<SEC-DOCUMENT>0001752724-20-049344.txt : 20200313
<SEC-HEADER>0001752724-20-049344.hdr.sgml : 20200313
<ACCEPTANCE-DATETIME>20200313165817
ACCESSION NUMBER:		0001752724-20-049344
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200313
DATE AS OF CHANGE:		20200313
EFFECTIVENESS DATE:		20200313

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BLACKROCK CORE BOND TRUST
		CENTRAL INDEX KEY:			0001160864
		IRS NUMBER:				522346891
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-10543
		FILM NUMBER:		20713622

	BUSINESS ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
		BUSINESS PHONE:		888-825-2257

	MAIL ADDRESS:	
		STREET 1:		100 BELLEVUE PARKWAY
		STREET 2:		MUTUAL FUND DEPARTMENT
		CITY:			WILMINGTON
		STATE:			DE
		ZIP:			19809
</SEC-HEADER>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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          <custodian>
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            <custodyType>Foreign custodian - rule 17f-5 (17 CFR 270.17f-5)</custodyType>
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<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>2
<FILENAME>NCEN_9981456223737105.htm
<TEXT>

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<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SUB-INVESTMENT ADVISORY AGREEMENT</font></u></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">AGREEMENT dated December 2, 2019, among BlackRock Core
Bond Trust, a Delaware statutory trust (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Trus</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">t&#8221;), BlackRock
Advisors, LLC, a Delaware limited liability company (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Adviso</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">r&#8221;), and
BlackRock (Singapore) Limited, a corporation organized under the laws of
Singapore (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Sub-Advisor</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the Advisor has agreed to furnish investment
advisory services to the Trust, a closed-end management investment company
registered under the Investment Company Act of 1940, as amended (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1940
Act</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;); and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the Advisor wishes to retain the Sub-Advisor to
provide it with certain sub-advisory services as described below in connection
with the Advisor&#8217;s advisory activities on behalf of the Trust; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the investment management agreement between the
Advisor and the Trust, dated November 21, 2014, as amended from time to time
(such agreement or the most recent successor agreement between such parties
relating to advisory services to the Trust is referred to herein as the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Advisory
Agreement</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), contemplates that the Advisor may appoint a sub-adviser to
perform investment advisory services with respect to the Trust; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, this Agreement has been approved in accordance
with the provisions of the 1940 Act, and the Sub-Advisor is willing to furnish
such services upon the terms and conditions herein set forth.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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:</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Appointment</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. The Advisor hereby appoints the Sub-Advisor to act
as sub-advisor with respect to the Trust and the Sub-Advisor accepts such
appointment and agrees to render the services herein set forth for the
compensation herein provided.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Services of the Sub-Advisor</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Subject to the succeeding provisions
of this section, the oversight and supervision of the Advisor and the direction
and control of the Board of Trustees of the Trust, the Sub-Advisor will perform
certain of the day-to&#8209;day operations of the Trust, 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 Trust 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 Trust and in voting, exercising consents
and exercising all other rights appertaining to such securities and other
assets on behalf of the Trust; (b) arranging, subject to the provisions of
paragraph 3 hereof, for the purchase and sale of securities and other assets of
the Trust; (c) providing investment research and credit analysis concerning the
Trust&#8217;s investments; (d) assisting the Advisor in determining what portion of
the Trust&#8217;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
Trust; and (f) maintaining the books and records as are required to support the
Trust&#8217;s investment operations. At the request of the Advisor, the Sub-Advisor
will also, subject to the oversight and </font></h1>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">supervision of
the Advisor and the direction and control of the Board of Trustees of the
Trust, provide to the Advisor or the Trust 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 Trust and the Advisor
informed of developments materially affecting the Trust and shall, on its own
initiative, furnish to the Trust 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 Trust,
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 Trust under the Advisory Agreement. The
Sub-Advisor will provide the services rendered by it under this Agreement in
accordance with the Trust&#8217;s investment objective, policies and restrictions (as
currently in effect and as they may be amended or supplemented from time to time)
as stated in the Trust&#8217;s Prospectus and Statement of Additional Information and
the resolutions of the Trust&#8217;s Board of Trustees.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Covenants</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. (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 &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Advisers Act</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), and
all applicable Rules and Regulations of the Securities and Exchange Commission
(the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">SEC</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;); (ii) any other applicable provision of law; (iii) the
provisions of the Agreement and Declaration of Trust and By-Laws of the Trust,
as such documents are amended from time to time; (iv) the investment objective
and policies of the Trust as set forth in its Registration Statement on Form
N-2; and (v) any policies and determinations of the Board of Trustees of the
Trust.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">In addition, the Sub-Advisor will:</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">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&#8217;s securities
traders as well as the firm&#8217;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 Trust 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 Trust and their other clients and that the total
commissions paid by the Trust will be reasonable in relation to the benefits to
the Trust over the long-term. In no instance, however, will the Trust&#8217;s
securities be purchased from or sold to the Advisor, the Sub-Advisor 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 </font></h3>
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</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_3"></a><a name="_bclPageBorder3"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">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, the Sub-Advisor may
select brokers and dealers with which it or the Trust is affiliated;</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">maintain books and records with respect to the Trust&#8217;s securities
transactions and will render to the Advisor and the Trust&#8217;s Board of Trustees,
such periodic and special reports as they may request;</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">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
Trust, its investment advisory personnel will not inquire or take into
consideration whether the issuer of securities proposed for purchase or sale
for the Trust&#8217;s accounts are customers of the commercial department of its
affiliates; and</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iv)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">treat confidentially and as proprietary information of the Trust all
records and other information relative to the Trust, and the Trust&#8217;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
