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: Donald C. Burke, Chief Executive Officer, BlackRock Real Asset Equity Trust, 800 Scudders Mill Road, Plainsboro, NJ, 08536. Mailing address: P.O. Box 9011, Princeton, NJ, 08543-9011

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

Date of fiscal year end: 10/31/2008

Date of reporting period: 11/01/2007 – 01/31/2008

Item 1 – Schedule of Investments

 

 

 

 

SCHEDULE OF INVESTMENTS as of January 31, 2008 (unaudited)

 

BlackRock Real Asset Equity Trust (BCF)
(Percentages shown are based on Net Assets)

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

 

Value

 

 

 

 

LONG-TERM INVESTMENTS—94.8%

 

 

 

 

 

 

 

Common Stocks—94.8%

 

 

 

 

 

 

 

Chemicals—9.1%

 

 

 

 

 

65,000

 

Agrium, Inc.

 

$

4,187,300

 

 

135,900

1

Air Products & Chemicals, Inc.

 

 

12,233,718

 

 

132,100

 

Celanese Corp., Ser. A

 

 

4,911,478

 

 

231,025

 

Dow Chemical Co. (The)

 

 

8,931,427

 

 

551,479

 

E.I. du Pont de Nemours & Co.

 

 

24,915,821

 

 

12,200

2

Mosaic Co. (The)

 

 

1,110,322

 

 

229,000

 

Olin Corp.

 

 

4,692,210

 

 

67,000

 

Potash Corp. of Saskatchewan

 

 

9,438,960

 

 

155,800

 

Praxair, Inc.

 

 

12,605,778

 

 

210,600

 

Rohm & Haas Co.

 

 

11,235,510

 

 

 

 

 

 

 

 

 

 

Total Chemicals

 

 

94,262,524

 

 

 

 

Coal—4.7%

 

 

 

 

 

160,000

1

Arch Coal, Inc.

 

 

7,040,000

 

 

259,779

1

Consol Energy, Inc.

 

 

18,963,867

 

 

347,000

1

Massey Energy Co.

 

 

12,901,460

 

 

15,780

2

Patriot Coal Corp.

 

 

627,255

 

 

181,400

1

Peabody Energy Corp.

 

 

9,799,228

 

 

 

 

 

 

 

 

 

 

Total Coal

 

 

49,331,810

 

 

 

 

Electric—0.5%

 

 

 

 

 

126,500

2

NRG Energy, Inc.

 

 

4,881,635

 

 

 

 

Forest Products & Paper—7.7%

 

 

 

 

 

561,000

1

Intl. Paper Co.

 

 

18,092,250

 

 

610,000

 

MeadWestvaco Corp.

 

 

17,080,000

 

 

19,005

 

Mondi Ltd.

 

 

165,248

 

 

47,512

 

Mondi Plc

 

 

365,830

 

 

468,400

 

Temple-Inland, Inc.

 

 

8,782,500

 

 

471,200

 

Votorantim Celulose e Papel S.A. (ADR)

 

 

13,923,960

 

 

326,700

 

Weyerhauser Co.

 

 

22,124,124

 

 

 

 

 

 

 

 

 

 

Total Forest Products & Paper

 

 

80,533,912

 

 

 

 

Iron & Steel—0.6%

 

 

 

 

 

47,900

 

Allegheny Technologies, Inc.

 

 

3,372,160

 

 

47,366

 

Carpenter Technology Corp.

 

 

2,919,640

 

 

 

 

 

 

 

 

 

 

Total Iron & Steel

 

 

6,291,800

 

 

 

 

Machinery—2.7%

 

 

 

 

 

313,625

 

Caterpillar, Inc.

 

 

22,311,283

 

 

70,966

 

Deere & Co.

 

 

6,227,976

 

 

 

 

 

 

 

 

 

 

Total Machinery

 

 

28,539,259

 

 

 

 

Metal—0.5%

 

 

 

 

 

2,684,600

 

Jiangxi Copper Co. Ltd.

 

 

4,729,817

 

 

 

 

Mining—38.3%

 

 

 

 

 

198,000

 

Aber Diamond Corp.

 

 

4,880,733

 

 

278,750

 

African Rainbow Minerals Ltd.

 

 

5,668,732

 

 

150,000

1,2

Agnico-Eagle Mines Ltd.

 

 

9,462,000

 

 

1,000,000

2

Alamos Gold, Inc.

 

 

6,971,764

 

 

151,550

1

Alcoa, Inc.

 

 

5,016,305

 

 

1,956,400

 

Alumina Ltd.

 

 

9,213,660

 

 

172,945

 

Anglo American Plc

 

 

9,556,212

 

 

45,700

 

Anglo Platinum Ltd.

 

 

6,631,148

 

 

107,100

1

Barrick Gold Corp.

 

 

5,514,579

 

 

936,700

 

BHP Billiton Plc

 

 

28,325,368

 

 

137,700

1

Cia de Minas Buenaventura S.A. (ADR)

 

 

9,225,900

 

 

980,000

1

Cia Vale do Rio Doce (ADR)

 

 

29,380,400

 

 

20,250

 

Eramet

 

 

10,527,916

 

 

234,000

 

First Quantum Minerals Ltd.

 

 

17,523,490

 

 

96,800

1

Freeport-McMoRan Copper & Gold, Inc.

 

 

8,618,104

 

 

202,750

1

Goldcorp, Inc.

