BlackRock Real Asset Equity Trust

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: John M. Perlowski, 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: 10/31/2011

Date of reporting period: 01/31/2011

Item 1    –    Schedule of Investments

Schedule of Investments January 31, 2011 (Unaudited)    BlackRock Real Asset Equity Trust (BCF)
   (Percentages shown are based on Net Assets)

 

     Shares    Value

Common Stocks

          

Chemicals – 10.4%

          

Agrium, Inc.(a)

        78,400        $ 6,929,776  

Air Products & Chemicals, Inc.(a)

        93,600          8,166,600  

Celanese Corp., Series A(a)

        102,200          4,240,278  

Dow Chemical Co. (The)(a)

        174,025          6,174,407  

E. I. du Pont De Nemours & Co.(a)

        439,179          22,257,592  

Monsanto Co.(a)

        75,100          5,510,838  

Mosaic Co. (The)(a)

        20,200          1,637,008  

Olin Corp.(a)

        194,300          3,783,021  

Potash Corp. of Saskatchewan, Inc.(a)

        67,500          12,000,150  

Praxair, Inc.(a)

        167,200          15,556,288  
               
            86,255,958  
               

Containers & Packaging – 1.0%

          

Temple-Inland, Inc.(a)

        340,883          8,177,783  
               

Energy Equipment & Services – 6.0%

          

Basic Energy Services, Inc.(a)(b)

        53,800          982,388  

Calfrac Well Services Ltd.(a)

        16,600          563,639  

Core Laboratories NV(a)

        131,600          12,009,816  

Halliburton Co.(a)

        182,000          8,190,000  

Key Energy Services, Inc.(a)(b)

        274,400          3,652,264  

Noble Corp.(a)

        82,502          3,155,702  

Patterson-UTI Energy, Inc.(a)

        74,100          1,729,494  

Schlumberger Ltd.(a)

        121,500          10,812,285  

Seadrill Ltd.(a)

        95,200          3,135,313  

Technip SA(a)

        26,900          2,613,320  

Trican Well Service Ltd.(a)

        152,100          3,332,575  
               
            50,176,796  
               

Machinery – 3.7%

          

Caterpillar, Inc.(a)

        244,225          23,692,267  

Deere & Co.(a)

        78,000          7,090,200  
               
            30,782,467  
               

Metals & Mining – 43.1%

          

African Rainbow Minerals Ltd.(a)

        278,750          8,168,924  

Agnico-Eagle Mines Ltd.(a)

        106,950          7,319,658  

Alamos Gold, Inc.

        800,000          12,095,671  

Alcoa, Inc.(a)

        280,450          4,647,058  

Allegheny Technologies, Inc.(a)

        40,100          2,614,119  

Alumina Ltd.(a)

        1,496,066          3,585,148  

Anglo American Plc(a)

        97,945          4,802,030  

Anglo Platinum Ltd.(a)(b)

        50,444          4,955,594  

Barrick Gold Corp.(a)

        98,600          4,684,486  

BHP Billiton Plc(a)

        878,600          33,548,227  

Carpenter Technology Corp.(a)

        42,666          1,755,706  

Cia de Minas Buenaventura SA - ADR(a)

        196,400          8,052,400  

Cliffs Natural Resources, Inc.(a)

        28,500          2,435,610  

Eramet(a)

        15,450          5,487,844  

First Quantum Minerals Ltd.(a)

        108,000          12,494,932  

Freeport-McMoRan Copper & Gold, Inc.(a)

        64,500          7,014,375  

Fresnillo Plc(a)

        475,000          9,858,714  

Goldcorp, Inc.(a)

        186,750          7,509,218  

Harry Winston Diamond Corp.(a)(b)

        156,300          1,690,447  

IAMGOLD Corp.(a)

        100,000          1,901,433  

Iluka Resources Ltd.(a)(b)

        1,602,186          13,616,826  

Impala Platinum Holdings Ltd.(a)

        510,200          14,525,624  

Industrias Penoles SAB de CV(a)

        513,569          17,103,444  

Jiangxi Copper Co. Ltd., Class H(a)

        1,659,500          5,349,264  

Kazakhmys Plc(a)

        251,400          6,057,590  

Minara Resources Ltd.(a)(b)

        1,572,550          1,431,393  

Minsur SA(a)

        3,846,986          6,277,392  

MMC Norilsk Nickel JSC - ADR(a)

        13,423          340,353  

MMC Norilsk Nickel OJSC

        17,866          4,489,471  

Newcrest Mining Ltd.(a)

        138,585          5,132,964  

Newmont Mining Corp.(a)

        68,350          3,764,036  

OZ Minerals Ltd.(a)

        5,596,957          9,146,997  

Rio Tinto Plc(a)

        517,104          35,512,533  

Southern Copper Corp.(a)