Trust 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 Trust.</font></h3>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Services Not Exclusive</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. 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.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">5.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Books and Records</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. 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 Trust are the property of the Trust as the case may be and
further agrees to surrender promptly to the Trust, any such records upon the
Trust&#8217;s request as the case may be. 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).</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">6.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Agency Cross Transactions</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. From time to time, the Sub-Advisor or
brokers or dealers affiliated with it may find themselves in a position to buy
for certain of their brokerage clients (each an &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Account</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) securities
which the Sub-Advisor&#8217;s investment advisory clients wish to sell, and to sell
for certain of their brokerage clients securities which advisory clients wish
to buy. Where one of the parties is an advisory client, the Advisor or the
affiliated broker or dealer </font></h1>
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</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_4"></a><a name="_bclPageBorder4"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">cannot participate in this
type of transaction (known as a cross transaction) on behalf of an advisory
client and retain commissions from both parties to the transaction without the
advisory client&#8217;s consent. This is because in a situation where the Sub-Advisor
is making the investment decision (as opposed to a brokerage client who makes
his own investment decisions), and the Sub-Advisor or an affiliate is receiving
commissions from one or both sides of the transaction, there is a potential
conflicting division of loyalties and responsibilities on the Sub-Advisor&#8217;s
part regarding the advisory client. The SEC has adopted a rule under the
Advisers Act which permits the Sub-Advisor or its affiliates to participate on
behalf of an Account in agency cross transactions if the advisory client has
given written consent in advance. By execution of this Agreement, the Trust
authorizes the Sub-Advisor or its affiliates to participate in agency cross
transactions involving an Account. The Trust may revoke its consent at any time
by written notice to the Sub-Advisor.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">7.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Expenses</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. 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 the Trust&#8217;s
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-Advisor who devote
substantial time to the Trust&#8217;s operations or the operations of other
investment companies advised or sub&#8209;advised by the Sub-Advisor.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">8.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Compensation</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">For that portion of the Trust for which the Sub-Advisor acts as sub&#8209;advisor,
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 pursuant
to this Agreement, an annual fee in arrears in an amount equal to 50% of the
management fees received by the Advisor from the Trust with respect to the
average daily value of the Managed Assets of the Trust allocated to the
Sub-Advisor. &#8220;Managed Assets&#8221; means the total assets of the Trust (including
any assets attributable to money borrowed for investment purposes) minus the
sum of the Trust&#8217;s accrued liabilities (other than money borrowed for
investment purposes).</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">For purposes of this Agreement, the Managed Assets of the Trust shall be
calculated pursuant to the procedures adopted by resolutions of the Board of Trustees
of the Trust for calculating the value of the Trust&#8217;s assets or delegating such
calculations to third parties.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">9.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Limitation on Liability</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">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 Trust 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.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;">&nbsp;</h2>
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</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_5"></a><a name="_bclPageBorder5"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notwithstanding anything to the contrary contained in this Agreement,
the parties hereto acknowledge and agree that, as provided in Section 5.1 of
Article V of the Agreement and Declaration of Trust, this Agreement is executed
by the Trustees and/or officers of the Trust, not individually but as such
Trustees and/or officers of the Trust, and the obligations hereunder are not
binding upon any of the Trustees or Shareholders individually but bind only the
estate of the Trust.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">10.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Duration and Termination</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">This Agreement shall become effective as of the date hereof and, unless
sooner terminated with respect to the Trust 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 Trust 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&#8217;s Board of
Trustees or a vote of a majority of the outstanding voting securities of the
Trust 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.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notwithstanding the foregoing, this Agreement may be terminated by the
Trust or the Advisor at any time, without the payment of any penalty, upon
giving the Sub-Advisor 60 days&#8217; notice (which notice may be waived by the
Sub-Advisor), provided that such termination by the Trust 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 voting
securities of the Trust at the time outstanding and entitled to vote, or by the
Sub-Advisor on 60 days&#8217; written notice (which notice may be waived by the Trust
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 &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">majority of the outstanding voting securities</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">,&#8221; &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">interested
person</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221; and &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">assignment</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221; shall have the same meanings of such terms
in the 1940 Act.)</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">11.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notices</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. 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.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">12.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Amendment of this Agreement</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. No provision of this Agreement may
be changed, waived, discharged or terminated orally, but only by an instrument
in writing signed by 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.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">13.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Miscellaneous</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. 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.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;">&nbsp;</h1>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">- 5 -</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_6"></a><a name="_bclPageBorder6"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">14.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Governing Law</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. 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.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">15.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Counterparts</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. 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.</font></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">[Signature Page Follows]</font></i></p>









