UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-21931

Name of Fund: BlackRock Real Asset Equity Trust (BCF)

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: Anne F. Ackerley, Chief Executive Officer, BlackRock Real Asset Equity Trust, 55 East 52nd Street, New York, NY 10055.

Registrant’s telephone number, including area code: (800) 882-0052, Option 4

Date of fiscal year end: 10/31/2010

Date of reporting period: 07/31/2010

Item 1 – Schedule of Investments

 

 

Schedule of Investments July 31, 2010 (Unaudited)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

Chemicals—10.7%

 

 

 

 

 

 

 

Agrium, Inc.

 

 

88,000

 

$

5,544,000

 

Air Products & Chemicals, Inc.

 

 

100,200

 

 

7,272,516

 

Celanese Corp., Series A

 

 

114,800

 

 

3,224,732

 

Dow Chemical (The)

 

 

189,825

 

 

5,187,917

 

E.I. du Pont de Nemours & Co.

 

 

496,079

 

 

20,175,533

 

Monsanto Co.

 

 

78,000

 

 

4,511,520

 

Mosaic Co. (The)

 

 

22,500

 

 

1,072,125

 

Olin Corp.

 

 

201,300

 

 

4,086,390

 

Potash Corp. of Saskatchewan, Inc.

 

 

77,200

 

 

8,095,964

 

Praxair, Inc.

 

 

173,700

 

 

15,080,634

 

 

 

 

 

 

 

 

 

 

 

 

 

74,251,331

 

Containers & Packaging—1.0%

 

 

 

 

 

 

 

Temple-Inland, Inc.

 

 

347,183

 

 

6,964,491

 

Energy Equipment & Services—4.5%

 

 

 

 

 

 

 

Calfrac Well Services Ltd.

 

 

19,700

 

 

454,151

 

Core Laboratories NV

 

 

132,272

 

 

10,218,012

 

Halliburton Co.

 

 

198,400

 

 

5,928,192

 

Key Energy Services, Inc. (a)

 

 

294,800

 

 

2,847,768

 

Noble Corp.

 

 

54,900

 

 

1,784,250

 

Schlumberger Ltd. (b)

 

 

102,100

 

 

6,091,286

 

Smith International, Inc.

 

 

47,400

 

 

1,966,152

 

Technip SA

 

 

30,400

 

 

2,023,685

 

 

 

 

 

 

 

 

 

 

 

 

 

31,313,496

 

Gas Utilities—0.8%

 

 

 

 

 

 

 

EQT Corp.

 

 

161,100

 

 

5,909,148

 

Machinery—3.5%

 

 

 

 

 

 

 

Caterpillar, Inc.

 

 

270,925

 

 

18,897,019

 

Deere & Co.

 

 

84,900

 

 

5,661,132

 

 

 

 

 

 

 

 

 

 

 

 

 

24,558,151

 

Metals & Mining—42.1%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd.

 

 

278,750

 

 

6,537,919

 

Agnico-Eagle Mines Ltd.

 

 

113,650

 

 

6,335,987

 

Alamos Gold, Inc.

 

 

915,000

 

 

13,768,834

 

Alcoa, Inc.

 

 

319,150

 

 

3,564,906

 

Allegheny Technologies, Inc.

 

 

43,100

 

 

2,051,991

 

Alumina, Ltd.

 

 

1,714,266

 

 

2,414,814

 

Anglo American Plc

 

 

97,945

 

 

3,872,851

 

Anglo Platinum Ltd. (a)

 

 

50,444

 

 

4,860,061

 

Barrick Gold Corp.

 

 

104,000

 

 

4,274,400

 

BHP Billiton Plc

 

 

878,600

 

 

26,915,401

 

Carpenter Technology Corp.

 

 

44,966

 

 

1,571,562

 

Cia de Minas Buenaventura SA - ADR

 

 

219,500

 

 

8,474,895

 

Cliffs Natural Resources, Inc.

 

 

32,400

 

 

1,832,868

 

Eramet

 

 

16,250

 

 

4,492,086

 

First Quantum Minerals Ltd.

 

 

130,000

 

 

8,146,102

 

Freeport-McMoRan Copper & Gold, Inc.

 

 

75,900

 

 

5,429,886

 

Fresnillo Plc

 

 

500,000

 

 

8,080,208

 

Goldcorp, Inc.

 

 

190,150

 

 

7,442,471

 

Harry Winston Diamond Corp. (a)

 

 

159,700

 

 

1,979,065

 

Iluka Resources Ltd. (a)

 

 

1,846,786

 

 

9,209,483

 

Impala Platinum Holdings Ltd.

 

 

510,200

 

 

13,822,115

 

Industrias Penoles SAB de CV

 

 

513,569

 

 

10,752,822

 

Jiangxi Copper Co. Ltd.

 

 

1,874,600

 

 

4,176,740

 

Kazakhmys Plc

 

 

251,400

 

 

4,790,312

 

Lihir Gold Ltd.

 

 

1,245,250

 

 

4,627,503

 

Minara Resources Ltd. (a)

 

 

1,761,350

 

 

1,307,728

 

Minsur SA

 

 

1,504,804

 

 

3,398,547

 

MMC Norilsk Nickel

 

 

17,866

 

 

2,880,398

 

MMC Norilsk Nickel - ADR

 

 

17,523

 

 

288,386

 

Newmont Mining Corp.

