursing agent and custodian with such information as is
required for such parties to effect the payment of dividends and distributions
and to implement the Funds' dividend reinvestment plan;

            (n) Prepare such information and reports as may be required by any
banks from which a Fund borrows funds;

            (o) Provide such assistance to the Custodian and the Corporation's
counsel and auditors as generally may be required to properly carry on the
business and operations of the Funds;

            (p) Respond to or refer to the Corporation's officers or transfer
agent, shareholder (including any potential shareholder) inquiries relating to
the Funds; and

            (q) Supervise any other aspects of the Funds' administration as may
be agreed to by the Corporation and the Advisor.

      All services are to be furnished through the medium of any directors,
officers or employees of the Advisor or its affiliates as the Advisor deems
appropriate in order to fulfill its obligations hereunder.

      The Funds will reimburse the Advisor or its affiliates for all out of
pocket expenses incurred by them in connection with the performance of the
administrative services described in this paragraph 3. The Funds will reimburse
the Advisor and its affiliates for their costs in providing accounting services
to the Funds.

      4. Covenants. (a) In the performance of its duties under this Agreement,
the Advisor shall at all times conform to, and act in accordance with, any
requirements imposed by: (i) the provisions of the 1940 Act and the Investment
Advisers Act of 1940, as amended, and all applicable Rules and Regulations of
the Securities and Exchange Commission; (ii) any other applicable provision of
law; (iii) the provisions of the Charter and By Laws of the Corporation, as such
documents are amended from time to time; (iv) the investment objectives and
policies of the Funds as set forth in the Corporation's Registration Statement
on Form N-1A and/or the resolutions of the Board of Directors; and (v) any
policies and determinations of the Board of Directors of the Corporation.

            (b) In addition, the Advisor will:

                  (i) place orders either directly with the issuer or with any
broker or dealer. Subject to the other provisions of this paragraph, in placing
orders with brokers and dealers, the Advisor will attempt to obtain the best
price and the most favorable execution of its orders. In placing orders, the
Advisor will consider the experience and skill of the firm's securities traders
as well as the firm's financial responsibility and administrative efficiency.
Consistent with this obligation, the Advisor may select brokers on the basis of
the research, statistical and pricing services they provide to the Funds and
other clients of the Advisor. Information and research received from such
brokers will be in addition to, and not in lieu of, the


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<PAGE>

services required to be performed by the Advisor hereunder. A commission paid to
such brokers may be higher than that which another qualified broker would have
charged for effecting the same transaction, provided that the Advisor determines
in good faith that such commission is reasonable in terms either of the
transaction or the overall responsibility of the Advisor to the Funds and its
other clients and that the total commissions paid by each Fund will be
reasonable in relation to the benefits to the Fund over the long term. Subject
to the foregoing and the provisions of the 1940 Act, the Securities Exchange Act
of 1934, as amended, and other applicable provisions of law, the Advisor may
select brokers and dealers with which it or the Corporation is affiliated;

                  (ii) maintain a policy and practice of conducting its
investment advisory services hereunder independently of the commercial banking
operations of its affiliates. When the Advisor makes investment recommendations
for the Funds, its investment advisory personnel will not inquire or take into
consideration whether the issuer of securities proposed for purchase or sale for
each Fund's account are customers of the commercial department of its
affiliates; and

                  (iii) treat confidentially and as proprietary information of
the Funds all records and other information relative to the Funds, and the
Funds' prior, current or potential shareholders, and will not use such records
and information for any purpose other than performance of its responsibilities
and duties hereunder, except after prior notification to and approval in writing
by each Fund, which approval shall not be unreasonably withheld and may not be
withheld where the Advisor may be exposed to civil or criminal contempt
proceedings for failure to comply, when requested to divulge such information by
duly constituted authorities, or when so requested by the Funds.

      5. Services Not Exclusive. Nothing in this Agreement shall prevent the
Advisor or any officer, employee or other affiliate thereof from acting as
investment advisor for any other person, firm or corporation, or from engaging
in any other lawful activity, and shall not in any way limit or restrict the
Advisor or any of its officers, employees or agents from buying, selling or
trading any securities for its or their own accounts or for the accounts of
others for whom it or they may be acting; provided, however, that the Advisor
will undertake no activities which, in its judgment, will adversely affect the
performance of its obligations under this Agreement.

