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: 10/31/2013

Date of reporting period: 01/31/2013

Item 1 – Schedule of Investments

  

 

Schedule of Investments January 31, 2013 (Unaudited)

   

 

BlackRock Real Asset Equity Trust (BCF)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

 

  

Chemicals – 12.7%

  

   

Agrium, Inc. (a)

      68,900       $ 7,819,461   

Air Products & Chemicals, Inc. (a)

      93,700         8,192,191   

Celanese Corp., Series A

      92,800         4,350,464   

The Dow Chemical Co. (a)

      165,525         5,329,905   

E.I. du Pont de Nemours & Co. (a)

      379,100         17,988,295   

Monsanto Co. (a)

      66,000         6,689,100   

The Mosaic Co.

      19,200         1,176,000   

Olin Corp.

      179,000         4,163,540   

Potash Corp. of Saskatchewan, Inc. (a)

      181,000         7,692,500   

Praxair, Inc. (a)

      163,200         18,012,384   
     

 

 

  
        81,413,840   

 

  

Energy Equipment & Services – 5.0%

  

   

Atwood Oceanics, Inc. (b)

      27,000         1,424,790   

Baker Hughes, Inc. (a)

      53,800         2,405,936   

Basic Energy Services, Inc. (b)

      38,400         496,512   

Calfrac Well Services Ltd. (a)

      15,000         385,603   

Core Laboratories NV (a)

      28,800         3,676,032   

Forum Energy Technologies, Inc. (b)

      71,100         1,813,761   

Halliburton Co.

      72,700         2,957,436   

Key Energy Services, Inc. (b)

      252,200         2,050,386   

National Oilwell Varco, Inc.

      46,800         3,469,752   

Patterson-UTI Energy, Inc. (a)

      152,500         3,101,850   

Schlumberger Ltd.

      52,700         4,113,235   

Seadrill Ltd.

      80,077         3,165,575   

Technip SA

      23,600         2,555,373   
     

 

 

  
        31,616,241   

 

  

Machinery – 4.5%

  

   

Caterpillar, Inc.

      223,100         21,950,809   

Deere & Co. (a)

      72,900         6,856,974   
     

 

 

  
        28,807,783   

 

  

Metals & Mining – 40.4%

  

   

African Rainbow Minerals Ltd.

      254,750         5,736,475   

Agnico-Eagle Mines Ltd. (a)

      97,550         4,470,718   

Alcoa, Inc. (a)

      269,450         2,381,938   

Allegheny Technologies, Inc. (a)

      38,500         1,218,525   

Alumina Ltd.

      1,805,766         2,086,003   

Anglo American Platinum Ltd.

      50,444         2,473,214   

Anglo American Plc

      77,945         2,331,434   

Barrick Gold Corp. (a)

      91,700         2,927,064   

BHP Billiton Plc

      778,600         26,699,538   

Carpenter Technology Corp. (a)

      39,866         2,086,188   

Cia de Minas Buenaventura SA - ADR

      228,900         6,773,151   

Detour Gold Corp. (a)(b)

      131,900         2,787,700   

Eldorado Gold Corp. (a)

      328,500         3,672,323   

Eramet

      13,550         1,922,402   

First Quantum Minerals Ltd. (a)

      513,500         10,353,404   

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

      117,400         4,138,350   

Fresnillo Plc

      475,000         12,486,567   

Glencore International Plc

      225,000         1,404,530   

Goldcorp, Inc.

      159,150         5,616,404   
Common Stocks    Shares      Value  

 

  

Metals & Mining (concluded)

  

   

Harry Winston Diamond Corp. (a)(b)

      126,700       $ 1,869,886   

IAMGOLD Corp. (a)

      243,500         1,999,464   

Iluka Resources Ltd.

      822,686         8,339,109   

Impala Platinum Holdings Ltd.

      370,200         6,709,903   

Industrias Penoles SAB de CV

      468,569         22,972,949   

Jiangxi Copper Co. Ltd., Class H

      1,417,500         3,848,435   

Kazakhmys Plc

      268,500         3,107,782   

Kinross Gold Corp. (a)

      240,900         1,982,607   

Minsur SA

      3,846,986         3,453,282   

MMC Norilsk Nickel OJSC - ADR

      10,820         215,548   

Newcrest Mining Ltd.

