Exhibit 4(f)


SUB-INVESTMENT ADVISORY AGREEMENT


AGREEMENT dated May __, 2011, between BlackRock
Advisors, LLC, a Delaware limited liability company (the “Advisor”), and BlackRock International Limited, a corporation
organized under the laws of England and Wales (the “Sub-Advisor”).


WHEREAS, the Advisor has agreed to furnish investment
advisory services to the BlackRock Strategic Income Opportunities Portfolio (the “Fund”), a series of BlackRock Funds II,
a Massachusetts business trust (the “Trust”), an open-end management investment company registered under the
Investment Company Act of 1940, as amended (the “1940 Act”);


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


WHEREAS, the advisory agreement between the Advisor
and the Trust, dated May 31, 2007 (such agreement or the most recent successor agreement between such parties relating to advisory
services to the Trust is referred to herein as the “Advisory Agreement”) contemplates that the Advisor may sub-contract
investment advisory services with respect to the Fund to a sub-advisor; and


WHEREAS, the Sub-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.                 
Appointment. The Advisor hereby appoints the Sub-Advisor to act as sub-advisor with respect to the Fund and the Sub-Advisor
accepts such appointment and agrees to render the services herein set forth for the compensation herein provided.


2.                 
Services of the Sub-Advisor. Subject to the succeeding provisions of this section, the oversight and supervision
of the Advisor and the direction and control of the Trust’s Board of Trustees, the Sub-Advisor will perform certain of the
day-to-day operations of the Fund, which may include one or more of the following services, at the request of the Advisor: (a)
acting as investment advisor for and managing the investment and reinvestment of those assets of the Fund as the Advisor may from
time to time request and in connection therewith have complete discretion in purchasing and selling such securities and other assets
for the Fund and in voting, exercising consents and exercising all other rights appertaining to such securities and other assets
on behalf of the Fund; (b) arranging, subject to the provisions of paragraph 3 hereof, for the purchase and sale of securities
and other assets of the Fund; (c) providing investment research and credit analysis concerning the Fund’s investments, (d)
assisting the Advisor in determining what portion of the Fund’s assets will be invested in cash, cash equivalents and money
market instruments, (e) placing orders for all purchases and sales of such investments made for the Fund, and (f) maintaining the
books and records as are required to support Fund investment






    	



    	 



    
operations. At the request of the Advisor, the Sub-Advisor will also,
subject to the oversight and supervision of the Advisor and the direction and control of the Trust’s Board of Trustees, provide
to the Advisor or the Fund any of the facilities and equipment and perform any of the services described in Section 3 of the Advisory
Agreement. In addition, the Sub-Advisor will keep the Fund and the Advisor informed of developments materially affecting the Fund
and shall, on its own initiative, furnish to the Fund from time to time whatever information the Sub-Advisor believes appropriate
for this purpose. The Sub-Advisor will periodically communicate to the Advisor, at such times as the Advisor may direct, information
concerning the purchase and sale of securities for the Fund, including: (a) the name of the issuer, (b) the amount of the purchase
or sale, (c) the name of the broker or dealer, if any, through which the purchase or sale is effected, (d) the CUSIP number of
the instrument, if any, and (e) such other information as the Advisor may reasonably require for purposes of fulfilling its obligations
to the Fund under the Advisory Agreement. The Sub-Advisor will provide the services rendered by it under this Agreement in accordance
with the Fund’s investment objectives, policies and restrictions (as currently in effect and as they may be amended or supplemented
from time to time) as stated in the Fund’s Prospectus and Statement of Additional Information and the resolutions of the
Trust’s Board of Trustees.


3.                 
Covenants.


(a)               
In the performance of its duties under this Agreement, the Sub-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 (the
“Advisers Act”) and all applicable Rules and Regulations of the Securities and Exchange Commission (the “SEC”);
(ii) any other applicable provision of law; (iii) the provisions of the Declaration of Trust and By-Laws of the Trust, as such
documents are amended from time to time; (iv) the investment objectives and policies of the Fund as set forth in the Fund’s
Registration Statement on Form N-1A and/or the resolutions of the Board of Trustees; and (v) any policies and determinations
of the Board of Trustees of the Trust and


(b)              
In addition, the Sub-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 Sub-Advisor will attempt to obtain the best price and the most favorable execution
of its orders. In placing orders, the Sub-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 Sub-Advisor
may select brokers on the basis of the research, statistical and pricing services they provide to the Fund and other clients of
the Advisor or the Sub-Advisor. Information and research received from such brokers will be in addition to, and not in lieu of,
the services required to be performed by the Sub-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 Sub-Advisor determines in good
faith that such commission is reasonable in terms either of the transaction or the overall responsibility of the Advisor and the
Sub-Advisor to the Fund and their other clients and that the total commissions paid by the Fund will be reasonable in relation
to the benefits to the Fund






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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 Sub-Advisor may select brokers
and dealers with which it or the Fund is affiliated;


(ii)               
maintain books and records with respect to the Fund’s securities transactions and will render to the Advisor and the
Trust’s Board of Trustees such periodic and special reports as they may request;


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


(iv)             
treat confidentially and as proprietary information of the Fund all records and other information relative to the Fund,
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 the Sub-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 Fund.