        75,500          3,383,910  

Teck Resources Ltd., Class B(a)

        263,400          15,953,673  

United States Steel Corp.(a)

        39,900          2,301,033  

Vale SA - ADR(a)

        725,300          25,262,199  

Vedanta Resources Plc(a)

        432,700          15,749,365  

Xstrata Plc(a)

        1,177,996          26,090,340  

Zijin Mining Group Co. Ltd.(a)

        4,273,750          3,396,478  
               
            359,506,479  
               

Oil, Gas & Consumable Fuels – 29.0%

          

Alpha Natural Resources, Inc.(a)(b)

        109,400          5,878,062  

Apache Corp.(a)

        93,500          11,160,160  

Arch Coal, Inc.(a)

        83,000          2,842,750  

Bill Barrett Corp.(a)(b)

        74,700          3,061,206  

Cenovus Energy, Inc.(a)

        127,500          4,412,775  

ConocoPhillips(a)

        23,100          1,650,726  

Consol Energy, Inc.(a)

        233,079          11,584,026  

Continental Resources, Inc.(a)(b)

        17,400          1,117,254  

Crescent Point Energy Corp.(a)

        163,500          7,225,121  

Denbury Resources, Inc.(a)(b)

        367,700          7,482,695  

Energy XXI (Bermuda) Ltd.(a)(b)

        134,400          3,872,064  

EOG Resources, Inc.(a)

        104,900          11,160,311  

EQT Corp.(a)

        151,900          7,320,061  

Exxon Mobil Corp.(a)

        109,900          8,866,732  

Forest Oil Corp.(a)(b)

        143,000          5,548,400  

Galleon Energy, Inc., Class A(b)

        317,400          1,328,113  

Gasco Energy, Inc.(b)

        579,700          295,647  

Hess Corp.(a)

        53,900          4,534,068  

Massey Energy Co.(a)

        255,700          16,073,302  

Newfield Exploration Co.(a)(b)

        128,600          9,409,662  

Noble Energy, Inc.(a)

        77,900          7,096,690  

Occidental Petroleum Corp.(a)

        113,800          11,002,184  

OGX Petroleo e Gas Participacoes SA(a)(b)

        610,000          6,297,789  

Patriot Coal Corp.(a)(b)

        17,960          470,013  

Peabody Energy Corp.(a)

        177,600          11,263,392  

Penn West Petroleum Ltd.(a)

        365,000          10,033,843  

PetroBakken Energy Ltd., Class A(a)

        37,310          798,848  

PetroChina Co. Ltd. - ADR(a)

        14,500          2,019,415  

Plains Exploration & Production Co.(a)(b)

        181,200          6,414,480  

Premier Oil Plc(a)(b)

        112,700          3,659,079  

QEP Resources, Inc.(a)

        116,500          4,734,560  

Quicksilver Resources, Inc.(a)(b)(c)

        336,300          5,047,863  

Range Resources Corp.(a)

        106,100          5,291,207  

Southwestern Energy Co.(a)(b)

        149,200          5,893,400  

Statoil ASA(a)

        201,800          4,903,824  

Straits Resources Ltd.(a)

        692,629          1,566,257  

Suncor Energy, Inc.(a)

        149,100          6,189,141  

Talisman Energy, Inc.(a)

        312,700          7,167,084  

Ultra Petroleum Corp.(a)(b)

        63,000          3,006,990  

Whiting Petroleum Corp.(a)(b)

        109,600          13,840,288  
               
            241,519,482  
               

Paper & Forest Products – 5.3%

          

Fibria Celulose SA - ADR(a)(b)

        325,600          4,984,936  

International Paper Co.(a)

        414,800          11,979,424  

MeadWestvaco Corp.(a)

        465,700          13,332,991  

Mondi Ltd.

        19,005          137,298  

 

         January 31, 2011   1

Schedule of Investments (continued)    BlackRock Real Asset Equity Trust (BCF)
   (Percentages shown are based on Net Assets)

 

     Shares    Value

Common Stocks

          

Paper & Forest Products (concluded)

          

Mondi Plc(a)

        322,512        $ 2,630,679  

Weyerhaeuser Co.(a)

        473,673          10,979,740  
               
            44,045,068  
               

Total Long-Term Investments
(Cost – $604,432,251) – 98.5%

             820,464,033  
               
     Shares/
Beneficial
Interest		     

Short-Term Securities

          

BlackRock Liquidity Funds, TempFund, Institutional Class,

          

0.17%(d)(e)

        21,252,547          21,252,547  

BlackRock Liquidity Series, LLC Money Market Series,

          

0.42%,(d)(e)(f)

        2,250,000          2,250,000  
               

Total Short-Term Securities
(Cost – $23,502,547) – 2.8%

             23,502,547  
               

Total Investments Before Outstanding Options Written
(Cost – $627,934,798*) – 101.3%

