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, 40 East 52nd Street, New York, NY 10022.

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

Date of fiscal year end: 10/31/2009

Date of reporting period: 07/31/2009

Item 1 – Schedule of Investments

 

 

Schedule of Investments July 31, 2009 (Unaudited)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)


 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

Chemicals—10.4%

 

 

 

 

 

 

 

Agrium, Inc. (a)

 

 

98,500

 

$

4,549,715

 

Air Products & Chemicals, Inc.

 

 

105,100

 

 

7,840,460

 

Celanese Corp. Series A

 

 

123,200

 

 

3,166,240

 

Dow Chemical (The)

 

 

215,025

 

 

4,552,079

 

E. I. du Pont de Nemours & Co.

 

 

532,579

 

 

16,472,669

 

Monsanto Co.

 

 

40,000

 

 

3,360,000

 

Mosaic Co. (The)

 

 

15,900

 

 

829,185

 

Olin Corp.

 

 

229,000

 

 

3,157,910

 

Potash Corp. of Saskatchewan, Inc.

 

 

80,900

 

 

7,524,509

 

Praxair, Inc.

 

 

182,900

 

 

14,299,122

 

 

 

 

 

 

 

 

 

 

 

 

 

65,751,889

 

Coal—4.1%

 

 

 

 

 

 

 

Arch Coal, Inc.

 

 

157,800

 

 

2,747,298

 

Consol Energy, Inc.

 

 

251,479

 

 

8,935,049

 

Massey Energy Co. (b)

 

 

292,000

 

 

7,767,200

 

Patriot Coal Corp. (a)

 

 

31,560

 

 

264,157

 

Peabody Energy Corp. (b)

 

 

187,400

 

 

6,204,814

 

 

 

 

 

 

 

 

 

 

 

 

 

25,918,518

 

Forest Products & Paper—7.0%

 

 

 

 

 

 

 

International Paper Co.

 

 

515,100

 

 

9,689,031

 

MeadWestvaco Corp.

 

 

565,400

 

 

11,019,646

 

Mondi Ltd. (a)

 

 

19,005

 

 

85,568

 

Mondi Plc

 

 

322,512

 

 

1,428,013

 

Temple-Inland, Inc.

 

 

387,083

 

 

6,061,720

 

Votorantim Celulose e Papel SA - ADR (a)

 

 

422,200

 

 

6,307,668

 

Weyerhauser Co.

 

 

277,100

 

 

9,709,584

 

 

 

 

 

 

 

 

 

 

 

 

 

44,301,230

 

Iron & Steel—0.8%

 

 

 

 

 

 

 

Allegheny Technologies, Inc.

 

 

47,800

 

 

1,294,424

 

Carpenter Technology Corp.

 

 

51,366

 

 

960,031

 

Cliffs Natural Resources, Inc.

 

 

39,700

 

 

1,087,383

 

United States Steel Corp.

 

 

47,000

 

 

1,868,250

 

 

 

 

 

 

 

 

 

 

 

 

 

5,210,088

 

Machinery—2.8%

 

 

 

 

 

 

 

Caterpillar, Inc.

 

 

305,225

 

 

13,448,213

 

Deere & Co.

 

 

90,366

 

 

3,952,609

 

 

 

 

 

 

 

 

 

 

 

 

 

17,400,822

 

Metal—0.7%

 

 

 

 

 

 

 

Jiangxi Copper Co. Ltd.

 

 

1,994,600

 

 

4,581,919

 

Mining—38.4%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd.

 

 

278,750

 

 

4,720,113

 

Agnico-Eagle Mines Ltd.

 

 

143,650

 

 

8,410,708

 

Alamos Gold, Inc. (a)

 

 

1,000,000

 

 

8,995,127

 

Alcoa, Inc.

 

 

316,550

 

 

3,722,628

 

Alumina, Ltd.

 

 

1,782,066

 

 

2,550,889

 

Anglo American Plc (a)

 

 

97,945

 

 

3,158,762

 

Anglo Platinum Ltd. (a)

 

 

45,700

 

 

3,259,960

 

Barrick Gold Corp.

 

 

106,600

 

 

3,720,340

 

BHP Billiton Plc

 

 

896,700

 

 

23,486,091

 

Cia de Minas Buenaventura SA - ADR

 

 

257,300

 

 

6,702,665

 

Eramet

 

 

18,350

 

 

5,156,155

 

First Quantum Minerals Ltd. (a)

 

 

143,900

 

 

9,584,428

 

Freeport-McMoRan Copper & Gold, Inc.

 

 

91,400

 

 

5,511,420

 

Fresnillo Plc

 

 

500,000

 

 

5,217,629

 

Goldcorp, Inc.

 

 

198,350

 

 

7,475,812

 

Harry Winston Diamond Corp.

 

 

197,750

 

 

1,154,651

 

Iluka Resources Ltd. (a)

 

 

1,990,286

 

 

5,241,253

 

Impala Platinum Holdings Ltd.

 

 

560,200

 

 

13,557,199

 

Industrias Penoles SAB de CV

 

 

513,569

 

 

8,164,849

 

Kazakhmys Plc

 

 

251,400

 

 

3,599,045

 

Lihir Gold Ltd. (a)

 

 

1,294,650

 

 

3,037,417

 

Minara Resources Ltd. (a)

 

 

1,856,150

 

 

1,730,403

 

Minsur SA

 

 

1,504,804

 

 

3,326,648

 

MMC Norilsk Nickel (a)

 

 

17,866

 

 

1,757,315

 

MMC Norilsk Nickel - ADR (a)

 

 

26,623

 

 

266,342

 

Newmont Mining Corp.