      6. Sub-Advisors. The Advisor may from time to time, in its sole discretion
to the extent permitted by applicable law, appoint one or more sub-advisors,
including, without limitation, affiliates of the Advisor, to perform investment
advisory services with respect to the Funds. The Advisor may terminate any or
all sub-advisors in its sole discretion at any time to the extent permitted by
applicable law.

      7. Books and Records. In compliance with the requirements of Rule 31a-3
under the 1940 Act, the Advisor hereby agrees that all records which it
maintains for the Corporation are the property of the Corporation and further
agrees to surrender promptly to the Corporation any such records upon the
Corporation's request. The Advisor further agrees to preserve for the periods
prescribed by Rule 31a-2 under the 1940 Act the records required to be
maintained by Rule 31a-1 under the 1940 Act.


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<PAGE>

      8. Expenses. During the term of this Agreement, the Advisor will bear all
costs and expenses of its employees and any overhead incurred in connection with
its duties hereunder and shall bear the costs of any salaries or directors' fees
of any officers or directors of the Corporation who are affiliated persons (as
defined in the 1940 Act) of the Advisor; provided that the Board of Directors of
the Corporation may approve reimbursement to the Advisor of the pro rata portion
of the salaries, bonuses, health insurance, retirement benefits and all similar
employment costs for the time spent on Fund operations (including, without
limitation, compliance matters) (other than the provision of investment advice
and administrative services required to be provided hereunder) of all personnel
employed by the Advisor who devote substantial time to Fund operations or the
operations of other investment companies advised by the Advisor.

      9. Compensation of the Advisor. (a) The Corporation agrees to pay to the
Advisor and the Advisor agrees to accept as full compensation for all services
rendered by the Advisor as such, a monthly fee (the "Investment Advisory Fee")
in arrears at an annual rate equal to the amount set forth in Schedule A hereto
of the average daily value of the Funds' Net Assets. "Net Assets" means the
total assets of a Fund minus the sum of the accrued liabilities. For any period
less than a month during which this Agreement is in effect, the fee shall be
prorated according to the proportion which such period bears to a full month of
28, 29, 30 or 31 days, as the case may be.

            (b) For purposes of this Agreement, the net assets of the Funds
shall be calculated pursuant to the procedures adopted by resolutions of the
Directors of the Corporation for calculating the value of the Funds' assets or
delegating such calculations to third parties.

      10. Indemnity. (a) The Corporation may, in the discretion of the Board of
Directors of the Corporation, indemnify the Advisor, and each of the Advisor's
directors, officers, employees, agents, associates and controlling persons and
the directors, partners, members, officers, employees and agents thereof
(including any individual who serves at the Advisor's request as director,
officer, partner, member, trustee or the like of another entity) (each such
person being an "Indemnitee") against any liabilities and expenses, including
amounts paid in satisfaction of judgments, in compromise or as fines and
penalties, and counsel fees (all as provided in accordance with applicable state
law) reasonably incurred by such Indemnitee in connection with the defense or
disposition of any action, suit or other proceeding, whether civil or criminal,
before any court or administrative or investigative body in which such
Indemnitee may be or may have been involved as a party or otherwise or with
which such Indemnitee may be or may have been threatened, while acting in any
capacity set forth herein or thereafter by reason of such Indemnitee having
acted in any such capacity, except with respect to any matter as to which such
Indemnitee shall have been adjudicated not to have acted in good faith in the
reasonable belief that such Indemnitee's action was in the best interest of the
Corporation and furthermore, in the case of any criminal proceeding, so long as
such Indemnitee had no reasonable cause to believe that the conduct was
unlawful; provided, however, that (1) no Indemnitee shall be indemnified
hereunder against any liability to the Corporation or its shareholders or any
expense of such Indemnitee arising by reason of (i) willful misfeasance, (ii)
bad faith, (iii) gross negligence or (iv) reckless disregard of the duties
involved in the conduct of such Indemnitee's position (the conduct referred to
in such clauses (i) through (iv) being sometimes referred to herein as
"disabling conduct"), (2) as to any matter disposed of by


