Exhibit 10(e) 



INVESTOR B2 SHARES
DISTRIBUTION PLAN 



PURSUANT TO RULE
12b-1 




        DISTRIBUTION
PLAN made as of the ____ day of ____________, 2007, by and between each of the investment
companies listed on Exhibit A, as such Exhibit may be amended from time to time (each a
“Fund,” and collectively, the “Funds”), severally and not jointly, and the distributors
listed on Exhibit B (each a “Distributor”). 



W I T N E S S E T H: 



        WHEREAS,
the Fund intends to engage in business as an open-end investment company registered under
the Investment Company Act of 1940, as amended (the “Investment Company Act”); and 



        WHEREAS,
the Directors or Trustees (referred to herein as the “Directors”) of certain Funds are
authorized to establish separate series relating to separate portfolios of securities,
and the Directors have established and designated multiple series of certain Funds; and 



        WHEREAS,
each Distributor is a securities firm engaged in the business of selling shares of
investment companies either directly to purchasers or through financial intermediaries,
including without limitation, brokers, dealers, retirement plans, financial consultants,
registered investment advisers and mutual fund supermarkets (“financial intermediaries”);
and 



        WHEREAS,
each Fund proposes to enter into a Distribution Agreement with each Distributor, pursuant
to which each such Distributor will act as the distributor and representative of each
Fund in the offer and sale of shares of common stock or beneficial interest of each Fund,
including the Investor B2 Shares (the “Investor B2 Shares”) of each Fund, to the public;
and 



        WHEREAS,
each Fund desires to adopt this Investor B2 Shares Distribution Plan (the “Plan”)
pursuant to Rule 12b-1 under the Investment Company Act pursuant to which each Fund will
pay a service/account maintenance fee and a distribution fee to each Distributor with
respect to the Fund’s Investor B2 Shares; and 



        WHEREAS
the Directors of each Fund have determined that there is a reasonable likelihood that
adoption of the Plan will benefit each Fund and its Investor B2 Shares shareholders. 



        NOW,
THEREFORE, each Fund hereby adopts, and each Distributor hereby agrees to the terms of,
the Plan in accordance with Rule 12b-1 under the Investment Company Act on the following
terms and conditions. 



        1.
The Fund shall pay each Distributor with respect to the Investor B2 Shares of each Fund a
service/account maintenance fee under the Plan at the end of each month at the annual
percentage rate of average daily net assets of such Fund sold through such Distributor
specified in Exhibit A, to compensate the Distributor for providing, or arranging for the
provision of, service/account maintenance activities with respect to Investor B2 Shares  




 
	 	
	 
















shareholders of the Fund.
Expenditures under the Plan may consist of payments to financial intermediaries for
maintaining accounts in connection with Investor B2 Shares and payment of expenses
incurred in connection with such service/account maintenance activities including the
costs of making services available to shareholders including assistance in connection
with inquiries related to shareholder accounts. 



        2.
The Fund shall pay each Distributor with respect to Investor B2 Shares of each Fund a
distribution fee under the Plan at the end of each month at the annual percentage rate of
average daily net assets of such Fund sold through such Distributor specified in Exhibit
A to compensate the Distributor for providing, or arranging for the provision of, sales
and promotional activities and services. Such activities and services will relate to the
sale, promotion and marketing of the Investor B2 Shares of each Fund. Such expenditures
may consist of sales commissions to financial intermediaries for selling Investor B2
Shares, compensation, sales incentives and payments to sales and marketing personnel, and
the payment of expenses incurred in its sales and promotional activities, including
advertising expenditures related to the Fund and the costs of preparing and distributing
promotional materials. The distribution fee may also be used to pay the financing costs
of carrying the unreimbursed expenditures described in this Paragraph 2. Payment of the
distribution fee described in this Paragraph 2 shall be subject to any limitations set
forth in any applicable regulation of the National Association of Securities Dealers, Inc. 