 

 

7,546,355

 

 

1,302,500

 

Iluka Resources Ltd.

 

 

5,333,652

 

 

560,200

 

Impala Platinum Holdings Ltd.

 

 

21,286,855

 

 

546,669

 

Industrias Penoles SA de CV

 

 

12,620,565

 

 

715,900

 

Jubille Mines NL

 

 

14,650,538

 

 

251,400

 

Kazakhmys Plc

 

 

6,128,892

 

 

1,357,650

2

Lihir Gold Ltd.

 

 

4,419,469

 

 

60,700

 

Lonmin Plc

 

 

3,533,337

 

 

1,860,950

 

Minara Resources Ltd.

 

 

8,426,080

 

 

1,504,804

 

Minsur S.A.

 

 

3,231,725

 

 

19,250

 

MMC Norilsk Nickel

 

 

4,676,477

 

 

2,700

 

MMC Norilsk Nickel (ADR)

 

 

658,741

 

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

 

 

 

Mining— (cont’d)

 

 

 

 

 

63,900

1

Newmont Mining Corp.

 

$

3,472,326

 

 

2,209,050

 

Oxiana Ltd.

 

 

6,132,168

 

 

362,036

 

Rio Tinto Plc

 

 

36,247,712

 

 

34,300

 

Southern Copper Corp.

 

 

3,218,712

 

 

806,450

 

Straits Resources Ltd.

 

 

4,670,019

 

 

390,300

 

Teck Cominco Ltd., Class B

 

 

12,742,427

 

 

432,700

 

Vedanta Resources Plc

 

 

15,710,943

 

 

419,332

 

Xstrata Plc

 

 

32,285,598

 

 

6,639,750

 

Zijin Mining Group Co. Ltd.

 

 

7,967,732

 

 

1,761,300

 

Zinifex Ltd.

 

 

16,673,859

 

 

 

 

 

 

 

 

 

 

Total Mining

 

 

398,150,493

 

 

 

 

Oil & Gas—22.6%

 

 

 

 

 

87,800

1

Apache Corp.

 

 

8,379,632

 

 

58,808

2

ATP Oil & Gas Corp.

 

 

2,213,533

 

 

363,000

 

BG Group Plc

 

 

8,008,563

 

 

74,500

1,2

Bill Barrett Corp.

 

 

3,111,865

 

 

135,475

2

Cairn Energy Plc

 

 

6,957,156

 

 

84,400

 

Canadian Natural Resources Ltd.

 

 

5,377,124

 

 

150,884

 

Chesapeake Energy Corp.

 

 

5,617,411

 

 

332,600

2

Compton Petroleum Corp.

 

 

3,203,269

 

 

41,400

 

ConocoPhillips

 

 

3,325,248

 

 

235,000

 

Crescent Point Energy Trust

 

 

5,734,276

 

 

92,900

2

Denbury Resources, Inc.

 

 

2,350,370

 

 

61,600

 

Devon Energy Corp.

 

 

5,234,768

 

 

67,800

 

EnCana Corp.

 

 

4,489,038

 

 

58,900

1

ENSCO Intl., Inc.

 

 

3,010,968

 

 

129,500

 

EOG Resources, Inc.

 

 

11,331,250

 

 

73,700

2

Forest Oil Corp.

 

 

3,332,714

 

 

367,800

2

Galleon Energy, Inc.

 

 

5,260,304

 

 

253,900

1

Helmerich & Payne, Inc.

 

 

9,957,958

 

 

86,200

2

Heritage Oil Corp.

 

 

3,834,164

 

 

120,900

1

Hess Corp.

 

 

10,981,347

 

 

145,600

 

Marathon Oil Corp.

 

 

6,821,360

 

 

55,900

 

Murphy Oil Corp.

 

 

4,110,886

 

 

136,500

2

Newfield Exploration Co.

 

 

6,808,620

 

 

149,000

 

Nexen, Inc.

 

 

4,265,000

 

 

157,100

 

Noble Corp.

 

 

6,876,267

 

 

113,600

1

Noble Energy, Inc.

 

 

8,245,088

 

 

106,100

 

Occidental Petroleum Corp.

 

 

7,201,007

 

 

15,600

 

PetroChina Co. Ltd. (ADR)

 

 

2,218,788

 

 

87,800

 

Petroleo Brasileiro S.A. (ADR)

 

 

9,758,092

 

 

89,400

2

Plains Exploration & Production Co.

 

 

4,348,416

 

 

101,300

2

Pride Intl., Inc.

 

 

3,212,223

 

 

112,900

2

Quicksilver Resources, Inc.

 

 

6,416,107

 

 

179,500

 

Range Resources Corp.

 

 

9,373,490

 

 

164,300

2

SeaDrill Ltd.

 

 

3,442,373

 

 

86,300

2

Southwestern Energy Co.

 

 

4,825,033

 

 

174,336

 

StatoilHydro ASA

 

 

4,590,470

 

 

35,300

 

StatoilHydro ASA (ADR)

 

 

927,331

 

 

77,600

 

Suncor Energy, Inc.

 

 

7,292,848

 

 

36,100

 

Total S.A. (ADR)

 

 

2,627,358

 

 

136,400

2

TriStar Oil & Gas Ltd.

 

 

1,711,708

 

 

126,000

2

TXCO Resources, Inc.

 

 

1,593,900

 

 

138,200

2

Unit Corp.