 

 

69,150

 

 

3,865,485

 

OZ Minerals Ltd. (a)

 

 

6,370,957

 

 

7,123,582

 

Rio Tinto Plc

 

 

517,104

 

 

26,763,002

 

Southern Copper Corp.

 

 

85,500

 

 

2,685,555

 

Straits Resources Ltd. (a)

 

 

795,450

 

 

1,024,032

 

Teck Resources Ltd., Class B

 

 

308,800

 

 

10,870,553

 

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

Metals & Mining—(concluded)

 

 

 

 

 

 

 

United States Steel Corp.

 

 

42,800

 

$

1,897,324

 

Vale SA - ADR

 

 

851,700

 

 

23,677,260

 

Vedanta Resources Plc

 

 

432,700

 

 

16,565,223

 

Xstrata Plc

 

 

1,177,996

 

 

18,738,582

 

Zijin Mining Group Co. Ltd.

 

 

4,823,750

 

 

3,122,695

 

 

 

 

 

 

 

 

 

 

 

 

 

293,633,634

 

Oil & Gas Services—0.8%

 

 

 

 

 

 

 

Exterran Holdings, Inc. (a)

 

 

138,100

 

 

3,683,127

 

Trican Well Service Ltd.

 

 

115,100

 

 

1,746,569

 

 

 

 

 

 

 

 

 

 

 

 

 

5,429,696

 

Oil, Gas & Consumable Fuels—27.5%

 

 

 

 

 

 

 

Alpha Natural Resources, Inc. (a)

 

 

81,200

 

 

3,112,396

 

Apache Corp.

 

 

100,300

 

 

9,586,674

 

Arch Coal, Inc.

 

 

92,700

 

 

2,196,063

 

Bill Barrett Corp. (a)

 

 

16,700

 

 

590,846

 

Cabot Oil & Gas Corp.

 

 

95,500

 

 

2,909,885

 

Cenovus Energy, Inc.

 

 

133,700

 

 

3,770,340

 

Consol Energy, Inc.

 

 

245,279

 

 

9,193,057

 

Crescent Point Energy Corp.

 

 

168,800

 

 

6,221,324

 

Denbury Resources, Inc. (a)

 

 

314,100

 

 

4,975,344

 

EnCana Corp.

 

 

158,850

 

 

4,849,690

 

EOG Resources, Inc.

 

 

107,300

 

 

10,461,750

 

Exxon Mobil Corp.

 

 

117,600

 

 

7,018,368

 

Forest Oil Corp. (a)

 

 

150,100

 

 

4,291,359

 

Galleon Energy, Inc. (a)

 

 

322,900

 

 

1,202,964

 

Gasco Energy, Inc. (a)

 

 

579,700

 

 

201,736

 

Hess Corp.

 

 

59,800

 

 

3,204,682

 

Massey Energy Co. (b)

 

 

293,200

 

 

8,966,056

 

Newfield Exploration Co. (a)

 

 

142,900

 

 

7,639,434

 

Noble Energy, Inc.

 

 

81,300

 

 

5,451,978

 

Occidental Petroleum Corp.

 

 

121,100

 

 

9,437,323

 

OGX Petroleo e Gas Participacoes SA (a)

 

 

610,000

 

 

6,423,243

 

Patriot Coal Corp. (a)

 

 

18,960

 

 

228,658

 

Peabody Energy Corp.

 

 

190,000

 

 

8,578,500

 

Penn West Energy Trust

 

 

391,300

 

 

7,587,307

 

PetroBakken Energy Ltd.

 

 

38,710

 

 

849,093

 

PetroChina Co. Ltd. - ADR

 

 

15,200

 

 

1,739,944

 

Petroleo Brasileiro SA - ADR

 

 

120,300

 

 

4,378,920

 

Plains Exploration & Production Co. (a)

 

 

191,500

 

 

4,318,325

 

Premier Oil Plc (a)

 

 

112,700

 

 

2,578,255

 

QEP Resources, Inc.

 

 

122,500

 

 

4,216,450

 

Quicksilver Resources, Inc. (a)(c)

 

 

357,400

 

 

4,499,666

 

Range Resources Corp.

 

 

154,000

 

 

5,716,480

 

Southwestern Energy Co. (a)

 

 

193,900

 

 

7,067,655

 

StatoilHydro ASA

 

 

204,700

 

 

4,140,112

 

Suncor Energy, Inc.

 

 

138,500

 

 

4,563,575

 

Talisman Energy, Inc.

 

 

340,200

 

 

5,831,028

 

Ultra Petroleum Corp. (a)

 

 

65,300

 

 

2,766,761

 

Whiting Petroleum Corp. (a)(b)

 

 

124,000

 

 

10,913,240

 

 

 

 

 

 

 

 

 

 

 

 

 

191,678,481

 

Paper & Forest Products—4.9%

 

 

 

 

 

 

 

Fibria Celulose SA - ADR (a)

 

 

332,200

 

 

5,215,540

 

International Paper Co.