      259,085         6,346,020   

Newmont Mining Corp.

      61,550         2,644,188   

OZ Minerals Ltd.

      533,659         3,870,127   

Rio Tinto Plc

      479,104         27,066,502   

Southern Copper Corp. (a)

      68,806         2,710,268   

Teck Resources Ltd., Class B

      406,500         14,814,793   

United States Steel Corp. (a)

      41,500         927,525   

Vale SA - ADR (a)

      701,100         14,141,187   

Vedanta Resources Plc

      432,700         8,263,075   

Xstrata Plc

      1,077,996         20,188,421   

Zijin Mining Group Co. Ltd., Class H

      5,551,731         2,138,100   
     

 

 

  
        259,175,099   

 

  

Oil, Gas & Consumable Fuels – 25.5%

  

   

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

      391,712         3,470,568   

Anadarko Petroleum Corp. (a)

      44,200         3,536,884   

Angle Energy, Inc. (b)

      178,800         494,774   

Apache Corp. (a)

      88,500         7,412,760   

Bill Barrett Corp. (b)

      86,100         1,375,017   

Cenovus Energy, Inc.

      113,100         3,759,444   

Chevron Corp.

      69,000         7,945,350   

Cobalt International Energy, Inc. (a)(b)

      48,500         1,174,185   

Concho Resources, Inc. (a)(b)

      46,600         4,250,852   

CONSOL Energy, Inc. (a)

      245,979         7,708,982   

Continental Resources, Inc. (a)(b)

      41,700         3,466,104   

Crescent Point Energy Corp. (a)

      155,700         6,022,565   

Crew Energy, Inc. (a)(b)

      142,500         850,085   

DeeThree Exploration Ltd. (b)

      276,369         1,886,979   

Denbury Resources, Inc. (b)

      306,200         5,704,506   

Energy XXI (Bermuda) Ltd. (a)

      123,500         3,868,020   

EOG Resources, Inc. (a)

      87,200         10,898,256   

EQT Corp.

      49,600         2,946,736   

Exxon Mobil Corp.

      43,800         3,940,686   

Gasco Energy, Inc. (b)

      579,700         44,057   

Hess Corp. (a)

      46,500         3,122,940   

James River Coal Co. (b)

      159,500         480,095   

Kodiak Oil & Gas Corp. (b)

      186,400         1,714,880   

Long Run Exploration Ltd. (b)

      132,260         583,461   

Noble Energy, Inc. (a)

      71,200         7,674,648   

Occidental Petroleum Corp.

      104,800         9,250,696   

Patriot Coal Corp. (b)

      122,460         11,266   
 

 

Portfolio Abbreviations

 

To simplify the listings of portfolio holdings in the Schedule of Investments, the names and descriptions of many securities have been abbreviated according to the following list:    ADR      American Depositary Receipt    MXN      Mexican Peso
   AUD      Australian Dollar    NOK      Norwegian Krone
   CAD      Canadian Dollar    PEN      Peruvian Neuvo Sol
   EUR      Euro    USD      US Dollar
   GBP      British Pound    ZAR      South African Rand
   HKD      Hong Kong Dollar        

 

                 
        JANUARY 31, 2013    1

  

 

Schedule of Investments (continued)

   

 

BlackRock Real Asset Equity Trust (BCF)

(Percentages shown are based on Net Assets)

 

Common Stocks    Shares      Value  

 

  

Oil, Gas & Consumable Fuels (concluded)

  

   

Peabody Energy Corp.

      165,900       $ 4,172,385   

PetroChina Co. Ltd. - ADR (a)

      12,700         1,805,940   

Pioneer Natural Resources Co. (a)

      35,100         4,125,654   

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

      131,600         6,283,900   

Range Resources Corp.

      95,600         6,421,452   

Rex Energy Corp. (b)

      120,100         1,576,913   

Rosetta Resources, Inc. (b)

      66,600         3,531,132   

Royal Dutch Shell Plc, Class A - ADR

      57,400         4,047,848   

Southwestern Energy Co. (a)(b)

      59,100         2,027,130   

Statoil ASA

      180,500         4,808,970   

Suncor Energy, Inc.