 

 

6,926,584

 

 

92,272

2

Warren Resources, Inc.

 

 

1,173,700

 

 

171,625

 

XTO Energy, Inc.

 

 

8,914,203

 

 

 

 

 

 

 

 

 

 

Total Oil & Gas

 

 

235,391,810

 

 

 

 

Oil & Gas Services—6.7%

 

 

 

 

 

107,200

2

Cameron Intl. Corp.

 

 

4,315,872

 

 

70,800

2

Cie Generale de Geophysique-Veritas (ADR)

 

 

3,304,944

 

 

103,200

2

Core Laboratories N.V.

 

 

11,630,640

 

 

55,502

2

Exterran Holdings, Inc.

 

 

3,620,950

 

 

124,378

1,2

FMC Technologies, Inc.

 

 

5,990,044

 

 

139,900

2

Helix Energy Solutions Group, Inc.

 

 

5,172,103

 

 

186,634

1,2

Hercules Offshore, Inc.

 

 

4,301,914

 

 

109,200

1

Schlumberger Ltd.

 

 

8,240,232

 

 

56,900

1

Smith Intl., Inc.

 

 

3,084,549

 

 

78,655

2

Transocean, Inc.

 

 

9,643,103

 


 

1

 

 

 

SCHEDULE OF INVESTMENTS as of January 31, 2008 (unaudited)

 

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

 

 

 

 

 

 

 

 

 

Shares

 

Description

 

Value

 

 

 

 

Oil & Gas Services— (cont’d)

 

 

 

 

 

166,200

2

Weatherford Intl. Ltd.

 

$

10,272,822

 

 

 

 

 

 

 

 

 

 

Total Oil & Gas Services

 

 

69,577,173

 

 

 

 

Pipelines—1.2%

 

 

 

 

 

101,800

 

Equitable Resources, Inc.

 

 

5,675,350

 

 

138,000

1

Questar Corp.

 

 

7,025,580

 

 

 

 

 

 

 

 

 

 

Total Pipelines

 

 

12,700,930

 

 

 

 

Savings & Loan—0.2%

 

 

 

 

 

156,133

2

Guaranty Financial Group, Inc.

 

 

2,170,249

 

 

 

 

Total Common Stocks
(cost $788,901,924)

 

 

986,561,412

 

 

 

 

SHORT-TERM INVESTMENTS—5.8%

 

 

 

 

 

 

 

Money Market Fund—3.4%

 

 

 

 

 

35,223,705

3

Fidelity Institutional Money Market Prime
Portfolio, 3.96%

 

 

35,223,705

 

 

 

 

 

 

 

 

 

 

Principal
Amount
(000)

 

 

 

 

 

 

 

 

 

U.S. Government and Agency Discount Notes—2.4%

 

 

 

 

$

25,100

4

Federal Home Loan Bank Disc. Notes, 2.00% 2/01/08

 

 

25,100,000

 

 

 

 

Total Short-Term Investments
(cost $60,323,705)

 

 

60,323,705

 

 

 

 

 

 

 

 

 

 

Contracts

 

 

 

 

 

 

 

 

 

OUTSTANDING CALL OPTION PURCHASED—0.0%

 

 

 

 

 

1,000

 

Cia Vale do Rio Doce (ADR), strike price $35, expires 03/24/08 (cost $26,500)

 

 

87,500

 

 

 

 

Total investments before outstanding options written (cost $849,252,1295)

 

 

1,046,972,617

 

 

 

 

OUTSTANDING OPTIONS
WRITTEN—(1.1)%

 

 

 

 

 

 

 

OUTSTANDING CALL OPTIONS WRITTEN—(0.9)%

 

 

 

 

 

(92,000

)

African Rainbow Minerals Ltd., strike price 154.50 ZAR, expires 03/04/08

 

 

(82,344

)

 

(50,000

)

Agnico-Eagle Mines Ltd., strike price $58, expires 03/20/08

 

 

(395,035

)

 

(21,500

)

Agrium, Inc., strike price $64, expires 02/22/08

 

 

(85,951

)

 

(310

)

Air Products & Chemicals, Inc., strike price $100, expires 03/24/08

 

 

(24,025

)

 

(250

)

Alcoa, Inc., strike price $40, expires
04/21/08

 

 

(10,000

)

 

(160

)

Allegheny Technologies, Inc., strike price $75, expires 03/24/08

 

 

(56,000

)

 

(645,000

)

Alumina Ltd., strike price 6.95 AUD, expires 02/12/08

 

 

(126

)

 

(20,000

)

Anglo American Plc, strike price 31.64 GBP, expires 02/20/08

 

 

(20,389

)

 

(37,000

)

Anglo American Plc, strike price 36.43 GBP, expires 02/05/08

 

 

(7

)

 

(15,000

)

Anglo Platinum Ltd., strike price 1 ZAR, expires 03/04/08

 

 

(249,738

)

 

(200

)

Apache Corp., strike price $115,
expires 02/18/08

 

 

(2,500

)

 

(175

)

Arch Coal, Inc., strike price $45,
expires 02/18/08

 

 

(28,000

)

 

(350

)

Arch Coal, Inc., strike price $45, expires 04/21/08

 

 

(124,250

)

 

(100

)

ATP Oil & Gas Corp., strike price $50,
expires 03/24/08

 

 

(1,500

)

 

(100

)

ATP Oil & Gas Corp., strike price $55,
expires 03/24/08

 

 

(3,000

)