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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">- 6 -</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"></font></font></p>


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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_7"></a><a name="_bclPageBorder7"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:1.0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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.</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK ADVISORS, LLC</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ Neal J. Andrews&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160; Neal J. Andrews<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160; Managing Director</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK (SINGAPORE) LIMITED</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ Patrick Leung&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160; Patrick Leung<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160; Managing Director</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK (SINGAPORE) LIMITED</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ Deborah Ho&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160; Deborah Ho<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160; Managing Director</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK CORE BOND TRUST</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ John Perlowski&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160; John Perlowski<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160; President and Chief Executive Officer </font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>3
<FILENAME>NCEN_8773787701573159.txt
<TEXT>
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Shareholders and Board of Trustees/Directors of
BlackRock Core Bond Trust and BlackRock Corporate
High Yield Fund, Inc.:

In planning and performing our audits of the financial
statements of BlackRock Core Bond Trust and BlackRock
Corporate High Yield Fund, Inc. (the "Funds") as of and for the
period ended December 31, 2019, in accordance with the
standards of the Public Company Accounting Oversight Board
(United States) (PCAOB), we considered the Funds' internal
control over financial reporting, including controls over
safeguarding securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of
Form N-CEN, but not for the purpose of expressing an opinion
on the effectiveness of the Funds' internal control over
financial reporting. Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing
and maintaining effective internal control over financial
reporting. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected
benefits and related costs of controls. A company's internal
control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for
external purposes in accordance with generally accepted
accounting principles. A company's internal control over
financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in
accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use,
or disposition of a company's assets that could have a material
effect on the financial statements.

Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions or that the degree
of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of performing
their assigned functions, to prevent or detect misstatements on a
timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control over financial
reporting, such that there is a reasonable possibility that a
material misstatement of the company's annual or interim
financial statements will not be prevented or detected on a
timely basis.

Our consideration of the Funds' internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control that might be material weaknesses under
standards established by the PCAOB. However, we noted no
deficiencies in the Funds' internal control over financial
reporting and its operation, including controls for safeguarding
securities, that we consider to be a material weakness, as
defined above, as of December 31, 2019.