             843,966,580  
               
     Contracts     

Options Written

          

Exchange-Traded Call Options Written – (0.8)%

          

Agnico-Eagle Mines Ltd., Strike Price USD 70, Expires 3/21/11

        355          (95,673 )

Agrium, Inc., Strike Price USD 85, Expires 2/22/11

        130          (64,350 )

Agrium, Inc., Strike Price USD 90, Expires 3/21/11

        128          (47,360 )

Alcoa, Inc., Strike Price USD 17, Expires 3/21/11

        925          (45,788 )

Allegheny Technologies, Inc., Strike Price USD 67.50, Expires 2/21/11

        50          (6,250 )

Alpha Natural Resources, Inc., Strike Price USD 60, Expires 3/21/11

        50          (8,525 )

Alpha Natural Resources, Inc., Strike Price USD 57.50, Expires 3/21/11

        195          (46,508 )

Apache Corp., Strike Price USD 120, Expires 2/22/11

        150          (51,750 )

Apache Corp., Strike Price USD 120, Expires 4/18/11

        150          (91,125 )

Arch Coal, Inc., Strike Price USD 34, Expires 2/21/11

        75          (10,612 )

Arch Coal, Inc., Strike Price USD 35, Expires 2/22/11

        150          (14,025 )

Arch Coal, Inc., Strike Price USD 35, Expires 3/21/11

        75          (12,300 )

Barrick Gold Corp., Strike Price USD 55, Expires 2/22/11

        330          (1,485 )

Carpenter Technology Corp., Strike Price USD 45, Expires 3/21/11

        140          (12,250 )

Caterpillar, Inc., Strike Price USD 95, Expires 2/22/11

        100          (33,500 )

Cia de Minas Buenaventura SA – ADR, Strike Price USD 47, Expires 2/22/11

        100          (1,500 )

Cia de Minas Buenaventura SA – ADR, Strike Price USD 48, Expires 2/22/11

        150          (1,500 )

Cia de Minas Buenaventura SA – ADR, Strike Price USD 42, Expires 3/21/11

        200          (39,000 )

Cia de Minas Buenaventura SA – ADR, Strike Price USD 43, Expires 3/21/11

        200          (31,000 )

Cliffs Natural Resources, Inc., Strike Price USD 85, Expires 3/21/11

        94          (50,995 )

ConocoPhillips, Strike Price USD 70, Expires 3/21/11

        76          (21,014 )

Consol Energy, Inc., Strike Price USD 45, Expires 2/22/11

        225          (111,375 )

Consol Energy, Inc., Strike Price USD 55, Expires 2/22/11

        100          (2,250 )

Consol Energy, Inc., Strike Price USD 50, Expires 3/21/11

        300          (74,700 )

Consol Energy, Inc., Strike Price USD 46, Expires 4/18/11

        225          (123,750 )

Continental Resources, Inc., Strike Price USD 60, Expires 3/21/11

        60          (35,400 )

Core Laboratories NV, Strike Price USD 85, Expires 2/21/11

        340          (205,700 )

Core Laboratories NV, Strike Price USD 85, Expires 3/21/11

        95          (64,600 )

Deere & Co., Strike Price USD 85, Expires 2/22/11

        250          (166,250 )

Denbury Resources, Inc., Strike Price USD 20, Expires 2/22/11

        605          (42,350 )

Denbury Resources, Inc., Strike Price USD 20, Expires 3/21/11

        605          (69,575 )

Dow Chemical Co. (The), Strike Price USD 36, Expires 3/21/11

        575          (66,125 )

E. I. du Pont De Nemours & Co., Strike Price USD 50, Expires 2/21/11

        100          (11,150 )

E. I. du Pont De Nemours & Co., Strike Price USD 49, Expires 3/21/11

        100          (22,350 )

Energy XXI (Bermuda) Ltd., Strike Price USD 30, Expires 2/22/11

        50          (3,750 )

EOG Resources, Inc., Strike Price USD 95, Expires 2/22/11

        50          (59,000 )

EOG Resources, Inc., Strike Price USD 105, Expires 3/21/11

        320          (166,400 )

Exxon Mobil Corp., Strike Price USD 80, Expires 3/21/11

        50          (10,325 )

Forest Oil Corp., Strike Price USD 38, Expires 3/21/11

        475          (116,375 )

Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 115, Expires 2/21/11

        25          (3,838 )

Freeport-McMoRan Copper & Gold, Inc., Strike Price USD 124, Expires 2/22/11

        190          (6,935 )

Goldcorp, Inc., Strike Price USD 40, Expires 3/21/11

        308          (60,830 )

Goldcorp, Inc., Strike Price USD 41, Expires 4/18/11

        308          (60,060 )

Halliburton Co., Strike Price USD 40, Expires 3/21/11

        300          (169,500 )