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<PAGE>

settlement or a compromise payment by such Indemnitee, pursuant to a consent
decree or otherwise, no indemnification either for said payment or for any other
expenses shall be provided unless there has been a determination that such
settlement or compromise is in the best interests of the Corporation and that
such Indemnitee appears to have acted in good faith in the reasonable belief
that such Indemnitee's action was in the best interest of the Corporation and
did not involve disabling conduct by such Indemnitee and (3) with respect to any
action, suit or other proceeding voluntarily prosecuted by any Indemnitee as
plaintiff, indemnification shall be mandatory only if the prosecution of such
action, suit or other proceeding by such Indemnitee was authorized by a majority
of the full Board of Directors of the Corporation.

            (b) The Corporation may make advance payments in connection with the
expenses of defending any action with respect to which indemnification might be
sought thereunder if the Corporation receives a written affirmation of the
Indemnitee's good faith belief that the standard of conduct necessary for
indemnification has been met and a written undertaking to reimburse the
Corporation unless it is subsequently determined that such Indemnitee is
entitled to such indemnification and if the Directors of the Corporation
determine that the facts then known to them would not preclude indemnification.
In addition, at least one of the following conditions must be met: (A) the
Indemnitee shall provide security for such Indemnitee undertaking, (B) the
Corporation shall be insured against losses arising by reason of any unlawful
advance, or (C) a majority of a quorum consisting of Directors of the
Corporation who are neither "interested persons" of the Corporation (as defined
in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding
("Disinterested Non Party Directors") or an independent legal counsel in a
written opinion, shall determine, based on a review of readily available facts
(as opposed to a full trial type inquiry), that there is reason to believe that
the Indemnitee ultimately will be found entitled to indemnification.

            (c) All determinations with respect to the standards for
indemnification hereunder shall be made (1) by a final decision on the merits by
a court or other body before whom the proceeding was brought that such
Indemnitee is not liable or is not liable by reason of disabling conduct, or (2)
in the absence of such a decision, by (i) a majority vote of a quorum of the
Disinterested Non Party Directors of the Corporation, or (ii) if such a quorum
is not obtainable or, even if obtainable, if a majority vote of such quorum so
directs, independent legal counsel in a written opinion. All determinations that
advance payments in connection with the expense of defending any proceeding
shall be authorized and shall be made in accordance with the immediately
preceding clause (2) above.

      The rights accruing to any Indemnitee under these provisions shall not
exclude any other right to which such Indemnitee may be lawfully entitled.

      11. Limitation on Liability. The Advisor will not be liable for any error
of judgment or mistake of law or for any loss suffered by the Advisor or by the
Funds in connection with the performance of this Agreement, except a loss
resulting from a breach of fiduciary duty with respect to the receipt of
compensation for services or a loss resulting from willful misfeasance, bad
faith or gross negligence on its part in the performance of its duties or from
reckless disregard by it of its duties under this Agreement. As used in this
Section 11, the term "Advisor" shall include any affiliates of the Advisor
performing services for the Corporation contemplated hereby and partners,
directors, officers and employees of the Advisor and of such affiliates.


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<PAGE>

      12. Duration and Termination. This Agreement shall become effective as of
the date hereof and, unless sooner terminated with respect to the Funds as
provided herein, shall continue in effect for a period of two years. Thereafter,
if not terminated, this Agreement shall continue in effect with respect to the
Funds for successive periods of 12 months, provided such continuance is
specifically approved at least annually by both (a) the vote of a majority of
the Corporation's Board of Directors or the vote of a majority of the
outstanding voting securities of each Fund at the time outstanding and entitled
to vote, and (b) by the vote of a majority of the Directors who are not parties
to this Agreement or interested persons of any party to this Agreement, cast in
person at a meeting called for the purpose of voting on such approval.
Notwithstanding the foregoing, this Agreement may be terminated by the
Corporation at any time, without the payment of any penalty, upon giving the
Advisor 60 days' notice (which notice may be waived by the Advisor), provided
that such termination by the Corporation shall be directed or approved by the
vote of a majority of the Directors of the Corporation in office at the time or
by the vote of the holders of a majority of the voting securities of each Fund
at the time outstanding and entitled to vote, or by the Advisor on 60 days'
written notice (which notice may be waived by the Corporation). This Agreement
will also immediately terminate in the event of its assignment. (As used in this
Agreement, the terms "majority of the outstanding voting securities,"
"interested person" and "assignment" shall have the same meanings of such terms
in the 1940 Act.)