This report is intended solely for the information and use of
management and the Board of Trustees/Directors of the Funds
and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than
these specified parties.

Deloitte & Touche LLP
Boston, Massachusetts
February 25, 2020








</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ADVISORY CONTRACTS
<SEQUENCE>4
<FILENAME>NCEN_9981456128979474.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>blkcorebondbilsub-ima.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<BODY bgcolor="#ffffff">
<a name="page_1"></a><a name="_bclPageBorder1"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SUB&#8209;INVESTMENT ADVISORY
AGREEMENT</font></u></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">This SUB&#8209;INVESTMENT ADVISORY AGREEMENT dated
December 2, 2019 (this &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Agreement</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), among BlackRock Core Bond Trust, a
Delaware statutory trust (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Trust</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), BlackRock Advisors, LLC, a
Delaware limited liability company (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Advisor</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), and BlackRock
International Limited, a corporation organized under the laws of Scotland (the
&#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Sub&#8209;Advisor</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;).</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the Advisor has agreed to furnish investment
advisory services to the Trust, a closed&#8209;end management investment
company registered under the Investment Company Act of 1940, as amended (the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">1940
Act</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;); and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the Advisor wishes to retain the Sub&#8209;Advisor
to provide it with certain sub&#8209;advisory services as described below in
connection with the Advisor&#8217;s advisory activities on behalf of the Fund; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, the investment management agreement between the
Advisor and the Trust, dated November 21, 2014, as amended from time to time
(such agreement or the most recent successor agreement between such parties
relating to advisory services to the Trust is referred to herein as the &#8220;</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Advisory
Agreement</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#8221;), contemplates that the Advisor may appoint a sub&#8209;adviser
to perform investment advisory services with respect to the Trust; and</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">WHEREAS, this Agreement has been approved in accordance
with the provisions of the 1940 Act, and the Sub&#8209;Advisor is willing to
furnish such services upon the terms and conditions herein set forth.</font></p>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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:</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">1.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Appointment</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Advisor hereby appoints the Sub&#8209;Advisor to act as sub&#8209;advisor
with respect to the Trust and the Sub&#8209;Advisor accepts such appointment
and agrees to render the services herein set forth for the compensation herein
provided. For the purposes of the rules, guidance and principles of the
Financial Conduct Authority of the United Kingdom (the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">FCA</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), as
amended or consolidated from time to time (the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">FCA Rules</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) and based on
information obtained in respect of the Advisor, the Advisor will be treated by
the Sub&#8209;Advisor as a professional client. The Advisor acknowledges and
accepts this categorization. The Advisor has the right to request a different
categorization at any time from the Sub&#8209;Advisor, however, the Sub&#8209;Advisor
only provides the services to professional clients and will no longer be able
to provide services to the Advisor in the event of a request for a change in categorization.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">By signing this Agreement, the Advisor acknowledges that it has been
separately provided with a copy of the supplemental disclosures document
provided to clients and potential clients of the Sub&#8209;Advisor that
contains the Sub&#8209;Advisor&#8217;s disclosures required under the Markets in
Financial Instruments Directive 2014/65/EU and Markets in Financial Instruments
Regulation EU 600/2014, as amended, and made available to the Advisor from time
to time </font></h2>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(&#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Supplemental Disclosures</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), which sets
out: (i) information on the services that the Sub&#8209;Advisor is required to
provide to the Advisor by applicable regulation and (ii) other information
which the Sub&#8209;Advisor deems appropriate. The Supplemental Disclosures
include, among other things: risk disclosures (which provide a description of
the nature of risks of financial instruments), a summary of the Sub&#8209;Advisor&#8217;s
conflicts of interest policy and disclosures, a summary of the Sub&#8209;Advisor&#8217;s
order execution policy, details of the reports the Sub&#8209;Advisor will provide
in relation to the services provided hereunder, details on how the Sub&#8209;Advisor
will provide the Advisor with information on costs and charges, and the Sub&#8209;Advisor&#8217;s
data protection notice.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">2.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Services of the Sub&#8209;Advisor</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Subject to the succeeding provisions
of this section, the oversight and supervision of the Advisor and the direction
and control of the Board of Trustees of the Trust, the Sub&#8209;Advisor will
perform certain of the day&#8209;to&#8209;day operations of the Trust, which
may include one or more of the following services, at the request of the
Advisor:</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">acting as investment advisor for and managing the investment and
reinvestment of those assets of the Trust 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 Trust and in voting,
exercising consents and exercising all other rights appertaining to such
securities and other assets on behalf of the Trust; (b) arranging, subject to
the provisions of paragraph 3 hereof, for the purchase and sale of securities
and other assets of the Trust; (c) providing investment research and credit
analysis concerning the Trust&#8217;s investments; (d) assisting the Advisor in
determining what portion of the Trust&#8217;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 Trust; and (f) maintaining the books
and records as are required to support the Trust&#8217;s investment operations. At
the request of the Advisor, the Sub&#8209;Advisor will also, subject to the