 

 

73,350

 

 

3,033,023

 

OZ Minerals Ltd.

 

 

6,607,357

 

 

6,216,785

 

Rio Tinto Plc

 

 

552,104

 

 

22,994,014

 

Southern Copper Corp.

 

 

99,300

 

 

2,557,968

 

 

 

 

 

 

 

 

 

Common Stocks

 

Shares

 

Value

 

Mining— (concluded)

 

 

 

 

 

 

 

Straits Resources Ltd. (a)

 

 

804,450

 

$

1,565,080

 

Teck Resources Ltd. Class B (a)

 

 

356,600

 

 

9,384,646

 

Vale SA - ADR

 

 

978,000

 

 

19,295,940

 

Vedanta Resources Plc

 

 

432,700

 

 

12,756,782

 

Xstrata Plc

 

 

1,207,996

 

 

16,316,948

 

Zijin Mining Group Co. Ltd.

 

 

5,165,750

 

 

4,799,981

 

 

 

 

 

 

 

 

 

 

 

 

 

242,429,016

 

Oil & Gas—24.9%

 

 

 

 

 

 

 

Apache Corp.

 

 

88,500

 

 

7,429,575

 

BG Group Plc

 

 

375,000

 

 

6,261,738

 

Bill Barrett Corp. (a)

 

 

183,700

 

 

5,803,083

 

Canadian Natural Resources Ltd.

 

 

80,400

 

 

4,855,356

 

Crescent Point Energy Corp.

 

 

171,200

 

 

5,562,311

 

Denbury Resources, Inc. (a)

 

 

345,800

 

 

5,740,280

 

EnCana Corp.

 

 

109,550

 

 

5,877,357

 

ENSCO International, Inc.

 

 

48,800

 

 

1,849,032

 

EOG Resources, Inc. (b)

 

 

78,000

 

 

5,774,340

 

EQT Corp.

 

 

93,700

 

 

3,596,206

 

Forest Oil Corp. (a)

 

 

148,000

 

 

2,493,800

 

Galleon Energy, Inc. (a)

 

 

380,000

 

 

1,520,353

 

Gasco Energy, Inc. (a)

 

 

579,700

 

 

168,113

 

Helmerich & Payne, Inc.

 

 

154,500

 

 

5,308,620

 

Hess Corp.

 

 

59,800

 

 

3,300,960

 

Murphy Oil Corp.

 

 

41,600

 

 

2,421,120

 

Newfield Exploration Co. (a)

 

 

100,000

 

 

3,933,000

 

Nexen, Inc.

 

 

153,900

 

 

3,190,148

 

Noble Corp.

 

 

97,800

 

 

3,311,508

 

Noble Energy, Inc.

 

 

82,900

 

 

5,066,848

 

Occidental Petroleum Corp.

 

 

100,600

 

 

7,176,804

 

PetroChina Co. Ltd. - ADR

 

 

15,600

 

 

1,836,900

 

Petroleo Brasileiro SA - ADR

 

 

168,100

 

 

6,932,444

 

Plains Exploration & Production Co. (a)

 

 

84,500

 

 

2,420,925

 

Premier Oil Plc (a)

 

 

44,400

 

 

917,230

 

Pride International, Inc. (a)

 

 

107,100

 

 

2,684,997

 

Quicksilver Resources, Inc. (a)

 

 

208,200

 

 

2,385,972

 

Range Resources Corp.

 

 

178,600

 

 

8,288,826

 

Southwestern Energy Co. (a)

 

 

193,300

 

 

8,008,419

 

StatoilHdryo ASA

 

 

116,836

 

 

2,498,056

 

StatoilHydro ASA - ADR

 

 

89,600

 

 

1,921,917

 

Suncor Energy, Inc. (a)

 

 

115,500

 

 

3,751,440

 

Transocean Ltd. (a)

 

 

83,400

 

 

6,646,146

 

TriStar Oil & Gas Ltd. (a)

 

 

137,400

 

 

1,461,689

 

Tullow Oil Plc

 

 

174,800

 

 

2,883,816

 

Unit Corp. (a)

 

 

68,300

 

 

2,164,427

 

Whiting Petroleum Corp. (a)(b)

 

 

128,000

 

 

5,882,880

 

XTO Energy, Inc. (b)

 

 

142,225

 

 

5,721,712

 

 

 

 

 

 

 

 

 

 

 

 

 

157,048,348

 

Oil & Gas Services—5.5%

 

 

 

 

 

 

 

Cameron International Corp. (a)

 

 

105,200

 

 

3,285,396

 

Core Laboratories NV

 

 

67,400

 

 

5,793,704

 

FMC Technologies, Inc. (a)

 

 

164,378

 

 

7,150,443

 

Halliburton Co. (b)

 

 

114,000

 

 

2,518,260

 

Oceaneering International, Inc. (a)

 

 

62,000

 

 

3,157,040

 

Schlumberger Ltd. (b)

 

 

91,800

 

 

4,911,300

 

Smith International, Inc.