      13. Notices. Any notice under this Agreement shall be in writing to the
other party at such address as the other party may designate from time to time
for the receipt of such notice and shall be deemed to be received on the earlier
of the date actually received or on the fourth day after the postmark if such
notice is mailed first class postage prepaid.

      14. Amendment of this Agreement. This Agreement may be amended by the
parties only if such amendment is specifically approved by the vote of the Board
of Directors of the Corporation, including a majority of those Directors who are
not parties to this Agreement or interested persons of any such party cast in
person at a meeting called for the purpose of voting on such approval and, where
required by the 1940 Act, by a vote of a majority of the outstanding voting
securities of each Fund.

      15. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York for contracts to be performed
entirely therein without reference to choice of law principles thereof and in
accordance with the applicable provisions of the 1940 Act. To the extent that
the applicable laws of the State of New York, or any of the provisions, conflict
with the applicable provisions of the 1940 Act, the latter shall control.

      16. Use of the Name BlackRock. The Advisor has consented to the use by the
Corporation of the name or identifying word "BlackRock" in the name of the
Corporation. Such consent is conditioned upon the employment of the Advisor as
the investment advisor to the Funds. The name or identifying word "BlackRock"
may be used from time to time in other connections and for other purposes by the
Advisor and any of its affiliates. The Advisor may require the Funds to cease
using "BlackRock" in the name of the Corporation if the Corporation ceases to
employ, for any reason, the Advisor, any successor thereto or any affiliate
thereof as investment advisor of the Funds.


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<PAGE>

      17. Miscellaneous. The captions in this Agreement are included for
convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall not be
affected thereby. This Agreement shall be binding on, and shall inure to the
benefit of the parties hereto and their respective successors.

      18. Counterparts. This Agreement may be executed in counterparts by the
parties hereto, each of which shall constitute an original counterpart, and all
of which, together, shall constitute one Agreement.

            IN WITNESS WHEREOF, the parties hereto have caused the foregoing
instrument to be executed by their duly authorized officers, all as of the day
and the year first above written.

                                              BLACKROCK BOND FUND, INC.

                                              By: ______________________________
                                                  Name
                                                  Title

                                              BLACKROCK ADVISORS, L.L.C.

                                              By: ______________________________
                                                  Name
                                                  Title


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<PAGE>

                                   Schedule A

                             Investment Advisory Fee

      The Corporation shall pay the Advisor a fee based upon the average daily
value of the aggregate Net Assets of the Funds. The fee with respect to each
Fund shall be at the rates set forth below. These rates are subject to reduction
to the extent that the aggregate of the average daily Net Assets of the combined
Funds exceeds $250 million, $500 million or $750 million, as the case may be.
The reductions shall be applicable to each Fund regardless of size on a "uniform
percentage" basis. Determination of the portion of the Net Assets of that Fund
to which a reduced rate is applicable is made by multiplying the Net Assets of
that Fund by the "uniform percentage," which is derived by dividing the amount
by which the combined assets of all Funds exceed the minimum amount to which
such rate applies by such combined assets.

<TABLE>
<CAPTION>
                                                                     Rate of Advisory Fee
                                                        -----------------------------------------------
Aggregate of average                                                      High            Intermediate
daily Net Assets of the                                  Bond            Income               Term
three combined Funds                                     Fund             Fund              Portfolio
                                                        ------          --------         --------------
<S>                                                      <C>              <C>                 <C>
Not exceeding $250 million.......................        0.50%            0.55%               0.50%
In excess of $250 million but
   not more than $500 million....................        0.45             0.50                0.45
In excess of $500 million but
   not more than $750 million....................        0.40             0.45                0.40
In excess of $750 million........................        0.35             0.40                0.35
</TABLE>