oversight and supervision of the Advisor and the direction and control of the
Board of Trustees of the Trust, provide to the Advisor or the Trust any of the
facilities and equipment and perform any of the services described in Section 3
of the Advisory Agreement. In addition, the Sub&#8209;Advisor will keep the
Trust and the Advisor informed of developments materially affecting the Trust
and shall, on its own initiative, furnish to the Trust from time to time
whatever information the Sub&#8209;Advisor believes appropriate for this
purpose. The Sub&#8209;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 Trust, 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 Trust
under the Advisory Agreement. The Sub&#8209;Advisor will provide the services
rendered by it under this Agreement in accordance with the Trust&#8217;s investment
objective, policies and restrictions as stated in the Trust&#8217;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 Trust&#8217;s
Board of Trustees.</font></h2>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The Sub&#8209;Advisor represents, warrants and covenants
that it is authorized and regulated by the FCA.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;">&nbsp;</h1>
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<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">3.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Covenants</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. (a) In the performance of its duties under this
Agreement, the Sub&#8209;Advisor shall at all times conform to, and act in accordance
with, any requirements imposed by:</font></h1>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">the provisions of the 1940 Act, and the Investment Advisers Act of 1940,
as amended (the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Advisers Act</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;), and all applicable Rules and
Regulations of the Securities and Exchange Commission (the &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">SEC</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;); (ii)
any other applicable provision of law; (iii) the provisions of the Agreement
and Declaration of Trust and By&#8209;Laws of the Trust, as such documents are
amended from time to time; (iv) the investment objective and policies of the
Trust as set forth in its Registration Statement on Form N&#8209;2; and (v) any
policies and determinations of the Board of Trustees of the Trust.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">In addition, the Sub&#8209;Advisor will:</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">provide the Supplemental Disclosures, which include information on the
Sub&#8209;Advisor&#8217;s order execution policy (the &#8220;Order Execution Policy&#8221;). The
Advisor confirms that it has read and understood, and consents to, the Order
Execution Policy. In particular, the Advisor consents to: (i) the Sub&#8209;Advisor
trading through brokers/counterparties and/or outside of a Trading Venue (as
defined in the FCA Rules), and (ii) some or all orders resulting from the Sub&#8209;Advisor&#8217;s
decisions to deal on the Advisor&#8217;s behalf, or received from the Advisor, to be
placed with an affiliated company, who will act as agent for the purpose of
executing such orders in accordance with the Order Execution Policy. Subject to
the other provisions of this paragraph, in placing orders with brokers and
dealers, the Sub&#8209;Advisor will attempt to obtain the best price and the
most favorable execution of its orders in accordance with the Order Execution
Policy. In placing orders, the Sub&#8209;Advisor will consider the experience
and skill of the firm&#8217;s securities traders as well as the firm&#8217;s financial
responsibility and administrative efficiency. Consistent with this obligation,
the Sub&#8209;Advisor may select brokers on the basis of the research,
statistical and pricing services they provide to the Trust and other clients of
the Advisor or the Sub&#8209;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&#8209;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&#8209;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&#8209;Advisor
to the Trust and their other clients and that the total commissions paid by the
Trust will be reasonable in relation to the benefits to the Trust over the long&#8209;term.
In no instance, however, will the Trust&#8217;s securities be purchased from or sold
to the Advisor, the Sub&#8209;Advisor or any affiliated person thereof, except
to the extent permitted by the SEC or by applicable law. 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&#8209;Advisor
may select brokers and dealers with which it or the Trust is affiliated;</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">maintain books and records with respect to the Trust&#8217;s securities
transactions and will render to the Advisor and the Trust&#8217;s Board of Trustees,
such periodic and special reports as they may request;</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;">&nbsp;</h3>
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<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">maintain a policy and practice of conducting its investment advisory
services hereunder independently of the commercial banking operations of its
affiliates. When the Sub&#8209;Advisor makes investment recommendations for the
Trust, its investment advisory personnel will not inquire or take into consideration
whether the issuer of securities proposed for purchase or sale for the Trust&#8217;s
accounts are customers of the commercial department of its affiliates;</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(iv)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">treat confidentially and as proprietary information of the Trust all
records and other information relative to the Trust, and the Trust&#8217;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 Trust which approval shall not be unreasonably withheld and may not be
withheld where the Sub&#8209;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 Trust;
and</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(v)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">be responsible for ensuring that the Advisor complies with any position
limit that the FCA or any other applicable regulator might apply to any
commodity derivatives held in the Trust. The Advisor shall provide the Sub&#8209;Advisor
with information relating to any positions in commodity derivatives held
outside of the Trust by the Advisor or any other member of its group, as
applicable.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">In addition, the Advisor:</font></h2>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(i)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">agrees that the Sub&#8209;Advisor may, to the extent permitted by the
FCA Rules, aggregate transactions for the Trust with transactions for other
clients and/or its own account, but shall be under no obligation to aggregate
transactions for the Trust. In relation to a particular order, aggregation may
operate on some occasions to the advantage of the Advisor and on other
occasions to the Advisor&#8217;s disadvantage. However, it must be unlikely that the
aggregation of orders and transactions will work overall to the disadvantage of
the Advisor before transactions will be aggregated; and</font></h3>