 

 

77,300

 

 

1,942,549

 

Weatherford International Ltd. (a)

 

 

321,200

 

 

6,025,712

 

 

 

 

 

 

 

 

 

 

 

 

 

34,784,404

 

Pipelines—0.7%

 

 

 

 

 

 

 

Questar Corp.

 

 

125,600

 

 

4,153,592

 

Total Long-Term Investments
(Cost—$686,605,156)—95.3%

 

 

 

 

 

601,579,826

 

 

 

 

 

 

 

 

 

Short-Term Securities

 

 

 

 

 

 

 

BlackRock Liquidity Funds, TempFund,
0.29% (c)(d)

 

 

25,384,062

 

 

25,384,062

 

Total Short-Term Securities
(Cost—$25,384,062)—4.0%

 

 

 

 

 

25,384,062

 

Total Investments Before Outstanding Options Written
(Cost—$711,989,218*)—99.3%

$

626,963,888

 


 

 

 

 

 

 

 

 

1

 

JULY 31, 2009

 


 

 

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—(1.4)%

 

 

 

 

 

 

 

Agnico-Eagle Mines Ltd., Strike Price $55,
Expires 8/24/09

 

 

(215

)

 

(101,050

)

Agnico-Eagle Mines Ltd., Strike Price $60,
Expires 8/24/09

 

 

(375

)

 

(70,313

)

Agrium, Inc., Strike Price $45, Expires
8/24/09

 

 

(160

)

 

(44,400

)

Agrium, Inc., Strike Price $50, Expires
8/24/09

 

 

(165

)

 

(11,963

)

Air Products & Chemicals, Inc., Strike Price
$75, Expires 9/21/09

 

 

(346

)

 

(98,610

)

Alcoa, Inc., Strike Price $11, Expires
8/24/09

 

 

(500

)

 

(48,250

)

Alcoa, Inc., Strike Price $12, Expires
8/24/09

 

 

(550

)

 

(22,550

)

Allegheny Technologies, Inc., Strike Price
$40, Expires 8/24/09

 

 

(160

)

 

(800

)

Arch Coal, Inc., Strike Price $17, Expires
8/24/09

 

 

(100

)

 

(10,500

)

Arch Coal, Inc., Strike Price $18, Expires
9/21/09

 

 

(300

)

 

(30,000

)

Arch Coal, Inc., Strike Price $19, Expires
9/21/09

 

 

(200

)

 

(13,000

)

Barrick Gold Corp., Strike Price $36,
Expires 8/24/09

 

 

(350

)

 

(27,125

)

Bill Barrett Corp., Strike Price $30, Expires
8/24/09

 

 

(200

)

 

(49,000

)

Bill Barrett Corp., Strike Price $35, Expires
9/21/09

 

 

(20

)

 

(1,950

)

Cameron International Corp., Strike Price
$30, Expires 09/21/09

 

 

(150

)

 

(42,000

)

Cameron International Corp., Strike Price
$30, Expires 8/24/09

 

 

(200

)

 

(43,000

)

Canadian Natural Resources Ltd., Strike
Price $55, Expires 8/24/09

 

 

(265

)

 

(166,950

)

Carpenter Technology Corp., Strike Price
$22.50, Expires 8/24/09

 

 

(170

)

 

(1,700

)

Caterpillar, Inc., Strike Price $36, Expires
8/24/09

 

 

(200

)

 

(166,000

)

Caterpillar, Inc., Strike Price $37, Expires
8/24/09

 

 

(125

)

 

(91,875

)

Caterpillar, Inc., Strike Price $38, Expires
8/24/09

 

 

(165

)

 

(106,425

)

Caterpillar, Inc., Strike Price $39, Expires
8/24/09

 

 

(517

)

 

(286,935

)

Caterpillar, Inc., Strike Price $41, Expires
9/21/09

 

 

(100

)

 

(47,500

)

Cia de Minas Buenaventura - ADR, Strike
Price $25, Expires 8/24/09

 

 

(690

)

 

(120,750

)

Cia de Minas Buenaventura - ADR, Strike
Price $30, Expires 8/24/09

 

 

(160

)

 

(4,000

)

Cliff Natural Resources, Ltd., Strike Price
$29, Expires 8/24/09

 

 

(65

)

 

(4,875

)

Cliff Natural Resources, Ltd., Strike Price
$30, Expires 8/24/09

 

 

(65

)

 

(3,087

)

Consol Energy, Inc., Strike Price $36,
Expires 9/21/09

 

 

(400

)

 

(94,000

)

Consol Energy, Inc., Strike Price $38,
Expires 8/24/09

 

 

(500

)

 

(35,000

)

Core Laboratories NV, Strike Price $89.25,
Expires 8/24/09

 

 

(165

)

 

(17,325

)

Deere & Co., Strike Price $46, Expires
9/21/09

 

 

(300

)

 

(55,500

)

Denbury Resources, Inc., Strike Price $15,
Expires 8/24/09

 

 

(600

)

 

(114,000

)

Denbury Resources, Inc., Strike Price
$17.50, Expires 9/21/09

 

 

(535

)

 

(42,800

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

Exchange-Traded Call Options Written— (continued)

 

 

 

 

 

 

 

Dow Chemical Co. (The), Strike Price $17,
Expires 8/24/09

 

 

(480

)

$

(204,000

)

Dow Chemical Co. (The), Strike Price $21,
Expires 9/21/09

 

 

(230

)