 

(350

)

Barrick Gold Corp., strike price $55,
expires 03/24/08

 

 

(83,125

)

 

(10,000

)

BG Group Plc, strike price 11.10 GBP,
expires 04/01/08

 

 

(15,506

)

 

(50,000

)

BG Group Plc, strike price 11.71 GBP,
expires 03/04/08

 

 

(32,043

)

 

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

 

 

OUTSTANDING CALL OPTIONS
WRITTEN— (cont’d)

 

 

 

 

 

(59,000

)

BG Group Plc, strike price 9.66 GBP, expires 02/20/08

 

$

(175,210

)

 

(156,000

)

BHP Billiton Plc, strike price 15.98 GBP,
expires 02/20/08

 

 

(148,457

)

 

(153,000

)

BHP Billiton Plc, strike price 17.36 GBP,
expires 02/05/08

 

 

(1,288

)

 

(250

)

Bill Barrett Corp., strike price $45, expires
03/24/08

 

 

(36,250

)

 

(22,000

)

Cairn Energy Plc, strike price 22.53 GBP,
expires 02/06/08

 

 

(144,800

)

 

(22,000

)

Cairn Energy Plc, strike price 32.04 GBP,
expires 03/04/08

 

 

(5,798

)

 

(200

)

Cameron Intl., Corp., strike price $52.50,
expires 05/19/08

 

 

(13,000

)

 

(75

)

Canadian Natural Resources Ltd., strike price $80, expires 02/18/08

 

 

(375

)

 

(150

)

Canadian Natural Resources Ltd., strike price $85, expires 03/24/08

 

 

(2,250

)

 

(72

)

Carpenter Technology Corp., strike price $80, expires 03/24/08

 

 

(1,800

)

 

(80

)

Carpenter Technology Corp., strike price
$82.50, expires 03/24/08

 

 

(1,000

)

 

(450

)

Caterpillar, Inc., strike price $75, expires
02/18/08

 

 

(16,650

)

 

(350

)

Caterpillar, Inc., strike price $75, expires
03/24/08

 

 

(54,075

)

 

(250

)

Caterpillar, Inc., strike price $80, expires 02/18/08

 

 

(1,125

)

 

(19,000

)

Celanese Corp., Ser. A, strike price $41,
expires 02/27/08

 

 

(11,047

)

 

(250

)

Celanese Corp., Ser. A, strike price $45, expires 03/24/08

 

 

(7,500

)

 

(100

)

Chesapeake Energy Corp., strike price
$37.50, expires 03/24/08

 

 

(15,000

)

 

(250

)

Chesapeake Energy Corp., strike price $40, expires 04/21/08

 

 

(20,625

)

 

(250

)

Chesapeake Energy Corp., strike price $41, expires 03/28/08

 

 

(12,050

)

 

(450

)

Cia de Minas Buenaventura S.A. (ADR), strike price $60, expires 03/24/08

 

 

(398,250

)

 

(1,000

)

Cia Vale do Rio Doce (ADR), strike price
$37.50, expires 03/24/08

 

 

(45,000

)

 

(100

)

ConocoPhillips, strike price $85, expires
05/19/08

 

 

(30,300

)

 

(500

)

Consol Energy, Inc., strike price $70, expires 04/21/08

 

 

(442,500

)

 

(144

)

Consol Energy, Inc., strike price $80, expires 02/18/08

 

 

(12,960

)

 

(250

)

Consol Energy, Inc., strike price $90, expires 03/24/08

 

 

(22,500

)

 

(200

)

Core Laboratories N.V., strike price $130,
expires 03/24/08

 

 

(25,500

)

 

(100

)

Deere & Co., strike price $100, expires
02/18/08

 

 

(3,750

)

 

(125

)

Deere & Co., strike price $90, expires
03/24/08

 

 

(66,250

)

 

(100

)

Deere & Co., strike price $92.50, expires
03/24/08

 

 

(43,000

)

 

(200

)

Denbury Resources, Inc., strike price $32.50, expires 03/24/08

 

 

(3,500

)

 

(5,500

)

Devon Energy Corp., strike price $93, expires 02/22/08

 

 

(3,092

)

 

(250

)

Dow Chemical Co. (The), strike price $43.63, expires 02/04/08

 

 

(7

)

 

(250

)

Dow Chemical Co. (The), strike price $45,
expires 03/24/08

 

 

(5,000

)

 

(250

)

Dow Chemical Co. (The), strike price $50,
expires 03/24/08

 

 

(1,875

)


 

2

 

 

 

SCHEDULE OF INVESTMENTS as of January 31, 2008 (unaudited)

 

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

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

 

 

OUTSTANDING CALL OPTIONS
WRITTEN— (cont’d)

 

 

(50,000

)

E.I. Du Pont De Nemours & Co., strike price
$46.25, expires 03/20/08

 

$

(70,405

)

 

(250

)

E.I. Du Pont De Nemours & Co., strike price
$47.50, expires 02/18/08

 

 

(6,250

)

 

(250

)

E.I. Du Pont De Nemours & Co., strike price
$50, expires 04/21/08

 

 

(13,750

)

 

(250

)

E.I. du Pont de Nemours & Co., strike price
$52.50, expires 04/21/08

 

 

(5,000

)

 

(100

)

EnCana Corp., strike price $70, expires
03/24/08

 

 

(16,500

)

 

(100

)

EnCana Corp., strike price $70, expires
04/21/08

 