<h3 style="margin-bottom:12.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(ii)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">instructs the Sub&#8209;Advisor not to make or book client limit orders
(being a specific instruction from the Advisor to buy or sell a financial
instrument at a specified price limit or better and for a specified size) in respect
of securities admitted to trading on a regulated market which are not
immediately executed under prevailing market conditions.</font></h3>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(d)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Advisor acknowledges that the Sub&#8209;Advisor does not hold
&#8220;client money&#8221; and/or &#8220;safe custody assets&#8221; for the Advisor under the Client
Asset Rules (the &#8220;CASS Rules&#8221;) of the FCA.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">4.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Services Not Exclusive</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Nothing in this Agreement shall prevent
the Sub&#8209;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&#8209;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 </font></h1>
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</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_5"></a><a name="_bclPageBorder5"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">whom it or they may be
acting; provided, however, that the Sub&#8209;Advisor will undertake no
activities which, in its judgment, will adversely affect the performance of its
obligations under this Agreement.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">5.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Books and Records</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. In compliance with the requirements of Rule
31a&#8209;3 under the 1940 Act, the Sub&#8209;Advisor hereby agrees that all
records which it maintains for the Trust are the property of the Trust as the
case may be and further agrees to surrender promptly to the Trust, any such
records upon the Trust&#8217;s request as the case may be. The Sub&#8209;Advisor
further agrees to preserve for the periods prescribed by Rule 31a&#8209;2 under
the 1940 Act the records required to be maintained by Rule 31a&#8209;1 under
the 1940 Act (to the extent such books and records are not maintained by the
Advisor).</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">6.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Agency Cross Transactions</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. From time to time, the Sub&#8209;Advisor
or brokers or dealers affiliated with it may find themselves in a position to
buy for certain of their brokerage clients (each an &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Account</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;)
securities which the Sub&#8209;Advisor&#8217;s investment advisory clients wish to
sell, and to sell for certain of their brokerage clients securities which
advisory clients wish to buy. Where one of the parties is an advisory client,
the Advisor or the affiliated broker or dealer cannot participate in this type
of transaction (known as a cross transaction) on behalf of an advisory client
and retain commissions from both parties to the transaction without the
advisory client&#8217;s consent. This is because in a situation where the Sub&#8209;Advisor
is making the investment decision (as opposed to a brokerage client who makes
his own investment decisions), and the Sub&#8209;Advisor or an affiliate is
receiving commissions from one or both sides of the transaction, there is a
potential conflicting division of loyalties and responsibilities on the Sub&#8209;Advisor&#8217;s
part regarding the advisory client. The SEC has adopted a rule under the
Advisers Act which permits the Sub&#8209;Advisor or its affiliates to
participate on behalf of an Account in agency cross transactions if the
advisory client has given written consent in advance. By execution of this
Agreement, the Trust authorizes the Sub&#8209;Advisor or its affiliates to
participate in agency cross transactions involving an Account. The Trust may
revoke its consent at any time by written notice to the Sub&#8209;Advisor.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">7.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Expenses</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. During the term of this Agreement, the Sub&#8209;Advisor
will bear all costs and expenses of its employees and any overhead incurred by
the Sub&#8209;Advisor in connection with its duties hereunder; provided that
the Board of Trustees of the Trust may approve reimbursement to the Sub&#8209;Advisor
of the pro&#8209;rata portion of the salaries, bonuses, health insurance,
retirement benefits and all similar employment costs for the time spent on the
Trust&#8217;s 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&#8209;Advisor who
devote substantial time to the Trust&#8217;s operations or the operations of other
investment companies advised or sub&#8209;advised by the Sub&#8209;Advisor.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">8.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Compensation</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">For that portion of the Trust for which the Sub&#8209;Advisor acts as
sub&#8209;advisor, the Advisor agrees to pay to the Sub&#8209;Advisor and the
Sub&#8209;Advisor agrees to accept as full compensation for all services
rendered by the Sub&#8209;Advisor pursuant to this Agreement, an annual fee in
arrears in an amount equal to 50% of the management fees received by the
Advisor from the Trust with respect to the average daily value of the Managed
Assets of the Trust allocated to </font></h2>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">- 5 -</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_6"></a><a name="_bclPageBorder6"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">the Sub&#8209;Advisor.
&#8220;Managed Assets&#8221; means the total assets of the Trust (including any assets
attributable to money borrowed for investment purposes) minus the sum of the
Trust&#8217;s accrued liabilities (other than money borrowed for investment
purposes).</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">For purposes of this Agreement, the Managed Assets of the Trust shall be
calculated pursuant to the procedures adopted by resolutions of the Board of
Trustees of the Trust for calculating the value of the Trust&#8217;s assets or
delegating such calculations to third parties.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">9.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Indemnity</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Trust may, with the prior consent of the Board of Trustees of the
Trust, including a majority of the trustees of the Trust that are not
&#8220;interested persons&#8221; of the Trust (as defined in Section 2(a)(19) of the 1940
Act), indemnify the Sub&#8209;Advisor and each of the Sub&#8209;Advisor&#8217;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&#8209;Advisor&#8217;s request as
director, officer, partner, member, trustee or the like of another entity)
(each such person being an &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Indemnitee</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) 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&#8217;s action was in the best interest of the
Trust 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 Trust, the Trust&#8217;s 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&#8217;s position (the conduct referred to in such clauses
(i) through (iv) being sometimes referred to herein as &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">disabling conduct</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;),
(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 Trust and that such Indemnitee appears to have acted in
good faith in the reasonable belief that such Indemnitee&#8217;s action was in the
best interest of the Trust 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 Trustees of
the Trust, including a majority of the trustees of the Trust who are not
&#8220;interested persons&#8221; of the Trust (as defined in Section 2(a)(19) of the 1940
Act).</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;">&nbsp;</h2>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">- 6 -</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_7"></a><a name="_bclPageBorder7"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Trust shall make advance payments in connection with the expenses of
defending any action with respect to which indemnification might be sought
hereunder if the Trust receives a written affirmation of the Indemnitee&#8217;s good
faith belief that the standard of conduct necessary for indemnification has
been met and a written undertaking to reimburse the Trust 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&#8209;undertaking, (B) the Trust 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 &#8220;interested persons&#8221; of the
Trust (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the
proceeding (&#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Disinterested Non&#8209;Party Trustees</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221;) 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&#8209;type inquiry), that
there is reason to believe that the Indemnitee ultimately will be found
entitled to indemnification.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(c)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">All determinations with respect to 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&#8209;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.</font></h2>