 

(36,225

)

E. I. du Pont de Nemours & Co., Strike
Price $30, Expires 9/21/09

 

 

(1,510

)

 

(279,350

)

EnCana Corp., Strike Price $55, Expires
8/24/09

 

 

(360

)

 

(43,200

)

ENSCO International, Inc., Strike Price $35,
Expires 8/24/09

 

 

(160

)

 

(56,000

)

EOG Resources, Inc., Strike Price $75,
Expires 9/21/09

 

 

(50

)

 

(18,500

)

EOG Resources, Inc., Strike Price $80,
Expires 8/24/09

 

 

(200

)

 

(15,000

)

First Quantum Minerals Ltd., Strike Price
56 CAD, Expires 8/21/09

 

 

(300

)

 

(451,845

)

First Quantum Minerals Ltd., Strike Price
70 CAD, Expires 9/19/09

 

 

(300

)

 

(140,636

)

FMC Technologies, Inc., Strike Price $40,
Expires 8/24/09

 

 

(500

)

 

(210,000

)

FMC Technologies, Inc., Strike Price $45,
Expires 9/21/09

 

 

(100

)

 

(18,500

)

Forest Oil Corp., Strike Price $15, Expires
8/24/09

 

 

(250

)

 

(55,625

)

Freeport-McMoRan Copper & Gold, Inc.,
Strike Price $50, Expires 8/24/09

 

 

(300

)

 

(318,000

)

Freeport-McMoRan Copper & Gold, Inc.,
Strike Price $55, Expires 8/24/09

 

 

(100

)

 

(63,250

)

Goldcorp, Inc., Strike Price $36, Expires
8/24/09

 

 

(550

)

 

(137,500

)

Halliburton Co., Strike Price $22, Expires
8/24/09

 

 

(200

)

 

(17,500

)

Halliburton Co., Strike Price $23, Expires
8/24/09

 

 

(175

)

 

(7,787

)

Helmerich & Payne, Inc., Strike Price $35,
Expires 8/24/09

 

 

(210

)

 

(24,150

)

Helmerich & Payne, Inc., Strike Price $35,
Expires 9/21/09

 

 

(300

)

 

(58,500

)

Hess Corp., Strike Price $65, Expires
8/24/09

 

 

(122

)

 

(915

)

International Paper Co., Strike Price $14,
Expires 8/24/09

 

 

(1,000

)

 

(480,000

)

International Paper Co., Strike Price $19,
Expires 8/24/09

 

 

(700

)

 

(54,250

)

Massey Energy Co., Strike Price $20,
Expires 8/24/09

 

 

(250

)

 

(167,500

)

Massey Energy Co., Strike Price $22,
Expires 8/24/09

 

 

(350

)

 

(171,500

)

Massey Energy Co., Strike Price $25,
Expires 9/21/09

 

 

(400

)

 

(132,000

)

MeadWestvaco Corp., Strike Price $17.50,
Expires 8/24/09

 

 

(55

)

 

(12,375

)

MeadWestvaco Corp., Strike Price $17.50,
Expires 9/21/09

 

 

(1,850

)

 

(499,500

)

Monsanto Co., Strike Price $80, Expires
8/24/09

 

 

(400

)

 

(208,000

)

Murphy Oil Corp., Strike Price $60, Expires
8/24/09

 

 

(200

)

 

(28,000

)

Newfield Exploration Co., Strike Price $35,
Expires 8/24/09

 

 

(500

)

 

(235,000

)

Newmont Mining Corp., Strike Price $44,
Expires 9/21/09

 

 

(130

)

 

(15,275

)

Newmont Mining Corp., Strike Price $45,
Expires 8/24/09

 

 

(110

)

 

(3,410

)

Nexen, Inc., Strike Price 27 CAD, Expires
8/22/09

 

 

(400

)

 

(5,570

)

Noble Corp., Strike Price $35, Expires
8/24/09

 

 

(280

)

 

(19,600

)


 

 

 

 

 

 

 

 

 

 

JULY 31, 2009

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— (continued)

 

 

 

 

 

 

 

Noble Energy, Inc., Strike Price $60,
Expires 8/24/09

 

 

(100

)

$

(25,750

)

Noble Energy, Inc., Strike Price $65,
Expires 8/24/09

 

 

(200

)

 

(12,000

)

Occidental Petroleum Corp., Strike Price
$65, Expires 8/24/09

 

 

(180

)

 

(122,400

)

Occidental Petroleum Corp., Strike Price
$70, Expires 8/24/09

 

 

(150

)

 

(45,750

)

Oceaneering International, Inc., Strike
Price $50, Expires 8/24/09

 

 

(75

)

 

(18,750

)

Olin Corp., Strike Price $12.50, Expires
8/24/09

 

 

(500

)

 

(67,500

)

Peabody Energy Corp., Strike Price $33,
Expires 8/24/09

 

 

(400

)

 

(60,000

)

Peabody Energy Corp., Strike Price $35,
Expires 8/24/09

 

 

(200

)

 

(14,000

)

PetroChina Co. Ltd. - ADR, Strike Price
$115, Expires 8/24/09

 

 

(50

)

 

(30,000

)

Petroleo Brasileiro SA - ADR, Strike Price
$41, Expires 8/24/09

 

 

(200

)

 

(35,000

)

Petroleo Brasileiro SA - ADR, Strike Price
$43, Expires 9/21/09

 

