EXHIBIT 4(l)


SUB-ADVISORY AGREEMENT


AGREEMENT dated as of              , 2011, between BlackRock
Advisors, LLC, a Delaware limited liability company (“Adviser”), and BlackRock Fund Advisors, a California corporation
(“Sub-Adviser”).


WHEREAS, Adviser has agreed to furnish
investment advisory services to BlackRock Emerging Markets Long/Short Equity Fund (the “Portfolio”) of BlackRock FundsSM
(the “Fund”), an open-end, management investment company registered under the Investment Company Act of 1940 (the “1940
Act”); and


WHEREAS, Adviser wishes to retain Sub-Adviser
to provide it with sub-advisory services as described below in connection with Adviser’s advisory activities on behalf of
the Portfolio;


WHEREAS, the investment advisory agreement
between Adviser and the Fund dated September 29, 2006 (such Agreement or the most recent successor agreement between such parties
relating to advisory services to the Portfolio is referred to herein as the “Advisory Agreement”) contemplates that
Adviser may appoint a sub-adviser to perform investment advisory services with respect to the Portfolio;


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


NOW, THEREFORE, in consideration of the
premises and mutual covenants herein contained, it is agreed between the parties hereto as follows:


1.                 
Appointment. Adviser hereby appoints Sub-Adviser to act as sub-adviser with respect to the Portfolio as provided
in Section 2 of the Advisory Agreement. Sub-Adviser accepts such appointment and agrees to render the services herein set forth
for the compensation herein provided.


2.                 
Services of Sub-Adviser. Subject to the oversight and supervision of Adviser and the Fund’s Board of
Trustees, Sub-Adviser will supervise certain day-to-day operations of the Portfolio and perform the following services: (i) act
as investment adviser for and manage the investment and reinvestment of those assets of the Portfolio as Adviser may from time
to time request and in connection therewith have complete discretion in purchasing and selling such securities and other assets
for the Portfolio and in voting, exercising consents and exercising all other rights appertaining to such securities and other
assets on behalf of the Portfolio; (ii) provide investment research and credit analysis concerning the Portfolio’s fixed-income
investments; (iii) assist Adviser in determining what portion of the Portfolio’s assets will be invested in cash and cash
equivalents and money market instruments; (iv) place orders for all purchases and sales of fixed-income investments, other than
short-term cash equivalents made for the Portfolio; and (v) maintain the books and records as are required to support Fund operations
(in conjunction with record-keeping and accounting functions performed by Adviser). At the request of Adviser, Sub-Adviser will
also, subject to the oversight and supervision of Adviser and the direction and control of the Fund’s Board of Trustees,
provide to Adviser or the


    	 



    	 



    
Fund any of the facilities and equipment and perform any of the services described in Section 4 of the
Advisory Agreement. In addition, Sub-Adviser will keep the Fund and Adviser informed of developments materially affecting the Portfolio
and shall, on its own initiative, furnish to the Fund from time to time whatever information Sub-Adviser believes appropriate for
this purpose. Sub-Adviser will periodically communicate to Adviser, at such times as Adviser may direct, information concerning
the purchase and sale of securities for the Portfolio, including (i) the name of the issuer, (ii) the amount of the purchase or
sale, (iii) the name of the broker or dealer, if any, through which the purchase or sale will be effected, (iv) the CUSIP number
of the instrument, if any, and (v) such other information as Adviser may reasonably require for purposes of fulfilling its obligations
to the Fund under the Advisory Agreement. Sub-Adviser will provide the services rendered by it under this Agreement in accordance
with the Portfolio’s investment objective, policies and restrictions as stated in the Portfolio’s prospectus and statement
of additional information (as currently in effect and as they may be amended or supplemented from time to time), and the resolutions
of the Fund’s Board of Trustees.


3.                 
Other Sub-Adviser Covenants. Sub-Adviser further agrees that it:


(a)               
will comply with (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 (the “SEC”), (ii) any other applicable provision of
law and (iii) the provisions of this Agreement, the Declaration of Trust and the Amended and Restated Code of Regulations of the
Fund as such are amended from time to time;


(b)              
will 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, Sub-Adviser will attempt to obtain the best price and the most favorable
execution of its orders. In placing orders, Sub-Adviser 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, Sub-Adviser
may, subject to the approval of the Fund’s Board of Trustees, select brokers on the basis of the research, statistical and
pricing services they provide to the Portfolio and other clients of Adviser or Sub-Adviser. Information and research received from
such brokers will be in addition to, and not in lieu of, the services required to be performed by Sub-Adviser 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 Sub-Adviser determines in good faith that such commission is reasonable in terms of either the transaction
or the overall responsibility of Adviser and Sub-Adviser to the Portfolio and its other clients and that the total commissions
paid by the Portfolio will be reasonable in relation to the benefits to the Portfolio over the long-term. In no instance, however,
will the Portfolio’s securities be purchased from or sold to Adviser, Sub-Adviser, the Fund’s distributor or any affiliated
person thereof, except to the extent permitted by the SEC or by applicable law. It is understood that Sub-Adviser may utilize affiliates
in connection with the placement of orders with issuers and brokers or dealers, but such use of affiliates shall not affect the
responsibility of Sub-Adviser to Adviser for such activities. 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, Sub-Adviser may select brokers and dealers
with which it or the Fund is affiliated;


