BlackRock Natural Resources Hedge Fund - July 2008

The BlackRock Natural Resources Hedge Fund maintains a flexible investment style and seeks to identify and exploit anomalies and investment opportunities across the natural resources sector, including the production of minerals, metals, oil, gas, energy and agricultural soft commodities.

The BlackRock Natural Resources Hedge Fund maintains a flexible investment style and seeks to identify and exploit anomalies and investment opportunities across the natural resources sector, including the production of minerals, metals, oil, gas, energy and agricultural soft commodities.

The team’s strategy uses a top-down macro analysis to determine where opportunities are best found, followed by an in-depth fundamental analysis of relevant investment opportunities. The fund benefits from the

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