BlackRock Real Asset Equity Trust (the Trust) is a non-diversified, closed-end management investment company. The Trust seeks to provide total return through a combination of current income, current gains and capital appreciation. The Trust seeks to achieve this objective by investing primarily in equity securities of companies engaged in energy, natural resources and basic materials businesses and companies in associated businesses and equity derivatives with exposure to those companies. It invests in sectors, such as oil and gas, mining, chemicals, oil and gas services, forest products and paper, coal, machinery, pipelines, iron and steel, and metal. The Trust’s investment advisor is BlackRock Advisors, LLC, a wholly owned subsidiary of BlackRock, Inc. Its sub-advisor is BlackRock International Limited, an affiliate of BlackRock Advisors, LLC.