        3.
Each Distributor shall provide each Fund for review by the Board of Directors, and the
Directors shall review at least quarterly, a written report complying with the
requirements of Rule 12b-1 regarding the disbursement of the account maintenance fee and
distribution fee during such period. 



        4.
This Plan shall not take effect with respect to a Fund until it has been approved by
votes of a majority of both (a) the Directors of the Fund and (b) those Directors of the
Fund who are not “interested persons” of the Fund, as defined in the Investment Company
Act, and have no direct or indirect financial interest in the operation of this Plan or
any agreements related to it (the Rule 12b-1 Directors), cast in person at a meeting or
meetings called for the purpose of voting on the Plan and such related agreements. 



        5.
The Plan shall continue in effect for so long as such continuance is specifically
approved at least annually in the manner provided for approval of the Plan in paragraph 4. 



        6.
The Plan may be terminated at any time with respect to any Fund or vote of a majority of
the Rule 12b-1 Directors, or by vote of a majority of the outstanding Investor B2 Shares
voting securities of the applicable Fund. 



        7.
The Plan may not be amended to increase materially the rate of payments provided for in
Paragraphs 1 or 2 hereof with respect to any Fund unless such amendment is approved by at
least a majority, as defined in the Investment Company Act, of the outstanding Investor
B2 Shares voting securities of the applicable Fund, and by the Directors of the Fund in
the manner provided for in Paragraph 4 hereof, and no material amendment to the Plan
shall be made unless approved in the manner provided for approval and annual renewal in
Paragraph 4 hereof. 




 
	 	
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        8.
While the Plan is in effect with respect to any Fund, the selection and nomination of
Directors who are not interested persons, as defined in the Investment Company Act, of
the Fund shall be committed to the discretion of the Directors who are not interested
persons. 



        9.
The Fund shall preserve copies of the Plan and any related agreements and all reports
made pursuant to paragraph 3 hereof, for a period of not less than six years from the
date of the Plan, or the date of such agreement or report, as the case may be, the first
two years in an easily accessible place. 



        10.
The Declaration of Trust establishing each Fund that is organized as a Massachusetts
business trust, together with all amendments thereto (the “Declaration”), which is on
file in the office of the Secretary of the Commonwealth of Massachusetts, provides that
the name of the Fund refers to the Trustees under the Declaration collectively as
Trustees, but not as individuals or personally; and no Trustee, shareholder, officer,
employee or agent of a Fund shall be held to any personal liability, not shall resort be
had to their private property for the satisfaction of any obligation or claim or
otherwise in connection with the affairs of a Fund, but the trust property only shall be
liable. 





 
	 	
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        IN
WITNESS WHEREOF, the parties hereto have executed this Plan as of the date first above
written. 

	 	EACH OF THE INVESTMENT COMPANIES LISTED ON

      EXHIBIT A ATTACHED HERETO
	 
	 	 	 
	 	By:	


    	 
	 	 	
      

    	 
	 	Title:
	 	 
	 	 	 
	 	BLACKROCK  DISTRIBUTORS, INC.	 
	 	 	 	 
	 	By:	


    	 
	 	 	
      

    	 
	 	Title:
	 	 
	 	 	 	 
	 	FAM  DISTRIBUTORS, INC.	 
	 	By:	


    	 
	 	 	
      

    	 
	 	Title:
	 	 





 
	 	
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EXHIBIT A 



Investor B2 Shares
Fees 








	
      

    
	Name of Fund
      

    	Service/Account

      Maintenance Fee
      

    	Distribution Fee
      

    
	
      

    
	BlackRock Bond Fund Inc.		 		 
	
      

    
	     BlackRock Bond Fund		.25%		.75%
	
      

    










   


	 	
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EXHIBIT B 



Distributors 



BlackRock Distributors, Inc. 
FAM
Distributors, Inc. 





 
	 	
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