      124,100         4,221,882   

Total SA - ADR

      40,600         2,204,174   

Valero Energy Corp. (a)

      117,600         5,142,648   

Whiting Petroleum Corp. (a)(b)

      200,300         9,530,274   
     

 

 

  
        163,495,098   

 

  

Paper & Forest Products – 5.6%

  

   

Fibria Celulose SA - ADR (b)

      249,400         3,077,596   

International Paper Co. (a)

      360,200         14,919,484   

MeadWestvaco Corp.

      445,800         13,975,830   

Mondi Plc

      322,512         3,821,048   
     

 

 

  
        35,793,958   

 

  
Common Stocks    Shares      Value  

 

  

Real Estate Investment Trusts (REITs) – 2.1%

  

   

Weyerhaeuser Co. (a)

      452,700       $ 13,635,324   

 

  

Total Long-Term Investments

      

(Cost – $518,929,981) – 95.8%

         613,937,343   

 

  

    

      
     
Short-Term Securities              

 

  

BlackRock Liquidity Funds, TempFund, Institutional Class, 0.10% (c)(d)

      34,223,210         34,223,210   

 

  

Total Short-Term Securities

      

(Cost – $34,223,210) – 5.3%

         34,223,210   

 

  

Total Investments Before Options Written

  

   

(Cost – $553,153,191*) – 101.1%

         648,160,553   

 

  

    

      
     
Options Written              

 

  

(Premiums Received – $5,982,437) – (1.1)%

  

      (6,841,489 ) 

 

  

Total Investments Net of Options Written – 100.0%

         641,319,064   

Liabilities in Excess of Other Assets – 0.0%

  

      (224,232 ) 
     

 

 

  

Net Assets – 100.0%

       $ 641,094,832   
     

 

 

  
 

 

Notes to Schedule of Investments

 

* As of January 31, 2013, gross unrealized appreciation and gross unrealized depreciation based on cost for federal income tax purposes were as follows:

 

Tax cost

    $ 642,772,269   
  

 

 

  

Gross unrealized appreciation

    $ 53,616,590   

Gross unrealized depreciation

      (48,228,306 ) 
  

 

 

  

Net unrealized appreciation

    $ 5,388,284   
  

 

 

  

 

(a) All or a portion of security has been pledged/segregated as collateral in connection with outstanding options written.
(b) Non-income producing security.
(c) Represents the current yield as of report date.
(d) Investments in issuers considered to be an affiliate of the Trust during the period ended January 31, 2013, 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,

2012

      Net
Activity		    

Shares/
Beneficial Interest
Held at
January 31,

2013

      Income      Realized
Gain		  

BlackRock Liquidity Funds, TempFund, Institutional Class

      26,727,621         7,495,589        34,223,210       $ 10,334       $ 306   

BlackRock Liquidity Series, LLC, Money Market Series

    $ 3,731,016       $ (3,731,016 )    $ –       $ 3,962         –   

 

                 
2         JANUARY 31, 2013   

  

 

Schedule of Investments (continued)

   

 

BlackRock Real Asset Equity Trust (BCF)

 

—  

Foreign currency exchange contracts as of January 31, 2013 were as follows:

 

 

  

Currency

Purchased

   

Currency

Sold

      Counterparty    Settlement
Date		    Unrealized
Appreciation
(Depreciation)		  

 

  

USD         33,156

    GBP 21,000       Banc America Securities Corp.    2/01/13    $ (149 ) 

USD    1,538,714

    NOK      8,455,560       Deutsche Bank Securities Corp.    2/01/13      (9,102 ) 

NOK    4,582,000

    USD 836,334       Citigroup Global Markets, Inc.    2/04/13      2,289   

NOK    3,736,000

    USD 680,659       Deutsche Bank Securities Corp.    2/04/13      3,125   

ZAR        906,000

    USD 101,381       Barclays Capital, Inc.    2/05/13      (159 ) 

 

  

Total

             $ (3,996 ) 
           

 

 

  

 

—  

Exchange-Traded options written as of January 31, 2013 were as follows:

Description    Put/
Call		     

Strike

Price

        Expiration
Date		      Contracts        Market
Value		  

United States Steel Corp.