Halliburton Co., Strike Price USD 41, Expires 3/21/11

        300          (144,000 )

Halliburton Co., Strike Price USD 45, Expires 4/18/11

        100          (27,400 )

Hess Corp., Strike Price USD 80, Expires 2/21/11

        180          (89,100 )

International Paper Co., Strike Price USD 27, Expires 2/22/11

        640          (138,240 )

International Paper Co., Strike Price USD 29, Expires 2/22/11

        100          (8,100 )

International Paper Co., Strike Price USD 30, Expires 3/21/11

        100          (7,800 )

International Paper Co., Strike Price USD 29, Expires 3/21/11

        630          (75,285 )

Massey Energy Co., Strike Price USD 57.50, Expires 2/04/11

        500          (270,000 )

Massey Energy Co., Strike Price USD 55, Expires 2/21/11

        500          (407,500 )

 

2        January 31, 2011    

Schedule of Investments (continued)    BlackRock Real Asset Equity Trust (BCF)
   (Percentages shown are based on Net Assets)

 

     Contracts    Value

Options Written

          

Exchange-Traded Call Options Written (continued)

          

MeadWestvaco Corp., Strike Price USD 27.50, Expires 2/22/11

        320        $ (40,000 )

MeadWestvaco Corp., Strike Price USD 27.50, Expires 3/21/11

        320          (53,600 )

Monsanto Co., Strike Price USD 65, Expires 2/22/11

        125          (107,500 )

Monsanto Co., Strike Price USD 67.50, Expires 2/22/11

        125          (78,750 )

Mosaic Co. (The), Strike Price USD 80, Expires 3/21/11

        67          (34,672 )

Newfield Exploration Co., Strike Price USD 75, Expires 2/22/11

        420          (68,250 )

Noble Corp., Strike Price USD 38, Expires 3/21/11

        275          (46,888 )

Noble Energy, Inc., Strike Price USD 90, Expires 3/21/11

        257          (120,790 )

Patriot Coal Corp., Strike Price USD 19, Expires 3/21/11

        60          (45,300 )

Patterson-UTI Energy, Inc., Strike Price USD 22.50, Expires 2/22/11

        50          (7,000 )

Peabody Energy Corp., Strike Price USD 65, Expires 2/22/11

        100          (12,050 )

Peabody Energy Corp., Strike Price USD 60, Expires 3/21/11

        100          (51,000 )

Peabody Energy Corp., Strike Price USD 65, Expires 3/21/11

        415          (96,488 )

Penn West Energy Trust, Strike Price USD 26, Expires 2/22/11

        520          (89,700 )

Penn West Energy Trust, Strike Price USD 24, Expires 2/22/11

        245          (82,075 )

PetroChina Co. Ltd. – ADR, Strike Price USD 140, Expires 3/21/11

        48          (24,480 )

Plains Exploration & Production Co., Strike Price USD 34, Expires 2/22/11

        100          (20,800 )

Plains Exploration & Production Co., Strike Price USD 31, Expires 2/22/11

        300          (137,250 )

Plains Exploration & Production Co., Strike Price USD 34, Expires 3/21/11

        200          (57,400 )

Potash Corp. of Saskatchewan, Inc., Strike Price USD 145, Expires 2/22/11

        223          (731,998 )

Quicksilver Resources, Inc., Strike Price USD 15, Expires 3/21/11

        555          (40,238 )

Quicksilver Resources, Inc., Strike Price USD 16, Expires 3/21/11

        555          (18,038 )

Range Resources Corp., Strike Price USD 49, Expires 2/22/11

        350          (70,875 )

Schlumberger Ltd., Strike Price USD 85, Expires 2/22/11

        105          (51,188 )

Schlumberger Ltd., Strike Price USD 85, Expires 3/21/11

        320          (193,600 )

Southern Copper Corp., Strike Price USD 46, Expires 3/21/11

        250          (39,375 )

Southwestern Energy Co., Strike Price USD 40, Expires 3/21/11

        265          (39,353 )

Southwestern Energy Co., Strike Price USD 41, Expires 3/21/11

        265          (28,223 )

Suncor Energy, Inc., Strike Price USD 39, Expires 2/22/11

        300          (91,500 )

Suncor Energy, Inc., Strike Price USD 40, Expires 3/21/11

        195          (56,355 )

Talisman Energy, Inc., Strike Price USD 24, Expires 2/22/11

        995          (29,850 )

Talisman Energy, Inc., Strike Price USD 23, Expires 3/21/11

        100          (9,750 )

Temple-Inland, Inc., Strike Price USD 24, Expires 2/21/11

        100          (11,500 )

Temple-Inland, Inc., Strike Price USD 21, Expires 2/22/11

        500          (162,500 )

Temple-Inland, Inc., Strike Price USD 26, Expires 3/21/11

        200          (15,500 )