 

(220

)

 

(37,400

)

Petroleo Brasileiro SA - ADR, Strike Price
$44, Expires 9/21/09

 

 

(100

)

 

(13,500

)

Petroleo Brasileiro SA - ADR, Strike Price
$45, Expires 9/21/09

 

 

(100

)

 

(10,250

)

Plains Exploration & Production Co., Strike
Price $30, Expires 8/24/09

 

 

(570

)

 

(57,000

)

Potash Corp. of Saskatchewan, Inc., Strike
Price $100, Expires 8/24/09

 

 

(96

)

 

(15,360

)

Praxair, Inc., Strike Price $75, Expires
8/24/09

 

 

(170

)

 

(71,400

)

Pride International, Inc., Strike Price
$27.50, Expires 9/21/09

 

 

(350

)

 

(22,750

)

Pride International, Inc., Strike Price $30,
Expires 10/19/09

 

 

(200

)

 

(10,000

)

Questar Corp., Strike Price $35, Expires
8/24/09

 

 

(305

)

 

(12,200

)

Questar Corp., Strike Price $35, Expires
9/21/09

 

 

(100

)

 

(10,000

)

Range Resources Corp., Strike Price $45,
Expires 8/24/09

 

 

(600

)

 

(144,000

)

Schlumberger Ltd., Strike Price $60,
Expires 8/24/09

 

 

(175

)

 

(5,250

)

Schlumberger Ltd., Strike Price $65,
Expires 11/23/09

 

 

(130

)

 

(16,575

)

Smith International, Inc., Strike Price
$27.50, Expires 8/24/09

 

 

(255

)

 

(8,925

)

Southern Copper Corp., Strike Price
$22.50, Expires 8/24/09

 

 

(330

)

 

(108,900

)

Southwestern Energy Co., Strike Price $44,
Expires 9/21/09

 

 

(325

)

 

(45,500

)

Southwestern Energy Co., Strike Price $46,
Expires 9/21/09

 

 

(325

)

 

(27,625

)

StatoilHydro ASA - ADR, Strike Price
$22.50, Expires 9/21/09

 

 

(300

)

 

(20,250

)

Suncor Energy, Inc., Strike Price $30,
Expires 8/24/09

 

 

(234

)

 

(69,030

)

Suncor Energy, Inc., Strike Price $31,
Expires 8/24/09

 

 

(50

)

 

(11,000

)

Suncor Energy, Inc., Strike Price $34,
Expires 8/24/09

 

 

(100

)

 

(7,000

)

Teck Resources Ltd., Strike Price 25 CAD,
Expires 8/22/09

 

 

(1,175

)

 

(406,301

)

Temple-Inland, Inc., Strike Price $15,
Expires 8/24/09

 

 

(980

)

 

(117,600

)

Temple-Inland, Inc., Strike Price $17.50,
Expires 11/23/09

 

 

(300

)

 

(40,500

)

Transocean Ltd., Strike Price $75, Expires
8/24/09

 

 

(200

)

 

(118,000

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

Exchange-Traded Call Options Written— (concluded)

 

 

 

 

 

 

 

Transocean Ltd., Strike Price $80, Expires
8/24/09

 

 

(100

)

$

(27,500

)

TriStar Oil & Gas Ltd., Strike Price 12 CAD,
Expires 10/17/09

 

 

(150

)

 

(9,747

)

TriStar Oil & Gas Ltd., Strike Price 12 CAD,
Expires 8/21/09

 

 

(150

)

 

(3,480

)

TriStar Oil & Gas Ltd., Strike Price 12 CAD,
Expires 9/19/09

 

 

(150

)

 

(6,962

)

Unit Corp., Strike Price $30, Expires
8/24/09

 

 

(200

)

 

(54,000

)

United States Steel Corp., Strike Price $40,
Expires 8/24/09

 

 

(155

)

 

(29,063

)

Vale SA - ADR, Strike Price $19, Expires
8/24/09

 

 

(2,000

)

 

(249,000

)

Vale SA - ADR, Strike Price $20, Expires
9/21/09

 

 

(700

)

 

(81,550

)

Vale SA - ADR, Strike Price $21, Expires
9/21/09

 

 

(700

)

 

(52,850

)

Votorantim Celulose E Papel SA - ADR,
Strike Price $12.50, Expires 8/24/09

 

 

(980

)

 

(264,600

)

Weatherford International Ltd., Strike Price
$19, Expires 8/24/09

 

 

(300

)

 

(23,250

)

Weatherford International Ltd., Strike Price
$20, Expires 8/24/09

 

 

(450

)

 

(18,000

)

Weatherford International Ltd., Strike Price
$21, Expires 9/21/09

 

 

(300

)

 

(17,250

)

Weyerhauser Co., Strike Price $32, Expires
8/24/09

 

 

(200

)

 

(68,000

)

Weyerhauser Co., Strike Price $33, Expires
9/21/09

 

 

(300

)

 

(99,000

)

Weyerhauser Co., Strike Price $34, Expires
8/24/09

 

 

(415

)

 

(80,925

)

Whiting Petroleum Corp., Strike Price $40,
Expires 8/24/09

 

 

(100

)

 

(63,000

)

Whiting Petroleum Corp., Strike Price $45,
Expires 9/21/09

 

 

(300

)

 

(112,500

)