 

 

446,400

 

 

10,802,880

 

MeadWestvaco Corp.

 

 

490,700

 

 

11,757,172

 

Mondi Ltd.

 

 

19,005

 

 

110,638

 

Mondi Plc

 

 

322,512

 

 

2,279,329

 

Weyerhauser Co.

 

 

250,500

 

 

4,063,110

 

 

 

 

 

 

 

 

 

 

 

 

 

34,228,669

 

Total Long-Term Investments
(Cost—$672,128,563)—95.8%

 

 

 

 

 

667,967,097

 


 

 

 

 
       

1

 

    JULY 31, 2010

 


 

 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Short-Term Securities

 

Shares/
Beneficial
Interest

 

Value

 

BlackRock Liquidity Funds, TempFund,
Institutional Class, 0.23% (d)(e)

 

 

26,317,569

 

$

26,317,569

 

BlackRock Liquidity Series, LLC, Money
Market Series, 0.34% (d)(e)(f)

 

 

1,950,000

 

 

1,950,000

 

Total Short-Term Securities
(Cost—$28,267,569)—4.0%

 

 

 

 

 

28,267,569

 

Total Investments Before Outstanding Options Written
(Cost—$700,396,132*)—99.8%

 

 

 

 

 

696,234,666

 

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

 

 

 

Exchange-Traded Call Options Written—(0.6)%

 

 

 

 

 

 

 

Agnico-Eagle Mines Ltd., Strike Price
USD 60, Expires 8/23/10

 

 

300

 

 

(11,100

)

Agnico-Eagle Mines Ltd., Strike Price
USD 65, Expires 9/20/10

 

 

100

 

 

(3,100

)

Agrium, Inc., Strike Price USD 60,
Expires 8/23/10

 

 

330

 

 

(132,000

)

Air Products & Chemicals, Inc., Strike
Price USD 70, Expires 8/23/10

 

 

375

 

 

(123,750

)

Alcoa, Inc., Strike Price USD 12, Expires
8/23/10

 

 

1,100

 

 

(8,250

)

Allegheny Technologies, Inc., Strike
Price USD 48, Expires 8/23/10

 

 

80

 

 

(15,400

)

Allegheny Technologies, Inc., Strike
Price USD 49, Expires 8/23/10

 

 

80

 

 

(11,800

)

Alpha Natural Resources, Inc., Strike
Price USD 36, Expires 9/20/10

 

 

150

 

 

(61,500

)

Alpha Natural Resources, Inc., Strike
Price USD 37, Expires 9/20/10

 

 

150

 

 

(52,500

)

Apache Corp., Strike Price USD 90,
Expires 8/23/10

 

 

175

 

 

(112,000

)

Arch Coal, Inc., Strike Price USD 22,
Expires 8/23/10

 

 

175

 

 

(36,750

)

Arch Coal, Inc., Strike Price USD 23,
Expires 8/23/10

 

 

50

 

 

(7,000

)

Arch Coal, Inc., Strike Price USD 23,
Expires 9/20/10

 

 

310

 

 

(58,900

)

Barrick Gold Corp., Strike Price USD 43,
Expires 8/23/10

 

 

300

 

 

(13,950

)

Barrick Gold Corp., Strike Price USD 43,
Expires 9/20/10

 

 

90

 

 

(9,450

)

Bill Barrett Corp., Strike Price USD 35,
Expires 9/20/10

 

 

60

 

 

(13,350

)

Cabot Oil & Gas Corp., Strike Price USD
35, Expires 8/23/10

 

 

50

 

 

(500

)

Carpenter Technology Corp., Strike
Price USD 45, Expires 9/20/10

 

 

170

 

 

(2,550

)

Caterpillar, Inc., Strike Price USD 65,
Expires 8/23/10

 

 

850

 

 

(459,000

)

Caterpillar, Inc., Strike Price USD 67.50,
Expires 8/23/10

 

 

125

 

 

(43,125

)

Celanese Corp., Series A, Strike Price
USD 25, Expires 8/23/10

 

 

130

 

 

(41,600

)

Celanese Corp., Series A, Strike Price
USD 28, Expires 9/20/10

 

 

300

 

 

(42,808

)

Cenovus Energy, Inc., Strike Price USD
30, Expires 9/20/10

 

 

500

 

 

(33,750

)

Cia de Minas Buenaventura SA - ADR,
Strike Price USD 40, Expires 8/23/10

 

 

400

 

 

(28,000

)

Cliff Natural Resources, Inc., Strike
Price USD 50, Expires 8/23/10

 

 

150

 

 

(108,750

)

Consol Energy, Inc., Strike Price USD 39,
Expires 8/23/10

 

 

400

 

 

(30,000

)

Consol Energy, Inc., Strike Price USD 44,
Expires 8/23/10

 

 

250

 

 

(2,500

)

Core Laboratories NV, Strike Price USD
80, Expires 8/23/10

 

 

150

 

 

(10,875

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

Exchange-Traded Call Options Written—(continued)

 

 

 

 

 

 

 

Core Laboratories NV, Strike Price USD
82.50, Expires 9/20/10

 

 

345

 

$

(65,550

)

Deere & Co., Strike Price USD 62.50,
Expires 8/23/10

 