Ultra Petroleum Corp., Strike Price USD 48, Expires 2/22/11

        210          (25,725 )

United States Steel Corp., Strike Price USD 57.50, Expires 3/21/11

        130          (44,200 )

Vale SA – ADR, Strike Price USD 35, Expires 2/22/11

        1,500          (152,250 )

Vale SA – ADR, Strike Price USD 37, Expires 2/22/11

        100          (3,000 )

Vale SA – ADR, Strike Price USD 37, Expires 3/21/11

        795          (58,035 )

Vale SA – ADR, Strike Price USD 38, Expires 3/21/11

        100          (4,700 )

Weyerhaeuser Co., Strike Price USD 19, Expires 2/22/11

        99          (41,085 )

Weyerhaeuser Co., Strike Price USD 23, Expires 3/21/11

        735          (75,338 )

Weyerhaeuser Co., Strike Price USD 23, Expires 4/18/11

        735          (93,713 )

Whiting Petroleum Corp., Strike Price USD 120, Expires 2/22/11

        100          (79,500 )

Whiting Petroleum Corp., Strike Price USD 120, Expires 3/21/11

        150          (147,750 )
               

Total Exchange-Traded Call Options Written

             (6,995,655 )
               

Exchange-Traded Put Options Written – 0.0%

          

Energy XXI (Bermuda) Ltd., Strike Price USD 25, Expires 2/22/11

        75          (2,250 )

Patterson-UTI Energy, Inc., Strike Price USD 20, Expires 2/22/11

        50          (625 )
               

Total Exchange-Traded Put Options Written

             (2,875 )
               

Over-the-Counter Call Options Written – (0.5)%

          

African Rainbow Minerals Ltd., Strike Price ZAR 214.13, Expires 2/24/11, Broker Citigroup Global Markets, Inc.

        46,000          (34,377 )

African Rainbow Minerals Ltd., Strike Price ZAR 215.19, Expires 3/03/11, Broker Citigroup Global Markets, Inc.

        46,000          (36,458 )

Air Products & Chemicals, Inc., Strike Price USD 87.50, Expires 3/10/11, Broker UBS Securities LLC

        310          (73,224 )

Allegheny Technologies, Inc., Strike Price USD 59.70, Expires 2/25/11, Broker Morgan Stanley & Co., Inc.

        13,500          (84,218 )

Alpha Natural Resources, Inc., Strike Price USD 57.31, Expires 2/01/11, Broker UBS Securities LLC

        7,000          –  

Alpha Natural Resources, Inc., Strike Price USD 57.31, Expires 2/11/11, Broker UBS Securities LLC

        7,000          (4,988 )

Alumina Ltd., Strike Price AUD 2.53, Expires 3/29/11, Broker Morgan Stanley & Co., Inc.

        493,700          (36,924 )

Anglo American Plc, Strike Price GBP 34.16, Expires 2/24/11, Broker UBS Securities LLC

        32,400          (7,855 )

Anglo Platinum Ltd., Strike Price ZAR 701.95, Expires 2/24/11, Broker Citigroup Global Markets, Inc.

        16,700          (52,284 )

 

         January 31, 2011   3

Schedule of Investments (continued)    BlackRock Real Asset Equity Trust (BCF)
   (Percentages shown are based on Net Assets)

 

     Contracts    Value

Options Written

          

Over-the-Counter Call Options Written (continued)

          

Basic Energy Services, Inc., Strike Price USD 16.38, Expires 2/03/11, Broker Morgan Stanley & Co., Inc.

        18,000        $ (33,918 )

BHP Billiton Plc, Strike Price GBP 25.72, Expires 2/24/11, Broker Citigroup Global Markets, Inc.

        290,000          (93,271 )

Bill Barrett Corp., Strike Price USD 40.83, Expires 2/02/11, Broker UBS Securities LLC

        24,600          (8,760 )

Calfrac Well Services Ltd., Strike Price CAD 33.86, Expires 2/14/11, Broker Morgan Stanley & Co., Inc.

        5,500          (5,599 )

Caterpillar, Inc., Strike Price USD 95.11, Expires 3/17/11, Broker Goldman Sachs & Co.

        35,000          (146,849 )

Caterpillar, Inc., Strike Price USD 95.11, Expires 3/24/11, Broker Goldman Sachs & Co.

        35,000          (154,648 )

Celanese Corp., Series A, Strike Price USD 42, Expires 3/10/11, Broker UBS Securities LLC

        340          (51,725 )

Cenovus Energy, Inc., Strike Price USD 32.68, Expires 3/28/11, Broker Societe General Securities Corp.

        42,000          (103,871 )

Crescent Point Energy Corp., Strike Price CAD 44.27, Expires 2/02/11, Broker Goldman Sachs & Co.