XTO Energy, Inc., Strike Price $42, Expires
8/24/09

 

 

(235

)

 

(18,800

)

XTO Energy, Inc., Strike Price $43, Expires
9/21/09

 

 

(250

)

 

(28,750

)

Total Exchange-Traded Call Options Written

 

 

 

 

 

(9,307,389

)

Exchange-Traded Put Options Written—(0.0)%

 

 

 

 

 

 

 

Core Laboratories NV, Strike Price $79.25,
Expires 8/24/09

 

 

(40

)

 

(2,400

)

Denbury Resources, Inc., Strike Price
$12.50, Expires 8/24/09

 

 

(100

)

 

(1,000

)

FMC Technologies, Inc., Strike Price $35,
Expires 8/24/09

 

 

(180

)

 

(1,800

)

Monsanto Co., Strike Price $75, Expires
8/24/09

 

 

(400

)

 

(16,000

)

Murphy Oil Corp., Strike Price $50, Expires
8/24/09

 

 

(150

)

 

(4,500

)

Newfield Exploration Co., Strike Price $35,
Expires 8/24/09

 

 

(500

)

 

(15,000

)

Nexen, Inc., Strike Price 22 CAD, Expires
8/22/09

 

 

(400

)

 

(24,136

)

Nexen, Inc., Strike Price 23 CAD, Expires
8/22/09

 

 

(100

)

 

(10,675

)

Occidental Petroleum Corp., Strike Price
$65, Expires 9/21/09

 

 

(200

)

 

(30,000

)

Oil Service Holders Trust, Strike Price $90,
Expires 8/24/09

 

 

(135

)

 

(6,075

)

Quicksilver Resources, Inc., Strike Price
$10, Expires 8/24/09

 

 

(520

)

 

(13,000

)

Southwestern Energy Co., Strike Price $36,
Expires 8/24/09

 

 

(70

)

 

(1,225

)

StatoilHydro ASA - ADR, Strike Price $20,
Expires 8/24/09

 

 

(300

)

 

(9,750

)

Total Exchange-Traded Put Options Written

 

 

 

 

 

(135,561

)


 

 

 

 

 

 

 

 

3

 

JULY 31, 2009

 


 

 

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—(0.9)%

 

 

 

 

 

 

 

African Rainbow Minerals Ltd., Strike Price
130.93 ZAR, Expires 9/09/09, Broker
Credit Suisse First Boston

 

 

(47,000

)

$

(46,190

)

African Rainbow Minerals Ltd., Strike Price
148.42 ZAR, Expires 8/19/09, Broker
Deutsche Bank Securities

 

 

(45,000

)

 

(7,489

)

Alumina Ltd., Strike Price 1.84 AUD,
Expires 9/01/09, Broker JPMorgan
Chase Securities

 

 

(588,000

)

 

(34,375

)

Anglo American Plc, Strike Price 18.17
GBP, Expires 8/06/09, Broker Morgan
Stanley & Co., Inc.

 

 

(21,000

)

 

(46,081

)

Anglo American Plc, Strike Price 19.36
GBP, Expires 9/16/09, Broker JPMorgan
Chase Securities

 

 

(11,000

)

 

(27,270

)

Anglo Platinum Ltd., Strike Price 571.83
ZAR, Expires 9/09/09, Broker Credit
Suisse First Boston

 

 

(15,000

)

 

(49,678

)

Apache Corp., Strike Price $81, Expires
11/10/09, Broker Goldman Sachs & Co.

 

 

(30,000

)

 

(221,400

)

BG Group Plc, Strike Price 11.05 GBP,
Expires 8/19/09, Broker UBS Securities
LLC

 

 

(124,000

)

 

(8,298

)

BHP Billiton Plc, Strike Price 14.09 GBP,
Expires 8/19/09, Broker Citigroup
Global Markets

 

 

(148,000

)

 

(416,783

)

BHP Billiton Plc, Strike Price 14.47 GBP,
Expires 9/09/09, Broker Morgan Stanley
& Co., Inc.

 

 

(148,000

)

 

(403,729

)

Bill Barrett Corp., Strike Price $27.50,
Expires 8/21/09, Broker Morgan Stanley
& Co., Inc.

 

 

(10,000

)

 

(42,200

)

Bill Barrett Corp., Strike Price $31.05,
Expires 8/25/09, Broker Morgan Stanley
& Co., Inc.

 

 

(20,000

)

 

(30,658

)

Celanese Corp. Series A, Strike Price $24,
Expires 8/21/09, Broker Citigroup
Global Markets

 

 

(40,000

)

 

(80,321

)

Crescent Point Energy Corp., Strike Price
32.50 CAD, Expires 9/08/09, Broker
UBS Securities LLC

 

 

(19,000

)

 

(51,007

)

Crescent Point Energy Corp., Strike Price
34.67 CAD, Expires 8/31/09, Broker
Goldman Sachs & Co.

 

 

(15,000

)

 

(14,314

)

Crescent Point Energy Corp., Strike Price
35.83 CAD, Expires 9/14/09, Broker
Goldman Sachs & Co.

 

 

(25,000

)

 

(19,828

)

E. I. du Pont de Nemours & Co., Strike
Price $26.46, Expires 8/21/09, Broker
Morgan Stanley & Co., Inc.

 

 

(25,000

)

 

(115,750

)

EQT Corp., Strike Price $36.21, Expires
8/31/09, Broker Goldman Sachs & Co.

