Document:

Exhibit 10(a)

 

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

We consent to the incorporation by reference
in this Post-Effective Amendment No. 264 to Registration Statement No. 33-26305 on Form N-1A of our report dated November 21, 2012,
relating to the financial statements and financial highlights of BlackRock Flexible Equity Fund (formerly BlackRock Mid-Cap Value
Equity Portfolio), a series of BlackRock Funds, appearing in the Annual Report on Form N-CSR of BlackRock Funds for the year ended
September 30, 2012, and to the references to us under the headings “Financial Highlights” and “Independent Registered
Public Accounting Firm” in the Prospectuses and “Financial Statements” in the Statement of Additional Information,
which are part of such Registration Statement.

	 
	/s/ Deloitte
    & Touche LLP
	 
	Philadelphia, Pennsylvania

January 24, 2013Exhibit 10(a)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

 

We consent to the incorporation by reference
in this Post-Effective Amendment No. 265 to Registration Statement No. 33-26305 on Form N-1A of our report dated November 21, 2012,
relating to the financial statements and financial highlights of BlackRock Mid-Cap Growth Equity Portfolio and BlackRock Small
Cap Growth Equity Portfolio, each a series of BlackRock Funds, appearing in the Annual Report on Form N-CSR of BlackRock Funds
for the year ended September 30, 2012, and to the references to us under the headings “Financial Highlights” and “Independent
Registered Public Accounting Firm” in the Prospectuses and “Financial Statements” in the Statement of Additional
Information, which are part of such Registration Statement.

	 
	/s/ Deloitte & Touche LLP
	 
	Philadelphia, Pennsylvania
 January 24, 2013Exhibit 4(g)

FORM OF

SUB-INVESTMENT ADVISORY AGREEMENT

 

 

AGREEMENT dated September 24, 2012, between
BlackRock Advisors, LLC, a Delaware limited liability company (the “Adviser”), and BlackRock (Singapore) Limited, a
corporation organized under the laws of Singapore (the “Sub-Adviser”).

 

WHEREAS, the Adviser has agreed to furnish investment
advisory services to the BlackRock Total Return Fund (the “Fund”), a series of BlackRock Bond Fund, Inc., a Maryland
corporation (the “Corporation”), an open-end management investment company registered under the Investment Company
Act of 1940, as amended (the “1940 Act”);

 

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

 

WHEREAS, the advisory agreement between the
Adviser and the Corporation, dated October 2, 2006 (such agreement or the most recent successor agreement between such parties
relating to advisory services to the Corporation is referred to herein as the “Advisory Agreement”) contemplates that
the Adviser may sub-contract investment advisory services with respect to the Fund to a sub-adviser; and

 

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

2.                 
Services of the Sub-Adviser. Subject to the succeeding provisions of this section, the oversight and supervision
of the Adviser and the direction and control of the Corporation’s Board of Directors, the Sub-Adviser 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 Adviser:
(a) acting as investment adviser for and managing the investment and reinvestment of those assets of the Fund as the 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 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 Adviser 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 Adviser, the Sub-Adviser will also,
subject to the oversight and supervision of the Adviser and the direction and control of the Corporation’s Board of Directors,
provide to the Adviser 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-Adviser will keep the Fund and the Adviser 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-Adviser believes
appropriate for this purpose. The Sub-Adviser will periodically communicate to the Adviser, at such times as the Adviser 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 Adviser may reasonably require for purposes of fulfilling
its obligations to the Fund under the Advisory Agreement. The Sub-Adviser 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 Corporation’s Board of Directors.

3.                 
Covenants.

(a)               
In the performance of its duties under this Agreement, the Sub-Adviser 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 Charter and By-Laws of the Corporation, 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 Directors; and (v) any policies and determinations of the Board
of Directors of the Corporation; and

(b)              
In addition, the Sub-Adviser 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-Adviser will attempt to obtain the best price and the most favorable execution
of its orders. In placing orders, the 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, the Sub-Adviser
may select brokers on the basis of the research, statistical and pricing services they provide to the Fund and other clients of
the Adviser or the 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 the 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 the Sub-Adviser determines in good
faith that such commission is reasonable in terms either of the transaction or the overall responsibility of the Adviser and the
Sub-Adviser to the Fund and their other clients and that the total 

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commissions paid by the 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 Sub-Adviser 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 Adviser and the
Corporation’s Board of Directors 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-Adviser 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-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. Nothing in this Agreement shall prevent the Sub-Adviser or any officer, employee or other
affiliate thereof from acting as investment adviser 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-Adviser 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-Adviser 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-Adviser hereby agrees
that all records which it maintains for the Fund are the property of the Corporation and further
agrees to surrender promptly to the Corporation any such records upon the Corporation’s
request. The 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 (to the extent such books and records are not maintained by the Adviser).

6.                 
Expenses. During the term of this Agreement, the Sub-Adviser will bear all costs and expenses of its employees and
any overhead incurred by the Sub-Adviser in connection with its duties hereunder; provided that the Board of Directors of the Corporation
may approve reimbursement to the Sub-Adviser of the pro-rata portion of the salaries, bonuses, health 

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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 Sub-Adviser who devote substantial time to Fund operations or the operations of other investment companies advised or sub-advised
by the Sub-Adviser.

7.                 
Compensation.

(a)               
The Adviser agrees to pay to the Sub-Adviser and the Sub-Adviser agrees to accept as full compensation for all services
rendered by the Sub-Adviser 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 Directors of the Corporation 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 Directors of the Corporation, indemnify the Sub-Adviser, and each of the
Sub-Adviser’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-Adviser’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 

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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, 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 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 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 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 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 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 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. The Sub-Adviser will not be liable for any error of judgment or mistake of law or for any
loss suffered by the Adviser 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, the term “Sub-Adviser” shall include any affiliates of the Sub-Adviser performing
services for the Fund contemplated hereby and partners, directors, officers and employees of the Sub-Adviser and such affiliates.

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 

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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 Corporation’s Board of Directors 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 Directors, 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 Adviser at any time, without the payment of any penalty, upon giving
the Sub-Adviser 60 days’ notice (which notice may be waived by the Sub-Adviser), provided that such termination by the Fund
or the Adviser 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 outstanding voting securities of the Fund entitled to vote, or by the Sub-Adviser
on 60 days’ written notice (which notice may be waived by the Fund and the Adviser), and will terminate automatically upon
any termination of the Advisory Agreement between the Corporation and the 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 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 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 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 any of the provisions,
conflict with the applicable provisions of the 1940 Act, the latter shall control.

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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 (SINGAPORE)
Limited

 

By: ____________________________________

Name:

Title:

 

 

 

AGREED AND ACCEPTED

as of the date first set forth above

 

BLACKROCK BOND FUND, INC.

 

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-Adviser acts as sub-adviser, Adviser shall pay a fee to Sub-Adviser equal to forty-six percent (46%)
of the advisory fee received by the Adviser 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 Adviser, and (iii) administrative, networking,
recordkeeping, sub-transfer agency and shareholder services expenses borne by the Adviser.

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