        24,600          (3,228 )

Crescent Point Energy Corp., Strike Price CAD 45.32, Expires 2/14/11, Broker Goldman Sachs & Co.

        21,000          (3,746 )

Crescent Point Energy Corp., Strike Price CAD 44, Expires 3/21/11, Broker T.D. Securities

        84          (9,228 )

E. I. du Pont De Nemours & Co., Strike Price USD 50.19, Expires 2/07/11, Broker UBS Securities LLC

        135,000          (105,154 )

Energy XXI (Bermuda) Ltd., Strike Price USD 29.72, Expires 2/11/11, Broker UBS Securities LLC

        25,000          (13,704 )

EQT Corp., Strike Price USD 44.42, Expires 2/02/11, Broker Morgan Stanley & Co., Inc.

        37,700          (141,978 )

EQT Corp., Strike Price USD 46.39, Expires 3/28/11, Broker Citigroup Global Markets, Inc.

        12,500          (32,989 )

Eramet, Strike Price EUR 267.04, Expires 2/08/11, Broker Credit Suisse First Boston

        2,600          (7,252 )

Eramet, Strike Price EUR 262.91, Expires 3/03/11, Broker Barclays Capital, Inc.

        2,600          (24,652 )

Exxon Mobil Corp., Strike Price USD 75.75, Expires 3/11/11, Broker Goldman Sachs & Co.

        18,000          (93,630 )

Exxon Mobil Corp., Strike Price USD 76, Expires 3/17/11, Broker Goldman Sachs & Co.

        18,000          (91,369 )

Fibria Celulose SA – ADR, Strike Price USD 16.77, Expires 2/28/11, Broker UBS Securities LLC

        53,800          (7,834 )

Fibria Celulose SA – ADR, Strike Price USD 16.77, Expires 3/11/11, Broker UBS Securities LLC

        53,800          (11,989 )

First Quantum Minerals Ltd., Strike Price CAD 115, Expires 3/21/11, Broker Bank Of Montreal

        356          (296,859 )

Fresnillo Plc, Strike Price GBP 17, Expires 2/24/11, Broker UBS Securities LLC

        82,500          (569 )

Fresnillo Plc, Strike Price GBP 17.09, Expires 3/03/11, Broker UBS Securities LLC

        82,500          (1,315 )

Galleon Energy, Inc., Class A, Strike Price CAD 4.06, Expires 3/14/11, Broker Morgan Stanley & Co., Inc.

        40,000          (11,473 )

Harry Winston Diamond Corp., Strike Price CAD 12, Expires 2/22/11, Broker Bank Of Montreal

        265          (1,456 )

Harry Winston Diamond Corp., Strike Price CAD 11, Expires 3/21/11, Broker T.D. Securities

        250          (10,736 )

IAMGOLD Corp., Strike Price CAD 19, Expires 2/22/11, Broker Bank Of Montreal

        330          (23,893 )

Iluka Resources Ltd., Strike Price AUD 9.06, Expires 3/29/11, Broker Morgan Stanley & Co., Inc.

        528,700          (154,823 )

Impala Platinum Holdings Ltd., Strike Price ZAR 229.38, Expires 2/24/11, Broker Credit Suisse First Boston

        168,000          (12,717 )

Industrias Penoles SAB de CV, Strike Price MXN 461.26, Expires 3/01/11, Broker Citigroup Global Markets, Inc.

        128,000          (11,389 )

Industrias Penoles SAB de CV, Strike Price MXN 428.84, Expires 3/24/11, Broker Goldman Sachs & Co.

        41,500          (34,352 )

Jiangxi Copper Co. Ltd., Class H, Strike Price HKD 25.27, Expires 3/29/11, Broker Citigroup Global Markets, Inc.

        552,000          (87,792 )

Kazakhmys Plc, Strike Price GBP 16.57, Expires 2/24/11, Broker Credit Suisse First Boston

        83,000          (17,171 )

Key Energy Services, Inc., Strike Price USD 13.60, Expires 3/15/11, Broker Morgan Stanley & Co., Inc.

        100,000          (59,000 )

MeadWestvaco Corp., Strike Price USD 26.82, Expires 3/04/11, Broker UBS Securities LLC

        90,000          (178,628 )

Minara Resources Ltd., Strike Price AUD 0.97, Expires 3/29/11, Broker Morgan Stanley & Co., Inc.

        518,900          (13,626 )

Minsur SA, Strike Price USD 4.73, Expires 3/01/11, Broker Credit Suisse First Boston

        639,000          (22,755 )

Minsur SA, Strike Price USD 4.14, Expires 3/15/11, Broker Citigroup Global Markets, Inc.