    Call      USD      24.50         2/08/13        135         $ (560 ) 

Potash Corp. of Saskatchewan, Inc.

    Call      USD 43.25         2/16/13        600           (20,219 ) 

Agnico-Eagle Mines Ltd.

    Call      USD 52.50         2/18/13        320           (3,200 ) 

Alcoa, Inc.

    Call      USD 9         2/18/13        890           (5,785 ) 

Apache Corp.

    Call      USD 82.50         2/18/13        148           (38,702 ) 

Baker Hughes, Inc.

    Call      USD 45         2/18/13        190           (13,775 ) 

CONSOL Energy, Inc.

    Call      USD 34         2/18/13        811           (9,732 ) 

Crescent Point Energy Corp.

    Call      CAD 38         2/18/13        22           (1,709 ) 

Detour Gold Corp.

    Call      CAD 26         2/18/13        217           (1,523 ) 

Detour Gold Corp.

    Call      CAD 27         2/18/13        217           (1,414 ) 

The Dow Chemical Co.

    Call      USD 34         2/18/13        545           (4,633 ) 

Energy XXI (Bermuda) Ltd.

    Call      USD 35         2/18/13        405           (2,025 ) 

Freeport-McMoRan Copper & Gold, Inc.

    Call      USD 36         2/18/13        390           (14,235 ) 

Kinross Gold Corp.

    Call      USD 10         2/18/13        795           (1,988 ) 

Noble Energy, Inc.

    Call      USD 110         2/18/13        234           (23,985 ) 

Plains Exploration & Production Co.

    Call      USD 48         2/18/13        250           (13,375 ) 

Barrick Gold Corp.

    Call      USD 35.50         3/11/13        310           (4,224 ) 

Agrium, Inc.

    Call      USD 110         3/18/13        227           (131,660 ) 

Air Products & Chemicals, Inc.

    Call      USD 90         3/18/13        309           (18,540 ) 

Allegheny Technologies, Inc.

    Call      USD 30         3/18/13        127           (31,115 ) 

Alpha Natural Resources, Inc.

    Call      USD 11         3/18/13        900           (13,050 ) 

Anadarko Petroleum Corp.

    Call      USD 80         3/18/13        145           (55,100 ) 

Carpenter Technology Corp.

    Call      USD 55         3/18/13        132           (10,230 ) 

Celanese Corp., Series A

    Call      USD 50         3/18/13        306           (12,240 ) 

Cobalt International Energy, Inc.

    Call      USD 25         3/18/13        160           (16,400 ) 

Concho Resources, Inc.

    Call      USD 95         3/18/13        156           (37,440 ) 

Continental Resources, Inc.

    Call      USD 85         3/18/13        137           (37,332 ) 

Core Laboratories NV

    Call      USD 120         3/18/13        95           (85,500 ) 

Crescent Point Energy Corp.

    Call      CAD 39         3/18/13        265           (13,949 ) 

Crew Energy, Inc.

    Call      CAD 6.50         3/18/13        470           (5,890 ) 

Deere & Co.

    Call      USD 92.50         3/18/13        240           (84,000 ) 

E.I. du Pont de Nemours & Co.

    Call      USD 48         3/18/13        75           (4,575 ) 

Eldorado Gold Corp.

    Call      CAD 13         3/18/13        1,085           (9,790 ) 

First Quantum Minerals Ltd.

    Call      CAD 22         3/18/13        1,700           (59,655 ) 

IAMGOLD Corp.

    Call      CAD 11         3/18/13        800           (2,807 ) 

Patterson-UTI Energy, Inc.

    Call      USD 20         3/18/13        503           (52,815 ) 

PetroChina Co. Ltd. - ADR

    Call      USD 145         3/18/13        41           (10,148 ) 

Pioneer Natural Resources Co.

    Call      USD 115         3/18/13        116           (82,940 ) 

Southwestern Energy Co.

    Call      USD 33         3/18/13        195           (42,998 ) 

 

                 
        JANUARY 31, 2013    3

  

 

Schedule of Investments (continued)

   

 

BlackRock Real Asset Equity Trust (BCF)

 

—  

Exchange-Traded options written as of January 31, 2013 were as follows: (concluded)

 

  
Description    Put/
Call		     

Strike

Price

        Expiration
Date		        Contracts        Market
Value		  

 

  

Vale SA - ADR

    Call      USD 21           3/18/13           2,313         $ (87,894 ) 

Valero Energy Corp.