 

(23,750

)

 

(22,500

)

ENSCO Intl., Inc., strike price $60, expires
02/22/08

 

 

(3,883

)

 

(100

)

ENSCO Intl., Inc., strike price $65, expires
03/24/08

 

 

(2,500

)

 

(18,000

)

EOG Resources, Inc., strike price $92.50,
expires 02/29/08

 

 

(34,436

)

 

(250

)

EOG Resources, Inc., strike price $95,
expires 04/21/08

 

 

(68,750

)

 

(50

)

Equitable Resources, Inc., strike price $55,
expires 02/18/08

 

 

(6,375

)

 

(100

)

Equitable Resources, Inc., strike price $55,
expires 03/24/08

 

 

(24,000

)

 

(6,700

)

Eramet, strike price 319.20 EUR, expires
02/05/08

 

 

(270,326

)

 

(90

)

Exterran Holdings, Inc., strike price $90,
expires 02/18/08

 

 

(1,575

)

 

(150

)

First Quantum Minerals Ltd., strike price 100
CAD, expires 04/21/08

 

 

(13,072

)

 

(200

)

First Quantum Minerals Ltd., strike price 98
CAD, expires 04/21/08

 

 

(19,919

)

 

(200

)

FMC Technologies, Inc., strike price $60,
expires 02/18/08

 

 

(2,500

)

 

(220

)

FMC Technologies, Inc., strike price $65,
expires 02/18/08

 

 

(2,200

)

 

(250

)

Forest Oil Corp., strike price $50, expires
02/18/08

 

 

(3,750

)

 

(200

)

Freeport-McMoRan Copper & Gold, Inc.,
strike price $100, expires 03/24/08

 

 

(64,000

)

 

(75,000

)

Galleon Energy, Inc., strike price 16.25 CAD,
expires 03/20/08

 

 

(23,418

)

 

(350

)

Goldcorp, Inc., strike price $35, expires
04/21/08

 

 

(171,500

)

 

(570

)

Goldcorp, Inc., strike price $40, expires
04/21/08

 

 

(145,350

)

 

(500

)

Guaranty Financial Group, Inc., strike price
$15, expires 03/24/08

 

 

(67,500

)

 

(200

)

Guaranty Financial Group, Inc., strike price
$15, expires 05/19/08

 

 

(37,000

)

 

(30

)

Helix Energy Solutions Group, Inc., strike
price $45, expires 02/18/08

 

 

(300

)

 

(100

)

Helix Energy Solutions Group, Inc., strike
price $45, expires 03/24/08

 

 

(3,000

)

 

(25,000

)

Helmerich & Payne, Inc., strike price $36,
expires 02/15/08

 

 

(88,133

)

 

(58,000

)

Helmerich & Payne, Inc., strike price $41,
expires 02/29/08

 

 

(65,528

)

 

(280

)

Hercules Offshore, Inc., strike price $25,
expires 03/24/08

 

 

(25,900

)

 

(200

)

Hess Corp., strike price $100, expires
03/24/08

 

 

(58,000

)

 

(200

)

Hess Corp., strike price $105, expires
02/18/08

 

 

(7,000

)

 

(185,000

)

Impala Platinum Holdings Ltd., strike price
260 ZAR, expires 03/04/08

 

 

(900,526

)

 

(180,000

)

Industrias Penoles SA de CV, strike price
249.90 MXN, expires 02/27/08

 

 

(344,966

)

 

(500

)

Intl. Paper Co., strike price $32.50, expires
03/24/08

 

 

(73,750

)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

 

 

OUTSTANDING CALL OPTIONS
WRITTEN— (cont’d)

 

 

(250

)

Intl. Paper Co., strike price $37.50, expires
04/21/08

 

$

(8,750

)

 

(886,000

)

Jiangxi Copper Co. Ltd., strike price 20.03
HKD, expires 02/12/08

 

 

(398

)

 

(44,000

)

Kazakhmys Plc, strike price 13.39 GBP,
expires 02/20/08

 

 

(21,867

)

 

(43,833

)

Kazakhmys Plc, strike price 13.91 GBP,
expires 02/05/08

 

 

(1,426

)

 

(448,000

)

Lihir Gold Ltd., strike price 4.51 AUD, expires
02/12/08

 

 

(3,488

)

 

(20,000

)

Lonmin Plc, strike price 32.69 GBP, expires
03/04/08

 

 

(21,137

)

 

(200

)

Marathon Oil Corp., strike price $60, expires
04/21/08

 

 

(6,000

)

 

(20,000

)

Marathon Oil Corp., strike price $63, expires
02/29/08

 

 

(182

)

 

(50

)

Massey Energy Co., strike price $40, expires
02/18/08

 

 

(5,500

)

 

(300

)

Massey Energy Co., strike price $40, expires
03/24/08

 

 

(65,250

)

 

(1,000

)

MeadWestvaco Corp., strike price $34,
expires 02/22/08

 

 

(35,850

)

 

(615,000

)

Minara Resources Ltd., strike price 6.63
AUD, expires 02/12/08

 

 

(148

)

 

(2,700

)

MMC Norilsk Nickel, strike price $325.50,
expires 02/05/08

 

 

—

 

 

(25

)

Mosaic Co. (The), strike price $100, expires
02/18/08

 

 

(4,813

)

 

(100

)

Murphy Oil Corp., strike price $80, expires
03/24/08

 