 

35

 

 

(17,500

)

Denbury Resources, Inc., Strike Price
USD 15, Expires 8/23/10

 

 

585

 

 

(68,738

)

Denbury Resources, Inc., Strike Price
USD 15, Expires 9/20/10

 

 

585

 

 

(84,825

)

Dow Chemical (The), Strike Price USD
28, Expires 8/23/10

 

 

300

 

 

(20,400

)

Dow Chemical (The), Strike Price USD
29, Expires 9/20/10

 

 

410

 

 

(33,415

)

E.I. du Pont de Nemours & Co., Strike
Price USD 37, Expires 8/23/10

 

 

930

 

 

(346,425

)

E.I. du Pont de Nemours & Co., Strike
Price USD 38, Expires 8/23/10

 

 

930

 

 

(259,935

)

EnCana Corp., Strike Price USD 33,
Expires 8/23/10

 

 

80

 

 

(1,000

)

EnCana Corp., Strike Price USD 36,
Expires 8/23/10

 

 

515

 

 

(2,575

)

EOG Resources, Inc., Strike Price USD
105, Expires 10/18/10

 

 

110

 

 

(36,300

)

EOG Resources, Inc., Strike Price USD
110, Expires 8/23/10

 

 

185

 

 

(4,625

)

EOG Resources, Inc., Strike Price USD
110, Expires 9/20/10

 

 

100

 

 

(10,000

)

EOG Resources, Inc., Strike Price USD
120, Expires 8/23/10

 

 

50

 

 

(375

)

EQT Corp., Strike Price USD 45, Expires
9/20/10

 

 

100

 

 

(1,500

)

Exterran Holdings, Inc., Strike Price USD
26.50, Expires 8/09/10

 

 

420

 

 

(31,138

)

Exterran Holdings, Inc., Strike Price USD
30, Expires 8/23/10

 

 

100

 

 

(2,000

)

Exxon Mobil Corp., Strike Price USD 60,
Expires 9/20/10

 

 

390

 

 

(63,635

)

Forest Oil Corp., Strike Price USD 30,
Expires 9/20/10

 

 

500

 

 

(55,000

)

Freeport-McMoRan Copper & Gold, Inc.,
Strike Price USD 70, Expires 8/23/10

 

 

285

 

 

(103,313

)

Goldcorp, Inc., Strike Price USD 45,
Expires 10/18/10

 

 

350

 

 

(20,300

)

Goldcorp, Inc., Strike Price USD 46,
Expires 8/23/10

 

 

355

 

 

(1,065

)

Hess Corp., Strike Price USD 55, Expires
8/23/10

 

 

200

 

 

(18,300

)

International Paper Co., Strike Price USD
25, Expires 8/23/10

 

 

1,670

 

 

(81,830

)

Massey Energy Co., Strike Price USD 31,
Expires 8/23/10

 

 

500

 

 

(56,500

)

Massey Energy Co., Strike Price USD 33,
Expires 8/23/10

 

 

500

 

 

(21,000

)

Monsanto Co., Strike Price USD 57.50,
Expires 8/23/10

 

 

295

 

 

(54,133

)

Mosaic Co. (The), Strike Price USD 46,
Expires 8/23/10

 

 

85

 

 

(24,777

)

Newfield Exploration Co., Strike Price
USD 55, Expires 8/23/10

 

 

150

 

 

(16,500

)

Newfield Exploration Co., Strike Price
USD 60, Expires 8/23/10

 

 

385

 

 

(5,775

)

Newmont Mining Corp., Strike Price USD
60, Expires 8/23/10

 

 

250

 

 

(8,625

)

Noble Corp., Strike Price USD 32, Expires
8/23/10

 

 

75

 

 

(9,562

)

Noble Energy, Inc., Strike Price USD 70,
Expires 8/23/10

 

 

100

 

 

(6,500

)

Noble Energy, Inc., Strike Price USD 70,
Expires 9/20/10

 

 

205

 

 

(30,750

)


 

 

 

 
       

 

 

    JULY 31, 2010

2


 

 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

Exchange-Traded Call Options Written—(concluded)

 

 

 

 

 

 

 

Occidental Petroleum Corp., Strike Price
USD 80, Expires 8/23/10

 

 

430

 

$

(43,430

)

Olin Corp., Strike Price USD 20, Expires
8/23/10

 

 

240

 

 

(16,800

)

Olin Corp., Strike Price USD 22.50,
Expires 8/23/10

 

 

72

 

 

(720

)

Peabody Energy Corp., Strike Price USD
45, Expires 8/23/10

 

 

275

 

 

(43,862

)

Peabody Energy Corp., Strike Price USD
45, Expires 9/20/10

 

 

440

 

 

(114,400

)

Penn West Energy Trust, Strike Price
USD 19.75, Expires 8/23/10

 

 

600

 

 

(11,280

)

PetroChina Co. Ltd. - ADR, Strike Price
USD 115, Expires 9/20/10

 

 

57

 

 

(23,370

)

Petroleo Brasileiro SA - ADR, Strike Price
USD 36, Expires 8/23/10

 

 

450

 

 

(48,600

)