        639,000          (104,304 )

MMC Norilsk Nickel JSC – ADR, Strike Price USD 24.43, Expires 3/03/11, Broker Credit Suisse First Boston

        13,400          (19,780 )

Mondi Plc, Strike Price GBP 5.39, Expires 2/24/11, Broker UBS Securities LLC

        107,000          (12,560 )

Newcrest Mining Ltd., Strike Price AUD 37.98, Expires 3/29/11, Broker Morgan Stanley & Co., Inc.

        46,000          (54,685 )

Newmont Mining Corp., Strike Price USD 61.40, Expires 2/03/11, Broker UBS Securities LLC

        22,500          –  

Occidental Petroleum Corp., Strike Price USD 99.24, Expires 2/14/11, Broker Morgan Stanley & Co., Inc.

        20,000          (17,671 )

Occidental Petroleum Corp., Strike Price USD 99.24, Expires 2/28/11, Broker Morgan Stanley & Co., Inc.

        20,000          (31,498 )

OGX Petroleo e Gas Participacoes SA, Strike Price USD 20.35, Expires 3/01/11, Broker Barclays Capital, Inc.

        200,000          (2,252 )

Olin Corp., Strike Price USD 20.27, Expires 3/04/11, Broker Barclays Capital, Inc.

        64,000          (20,074 )

OZ Minerals Ltd., Strike Price AUD 1.72, Expires 3/29/11, Broker Morgan Stanley & Co., Inc.

        1,847,000          (94,700 )

Patterson-UTI Energy, Inc., Strike Price USD 21, Expires 3/14/11, Broker UBS Securities LLC

        200          (55,200 )

Penn West Energy Trust, Strike Price USD 25.65, Expires 2/28/11, Broker Credit Suisse First Boston

        52,000          (101,400 )

PetroBakken Energy Ltd., Class A, Strike Price CAD 21, Expires 2/21/11, Broker Bank Of Montreal

        125          (8,738 )

Praxair, Inc., Strike Price USD 94.65, Expires 2/28/11, Broker UBS Securities LLC

        27,500          (21,389 )

 

4        January 31, 2011    

Schedule of Investments (continued)    BlackRock Real Asset Equity Trust (BCF)
   (Percentages shown are based on Net Assets)

 

     Contracts    Value

Options Written

          

Over-the-Counter Call Options Written (continued)

          

Praxair, Inc., Strike Price USD 94.65, Expires 3/11/11, Broker UBS Securities LLC

        27,500        $ (31,306 )

Premier Oil Plc, Strike Price GBP 20.45, Expires 2/24/11, Broker UBS Securities LLC

        37,200          (22,021 )

QEP Resources, Inc., Strike Price USD 38.76, Expires 2/02/11, Broker Citigroup Global Markets, Inc.

        19,500          (36,663 )

QEP Resources, Inc., Strike Price USD 36.62, Expires 3/07/11, Broker Barclays Capital, Inc.

        19,000          (81,655 )

Rio Tinto Plc, Strike Price GBP 45.66, Expires 2/24/11, Broker Citigroup Global Markets, Inc.

        171,000          (137,416 )

Seadrill Ltd., Strike Price NOK 207.05, Expires 3/03/11, Broker Barclays Capital, Inc.

        31,500          (6,190 )

Statoil ASA, Strike Price NOK 136.55, Expires 2/16/11, Broker UBS Securities LLC

        66,600          (55,213 )

Straits Resources Ltd., Strike Price AUD 2.31, Expires 3/29/11, Broker Morgan Stanley & Co., Inc.

        229,000          (23,654 )

Technip SA, Strike Price EUR 75.88, Expires 3/03/11, Broker Citigroup Global Markets, Inc.

        8,900          (10,385 )

Teck Resources Ltd., Class B, Strike Price CAD 62, Expires 3/21/11, Broker Bank Of Montreal

        435          (118,160 )

Teck Resources Ltd., Class B, Strike Price CAD 63, Expires 3/21/11, Broker Bank Of Montreal

        435          (100,350 )

Temple-Inland, Inc., Strike Price USD 23.43, Expires 3/14/11, Broker Citigroup Global Markets, Inc.

        54,000          (97,859 )

Trican Well Service Ltd., Strike Price CAD 22, Expires 2/21/11, Broker Bank Of Montreal

        175          (10,049 )

Trican Well Service Ltd., Strike Price CAD 21, Expires 2/22/11, Broker Bank Of Montreal

        325          (38,947 )

Vedanta Resources Plc, Strike Price GBP 25.31, Expires 2/24/11, Broker Citigroup Global Markets, Inc.

        143,000          (53,783 )

Whiting Petroleum Corp., Strike Price USD 117.43, Expires 2/11/11, Broker Morgan Stanley & Co., Inc.

        8,000          (73,947 )

Xstrata Plc, Strike Price GBP 14.90, Expires 2/08/11, Broker Morgan Stanley & Co., Inc.