 

(15,500

)

 

(100

)

Newfield Exploration Co., strike price $50,
expires 03/24/08

 

 

(30,000

)

 

(150

)

Newfield Exploration Co., strike price $55,
expires 02/18/08

 

 

(4,500

)

 

(225

)

Newfield Exploration Co., strike price $60,
expires 03/24/08

 

 

(6,750

)

 

(210

)

Newmont Mining Corp., strike price $52.50,
expires 03/24/08

 

 

(100,800

)

 

(500

)

Nexen, Inc., strike price 34 CAD, expires
02/18/08

 

 

(4,482

)

 

(16,000

)

Noble Corp., strike price $57.50, expires
03/05/08

 

 

(650

)

 

(160

)

Noble Corp., strike price $60, expires
03/24/08

 

 

(1,200

)

 

(14,000

)

Noble Energy, Inc., strike price $82, expires
02/27/08

 

 

(5,531

)

 

(20,000

)

Noble Energy, Inc., strike price $82.50,
expires 02/20/08

 

 

(16,588

)

 

(300

)

NRG Energy, Inc., strike price $40, expires
03/24/08

 

 

(45,000

)

 

(100

)

NRG Energy, Inc., strike price $45, expires
03/24/08

 

 

(4,500

)

 

(100

)

Occidental Petroleum Corp., strike price $75,
expires 02/18/08

 

 

(2,250

)

 

(125

)

Occidental Petroleum Corp., strike price
$75.38, expires 03/26/08

 

 

(24,498

)

 

(100

)

Occidental Petroleum Corp., strike price $80,
expires 05/19/08

 

 

(16,750

)

 

(250

)

Olin Corp., strike price $22.50, expires
02/18/08

 

 

(1,875

)

 

(250

)

Olin Corp., strike price $22.50, expires
03/24/08

 

 

(8,750

)

 

(729,000

)

Oxiana Ltd., strike price 3.96 AUD,
expires 02/12/08

 

 

(218

)

 

(50

)

Patriot Coal Corp., strike price $40, expires
03/24/08

 

 

(15,625

)

 

(500

)

Peabody Energy Corp., strike price $60,
expires 03/24/08

 

 

(93,750

)

 

(300

)

Petroleo Brasileiro S.A. (ADR), strike price
$120, expires 02/18/08

 

 

(46,500

)



 

3

 

 

 

SCHEDULE OF INVESTMENTS as of January 31, 2008 (unaudited)

 

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

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

 

 

OUTSTANDING CALL OPTIONS
WRITTEN— (cont’d)

 

 

(100

)

Plains Exploration & Production Co., strike
price $60, expires 02/18/08

 

$

(750

)

 

(17,500

)

Plains Exploration & Production Co., strike
price $60, expires 03/20/08

 

 

(3,601

)

 

(175

)

Potash Corp. of Saskatchewan, strike price
$135, expires 03/24/08

 

 

(264,250

)

 

(100

)

Potash Corp. of Saskatchewan, strike price
$160, expires 02/18/08

 

 

(8,500

)

 

(140

)

Praxair, Inc., strike price $90, expires
02/18/08

 

 

(1,750

)

 

(100

)

Praxair, Inc., strike price $90, expires
04/21/08

 

 

(16,750

)

 

(200

)

Pride Intl., Inc., strike price $35, expires
04/21/08

 

 

(22,000

)

 

(100

)

Pride Intl., Inc., strike price $40, expires
04/21/08

 

 

(2,750

)

 

(250

)

Questar Corp., strike price $55, expires
04/21/08

 

 

(37,500

)

 

(200

)

Quicksilver Resources, Inc., strike price
$32.50, expires 02/18/08

 

 

(5,000

)

 

(100

)

Quicksilver Resources, Inc., strike price
$32.50, expires 03/24/08

 

 

(13,250

)

 

(100

)

Range Resources Corp., strike price $55,
expires 02/18/08

 

 

(9,250

)

 

(428

)

Range Resources Corp., strike price $55,
expires 03/24/08

 

 

(103,790

)

 

(55,000

)

Rio Tinto Plc, strike price 54.82 GBP, expires
02/20/08

 

 

(176,155

)

 

(64,000

)

Rio Tinto Plc, strike price 58.08 GBP, expires
03/04/08

 

 

(183,203

)

 

(350

)

Rohm & Haas Co., strike price $55, expires
03/24/08

 

 

(45,500

)

 

(100

)

Rohm & Haas Co., strike price $55, expires
04/21/08

 

 

(19,000

)

 

(250

)

Rohm & Haas Co., strike price $60, expires
02/29/08

 

 

(2,637

)

 

(200

)

Schlumberger Ltd., strike price $95, expires
05/19/08

 

 

(25,000

)

 

(41,000

)

SeaDrill Ltd., strike price 129.04 NOK,
expires 04/01/08

 

 

(27,196

)

 

(20,000

)

SeaDrill Ltd., strike price 130 NOK, expires
03/04/08

 

 

(5,778

)

 

(160

)

Smith Intl., Inc., strike price $65.50, expires
02/12/08

 

 

(822

)

 

(65

)

Southern Copper Corp., strike price $105,
expires 03/24/08

 

 

(15,925

)

 

(50

)

Southern Copper Corp., strike price $120,
expires 03/24/08

 

 

(2,250

)

 

(60

)

Southwestern Energy Co., strike price $60,
expires 02/18/08

 

 