Plains Exploration & Production Co.,
Strike Price USD 26, Expires 8/23/10

 

 

300

 

 

(3,000

)

Potash Corp. of Saskatchewan, Inc.,
Strike Price USD 100, Expires 8/23/10

 

 

290

 

 

(187,775

)

Quicksilver Resources, Inc., Strike Price
USD 13, Expires 8/23/10

 

 

500

 

 

(22,500

)

Quicksilver Resources, Inc., Strike Price
USD 14, Expires 8/23/10

 

 

400

 

 

(6,000

)

Quicksilver Resources, Inc., Strike Price
USD 15, Expires 9/20/10

 

 

400

 

 

(8,000

)

Range Resources Corp., Strike Price USD
42.50, Expires 8/23/10

 

 

300

 

 

(6,000

)

Range Resources Corp., Strike Price USD
52.50, Expires 8/23/10

 

 

80

 

 

(400

)

Schlumberger Ltd., Strike Price USD 60,
Expires 8/23/10

 

 

200

 

 

(32,200

)

Schlumberger Ltd., Strike Price USD
63.50, Expires 8/23/10

 

 

110

 

 

(4,816

)

Schlumberger Ltd., Strike Price USD 65,
Expires 8/23/10

 

 

50

 

 

(1,200

)

Smith International, Inc., Strike Price
USD 43, Expires 10/18/10

 

 

175

 

 

(30,450

)

Southern Copper Corp., Strike Price USD
28.50, Expires 8/21/10

 

 

280

 

 

(82,792

)

Southwestern Energy Co., Strike Price
USD 40, Expires 9/20/10

 

 

400

 

 

(26,000

)

Southwestern Energy Co., Strike Price
USD 42, Expires 8/23/10

 

 

100

 

 

(750

)

Suncor Energy, Inc., Strike Price USD 32,
Expires 8/23/10

 

 

410

 

 

(63,345

)

Suncor Energy, Inc., Strike Price USD 37,
Expires 9/20/10

 

 

110

 

 

(3,025

)

Talisman Energy, Inc., Strike Price USD
16.75, Expires 8/18/10

 

 

800

 

 

(47,502

)

Temple-Inland, Inc., Strike Price USD
22.50, Expires 8/23/10

 

 

750

 

 

(7,500

)

Temple-Inland, Inc., Strike Price USD 23,
Expires 9/20/10

 

 

500

 

 

(15,000

)

Ultra Petroleum Corp., Strike Price USD
53, Expires 8/23/10

 

 

230

 

 

(1,142

)

United States Steel Corp., Strike Price
USD 45, Expires 8/23/10

 

 

150

 

 

(23,625

)

Vale SA - ADR, Strike Price USD 29,
Expires 8/23/10

 

 

1,480

 

 

(65,120

)

Vale SA - ADR, Strike Price USD 30,
Expires 8/23/10

 

 

1,480

 

 

(31,080

)

Weyerhauser Co., Strike Price USD 41,
Expires 8/23/10

 

 

940

 

 

(204,450

)

Total Exchange-Traded Call Options Written

 

 

 

 

 

(4,214,258

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

Exchange-Traded Put Option Written—(0.0)%

 

 

 

 

 

 

 

Bill Barrett Corp., Strike Price USD 31,
Expires 8/05/10

 

 

130

 

$

(28

)

Over-the-Counter Call Options Written—(0.6)%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd., Strike
Price ZAR 167.92, Expires 9/01/10,
Broker Credit Suisse First Boston

 

 

52,000

 

 

(78,058

)

African Rainbow Minerals Ltd., Strike
Price ZAR 171.07, Expires 9/14/10,
Broker UBS Securities LLC

 

 

52,500

 

 

(79,227

)

Alumina Ltd., Strike Price AUD 1.54,
Expires 8/16/10, Broker JPMorgan
Chase Securities

 

 

643,000

 

 

(35,147

)

Anglo American Plc, Strike Price GBP
27.17, Expires 8/04/10, Broker
Citigroup Global Markets

 

 

36,800

 

 

(3,993

)

Anglo Platinum Ltd., Strike Price ZAR
814.78, Expires 8/04/10, Broker Credit
Suisse First Boston

 

 

18,900

 

 

(177

)

Apache Corp., Strike Price USD 90.26,
Expires 11/02/10, Broker UBS
Securities LLC

 

 

17,500

 

 

(159,815

)

BHP Billiton Plc, Strike Price GBP 19.48,
Expires 8/05/10, Broker Morgan
Stanley & Co., Inc.

 

 

329,500

 

 

(180,382

)

Cabot Oil & Gas Corp., Strike Price USD
37.23, Expires 8/09/10, Broker
Citigroup Global Markets

 

 

30,500

 

 

(542

)

Calfrac Well Services Ltd., Strike Price
CAD 20.45, Expires 8/10/10, Broker
Morgan Stanley & Co., Inc.

 

 

7,500

 

 

(23,869

)

Cia de Minas Buenaventura SA - ADR,
Strike Price USD 41.46, Expires
8/05/10, Broker Morgan Stanley & Co.,
Inc.