 

 

(25,000

)

 

(62,492

)

Eramet, Strike Price 241.86 EUR, Expires
8/11/09, Broker Credit Suisse First
Boston

 

 

(6,000

)

 

(4,072

)

Fresnillo Plc, Strike Price 6.55 GBP,
Expires 8/26/09, Broker UBS Securities
LLC

 

 

(165,000

)

 

(97,573

)

Goldcorp, Inc., Strike Price $40.25, Expires
11/20/09, Broker Deutsche Bank
Securities

 

 

(10,000

)

 

(31,105

)

Impala Platinum Holdings Ltd., Strike Price
189.35 ZAR, Expires 9/09/09, Broker
Credit Suisse First Boston

 

 

(185,000

)

 

(315,826

)

Industrias Penoles SAB de CV, Strike Price
188.98 MXN, Expires 9/10/09, Broker
Goldman Sachs & Co.

 

 

(85,000

)

 

(163,449

)

Industrias Penoles SAB de CV, Strike Price
233.86 MXN, Expires 8/14/09, Broker
Goldman Sachs & Co.

 

 

(85,000

)

 

(8,940

)

 

 

 

 

 

 

 

 

Options Written

 

Contracts

 

Value

 

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

 

 

 

 

 

 

 

Jiangxi Copper Co. Ltd., Strike Price 13.40
HKD, Expires 8/18/09, Broker JPMorgan
Chase Securities

 

 

(330,000

)

$

(189,115

)

Jiangxi Copper Co. Ltd., Strike Price 17.67
HKD, Expires 9/01/09, Broker Credit
Suisse First Boston

 

 

(328,000

)

 

(63,626

)

Kazakhmys Plc, Strike Price 6.49 GBP,
Expires 8/06/09, Broker Citigroup
Global Markets

 

 

(42,000

)

 

(145,944

)

Kazakhmys Plc, Strike Price 8.67 GBP,
Expires 9/16/09, Broker Deutsche Bank
Securities

 

 

(42,000

)

 

(44,138

)

Lihir Gold Ltd., Strike Price 2.89 AUD,
Expires 9/01/09, Broker JPMorgan
Chase Securities

 

 

(428,000

)

 

(31,024

)

MMC Norilsk Nickel - ADR, Strike Price
$9.33, Expires 8/19/09, Broker
JPMorgan Chase Securities

 

 

(26,600

)

 

(26,925

)

Mondi Plc, Strike Price 2.54 GBP, Expires
8/26/09, Broker UBS Securities LLC

 

 

(106,500

)

 

(36,562

)

Oceaneering International, Inc., Strike
Price $48, Expires 8/21/09, Broker
Goldman Sachs & Co.

 

 

(13,000

)

 

(42,835

)

Olin Corp., Strike Price $13.75, Expires
8/21/09, Broker Barclays Capital, Inc.

 

 

(250

)

 

(11,170

)

OZ Minerals Ltd., Strike Price 1.21 AUD,
Expires 9/01/09, Broker Morgan Stanley
& Co., Inc.

 

 

(2,180,000

)

 

(34,760

)

Potash Corp. of Saskatchewan, Inc., Strike
Price $104.40, Expires 8/20/09, Broker
UBS Securities LLC

 

 

(17,000

)

 

(13,325

)

Praxair, Inc., Strike Price $76.23, Expires
8/28/09, Broker UBS Securities LLC

 

 

(42,000

)

 

(100,644

)

Rio Tinto Plc, Strike Price 21.48 GBP,
Expires 8/21/09, Broker Morgan Stanley
& Co., Inc.

 

 

(50

)

 

(363,734

)

Rio Tinto Plc, Strike Price 22.21 GBP,
Expires 8/06/09, Broker Morgan Stanley
& Co., Inc.

 

 

(46,800

)

 

(219,982

)

Rio Tinto Plc, Strike Price 25.52 GBP,
Expires 8/26/09, Broker Morgan Stanley
& Co., Inc.

 

 

(75,000

)

 

(185,868

)

StatoilHydro ASA, Strike Price 127.69
NOK, Expires 8/19/09, Broker BNP
Paribas

 

 

(40,000

)

 

(40,311

)

Tullow Oil Plc, Strike Price 10.03 GBP,
Expires 9/02/09, Broker Credit Suisse
First Boston

 

 

(57,000

)

 

(41,542

)

Vedanta Resources Plc, Strike Price 14.54
GBP, Expires 8/19/09, Broker JPMorgan
Chase Securities

 

 

(65,300

)

 

(348,022

)

Vedanta Resources Plc, Strike Price 14.55
GBP, Expires 8/06/09, Broker UBS
Securities LLC

 

 

(79,000

)

 

(409,159

)

Votorantim Celulose e Papel SA - ADR,
Strike Price $13, Expires 8/10/09,
Broker Goldman Sachs & Co.

 

 

(41,300

)

 

(93,955

)

Xstrata Plc, Strike Price 6.71 GBP, Expires
8/19/09, Broker UBS Securities LLC

 

 

(106,000

)

 

(251,044

)

Xstrata Plc, Strike Price 7.17 GBP, Expires
8/06/09, Broker Morgan Stanley & Co.,
Inc.