        390,000          (27,475 )

Zijin Mining Group Co. Ltd., Strike Price HKD 6.19, Expires 3/29/11, Broker Citigroup Global Markets, Inc.

        1,410,000          (61,844 )
               

Total Over-the-Counter Call Options Written

             (3,945,444 )
               

Over-the-Counter Put Options Written – 0.0%

          

Patterson-UTI Energy, Inc., Strike Price USD 19.50, Expires 3/14/11, Broker UBS Securities LLC

        80          (1,405 )
               

Total Options Written
(Premiums Received – $10,108,989) – (1.3)%

             (10,945,379 )
               

Total Investments Net of Outstanding Options Written – 100.0%

             833,021,201  

Other Assets in Excess of Liabilities – 0.0%

             130,856  
               

Net Assets – 100.0%

           $ 833,152,057  
               

 

* The cost and unrealized appreciation (depreciation) of investments as of January 31, 2011 as computed for federal income tax purposes, were as follows:

 

Aggregate cost

      $ 665,262,046  
          

Gross unrealized appreciation

      $ 188,982,023  

Gross unrealized depreciation

        (10,277,489 )
          

Net unrealized appreciation

      $ 178,704,534  
          

 

(a) Security, or a portion thereof, pledged/held as collateral for outstanding options written.

 

(b) Non-income producing security.

 

(c) Security, or a portion of security, is on loan.

 

(d) Represents the current yield as of report date.

 

(e) Investments in companies considered to be an affiliate of the Trust during the period, 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,
2010		    Net
Activity		   Shares/
Beneficial Interest
Held at
January 31,
2011		    Income

BlackRock Liquidity Funds, TempFund, Institutional Class

        22,448,837          (1,196,290 )       21,252,547        $ 10,182  

BlackRock Liquidity Series, LLC Money Market Series

        2,250,000          –         2,250,000        $ 1,119  

 

(f) Security purchased with the cash collateral from securities loans.

 

•  

Foreign currency exchange contracts as of January 31, 2011 were as follows:

 

Currency
Purchased		    Currency
Sold		   

Counterparty

    Settlement
Date		    Unrealized
Appreciation
(Depreciation)
  USD         143,722         HKD         1,120,000      Morgan Stanley & Co., Inc.        2/01/11        $ 70  
  USD         583,260         AUD 586,000      Citigroup Global Markets        2/02/11          (719 )
                         
  Total                           $ (649 )
                         

 

•  

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 as 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

 

         January 31, 2011   5

Schedule of Investments (concluded)    BlackRock Real Asset Equity Trust (BCF)
  

 

 

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 methodology 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 derivatives and other significant accounting policies, please refer to the Trust’s most recent financial statements as contained in its annual report.

The following tables summarize the inputs used as of January 31, 2011 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:

                    

Long Term Investments:

                    

Common Stocks:

                    

Chemicals

      $ 86,255,958          –          –        $ 86,255,958  

Containers & Packaging

        8,177,783          –          –          8,177,783  

Energy Equipment & Services

        44,428,163        $ 5,748,633          –          50,176,796  

Machinery

        30,782,467          –          –          30,782,467  

Metals & Mining

        148,260,800          211,245,679          –          359,506,479  

Oil, Gas & Consumable Fuels

        231,390,322          10,129,160          –          241,519,482  

Paper & Forest Products

        41,414,389          2,630,679          –          44,045,068  

Short-Term Securities

        21,252,547          –          –          23,502,547  
                                           

Total

      $ 611,962,429        $ 229,754,151          –        $ 843,966,580  
                                           

 

     Derivative Financial Instruments1

Valuation Inputs

    Level 1   Level 2   Level 3    Total

Assets:

                  

Foreign currency exchange contracts

        –       $ 70         –        $ 70  

Liabilities:

                  

Equity contracts

      $ (7,616,939 )       (3,328,440 )       –          (10,945,379 )

Foreign currency exchange contracts

        –         (719 )       –          (719 )
                                         

Total

      $ (7,616,939 )     $ (3,329,089 )       –        $ (10,946,028 )
                                         

 

1

Derivative financial instruments are foreign currency exchange contracts and options. Foreign currency exchange contracts are valued at the unrealized appreciation/depreciation on the instrument and options are shown at market value.

 

6        January 31, 2011    

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/ John M. Perlowski

    
  John M. Perlowski    
  Chief Executive Officer (principal executive officer) of BlackRock Real Asset Equity Trust  

Date: March 25, 2011

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/ John M. Perlowski

    
  John M. Perlowski    
  Chief Executive Officer (principal executive officer) of BlackRock Real Asset Equity Trust  

Date: March 25, 2011

 

By:  

/s/ Neal J. Andrews

    
  Neal J. Andrews    
  Chief Financial Officer (principal financial officer) of BlackRock Real Asset Equity Trust  

Date: March 25, 2011