 

 

41,500

 

 

(969

)

Consol Energy, Inc., Strike Price USD
42.14, Expires 11/05/10, Broker Credit
Suisse First Boston

 

 

10,000

 

 

(13,558

)

Consol Energy, Inc., Strike Price USD
42.98, Expires 11/02/10, Broker
Morgan Stanley & Co., Inc.

 

 

10,000

 

 

(10,727

)

Crescent Point Energy Corp., Strike Price
CAD 38, Expires 8/23/10, Broker Bank
of Montreal

 

 

590

 

 

(25,826

)

Deere & Co., Strike Price USD 60.50,
Expires 8/20/10, Broker Goldman
Sachs & Co.

 

 

28,000

 

 

(192,077

)

EQT Corp., Strike Price USD 38.44,
Expires 11/05/10, Broker Morgan
Stanley & Co., Inc.

 

 

10,000

 

 

(13,351

)

EQT Corp., Strike Price USD 39.80,
Expires 11/12/10, Broker UBS
Securities LLC

 

 

10,000

 

 

(10,002

)

EQT Corp., Strike Price USD 40, Expires
9/24/10, Broker UBS Securities LLC

 

 

30,000

 

 

(13,999

)

Eramet, Strike Price EUR 222.98, Expires
9/01/10, Broker UBS Securities LLC

 

 

3,300

 

 

(33,243

)

Eramet, Strike Price EUR 236.35, Expires
8/04/10, Broker Credit Suisse First
Boston

 

 

2,800

 

 

(699

)

Fibria Celulose SA - ADR, Strike Price
USD 16.34, Expires 9/02/10, Broker
UBS Securities LLC

 

 

124,500

 

 

(107,966

)


 

 

 

 
       

3

 

    JULY 31, 2010

 


 

 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

Over-the-Counter Call Options Written—(continued)

 

 

 

 

 

 

 

First Quantum Minerals Ltd., Strike Price
CAD 62, Expires 8/23/10, Broker Bank
of Montreal

 

 

490

 

$

(229,974

)

Fresnillo Plc, Strike Price GBP 10.81,
Expires 8/05/10, Broker UBS Securities
LLC

 

 

187,500

 

 

(20,131

)

Galleon Energy, Inc., Strike Price CAD
4.13, Expires 9/02/10, Broker
Deutsche Bank Securities

 

 

40,000

 

 

(4,514

)

Halliburton Co., Strike Price USD 29.86,
Expires 8/30/10, Broker UBS Securities
LLC

 

 

69,500

 

 

(85,333

)

Harry Winston Diamond Corp., Strike
Price CAD 15, Expires 8/23/10, Broker
Bank of Montreal

 

 

300

 

 

(2,918

)

Harry Winston Diamond Corp., Strike
Price CAD 15, Expires 9/20/10, Broker
Bank of Montreal

 

 

300

 

 

(3,064

)

Iluka Resources Ltd., Strike Price AUD
5.07, Expires 8/16/10, Broker Morgan
Stanley & Co., Inc.

 

 

692,500

 

 

(298,551

)

Impala Platinum Holdings Ltd., Strike
Price ZAR 200.03, Expires 8/05/10,
Broker Credit Suisse First Boston

 

 

191,500

 

 

(92,007

)

Industrias Penoles SAB de CV, Strike
Price MXN 273.43, Expires 9/02/10,
Broker Morgan Stanley & Co., Inc.

 

 

41,500

 

 

(21,532

)

Industrias Penoles SAB de CV, Strike
Price MXN 275.19, Expires 8/26/10,
Broker Morgan Stanley & Co., Inc.

 

 

151,000

 

 

(57,837

)

Jiangxi Copper Co. Ltd., Strike Price
HKD 15.50, Expires 8/16/10, Broker
Morgan Stanley & Co., Inc.

 

 

703,000

 

 

(168,042

)

Kazakhmys Plc, Strike Price GBP 12.23,
Expires 8/05/10, Broker Credit Suisse
First Boston

 

 

94,300

 

 

(31,605

)

Key Energy Services, Inc., Strike Price
USD 9.60, Expires 8/26/10, Broker
JPMorgan Chase Securities

 

 

103,000

 

 

(45,544

)

Lihir Gold Ltd., Strike Price AUD 4.20,
Expires 8/16/10, Broker Morgan
Stanley & Co., Inc.

 

 

450,000

 

 

(24,449

)

MeadWestvaco Corp., Strike Price USD
24.42, Expires 8/05/10, Broker Morgan
Stanley & Co., Inc.

 

 

184,000

 

 

(30,785

)

Minara Resources Ltd., Strike Price AUD
0.73, Expires 8/16/10, Broker Morgan
Stanley & Co., Inc.

 

 

660,000

 

 

(65,450

)

Minsur SA, Strike Price PEN 6.41, Expires
9/02/10, Broker Credit Suisse First
Boston

 

 

250,000

 

 

(14,402

)

Minsur SA, Strike Price PEN 6.53, Expires
8/26/10, Broker Credit Suisse First
Boston

 

 

250,000

 

 

(8,650

)

MMC Norilsk Nickel - ADR, Strike Price
USD 16.87, Expires 8/05/10, Broker
Credit Suisse First Boston

 

 

17,500

 

 

(3,238

)

Modi Plc, Strike Price GBP 4.20, Expires
8/05/10, Broker UBS Securities LLC

 

 

121,000

 

 

(60,307

)

Noble Corp., Strike Price USD 35.27,
Expires 11/05/10, Broker Morgan
Stanley & Co., Inc.