<p style="margin-bottom:12.2pt;margin-left:5.95pt;margin-right:21.3pt;margin-top:0in;text-indent:40.5pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">The rights accruing to any
Indemnitee under these provisions shall not exclude any other right to which
such Indemnitee may be lawfully entitled.</font></p>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">10.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Limitation on Liability</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">The Sub&#8209;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 Trust 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.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notwithstanding anything to the contrary contained in this Agreement,
the parties hereto acknowledge and agree that, as provided in Section 5.1 of
Article V of the Agreement and Declaration of Trust, this Agreement is executed
by the Trustees and/or officers of the Trust, not individually but as such
Trustees and/or officers of the Trust, and the obligations hereunder are not
binding upon any of the Trustees or Shareholders individually but bind only the
estate of the Trust.</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">11.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Duration and Termination</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">.</font></h1>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(a)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">This Agreement shall become effective as of the date hereof and, unless
sooner terminated with respect to the Trust as provided herein, shall continue
in effect for a period of </font></h2>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">- 7 -</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_8"></a><a name="_bclPageBorder8"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">two years. Thereafter, if not
terminated, this Agreement shall continue in effect with respect to the Trust
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&#8217;s
Board of Trustees or a vote of a majority of the outstanding voting securities
of the Trust 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.</font></h2>