 

 

(243,000

)

 

(379,092

)

Xstrata Plc, Strike Price 7.23 GBP, Expires
9/02/09, Broker JPMorgan Chase
Securities

 

 

(50,000

)

 

(90,192

)

Zijin Mining Group Co. Ltd., Strike Price
7.95 HKD, Expires 9/01/09, Broker
Credit Suisse First Boston

 

 

(1,704,000

)

 

(55,573

)

Total Over-the-Counter Call Options Written

 

 

 

 

 

(5,517,370

)


 

 

 

 

 

 

 

 

 

 

JULY 31, 2009

4


 

 

Schedule of Investments (continued)

BlackRock Real Asset Equity Trust (BCF)

 

(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

Value

 

Total Options Written
(Premiums Received $8,450,612)—(2.3)%

 

$

(14,960,320

)

Total Investments Net of Outstanding Options Written—97.0%

 

 

612,003,568

 

Other Assets in Excess of Liabilities—3.0%

 

 

19,229,714

 

 

 

 

Net Assets—100.0%

 

$

631,233,282

 

 

 

 

 

 

*

The cost and unrealized appreciation (depreciation) of investments as of July 31, 2009, as computed for federal income tax purposes, were as follows:

 

 

 

 

 

Aggregate cost

 

$

713,829,357

 

 

 

 

Gross unrealized appreciation

 

$

54,768,537

 

Gross unrealized depreciation

 

 

(141,634,006

)

 

 

 

Net unrealized depreciation

 

$

(86,865,469

)

 

 

 

 

 

(a)

Non-income producing security.

 

 

(b)

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

 

 

(c)

Represents current yield as of report date.

 

 

(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 were as follows:


 

 

 

 

 

 

 

 

 

 

 

Affiliate

 

Net Activity

 

Income

 

 

 

BlackRock Liquidity Funds, TempFund

 

 

25,384,062

 

$

184,119

 

 

BlackRock Liquidity Series, LLC Money Market Series

 

 

—

 

$

1,445

 

 

 

 

•

Foreign currency exchange contracts as of July 31, 2009 were as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Currency
Purchased

 

Currency
Sold

 

Counterparty

 

Settlement
Date

 

Unrealized
Depreciation

 

USD

290,184

 

ZAR

2,258,000

 

 

Citigroup Global
Markets

 

 

8/06/09

 

 

$

(437

)

 

 

 

•

Effective November 1, 2008, the Trust adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“FAS 157”). FAS 157 clarifies the definition of fair value, establishes a framework for measuring fair values and requires additional disclosures about the use of fair value measurements. Various inputs are used in determining the fair value of investments, which are as follows:

 

 

 

 

•

Level 1 — price quotations in active markets/exchanges for identical securities

 

 

 

 

•

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)

 

 

 

 

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 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, 2009 in determining the fair valuation of the Trust’s investments:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Valuation Inputs

 

 

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Investments in Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stocks:

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemicals

 

$

65,751,889

 

$

1,513,581

 

 

—

 

$

67,265,470

 

Coal

 

 

25,918,518

 

 

—

 

 

—

 

 

25,918,518

 

Forest Products

 

 

 

 

 

 

 

 

 

 

 

 

 

& Paper

 

 

42,787,649

 

 

—

 

 

—

 

 

42,787,649

 

Iron & Steel

 

 

5,210,088

 

 

—

 

 

—

 

 

5,210,088

 

Machinery

 

 

17,400,822

 

 

—

 

 

—

 

 

17,400,822

 

Metal

 

 

—

 

 

4,581,919

 

 

—

 

 

4,581,919

 

Mining

 

 

101,040,853

 

 

141,388,163

 

 

—

 

 

242,429,016

 

Oil & Gas

 

 

144,487,508

 

 

12,560,840

 

 

—

 

 

157,048,348

 

Oil & Gas

 

 

 

 

 

 

 

 

 

 

 

 

 

Services

 

 

34,784,404

 

 

—

 

 

—

 

 

34,784,404

 

Pipelines

 

 

4,153,592

 

 

—

 

 

—

 

 

4,153,592

 

Short-Term

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities

 

 

25,384,062

 

 

—

 

 

—

 

 

25,384,062

 

 

 

Total

 

$

466,919,385

 

$

160,044,503

 

 

—

 

$

626,963,888

 

 

 

 

 

 

 

 

Valuation Inputs

 

Other Financial
Instruments1

 

 

 

Liabilities

 

 

 

 

Level 1

 

$

(9,442,950

)

Level 2

 

 

(5,517,807

)

Level 3

 

 

—

 

Total

 

$

(14,960,757

)

 

 

 

 

 

1

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


 

 

KEY TO ABBREVIATIONS

 

 

ADR

— American Depositary Receipt

AUD

— Australian Dollar

CAD

— Canadian Dollar

EUR

— Euro

GBP

— British Pound

MXN

— Mexican Peso

NOK

— Norwegian Krone

USD

— US Dollar

ZAR

— South African Rand


 

 

 

 
 

 

 

 

 

5

 

   JULY 31, 2009

 


 

 

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 13(a)-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 22, 2009

 

 

 

 

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 22, 2009

 

 

 

 

 

 

By:

 /s/ Neal J. Andrews

 

 

 

 

Neal J. Andrews

 

 

 

Chief Financial Officer (principal financial officer) of

 

 

 

BlackRock Real Asset Equity Trust

 

 

 

 

 

 

Date: September 22, 2009