 

 

13,000

 

 

(12,688

)

OGX Petroleo e Gas Participacoes SA,
Strike Price BRL 17.22, Expires
8/26/10, Broker Morgan Stanley & Co.,
Inc.

 

 

200,000

 

 

(197,872

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

Over-the-Counter Call Options Written—(continued)

 

 

 

 

 

 

 

Olin Corp., Strike Price USD 18.45,
Expires 8/17/10, Broker Citigroup
Global Markets

 

 

44,500

 

$

(82,625

)

OZ Minerals Ltd., Strike Price AUD 1.07,
Expires 8/16/10, Broker Morgan
Stanley & Co., Inc.

 

 

2,389,000

 

 

(380,022

)

Penn West Energy Trust, Strike Price
USD 21.24, Expires 8/13/10, Broker
UBS Securities LLC

 

 

84,000

 

 

(5,412

)

Petrobakken Energy Ltd., Strike Price
CAD 24, Expires 8/23/10, Broker TD
Securities

 

 

145

 

 

(1,481

)

Praxair, Inc., Strike Price USD 81.42,
Expires 8/19/10, Broker Morgan
Stanley & Co., Inc.

 

 

65,000

 

 

(362,210

)

Premier Oil Plc, Strike Price GBP 12.58,
Expires 8/05/10, Broker Credit Suisse
First Boston

 

 

42,200

 

 

(132,241

)

QEP Resources, Inc., Strike Price USD
30.21, Expires 8/26/10, Broker UBS
Securities LLC

 

 

21,500

 

 

(92,518

)

QEP Resources, Inc., Strike Price USD
30.80, Expires 11/02/10, Broker UBS
Securities LLC

 

 

21,500

 

 

(89,494

)

Range Resources Corp., Strike Price USD
41.71, Expires 11/02/10, Broker
Morgan Stanley & Co., Inc.

 

 

10,000

 

 

(13,533

)

Rio Tinto Plc, Strike Price GBP 34.27,
Expires 8/05/10, Broker Morgan
Stanley & Co., Inc.

 

 

194,000

 

 

(42,328

)

Southwestern Energy Co., Strike Price
USD 40.30, Expires 11/02/10, Broker
Morgan Stanley & Co., Inc.

 

 

15,000

 

 

(20,370

)

StatoilHydro ASA, Strike Price NOK 131,
Expires 9/14/10, Broker UBS Securities
LLC

 

 

76,700

 

 

(18,314

)

Straits Resources Ltd., Strike Price AUD
1.36, Expires 8/16/10, Broker
Goldman Sachs & Co.

 

 

298,500

 

 

(24,592

)

Talisman Energy, Inc., Strike Price USD
16.38, Expires 8/18/10, Broker UBS
Securities LLC

 

 

40,000

 

 

(34,374

)

Technip SA, Strike Price EUR 49.95,
Expires 9/01/10, Broker UBS Securities
LLC

 

 

11,400

 

 

(52,641

)

Teck Resources Ltd., Strike Price CAD
35, Expires 8/23/10, Broker Bank of
Montreal

 

 

500

 

 

(98,731

)

Teck Resources Ltd., Strike Price CAD
35, Expires 8/23/10, Broker TD
Securities

 

 

500

 

 

(98,731

)

Trican Well Service Ltd., Strike Price
CAD 15, Expires 8/23/10, Broker Bank
of Montreal

 

 

430

 

 

(28,233

)

Vale SA - ADR, Strike Price USD 26.51,
Expires 8/06/10, Broker Morgan
Stanley & Co., Inc.

 

 

23,500

 

 

(32,793

)

Vedanta Resources Plc, Strike Price GBP
23.75, Expires 8/05/10, Broker
Citigroup Global Markets

 

 

162,300

 

 

(209,330

)

Whiting Petroleum Corp., Strike Price
USD 93.42, Expires 8/05/10, Broker
UBS Securities LLC

 

 

46,000

 

 

(3,461

)

Xstrata Plc, Strike Price GBP 10.55,
Expires 8/05/10, Broker Credit Suisse
First Boston

 

 

440,000

 

 

(48,937

)


 

 

 

 
       

 

 

    JULY 31, 2010

4


 

 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

Over-the-Counter Call Options Written—(concluded)

 

 

 

 

 

 

 

Zijin Mining Group Co. Ltd., Strike Price
HKD 5.62, Expires 8/16/10, Broker
JPMorgan Chase Securities

 

 

1,810,000

 

$

(2,618

)

Total Over-the-Counter Call Options Written

 

 

 

 

 

(4,337,509

)

Total Options Written (Premiums Received $8,924,486)—(1.2)%

 

 

(8,551,795

)

Total Investments Net of Outstanding Options Written—98.6%

 

 

687,682,871

 

Other Assets Less Liabilities—1.4%

 

 

 

 

 

9,491,741

 

 

 

 

 

 

 

Net Assets—100.0%

 

 

 

 

$

697,174,612

 

 

 

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of July 31, 2010, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

 

 

Aggregate cost

 

$

717,756,924

 

 

 

 

 

 

Gross unrealized appreciation

 

$

85,417,386

 

 

Gross unrealized depreciation

 

 

(106,939,644

)

 

 

 

 

 

Net unrealized depreciation

 

$

(21,522,258

)

 

 

 

 

 

 

(a)

Non-income producing security.

