BlackRock Funds (the "Registrant"): BlackRock Multi-Manager
Alternative Strategies Fund (the "Fund")
77Q1(e):
Copies of any new or amended Registrant investment advisory
contracts
Attached please find as an exhibit to Sub-Item 77Q1(e) of Form
N-SAR, a copy of Addendum No. 10 to the Investment Advisory
Agreement between the Registrant and BlackRock Advisors, LLC
with respect to the Fund
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BLACKROCK FUNDS
Addendum No. 10 to the Investment Advisory Agreement
This Addendum dated as of the 23rd day of July, 2014 is
entered into by and between BLACKROCK FUNDS, a Massachusetts
business trust (the "Fund") and BLACKROCK ADVISORS, LLC, a
Delaware limited liability company (the "Adviser").
WHEREAS, the Fund and the Adviser have entered into an
Investment Advisory Agreement dated as of September 29, 2006
(the "Advisory Agreement") pursuant to which the Fund appointed
the Adviser to act as investment adviser to certain investment
portfolios of the Fund; and
WHEREAS, Section 1(b) of the Advisory Agreement provides
that in the event the Fund establishes one or more additional
investment portfolios with respect to which it desires to retain
the Adviser to act as investment adviser under the Advisory
Agreement, the Fund shall so notify the Adviser in writing and
if the Adviser is willing to render such services it shall so
notify the Fund in writing; and
WHEREAS, pursuant to Section 1(b) of the Advisory
Agreement, the Fund has notified the Adviser that it is
establishing BlackRock Multi-Manager Alternative Strategies Fund
(the "New Portfolio"), and that it desires to retain the Adviser
to act as the investment adviser therefore, and the Adviser has
notified the Fund that it is willing to serve as investment
adviser to the New Portfolio;
NOW, THEREFORE, the parties hereto, intending to be legally
bound, hereby agree as follows:
1. Appointment. The Fund hereby appoints the Adviser to
act as investment adviser to the New Portfolio for the
period and on the terms set forth in the Advisory
Agreement. The Adviser hereby accepts such appointment
and agrees to render the services set forth in the
Advisory Agreement with respect to the New Portfolio for
the compensation herein provided.
2. Compensation.
The Adviser shall receive annual compensation from the
Fund on behalf of the New Portfolio for the services
provided and the expenses assumed pursuant to the
Advisory Agreement computed daily and payable monthly,
as a percentage of the New Portfolio's average daily
net assets, and calculated as follows:
New Portfolio Average Daily Net Assets Management
Fee Rate
BlackRock Multi-Manager First $1 billion. 1.95%
Alternative $1 billion - $3 billion 1.83%
Strategies Fund $3 billion - $5 billion 1.76%
$5 billion - $10 billion 1.70%
Greater than $10 billion 1.66%
3. Capitalized Terms. From and after the date hereof, the
term "Portfolio" as used in the Advisory Agreement shall
be deemed to include BlackRock Multi-Manager Alternative
Strategies Fund.
4. Miscellaneous. Except to the extent supplemented
hereby, the Advisory Agreement shall remain unchanged and
in full force and effect, and is hereby ratified and
confirmed in all respects as supplemented hereby.
Without limiting the generality of the foregoing, it is
understood that the Adviser may employ one or more sub-
advisers for the New Portfolio pursuant to Section 2 of
the Advisory Agreement.
5. Release. "BlackRock Funds" and "Trustees of BlackRock
Funds" refer respectively to the trust created and the
Trustees, as trustees but not individually or personally,
acting from time to time under a Declaration of Trust
dated December 22, 1988, as amended, which is hereby
referred to and a copy of which is on file at the office
of the State Secretary of the Commonwealth of
Massachusetts and at the principal office of the Fund.
The obligations of "BlackRock Funds" entered into in the
name or on behalf thereof by any of the Trustees,
officers, representatives or agents are made not
individually, but in such capacities, and are not binding
upon any of the Trustees, shareholders, officers,
representatives or agents of the Fund personally, but
bind only the Trust Property (as defined in the
Declaration of Trust), and all persons dealing with any
class of shares of the Fund must look solely to the Trust
Property belonging to such class for the enforcement of
any claims against the Fund.
[End of Text]
IN WITNESS WHEREOF, the parties hereto have caused this
Addendum No. 10 to the Advisory Agreement to be executed by
their officers designated below as of the day and year first
above written.
BLACKROCK FUNDS
By: /s/ Xxxx X. Xxxxxxx
Name: Xxxx Xxxxxxx
Title: Chief Financial
Officer and Assistant Treasurer
BLACKROCK ADVISORS, LLC
By: /s/ Xxxx Xxxxxxxxx
Name: Xxxx Xxxxxxxxx
Title: Managing Director