    Call      USD 38           3/18/13           390           (230,100 ) 

Whiting Petroleum Corp.

    Call      USD 50           3/18/13           280           (31,500 ) 

Apache Corp.

    Call      USD      82.50           4/22/13           148           (66,600 ) 

Calfrac Well Services Ltd.

    Call      CAD 26           4/22/13           50           (4,261 ) 

EOG Resources, Inc.

    Call      USD 130           4/22/13           287           (112,648 ) 

Harry Winston Diamond Corp.

    Call      CAD 15           4/22/13           418           (30,594 ) 

Hess Corp.

    Call      USD 60           4/22/13           155           (129,425 ) 

International Paper Co.

    Call      USD 43           4/22/13           1,188           (100,386 ) 

Monsanto Co.

    Call      USD 105           4/22/13           220           (44,440 ) 

Praxair, Inc.

    Call      USD 115           4/22/13           538           (51,110 ) 

Southern Copper Corp.

    Call      USD 42           4/22/13           230           (12,650 ) 

Weyerhaeuser Co.

    Call      USD 31           4/22/13           835           (62,625 ) 

 

  

Total

                        $ (1,943,491 ) 
                      

 

 

  

 

—  

Over-the-counter options written as of January 31, 2013 were as follows:

 

  
Description    Counterparty    Put/
Call		   

Strike

Price

      Expiration
Date		    Contracts      Market
Value		  

 

  

Chevron Corp.

    Citigroup Global Markets, Inc.    Call    USD 107       2/04/13      23,000       $ (187,450 ) 

Fibria Celulose SA - ADR

    Morgan Stanley & Co., Inc.    Call    USD 11.65       2/04/13      41,500         (28,987 ) 

Olin Corp.

    Morgan Stanley & Co., Inc.    Call    USD 21.09       2/04/13      30,000         (65,100 ) 

DeeThree Exploration Ltd.

    Citigroup Global Markets, Inc.    Call    CAD 6.46       2/07/13      36,500         (14,236 ) 

E.I. du Pont de Nemours & Co.

    Morgan Stanley & Co., Inc.    Call    USD 44.60       2/07/13      59,700         (170,145 ) 

Plains Exploration & Production Co.

    UBS Securities LLC    Call    USD 47.08       2/07/13      21,000         (18,705 ) 

DeeThree Exploration Ltd.

    Morgan Stanley & Co., Inc.    Call    CAD 6.68       2/08/13      14,500         (3,462 ) 

Exxon Mobil Corp.

    Credit Suisse First Boston    Call    USD 89.95       2/08/13      14,600         (11,978 ) 

Forum Energy Technologies, Inc.

    Morgan Stanley & Co., Inc.    Call    USD 25.60       2/08/13      23,400         (10,640 ) 

Halliburton Co.

    Banc of America Securities    Call    USD 34.73       2/08/13      23,900         (142,205 ) 

Kodiak Oil & Gas Corp.

    Goldman Sachs & Co.    Call    USD 8.56       2/08/13      62,000         (40,185 ) 

Denbury Resources, Inc.

    Goldman Sachs & Co.    Call    USD 16.40       2/11/13      43,000         (96,011 ) 

Anglo American Plc

    Morgan Stanley & Co., Inc.    Call    GBP 19.01       2/12/13      25,800         (14,044 ) 

BHP Billiton Plc

    Deutsche Bank Securities Corp.    Call    GBP 20.89       2/12/13      257,000         (323,326 ) 

Eramet

    Deutsche Bank Securities Corp.    Call    EUR 108.17       2/12/13      2,200         (3,229 ) 

Fresnillo Plc

    Morgan Stanley & Co., Inc.    Call    GBP 19.84       2/12/13      116,000         –   

Glencore International Plc

    Morgan Stanley & Co., Inc.    Call    GBP 3.52       2/12/13      74,300         (48,961 ) 

MMC Norilsk Nickel OJSC - ADR

    Morgan Stanley & Co., Inc.    Call    USD 17.92       2/12/13      3,600         (7,092 ) 

Mondi Plc

    Citigroup Global Markets, Inc.    Call    GBP 6.64       2/12/13      107,000         (141,718 ) 

Xstrata Plc

    Citigroup Global Markets, Inc.    Call    GBP 10.56       2/12/13      356,000         (708,592 ) 

Industrias Penoles SAB de CV

    UBS Securities LLC    Call    MXN      659.05       2/13/13      42,700         (6,051 ) 

The Mosaic Co.

