Document:

Exhibit 10(a)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

 

We consent to the incorporation by reference
in this Post-Effective Amendment No. 266 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 All-Cap Energy & Resources Portfolio, BlackRock
Energy & Resources Portfolio, and BlackRock World Gold Fund, 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(e)

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 separate series set forth in Exhibit A (each a “Series”) of Master Bond LLC, a
Delaware limited liability company (the “Master LLC”), 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 Series;

WHEREAS, the advisory agreement between
the Adviser and the Master LLC, dated September 29, 2006 (such agreement or the most recent successor agreement between such parties
relating to advisory services to the Master LLC is referred to herein as the “Advisory Agreement”) contemplates that
the Adviser may sub-contract investment advisory services with respect to the Series 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 Series 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 Master LLC’s Board of Directors, the Sub-Adviser will perform certain
of the day-to-day operations of the Series, 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 Series 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 Series and in voting, exercising consents and exercising all other rights appertaining to such securities
and other assets on behalf of the Series; (b) arranging, subject to the provisions of paragraph 3 hereof, for the purchase and
sale of securities and other assets of the Series; (c) providing investment research and credit analysis concerning the Series’
investments, (d) assisting the Adviser in determining what portion of the Series’ 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 Series, and (f) maintaining
the books and records as are required to support Series 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

     

     

    

Master LLC’s Board of Directors, provide to the Adviser or the Series 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 Series and the
Adviser informed of developments materially affecting the Series and shall, on its own initiative, furnish to the Series 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 Series,
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 Series under the Advisory Agreement. The Sub-Adviser will
provide the services rendered by it under this Agreement in accordance with the Series’ 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 Series’
Prospectus and Statement of Additional Information and the resolutions of the Master LLC’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 Master LLC, as such documents
are amended from time to time; (iv) the investment objectives and policies of the Series as set forth in the Series’ 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 Master LLC; 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 Series 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 Series and their other clients and that the total commissions paid by the Series will be reasonable
in relation to the benefits to the Series over the long-term. Subject to the foregoing and the provisions of the 1940 Act, the

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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
Master LLC is affiliated;

(ii)            
maintain books and records with respect to the Series’ securities transactions and will render to the Adviser and
the Master LLC’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 Series, its investment advisory
personnel will not inquire or take into consideration whether the issuer of securities proposed for purchase or sale for the Series’
account are customers of the commercial department of its affiliates; and

(iv)              
treat confidentially and as proprietary information of the Series all records and other information relative to the Series,
and the Series’ 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
Series, 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 Series.

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 Series are the property of the Master LLC and further agrees to surrender promptly
to the Master LLC any such records upon the Master LLC’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 Master
LLC may approve reimbursement to the 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 Series 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-Adviser who devote substantial time to Series
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 Series shall be calculated pursuant to the procedures adopted by resolutions
of the Directors of the Master LLC for calculating the value of the Series’ assets or delegating such calculations to third
parties.

8.             
Indemnity.

(a)               
The Series may, in the discretion of the Board of Directors of the Master LLC, 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 Series 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 Series 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 Series 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 Series and did not involve disabling conduct by such Indemnitee and (3) with respect to
any action, suit or other proceeding voluntarily

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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 Master LLC.

(b)               
The Series shall make advance payments in connection with the expenses of defending any action with respect to which indemnification
might be sought hereunder if the Series 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 Series unless it is subsequently
determined that such Indemnitee is entitled to such indemnification and if the Directors of the Master LLC 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 Series shall be insured against losses arising
by reason of any unlawful advance, or (C) a majority of a quorum consisting of Directors of the Master LLC who are neither “interested
persons” of the Master LLC (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 Master LLC, 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 Series 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 Series contemplated hereby and partners, directors, officers and employees of the Sub-Adviser and such affiliates.

10.             
Duration and Termination. This Agreement shall become effective with respect to a Series as of the date set forth
opposite such Series on Exhibit A and, unless sooner terminated with respect to the Series 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

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the Series 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 Master
LLC’s Board of Directors or a vote of a majority of the outstanding voting securities of the Series 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 a Series 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 Series or the Adviser shall be directed or approved by the vote of a majority of the Directors of
the Master LLC in office at the time or by the vote of the holders of a majority of the outstanding voting securities of the Series
entitled to vote, or by the Sub-Adviser on 60 days’ written notice (which notice may be waived by the Series and the Adviser),
and will terminate automatically upon any termination of the Advisory Agreement between the Master LLC 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 Master LLC, 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 Series.

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.

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

MASTER BOND LLC

By: ___________________________________

Name:

Title:

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Exhibit A

 

	
        Name of Series 
	
        Effective Date

	Master Total Return Portfolio	September 24, 2012

 

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Schedule A

Sub-Investment Advisory Fee

Pursuant to Section 7, for that portion of the Series 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 Series 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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