(3,450

)

 

(100

)

Southwestern Energy Co., strike price $60,
expires 03/24/08

 

 

(19,750

)

 

(200

)

Southwestern Energy Co., strike price $65,
expires 06/23/08

 

 

(53,000

)

 

(266,000

)

Straits Resources Ltd., strike price 6.38 AUD,
expires 02/12/08

 

 

(80,868

)

 

(250

)

Suncor Energy, Inc., strike price $110,
expires 03/24/08

 

 

(24,375

)

 

(700

)

Teck Cominco Ltd., Class B, strike price 44
CAD, expires 02/18/08

 

 

(7,669

)

 

(300

)

Teck Cominco Ltd., Class B, strike price 46
CAD, expires 02/18/08

 

 

(3,287

)

 

(1,500

)

Temple-Inland, Inc., strike price $20, expires
03/24/08

 

 

(131,250

)

 

(120

)

Total S.A. (ADR), strike price $90, expires
02/18/08

 

 

(1,500

)

 

(100

)

Transocean, Inc., strike price $140, expires
03/24/08

 

 

(20,750

)

 

(150

)

Transocean, Inc., strike price $150, expires
02/18/08

 

 

(19,125

)

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

 

 

OUTSTANDING CALL OPTIONS
WRITTEN— (cont’d)

 

 

(15,000

)

TXCO Resources, Inc., strike price $14,
expires 02/22/08

 

$

(7,670

)

 

(100

)

TXCO Resources, Inc., strike price $15,
expires 05/19/08

 

 

(7,750

)

 

(250

)

Unit Corp., strike price $55, expires
06/23/08

 

 

(50,625

)

 

(143,000

)

Vedanta Resources Plc, strike price 21.64
GBP, expires 02/05/08

 

 

(192

)

 

(250

)

Votorantim Celulose e Papel S.A. (ADR),
strike price $28, expires 04/08/08

 

 

(89,625

)

 

(100,000

)

Votorantim Celulose e Papel S.A. (ADR),
strike price $30.95, expires 03/31/08

 

 

(203,420

)

 

(100

)

Warren Resources, Inc., strike price $14.25,
expires 02/27/08

 

 

(4,086

)

 

(220

)

Warren Resources, Inc., strike price $15,
expires 02/18/08

 

 

(2,750

)

 

(250

)

Weatherford Intl. Ltd., strike price $70,
expires 02/18/08

 

 

(4,375

)

 

(250

)

Weatherford Intl. Ltd., strike price $70,
expires 03/24/08

 

 

(34,375

)

 

(25,000

)

Weyerhauser Co., strike price $77.50,
expires 02/22/08

 

 

(7,108

)

 

(250

)

Weyerhauser Co., strike price $79, expires
02/29/08

 

 

(7,045

)

 

(62,000

)

Xstrata Plc, strike price 36.44 GBP, expires
02/06/08

 

 

(315,517

)

 

(70,500

)

Xstrata Plc, strike price 37.40 GBP, expires
03/04/08

 

 

(482,257

)

 

(56,500

)

XTO Energy, Inc., strike price $54.50, expires
02/29/08

 

 

(81,428

)

 

(1,100,000

)

Zijin Mining Group Co. Ltd., strike price 10.81
HKD, expires 05/07/08

 

 

(140,747

)

 

(1,100,000

)

Zijin Mining Group Co. Ltd., strike price 10.93
HKD, expires 02/12/08

 

 

(18,771

)

 

(300,000

)

Zinifex Ltd., strike price 11.58 AUD, expires
05/07/08

 

 

(107,867

)

 

 

 

Total Outstanding Call Options Written
(premium received $13,089,508)

 

 

(9,193,900

)

 

 

 

OUTSTANDING PUT OPTIONS
WRITTEN—(0.2)%

 

 

(100

)

Air Products & Chemicals, Inc., strike price
$90, expires 02/18/08

 

 

(22,750

)

 

(150

)

Bill Barrett Corp., strike price $40, expires
02/18/08

 

 

(12,375

)

 

(48,500

)

Cairn Energy Plc, strike price 28.24 GBP,
expires 02/07/08

 

 

(236,693

)

 

(150

)

Chesapeake Energy Corp., strike price
$37.50, expires 02/18/08

 

 

(13,500

)

 

(250

)

Cie Generale de Geophysique-Veritas (ADR),
strike price $50, expires 02/18/08

 

 

(101,250

)

 

(250

)

Cie Generale de Geophysique-Veritas (ADR),
strike price $55, expires 02/18/08

 

 

(213,750

)

 

(150

)

Consol Energy, Inc., strike price $60, expires
02/18/08

 

 

(6,000

)

 

(200

)

Deere & Co., strike price $75, expires
02/18/08

 

 

(13,000

)

 

(250

)

Deere & Co., strike price $80, expires
02/18/08

 

 

(35,625

)

 

(300

)

Denbury Resources, Inc., strike price $28.50,
expires 02/07/08

 

 

(96,690

)

 

(150

)

Devon Energy Corp., strike price $80, expires
02/18/08

 

 

(10,875

)

 

(100

)

EnCana Corp., strike price $60, expires
02/18/08

 

 

(2,500

)

 

(500

)

EnCana Corp., strike price $65, expires
02/18/08

 

 

(71,250

)

 

(100

)

ENSCO Intl., Inc., strike price $45, expires
02/18/08

 

 

(3,000

)



 

4

 