    JPMorgan Chase Securities    Call    USD 58.87       2/22/13      6,500         (16,703 ) 

Occidental Petroleum Corp.

    Citigroup Global Markets, Inc.    Call    USD 80.70       2/22/13      34,500         (261,165 ) 

Bill Barrett Corp.

    Morgan Stanley & Co., Inc.    Call    USD 20.63       2/25/13      28,400         (565 ) 

DeeThree Exploration Ltd.

    Morgan Stanley & Co., Inc.    Call    CAD 7.25       2/25/13      41,000         (5,471 ) 

EQT Corp.

    Goldman Sachs & Co.    Call    USD 59.73       2/27/13      16,500         (20,933 ) 

National Oilwell Varco, Inc.

    Morgan Stanley & Co., Inc.    Call    USD 72.50       2/28/13      15,500         (50,065 ) 

Cia de Minas Buenaventura SA - ADR

    Citigroup Global Markets, Inc.    Call    USD 36       3/01/13      75,600         (534 ) 

Whiting Petroleum Corp.

    Goldman Sachs & Co.    Call    USD 47.20       3/01/13      23,500         (44,005 ) 

Alumina Ltd.

    UBS Securities LLC    Call    AUD 1.07       3/04/13      596,000         (44,208 ) 

Iluka Resources Ltd.

    Citigroup Global Markets, Inc.    Call    AUD 9.64       3/04/13      271,500         (165,895 ) 

Jiangxi Copper Co. Ltd., Class H

    Morgan Stanley & Co., Inc.    Call    HKD 21.93       3/04/13      468,000         (20,701 ) 

 

                 
4         JANUARY 31, 2013   

  

 

Schedule of Investments (continued)

   

 

BlackRock Real Asset Equity Trust (BCF)

 

—  

Over-the-counter options written as of January 31, 2013 were as follows: (concluded)

 

  
Description    Counterparty    Put/
Call		   

Strike

Price

      Expiration
Date		    Contracts     

Market

Value

  

 

  

MeadWestvaco Corp.

    Goldman Sachs & Co.    Call    USD 32.98       3/04/13      74,000       $ (6,782 ) 

OZ Minerals Ltd.

    Citigroup Global Markets, Inc.    Call    AUD 7.18       3/04/13      176,100         (31,555 ) 

Total SA - ADR

    Morgan Stanley & Co., Inc.    Call    USD 53.35       3/04/13      14,000         (19,409 ) 

Zijin Mining Group Co. Ltd., Class H

    JPMorgan Chase Securities    Call    HKD 3.14       3/04/13      1,832,000         (10,140 ) 

Industrias Penoles SAB de CV

    Credit Suisse First Boston    Call    MXN 637.37       3/05/13      26,500         (28,166 ) 

Minsur SA

    Deutsche Bank Securities Corp.    Call    PEN 2.29       3/05/13      319,500         (9,473 ) 

Weyerhaeuser Co.

    Goldman Sachs & Co.    Call    USD 29.53       3/05/13      65,800         (69,557 ) 

Eramet

    UBS Securities LLC    Call    EUR 113.63       3/06/13      2,300         (3,446 ) 

Impala Platinum Holdings Ltd.

    Banc of America Securities    Call    ZAR 168.37       3/06/13      123,000         (59,197 ) 

Kazakhmys Plc

    Banc of America Securities    Call    GBP 7.77       3/06/13      89,000         (10,162 ) 

Rio Tinto Plc

    Banc of America Securities    Call    GBP 34.93       3/06/13      159,000         (373,234 ) 

Seadrill Ltd.