 

 

(b)

Security, or a portion thereof, pledged as collateral for outstanding options written.

 

 

(c)

Security, or a portion of security, is on loan.

 

 

(d)

Investments in companies considered to be an affiliate of the Trust, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Shares/
Beneficial
Interest
Held at
October
31, 2009

 

Net Activity

 

 

Shares/
Beneficial
Interest
Held at
July 31,
2010

 

Income

 

 

 

BlackRock Liquidity Funds, TempFund, Institutional Class

 

 

35,341,819

 

 

(9,024,250

)

 

 

26,317,569

 

$

28,932

 

 

BlackRock Liquidity Series, LLC Money Market Series

 

 

1,360,000

 

 

590,000

 

 

 

1,950,000

 

$

3,137

 

 

 

 

(e)

Represents current yield as of report date.

 

 

(f)

Security purchased with the cash collateral from securities loans.

 

 

 

•

For Trust compliance purposes, the Trust’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or defined by Trust management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease.

 

 

 

•

Fair Value Measurements — Various inputs are used in determining the fair value of investments and derivatives, which are as follows:

 

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical assets and liabilities

 

 

 

 

•

Level 2 — other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs)

 

 

 

 

•

Level 3 — unobservable inputs based on the best information available In the circumstances, to the extent observable inputs are not available (including the Trust’s own assumptions used in determining the fair value of investments and derivatives)

 

 

 

 

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its semi-annual report.

 

 

 

 

The following tables summarize the inputs used as of July 31, 2010 in determining the fair valuation of the Trust’s investments and derivatives:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

 

 

 

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

$

74,251,331

 

 

—

 

 

—

 

$

74,251,331

 

 

Containers & Packaging

 

 

6,964,491

 

 

—

 

 

—

 

 

6,964,491

 

 

Energy Equipment & Services

 

 

29,289,811

 

$

2,023,685

 

 

—

 

 

31,313,496

 

 

Gas Utilities

 

 

5,909,148

 

 

—

 

 

—

 

 

5,909,148

 

 

Machinery

 

 

24,558,151

 

 

—

 

 

—

 

 

24,558,151

 

 

Metals & Mining

 

 

122,020,513

 

 

171,613,121

 

 

—

 

 

293,633,634

 

 

Oil & Gas Services

 

 

5,429,696

 

 

—

 

 

—

 

 

5,429,696

 

 

Oil, Gas & Consumable Fuels

 

 

184,960,114

 

 

6,718,367

 

 

—

 

 

191,678,481

 

 

Paper & Forest Products

 

 

31,949,340

 

 

2,279,329

 

 

—

 

 

34,228,669

 

 

Short-Term Securities

 

 

26,317,569

 

 

1,950,000

 

 

—

 

 

28,267,569

 

 

 

 

 

Total

 

$

511,650,164

 

$

184,584,502

 

 

—

 

$

696,234,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative Financial Instruments1

 

 

 

 

 

 

Valuation Inputs

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity contracts

 

$

(4,418,103

)

$

(4,133,692

)

 

—

 

$

(8,551,795

)

 

 

 

1

Derivative financial instruments are options which are shown at market value.

 

 

 

             KEY TO ABBREVIATIONS

 

 

 

ADR

—

American Depositary Receipt

AUD

—

Australian Dollar

BRL

—

Brazil Real

CAD

—

Canadian Dollar

EUR

—

Euro

GBP

—

British Pound

HKD

—

Hong Kong Dollar

MXN

—

Mexican Peso

NOK

—

Norwegian Krone

PEN

—

Peruvian Neuvo Sol

USD

—

U.S. Dollar

ZAR

—

South African Rand


 

 

 

 
       

5

 

    JULY 31, 2010

 


 

 

Item 2 – Controls and Procedures

 

 

2(a) –

The registrant’s principal executive and principal financial officers or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

 

 

2(b) –

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

 

Item 3 – Exhibits

 

 

 

Certifications – Attached hereto

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

BlackRock Real Asset Equity Trust


 

 

 

 

 

By:

/s/ Anne F. Ackerley

 

 

 

  

 

 

 

Anne F. Ackerley

 

 

Chief Executive Officer of

 

 

BlackRock Real Asset Equity Trust

 

 

 

 

Date: September 27, 2010

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

 

 

By:

/s/ Anne F. Ackerley

 

 

 

  

 

 

 

Anne F. Ackerley

 

 

Chief Executive Officer (principal executive officer) of
BlackRock Real Asset Equity Trust

 

 

 

 

Date: September 27, 2010

 

 

 

 

By:

/s/ Neal J. Andrews

 

 

 

  

 

 

 

Neal J. Andrews

 

 

Chief Financial Officer (principal financial officer) of
BlackRock Real Asset Equity Trust

 

 

 

Date: September 27, 2010