 

 

SCHEDULE OF INVESTMENTS as of January 31, 2008 (unaudited)

 

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

 

 

 

 

 

 

 

 

Contracts

 

Description

 

Value

 

 

 

 

OUTSTANDING PUT OPTIONS
WRITTEN— (cont’d)

 

 

(150

)

Equitable Resources, Inc., strike price $50,
expires 02/18/08

 

$

(4,125

)

 

(200

)

Exterran Holdings, Inc., strike price $75,
expires 02/18/08

 

 

(206,000

)

 

(250

)

FMC Technologies, Inc., strike price $45,
expires 02/18/08

 

 

(28,750

)

 

(220

)

FMC Technologies, Inc., strike price $55,
expires 02/18/08

 

 

(157,300

)

 

(750

)

Forest Oil Corp., strike price $45, expires
02/18/08

 

 

(86,250

)

 

(250

)

Hess Corp., strike price $75, expires
02/18/08

 

 

(5,000

)

 

(100

)

Hess Corp., strike price $85, expires
02/18/08

 

 

(14,250

)

 

(60

)

Mosaic Co. (The), strike price $70, expires
02/18/08

 

 

(2,400

)

 

(60

)

Mosaic Co. (The), strike price $75, expires
02/18/08

 

 

(4,350

)

 

(100

)

Murphy Oil Corp., strike price $70, expires
02/18/08

 

 

(10,750

)

 

(300

)

Noble Energy, Inc., strike price $75, expires
02/18/08

 

 

(103,500

)

 

(200

)

NRG Energy, Inc., strike price $40, expires
02/18/08

 

 

(38,500

)

 

(250

)

Occidental Petroleum Corp., strike price $70,
expires 02/18/08

 

 

(90,000

)

 

(250

)

Olin Corp., strike price $17.50, expires
02/18/08

 

 

(2,500

)

 

(100

)

Peabody Energy Corp., strike price $50,
expires 02/18/08

 

 

(10,250

)

 

(100

)

Peabody Energy Corp., strike price $55,
expires 02/18/08

 

 

(31,000

)

 

(200

)

Praxair, Inc., strike price $65, expires
02/18/08

 

 

(3,000

)

 

(200

)

Schlumberger Ltd., strike price $70, expires
02/18/08

 

 

(15,000

)

 

(200

)

Schlumberger Ltd., strike price $90, expires
02/18/08

 

 

(293,000

)

 

(30,000

)

SeaDrill Ltd., strike price 116.61 NOK,
expires 03/04/08

 

 

(42,744

)

 

(27,500

)

SeaDrill Ltd., strike price 121.52 NOK,
expires 02/14/08

 

 

(47,070

)

 

(200

)

Smith Intl., Inc., strike price $52.50, expires
02/18/08

 

 

(26,500

)

 

(250

)

Smith Intl., Inc., strike price $55, expires
02/18/08

 

 

(62,500

)

 

(200

)

Smith Intl., Inc., strike price $65, expires
02/18/08

 

 

(219,000

)

 

(450

)

StatoilHydro ASA (ADR), strike price $28.50,
expires 02/11/08

 

 

(105,723

)

 

(100

)

Total S.A. (ADR), strike price $65, expires
02/18/08

 

 

(4,750

)

 

(150

)

Total S.A. (ADR), strike price $80, expires
02/18/08

 

 

(113,250

)

 

(300

)

Unit Corp., strike price $40, expires
03/24/08

 

 

(3,750

)

 

(100

)

Unit Corp., strike price $45, expires
02/18/08

 

 

(1,250

)

 

(100

)

Warren Resources, Inc., strike price $12.50,
expires 02/18/08

 

 

(4,500

)

 

(100

)

Weatherford Intl. Ltd., strike price $60,
expires 02/18/08

 

 

(16,750

)

 

 

 

Total Outstanding Put Options Written
(premium received $1,450,188)

 

 

(2,592,970

)

 

 

 

Total Outstanding Options Written
(premium received $14,539,696)

 

 

(11,786,870

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Value

 

Total investments net of outstanding options written—99.5%

 

$

1,035,185,747

 

Other assets in excess of liabilities—0.5%

 

 

5,478,583

 

 

 

 

Net Assets—100.0%

 

$

1,040,664,330

 

 

 

 

 

 

1

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

 

2

Non-income producing security.

 

3

Represents current yield as of January 31, 2008.

 

4

Rate shown is the yield to maturity as of the date of purchase.

 

5

Cost for federal income tax purposes is $852,911,254. The net unrealized appreciation on a tax basis is $194,061,363, consisting of $222,247,750 gross unrealized appreciation and $28,186,387 gross unrealized depreciation.

 

 

 

KEY TO ABBREVIATIONS

ADR

—

American Depositary Receipt

AUD

—

Australian Dollar

CAD

—

Canadian Dollar

EUR

—

Euro

GBP

—

British Pound

HKD

—

Hong Kong Dollar

MXN

—

Mexican Peso

NOK

—

Norwegian Krone

ZAR

—

South African Rand



 

5

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/ Donald C. Burke
  Donald C. Burke
  Chief Executive Officer of
  BlackRock Real Asset Equity Trust
   
Date: March 24, 2008

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/ Donald C. Burke
  Donald C. Burke
  Chief Executive Officer (principal executive officer) of
  BlackRock Real Asset Equity Trust

Date: March 24, 2008

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

Date: March 24, 2008