    Deutsche Bank Securities Corp.    Call    NOK 212.40       3/06/13      26,500         (27,771 ) 

Technip SA

    Citigroup Global Markets, Inc.    Call    EUR 81.52       3/06/13      3,900         (10,765 ) 

Vedanta Resources Plc

    Banc of America Securities    Call    GBP 11.80       3/06/13      143,000         (154,666 ) 

E.I. du Pont de Nemours & Co.

    Goldman Sachs & Co.    Call    USD 46.33       3/07/13      65,400         (102,306 ) 

Range Resources Corp.

    Goldman Sachs & Co.    Call    USD 66.69       3/07/13      31,500         (83,859 ) 

Royal Dutch Shell Plc, Class A - ADR

    Citigroup Global Markets, Inc.    Call    USD 69.22       3/07/13      19,000         (29,710 ) 

Fibria Celulose SA - ADR

    Citigroup Global Markets, Inc.    Call    USD 12.52       3/08/13      40,800         (17,473 ) 

Chevron Corp.

    Morgan Stanley & Co., Inc.    Call    USD 116.35       3/11/13      3,000         (5,351 ) 

Olin Corp.

    Citigroup Global Markets, Inc.    Call    USD 23.05       3/11/13      29,000         (18,793 ) 

Peabody Energy Corp.

    Morgan Stanley & Co., Inc.    Call    USD 26       3/11/13      54,800         (43,108 ) 

Anglo American Platinum Ltd.

    Deutsche Bank Securities Corp.    Call    ZAR 462.78       3/12/13      16,700         (16,848 ) 

Denbury Resources, Inc.

    Banc of America Securities    Call    USD 18.05       3/12/13      58,000         (59,502 ) 

Technip SA

    Citigroup Global Markets, Inc.    Call    EUR 81.52       3/12/13      3,900         (11,757 ) 

Industrias Penoles SAB de CV

    Citigroup Global Markets, Inc.    Call    MXN 648.65       3/13/13      42,700         (39,598 ) 

African Rainbow Minerals Ltd.

    Citigroup Global Markets, Inc.    Call    ZAR 205.43       3/20/13      42,000         (27,562 ) 

Fresnillo Plc

    Deutsche Bank Securities Corp.    Call    GBP 16.83       3/20/13      41,200         (25,946 ) 

Goldcorp, Inc.

    UBS Securities LLC    Call    USD 38.38       3/21/13      52,500         (26,037 ) 

Industrias Penoles SAB de CV

    Citigroup Global Markets, Inc.    Call    MXN      632.88       3/21/13      42,700         (73,010 ) 

Minsur SA

    UBS Securities LLC    Call    PEN 2.32       3/21/13      319,500         (9,426 ) 

Newmont Mining Corp.

    Morgan Stanley & Co., Inc.    Call    USD 45.35       3/21/13      20,400         (14,357 ) 

Rex Energy Corp.

    Deutsche Bank Securities Corp.    Call    USD 14.15       3/26/13      39,600         (15,123 ) 

Rosetta Resources, Inc.

    Deutsche Bank Securities Corp.    Call    USD 51.31       3/26/13      22,000         (80,986 ) 

Schlumberger Ltd.

    Citigroup Global Markets, Inc.    Call    USD 79.31       3/26/13      17,500         (28,935 ) 

Suncor Energy, Inc.

    Citigroup Global Markets, Inc.    Call    USD 34.74       3/26/13      41,000         (34,516 ) 

Teck Resources Ltd., Class B

    Citigroup Global Markets, Inc.    Call    CAD 38.35       3/26/13      134,000         (85,146 ) 

Atwood Oceanics, Inc.

    Morgan Stanley & Co., Inc.    Call    USD 54.47       3/27/13      9,000         (8,372 ) 

Caterpillar, Inc.

    Citigroup Global Markets, Inc.    Call    USD 97.59       3/27/13      73,500         (243,413 ) 

Crescent Point Energy Corp.

    Citigroup Global Markets, Inc.    Call    CAD 40.08       3/27/13      24,000         (5,475 ) 

Basic Energy Services, Inc.

    Citigroup Global Markets, Inc.    Call    USD 13.29       4/01/13      12,500         (9,098 ) 

Cenovus Energy, Inc.

    Goldman Sachs & Co.    Call    USD 34.23       4/01/13      37,400         (26,360 ) 

MeadWestvaco Corp.