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(c)               
will maintain or cause Adviser to maintain books and records with respect to the Portfolio’s securities transactions
and will furnish Adviser and the Fund’s Board of Trustees such periodic and special reports as they may request;


(d)              
will maintain a policy and practice of conducting its investment advisory services hereunder independently of the
commercial banking operations of its affiliates. When Sub-Adviser makes investment recommendations for the Portfolio, its investment
advisory personnel will not inquire or take into consideration whether the issuer of securities proposed for purchase or sale for
the Portfolio’s account are customers of the commercial departments of its affiliates. In dealing with commercial customers
of its affiliates, Sub-Adviser will not inquire or take into consideration whether securities of those customers are held by the
Fund; and


(e)               
will treat confidentially and as proprietary information of the Fund all records and other information relative to
the Fund, any of the Portfolio’s and the Fund’s 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 the Fund, which approval shall not be unreasonably withheld and may not be withheld where Sub-Adviser
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 Fund.


4.                 
Services Not Exclusive. Sub-Adviser’s services hereunder are not deemed to be exclusive, and Sub-Adviser
shall be free to render similar services to others so long as its services under this Agreement are not impaired thereby.


5.                 
Books and Records. In compliance with the requirements of Rule 31a-3 under the 1940 Act, Sub-Adviser hereby
agrees that all records which it maintains for the Portfolio are the property of the Fund and further agrees to surrender promptly
to the Fund any such records upon the Fund’s request. Sub-Adviser 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.


6.                 
Expenses. During the term of this Agreement, Sub-Adviser will bear all costs and expenses of its employees
and any overhead incurred by Sub-Adviser in connection with its duties hereunder; provided that the Board of Trustees of
the Fund may approve reimbursement to Sub-Adviser 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 required to be provided hereunder) of all personnel employed by Sub-Adviser who
devote substantial time to Fund operations or the operations of other investment companies advised or sub-advised by Sub-Adviser.


7.                 
Compensation. For the services provided and the expenses assumed pursuant to this Agreement, Adviser will
pay to Sub-Adviser a fee, computed daily and payable monthly, at the annual rate set forth on Appendix A attached hereto.
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.


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For purposes of the fee rates set forth
on Appendix A, the net assets of the Portfolio shall be calculated pursuant to the procedures adopted by resolutions of
the Fund’s Board of Trustees for calculating the value of the Fund’s assets or delegating such calculations to third
parties.


If Adviser waives any or all of its advisory
fee payable under the Advisory Agreement, or reimburses the Fund pursuant to Section 8(b) of that Agreement, with respect to the
Portfolio, Sub-Adviser will bear its share of the amount of such waiver or reimbursement by waiving fees otherwise payable to it
hereunder on a proportionate basis to be determined by comparing the aggregate fees that would otherwise be paid to it hereunder
with respect to the Portfolio to the aggregate fees that would otherwise be paid by the Fund to Adviser under the Advisory Agreement
with respect to the Portfolio. Adviser shall inform Sub-Adviser prior to waiving any advisory fees.


8.                 
Limitation of Liability. Sub-Adviser shall not be liable for any error of judgment or mistake of law or for
any loss suffered by Adviser or by the Portfolio 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 obligations
or duties under this Agreement.


9.                 
Duration and Termination. This Agreement will become effective as of the date hereof and, unless sooner terminated
with respect to the Portfolio as provided herein, shall continue in effect with respect to the Portfolio until for a period of
two years. Thereafter, if not terminated, this Agreement shall continue in effect with respect to the Portfolio for successive
periods of 12 months, provided such continuance is specifically approved at least annually (a) by the vote of a majority
of those members of the Fund’s Board of Trustees who are not interested persons of any party to this Agreement, cast in person
at a meeting called for the purpose of voting on such approval, and (b) by the Fund’s Board of Trustees or by a vote of a
majority of the outstanding voting securities of the Portfolio. Notwithstanding the foregoing, this Agreement may be terminated
with respect to the Portfolio at any time, without the payment of any penalty, by the Fund (by vote of the Fund’s Board of
Trustees or by vote of a majority of the outstanding voting securities of the Portfolio), or by Adviser or Sub-Adviser on sixty
days’ written notice, and will terminate automatically upon any termination of the Advisory Agreement between the Fund and
Adviser. 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
as such terms in the 1940 Act.)


10.             
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.


11.             
Amendment of this Agreement. No provision of this Agreement may be changed, waived, discharged or terminated
orally, but only by an instrument in writing signed by


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the party against which enforcement of the change, waiver, discharge or
termination is sought. Any amendment of this Agreement shall be subject to the 1940 Act.


12.             
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.


13.             
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware 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.


14.             
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 this instrument to be executed by their officers designated below as of the day and year first above written.


BLACKROCK ADVISORS, LLC


By: ______________________________

Name:

Title:


BLACKROCK FUND ADVISORS


By: ______________________________

Name:

Title:



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Appendix A


Portfolio and Sub-Advisory Fees


	
        Portfolio
	 	
        Sub-Advisory Fee

        (as a percentage of

        average daily net assets)

	 	 	 
	Emerging Markets Long/Short Equity Fund	 	First $1 billion............................................. [     ]%
	 	 	$1 billion - $3 billion................................... [     ]%
	 	 	$3 billion - $5 billion................................... [     ]%
	 	 	$5 billion - $10 billion................................. [     ]%
	 	 	Over $10
    billion.........................................  [     ]%
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 





    	Appendix A-1