4.                 
Services Not Exclusive. Nothing in this Agreement shall prevent the Sub-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 Sub-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 Sub-Advisor will undertake no activities which, in its judgment, will adversely affect the performance of its
obligations under this Agreement.


5.                 
Books and Records. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Advisor hereby agrees
that all records which it maintains for the Fund are the property of the Trust
and further agrees to surrender promptly to the Trust any such records upon the Trust’s
request. The Sub-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 (to the extent such books and records are not maintained by the Advisor).


6.                 
Expenses. During the term of this Agreement, the Sub-Advisor will bear all costs and expenses of its employees and
any overhead incurred by the Sub-Advisor in connection with its duties hereunder; provided that the Board of Trustees of the Trust
may approve reimbursement to the Sub-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






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investment advice and administrative services required to be provided hereunder) of all personnel employed
by the Sub-Advisor who devote substantial time to Fund operations or the operations of other investment companies advised or sub-advised
by the Sub-Advisor.


7.                 
Compensation.


(a)               
The Advisor agrees to pay to the Sub-Advisor and the Sub-Advisor agrees to accept as full compensation for all services
rendered by the Sub-Advisor as such, a monthly fee in arrears at an annual rate equal to the amount set forth in Schedule A 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.


(b)              
For purposes of this Agreement, the net assets of the Fund shall be calculated pursuant to the procedures adopted by resolutions
of the Trustees of the Trust for calculating the value of the Fund’s assets or delegating such calculations to third parties.


8.                 
Indemnity.


(a)               
The Fund may, in the discretion of the Board of Trustees of the Trust, indemnify the Sub-Advisor, and each of the Sub-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 Sub-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 Fund 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 Fund 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 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 Fund 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 Fund 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,






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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 Trustees
of the Trust.


(b)              
The Fund shall make advance payments in connection with the expenses of defending any action with respect to which indemnification
might be sought hereunder if the Fund 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 Fund unless it is subsequently
determined that such Indemnitee is entitled to such indemnification and if the Trustees of the Trust 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 a security for such Indemnitee’s undertaking, (B) the Fund shall be insured against losses arising by reason
of any unlawful advance, or (C) a majority of a quorum consisting of Trustees of the Trust who are neither “interested persons”
of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding (“Disinterested Non-Party Trustees”)
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 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 Trustees of
the Trust, 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 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.


9.                 
Limitation on Liability.


(a)               
The Sub-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 Fund 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 9(a), the term “Sub-Advisor” shall include any affiliates of the Sub-Advisor performing services for the Fund
contemplated hereby and partners, directors, officers and employees of the Sub-Advisor and such affiliates.


(b)              
Notwithstanding anything to the contrary contained in this Agreement, the parties hereto acknowledge and agree that, as
provided in Article Seventh of the Declaration of Trust, this Agreement is executed by the Trustees and/or officers of the Trust,
not individually






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but as such Trustees and/or officers of the Fund, and the obligations hereunder are not binding upon any of the
Trustees or Shareholders individually but bind only the estate of the Fund.


10.             
Duration and Termination. This Agreement shall become effective as of the date hereof and, unless sooner terminated
with respect to the Fund 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 Fund 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 Trust’s Board of Trustees or a vote
of a majority of the outstanding voting securities of the Fund at the time outstanding and entitled to vote and (b) by the vote
of a majority of the Trustees, who are not parties to this Agreement or interested persons (as such term is defined in the 1940
Act) of any such party, 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 Fund or the Advisor at any time, without the payment of any penalty, upon giving the Sub-Advisor
60 days’ notice (which notice may be waived by the Sub-Advisor), provided that such termination by the Fund or the Advisor
shall be directed or approved by the vote of a majority of the Trustees of the Trust in office at the time or by the vote of the
holders of a majority of the outstanding voting securities of the Fund entitled to vote, or by the Sub-Advisor on 60 days’
written notice (which notice may be waived by the Fund and the Advisor), and will terminate automatically upon any termination
of the Advisory Agreement between the Trust and the Advisor. 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.)


11.             
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.


12.             
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 Trustees of the Trust, including a majority of those Trustees 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 the Fund.


13.             
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.


14.             
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






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any of the provisions,
conflict with the applicable provisions of the 1940 Act, the latter shall control.


15.             
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.



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


	  	BLACKROCK ADVISORS, LLC 




	   	By:                                                                                   




	  	          Name: 




	  	          Title: 




	  	BlackRock International Limited 




		 By:                                                                                   




	  	          Name: 




	  	          Title: 




AGREED AND ACCEPTED

as of the date first set
forth above


BLACKROCK FUNDS II


By:                                                            

          Name:

          Title:



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Schedule A


Sub-Investment Advisory
Fee


Pursuant to Section 7, for that portion of the Fund for which
the Sub-Advisor acts as sub-adviser, Advisor shall pay a fee to Sub-Advisor equal to forty-six percent (46%) of the advisory fee
received by the Advisor from the Fund with respect to such portion, net of: (i) expense waivers and reimbursements, (ii) expenses
relating to distribution and sales support activities borne by the Advisor, and (iii) administrative, networking, recordkeeping,
sub-transfer agency and shareholder services expenses borne by the Advisor.