    Goldman Sachs & Co.    Call    USD 31.58       4/02/13      73,000         (45,399 ) 

Whiting Petroleum Corp.

    Morgan Stanley & Co., Inc.    Call    USD 49.75       4/02/13      14,500         (21,035 ) 

African Rainbow Minerals Ltd.

    Citigroup Global Markets, Inc.    Call    ZAR 205.43       4/03/13      42,000         (31,696 ) 

Statoil ASA

    Deutsche Bank Securities Corp.    Call    NOK 147.61       4/03/13      59,600         (24,070 ) 

Minsur SA

    Citigroup Global Markets, Inc.    Call    PEN 2.35       4/04/13      639,000         (19,170 ) 

Newcrest Mining Ltd.

    Morgan Stanley & Co., Inc.    Call    AUD 23.27       4/10/13      85,500         (85,860 ) 

Key Energy Services, Inc.

    Banc of America Securities    Call    USD 8.50       4/11/13      83,200         (42,016 ) 

 

  

Total

                   $ (4,897,998 ) 
                 

 

 

  

 

                 
        JANUARY 31, 2013    5

  

 

Schedule of Investments (continued)

   

 

BlackRock Real Asset Equity Trust (BCF)

 

—  

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. These definitions 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 derivative financial instruments. These inputs to valuation techniques are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

  —  

Level 1 - unadjusted price quotations in active markets/exchanges for identical assets and liabilities that the Trust has the ability to access

 

  —  

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 derivative financial instruments)

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy. In accordance with the Trust’s policy, transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period. The categorization of a value determined for investments and derivative financial instruments is based on the pricing transparency of the investment and derivative financial instrument and is not necessarily an indication of the risks associated with investing in those securities. For information about the Trust’s policy regarding valuation of investments and derivative financial instruments 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 Trust’s investments and derivative financial instruments categorized in the disclosure hierarchy as of January 31, 2013:

 

          Level 1        Level 2        Level 3      Total  

Assets:

                    

Investments:

                    

Long-Term Investments:

                    

Common Stocks:

                    

Chemicals

      $ 81,413,840           –         –      $ 81,413,840   

Energy Equipment & Services

        25,895,293         $ 5,720,948         –        31,616,241   

Machinery

        28,807,783           –         –        28,807,783   

Metals & Mining

        113,941,914           145,233,185         –        259,175,099   

Oil, Gas & Consumable Fuels

        158,686,128           4,808,970         –        163,495,098   

Paper & Forest Products

        31,972,910           3,821,048         –        35,793,958   

Real Estate Investment Trusts (REITs)

        13,635,324           –         –        13,635,324   

Short-Term Securities

        34,223,210           –         –        34,223,210   

Total

      $ 488,576,402         $ 159,584,151         –      $ 648,160,553   
                   
          Level 1        Level 2        Level 3      Total  

Derivative Financial Instruments1

                    

Assets:

                    

Foreign currency exchange contracts

      $ 5,414           –         –      $ 5,414   

Liabilities:

                    

Equity contracts

        (1,918,487 )       $ (4,923,002 )       –        (6,841,489 ) 

Foreign currency exchange contracts

        (9,410 )         –         –        (9,410 ) 

Total

      $ (1,922,483 )       $ (4,923,002 )       –      $ (6,845,485 ) 

 

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

 

                 
6         JANUARY 31, 2013   

  

 

Schedule of Investments (concluded)

   

 

BlackRock Real Asset Equity Trust (BCF)

 

Certain of the Trust’s assets are held at carrying amount, which approximates fair value for financial reporting purposes. As of January 31, 2013, such assets are categorized within the disclosure hierarchy as follows:

 

          Level 1        Level 2      Level 3      Total  

Assets:

                    

Cash

      $ 290,600         –      –      $ 290,600   

Foreign currency at value

        38,240         –      –        38,240   

Total

      $ 328,840         –      –      $ 328,840   

There were no transfers between levels during the period ended January 31, 2013.

 

                 
        JANUARY 31, 2013    7

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 26, 2013

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 26, 2013

 

By:  

  /s/ Neal J. Andrews

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

Date: March 26, 2013