<h2 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">(b)</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notwithstanding the foregoing, this Agreement may be terminated by the
Trust or the Advisor at any time, without the payment of any penalty, upon
giving the Sub&#8209;Advisor 60 days&#8217; notice (which notice may be waived by the
Sub&#8209;Advisor), provided that such termination by the Trust 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
voting securities of the Trust at the time outstanding and entitled to vote, or
by the Sub&#8209;Advisor on 60 days&#8217; written notice (which notice may be waived
by the Trust 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 &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">majority of the outstanding voting
securities</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">,&#8221; &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">interested person</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221; and &#8220;</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">assignment</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">&#8221; shall have
the same meanings of such terms in the 1940 Act.)</font></h2>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">12.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Notices and Communications</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. Any legal 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 legal 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 legal notice is mailed first class
postage prepaid. In relation to communications other than legal notices under
this Agreement, each party may communicate with and provide information to the
other party in whatever medium deemed appropriate. This may include the use of
e&#8209;mail, the internet or other electronic means, in the place of paper
communications.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">13.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Amendment of this Agreement</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. No provision of this Agreement may
be changed, waived, discharged or terminated orally, but only by an instrument
in writing signed by 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.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">14.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Miscellaneous</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. 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.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">15.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Governing Law</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. 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.</font></h1>

<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;">&nbsp;</h1>
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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"></font></font><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">- 8 -</font><font style="display:none;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;"></font></font></p>


</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_9"></a><a name="_bclPageBorder9"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<h1 style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">16.</font><font face="times new roman" style="font-size:7.0pt;font-weight:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">Counterparts</font></u><font face="Times New Roman" style="font-size:12.0pt;font-weight:normal;">. 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.</font></h1>

<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">[Signature Page Follows]</font></i></p>

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<p style="margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.5in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">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</font><font color=#363b38 face="Times New Roman" lang=EN-US style="font-size:12.0pt;">.</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK ADVISORS, LLC</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ Neal J. Andrews&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"><br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160; Neal J. Andrews<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160; Managing Director</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK INTERNATIONAL LIMITED</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ Jeremy Agnew&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160; Jeremy Agnew<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160; Managing Director</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK INTERNATIONAL LIMITED</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160; /</font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">s/ Jeanette Teo&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160; Jeanette Teo<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160; Director</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BLACKROCK CORE BOND TRUST</font></p>

<p style="margin-bottom:12.0pt;margin-left:3.0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">By:&#160;&#160; </font><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">/s/ John Perlowski&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
</font></u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Name:&#160; John Perlowski<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Title:&#160;&#160;&#160; President and Chief Executive Officer</font></p>

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